出品：新浪财经上市公司研究院 作者：光心 2026年2月12日，普源精电发布2025年业绩快报，预计报告期内实现营业收入9.00亿元，同比增长 16.04%，实现归母净利润8521万元，同比下降7.69%，扣非归母净利润3760万元，同比下降35.51%，增 收不增利现象明显。 其实，早在2024年，普源精电就受到研发投入拖累，呈现出增收不增利的局面，当年公司研发费用同比 高增44.67%，远超同期15.70%的营收增速。受此影响，公司当年归母净利润同比下降14.50%。 而在此次业绩快报中，公司也表示，报告期内公司持续加大研发投入力度，研发人员薪酬、研发材料采 购、研发设备购置及折旧等各项费用较上年同期均有不同程度增加，短期内对净利润水平产生一定影 响。 而从收入结构来看，公司庞大的研发支出还未充分转换为业绩表现，普源精电的研发变现节奏显得有些 拖沓。 研发激进扩张增收不增利 高分辨率产品增速趋缓拷问市场空间 普源精电长期深耕电子测量仪器领域，于2022年4月登陆科创板，募资总额达18.46亿元。值得注意的 是，此次IPO超募9亿多元，开盘后普源精电股价一路走低，当日跌幅34.66%。 登陆科创板后，普源精 ...

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].