Puyuan Jingdian 2025 Annual Report Analysis: Revenue Increased by 16.04%, Non-Recurring Net Profit Decreased by 34%

Operating Revenue: Dual Growth Driven by Self-Developed Products and Major Client Business

In 2025, the company achieved operating revenue of 900 million yuan, a year-on-year increase of 16.04%. The revenue growth was mainly driven by self-developed core technology platform products, high-resolution digital oscilloscopes, and major client business.

Sales revenue of self-developed core technology platform products increased by 18.61% year-on-year, accounting for 52.76% of total revenue, with self-developed core technology platform digital oscilloscopes making up 86.77% of all digital oscilloscope sales, providing significant support for revenue growth; MHO/DHO series high-resolution digital oscilloscopes saw a 27.61% YoY increase, maintaining rapid growth; sales revenue from major clients grew by 54.98%, with core client revenue in the optical communications field increasing by 70.45%, becoming a key driver of revenue growth.

In terms of product categories, electronic test and measurement instruments achieved revenue of 706 million yuan, up 11.35% YoY; solutions and other business revenue reached 179 million yuan, a substantial increase of 37.58% YoY, among which SPQ digital array measurement and control system revenue was 51.77 million yuan, up 910.26%, becoming a new growth point.

Net Profit: Significant Impact from Non-Recurring Gains and Losses, Profitability Under Pressure After Deduction

In 2025, net profit attributable to shareholders of the listed company was 86.08 million yuan, down 6.74% YoY; net profit after deducting non-recurring gains and losses was 38.48 million yuan, a sharp decrease of 34.00% YoY. The decline in net profit and net profit after deduction was mainly due to two factors: first, although the company’s total profit increased YoY, the increase in income tax expenses by 20.45 million yuan due to preferential tax policies for subsidiaries and deferred tax assets reduced net profit; second, a decrease in non-operating expenses led to an increase in non-recurring gains and losses, further lowering net profit after deduction.

Earnings Per Share: Declined Along with Profitability

In 2025, basic earnings per share were 0.44 yuan/share, down 10.20% YoY; earnings per share after deduction were 0.20 yuan/share, down 35.48% YoY. The change in earnings per share was consistent with the trend in net profit and net profit after deduction, reflecting a decline in the company’s profitability.

Period Expenses: Continued R&D Investment and Significant Reduction in Financial Expenses

In 2025, the company’s total period expenses amounted to 450 million yuan, up 2.34% YoY, with a cost structure characterized by increased R&D investment and a substantial decrease in financial expenses:

R&D Investment: Sustained High-Intensity Investment, Strengthening Talent and Technology Reserves

In 2025, the company’s R&D expenditure totaled 226 million yuan, up 9.30% YoY. R&D investment accounted for 25.09% of operating revenue, slightly down 1.55 percentage points from the previous year but still at a high level, demonstrating the company’s emphasis on technological innovation.

Regarding R&D personnel, as of the end of 2025, there were 327 R&D staff, accounting for 46.78% of the total workforce. About half held master’s degrees or higher, with an average industry experience of over 15 years. During the reporting period, the company filed 45 invention patent applications and obtained 22 patents, with a total of 453 invention patents, 45 utility model patents, and 147 software copyrights, further improving its intellectual property portfolio and ensuring technological leadership.

Cash Flow: Operating Cash Flow Under Pressure, Investment Cash Flow Turned Positive

In 2025, the company’s cash flow showed a pattern of declining net cash from operating activities, significantly improved investment cash flow, and net outflow from financing activities:

Risk Warning: Multiple Challenges in Technology, Talent, and External Environment

Core Competitiveness Risks

2. Product R&D and Technology Development Risks: The electronic measurement instrument industry evolves rapidly. Many R&D projects involve large investments, high technical difficulty, and long cycles. Failure to accurately grasp market trends or insufficient R&D funding may lead to project failure, impacting business development.

3. Talent Attraction and Innovation Capability Risks: The industry demands highly specialized and versatile talent. If the company’s talent cultivation and incentive policies are inadequate, making it difficult to attract high-end technical talent, it will affect sustained innovation ability.

Operational Risks

The company’s business spans over 90 countries and regions worldwide, facing risks from international trade policies, sanctions, and export control regulations. Tariffs and sanctions may reduce profit margins and impact operational performance.

Financial Risks

Overseas business transactions are settled in euros and US dollars. Exchange rate fluctuations can affect the value of monetary funds and assets. A sharp appreciation of the RMB in the short term could adversely impact exports and operational results.

Industry Risks

The company’s demand relies on industries such as telecommunications, new energy, semiconductors, and education and scientific research. If these industries do not develop as expected, it will affect the company’s business prospects.

Executive Compensation: Management Compensation Tied to Company Performance

During the reporting period, the pre-tax compensation of core management was as follows:

• Chairman Wang Yue: 2.1223 million yuan
• General Manager and CFO Wang Ning: 1.4765 million yuan
• Vice President Cheng Jianchuan: 0.9427 million yuan
• Vice President Sun Ningsiao: 0.4937 million yuan

Executive compensation is linked to company performance and individual evaluations, reflecting the company’s incentive and rational compensation system.

Click to view the original announcement>>

Disclaimer: The market involves risks; investment should be cautious. This article is automatically published by an AI large model based on third-party databases and does not represent Sina Finance’s views. All information herein is for reference only and does not constitute personal investment advice. Please refer to official announcements for accuracy. For questions, contact biz@staff.sina.com.cn.