Core Viewpoint - The company Youlide experienced a slight decline in stock price and has shown significant activity in margin trading, indicating a high level of investor interest despite a decrease in net profit year-on-year. Group 1: Financial Performance - As of June 30, Youlide achieved operating revenue of 617 million yuan, representing a year-on-year growth of 9.52% [2] - The net profit attributable to shareholders was 98.01 million yuan, reflecting a year-on-year decrease of 5.14% [2] Group 2: Shareholder and Market Activity - As of August 26, Youlide's financing balance was 83.25 million yuan, accounting for 2.02% of its market capitalization, which is above the 90th percentile of the past year [1] - The number of shareholders increased by 8.04% to 5,695 as of June 30, while the average number of circulating shares per person decreased by 7.03% to 19,605 shares [2] Group 3: Business Overview - Youlide Technology Co., Ltd. specializes in the research, development, production, and sales of testing and measurement instruments, with its main revenue sources being general instruments (55.97%), temperature and environmental testing instruments (19.20%), testing instruments (14.16%), and professional instruments (10.20%) [1] - Since its A-share listing, Youlide has distributed a total of 369 million yuan in dividends, with 286 million yuan distributed over the past three years [3] Group 4: Institutional Holdings - As of June 30, the second-largest circulating shareholder,交银先进制造混合A, reduced its holdings by 839,400 shares to 2.10 million shares [3] - Other significant institutional shareholders also reduced their holdings, indicating a trend of decreasing institutional investment in the company [3]

Core Viewpoint - The legal opinion from Beijing Deheng (Dongguan) Law Firm confirms that the 2024 Restricted Stock Incentive Plan of Youlide Technology (China) Co., Ltd. has obtained the necessary approvals and complies with relevant laws and regulations [1][22]. Group 1: Approval and Authorization - The company has completed the necessary legal procedures for the adjustment, granting, vesting, and cancellation of restricted stock [4][21]. - The board of directors and supervisory board meetings held on August 5, 7, and 8, 2024, approved the relevant proposals for the incentive plan [5][6][8]. - The company disclosed the resolutions and related announcements on the Shanghai Stock Exchange [6][8]. Group 2: Adjustment Details - The adjustment of the grant price for the restricted stock was necessitated by the company's profit distribution plan, which included a cash dividend of 3.00 yuan per 10 shares for the first half of 2024 [10][11]. - The adjusted grant price for the restricted stock is set at 18.45 yuan per share after accounting for the dividend [12]. Group 3: Granting Conditions - The company has determined the granting date for the reserved stock to be August 21, 2025, with a grant price of 18.45 yuan per share for 23 reserved incentive targets [13][16]. - The granting conditions include the absence of negative audit opinions and compliance with regulatory requirements for the incentive targets [15][16]. Group 4: Vesting Conditions - The first vesting period for the restricted stock is set from August 25, 2025, to August 21, 2026, with a vesting ratio of 40% for the granted stock [16][19]. - The company must meet specific performance targets, including a net profit growth of no less than 72.94% for 2024 compared to 2023 [19]. Group 5: Cancellation of Stock - Four individuals who left the company will have their unvested restricted stock of 26,000 shares canceled [20][21]. - The cancellation complies with the relevant laws and regulations governing stock incentive plans [21]. Group 6: Information Disclosure - The company has fulfilled its information disclosure obligations regarding the adjustment, granting, vesting, and cancellation of the restricted stock [21][22]. - Ongoing compliance with disclosure requirements will be necessary as the incentive plan progresses [22].

Core Viewpoint - The announcement details the first vesting period of the 2024 Restricted Stock Incentive Plan of Youlide Technology, confirming that 773,600 shares meet the vesting conditions [1][8][19] Group 1: Incentive Plan Overview - The total number of restricted shares to be vested is 773,600 shares [1] - The shares are sourced from repurchased A-shares and newly issued A-shares to the incentive recipients [1] - The vesting schedule includes three periods: 40% after 12 months, 30% after 24 months, and 30% after 36 months [1][2] Group 2: Performance Assessment Criteria - The performance assessment period spans from 2024 to 2026, with annual evaluations [2] - For the first vesting period, the company must achieve one of the following: 1. A net profit growth of at least 20% in 2024 compared to 2023 2. A 30% increase in testing instrument revenue in 2024 compared to 2023 3. A 30% increase in professional instrument revenue in 2024 compared to 2023 [2][3] Group 3: Individual Performance Evaluation - Individual performance will be assessed based on internal criteria, categorized into four levels: Excellent, Good, Qualified, and Unqualified [4] - The vesting ratio for individuals is 100% for Excellent, 90% for Good, 80% for Qualified, and 0% for Unqualified [4][13] Group 4: Approval and Disclosure Process - The plan has undergone necessary decision-making processes and disclosures, including approval from the board and supervisory committee [5][6] - The company publicly disclosed the incentive plan details on August 8, 2024 [5] Group 5: Vesting Conditions and Compliance - The board confirmed that the first vesting period conditions have been met, allowing for the vesting of 773,600 shares [8][19] - The vesting conditions include no adverse audit opinions or regulatory sanctions against the company or the recipients [10][11] Group 6: Financial Impact and Legal Compliance - The company will account for the fair value of the restricted shares on the grant date and will not reassess their value until the vesting date [18] - Legal opinions confirm that all actions related to the incentive plan comply with relevant laws and regulations [19]

本文源自：金融界 作者：行情君 优利德科技(中国)股份有限公司的主营业务是测试测量仪器仪表的研发、生产和销售。公司的主要产品 是测试仪器、通用仪表、温度与环境测试仪表、专业仪表。公司《新型便携式振动测量分析仪研发与产 业化》项目荣获2024年广东省科技成果转化促进会科学技术奖一等奖，标志着公司在振动测量分析领域 实现了重大技术突破；《电力系统理化试验机器人关键技术研究及规模化应用》项目获得中国仪器仪表 学会科技进步二等奖，不仅提升了电力设备检测的效率和准确性，保障了电力系统的安全稳定运行，还 为电力行业的智能化转型注入了新动能。此外，UTi380M红外热成像手机模组凭借其突出的创新性与实 用性，在中国(国际)传感器创新创业大赛中荣获二等奖，进一步彰显了公司在技术创新方面的实力。 最新一期业绩显示，2025年一季报，公司实现营业收入3.11亿元，同比9.58%；净利润5510.66万元，同 比0.91%，销售毛利率42.96%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)7优利德21.8321.893.1140.15亿行业平均 84.6691.654.7951.27亿行业中值57.8459.853. ...

Group 1 - The core business of the company is the research, development, production, and sales of testing and measurement instruments [2] - The company achieved a significant technological breakthrough in vibration measurement analysis, winning the first prize at the Guangdong Provincial Science and Technology Achievement Transformation Promotion Association [2] - The latest financial report for Q1 2025 shows the company generated revenue of 311 million yuan, a year-on-year increase of 9.58%, and a net profit of 55.11 million yuan, a year-on-year increase of 0.91% [2] Group 2 - The company's current price-to-earnings (PE) ratio is 21.27, while the industry average PE ratio is 80.26 [3] - The total market capitalization of the company is 3.912 billion yuan [1] - The company ranks 22nd in terms of PE ratio within the instrument and meter industry [1]

Group 1 - The core business of the company is the research, production, and sales of testing and measuring instruments, with major products including testing instruments, general instruments, temperature and environmental testing instruments, and specialized instruments [2] - The company achieved a revenue of 311 million yuan in Q1 2025, representing a year-on-year increase of 9.58%, and a net profit of 55.11 million yuan, with a year-on-year increase of 0.91%, and a gross profit margin of 42.96% [2] - The company has received several awards for its technological advancements, including a first prize for the "Research and Industrialization of New Portable Vibration Measurement and Analysis Instrument" project and a second prize for the "Key Technology Research and Large-scale Application of Power System Physical and Chemical Testing Robot" project [2] Group 2 - The company's current price-to-earnings (PE) ratio is 20.61, with a total market capitalization of 3.79 billion yuan [1][3] - The average PE ratio in the instrument and meter industry is 77.61, with a median of 54.13, placing the company at the 22nd position in the industry ranking [1][3] - As of Q1 2025, there are 20 institutions holding shares in the company, including 13 funds, 5 others, and 2 brokerages, with a total holding of 73.05 million shares valued at 2.80 billion yuan [1]

Company Overview - Yulide Technology (China) Co., Ltd. specializes in the research, production, and sales of testing and measurement instruments [2] - The main products include testing instruments, general instruments, temperature and environmental testing instruments, and specialized instruments [2] Recent Achievements - The project "Research and Industrialization of New Portable Vibration Measurement and Analysis Instrument" won the first prize at the 2024 Guangdong Provincial Science and Technology Achievement Transformation Promotion Association, indicating a significant technological breakthrough in vibration measurement and analysis [2] - The project "Key Technology Research and Large-Scale Application of Power System Physical and Chemical Testing Robot" received the second prize from the China Instrument and Meter Society, enhancing the efficiency and accuracy of power equipment testing and contributing to the intelligent transformation of the power industry [2] - The UTi380M infrared thermal imaging mobile module won the second prize at the China (International) Sensor Innovation and Entrepreneurship Competition, showcasing the company's strength in technological innovation [2] Financial Performance - In the first quarter of 2025, the company achieved operating revenue of 311 million yuan, a year-on-year increase of 9.58% [2] - The net profit for the same period was 55.11 million yuan, reflecting a year-on-year increase of 0.91% [2] - The sales gross margin stood at 42.96% [2] Market Position - As of June 9, the closing price of Yulide was 34.45 yuan, with a rolling price-to-earnings (PE) ratio of 20.94, marking a new low in 14 days [1] - The total market capitalization reached 3.851 billion yuan [1] - In comparison to the industry, the average PE ratio for the instrument and meter industry is 75.25, with a median of 53.85, placing Yulide at the 22nd position in the industry ranking [1][3] Institutional Holdings - As of the first quarter of 2025, 20 institutions held shares in Yulide, including 13 funds, 5 others, and 2 brokerages, with a total holding of 73.0482 million shares valued at 2.802 billion yuan [1]

Group 1 - The "Beijing Products Going Global" promotion event was held as part of the 27th Beijing Science and Technology Expo, aiming to enhance the international competitiveness of specialized and innovative enterprises in Beijing [1][2] - The Beijing government has significantly increased support for specialized and innovative enterprises, resulting in a notable rise in their overseas market expansion [1][2] - As of the end of 2024, Beijing has 2.133 million active small and medium-sized enterprises, with 10,199 specialized and innovative enterprises and 1,035 national "little giant" enterprises, maintaining its position as the leading city for "little giants" in China for three consecutive years [2] Group 2 - The "Beijing Specialized and Innovative Enterprises Export Products Reference Directory" was officially released, collecting information from 161 enterprises across various industries, including robotics, biomedicine, and electronic communication technology [2] - Successful case studies of enterprises that have successfully expanded overseas were shared, highlighting replicable "going global" experiences in fields such as smart manufacturing and medical devices [2][3] - The event included product promotion sessions where companies showcased innovative products and technologies, attracting attention from domestic and international business associations and investment institutions [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][6][22]. Core Views - The company is experiencing steady revenue growth, with a projected 10.81% increase in revenue for 2024, reaching 1.13 billion yuan, and a 13.64% increase in net profit, amounting to 183 million yuan [2][5]. - The company's strategy focuses on the high-end and specialized instrument sectors, which is expected to drive further growth and improve product structure [5][6]. - The first quarter of 2025 shows a revenue increase of 9.58% year-on-year, but profit is under pressure due to increased depreciation from the Vietnam factory and high R&D expenses [4][5]. Financial Performance Summary - For 2024, the company achieved a gross margin of 45.16% and a net margin of 15.85%, reflecting improvements of 1.84 and 0.33 percentage points respectively [3][4]. - The revenue breakdown by business segment for 2024 includes: - Testing Instruments: Revenue of 155 million yuan, up 14.62%, with a gross margin of 42.56% [3]. - General Instruments: Revenue of 660 million yuan, up 8.33%, with a gross margin of 46.02% [3]. - Specialized Instruments: Revenue of 92 million yuan, up 72.94%, with a gross margin of 50.82% [3]. - Temperature and Environmental Testing Instruments: Revenue of 219 million yuan, down 0.21%, with a gross margin of 42.34% [3]. - The company maintains high R&D and sales expenses, with the expense ratios for 2024 being 10.40% for sales, 6.91% for management, and 10.36% for R&D [3][4]. Earnings Forecast - The earnings forecast for the company indicates a net profit of 228 million yuan in 2025, 274 million yuan in 2026, and 314 million yuan in 2027, with corresponding P/E ratios of 17, 15, and 13 [5][6][23].

Core Insights - The company reported a revenue of 1.13 billion yuan for 2024, representing a year-on-year growth of 10.81%, and a net profit attributable to shareholders of 183 million yuan, up 13.64% year-on-year [1] - For Q1 2025, the company achieved a revenue of 311 million yuan, a year-on-year increase of 9.58%, with a net profit of approximately 55.11 million yuan, reflecting a modest growth of 0.91% [1] Financial Performance - In 2024, the company's professional instruments segment generated revenue of 91.53 million yuan, a significant increase of 72.94% year-on-year, driven by product launches in power and renewable energy applications [2] - The gross profit margin for the main products improved by 1.88 percentage points to 45.22% in 2024, benefiting from optimized sales structure [3] - The sales net profit margin for 2024 was 15.85%, an increase of 0.33 percentage points, while the gross profit margin was 45.16%, up 1.84 percentage points [3] Strategic Initiatives - The company is focusing on high-end, specialized, and international strategies, which have led to sustained growth in its product lines [2] - The company has increased its R&D and market development investments by 18.51% and 10.35% respectively in Q1 2025, indicating a commitment to innovation [4] - The establishment of an overseas production base in Vietnam aims to enhance international competitiveness and mitigate risks associated with global market fluctuations [4] Market Outlook - The company anticipates that equipment upgrades and the demand for self-controlled solutions will act as catalysts for growth in the instrumentation industry [5] - The projected net profit for 2025-2027 is estimated at 210 million yuan, 240 million yuan, and 290 million yuan, with respective year-on-year growth rates of 12.4%, 17.6%, and 17.9% [5]