New Stock News | Puyuan Jingdian(688337.SH) Files Again with the Hong Kong Stock Exchange, Becoming China's Largest Electronic Measurement Instrument Supplier

According to an disclosure made by the Hong Kong Exchanges and Clearing Limited on April 2, Universal Scientific (Technology) Co., Ltd. (abbreviated as “Universal Scientific (688337.SH)”) has submitted a listing application form to the Hong Kong Exchanges and Clearing Limited for a listing on the Main Board. CICC is the sole sponsor. This is the company’s second time submitting an application to the Hong Kong Exchanges and Clearing Limited; it previously submitted a listing application on September 29, 2025.

Company Profile

The prospectus shows that Universal Scientific is a leading electronic measurement instruments company in China, with advanced technological capabilities and a large global footprint. According to information from Frost & Sullivan, the company is the largest supplier of electronic measurement instruments in China, ranking eighth globally in 2024 by revenue. The company designs, develops, manufactures and delivers comprehensive electronic measurement instruments and solutions, helping support scientific exploration and industry innovation. Through its “RIGOL” brand, the company provides services to more than 100k end customers across more than 90 countries and regions, addressing complex testing challenges faced by customers across industries in the fields of communications, new energy, semiconductors, and education and research. The company has always adhered to original technological innovation and independently developed key core technologies. Through continuous breakthroughs in hardware, software and algorithms, it has established an in-house core technology platform and has cemented its position as a leading electronic measurement enterprise.

Universal Scientific believes that “science originates from measurement.” Electronic measurement instruments are devices used to observe, test, measure and compute various physical parameters. Such instruments have functions including detection and measurement, signal transmission, and data processing, and can be used to diagnose, test and verify the performance of other electronic devices or components. Electronic measurement instruments play an important supporting role in the development of modern science and technology. After years of focused research and development (“R&D”) and innovation, the company has established a comprehensive suite of electronic measurement offerings based on two major pillars: (i) a product matrix driven by core technologies, covering digital oscilloscopes, microwave radio frequency (“RF”, for the electromagnetic frequency range used for wireless communications) instruments, direct current (“DC”, precision instruments and modular instruments for charges flowing in a fixed direction); and (ii) multi-scenario solutions suites, mainly serving high-growth industries such as communications, new energy, semiconductors, and education and research.

Financial Information

Revenue

For the fiscal years 2023, 2024 and 2025, the company recorded revenue of approximately RMB 671 million, RMB 776 million and RMB 900 million, respectively.

Profit for the Year

For the fiscal years 2023, 2024 and 2025, the company recorded profit for the year of approximately RMB 108 million, RMB 92.30 million and RMB 86.08 million, respectively.

Gross Profit and Gross Profit Margin

For the fiscal years 2023, 2024 and 2025, the company recorded gross profit of approximately RMB 358 million, RMB 426 million and RMB 476 million, respectively. The company’s gross profit margin increased from 53.4% in 2023 to 54.9% in 2024, mainly due to an increased proportion of sales revenue from high-performance digital oscilloscopes and solutions. The company’s gross profit margin decreased from 54.9% as of 2024 to 52.8% in 2025, mainly due to manufacturing cost increases caused by the commencement of production at the Penang production center in the second half of 2024, as well as increases in the prices of direct materials.

Industry Overview

In recent years, the global electronic measurement instruments market has shown steady expansion, with a compound annual growth rate of 5.1% from 2020 to 2024. In 2024, the global electronic measurement instruments market revenue reached RMB 57.1 billion. Looking ahead, the market is expected to maintain strong growth momentum, with an estimated compound annual growth rate of 5.0% from 2025 to 2029. Among sub-markets, the digital oscilloscope segment is expected to have the highest growth rate due to strong downstream demand, with a significant increase from 2020 to 2024 and a compound annual growth rate of 6.9%. The market is expected to maintain stable growth between 2025 and 2029, with an estimated compound annual growth rate of 6.1%.

In recent years, the China electronic measurement instruments market has maintained a growth rate faster than the global average; the compound annual growth rate from 2020 to 2024 was as high as 6.9%. In 2024, the revenue of the China electronic measurement instruments market reached RMB 19.3 billion. Looking forward, the market is expected to continue its strong growth momentum, with an estimated compound annual growth rate of 7.5% from 2025 to 2029. Among sub-markets, due to strong downstream demand, digital oscilloscopes have reflected the highest growth rate, with a compound annual growth rate of as high as 8.9% from 2020 to 2024. The market is expected to maintain steady growth between 2025 and 2029, with an estimated compound annual growth rate of 8.7%.

Board of Directors and Senior Management

The company’s board of directors will be composed of seven directors, including one executive director, three non-executive directors and three independent non-executive directors. Directors’ term of office is three years, and upon expiry of their terms they are eligible for re-election subject to qualification. Pursuant to relevant PRC laws and regulations, an independent non-executive director may not serve consecutively for more than six years.

Equity Structure

As of the latest practicable date, Dr. Wang Yue has the right to exercise, through the shares held directly by him and the shares held by Universal Scientific Investment, Ruige Zhong, Ruijin Zhong, Mr. Wang Tiejun and Mr. Li Weisen, in aggregate approximately 61.07% of the voting rights at the company’s shareholders’ meeting.

[Edition] After completion, due to Universal Scientific Investment, Ruige Zhong and Ruijin Zhong each being entities controlled by Dr. Wang Yue; and according to the acting-in-concert agreement dated October 27, 2021, Dr. Wang Yue, Mr. Wang Tiejun and Mr. Li Weisen are acting in concert persons, therefore after [Edition], Dr. Wang Yue, Universal Scientific Investment, Ruige Zhong, Ruijin Zhong, Dr. Wang Tiejun and Mr. Li Weisen will each constitute the company’s controlling shareholder group.

Intermediary Team

Sole sponsor: CICC (Hong Kong) Limited

Company legal advisers: For matters of Hong Kong and U.S. laws: Richson International Law Firm Limited Liability Partnership; for matters of PRC laws: King & Wood Mallesons (formerly Jingtian & Gongcheng); for matters of international sanctions laws: Howing Roadway & Wei Law Firm

Independent auditor and reporting accountants: Deloitte‧Guan Huang Chen Fang CPA Firm

Industry adviser: Frost & Sullivan (Beijing) Consulting Co., Ltd., Shanghai Branch

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