Group 1 - The company has actively expanded its nuclear power market this year, resulting in a continuous increase in both the new signed orders and their proportion [1]

证券代码：603100 证券简称：川仪股份 公告编号：2025-042 重庆川仪自动化股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 9 月 13 日(星期六)至 9 月 18 日(星期四)16： 00 前访问 http://ir.p5w.net/zj/，进入问题征集专题页面进行提问，或者通过 公司邮箱：cyzqb@cqcy.com 进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 重庆川仪自动化股份有限公司（以下简称"公司"）已于 2025 年 8 月 22 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司经 营成果、财务状况，公司计划于 2025 年 9 月 19 日(星期五)下午 14:00-15:00 举行 2025 年半年度业绩说明会，在信息披露允许的范围内就投资者关心的问 题进行交流。 二、说明会召开的时间、地点、方式 （一）会议召开时间：2025 年 9 月 19 日(星期五) ...

Group 1 - The procurement result announcement indicates that Chongqing Chuan Yi Automation Co., Ltd. has won the bid for the HBQL-level transmitter from Sinopec Hydrogen Energy Machinery (Wuhan) Co., Ltd. [1][2] - The announcement was published on September 8, 2025, and the procurement is located in Hubei Province [2]. - Chongqing Chuan Yi Automation Co., Ltd. has invested in 37 enterprises and participated in 8,014 bidding projects, showcasing its active engagement in the market [1]. Group 2 - The company holds 228 trademark registrations, 1,498 patents, and 141 copyright registrations, indicating a strong intellectual property portfolio [1]. - Additionally, the company possesses 61 administrative licenses, reflecting its compliance and operational capabilities [1].

Core Viewpoint - The stock of Chuan Yi Co., Ltd. has shown significant growth in recent trading periods, indicating positive market sentiment and potential investment opportunities [2]. Group 1: Stock Performance - Chuan Yi Co., Ltd. has seen a year-to-date stock price increase of 17.85%, with a 5-day increase of 13.34%, a 20-day increase of 22.01%, and a 60-day increase of 23.14% [2]. - As of September 11, the stock price reached 24.72 CNY per share, with a market capitalization of 12.686 billion CNY [1]. Group 2: Financial Performance - For the first half of 2025, Chuan Yi Co., Ltd. reported a revenue of 3.281 billion CNY, a year-on-year decrease of 12.37%, and a net profit attributable to shareholders of 325 million CNY, down 10.46% year-on-year [2]. - The company has distributed a total of 1.527 billion CNY in dividends since its A-share listing, with 828 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Chuan Yi Co., Ltd. was 20,200, a decrease of 4.16% from the previous period, with an average of 25,200 circulating shares per shareholder, an increase of 4.33% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 3.5033 million shares, a decrease of 3.3704 million shares from the previous period [3].

Group 1 - The general equipment sector increased by 0.37% on September 10, with KaiChuang Electric leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] - Notable stock performances included KaiChuang Electric with a closing price of 65.25, up 13.30%, and Liou Co. with a closing price of 5.96, up 9.96% [1] Group 2 - The general equipment sector saw a net inflow of 1.414 billion yuan from main funds, while retail investors experienced a net outflow of 580 million yuan [2] - The stock with the highest main fund inflow was Liou Co. with 164 million yuan, while the highest retail outflow was also from Liou Co. at 98.5 million yuan [3] - Other significant net inflows included 32.3 million yuan for Dongfang Zhizao and 85.4 million yuan for Chuanrun Co. [3]

Core Viewpoint - The stock of Chuan Yi Co., Ltd. has shown significant growth in recent trading sessions, with a notable increase in both price and trading volume, indicating positive market sentiment towards the company [1]. Financial Performance - As of June 30, 2025, Chuan Yi Co., Ltd. reported a revenue of 3.281 billion yuan, a year-on-year decrease of 12.37%, and a net profit attributable to shareholders of 325 million yuan, down 10.46% compared to the previous year [2]. - The company has distributed a total of 1.527 billion yuan in dividends since its A-share listing, with 828 million yuan distributed over the past three years [3]. Stock Market Activity - On September 10, 2023, the stock price of Chuan Yi Co., Ltd. rose by 2.07%, reaching 24.15 yuan per share, with a trading volume of 152 million yuan and a turnover rate of 1.25%, resulting in a total market capitalization of 12.394 billion yuan [1]. - The stock has increased by 15.14% year-to-date, with a 17.40% rise over the last five trading days, an 18.04% increase over the last 20 days, and a 19.94% increase over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Chuan Yi Co., Ltd. was 20,200, reflecting a decrease of 4.16% from the previous period, while the average number of circulating shares per shareholder increased by 4.33% to 25,200 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 3.5033 million shares, a decrease of 3.3704 million shares from the previous period [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][8] Core Views - The company reported a revenue of 3.281 billion yuan in H1 2025, a decrease of 12.37% year-on-year, and a net profit attributable to shareholders of 325 million yuan, down 10.46% year-on-year [5][6] - The revenue from industrial automation instruments and devices declined, while revenue from composite materials and electronic devices showed steady growth [6] - The company is focusing on continuous R&D investment to strengthen its core competitive advantages and is actively expanding into new fields and industries [7][8] Company Overview - The latest closing price is 22.70 yuan, with a total market capitalization of 11.6 billion yuan [4] - The company has a total share capital of 513 million shares, with 510 million shares in circulation [4] - The debt-to-asset ratio stands at 48.0%, and the price-to-earnings ratio is 14.93 [4] Financial Performance - For H1 2025, the company achieved revenues of 2.849 billion yuan from industrial automation instruments, 329 million yuan from composite materials, 79 million yuan from electronic devices, and 25 million yuan from other products, with year-on-year growth rates of -14.38%, 4.96%, 3.71%, and -10.81% respectively [6] - The gross margin increased by 1.63 percentage points to 33.87%, primarily due to the rise in gross margin for industrial automation instruments [6] - The company expects revenues for 2025-2027 to be 7.316 billion, 7.766 billion, and 8.245 billion yuan, with corresponding net profits of 754 million, 829 million, and 898 million yuan [8][11] Market Position and Strategy - The company is targeting high-end applications and new application areas, with significant order growth in nuclear power, fine chemicals, non-ferrous metals, water conservancy, and thermal power sectors [7] - New orders decreased by 9% year-on-year, but there was a notable increase of 38%-64% in specific niche markets [7]

分红方面，川仪股份A股上市后累计派现15.27亿元。近三年，累计派现8.28亿元。 机构持仓方面，截止2025年6月30日，川仪股份十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股350.33万股，相比上期减少337.04万股。大成高鑫股票A（000628）位居第十大流通股 东，持股279.23万股，持股数量较上期不变。 责任编辑：小浪快报 川仪股份今年以来股价涨10.42%，近5个交易日涨13.59%，近20日涨13.20%，近60日涨14.57%。 资料显示，重庆川仪自动化股份有限公司位于重庆市两江新区黄山大道中段61号，成立日期1999年11月 1日，上市日期2014年8月5日，公司主营业务涉及工业自动控制系统装置及工程成套的研发、生产、销 售、技术咨询、服务,电子信息功能材料及器件,进出口等业务。主营业务收入构成为：工业自动化仪表 及装置86.81%，复合材料10.01%，电子器件2.41%，其他0.76%。 川仪股份所属申万行业为：机械设备-通用设备-仪器仪表。所属概念板块包括：碳中和、社保重仓、工 业4.0、融资融券、工业互联网等。 截至6月30日，川仪股份股东户数2.02万，较上期 ...

Summary of the Conference Call for Chuan Yi Co., Ltd. Industry and Company Overview - The conference call focuses on Chuan Yi Co., Ltd., a company in the automation instrumentation industry, particularly in smart control valves, actuators, and transmitters, which contribute nearly 70% of its revenue [2][3][6]. - The company has faced challenges in maintaining market share since 2022 due to industry pressures but is expected to benefit from domestic substitution and self-control policies, leading to accelerated growth in new market shares [2][4]. Core Points and Arguments 1. **Market Position and Growth Potential**: - Chuan Yi's market share has not improved since 2022, but the company is poised for faster growth in new market shares due to emerging demand driven by domestic substitution and self-control policies [2][4]. - The company has significant growth potential in the nuclear power sector and control valve market, with a current market share of approximately 8% compared to leading companies like Sinopec and CNOOC, which hold around 3% [11]. 2. **International Cooperation and Support**: - International partnerships provide Chuan Yi with support in technology, products, and materials, enhancing its competitiveness and order acquisition from central state-owned enterprises [2][4][16]. - The experience and subsidiary network of Guojiji Group are expected to significantly increase Chuan Yi's overseas revenue [2][4][17]. 3. **Financial Performance and Future Outlook**: - Despite a projected profit decline in the first half of 2024-2025, the company's profit only slightly decreased by 7% when excluding the impact of the Ganges joint venture, with a recovery in gross margin reported [7][9]. - The downstream refining and chemical industries are showing signs of capital expenditure recovery, driven by national policies promoting the replacement of outdated facilities, which presents new market opportunities for Chuan Yi [2][9]. 4. **Sales Strategy and Challenges**: - Chuan Yi employs a two-tier sales strategy, where some products are produced by subsidiaries but ultimately sold under the parent company, complicating the accurate tracking of revenue contributions from different product categories [6]. 5. **Industry Characteristics and Competitive Landscape**: - The instrumentation industry is characterized by high technical requirements and customization, with a focus on suppliers' reliability and project experience, making companies with diverse product offerings and comprehensive solutions more competitive [8][10]. Additional Important Insights - Chuan Yi's historical performance shows a robust revenue and profit trajectory until 2022, after which it faced industry-wide pressures, but recent reports indicate a stabilization in revenue and profit margins [9]. - The company is well-positioned to become a leading player in the industry, with potential for significant market share growth domestically and internationally, especially with the backing of Guojiji Group [12][14]. - The current recommendation for Chuan Yi is based on the expectation of an industry upturn, driven by policy support for modernization and the company's strategic positioning as a self-controlled optimal choice [20]. This summary encapsulates the key points discussed in the conference call, highlighting Chuan Yi's market position, growth potential, financial outlook, and strategic initiatives.

Group 1 - The core viewpoint of the news is that Chuan Yi Co., Ltd. has seen a significant increase in its stock price, rising by 5.15% to reach 21.63 CNY per share, with a trading volume of 1.93 billion CNY and a turnover rate of 1.78%, resulting in a total market capitalization of 111.01 billion CNY [1] - Chuan Yi Co., Ltd. specializes in the research, production, sales, and technical consulting of industrial automation control systems and related products, with its main business revenue composition being 86.81% from industrial automation instruments and devices, 10.01% from composite materials, 2.41% from electronic devices, and 0.76% from other sources [1] Group 2 - From the perspective of fund holdings, Guojin Fund has a significant position in Chuan Yi Co., Ltd., with its Guojin Guoxin Initiated A fund (762001) reducing its holdings by 83,200 shares in the second quarter, now holding 226,400 shares, which accounts for 2.69% of the fund's net value, ranking as the ninth largest holding [2] - The Guojin Guoxin Initiated A fund has a total scale of 164 million CNY and has achieved a return of 9.61% this year, ranking 5577 out of 8180 in its category, with a one-year return of 20.33%, ranking 5589 out of 7978 [2]