Core Viewpoint - Puyuan Precision Electric, a leading company in the general electronic measurement instrument industry, has shown a mixed performance in its financial results for the third quarter of 2025, with revenue growth but a significant decline in net profit [2][6][7]. Financial Performance - In Q3 2025, Puyuan Precision Electric achieved a revenue of 597 million yuan, ranking 19th among 61 peers, while the industry leader, Chuan Yi Co., reported revenue of 4.89 billion yuan [2]. - The net profit for the same period was 40.66 million yuan, placing the company 31st in the industry, with the top performer, Chuan Yi Co., earning 469 million yuan [2]. - Year-on-year, the revenue increased by 11.68%, while the net profit saw a decline of 32.38% [6][7]. Profitability and Debt Management - The company's debt-to-asset ratio stood at 15.48%, lower than the industry average of 27.43%, indicating strong debt management capabilities [3]. - The gross profit margin was 55.00%, which, despite a decrease from 58.44% in the previous year, remains above the industry average of 43.50% [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 28.90% to 7,894, while the average number of shares held per shareholder decreased by 22.18% to 8,628.81 shares [5]. - Notable changes among the top ten shareholders include new entries from Hong Kong Central Clearing Limited and Guangfa Stable Return Mixed A [5]. Business Highlights - The company reported significant growth in high-end digital oscilloscopes, with MHO/DHO series sales up by 25.75% and DS80000 series sales up by 104.02% year-on-year [6][7]. - The transition towards a "hardware + software + solutions" service model is evident, with solution sales increasing by 22.71% [6]. - The company plans to issue H-shares and has initiated a stock buyback plan, reflecting confidence in long-term growth [7].

Core Viewpoint - The financial performance of Puyuan Precision Technology (stock code: 688337) in the third quarter of 2025 shows a mixed trend, with revenue growth but significant declines in profit margins and net income, indicating potential challenges ahead for the company [2][3]. Financial Data Summary - The company's operating revenue for the first three quarters of 2025 reached CNY 597.39 million, an increase of 11.68% year-on-year [3][22]. - The total profit for the same period was CNY 36.77 million, down 25.43% compared to the previous year [2][22]. - Net profit attributable to shareholders decreased by 32.38% to CNY 40.66 million [2][22]. - The basic earnings per share for the third quarter was CNY 0.13, a decrease of 53.57% year-on-year [2][13]. Revenue Analysis - Sales revenue from self-developed core technology platform products increased by 21.26%, accounting for 46.49% of total sales [3][4]. - High-end digital oscilloscope products (bandwidth ≥2GHz) contributed significantly, with sales revenue growing by 104.02% [4]. - The MHO/DHO series high-resolution digital oscilloscopes saw a sales revenue increase of 25.75% [5]. - Revenue from solutions, including accessory products and services, grew by 22.71% [6]. Profitability Analysis - The overall gross margin for the first three quarters was 55.00%, down 3.44 percentage points year-on-year, primarily due to increased manufacturing costs and market competition [7]. - Research and development expense ratio increased to 28.43%, impacting net profit [8]. Non-Recurring Gains and Losses - Non-recurring gains included government subsidies amounting to CNY 302,972, while losses from asset disposals totaled CNY -3,682.33 [11][12]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 7,894, with the largest shareholder holding 32.94% of the shares [16][18]. - The actual controller of the company is Wang Yue, who, along with associated parties, controls a total of 6.10% of the shares [17]. Cash Flow Analysis - The net cash flow from operating activities for the first three quarters was -CNY 2.83 million, a significant decline compared to the previous year [25].

Core Viewpoint - The company reported a revenue increase of 11.68% year-on-year for the first nine months of 2025, but net profit decreased by 32.38%, indicating challenges in profitability despite revenue growth [2][3][4]. Financial Performance - For the first nine months of 2025, the company's revenue was CNY 597.39 million, with a net profit of CNY 40.66 million [2]. - In Q3 2025, revenue reached CNY 242.42 million, a quarter-on-quarter increase of 29.52%, and net profit was CNY 24.45 million, up 96.62% from the previous quarter [2]. - The overall gross margin for the first nine months was 55.00%, down 3.44 percentage points from the previous year, primarily due to increased manufacturing costs and market competition [6]. Product Sales Analysis - Sales of self-developed core technology platform products increased by 21.26%, accounting for 46.49% of total sales, with digital oscilloscopes making up 86.15% of this category [2][3]. - High-end digital oscilloscopes (bandwidth ≥ 2GHz) saw a sales revenue increase of 104.02%, contributing significantly to overall revenue [3]. - The MHO/DHO series high-resolution digital oscilloscopes experienced a 25.75% increase in sales revenue [4]. Solutions and Services - Revenue from solutions, including accessories and service products, grew by 22.71% to CNY 110.86 million, positively impacting overall performance [5]. Cost and Expense Management - R&D expense ratio was 28.43%, up 0.63 percentage points, while sales expense ratio increased to 15.14%, reflecting higher costs in these areas [7]. Shareholder Information - The company held its 31st board meeting on October 27, 2025, where several key resolutions were passed, including the approval of the Q3 report and the use of idle funds for cash management [15][32][51]. Fund Management - The company plans to use up to CNY 200 million of temporarily idle funds for cash management, investing in low-risk, liquid financial products for a period not exceeding 12 months [32][51]. - Additionally, the company approved the use of up to CNY 40 million of idle funds from asset purchase financing for similar cash management purposes [51][56].