Pinming Software(SH:688109) IPO日报·2025-09-18 08:48Core Viewpoint - The announcement of a potential change in control at Pinming Technology has led to a temporary suspension of its stock, raising market speculation about possible capital integration and strategic upgrades amid a period of significant performance recovery [1][7]. Company Overview - Pinming Technology is a leading digital service provider in the construction engineering sector in China, focusing on "digital construction" technologies and solutions from the preparation phase to project completion [5]. Financial Performance - In the first half of 2025, the company reported a significant rebound in performance, achieving revenue of 187 million yuan and a net profit of 31.23 million yuan, marking a year-on-year increase of 270.11% [5]. - The non-recurring net profit reached 26.59 million yuan, with a staggering year-on-year growth of 706.69% [5]. Business Segmentation - The company's operations are divided into two main segments: information software products and smart construction site products. In the first half of 2025, the information software segment generated 108 million yuan in revenue, accounting for 57.44% of total revenue, and has a gross margin close to 90%, significantly higher than the 56% margin of smart construction products [6]. Cost Management - The company successfully reduced its combined R&D, sales, and management expenses by 12.36 million yuan, a decrease of 9.18%, through ongoing talent optimization and cost control measures [6]. Market Activity - Prior to the suspension, the company's stock price surged to 49.38 yuan per share, an increase of 8.01% on the last trading day, raising suspicions of potential information leakage [2][7]. Dividend History - Since its listing in 2020, the company has implemented five cash dividend distributions, making it one of the few companies on the Sci-Tech Innovation Board to consistently pay dividends [10]. - The latest dividend plan announced on September 17, 2025, involves a cash distribution of 3.00 yuan per 10 shares, totaling 23.46 million yuan [11].