瑞财经 王敏 12月8日，中电科思仪科技股份有限公司（以下简称"思仪科技"）披露IPO辅导工作完成报告，辅导机构为国泰海通。 2025年7月，国泰海通与思仪科技签署了辅导协议，并按照《首次公开发行股票并上市辅导监管规定》等相关规定及双方约定开展辅导 工作。自完成辅导备案至该报告出具日，共开展了1期辅导工作。 据悉，思仪科技曾于2022年12月申请上市获上交所科创板受理，保荐机构为中信证券，经过1轮的问询与回复后，因中电科思仪科技股 份有限公司及其保荐人撤回发行上市申请，2023年6月21日，上交所终止其发行上市审核。 思仪科技成立于2015年5月，法定代表人为张红卫，注册资本8.26亿元。公司是一家专业从事电子测量仪器研发、制造和销售的高科技 企业。 思仪科技控股股东和实际控制人为中国电科，直接持股50.54%。此外，电科投资、四十一所和国元基金系中国电科控制或管理的关联 方。 相关公司：思仪科技 | 项目 | 2022年1-6月/ | 2021 年度/ | 2020 年度/ | 2019 年度/ | | --- | --- | --- | --- | --- | | | 2022.6.30 | 2021.1 ...

联讯仪器：连续2年亏损却分红3606万、有2.54亿元现金、8000万理财，募1.5亿补流，陷专利诉讼、应收款与坏账计提暴增 一边是连续亏损仍坚持给股东分红，一边是应收账款和存货规模如滚雪球般膨胀，这家成立仅八年的测试仪器公司，正带着一身争议向资本市场发起冲 刺。 苏州联讯仪器股份有限公司的科创板IPO申请，在2025年8月15日获受理后，迅速吸引了市场的目光。这家公司计划募集19.54亿元资金，这一数额相当于 其当前总资产的1.35倍，更是净资产的2.75倍。 在光通信与半导体测试设备领域，联讯仪器确实展现出了令人瞩目的成长性。它的营收从2022年的2.14亿元跃升至2024年的7.89亿元，并在2024年成功扭 亏为盈，实现净利润1.4亿元。 但在这份光鲜的业绩增长背后，客户集中度高企、应收账款与存货规模激增、经营性现金流转负等问题也如影随形。 尽管身处黄金赛道，联讯仪器的财务表现却呈现出一种外热内冷的复杂图景，几个关键指标亮起了警示灯。 公司对少数大客户的依赖程度相当高。2022年至2025年一季度，其向前五大客户实现的销售收入占比，最低为42.64%，最高达到了62.64%。 这意味着，公司超过六成的 ...

摘要 ： 万里眼TS0254BP中标中国地质大学高速数字采样实时示波器项目，金额256.5万元，系"湾芯展"后公开市场首单。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 11月26日，中国地质大学（武汉）高速数字采样实时示波器采购项目公布中标结果， 万里眼高速数字采样实时示波器 TS0254BP型号成功 中标，成交金额为 256.5万元， 该型号属于万里眼 ExWave TS 系列 25GHz带宽产品 。这是万里眼自10月15日"湾芯展"亮相后高速实时 示波器在公开招标市场上的首单。 万里眼是国内高端电子测量仪器厂商，曾在2025年 第二届"湾芯展"上首次公布90GHz带宽超高速实时示波器，并广受关注，该示波器4个通 道每个通道都能独立支持90GHz带宽、200G的采样率，这个指标是目前全国第一、全球第二的水平。此次中标中国地质大学（武汉），进一 步验证了其在高端测量仪器领域的竞争力。 | ll | 供应商名称 | 货物名称 | 货物品 | 货物型号 | 货物数 | 货物单价 | | --- | --- | --- | --- | -- ...

Core Insights - Puyuan Precision Electric's stock increased by 0.87% on November 17, with a trading volume of 67.09 million yuan [1] - The company reported a financing net purchase of 993,600 yuan on the same day, with a total financing and securities balance of 226 million yuan [1] - As of September 30, 2025, the company achieved a revenue of 597 million yuan, representing a year-on-year growth of 11.68%, while the net profit attributable to shareholders decreased by 32.38% to 40.66 million yuan [2] Financing and Securities - On November 17, Puyuan Precision Electric had a financing purchase of 11.47 million yuan, with a current financing balance of 225 million yuan, accounting for 3.06% of the circulating market value [1] - The financing balance is above the 90th percentile level over the past year, indicating a high level of financing activity [1] - The company had a securities lending balance of 529,200 yuan, with a remaining quantity of 13,400 shares, also above the 90th percentile level over the past year [1] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 28.9% to 7,894, while the average circulating shares per person decreased by 22.18% to 8,628 shares [2] - The company has distributed a total of 255 million yuan in dividends since its A-share listing [3] - Notable changes in institutional holdings include Hong Kong Central Clearing Limited becoming the second-largest circulating shareholder with 2.08 million shares, and Jin Xin Shenzhen Growth Mixed Fund increasing its holdings by 476,800 shares [3]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested additional information from Puyuan Precision Electronics regarding its overseas investment compliance and foreign investment restrictions [1] - Puyuan Precision Electronics has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - The CSRC's inquiries include the company's overseas subsidiary establishment procedures, compliance with foreign investment policies, and the operational status of its subsidiaries in restricted sectors [1] Group 2 - Puyuan Precision Electronics is a leading electronic measurement instrument company, recognized as the largest supplier in China and ranked eighth globally by revenue in 2024 [2] - The company designs, develops, manufactures, and delivers comprehensive electronic measurement instruments and solutions, supporting scientific exploration and industry innovation [2] - Through its "RIGOL" brand, the company serves over 100,000 end customers across more than 90 countries and regions, addressing complex testing challenges in various sectors including communications, new energy, semiconductors, and education [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested additional information from Puyuan Precision Electronics regarding its overseas investment compliance and foreign investment restrictions [1] - Puyuan Precision Electronics has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - The CSRC's inquiries include the company's overseas subsidiary establishment procedures, compliance with foreign investment policies, and the operational status of its subsidiaries in restricted sectors [1] Group 2 - Puyuan Precision Electronics is a leading electronic measurement instrument company, recognized as the largest supplier in China and ranked eighth globally by revenue in 2024 [2] - The company designs, develops, manufactures, and delivers comprehensive electronic measurement instruments and solutions, supporting scientific exploration and industry innovation [2] - Under the "RIGOL" brand, the company serves over 100,000 end customers across more than 90 countries and regions, addressing complex testing challenges in various sectors including communications, new energy, semiconductors, and education [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested additional information from Puyuan Precision Electronics (688337.SH) regarding its overseas investment compliance and foreign investment restrictions [1] - Puyuan Precision Electronics has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - The CSRC's inquiries include the company's overseas subsidiary establishment procedures, compliance with foreign investment policies, and the operational status of its subsidiaries in restricted sectors [1] Group 2 - Puyuan Precision Electronics is a leading electronic measurement instrument company, recognized as the largest supplier in China and ranked eighth globally by revenue in 2024 [2] - The company designs, develops, manufactures, and delivers a comprehensive range of electronic measurement instruments and solutions, supporting scientific exploration and industry innovation [2] - Through its "RIGOL" brand, the company serves over 100,000 end customers across more than 90 countries and regions, addressing complex testing challenges in various sectors including communications, new energy, semiconductors, and education [2]

Core Viewpoint - The article emphasizes the significance of electronic measurement instruments as foundational tools supporting advanced technologies such as AI, 6G, quantum computing, and intelligent driving, highlighting their role in ensuring the reliability and performance of electronic devices [2][7][18]. Company Overview - Zhongxing Lianhua Technology Co., Ltd. is recognized as a national-level "little giant" enterprise focusing on specialized and innovative development in the electronic measurement instrument sector [3][16]. - The company has developed several high-end domestic instruments, including the world's third and China's first high-performance error rate tester, which supports jitter and noise injection functions [4][10]. Product Innovations - The high-speed error rate tester serves as a critical testing device for high-speed digital communication and signal integrity verification, capable of detecting data transmission accuracy in various industries [10][11]. - The multi-channel microwave signal source developed by Zhongxing Lianhua has contributed to the successful development of the "Zu Chongzhi" superconducting quantum computer prototype, showcasing its application in quantum computing [13][14]. Market Trends - The electronic measurement instrument market is expanding into new areas such as AI, 6G, quantum computing, and intelligent vehicles, driven by rapid advancements in the electronics industry [12][13]. - The company aims to maintain its leading position in the industry by continuously innovating and developing specialized chips in collaboration with universities and research institutes to meet the high-speed computing demands of emerging technologies [18]. Strategic Positioning - Zhongxing Lianhua has established itself as a leading supplier of high-end electronic measurement instruments in Beijing Yizhuang, benefiting from a supportive industrial ecosystem and policies [17]. - The company is committed to a philosophy of continuous improvement and innovation, aiming to exceed the performance of international competitors and future technologies [17][18].

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].

Summary of Dingyang Technology Conference Call Company Overview - **Company**: Dingyang Technology - **Industry**: Electronic Measurement Instruments Key Points and Arguments Financial Performance - Dingyang Technology reported a revenue of 431 million yuan for the first three quarters of 2025, representing a year-on-year growth of 21.67% [3] - Net profit attributable to shareholders was 111 million yuan, up 21.49% year-on-year, while the net profit excluding non-recurring items was 109 million yuan, reflecting a growth of 22.62% [3] - The revenue growth is primarily attributed to sustained R&D investment and a high-end product strategy, with high-end products accounting for 30% of total revenue, up 6 percentage points year-on-year [5] Product Development and Innovation - Since 2020, the company has launched 41 new products, with 11 released in 2025, including 7 high-end products [2][6] - The company focuses on the general electronic measurement field and plans to upgrade existing products while expanding into higher bandwidth ranges, including 30GHz and 60GHz [2][9] Market Demand and Trends - There is a rapid increase in demand from sectors such as telecommunications, semiconductors, new energy vehicles, and AI, particularly for AI server-related equipment [2][10] - The company is also monitoring developments in quantum computing, although it is not currently prioritizing this area due to its sensitivity [10] Customer Base and Sales Strategy - Dingyang Technology has expanded its key account (KA) customer base from a few to nearly ten, significantly contributing to revenue growth [7] - The company anticipates a steady increase in direct sales as high-end products are introduced and personnel are optimized [7] High-End Product Performance - High-end product revenue grew by 51.22% year-on-year, with average selling prices increasing by 10.11% [5] - Sales of products priced above 30,000 yuan increased by 46.53%, while those above 50,000 yuan saw a 56.65% increase [5] Future Growth Projections - The SDS 8,000A series is expected to become a significant revenue and profit growth driver in 2026, with potential sales of 50-100 units projected to generate over 50 million yuan in revenue [10] - The company expects to maintain a high growth trend in the coming years, driven by new product launches and market expansion [4][20] Market Conditions and Competitive Landscape - The domestic market is growing significantly faster than the overseas market, with expectations for a recovery in overseas sales as new products are launched [22] - The company faces limited competition in the high-end RF microwave product sector, primarily from a few foreign giants [15] R&D and Profitability - R&D expenses increased by over 40% year-on-year, reflecting the company's commitment to long-term growth despite short-term profit fluctuations [21][23] - The current profit level is moderate, with a focus on long-term potential rather than short-term gains [23] Supply Chain and Production Capacity - The domestic supply chain has matured, particularly in key components like ADCs, which support the development of high-end oscilloscopes [9][16] - The Malaysian factory has ramped up production capacity, addressing supply shortages and enhancing the company's operational efficiency [15] Additional Important Insights - The company is strategically positioned to leverage its technological advancements and market demand, ensuring a robust growth trajectory in the electronic measurement instruments sector [20] - The focus on high-end products and continuous innovation is expected to solidify Dingyang Technology's competitive advantage in the industry [6][10]