Core Viewpoint - Company Puyuan Precision Electric (688337) plans to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to enhance its international brand image and diversify financing channels [1] Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 168 million yuan, a year-on-year increase of 11.14% [1] - The sales revenue of self-developed core technology platform products grew by 39.21% year-on-year, accounting for 46.69% of total revenue [1] - The R&D expense ratio reached 31.54%, with increases in R&D personnel salaries and equipment depreciation impacting net profit [1] Group 2: Strategic Developments - The company is establishing R&D centers in Xi'an, Shanghai, and Penang, Malaysia, and has set up overseas subsidiaries in Portland, Munich, Tokyo, Singapore, South Korea, and Malaysia [2] - The acquisition of 100% of Naisou Electronics has strengthened the company's strategic deployment in the solutions sector, leading to the release of SUA8000 modular instruments and SPQ array testing solutions [2] - The company is transitioning from a product-centric approach to a customer solutions-centric strategy, with the acquisition accelerating this shift and enhancing the technical matrix of "instrument ecosystem + system-level solutions" [2]