Core Viewpoint - Puyuan Precision Electric, a leading domestic supplier of electronic measurement instruments, is preparing to expand into the Hong Kong market, aiming for further global growth and brand recognition [1][14]. Financial Performance - The company has shown consistent revenue growth, with projected revenues of 631 million RMB, 671 million RMB, and 776 million RMB from 2022 to 2024, respectively, and 355 million RMB in the first half of 2025, reflecting a year-on-year increase [2]. - The gross profit figures for the company from 2022 to the first half of 2025 are 321 million RMB, 358 million RMB, 426 million RMB, and 184 million RMB, with corresponding gross profit margins of 50.9%, 53.4%, 54.9%, and 51.9% [5]. Product and Solution Breakdown - The majority of revenue comes from digital oscilloscopes, which accounted for 84.93% of sales in the previous year, although the revenue share has shown a slight decline from 52.7% in 2022 to 44.5% in the first half of 2025 [3][5]. - Other significant revenue sources include microwave RF instruments and precision DC instruments, contributing 13% and 23% of revenue, respectively, in the first half of 2025 [3]. - The solutions business has also seen growth, with revenue increasing from 57.93 million RMB in 2022 to 130.21 million RMB in 2024, representing a rise in revenue share from 9.2% to 16.8% [4]. Market Position and Growth Potential - The global electronic measurement instrument market is projected to reach 57.1 billion RMB in 2024, with a compound annual growth rate (CAGR) of 5% from 2025 to 2029, driven by strong demand for digital oscilloscopes, which are expected to grow at a CAGR of over 6% [6][8]. - Puyuan Precision Electric's market share is expected to reach approximately 1.1% by 2024, ranking eighth globally, with significant potential for growth in the high-end product segment where domestic market penetration is currently below 10% [8][9]. Strategic Initiatives - The company is implementing a "G-THSA" strategy framework focused on global expansion, aiming to establish a customer-centric global sales and service network, enhance global supply chains, and invest in research and development [14]. - Puyuan Precision Electric has developed proprietary core chipsets for oscilloscopes, achieving an 85% shipment rate for products utilizing these self-developed chips, indicating strong technological capabilities and market readiness [9][14].

Core Viewpoint - Puyuan Precision Electric, a leading domestic supplier of electronic measurement instruments, is preparing to expand into the Hong Kong market, aiming for further global growth and brand recognition [1][14]. Financial Performance - The company has shown consistent revenue growth, with projected revenues of 631 million RMB, 671 million RMB, and 776 million RMB from 2022 to 2024, respectively, and 355 million RMB in the first half of 2025, reflecting a year-on-year increase from 307 million RMB [2]. - The gross profit figures for the company from 2022 to the first half of 2025 are 321 million RMB, 358 million RMB, 426 million RMB, and 184 million RMB, with corresponding gross profit margins of 50.9%, 53.4%, 54.9%, and 51.9% [5]. Product and Solution Breakdown - The majority of revenue comes from digital oscilloscopes, which accounted for 84.93% of sales in the last year, up 8.9 percentage points from the previous year, although the revenue share has shown a slight decline from 52.7% in 2022 to 44.5% in the first half of 2025 [3][5]. - Other significant revenue sources include microwave RF instruments and precision DC instruments, contributing 13% and 23% of revenue, respectively, in the first half of 2025 [3]. - The solutions business has also seen growth, with revenue increasing from 57.93 million RMB in 2022 to 130.21 million RMB in 2024, representing a rise in revenue share from 9.2% to 16.8% [4]. Market Position and Industry Trends - The global electronic measurement instrument market is projected to reach 57.1 billion RMB in 2024, with a compound annual growth rate (CAGR) of 5% from 2025 to 2029, driven by strong demand for digital oscilloscopes, which are expected to grow at a CAGR of over 6% [6]. - Despite the dominance of foreign companies in the market, Puyuan Precision Electric's market share is gradually increasing, projected to reach approximately 1.1% by 2024, ranking eighth globally [8]. - The domestic market for high-end electronic measurement instruments has significant room for growth, with current domestic production rates below 10% [9]. Strategic Initiatives - The company is focusing on high-end product development and global expansion through its "G-THSA" strategy, which emphasizes building a customer-centric global sales and service network [14]. - Puyuan Precision Electric has invested heavily in self-developed core chipsets, enhancing its technological independence and competitive edge in the high-end market [14].

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]

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].

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].

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]