110轮激战、89次延时！鼎阳科技子公司竞拍宝安区8万平方米黄金厂区失败，深圳村企以5.44亿元胜出。 12月26日晚间，鼎阳科技(688112)公告披露，其子公司参与了深圳市宝安区福永街道重庆路富尔达厂区11处房产的司法拍卖。 竞拍结果及影响显示，为控制投资风险，鼎阳科技的子公司最终未能成功竞拍上述房产，此次竞拍结果不会对上市公司造成不利影响。 阿里拍卖发布的信息显示，富尔达厂区位于深圳宝安福永，包括1号办公楼、2号办公楼、3号办公楼、4号办公楼、厂房一、厂房二、厂房三、1号宿舍 楼、2号宿舍楼、职工食堂、警卫室；宗地面积约5.58万平方米，总建筑面积8.37万平方米。资产起拍价为2.68亿元，评估价为3.83亿元。 资料显示，鼎阳科技是具有数字示波器、信号发生器、频谱分析仪和矢量网络分析仪四大通用电子测试测量仪器主力产品研发、生产和销售能力的通用电 子测试测量仪器企业。截至2025年6月末，公司"经营租赁房产装修及改造"项的余额为1467.41万元。 富尔达厂区位于粤港澳大湾区核心，交通便利，紧邻机场和深中通道入口，10分钟可达深圳机场（000089），依托空港新城辐射圈。 据悉，目前该工厂不是用作工业制 ...

| 道同步 | | | 12 | | --- | --- | --- | --- | | 分析仪 | | | 月 | | InGaAs | | | 202 | | 面阵单 | 该设备主要用于远距离通感一体化大口径平面光场调控 | | 5 | | 光子相 | 弱信号的光电转换，支撑远距离高分辨快速三维成像与 | 105 | 年 | | | 目标跟踪识别等方面的相关研究工作。 | | 12 | | 机 | | | | | | | | 月 | | | | | 202 | | 多功能 动态目 | | | 5 | | | 满足实验需求。 | 176 | 年 | | 标模拟 | | | 12 | | 系统 | | | | | | | | 月 | | | | | 202 | | 36单元 | | | 5 | | 压电陶 | 用于相关实验。 | 900 | 年 | | 瓷 | | | 7 | | | | | 月 | | 660路 | | | 202 | | 压电陶 | | | 5 | | 瓷控制 | 用于相关实验。 | 1200 | 年 | | 电源模 | | | 7 | | 组 | | | 月 | | | | | 202 ...

证券日报网12月17日讯坤恒顺维在12月3日至12月12日回答调研者提问时表示，公司主要为卫星产业链 用户提供各类高端无线电测试仿真仪器，涵盖公司信道仿真仪、信号发生器、频谱分析仪、综测仪等产 品，同时也为卫星通信领域的用户提供整体测试仿真解决方案。目前公司在卫星领域已覆盖产业链多个 环节的下游用户，如卫星平台研制、卫星载荷研制、地面站、芯片、模组、终端等环节的厂商。 （文章来源：证券日报） ...

Group 1 - The article highlights various job openings in the instrumentation sector, emphasizing the demand for skilled professionals in sales and engineering roles [3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28] Group 2 - Positions range from sales managers to technical support engineers, with salary offerings varying from 3,000 to 40,000 RMB per month, depending on the role and experience [3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28] - Requirements for these positions typically include relevant educational backgrounds, industry experience, and specific skills related to instrumentation and sales [3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][8]. Core Insights - The company achieved a revenue of 431 million yuan in the first three quarters of 2025, representing a year-over-year growth of 21.67%, with a net profit attributable to shareholders of 111 million yuan, also up by 21.49% year-over-year [3][7]. - The company has a well-established product matrix in oscilloscopes and has shown significant growth in high-resolution digital oscilloscopes and RF microwave products, with revenue growth rates of 95.40% and 80.10% respectively in the domestic market [7]. - The company is a research-driven high-tech enterprise focused on the development and innovation of general electronic testing and measurement instruments, recognized as a key "little giant" enterprise by the state [7]. - The company continues to push its high-end development strategy, with R&D investment in Q3 2025 reaching 36.81 million yuan, a 42.65% increase year-over-year, accounting for 24.11% of revenue [7]. - The product structure has been optimized, with high-end, mid-range, and low-end products accounting for 30%, 49%, and 21% of revenue respectively, and high-end product revenue growing by 51.22% [7]. Financial Summary - The company forecasts revenues of 497 million yuan for 2024, 597 million yuan for 2025, and 716 million yuan for 2026, with corresponding net profits of 143 million yuan, 180 million yuan, and 223 million yuan [6][9]. - The gross margin is expected to remain stable at around 63% from 2025 to 2027, while the net margin is projected to improve from 24% in 2025 to 26% in 2027 [10]. - The company's return on equity (ROE) is expected to increase from 9.1% in 2025 to 13.3% in 2027, indicating improved profitability [10]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 44.1 in 2025 to 28.3 in 2027, suggesting a more attractive valuation over time [10]. - The price-to-book (P/B) ratio is expected to remain stable around 4.0 to 3.8 from 2025 to 2027 [10].

Core Insights - The company reported a revenue of 157 million yuan for the first three quarters of 2025, representing a year-on-year growth of 29.66% [1] - Net profit for the same period reached 26.19 million yuan, with a year-on-year increase of 57.85% [1] - In Q3 alone, the company achieved a revenue of 54.96 million yuan, up 35.60% year-on-year, and a net profit of 13.38 million yuan, which is a significant increase of 416.49% year-on-year [1] Company Performance - The growth in performance is attributed to structural improvements in downstream market demand and the advancement of investments in emerging industries such as satellites, leading to a release in demand for related testing and simulation instruments [1] - Continuous investment in R&D has enhanced the performance of the company's testing and simulation instruments, expanding the product matrix and solutions, which has steadily increased customer coverage and recognition [1] - Products like spectrum analyzers have seen rapid revenue growth due to ongoing iterations and user validation, forming new growth momentum for the company [1] Industry Context - The company specializes in the R&D, production, and sales of high-end radio testing and simulation instruments, focusing on sectors such as mobile communications, wireless networking, and satellite navigation [2] - The high-end testing and simulation instrument sector is characterized as a technology-intensive industry [2] - The demand for high-end testing instruments has been driven by the release of self-controlled needs, accelerated upgrades of research equipment by downstream users, and the implementation of investments in emerging industries [2] - The development of the satellite communication industry chain has led to a release of various simulation and testing demands, prompting the company to enrich its product matrix related to the satellite industry [2]

Core Insights - Chengdu Kunhengshunwei Technology Co., Ltd. reported significant growth in its Q3 2025 financial results, with a revenue increase of 29.66% year-on-year for the first three quarters and a net profit increase of 57.85% [1] - In Q3 alone, the company achieved a revenue of 54.98 million yuan, reflecting a year-on-year growth of 35.6%, and a net profit of 13.38 million yuan, which is a remarkable increase of 416.49% [1] Company Overview - Kunhengshunwei specializes in the research, development, production, and sales of high-end radio testing and simulation instruments, targeting sectors such as mobile communications, wireless networking, vehicle networking, and navigation [1] - The company provides high-end testing and simulation instruments and system solutions for performance and functionality testing of radio equipment [1] Market Dynamics - The report indicates a structural improvement in downstream market demand, coupled with increased investments in emerging industries like satellite technology, which is driving sustained demand for testing and simulation instruments [1] - Continuous investment in research and development has led to an enriched product matrix and solutions, enhancing customer coverage and recognition, thereby supporting ongoing revenue growth [1] Product Performance - Core products, such as spectrum analyzers, have undergone continuous iteration and user validation, resulting in rapid revenue growth and positioning these products as new growth engines for the company [1]

Core Viewpoint - The company reported a revenue increase of 26.69% year-on-year for the first half of 2025, driven by structural improvements in downstream market demand and growth in testing and simulation instrument needs [1] Group 1: Financial Performance - The company achieved a revenue of 102 million yuan in the first half of 2025, with a net profit attributable to shareholders of 12.81 million yuan, a decrease of 8.49% year-on-year [1] - In Q2 2025, the company recorded a revenue of 71.82 million yuan, representing a year-on-year growth of 28.28%, and a net profit of 13.54 million yuan, an increase of 23.44% year-on-year [1] Group 2: Product Development and Market Position - The company specializes in high-end radio simulation testing instruments and solutions, focusing on sectors such as wireless communication, navigation, vehicle networking, and the Internet of Things [1] - The company has seen continuous market validation for new products, including the next-generation channel simulation instrument and spectrum analyzer, which have led to rapid revenue growth [1][2] - The product matrix related to the satellite industry is expanding, providing new growth momentum through products like channel simulators and RF microwave signal generators [2] Group 3: Research and Development - The company invested 30.62 million yuan in R&D in the first half of 2025, a year-on-year increase of 2.22%, with R&D expenses accounting for 29.91% of revenue [2] - Continuous optimization of core product functions is being pursued, leveraging new technologies to enhance product performance [2] - The R&D center is actively engaged in developing new products and technologies, laying a solid foundation for the company's long-term product strategy [2]

Core Viewpoint - The report outlines the ongoing supervision and compliance of Chengdu Kunheng Shunwei Technology Co., Ltd. (Kunheng Shunwei) following its initial public offering and listing on the Sci-Tech Innovation Board, emphasizing the importance of adherence to regulatory requirements and internal controls [1][2]. Group 1: Continuous Supervision Work - The sponsor has established and effectively implemented a continuous supervision work system for Kunheng Shunwei [1]. - A sponsorship agreement has been signed, clarifying the rights and obligations of both parties during the supervision period [1]. - Continuous supervision includes daily communication, regular visits, on-site inspections, and due diligence [1][2]. Group 2: Compliance and Internal Controls - Kunheng Shunwei is required to establish and effectively execute corporate governance systems, including rules for shareholder meetings, board meetings, and management behavior [1]. - The company has built an internal control system in accordance with the Shanghai Stock Exchange's regulations, focusing on financial management, accounting, and auditing [1][2]. Group 3: Financial Performance - For the first half of 2025, the company reported operating revenue of approximately 102.36 million yuan, a 26.69% increase compared to the same period in 2024 [10]. - The total profit for the same period was approximately 12.00 million yuan, reflecting a 1.04% increase from the previous year [10]. - The net profit attributable to shareholders decreased by 8.49% to approximately 12.81 million yuan [10]. Group 4: Research and Development - The total R&D expenditure for the first half of 2025 was approximately 30.62 million yuan, a 2.22% increase from the same period in 2024 [14]. - The company holds 23 invention patents and 43 software copyrights as of June 30, 2025 [15][14]. Group 5: Risks and Challenges - The company faces risks related to the loss of core technical personnel, which could impact its competitive position [5]. - There is a risk of core technology leakage if confidentiality measures are not maintained [5]. - Seasonal fluctuations in revenue and profit levels are noted, with the second half of the year typically generating higher income [5]. Group 6: Shareholder and Management Structure - As of June 30, 2025, the major shareholders include the chairman and core technical personnel, holding significant stakes in the company [18]. - There have been no significant changes in shareholding or pledging among key management personnel during the reporting period [18].

Core Viewpoint - Chengdu Kunheng Shunwei Technology Co., Ltd. is committed to enhancing operational quality and investor returns through its 2025 "Quality Improvement and Efficiency Enhancement" action plan, with a focus on core business development and governance optimization [1][11]. Group 1: Business Performance - In the first half of 2025, the company achieved operating revenue of 102.36 million yuan, a year-on-year increase of 26.69%, while net profit attributable to shareholders decreased by 8.49% to 12.81 million yuan [1]. - The second quarter of 2025 saw a revenue growth of 23.44%, indicating a steady improvement in operational conditions [1]. Group 2: Product Development and Market Demand - The company experienced a structural breakthrough in high-end testing instrument sales due to the release of autonomous controllable demands and accelerated upgrades of research equipment by downstream users [2]. - New products, including the next-generation channel simulator and spectrum analyzer, have been successfully validated in the market, leading to rapid revenue growth [2][3]. - The satellite communication industry has driven increased demand for simulation and testing instruments, contributing to new growth momentum for the company [3]. Group 3: Research and Development - R&D expenses amounted to 30.62 million yuan, accounting for 29.91% of operating revenue, reflecting a year-on-year increase of 2.22% [3]. - The company is continuously optimizing core product functions and developing new products to strengthen its long-term strategic layout [3][4]. Group 4: Governance and Compliance - The company has improved its governance structure and internal control systems, including the adjustment of internal supervisory institutions and the revision of its articles of association [6][7]. - The board of directors has been restructured to enhance governance levels and operational capabilities [6][7]. Group 5: Shareholder Returns - The company has implemented a share repurchase plan, buying back 851,910 shares, which is 0.70% of the total share capital, with a total expenditure of approximately 16.30 million yuan [8][9]. - A cash dividend of 84.91% of the net profit attributable to shareholders was proposed for distribution to shareholders [9]. Group 6: Investor Relations - The company emphasizes effective information disclosure and investor relations management, participating in various investor communication activities to enhance transparency and trust [10]. - The company has established multiple communication channels to provide investors with insights into its operations and market dynamics [10]. Group 7: Future Outlook - The company plans to continue focusing on its core business, enhancing competitiveness, and maintaining technological leadership while ensuring investor interests are protected [11].