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。 ...

Core Viewpoint - Puyuan Precision Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1]. Company Overview - Puyuan Precision is a leading electronic measurement instrument company in China, ranked as the largest by revenue and eighth globally in 2024 according to Frost & Sullivan [4]. - The company offers a comprehensive range of electronic measurement instruments and solutions, serving over 100,000 end customers in more than 90 countries and regions through its "RIGOL" brand [4]. - Puyuan Precision has established a robust product matrix driven by core technology, including digital oscilloscopes, RF instruments, DC precision instruments, and modular instruments [4]. Market Potential - The global test and measurement instrument market is projected to reach approximately RMB 110 billion in 2024, with a compound annual growth rate (CAGR) of 8.6% expected from 2025 to 2029, reaching around RMB 170 billion by 2029 [5]. - In 2024, the top ten companies in the market will include seven overseas firms and three Chinese companies, accounting for about 80.1% of the market share [5]. Financial Performance - Puyuan Precision's revenue for the fiscal years 2022, 2023, and 2024 is reported as approximately RMB 630.57 million, RMB 670.54 million, and RMB 775.83 million, respectively [6]. - The company achieved profits of approximately RMB 92.49 million, RMB 107.95 million, and RMB 92.30 million for the same fiscal years [6]. - For the six months ending June 30, 2024, the revenue was approximately RMB 307.14 million, with a profit of RMB 15.06 million [6].

Core Viewpoint - Puyuan Precision Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1]. Company Overview - Puyuan Precision is a leading electronic measurement instrument company in China, ranked as the largest by revenue and eighth globally in 2024 according to Frost & Sullivan [4]. - The company offers a comprehensive range of electronic measurement instruments and solutions, serving over 100,000 end customers in more than 90 countries and regions through its "RIGOL" brand [4]. - Puyuan Precision has established a robust product matrix driven by core technology, including digital oscilloscopes, RF instruments, DC precision instruments, and modular instruments [4]. Market Position - In 2024, 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 [4]. - The global test and measurement instrument market is projected to reach approximately RMB 110 billion in 2024, with a compound annual growth rate of 8.6% expected from 2025 to 2029, reaching around RMB 170 billion by 2029 [5]. Financial Performance - The company reported revenues of approximately RMB 631 million, RMB 671 million, and RMB 776 million for the fiscal years 2022, 2023, and 2024, respectively [5]. - For the six months ending June 30, 2024, the revenue was approximately RMB 307 million, with a profit of RMB 15.06 million [5]. - The financial data indicates a consistent growth trajectory, with profits of RMB 92.49 million, RMB 107.95 million, and RMB 92.30 million for the fiscal years 2022, 2023, and 2024, respectively [7].

Core Viewpoint - Puyuan Precision Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] Company Overview - Puyuan Precision is a leading electronic measurement instrument company in China, ranked first by revenue among domestic companies and eighth globally in 2024 [4][5] - The company provides a comprehensive range of electronic measurement instruments and solutions, serving over 100,000 end customers in more than 90 countries and regions under the "RIGOL" brand [4] - Puyuan Precision specializes in R&D and innovation, offering a product matrix that includes digital oscilloscopes, RF instruments, DC precision instruments, and modular instruments [4] Market Position - The global test and measurement instrument market is projected to reach approximately RMB 110 billion in 2024, with a compound annual growth rate (CAGR) of 8.6% from 2025 to 2029, reaching around RMB 170 billion by 2029 [5] - In 2024, Puyuan Precision is expected to hold a market share of 1.1% in the electronic measurement instrument market [5] Financial Performance - The company's revenue for the fiscal years 2022, 2023, and 2024 is reported as approximately RMB 630 million, RMB 671 million, and RMB 776 million, respectively [6] - The net profit for the same periods is approximately RMB 92.5 million, RMB 108 million, and RMB 92.3 million, respectively [6] - For the six months ending June 30, 2024, the company achieved a revenue of approximately RMB 307 million and a net profit of approximately RMB 15 million [6]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 RIGOL Technologies Co., Ltd. 普 源 精 電 科 技 股 份 有 限 公 司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、本公司的保薦人、整體協調人、顧問或承銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據於香港公司註冊處處長註冊的 本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾刊發。 (a) 本文件僅為向香港投資者提供有關本公司的資料，概無任何其他目的；投資者不應根據本文件 中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或任 ...

Core Insights - Puyuan Precision Electric's stock increased by 0.90% on September 25, with a trading volume of 143 million yuan, indicating active market interest [1] - The company reported a net financing outflow of 6.91 million yuan on the same day, with a total financing and securities balance of 126 million yuan, representing 4.83% of its market capitalization [1] - For the first half of 2025, Puyuan Precision Electric achieved a revenue of 355 million yuan, a year-on-year growth of 15.57%, and a net profit of 16.22 million yuan, reflecting a significant increase of 112.10% [2] Financing and Securities - On September 25, the company had a financing buy-in of 11.28 million yuan, while the current financing balance stands at 126 million yuan, which is above the 80th percentile of the past year [1] - The securities lending data shows that 594 shares were repaid and 506 shares were sold on the same day, with a total selling amount of 19,300 yuan [1] - The current securities lending balance is 482,500 yuan, exceeding the 90th percentile of the past year, indicating a high level of borrowing activity [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 5.53% to 6,124, while the average number of circulating shares per person decreased by 2.12% to 11,087 shares [2] - New institutional shareholders include E Fund Active Growth Mixed Fund and Fortune Tianhui Growth Mixed Fund, which are now among the top ten circulating shareholders [3] - The company has distributed a total of 255 million yuan in dividends since its A-share listing [2]

Summary of Tonghui Electronics Conference Call Company Overview - **Company**: Tonghui Electronics - **Industry**: Electronic Measurement Instruments - **Headquarters**: Changzhou, China - **Established**: 1994 Key Financial Performance - **H1 2025 Revenue**: 101 million CNY, up 16.8% YoY [2][3] - **H1 2025 Net Profit**: Significant increase of 55.4% YoY, reaching a record high [2][3] - **Gross Margin**: Increased by 8.36 percentage points to 57% [2][6] - **Debt Ratio**: Only 11%, indicating a strong financial structure [12] - **2024 Revenue Projection**: Close to 200 million CNY [3][11] Product Innovations and Market Expansion - **New Product Launches**: - TH521 series semiconductor parameter analyzer, priced around 1 million CNY, received positive feedback from 20-30 potential clients [2][5] - TH300 series comprehensive testing platform and battery pack internal resistance testing system also showed high growth [2][5] - **Market Expansion**: - Establishing a subsidiary in Germany to penetrate the European market [2][4][21] - Collaborations with key domestic semiconductor manufacturers like Xinkailai to expand upstream measurement equipment demand [2][5] Business Structure and Performance - **Business Segments**: - Component parameter testing instruments (approx. 45% revenue share) - Safety wire testing instruments (22% growth YoY) - Weak signal detection instruments (37.59% growth YoY, gross margin at 57%) - Power electronics products (14.65% growth YoY) - System integration testing equipment (fast growth despite low revenue share) [8][18] Customer Base and Relationships - **Diverse Clientele**: - Top five customers account for only 21.16% of revenue, indicating low dependency on single clients [9][33] - Major clients include Huawei, BYD, and Xinkailai, with long-term partnerships in various sectors [9][10] Supply Chain and Financial Health - **Supply Chain Security**: - High level of domestic production for key components, reducing import dependency [11] - **Financial Stability**: - 2024 projected gross margin of 57.69% and net margin of 29.14% [11][12] Industry Outlook - **Market Growth**: - China's electronic measurement instrument market expected to grow from 4.8 billion USD in 2020 to 6.6 billion USD by 2025, with a CAGR of 6.54% [16][25] - **Competitive Landscape**: - Domestic companies are gradually breaking into high-end markets dominated by international giants [29] Future Growth Drivers - **Product Development**: - Continued focus on high-margin products and comprehensive testing solutions for automotive, consumer electronics, and semiconductor sectors [7][34] - **Revenue Projections**: - Expected net profits of 65 million CNY, 81 million CNY, and 97 million CNY from 2025 to 2027 [34] Conclusion - **Investment Outlook**: - Positive growth trajectory with strong financial health and innovative product offerings, leading to a favorable investment rating [34]

Core Viewpoint - Puyuan Precision Electric has shown significant growth in revenue and net profit, indicating strong operational performance and increasing investor interest in the company [2][3]. Financial Performance - For the first half of 2025, Puyuan Precision Electric achieved operating revenue of 355 million yuan, representing a year-on-year increase of 15.57% [2]. - The net profit attributable to shareholders reached 16.22 million yuan, marking a substantial year-on-year growth of 112.10% [2]. - Cumulative cash dividends since the company's A-share listing amount to 255 million yuan [2]. Stock Market Activity - On August 28, Puyuan Precision Electric's stock price increased by 3.34%, with a trading volume of 285 million yuan [1]. - The company recorded a financing buy-in amount of 21.41 million yuan and a net financing buy of 3.15 million yuan on the same day [1]. - As of August 28, the total margin trading balance was 110 million yuan, accounting for 4.16% of the circulating market value, indicating a high level of investor engagement [1]. Shareholder Composition - As of June 30, 2025, the number of shareholders increased to 6,124, a rise of 5.53% from the previous period [2]. - The average circulating shares per shareholder decreased by 2.12% to 11,087 shares [2]. - New institutional shareholders include E Fund Active Growth Mixed Fund and others, indicating growing institutional interest in the company [3].