Core Insights - Puyuan Precision Electric achieved a revenue of 355 million yuan in the first half of 2025, representing a year-on-year growth of 15.57%, with a net profit attributable to shareholders of 16.22 million yuan, up 112.1% year-on-year [1][2] Revenue Growth - The sales revenue of high-end products increased by 42.29% year-on-year, significantly outpacing the overall revenue growth [2] - Revenue from products utilizing the self-developed core technology platform grew by 26.66%, accounting for 44.7% of total revenue [2] - In the digital oscilloscope sector, products based on the self-developed platform contributed 85.60% of total digital oscilloscope revenue, driving overall revenue growth [2] Strategic Transformation - The company's strategic shift towards customer-centric solutions resulted in a 44.12% year-on-year increase in solution business revenue, reaching 62.48 million yuan [3] - The acquisition of Beijing Puyuan Naisu Electronics Co., Ltd. in 2024 facilitated the integration of technology resources in the solutions sector, leading to the launch of modular instruments and array testing solutions [3] Global Expansion - As of June 2025, the company's overseas assets accounted for 6.21%, with a marketing network established in over 90 countries, including key markets like the USA, Japan, and Singapore [4] - The "local production + local sales" model enhances service efficiency and mitigates geopolitical risks, contributing to stable revenue growth from overseas markets [4] Technological Advancements - The company has filed a total of 756 invention patents, 122 utility model patents, and 109 design patents, establishing a robust core technology system in the oscilloscope sector [4] - The integration of AI-driven intelligent testing technologies is being explored, with the DHO5000 series digital oscilloscope showcasing high integration for complex multi-channel testing [5] Market Trends - The global electronic measurement instrument market is projected to exceed 112.48 billion yuan by 2025, with the Asia-Pacific region being a significant growth driver due to its concentration of electronic manufacturing [5] - The demand for high-bandwidth, high-precision, and high-integration instruments is shifting from "optional" to "essential" due to advancements in 5G, electric vehicles, and semiconductor processes [6]

Core Viewpoint - Company Puyuan Precision Electric (688337) plans to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to enhance its international brand image and diversify financing channels [1] Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 168 million yuan, a year-on-year increase of 11.14% [1] - The sales revenue of self-developed core technology platform products grew by 39.21% year-on-year, accounting for 46.69% of total revenue [1] - The R&D expense ratio reached 31.54%, with increases in R&D personnel salaries and equipment depreciation impacting net profit [1] Group 2: Strategic Developments - The company is establishing R&D centers in Xi'an, Shanghai, and Penang, Malaysia, and has set up overseas subsidiaries in Portland, Munich, Tokyo, Singapore, South Korea, and Malaysia [2] - The acquisition of 100% of Naisou Electronics has strengthened the company's strategic deployment in the solutions sector, leading to the release of SUA8000 modular instruments and SPQ array testing solutions [2] - The company is transitioning from a product-centric approach to a customer solutions-centric strategy, with the acquisition accelerating this shift and enhancing the technical matrix of "instrument ecosystem + system-level solutions" [2]