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].

据港交所9月29日披露，普源精电科技股份有限公司(简称：普源精电(688337.SH))向港交所主板提交上市申请 书，中信证券为独家保荐人。 招股书显示，公司是电子测量仪器公司，拥有先进的技术实力和遍佈全球的庞大版图。根据弗若斯特沙利文的 资料，公司是中国最大的电子测量仪器供应商，按收益计，于2024年在全球排名第八。公司设计、开发、制造 并交付全面电子测量仪器及解决方案，助力科学探索与行业创新。公司通过"RIGOL"品牌，为90多个国家及地 区超过100,000名终端客户提供服务，解决各行各业客户在通信、新能源、半导体及教育与科研领域中的复杂测 试挑战。 公司经过多年专注研究开发("R&D")及创新，已建立以两大支柱为基础的全面电子测量组合：(i)以核心技术驱动 的产品矩阵，涵盖数字示波器、微波射频("RF")仪器、直流("DC")精密仪器及模块化仪器；(ii)多场景解决方案 套件，主要服务通信、新能源、半导体、教育与科研等高增长行业。根据弗若斯特沙利文的资料： 按2024年收 益计，公司是中国最大的数字示波器供应商，在全球排名第五；同时，公司是中国最大的波形发生器供应商， 在全球排名第三。公司亦是中国第一 ...

智通财经APP获悉，据港交所9月29日披露，普源精电科技股份有限公司(简称：普源精电(688337.SH))向港交所 主板提交上市申请书，中信证券为独家保荐人。 财务方面，于2022年度、2023年度、2024年度、2024年及2025年截至6月30日止六个月，普源精电实现收益分别 为约6.31亿元、6.71亿元、7.76亿元、3.07亿元、3.55亿元人民币；同期，年/期内利润分别为9248.8万元、约1.08 亿元、9230.3万元、1506.3万元、1621.6万元人民币。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | | | (人民幣千元) | | | | | | | | (未經濟計) | | | 收益 ... | 630.571 | 670.538 | 775.826 | 307.140 | 354.968 | | 銷售成本 | (309,417) | (312,252) | (349,868) | ...

智通财经APP获悉，据港交所9月29日披露，普源精电科技股份有限公司(简称：普源精电(688337.SH))向港交所 主板提交上市申请书，中信证券为独家保荐人。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | | | (人民幣千元) | | | | | | | | (未經濟計) | | | 收益 ... | 630.571 | 670.538 | 775.826 | 307.140 | 354.968 | | 銷售成本 | (309,417) | (312,252) | (349,868) | (139,463) | (170,651) | | 毛利 | 321,154 | 358,286 | 425,958 | 167,677 | 184,317 | | 其他收入 | 25.483 | 21,918 | 23,163 | 10,708 | 10,920 | | 預期信貸虧損模形下的減值 | | | | | | ...