Core Viewpoint - The recent shareholding changes and performance decline of Duopule (301528.SZ) have raised investor concerns, particularly regarding the confidence of major shareholders in the company's future prospects [2][3][4]. Shareholder Changes - Major shareholder Cai Shuping plans to reduce his holdings by up to 1.238 million shares, representing 2% of the total share capital, within three months starting from June 4, 2025 [3][4]. - This follows a previous reduction completed in January 2025, where Cai sold 537,200 shares at an average price of 44.59 yuan per share, raising approximately 23.95 million yuan [4]. - Another significant shareholder, Xiamen Rongyu, along with its action-in-concert party Suzhou Rongyu, plans to collectively reduce their holdings by up to 3 million shares, or 4.85% of the total share capital, from May 20 to August 17, 2025 [5]. Financial Performance - Duopule's revenue for 2023 was 199 million yuan, a year-on-year decline of 1.41%, with net profit dropping by 8.88% to 77.81 million yuan [7]. - In 2024, revenue further decreased to 162 million yuan, down 18.70%, and net profit fell by 33.68% to 51.60 million yuan [7]. - The company reported a significant increase in revenue in Q1 2025, achieving 38.49 million yuan, a year-on-year growth of 125.44%, but the gross margin decreased by 6.25% [8]. Industry Context - Duopule operates in a technology-intensive sector focused on non-destructive testing equipment, which requires high levels of R&D investment to maintain competitiveness [6]. - The company invested 38.40 million yuan in R&D in 2024, a 13.94% increase from the previous year, accounting for 23.70% of its revenue [6]. - The domestic non-destructive testing equipment industry is still in a growth phase, with a domestic market penetration rate of 52% as of 2023, but high-end products are predominantly supplied by foreign companies [6][8]. Strategic Developments - Duopule is actively expanding into the medical sector, having invested in companies related to medical ultrasound technology, although these initiatives are currently in the investment phase and have not yet contributed significantly to revenue [8][9].

Group 1: International Market Expansion - The company has established a wholly-owned subsidiary in Germany to enhance its presence in the European market, with registration completed in March 2025 [2][3] - Current overseas clients include SGS, indicating ongoing international market development [2] Group 2: Financial Performance and Goals - The company's revenue for Q1 2025 reached ¥38,486,755.18, a year-on-year increase of 125.44%, while net profit grew by 266.31% [8] - In 2024, the company experienced a net profit decline of 33.68%, attributed to a slowdown in domestic economic growth and a significant drop in revenue from Russia by 73.58% [5][6] Group 3: Research and Development Investment - R&D investment in 2024 amounted to ¥38,400,000, representing 23.70% of total revenue, with a year-on-year increase of 13.94% [4][7] - The company is involved in national projects focusing on advanced ultrasonic detection systems, aiming to enhance product competitiveness [6][7] Group 4: Product Development and Market Strategy - The company has launched new products, including the Novascan V2 and Eagle 4501P, enhancing detection capabilities in various sectors [8][9] - Targeted market expansion includes sectors like rail transportation, new energy vehicles, and semiconductors, with specific products developed for these industries [6][9] Group 5: Competitive Landscape and Challenges - The ultrasonic non-destructive testing industry is facing intense competition, with the company emphasizing its technological innovation and product quality as competitive advantages [4][6] - The company acknowledges the impact of external factors such as international trade dynamics and market sentiment on stock performance [10]