Market Overview - The professional services sector experienced a decline of 2.2% on August 27, with Puni Testing leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Notable gainers included: - Zhonggang Tianyuan (002057) with a closing price of 11.45, up 4.38% and a trading volume of 1.32 million shares, totaling 1.53 billion yuan [1] - Gangyan Nake (300797) closed at 15.50, up 1.64% with a trading volume of 191,400 shares, totaling 300 million yuan [1] - Significant decliners included: - Puni Testing (300887) closed at 8.66, down 8.17% with a trading volume of 403,600 shares, totaling 365 million yuan [2] - Guangdong Jianke (301632) closed at 33.58, down 6.49% with a trading volume of 183,100 shares, totaling 630 million yuan [2] Capital Flow Analysis - The professional services sector saw a net outflow of 424 million yuan from institutional investors, while retail investors contributed a net inflow of 369 million yuan [2] - The table of capital flow indicates that: - Lanse Co. (600826) had a net inflow of 43.63 million yuan from institutional investors, but a net outflow of 51.76 million yuan from retail investors [3] - Key stocks like Zhonggang Tianyuan (002057) and Keri International (300662) also showed mixed capital flows with varying net inflows and outflows [3]

Core Viewpoint - The company, Puni Testing, reported a significant improvement in operational performance in the first half of 2025, with a revenue of 565 million yuan and a reduced net loss of 180 million yuan, indicating a recovery trend in its operational capabilities [1][2]. Group 1: Financial Performance - In the second quarter, the company achieved a revenue growth of 24.38% and reduced its net loss by 38.10%, showcasing a sequential improvement in operational performance [1][2]. - The operating cash flow improved significantly by 57.35% year-on-year, indicating enhanced capital turnover efficiency [2]. Group 2: Strategic Optimization and Business Focus - The company has actively pursued strategic optimization since 2023, focusing on core business areas and integrating various laboratory sectors, while reducing the proportion of food and environmental business [2]. - Puni Testing has implemented tailored debt collection strategies for major clients to improve accounts receivable management [2]. Group 3: Business Expansion and Competitive Strength - The company has made significant advancements in the biopharmaceutical testing sector, obtaining dual international certifications, which positions it among the few domestic non-clinical research institutions with such credentials [3]. - In the automotive testing sector, Puni Testing secured laboratory qualification authorizations from major automotive companies, enhancing its market recognition [3]. Group 4: Technical Standards and Social Contributions - The company achieved four authoritative certifications in national-level new pollutant detection, affirming its technical capabilities [4]. - Puni Testing has been recognized for its contributions to the development of green quality agricultural products and has been involved in national marine environmental monitoring tasks for five consecutive years [4]. Group 5: Market and Policy Drivers - The testing industry is benefiting from dual drivers of policy regulations and consumer upgrades, with increasing mandatory testing requirements in pharmaceuticals, medical devices, and food safety [5]. - The growth of emerging industries such as new energy and artificial intelligence is creating new testing demands, providing significant growth opportunities for the testing sector [5]. Group 6: Future Outlook - The company anticipates continued recovery in performance, supported by the ongoing development of a unified national market and marine economic strategies [6]. - Puni Testing aims to leverage its strong technical capabilities and comprehensive qualifications to meet nationwide one-stop testing demands and enhance its leading position in the industry [6].

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 565 million yuan, down 22.43% year-on-year, and a net loss of 180 million yuan, a decrease of 4.83% compared to the previous year [1] Financial Performance - Total revenue for the second quarter was 313 million yuan, reflecting a year-on-year decrease of 20.46% [1] - The gross margin decreased to 24.36%, down 15.32% year-on-year, while the net margin fell to -31.73%, a decline of 34.66% [1] - The company’s accounts receivable accounted for 45.07% of total revenue, indicating a large volume of receivables [1] - The total of selling, administrative, and financial expenses was 212 million yuan, representing 37.46% of revenue, a decrease of 4.82% year-on-year [1] Cash Flow and Financial Position - Cash and cash equivalents decreased by 60.21% due to increased purchases of bank wealth management products [3] - The net cash flow from operating activities improved by 57.35%, attributed to enhanced collection of accounts receivable and reduced costs [5] - The net cash flow from investing activities saw a drastic decline of 258.63%, primarily due to the purchase of bank wealth management products [6] - The net cash flow from financing activities decreased by 2591.76% as the company repaid bank loans [7] Operational Insights - The decline in revenue was attributed to strengthened customer credit management and adjustments in customer structure, alongside increased investment in emerging sectors [4] - Management expenses decreased by 30.52% due to enhanced management practices and reduced personnel costs [4] - The company’s historical return on invested capital (ROIC) has been relatively low, with a median ROIC of 15.25% since its listing, and a particularly poor ROIC of -9.83% in 2024 [7][8]

Core Viewpoint - Punite Testing (300887.SZ) reported a decrease in institutional ownership in its semi-annual report for 2025, with a total of 44.899 million shares held by four institutional investors, representing 8.23% of the total share capital, down by 1.81 percentage points from the previous quarter [1] Institutional Ownership - As of August 25, 2025, four institutional investors disclosed their holdings in Punite Testing, totaling 44.899 million shares, which is 8.23% of the company's total share capital [1] - The institutional investors include Beijing Putai Zhongrui Technology Development Co., Ltd., Beijing Purui Hengxiang Technology Development Co., Ltd., Hong Kong Central Clearing Limited, and Barclays Bank PLC [1] - The overall institutional ownership percentage decreased by 1.81 percentage points compared to the previous quarter [1] Public Fund and Foreign Investment - One public fund, Wanjiayuan Chuangye Board 2-Year Regular Open Mixed A, was disclosed this period, unchanged from the previous quarter [1] - Foreign investment saw a slight increase, with Hong Kong Central Clearing Limited being the only foreign fund to increase its holdings this period [1] - Barclays Bank PLC is a newly disclosed foreign institution this quarter [1]

Group 1 - The company did not distribute cash dividends, issue bonus shares, or increase capital from reserves during the reporting period [2] - There were no changes in the controlling shareholder or actual controller during the reporting period [3] - The company does not have any preferred shareholders or related information during the reporting period [3] Group 2 - All directors attended the board meeting that reviewed the report [1] - The company does not require retrospective adjustments or restatements of previous accounting data [2] - There are no significant matters reported during the period [3]

Company Performance - The company, Puni Testing, reported a revenue of approximately 565 million yuan for the first half of 2025, representing a year-on-year decrease of 22.42% [1] - The net loss attributable to shareholders for the same period was approximately 180 million yuan, with a basic earnings per share loss of 0.3292 yuan [1] - In comparison, the revenue for the first half of 2024 was about 728 million yuan, with a net loss of approximately 171 million yuan and a basic earnings per share loss of 0.3138 yuan [1] Industry Context - The company is involved in testing services, which may be influenced by broader market trends and economic conditions affecting revenue generation [1]

Core Viewpoint - The company reported a revenue of 565 million yuan and a net loss of 180 million yuan for the first half of 2025, but showed signs of operational recovery with a 24.38% revenue growth and a 38.10% reduction in net loss in the second quarter compared to the first quarter [1][2]. Group 1: Strategic Adjustments and Operational Improvements - The company has proactively initiated strategic adjustments since 2023, focusing on core businesses and optimizing internal structures across food, environment, and medical laboratory sectors [2]. - The company has improved cash flow by 57.35% year-on-year, indicating enhanced capital turnover efficiency and overall operational capability [2]. - The company is actively managing accounts receivable, implementing tailored collection strategies for major clients based on their specific circumstances [2]. Group 2: Expansion into High-Growth Sectors - The company has accelerated its focus on high-growth sectors such as biomedicine, cosmetics, medical devices, and new energy vehicles, establishing a foundation for sustainable development [3]. - The company achieved significant certifications in the biomedicine testing sector, becoming one of the few institutions in China with both AAALAC and GLP certifications [3]. - The company has expanded its testing capabilities in the new energy vehicle sector, gaining recognition from major automotive manufacturers [3]. Group 3: Contributions to Industry Standards and National Strategies - The company is involved in drafting national and industry standards in food, agriculture, and environmental sectors, supporting the "Healthy China" initiative [3]. - The company has been a key player in the national marine environment monitoring system, successfully completing its monitoring tasks for the 2025 spring voyage [3][4]. - The company is continuously upgrading its laboratories and enhancing testing capabilities, which is expected to further accelerate its profitability recovery [4].

Group 1 - The company reported a half-year revenue of 564,804,005.22 yuan, representing a year-on-year decrease of 22.42% [1] - The net profit attributable to shareholders of the listed company was -179,658,490.11 yuan [1] - New circulating shareholders include BARCLAYS BANK PLC, Liu Yufu, Jin Linbin, and Su Cuiyu [1]

证券代码：300887 证券简称：谱尼测试 公告编号：2025-060 谱尼测试集团股份有限公司 2025年半年度募集资金存放与使用情况专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《上市公司募集资金监管规则》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》以及《深圳证券交易所创业板上市公司 自律监管指南第 2 号——公告格式》的相关规定，本公司就 2025 年半年度募集 资金存放与使用情况作如下专项报告： 一、 募集资金基本情况 （一）募集资金到位情况 1、2022 年向特定对象发行股票募集资金到位情况 经中国证券监督管理委员会《关于谱尼测试集团股份有限公司向特定对象发 行股票注册的批复》（证监许可〔2022〕210 号）同意，谱尼测试向特定对象发 行不超过 41,106,171 股新股募集资金用于谱尼测试集团山东总部大厦暨研发检 测中心项目、谱尼西北总部大厦（西安）项目和补充流动资金项目。公司本次实 际发行人民币普通股 22,418,670 股，每股发行价格 55.30 元，共募集资金人民 币 1,239,752 ...

证券代码：300887 证券简称：谱尼测试 公告编号：2025-061 特此公告。 谱尼测试集团股份有限公司 谱尼测试集团股份有限公司 关于举行2025年半年度业绩说明会公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 谱尼测试集团股份有限公司(以下简称"公司")《2025年半年度报告》于20 25年8月26日（星期二）披露，为使投资者进一步了解公司的财务状况、经营情 况及公司发展规划，公司将于2025年9月2日(星期二)15：00-17：00在全景网举 行2025年半年度业绩说明会，本次业绩说明会将采用网络远程方式举行，投资者 可登录全景网"投资者关系互动平台"(https://ir.p5w.net/)参与本次说明会。 出席本次业绩说明会的人员有：董事长宋薇女士、独立董事朱玉杰先生、独 立董事胡文祥先生、董事、总经理张英杰先生、董事、董事会秘书李小冬先生、 副总经理、财务负责人吕琦先生。 为充分尊重投资者并提升交流的针对性，现就公司2025年半年度业绩说明会 提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于2025年 9月2日(星期)12 ...