Core Viewpoint - The article highlights the launch of a new generation of ultra-high-speed real-time oscilloscopes by Wanliyan, a subsidiary of Xinkailai, at the 2025 Bay Area Semiconductor Industry Ecological Expo, emphasizing its significance in addressing the "bottleneck" issues in high-end electronic measurement instruments in China [3][5][11]. Company Overview - Wanliyan was established on September 4, 2023, and is primarily owned by Shenzhen Xinkailai Technology Co., Ltd., which holds 91.47% of the shares. The company has over 600 employees, with approximately 80% being R&D personnel [4]. - The CEO, Liu Sang, has a background in leading R&D teams in Fortune 500 companies and has published over 20 academic papers and holds 7 patents in related fields [4]. Product Launch - Wanliyan's new 90GHz ultra-high-speed real-time oscilloscope significantly enhances domestic oscilloscope performance by 500%, making it applicable in semiconductor, 6G communication, optical communication, and intelligent driving sectors [5][10]. - The oscilloscope achieves a bandwidth of 90GHz, positioning it as the second-best globally and marking a breakthrough for domestic products [5][8]. Market Context - Historically, domestic instruments have lagged behind international standards, with leading global oscilloscopes exceeding 60GHz bandwidth, while domestic products have only reached 8GHz-18GHz [8]. - The U.S. export controls and restrictions on high-end measurement instruments have created a critical gap in China's electronic industry, making the development of domestic high-end oscilloscopes essential [8][11]. Technical Advantages - The new oscilloscope supports testing for advanced chip processes, particularly for AI chips requiring bandwidths of 60GHz to 90GHz [10]. - It features intelligent optimization algorithms that significantly reduce testing time from days to approximately 10 minutes, utilizing server-grade chips that enhance performance by about four times compared to conventional instruments [10]. - The oscilloscope is the first in the world to feature a full-screen design, improving user interaction and experience [10]. Product Range and Future Plans - Wanliyan's product line extends beyond oscilloscopes to include time-domain, frequency-domain, and digital network domain products, addressing various testing needs in the ICT, internet, smart terminal, smart vehicle, advanced manufacturing, metrology, and educational research sectors [11][12]. - The company aims to expand its market presence, focusing on high-end electronic measurement instruments that address critical bottlenecks in technology [12][14]. Market Growth - The domestic oscilloscope market is projected to grow from approximately $440 million in 2020 to $650 million by 2025, driven by advancements in electronic industries and increasing demand for high-end measurement instruments [13]. - The demand for oscilloscopes is expected to rise as industries such as smart vehicles, semiconductors, and satellite communications continue to develop [13][14].

Core Insights - The CEO of Wanliyan, a subsidiary of Xinkailai, Liu Sang, stated that the current clients include higher education institutions, industries, and quality testing organizations, with notable clients such as Huawei and Shanghai Jiao Tong University [1] Group 1 - The company is focused on addressing the "bottleneck" issues in high-end electronic measurement instruments, which is essential for supporting the advancement of China's industrial and academic sectors [1]

Core Viewpoint - Puyuan Precision Technology Co., Ltd. (普源精电) has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor, highlighting its position as a leading electronic measurement instrument supplier in China and its global ranking [2] Group 1: Company Overview - Puyuan Precision is recognized as the largest electronic measurement instrument supplier in China and ranks eighth globally by revenue in 2024, according to Frost & Sullivan [2] - The company offers a comprehensive range of electronic measurement instruments and solutions, serving over 100,000 end customers across more than 90 countries and regions through its "RIGOL" brand [2] Group 2: Product and Market Position - The company has established a robust product matrix driven by core technology, including digital oscilloscopes, RF instruments, DC precision instruments, and modular instruments [3] - Puyuan Precision is the largest digital oscilloscope supplier in China and ranks fifth globally, while also being the largest waveform generator supplier in China and third globally [3] - The company is the first and only one in China to commercialize digital oscilloscopes equipped with self-developed ASICs [3] Group 3: Market Growth and Projections - The global test and measurement instrument market is projected to reach approximately RMB 110 billion in 2024, with a strong growth trajectory expected, forecasting a compound annual growth rate (CAGR) of 8.6% from 2025 to 2029, reaching around RMB 170 billion by 2029 [3] - In 2024, the top ten companies in the market will include seven overseas companies and three Chinese companies, collectively holding about 80.1% of the electronic measurement instrument market share [3] - Puyuan Precision holds a market share of 1.1% among Chinese companies, ranking first domestically and eighth globally by revenue in 2024 [3]

Summary of the Electronic Measurement Instruments Industry Conference Call Industry Overview - The electronic measurement instruments industry is a multidisciplinary field with widespread downstream applications and a diverse customer base. The global market is characterized by an oligopolistic structure, with Keysight Technologies holding nearly 30% market share [1][3][4]. - The global electronic measurement instruments market is approximately $17 billion, with the Chinese mainland and Hong Kong, Macau, and Taiwan accounting for about 20% of this market. The global market is expected to grow at an annual rate of 3%-5%, while the Chinese market is projected to grow at 5%-8% [1][3]. Market Characteristics - The industry requires knowledge from various disciplines, including software, physics, mathematics, communication, and semiconductors, to produce high-quality products [3]. - The customer base is highly diversified, with applications across nearly all industries involving electrical and electromagnetic signals [3]. - The domestic market has a low localization rate, with high-end market share below 2%, indicating a significant reliance on foreign suppliers [2][5]. Key Players - Major global players include Keysight Technologies, Tektronix, Agilent, Viavi Solutions, National Instruments, Rohde & Schwarz, and Anritsu. In China, key companies include Puyuan Precision, Dingyang Technology, and Kunlun Wanwei, among others [4][6]. Financial Performance - Domestic companies are experiencing growth, with Puyuan Precision achieving a revenue of 350 million yuan in the first half of 2025, a year-on-year increase of 16%. Dingyang Technology reported a revenue of 280 million yuan, up 24.6%, and Kunlun Wanwei saw a 26.7% increase to 100 million yuan [12]. Development Potential - The domestic electronic measurement instruments industry has substantial growth potential, driven by the transition of China's information industry from manufacturing to research and development, as well as innovation and engineering talent [5][8]. - The current revenue scale of domestic companies is relatively small, with leading firms generating around $15 million, while foreign competitors earn between $1.5 billion and over $4 billion [6][7]. Importance of Self-Developed Chips - Self-developed chips are crucial for enhancing product competitiveness, especially in the high-end market. However, domestic companies can still release products through partnerships with external suppliers at this stage [9]. Downstream Applications - The electronic measurement instruments have extensive downstream applications, including mobile communications, military, satellites, consumer electronics, semiconductors, education, automotive, and new energy sectors [10]. Investment Outlook - The investment outlook for domestic electronic measurement instrument companies is positive, with the potential for significant growth as technology advances and the localization process accelerates. The market space is large, and early leaders in the industry are expected to have good development potential [5][14].

Core Viewpoint - Puyuan Precision Electric Technology Co., Ltd. (Puyuan Precision) is seeking to list on the Hong Kong Stock Exchange, aiming to enhance its competitiveness and brand image while utilizing international capital markets for diversified financing [2][11]. Company Overview - Puyuan Precision, established in 2000 and listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board since April 2022, has a market capitalization exceeding 7.9 billion RMB [3]. - The company is a leading provider of electronic measurement instruments in China, offering a comprehensive range of products and solutions, including digital oscilloscopes and RF instruments, primarily serving high-growth sectors such as communications, new energy, and semiconductors [3][6]. Market Position - According to Frost & Sullivan, Puyuan Precision is the largest electronic measurement instrument supplier in China and ranks eighth globally, with a market share of 1.1% [5][10]. - The company is recognized for its innovative products, being the first in China to commercialize digital oscilloscopes equipped with self-developed ASICs [5]. Financial Performance - Puyuan Precision's revenue from 2022 to 2025 is projected to grow from 631 million RMB to 776 million RMB, with stable profit margins and an EBITDA showing resilience [7][8]. - The company has maintained a gross profit margin of around 50% to 55% during this period, indicating strong operational efficiency [7]. Product and Revenue Breakdown - The revenue contribution from digital oscilloscopes has been significant, accounting for approximately 52.7% in 2022, gradually decreasing to 44.5% by 2025 [8]. - International sales represent a substantial portion of total revenue, with overseas sales accounting for 42.4% in 2022, although this is expected to decline slightly to 35.3% by 2024 [9]. Strategic Initiatives - The funds raised from the Hong Kong IPO will be allocated towards enhancing R&D capabilities, expanding production capacity, strategic investments, and strengthening global sales and marketing networks [13]. - The company has a significant cash reserve, with financial assets valued at 1.773 billion RMB as of July 2025, indicating a strong liquidity position [11].

截至6月30日，普源精电股东户数6124.00，较上期增加5.53%；人均流通股11087股，较上期减少 2.12%。2025年1月-6月，普源精电实现营业收入3.55亿元，同比增长15.57%；归母净利润1621.58万元， 同比增长112.10%。 分红方面，普源精电A股上市后累计派现2.55亿元。 机构持仓方面，截止2025年6月30日，普源精电十大流通股东中，易方达积极成长混合（110005）位居 第二大流通股东，持股285.26万股，为新进股东。富国天惠成长混合(LOF)A/B（161005）位居第三大流 通股东，持股228.87万股，为新进股东。易方达战略新兴产业股票A（010391）位居第七大流通股东， 持股119.92万股，为新进股东。富国新活力灵活配置混合A（004604）位居第八大流通股东，持股99.60 万股，为新进股东。金信深圳成长混合A（002863）位居第十大流通股东，持股79.68万股，为新进股 东。景顺长城成长龙头一年持有期混合A类（011058）、景顺长城电子信息产业股票A类（010003）、 景顺长城优选混合（260101）、景顺长城创新成长混合（006435）退出十大流通 ...

Summary of Key Points Core Viewpoint The Hong Kong Stock Exchange (HKEX) has seen significant activity in new listings and IPO applications, with notable performances from newly listed companies and ongoing interest from various sectors. Group 1: New Listings - On October 10, HKEX had two companies listed: ZhiDa Technology and JinYe International Group, with ZhiDa Technology closing up 192.14% at HKD 195.50 per share, giving it a market capitalization of approximately HKD 11.7 billion [3] - JinYe International Group saw a remarkable first-day increase of 330.00%, closing at HKD 2.15 per share, with a total market value of around HKD 860 million [3] Group 2: Ongoing IPO Applications - As of October 10, there are three companies currently undergoing the IPO process, with one completing its offering on the same day [4] - The companies include XuanZhu Bio-B, YunJi, and HaiXi New Drug, focusing on biopharmaceuticals and AI-enabled robotics [4] Group 3: Recent IPO Applications - From September 29 to October 10, a total of 35 companies submitted applications for listing on the main board of HKEX [8] - Notable applicants include: - LanNa Cheng, a clinical-stage biotech company focused on radiopharmaceuticals for cancer treatment [15] - JiMi Technology, a leading global brand in the projection industry [17] - WeiYi Holdings, a top player in China's digital health services market [21] - PuYuan Precision, the largest electronic measurement instrument supplier in China [23] - HuanChuang Technology, a leader in high-precision spatial perception solutions [26] - JingCun Technology, an independent manufacturer of embedded storage products [28] - MaiKeAoTe, a platform biotech company with core products in clinical trials [31] - JingShi Measurement and Control, focusing on flexible manufacturing solutions [33] - LuoShi Robotics, dedicated to the design and commercialization of intelligent robots [35] - ChangChun High-tech, a major player in the Chinese pharmaceutical industry [37] - JuXin Microelectronics, specializing in intelligent sensing and machine vision solutions [40] - BeiDa Pharmaceutical, a successful biopharmaceutical company in China [42] - LiOu Group, focusing on AI-driven digital marketing and smart systems [45] - Natural Hall, the third-largest domestic cosmetics group in China [47] - MiLian Technology, an online emotional social platform [50] - JingHe Integration, a global 12-inch pure wafer foundry [52] Group 4: Financial Performance - ZhiDa Technology's total market capitalization reached approximately HKD 11.7 billion on its first day [3] - JinYe International Group's market value was around HKD 860 million after its debut [3] - Financial data for various companies applying for IPOs indicates a mix of revenues and losses, with some companies like WeiYi Holdings projecting significant revenue growth from HKD 13.68 billion in 2022 to HKD 54.96 billion in 2024 [21] - Other companies like JingCun Technology expect revenue growth from HKD 20.96 billion in 2022 to HKD 37.14 billion in 2024 [28] Group 5: Risk Factors - Companies have disclosed various risk factors in their IPO applications, including reliance on successful drug approvals, competition, and market demand fluctuations [16][19][22][24][27][36][41][43][46]

Core Viewpoint - Puyuan Precision Electric Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor, marking a significant step in its expansion strategy [1]. Financial Performance - The company reported revenues of 631 million yuan, 671 million yuan, and 776 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 92.49 million yuan, 108 million yuan, and 92.30 million yuan, indicating a decline in net profit for 2024 [1]. - The gross profit margin has improved from 50.9% in 2022 to 54.9% in 2024, although it is projected to drop to 51.9% in the first half of 2025, suggesting potential pressure on profitability [1]. Market Position - Puyuan Precision Electric is recognized as a leading electronic measurement instrument company in China, being the largest supplier by revenue and ranked eighth globally in 2024 according to Frost & Sullivan [1]. Raw Material Costs - The cost of raw materials, including IC chips and electronic components, accounted for 73.9%, 72.3%, 67.8%, and 69.0% of sales costs from 2022 to the first half of 2025, indicating a significant portion of operational expenses [2]. - The company acknowledges that fluctuations in raw material prices could disrupt its supply chain and impact pricing, thereby affecting business and financial performance [2]. Goodwill and Acquisitions - As of the end of 2024 and the first half of 2025, the company recorded goodwill of 322 million yuan, primarily from the acquisition of Naisu Electronics Group, with the value based on management's assumptions [2]. - If these assumptions are not met, the company may face significant impairment losses on goodwill [2]. Research and Development - R&D expenditures have increased annually, rising from 126 million yuan in 2022 to 143 million yuan in 2023, and further to 207 million yuan in 2024, driven by an increase in personnel and projects [2]. - The percentage of R&D spending relative to total revenue has also increased from 21.3% in 2023 to 26.6% in 2024, reflecting a growing commitment to innovation [2].

Core Viewpoint - The financial data and operational status disclosed in the prospectus of Puyuan Precision Electric highlight a 14.6% decline in net profit and a 30.5% R&D investment ratio, indicating both challenges and opportunities for the company [1]. Business and Financial Status - Puyuan Precision Electric focuses on the electronic measurement instrument sector, offering a wide range of products including digital oscilloscopes and microwave RF instruments, serving over 100,000 end customers across more than 90 countries and regions, and covering multiple fields such as communication and new energy [2]. - The company emphasizes original technological innovation and has established a self-developed core technology platform, utilizing a combination of distributor sales and direct sales models [2]. Revenue and Profitability - Revenue has shown steady growth, driven by diverse product channels, while net profit has experienced a decline [3]. - Profitability is affected by significant cost and expense impacts, with gross margin fluctuations primarily driven by cost factors [3]. - Net profit margin varies with profitability fluctuations, influenced by multiple factors [3]. Risks and Challenges - Potential risks from related party transactions exist, as the company occasionally engages in transactions with related parties, which may raise questions about the fairness of transaction prices and the impact of changes in related party relationships on business [3]. - The absence of detailed industry comparisons in the prospectus makes it difficult to assess the company's competitive position, although its revenue and net profit growth suggest a certain level of market competitiveness [4]. - Continuous increases in R&D investment and cost pressures are challenges that the industry as a whole faces, necessitating further attention to the company's comparative advantages in technological innovation and cost control [4]. Customer and Supplier Risks - Customer concentration risk exists, with specific customers contributing over 10% of total revenue; for instance, Customer A generated 79.193 million yuan in 2024, and Customer B contributed 40.953 million yuan in the first half of 2025 [5]. - While customer concentration is relatively low, the loss or reduction of orders from major customers could still impact revenue [5]. - The prospectus lacks information on major suppliers and supplier concentration, making it difficult to assess the company's dependency on suppliers and potential risks such as supply interruptions or price fluctuations [6]. Corporate Governance and Management - The controlling shareholder, Dr. Wang Yue, holds approximately 61.01% of the voting rights, which may lead to significant influence over company decisions, posing risks if decisions are made incorrectly [7]. - The management team is experienced, but the effectiveness of their incentives remains to be observed [8]. - The company faces multiple risks, including declining net profit, increased R&D investment, cost and debt pressures, and various risk factors that could challenge future development [8].

普源精电已向香港交易所主板提交上市申请，中信证券为其独家保荐人。 根据弗若斯特沙利文的数据，普源精电是中国最大的电子测量仪器供应商，按2024年收益计，全球排名 第八。 公司在数字示波器和波形发生器领域处于领先地位，是中国最大的数字示波器供应商(全球第五)和波形 发生器供应商(全球第三)。 普源精电是中国第一家成功商用化搭载自研专用集成电路(ASIC)的数字示波器的公司。全球测试测量仪 器及解决方案市场规模预计将持续增长，2029年将达到约1700亿元人民币。 公司通过"RIGOL"品牌为90多个国家及地区的超过100000名终端客户提供服务，解决通信、新能源、半 导体、教育与科研领域的测试挑战。 ...