广发量化多因子混合A（005225）基金经理为易威、李育鑫。 截至发稿，易威累计任职时间2年187天，现任基金资产总规模38.18亿元，任职期间最佳基金回报 71.19%， 任职期间最差基金回报-1.66%。 李育鑫累计任职时间2年78天，现任基金资产总规模37.93亿元，任职期间最佳基金回报102.03%， 任职 期间最差基金回报2.93%。 1月7日，谱尼测试涨5.43%，截至发稿，报14.57元/股，成交9.28亿元，换手率18.87%，总市值79.51亿 元。谱尼测试股价已经连续6天上涨，区间累计涨幅50.38%。 资料显示，谱尼测试集团股份有限公司位于北京市海淀区锦带路66号院1号楼5层101，成立日期2002年6 月10日，上市日期2020年9月16日，公司主营业务涉及检验检测、计量、认证及相关技术服务。主营业 务收入构成为：生命科学与健康环保68.89%，汽车及其他消费品19.99%，安全保障10.94%，其他业务 0.18%。 从谱尼测试十大流通股东角度 数据显示，广发基金旗下1只基金位居谱尼测试十大流通股东。广发量化多因子混合A（005225）三季 度新进十大流通股东，持有股数266.22万 ...

谱尼测试今年以来股价涨22.77%，近5个交易日涨18.43%，近20日涨10.09%，近60日涨14.53%。 今年以来谱尼测试已经1次登上龙虎榜，最近一次登上龙虎榜为12月24日，当日龙虎榜净买入6001.31万 元；买入总计1.03亿元 ，占总成交额比20.19%；卖出总计4331.91万元 ，占总成交额比8.46%。 12月26日，谱尼测试盘中上涨2.07%，截至09:50，报9.38元/股，成交1.62亿元，换手率4.86%，总市值 51.19亿元。 资金流向方面，主力资金净流出684.19万元，特大单买入758.08万元，占比4.67%，卖出1251.55万元， 占比7.71%；大单买入2674.80万元，占比16.49%，卖出2865.53万元，占比17.66%。 机构持仓方面，截止2025年9月30日，谱尼测试十大流通股东中，广发量化多因子混合A（005225）位 居第五大流通股东，持股266.22万股，为新进股东。香港中央结算有限公司位居第六大流通股东，持股 231.08万股，相比上期增加29.30万股。 责任编辑：小浪快报 资料显示，谱尼测试集团股份有限公司位于北京市海淀区锦带路66号院1 ...

Core Points - The longest government shutdown in U.S. history ended on November 12, allowing companies to re-enter the capital markets [1] - Three new IPOs were launched the day after the shutdown ended, raising a total of $280 million [1] Company Summaries Phaos Technology (POAS) - Phaos Technology opened at $3.7 per share, down 7.5% from the offering price, and closed at $3.85, a decline of 3.75%, with a total market capitalization of $10.9 million [1][3] - The company issued 3.6 million shares at $4 each, raising $14.4 million, with plans to use the funds for marketing, product development, and general operating expenses [3] - Phaos Technology specializes in advanced microscopy solutions for industries such as manufacturing, biomedical, and semiconductors, with projected revenue of $130,000 and a net loss of $3.93 million for the fiscal year ending April 30, 2025 [3] Off The Hook (OTH) - Off The Hook opened at $3.5 per share, down 12.5%, and closed at $3.8, a decline of 5%, with a total market capitalization of $9.5 million [1][5] - The company issued 3.75 million shares at $4 each, raising $15 million, with plans to allocate the funds for advertising, marketing, acquisitions, and general operating expenses [5] - Off The Hook is a yacht retailer that sells boats and provides related services, with projected revenue of $58.59 million and a net profit of $840,000 for the first half of 2025 [5] Alussa Energy Acquisition II (ALUBU) - Alussa Energy Acquisition II is a special purpose acquisition company that raised $250 million by issuing 2,500 units at $10 each [1][6] - The company focuses on energy and power infrastructure, particularly companies related to the transition to renewable energy [6]

Core Viewpoint - The company, Puni Testing, is a leading comprehensive testing and certification service provider in China, facing challenges in revenue and profitability but showing signs of improvement in recent quarters [1][6]. Group 1: Business Performance - In Q3 2025, Puni Testing reported revenue of 932 million yuan, ranking 7th among 21 companies in the industry, with the industry leader, Huace Testing, generating 4.702 billion yuan [2]. - The company's net profit for the same period was -198 million yuan, placing it 21st in the industry, while the top performer, Huace Testing, achieved a net profit of 810 million yuan [2]. - The main business segments include Life Sciences and Environmental Health (367 million yuan, 68.89%), Automotive and Other Consumer Goods (106 million yuan, 19.99%), and Safety Assurance (58.26 million yuan, 10.94%) [2]. Group 2: Financial Ratios - As of Q3 2025, Puni Testing's debt-to-asset ratio was 16.10%, lower than the previous year's 18.99% and below the industry average of 26.67%, indicating strong solvency [3]. - The gross profit margin for the same period was 29.61%, an increase from 28.24% year-on-year, but still below the industry average of 43.39%, suggesting room for improvement in profitability [3]. Group 3: Management and Shareholder Information - The chairman, Song Wei, received a salary of 872,000 yuan in 2024, a decrease of 34,800 yuan from 2023 [4]. - The number of A-share shareholders decreased by 15.81% to 21,400 as of September 30, 2025, while the average number of shares held per shareholder increased by 18.79% [5]. Group 4: Future Outlook - Longjiang Securities noted that while Puni Testing faced revenue decline and net losses in the first three quarters of 2025, the revenue decline has narrowed significantly in Q3, and the company is expected to focus on biomedicine and cosmetics to enhance laboratory capacity utilization [6]. - Revenue projections for 2025 to 2027 are 1.365 billion yuan, 1.586 billion yuan, and 1.819 billion yuan, with net profits expected to improve from -134 million yuan in 2025 to 145 million yuan in 2027 [6].

Core Viewpoint - The stock price of Puni Testing has shown a decline recently, with a year-to-date increase of only 4.32% and a significant drop over the past 60 days of 9.64% [2]. Financial Performance - For the period from January to September 2025, Puni Testing reported a revenue of 932 million yuan, representing a year-on-year decrease of 17.01%. The net profit attributable to shareholders was -199 million yuan, which is a 15.07% increase compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 336 million yuan, with 234 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Puni Testing was 21,400, a decrease of 15.81% from the previous period. The average circulating shares per person increased by 18.79% to 16,937 shares [2]. - The top ten circulating shareholders include new entrant Guangfa Quantitative Multi-Factor Mixed A, holding 2.6622 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 293,000 shares to 2.3108 million shares [3]. Market Activity - On October 29, Puni Testing's stock price fell by 2.09%, trading at 7.97 yuan per share with a total market capitalization of 4.35 billion yuan. The net inflow of main funds was 553,600 yuan, with large single purchases accounting for 6.63% of the total [1].

Group 1: Core Business and Financial Performance - The company is a leading comprehensive service provider in the electrical field, focusing on inspection, testing, measurement, certification, and technical consulting for smart grid construction [1] - In 2024, the company achieved a revenue of 798 million yuan, a year-on-year increase of 5.73%, and a net profit attributable to shareholders of 229 million yuan, a year-on-year increase of 20.78% [1] Group 2: Expansion into New Energy and International Markets - The company established a new energy laboratory and energy storage testing facility, achieving leading domestic testing capabilities in the new energy sector, with R&D investment of 84.79 million yuan in 2024, a year-on-year increase of 20.98% [2] - The company made significant breakthroughs in overseas business, completing orders from countries such as Russia, Indonesia, Brazil, and the UAE, with overseas revenue of 8.67 million yuan in 2024, a year-on-year increase of 153.80% [2] Group 3: Market Potential and Growth in UHV Testing - The company is positioned as a potential leader in the UHV testing field, with high technical content and significant capital investment, and is expected to maintain high growth rates in this area [2] - The market for UHV testing is projected to grow significantly due to increased demand from downstream electrical equipment suppliers as the State Grid accelerates UHV construction during the 14th Five-Year Plan period [2]

Group 1 - The core objective of the visit by the Dalian Municipal Financial Office and other organizations is to assist Dalian Inspection and Testing Certification Group Co., Ltd. in overcoming obstacles in the listing process, thereby facilitating the company's entry into the capital market and contributing to regional economic development [1] - Dalian Inspection and Testing Certification Group Co., Ltd. (DITC) is a comprehensive quality service organization focusing on standards, measurement, inspection, testing, and certification, with a business scope covering all elements of the National Quality Infrastructure (NQI) [3] - DITC was established in 2018 as a state-owned enterprise funded by the Dalian municipal government and is undergoing mixed-ownership reform, with strategic investors including state-owned enterprises [3][4] Group 2 - As of the end of 2024, the total number of special equipment in China reached 22.9418 million units, an increase of over 7.76%, with various categories including boilers, pressure vessels, elevators, and more [5] - The third-party testing market penetration rate is currently below 30%, indicating significant growth potential for DITC if it successfully lists, allowing it to capture market opportunities in special equipment safety regulation [5] - DITC's business encompasses standard formulation, measurement calibration, testing, and certification, positioning it as a key player in the "Manufacturing Power" strategy and the evolving landscape of quality technology services [5][6] Group 3 - DITC needs to leverage its listing to accelerate mergers and acquisitions, particularly in emerging fields such as new energy vehicle testing and dual carbon certification [8] - The company has yet to fully develop its accumulated industrial quality data and must enhance its digital capabilities, including AI quality inspection and blockchain verification, to transition from service output to data empowerment [8]

Core Viewpoint - The company reported a revenue of 3.207 billion yuan for 2024, representing a year-on-year growth of 11.01%, and a net profit attributable to shareholders of 352 million yuan, up 76.59% year-on-year [1] Financial Performance - For the entire year of 2024, the gross margin and net margin were 47.21% and 11.21%, respectively, showing an increase of 4.93 percentage points and 4.07 percentage points year-on-year [2] - In Q4 2024, the company achieved a revenue of 1.047 billion yuan, a year-on-year increase of 13.11% and a quarter-on-quarter increase of 28.32%, with a net profit of 163 million yuan, up 145.18% year-on-year and 49.75% quarter-on-quarter [2] - The gross margin and net margin for Q4 2024 were 52.73% and 16.7%, respectively, reflecting a year-on-year increase of 10.52 and 8.17 percentage points [2] - For Q1 2025, the company reported a revenue of 618 million yuan, a year-on-year increase of 5.16% but a quarter-on-quarter decrease of 40.98%, with a net profit of 5 million yuan, up 302.86% year-on-year but down 97.05% quarter-on-quarter [2] Business Segmentation - The company generated revenue from various segments in 2024: measurement (750 million yuan), reliability (780 million yuan), life sciences (500 million yuan), electromagnetic compatibility (360 million yuan), integrated circuits (260 million yuan), and EHS evaluation (180 million yuan), with year-on-year growth rates of +3.8%, +17.5%, +2.7%, +10.2%, +26.3%, and +2.6%, respectively [3] - The gross margins for these segments were 50.5%, 50.9%, 39.8%, 54.9%, 45.2%, and 38.0%, with year-on-year changes of +2.4, +7.4, +8.8, +4.0, +4.3, and -6.49 percentage points [3] - The company focuses on emerging industries, with over 80% of its business coming from sectors such as special industries, automotive, new energy, integrated circuits, commercial aerospace, communication, low-altitude economy, and artificial intelligence [3] Shareholder Returns - The company conducted active market value management, distributing a total dividend of 224 million yuan for the year, with a mid-year dividend of 140 million yuan and a total of 614 million yuan in dividends and share buybacks, representing 174% of the annual net profit attributable to shareholders [4] - The projected net profits for 2025 to 2027 are 420 million yuan, 510 million yuan, and 600 million yuan, reflecting year-on-year growth rates of +20%, +20%, and +18%, respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company achieved a revenue of 3.207 billion yuan in 2024, representing a year-on-year growth of 11.01%, and a net profit attributable to the parent company of 352 million yuan, up 76.59% year-on-year [1]. - The gross margin and net margin for 2024 were 47.21% and 11.21%, respectively, showing improvements of 4.93 percentage points and 4.07 percentage points year-on-year [2]. - The company focuses on emerging industries, with over 80% of its business coming from sectors such as special industries, automotive, new energy, integrated circuits, commercial aerospace, communication, low-altitude economy, and artificial intelligence [3]. - The first quarter of 2025 saw a double-digit growth in overall order amounts, indicating a positive outlook for the company's performance in the upcoming quarters [3]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 1.047 billion yuan, a year-on-year increase of 13.11%, and a net profit of 163 million yuan, up 145.18% year-on-year [2]. - The company’s revenue from various segments in 2024 was as follows: Measurement (750 million yuan, +3.8%), Reliability (780 million yuan, +17.5%), Life Sciences (500 million yuan, +2.7%), Electromagnetic Compatibility (360 million yuan, +10.2%), Integrated Circuits (260 million yuan, +26.3%), and EHS Evaluation (180 million yuan, +2.6%) [3]. - The company plans to distribute a total dividend of 224 million yuan for 2024, with a share buyback amounting to 390 million yuan, totaling 614 million yuan, which is 174% of the net profit attributable to the parent company [4]. Financial Forecast - The projected net profits for 2025, 2026, and 2027 are 422 million yuan, 508 million yuan, and 599 million yuan, respectively, reflecting year-on-year growth rates of 19.90%, 20.41%, and 17.80% [4]. - The company’s revenue is expected to grow to 3.757 billion yuan in 2025, with a growth rate of 17.16% [4].