Pilot 派诺科技
15 significant filings since 30 May 2026: 6 on equity incentive, 2 on major holder selling and 2 on buyback, and 4 other kinds. The latest, on 21 Sep 2026: 股权激励计划限制性股票解除限售公告. On 28 Aug 2026 the company said it expects net profit for the period ending 30 Sep 2026 to change by an amount it did not state from the same period a year earlier.
自 30 May 2026 起有 15 份重大公告：equity incentive 6 份、major holder selling 2 份、buyback 2 份，另有 4 类。最新一份（21 Sep 2026）：股权激励计划限制性股票解除限售公告。28 Aug 2026 公司预告截至 30 Sep 2026 的净利润较上年同期变动幅度未披露。
As of 25 Sep 2026 截至2026年9月25日
Pilot 派诺科技 is a grid equipment company listed on the Beijing Stock Exchange since 14 Dec 2023. It reported revenue growth of 21.6% in 2025 to RMB707.9m, but attributable net profit fell sharply by 67.1% to RMB9.8m, with net profit excluding non-recurring items down 72.9%. Operating cash flow per share improved to RMB0.79 in 2025 from -RMB0.22 in 2024, indicating strong cash generation relative to profit. However, the first half of 2026 showed a deterioration: revenue declined by 18.7% to RMB211.2m and net profit turned to a loss of -RMB31.1m. The share price has fallen 47.2% over one year. Receivables remain high, taking 307 days to collect. The company's financial position shows a healthy balance sheet with liabilities at 36.6% of assets and a current ratio of 1.90.
派诺科技是一家电网设备公司，于2023年12月14日在北京证券交易所上市。2025年营业收入增长21.6%至7.08亿元，但归母净利润大幅下降67.1%至977.5万元，扣非净利润同比下降72.9%。每股经营现金流由2024年的-0.22元改善至2025年的0.79元，显示经营现金流优于盈利水平。然而，2026年上半年出现恶化，营业收入同比下降18.7%至2.11亿元，归母净利润由盈转亏至-3,113.2万元。股价一年内下跌47.2%。应收账款周转天数达307天，回款周期长。资产负债率为36.6%，流动比率1.90，财务状况总体稳健。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Receivables take over 180 days to collect 应收账款周转天数超过180天 | Receivables take over 180 days to collect. 应收账款周转天数超过180天。 | A receivable days figure of 307 indicates slow collection, which can strain liquidity and increase credit risk. This may affect cash availability for operations and investment. 应收账款周转天数为307天，表明回款速度慢，可能影响流动性并增加信用风险，进而影响经营和投资的现金可用性。 |
| Share price down 40% or more in a year 股价一年下跌40%或以上 | Share price down 40% or more in a year. 股价一年内下跌超过40%。 | The share price fell 47.2% over one year. This movement is stated in the data, but no filing provides a cause for it. 股价一年内下跌47.2%。该变动在数据中已列示，但无任何文件说明其原因。 |
- Change in attributable net profit for the full year 2026, compared to 2025's RMB9.8m.
2026全年归母净利润较2025年的977.5万元的变化。 - Revenue trend in the next half-year report, following the 18.7% decline in the first half of 2026.
在2026年上半年收入下降18.7%后，下一中期报告的收入趋势。 - Receivable days at the end of 2026, compared to 307 days at 30 Jun 2026.
2026年末应收账款周转天数较2026年6月30日的307天的变化。 - Operating cash flow per share in the 2026 full-year report, following -RMB0.08 in the first half.
2026全年每股经营现金流，继上半年为-0.08元之后的变化。 - Largest holder's stake at 31 Dec 2026, following 13.36% at 30 Jun 2026.
第一大股东持股比例在2026年12月30日的水平，继2026年6月30日为13.36%。 - Net profit excluding non-recurring items in 2026, following the 72.9% decline in 2025.
2026年扣除非经常性损益后的净利润，继2025年同比下降72.9%之后的表现。
- Company: Pilot 派诺科技, Beijing Stock Exchange 920375; industry Grid Equipment; listed 14 Dec 2023.
公司：派诺科技，北京证券交易所 920375；行业：电网设备；上市日期：2023年12月14日。 - Close on 24 Sep 2026 RMB6.31; close on 24 Sep 2025 RMB16.79, RMB11.95 in today's terms; one-year change, adjusted for distributions and share changes -47.2%.
2026年9月24日收盘价6.31元；2025年9月24日收盘价16.79元（前复权11.95元）；一年涨跌幅（复权）-47.2%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB6.27 to RMB15.16.
52周区间（前复权）6.27元至15.16元。 - In the last 12 months 3 trading days closed 9% or more above or below the day before (all days, not only this year). The 3 most recent of them: 6 Mar 2026 +18.5%; 9 Mar 2026 +22.0%; 13 Mar 2026 -15.1%. The longest run of them on consecutive trading days: 2 days.
近12个月共有3个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近3个：2026年3月6日 +18.5%；2026年3月9日 +22.0%；2026年3月13日 -15.1%。其中最长连续2个交易日。 - Market capitalisation RMB960.0m; P/E TTM not meaningful (loss-making); price to book 1.21x.
总市值9.60亿元；市盈率（TTM）不适用（亏损）；市净率1.21倍。 - Revenue 2025 RMB707.9m; 2024 RMB582.3m; change +21.6%.
营业收入2025年7.08亿元；2024年5.82亿元；同比+21.6%。 - Attributable net profit 2025 RMB9.8m; 2024 RMB29.7m; change -67.1%.
归属于母公司股东的净利润2025年977.5万元；2024年2,969.9万元；同比-67.1%。 - Net profit excluding non-recurring items, 2025 change -72.9%.
2025年扣除非经常性损益后的净利润同比-72.9%。 - Basic EPS 2025 RMB0.09; 2024 RMB0.29.
基本每股收益2025年0.09元；2024年0.29元。 - Operating cash flow per share 2025 RMB0.79; 2024 -RMB0.22; operating cash flow to net profit 8.87x.
每股经营现金流2025年0.79元；2024年-0.22元；经营现金流与净利润之比8.87倍。 - 2025 gross margin 31.9%; net margin 1.4%; ROE 1.2%.
2025年毛利率31.9%；净利率1.4%；净资产收益率1.2%。 - At 30 Jun 2026: liabilities to assets 36.6%; current ratio 1.90; quick ratio 1.38; receivable days 307; inventory days 250.
截至2026年6月30日：资产负债率36.6%；流动比率1.90；速动比率1.38；应收账款周转天数307；存货周转天数250。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB211.2m, change -18.7%; attributable net profit -RMB31.1m, change -945.2% (from a profit to a loss); operating cash flow per share -RMB0.08.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入2.11亿元，同比-18.7%；归母净利润-3,113.2万元，同比-945.2%（由盈转亏）；每股经营现金流-0.08元。 - Ownership: actual controller 邓翔; largest holder at 30 Jun 2026: 邓翔, 13.36%.
股权：实际控制人：邓翔；2026年6月30日第一大股东：邓翔，持股13.36%。 - Latest distribution: ex-date 3 Jun 2026, cash RMB0.05 per share and 4 new shares for every 10 held.
最近一次分配：除权除息日2026年6月3日，每股现金0.05元，每10股送转4股。 - Aurelian Grade E, score 28.7 of 100, graded within a peer group of 143 companies in its industry; no rank among peers is given.
金源评级E，得分28.7（满分100），于行业同业143家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。