Core Viewpoint - The financial performance of Puyuan Precision Technology (stock code: 688337) in the third quarter of 2025 shows a mixed trend, with revenue growth but significant declines in profit margins and net income, indicating potential challenges ahead for the company [2][3]. Financial Data Summary - The company's operating revenue for the first three quarters of 2025 reached CNY 597.39 million, an increase of 11.68% year-on-year [3][22]. - The total profit for the same period was CNY 36.77 million, down 25.43% compared to the previous year [2][22]. - Net profit attributable to shareholders decreased by 32.38% to CNY 40.66 million [2][22]. - The basic earnings per share for the third quarter was CNY 0.13, a decrease of 53.57% year-on-year [2][13]. Revenue Analysis - Sales revenue from self-developed core technology platform products increased by 21.26%, accounting for 46.49% of total sales [3][4]. - High-end digital oscilloscope products (bandwidth ≥2GHz) contributed significantly, with sales revenue growing by 104.02% [4]. - The MHO/DHO series high-resolution digital oscilloscopes saw a sales revenue increase of 25.75% [5]. - Revenue from solutions, including accessory products and services, grew by 22.71% [6]. Profitability Analysis - The overall gross margin for the first three quarters was 55.00%, down 3.44 percentage points year-on-year, primarily due to increased manufacturing costs and market competition [7]. - Research and development expense ratio increased to 28.43%, impacting net profit [8]. Non-Recurring Gains and Losses - Non-recurring gains included government subsidies amounting to CNY 302,972, while losses from asset disposals totaled CNY -3,682.33 [11][12]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 7,894, with the largest shareholder holding 32.94% of the shares [16][18]. - The actual controller of the company is Wang Yue, who, along with associated parties, controls a total of 6.10% of the shares [17]. Cash Flow Analysis - The net cash flow from operating activities for the first three quarters was -CNY 2.83 million, a significant decline compared to the previous year [25].