Research Brief | Puyuan Jingdian hosts over 50 institutions including Chuangjin Hexin. Self-developed chip strategy proves effective. SPQ solution revenue soars 9 times.

Research Fundamentals

On March 29, 2026, Pu Yuan Jingdian Technology Co., Ltd. (hereinafter referred to as the “Company”) held a performance briefing and accepted specific parties for research via an online meeting, attracting more than 50 institutional investors, including Harvest Fund, Shanxi Securities, Guoxin Securities, CITIC Securities, Morgan Fund, and others. The Company’s general manager Wang Ning, the secretary to the board of directors Cheng Jianchuan, and the representative for securities affairs Lü Naina attended and engaged in in-depth communication with institutional investors regarding its 2025 performance, progress in core business, and future strategic planning.

Performance Overview: Revenue Growth of 16%—Self-Developed Chip Strategy Shows Strong Results

Key Financial Data for 2025

In 2025, the Company achieved operating revenue of 900.2340 million yuan (approximately 0.90 billion yuan), up 16.04% year over year; gross margin was 55.08%, down 4.06 percentage points year over year; net profit attributable to shareholders of listed companies was 86.0838 million yuan, down 6.74% year over year; research and development expense accounted for 25.09% of the total, down 1.55 percentage points year over year.

Four Key Highlights

2. Self-Developed Core Technology Platform Becomes the Growth Engine: Sales revenue of self-developed core technology platform products increased 18.61% year over year, accounting for 52.76% of total operating revenue. Among them, the sales revenue of the self-developed platform digital oscilloscopes accounted for 86.77%, up 1.84 percentage points year over year; the self-developed chip core technology strategy has been effectively implemented.

3. High-Resolution Oscilloscopes See Strong Demand: Market demand for MHO/DHO series high-resolution (12bit vertical resolution) digital oscilloscopes continues to expand, with operating revenue increasing significantly by 27.61% year over year.

4. Improving Penetration in Key Industries: Penetration of core products among customers in key industries continues to deepen. Revenue from core large customers increased 54.98% year over year, including a surge of 70.45% in revenue from core large customers in the optical communications sector.

5. Blowout Growth in Solutions Business: Total sales revenue of solutions was 178.8787 million yuan (approximately 179M yuan), up 37.58% year over year. Among them, the SPQ digitalized array measurement and control solutions delivered strong performance, with sales revenue of 51.7673 million yuan (approximately 52M yuan), up a remarkable 910.26% year over year.

Outlook for Operations: Steady Revenue and Profit Growth Expected in 2026—New Products and A+H Listing Draw Attention

The Company stated that in Q1 2026, operations will continue the positive momentum, and the forecast for full-year market demand will keep improving. In the future, growth will be driven by three major directions: first, advancing efficiency optimization and expanding large customer and solutions business; second, following the plan to introduce and release new core product offerings, with breakthroughs already achieved in key technical fields; third, advancing the issuance of H shares. The Company plans to issue no more than approximately 24.8 million H shares, with proceeds to be used for globalized R&D innovation, capacity expansion, service improvement, and the construction of a marketing network, further deepening overseas deployment.

Selected Q&A: Focus on AI Deployment, Solutions Growth, and Globalization Strategy

Q: What is the Company’s deployment in the AI field? Can large customer accumulation support subsequent domestic substitution?

A: The Company has a solid domestic large-customer foundation in the optical module industry. Optical module testing is an important part of AI hardware testing. As data transmission rates evolve toward 448 Gbps, demand for ultra-high-speed real-time oscilloscopes is strong. The Company’s new generation self-developed core technology platform will drive the high-end progression of high-bandwidth oscilloscopes, microwave RF products, and other offerings, supporting domestic substitution.

Q: Outlook for solutions business growth and the planned revenue share?

A: Solutions are a key strategic direction for the Company. They can provide complete, systematized testing solutions covering instruments, hardware, software, and systems, with high adaptability to large customers. Currently, the revenue share from solutions is below 20%, and in the future it is expected to continue to rise steadily.

Q: Future plans for the self-developed chip strategy?

A: Self-developed chips are a long-term technology path the Company has consistently pursued. After 20 years of accumulation, it has established composite engineering capabilities ranging from chip design to material and process technology, covering diversified products such as digital oscilloscopes and microwave RF devices, all of which have been validated through market-based testing. In the future, the Company will continue to empower products to become more high-end and differentiated, building a technical moat.

Q: After launching high-end new products, can they be scaled up quickly?

A: Scaling up high-end new products quickly requires three conditions: core technology and product strength; a strategic customer base and brand strength; and repair and calibration services along with global capabilities. The solution validation cycle for large customers typically exceeds half a year, and the replacement validation cycle on the production side is even longer. The Company has already accumulated mature promotion experience. After product validation is passed, it will have a positive impact on revenue growth rates.

Q: Key overseas supply chain focus for 2026?

A: The Malaysia plant began trial production in 2024 and started formal production in 2025. In 2026, it will advance the construction of mid- to high-end product production lines at the Penang plant, gradually releasing capacity to support globalized deployment.

Q: DS80000 series oscilloscope sales in 2025 and outlook for 2026?

A: In 2025, sales volume of the DS80000 series high-end digital oscilloscopes exceeded the sales target. In 2026, it is expected to grow further. In the future, the Company will launch new products with “higher bandwidth + higher resolution” to provide momentum for growth.

Risk Warning

The Company reminds investors that the Company’s specific operating situation in 2026 shall be subject to the periodic reports and announcements to be disclosed thereafter. Investors should pay attention to uncertainties such as changes in market demand and progress in technical R&D.

(Data source: Record of Investor Relations Activities of Pu Yuan Jingdian Technology Co., Ltd.)

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