10月27日，南华仪器发布2025年三季报。报告显示，公司前三季度营业收入为1.10亿元，同比增长 63.60%；归母净利润为-18.00万元，同比下降100.97%；扣非归母净利润为-144.49万元，同比增长 89.22%；基本每股收益-0.00元。 报告期内，南华仪器基本每股收益为-0.00元，加权平均净资产收益率为-0.04%。 以10月27日收盘价计算，南华仪器目前市盈率（TTM）约为-242.82倍，市净率（LF）约为4.00倍，市 销率（TTM）约为12.16倍。 2025年前三季度，公司毛利率为42.61%，同比上升3.01个百分点；净利率为-1.82%，较上年同期下降 29.35个百分点。从单季度指标来看，2025年第三季度公司毛利率为37.64%，同比上升0.55个百分点， 环比下降6.18个百分点；净利率为1.76%，较上年同期上升10.50个百分点，较上一季度下降3.26个百分 点。 2025年三季度，公司期间费用为4928.37万元，较上年同期增加1343.36万元；期间费用率为44.82%，较 上年同期下降8.52个百分点。其中，销售费用同比增长36.25%，管理费用同比增长31. ...

Core Viewpoint - Nanhua Instrument has shown a positive stock performance with a year-to-date increase of 13.16% and a recent uptick in trading activity, indicating potential investor interest and market confidence [2][3]. Company Overview - Nanhua Instrument Co., Ltd. was established on April 24, 1996, and listed on January 23, 2015. The company is located in the Nanhai District of Foshan, Guangdong Province [2]. - The main business involves the research, development, production, and sales of motor vehicle testing equipment and systems, as well as environmental monitoring equipment and systems [2]. - The revenue composition is as follows: motor vehicle testing equipment and systems account for 93.29%, environmental testing equipment and systems for 2.73%, urban digital comprehensive solutions for 2.52%, and vehicle management industry network software for 1.46% [2]. Financial Performance - As of June 30, 2025, Nanhua Instrument reported a revenue of 63.22 million yuan, representing a year-on-year growth of 71.85%. However, the net profit attributable to shareholders was -1.15 million yuan, a decrease of 105.42% compared to the previous period [3]. - The company has distributed a total of 227 million yuan in dividends since its A-share listing, with 10.76 million yuan distributed over the past three years [4]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 5.24% to 12,100, while the average circulating shares per person increased by 5.53% to 7,243 shares [3]. - Among the top ten circulating shareholders, CITIC Prudential Multi-Strategy Mixed Fund (LOF) A is the sixth largest, holding 1.55 million shares as a new shareholder [4].

Core Viewpoint - Nanhua Instrument has experienced a decline in stock price, dropping 5.13% on September 23, with a total market value of 1.619 billion yuan and a cumulative drop of 5.44% over three consecutive days [1] Company Overview - Nanhua Instrument Co., Ltd. is located in Nanhai District, Foshan City, Guangdong Province, and was established on April 24, 1996. The company was listed on January 23, 2015 [1] - The main business involves the research, development, production, and sales of motor vehicle testing equipment and systems, as well as environmental monitoring equipment and systems. The revenue composition is as follows: 93.29% from motor vehicle testing equipment and systems, 2.73% from environmental testing equipment and systems, 2.52% from urban and rural digital comprehensive solutions, and 1.46% from vehicle management industry networked software [1] Shareholder Information - CITIC Prudential Fund has a presence among the top ten circulating shareholders of Nanhua Instrument, with its CITIC Prudential Multi-Strategy Mixed Fund (LOF) A (165531) newly entering the top ten in the second quarter, holding 1.5508 million shares, accounting for 1.77% of circulating shares. The estimated floating loss today is approximately 1.008 million yuan, with a total floating loss of 1.1321 million yuan over the three-day decline [2] - The CITIC Prudential Multi-Strategy Mixed Fund (LOF) A (165531) was established on June 16, 2017, with a latest scale of 1.245 billion yuan. Year-to-date returns are 37.35%, ranking 2094 out of 8172 in its category; the one-year return is 75.25%, ranking 1493 out of 7995; and since inception, the return is 132.58% [2] Fund Manager Information - The fund managers of CITIC Prudential Multi-Strategy Mixed Fund (LOF) A (165531) are Jiang Feng and Wang Ying. As of the report date, Jiang Feng has a cumulative tenure of 5 years and 164 days, with a total fund asset scale of 5.782 billion yuan, achieving a best fund return of 122.91% and a worst return of 2.26% during his tenure [3] - Wang Ying has a cumulative tenure of 8 years and 222 days, with a total fund asset scale of 6.176 billion yuan, achieving a best fund return of 52.38% and a worst return of -8.42% during her tenure [3]

Core Viewpoint - The company has successfully turned a profit by selling real estate, but it faces scrutiny from the Shenzhen Stock Exchange regarding its financial disclosures and the sustainability of its revenue growth [1][3]. Group 1: Financial Performance - In 2024, the company reported operating revenue of 124 million yuan, an increase of 10.79% year-on-year, and a net profit attributable to shareholders of 14.77 million yuan, marking a reduction in losses by 455.96% [1]. - The company's main revenue sources include 116 million yuan from motor vehicle testing equipment, up 12.40% year-on-year, and 6.20 million yuan from environmental monitoring equipment, down 5.81% [1][2]. Group 2: Market Drivers - The increase in revenue and the turnaround to profitability are attributed to three main factors: heightened market demand for motor vehicle emission testing equipment due to regulatory focus, the release of new national standards for electric vehicle safety testing, and the sale of real estate assets [2]. - The company sold its property and land use rights in Foshan for 52.57 million yuan, which positively contributed to its profits [2]. Group 3: Regulatory Scrutiny - The Shenzhen Stock Exchange has raised questions about the company's net profit figures, noting that the net profit attributable to shareholders was 15 million yuan, while the net profit excluding non-recurring items was a loss of 16 million yuan, a decrease of 57.71% year-on-year [3]. - The exchange has requested the company to clarify its revenue growth prospects and the rationale behind its real estate transactions, including whether these transactions have commercial substance and if they involve related-party transactions to adjust profits [3]. Group 4: Strategic Developments - In 2024, the company acquired Guangzhou Jingu Intelligent Measurement Technology Co., Ltd. and Nanchang Weike Lian Information Technology Co., Ltd., enhancing its software development capabilities and expanding its business scale [4].

Core Viewpoint - The company is required to provide detailed explanations regarding its revenue recognition, cash flow trends, and the impact of recent asset sales on its financial performance, particularly focusing on the sustainability of its operations and compliance with regulatory guidelines. Group 1: Revenue and Profitability - The company must explain the growth prospects of its revenue, considering industry conditions, main business developments, and changes in market share, with a focus on whether there is a realistic possibility of revenue falling below 100 million [2] - The company reported a gross margin of 38.26% for its main business of vehicle inspection equipment, an increase of 0.87 percentage points, with revenue growth of 12.40% and cost growth of 10.84% [3] - The company needs to clarify the reasons for the rapid growth in production and sales of vehicle inspection equipment not aligning with revenue and gross margin increases [3] Group 2: Cash Flow Analysis - The company’s net cash flow from operating activities has decreased for three consecutive years, with figures of 29.39 million, 10.99 million, and 4.97 million respectively [4] - The company is required to explain the reasons for the continuous decline in cash flow and its inconsistency with revenue and net profit trends [5] - The company must assess whether the declining cash flow trend is likely to continue and outline any measures taken or planned to address this issue [5] Group 3: Asset Transactions - The company sold assets to a related party for 52.57 million, and it must detail the internal review process and disclosure obligations related to this transaction [6] - The company is required to explain the rationale and necessity of the asset sale, ensuring it has commercial substance and does not manipulate profits [6] - The company must provide information on the pricing basis and fairness of the transaction, as well as the impact of this sale on the 2024 net profit [7]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 124.32 million yuan, an increase of 10.79% compared to the previous year [1] - The net profit attributable to shareholders was 14.77 million yuan, a significant improvement of 455.96% year-on-year [1] - The net profit excluding non-recurring gains and losses was -15.68 million yuan, a decrease of 57.71% compared to the previous year [1] Group 2: Future Growth Points - Future growth drivers include the implementation of the "Safety Performance Testing Regulations for New Energy Vehicles" and the recovery of the traditional vehicle inspection industry [1] - Continuous strengthening of supervision and enforcement in the vehicle emission inspection sector will sustain market demand for related products [1] - The company is focusing on expanding its overseas market business to meet customer needs [2] Group 3: Industry Overview - The overall performance of the vehicle inspection industry has faced challenges due to reduced demand for related products following policy changes [2] - The joint issuance of guidelines by various government departments has led to a decrease in mandatory vehicle inspection frequency and quantity [2] - Despite short-term demand reduction, the industry is expected to enter a new development phase as the impact of policy adjustments diminishes and new energy vehicle inspections are gradually implemented [2]