Group 1 - The company, Zhenlan Instrument (301303.SZ), supplies automotive components primarily to brands such as BAIC, Chery, and Geely [2] - The company's automotive components are applicable in the new energy vehicle sector [2] - The production facilities for the company's automotive components are located in Wuhu and Zhuzhou, supporting the surrounding automotive industry [2]

Group 1 - The company announced a cash dividend distribution plan for the first half of 2025, proposing a payout of 1.00 RMB per 10 shares (including tax) [1] - The record date for the dividend distribution is set for September 23, 2025, while the ex-dividend date is September 24, 2025 [1]

1.公司于2025年9月10日召开2025年第二次临时股东会，审议通过了《关于 2025年半年度利润分配的议案》。公司2025年半年度利润分配预案为：以截至2025 年6月30日公司总股本408,800,000股为基数，向全体股东每10股派发现金股利 1.00元人民币（含税），共计派发现金股利40,880,000.00元（含税）。剩余未分 配利润结转以后年度分配。不转增，不送股。董事会审议利润分配预案后至实施 前，公司股本如发生变动，将按照分配总额不变的原则对分配比例进行调整。 证券代码：301303 证券简称：真兰仪表 公告编号：2025-047 上海真兰仪表科技股份有限公司 关于 2025 年半年度权益分派实施的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 上海真兰仪表科技股份有限公司（以下简称"公司"或"本公司"）2025年半年 度权益分派方案已获2025年9月10日召开的2025年第二次临时股东会审议通过， 现将权益分派事宜公告如下： 一、股东会审议通过利润分配方案情况 2.自利润分配方案披露至实施期间公司股本总额未发生变化。 3.本次实施权益 ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [2][7] Core Views - The company demonstrates stable growth driven by both domestic and international markets, with a significant increase in revenue and net profit in the first half of 2025 [6][7] - The company is expanding its product offerings, particularly in the automotive sector, which is expected to contribute to future growth [6][7] Financial Performance Summary - In H1 2025, the company achieved revenue of 770 million yuan, a year-on-year increase of 26.7%, and a net profit of 150 million yuan, up 13.7% year-on-year [6] - The gross margin for H1 2025 was 40.5%, slightly down by 0.2 percentage points year-on-year, primarily due to lower margins in the newly expanded automotive sector [6] - The company’s revenue from overseas sales reached 120 million yuan in H1 2025, reflecting a 40.2% increase year-on-year, with a gross margin improvement of 10.4 percentage points to 53.1% [6] - Domestic sales amounted to 650 million yuan, a 24.6% increase year-on-year, although the gross margin decreased by 2.1 percentage points to 38.2% [6] Revenue and Profit Forecast - Revenue projections for 2025-2027 are estimated at 1.86 billion yuan, 2.22 billion yuan, and 2.63 billion yuan, representing year-on-year growth rates of 23.7%, 19.5%, and 18.6% respectively [7][8] - Net profit forecasts for the same period are 350 million yuan, 410 million yuan, and 470 million yuan, with growth rates of 10.0%, 17.3%, and 14.8% respectively [7][8] Key Financial Ratios - The report indicates an expected PE ratio of 18.8, 16.1, and 14.0 for 2025, 2026, and 2027 respectively, suggesting a favorable valuation trend [7][8] - The company’s net profit margin is projected to be 19.7% in H1 2025, down 2.1 percentage points year-on-year [6][7]

北京德恒（杭州）律师事务所 关于上海真兰仪表科技股份有限公司 2025年第二次临时股东会的 法律意见书 杭州市上城区新业路 200 号华峰国际商务大厦 10-11 楼 邮编：310016 电话：(+86)0571-86508080 传真：(+86)0571-87357755 北京德恒（杭州）律师事务所 关于上海真兰仪表科技股份有限公司 2025 年第二次临时股东会的法律意见书 北京德恒（杭州）律师事务所 关于上海真兰仪表科技股份有限公司 2025年第二次临时股东会的 法律意见书 德恒【杭】书（2025）第 09003 号 在本《法律意见书》中，本所律师仅对公司本次股东会的召集、召开程序， 出席会议人员资格、召集人资格，会议表决程序及表决结果是否符合相关法律、 法规以及《公司章程》《股东会议事规则》发表意见，不对会议审议的议案内容 以及该等议案所表述的事实或数据的真实性和准确性发表意见。 根据相关法律、法规的要求，按照律师行业公认的业务标准、道德规范和勤 1 北京德恒（杭州）律师事务所 关于上海真兰仪表科技股份有限公司 2025 年第二次临时股东会的法律意见书 勉尽责精神，本所律师出具如下意见： 一、股东会的召 ...

上海真兰仪表科技股份有限公司 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 一、重要提示 1.本次股东会采取现场投票与网络投票相结合的方式。 2.本次股东会没有增加、否决或变更议案。 二、会议召开情况 1.召开时间：2025年9月10日下午3:00 2.股权登记日：2025年9月4日 证券代码：301303 证券简称：真兰仪表 公告编号：2025-046 通过现场和网络投票的股东 165 人，代表股份 307,981,227 股，占公司有表 决权股份总数的 75.3379％。 其中：通过现场投票的股东 8 人，代表股份 116,236,813 股，占公司有表决 权股份总数的 28.4337％。 通过网络投票的股东 157 人，代表股份 191,744,414 股，占公司有表决权股 份总数的 46.9042％。 中小股东出席的总体情况： 3.现场会议召开地点：上海市青浦区崧达路800号702会议室 4.会议召集人：公司董事会 5.会议主持人：董事长李诗华 6.会议召开方式：采取现场投票与网络投票相结合的方式。现场会议于2 ...

Group 1: Company Overview and Market Position - The company, Shanghai Zhenlan Instrument Technology Co., Ltd., reported a 40% revenue growth in overseas markets, covering over 60 countries and regions [2] - The company’s traditional instrument business remains a cornerstone, with a focus on "technology patenting, product globalization" to enhance market share [5] - The automotive parts business saw a remarkable 110% year-on-year revenue growth, indicating strong market demand [10] Group 2: Product Certifications and Innovations - The company’s products, including gas meters and flow meters, have received multiple certifications such as EU EN1359, MID, and OIML R137, exceeding national and European standards [3] - The development of smart gas meters based on various communication technologies has been recognized with EU EN16314 certification [3] Group 3: Digital Transformation and Efficiency - The smart gas and water management systems have significantly reduced operational costs and improved response times for clients [4] - The implementation of a digital factory and MES quality tracking system has led to shorter production cycles and improved product quality [6] Group 4: Financial Performance and Profitability - In the first half of 2025, the company reported a revenue growth of 26.74%, while net profit growth was only 13.69%, leading to a decline in net profit margin by 9.53% [11] - The decrease in net profit margin was primarily due to a reduction in government subsidies and non-recurring gains [11] Group 5: Strategic Development and Future Plans - The company aims to balance short-term performance with long-term strategic planning to ensure sustainable growth [5] - Future plans include expanding the automotive parts business while maintaining a strong focus on core measurement instrument operations [10]

Core Viewpoint - The company is expanding into the automotive parts industry, leveraging its existing capabilities and strategic location to drive growth and diversify its business [1][2]. Group 1: Business Strategy - The company has chosen to enter the automotive parts sector due to several considerations, including industrial synergy and resource reuse, as it has a comprehensive business development model in the gas meter field [1]. - The automotive parts business serves as a new growth curve, helping to mitigate risks associated with reliance on a single industry while utilizing accumulated technological capabilities and manufacturing advantages [1]. - The company is located in the Yangtze River Delta, an automotive industry cluster, which provides a geographical advantage for expanding its automotive parts business [1]. Group 2: Product and Market Development - The company has established automotive parts manufacturing projects in the Yangtze River Delta and Chang-Zhu-Tan regions, directly or indirectly supporting local automotive manufacturers [2]. - Key products include automotive exterior components such as bumpers, spoilers, door interior panels, multi-color injection molded headlights, and precision stamping and welding structural parts [2]. - In 2025 and beyond, the company plans to expand its business based on the automotive parts production capacity already established in Zhuzhou and Wuhu [2].

Core Viewpoint - The company has achieved a 40% revenue growth in overseas markets and is currently covering over 60 countries and regions, with strategic plans to maintain this rapid growth through global expansion and building technical certification barriers [1][2]. Group 1: Overseas Market Strategy - The company's overseas strategy focuses on deepening regional business and constructing technical certification barriers, leveraging the century-old brand advantage of ZENNER in Germany [1]. - The company aims to enhance cooperation with countries along the "Belt and Road" initiative and explore new models for international metrology cooperation [2]. Group 2: Product Certifications and Innovations - The company has obtained multiple certifications for its products, including EU EN1359, EN12480, MID certifications, and OIML R137, with product indicators exceeding national and European standards [2]. - The company is investing in R&D for smart gas meters based on various communication technologies such as NB-IoT, GPRS, LoRaWAN, and NFC, which have also received EU EN16314 certification and international IEC and ATEX certifications [2]. Group 3: Company Background - Established in 2011, the company is recognized as a national-level specialized and innovative "little giant" enterprise, a high-tech enterprise, and a 5G smart factory in Shanghai, with a comprehensive product range in gas metering instruments [2].

Core Viewpoint - The company is addressing intensified competition in the gas meter market by enhancing its supply chain and forming strategic partnerships with major gas companies to increase market share [1] Group 1: Market Competition and Strategy - The company is focusing on deepening its supply chain system and leveraging its advantages in self-production across the entire industry chain to reduce costs and improve efficiency [1] - The company is exploring joint ventures and strategic collaborations with large gas companies to further enhance its market presence [1] Group 2: Long-term Growth and Sustainability - The company's traditional meter business is considered the cornerstone of its operations, and it aims to maintain its leading position in the industry through a strategy of "technology patenting, product patenting, and product globalization" [1] - The company plans to diversify its growth by expanding into water meters, automotive, and ultrasonic businesses, which will serve as a second growth curve to create greater value for shareholders [1] Group 3: Company Background - Established in 2011, the company is recognized as a national-level specialized and innovative "little giant," a high-tech enterprise, and a 5G smart factory in Shanghai [1] - The company's main products are gas metering instruments, with a comprehensive product range [1]