持续加码新兴产业检测能力，低空检测、量子测量领域实现进展。低空方向，公司与广州低空飞行营地 有限公司举行签约仪式，后续将在中试转化、检验检测、适航审定等方面开展深入合作。同时与西安航 空学院签署协议，共建低空产业试验验证与适航取证平台，未来将深度参与西北乃至中亚"一带一路"低 空经济产业发展。量子领域，公司积极拓展量子精密测量与智能计量技术研究，已与国仪量子共建量子 精密测量联合实验室，与中国计量院深圳创新院共建粤港澳大湾区量子精密测量服务平台。未来将依托 量子精密测量能力，为高端装备、航空低空、商业航天、能源电力等高端制造企业提供全链条的检测计 量服务。 盈利预测：公司布局的众多新兴产业领域订单持续落地，业绩进入高增阶段，同时在低空检测，量子测 量等方向持续实现突破，将持续受益于众多新兴产业相应产品的量产预期。预计公司2025-2027 年营收 分别为36.46/40.45/45.68 亿元；归母净利润为4.33/4.92/5.67 亿元；PE 为28/24/21。 风险提示：技术研发进度不及预期风险；政策支持不及预期风险；商业化落地不及预期风险等。 持续实施精细化管理及成本控制，销售净利率创近年三季度新高 ...

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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Viewpoints - On July 22, 2025, the company announced a plan to issue A-shares to specific investors, a shareholder return plan for the next three years (2025-2027), and a market value management system. The board also approved the acquisition of 55% of Beijing Jinyuan Power Information Technology Co., Ltd. [2][4]. - The planned fundraising through the issuance of shares is up to 1.3 billion yuan, aimed at investing in emerging industries such as aviation, AI chips, satellite internet, and digitalization, which is beneficial for the company's long-term development [2][4]. - The company plans to invest 300 million yuan in an aviation equipment testing platform, 250 million yuan in a new generation AI chip testing platform, and 300 million yuan in a satellite internet quality assurance platform, among other allocations [10]. - The acquisition of a majority stake in Jinyuan Power will fill a gap in the company's network security qualification and enhance its service capabilities in software evaluation, network security, and data management [10]. - The company has set a shareholder return plan to distribute at least 30% of the average distributable profit over three consecutive years in cash [10]. - The company aims to enhance its value through strategic management, mergers and acquisitions, and optimizing asset structure, alongside cash dividends and share buybacks [10]. Financial Projections - Revenue is projected to reach 3.57 billion yuan in 2025, 3.98 billion yuan in 2026, and 4.45 billion yuan in 2027, with year-on-year growth rates of 11.3%, 11.6%, and 11.8% respectively [10]. - The net profit attributable to the parent company is expected to be 423 million yuan in 2025, 512 million yuan in 2026, and 625 million yuan in 2027, reflecting year-on-year growth rates of 20.0%, 21.2%, and 22.1% respectively [10]. - The estimated price-to-earnings (PE) ratios are 24.7x for 2025, 20.4x for 2026, and 16.7x for 2027, indicating a positive outlook for the company's earnings recovery potential [10].