Core Insights - The company, Zhenlan Instrument, reported that as of October 31, 2025, the total number of shareholders with credit accounts will reach 18,680 [2] Summary by Categories - **Company Information** - Zhenlan Instrument has provided an update regarding its shareholder structure, indicating a total of 18,680 shareholders with credit accounts by the specified date [2] - **Industry Context** - The information reflects the company's engagement with its investors and may indicate growth in shareholder interest within the industry [2]

证券代码：301303 证券简称：真兰仪表 公告编号：2025-051 公司于 2025 年 3 月 17 日召开的 2025 年第一次临时股东大会审议通过了以 上议案。 近日，公司使用闲置募集资金（含超募资金）在授权范围内购买的部分现金 管理产品已赎回并继续进行现金管理，现将有关事项公告如下： 序 号 购买 方 受托方 产品名称 产品类 型 金额（万 元） 购买日 到期日/赎 回日 实际收益 （万元） 1. 真兰 仪表 宁波银行 上海青浦 支行 2025 年单 位结构性 存款 72025021 67 号 保本浮 动型 1,000.00 2025.4.18 2025.10.20 9.97 一、本次使用闲置募集资金（含超募资金）进行现金管理赎回的情况 三、截至本公告日，公司前十二个月内使用超募资金及闲置募集资金进行 现金管理的情况 上海真兰仪表科技股份有限公司 关于闲置募集资金（含超募资金）进行现金管理赎回 并继续现金管理的公告 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"真兰仪表"）于 2025 年 2 月 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a record high revenue in Q3 2025, with a significant increase in gross margin [1] - For the first three quarters of 2025, revenue and net profit (excluding non-recurring items) grew by 22% year-on-year, with a gross margin increase of 0.7 percentage points to 41.4% [1] - The company is expanding into new business areas, including water meters and automotive parts, to create additional growth curves [2][3] Financial Performance Summary - In Q3 2025, the company achieved revenue of 480 million yuan, a year-on-year increase of 14% and a quarter-on-quarter increase of 10%, marking a new quarterly high [1] - The gross margin for Q3 2025 was 42.8%, up 2.0 percentage points year-on-year and 2.6 percentage points quarter-on-quarter [1] - The net profit margin for Q3 2025 was 21.9%, down 3.0 percentage points year-on-year but up 3.5 percentage points quarter-on-quarter [1] Business Expansion and Strategy - The company has a solid competitive advantage in the gas meter market due to its full industry chain model and self-developed ultrasonic gas meters [2] - The company is leveraging the "Zhenlan" brand to penetrate the domestic water meter market, with contracts signed with multiple water service clients [2] - The automotive parts manufacturing project in Zhuzhou is expected to rapidly scale up, serving major automotive clients [3] Earnings Forecast and Valuation - The company is projected to achieve revenues of 1.84 billion yuan, 2.23 billion yuan, and 2.66 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22.7%, 20.8%, and 19.3% [7] - The forecasted net profit for 2025 is 353 million yuan, with a year-on-year growth of 10.1% [9]

Core Insights - Zhenlan Instrument, established in November 2011, specializes in gas metering instruments and has a comprehensive production capability across the entire industry chain, leading the gas metering industry [1] Group 1: Financial Performance - In Q3 2025, Zhenlan Instrument reported revenue of 1.253 billion yuan, ranking 9th among 61 peers, with the industry leader, Chuan Yi Co., achieving 4.89 billion yuan [2] - The net profit for the same period was 257 million yuan, placing Zhenlan 3rd in the industry, behind Chuan Yi Co. and Keli Sensor [2] - The company's asset-liability ratio stood at 25.05%, lower than the industry average of 27.43%, indicating strong solvency [3] - The gross profit margin was 41.38%, slightly below the industry average of 43.50% [3] Group 2: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 3.62% to 18,600, while the average number of circulating A-shares held per shareholder increased by 3.76% to 5,481.99 [5] - Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 2.3578 million shares, an increase of 649,200 shares from the previous period [5] Group 3: Business Growth and Outlook - In H1 2025, Zhenlan's export revenue reached 120 million yuan, a year-on-year increase of 40.2%, with a gross margin improvement of 10.4 percentage points to 53.1% [5] - Domestic sales revenue was 650 million yuan, reflecting a year-on-year growth of 24.6% [5] - The company is expected to achieve revenues of 1.86 billion, 2.22 billion, and 2.63 billion yuan from 2025 to 2027, with year-on-year growth rates of 23.7%, 19.5%, and 18.6% respectively [5] - Projected net profits for the same period are 350 million, 410 million, and 470 million yuan, with growth rates of 10.0%, 17.3%, and 14.8% respectively [5] - Zhenlan's mid-2025 report highlighted strong performance in exports and new business growth, with a revenue increase of 27% year-on-year [6]

Core Viewpoint - Zhenlan Instrument (301303.SZ) reported its Q3 2025 results, highlighting a significant institutional investment presence with a total of 1.59 billion shares held by six institutional investors, representing 38.91% of the company's total equity [1] Institutional Investment - As of October 27, 2025, six institutional investors disclosed their holdings in Zhenlan Instrument, totaling 1.59 billion shares, which accounts for 38.91% of the total share capital [1] - The institutional holding percentage increased by 0.23 percentage points compared to the previous quarter [1] Public Fund Participation - In this reporting period, 47 public funds were disclosed, which were not reported in the previous quarter [1] - Notable public funds include Wanjiaguo Zheng 2000 ETF, Taiping Fengtai One-Year Open-End Bond Initiated Fund, and Huaxia Zhisheng New Star Stock A [1]

Core Viewpoint - The company, Shanghai Zhenlan Instrument Technology Co., Ltd., has released its third-quarter financial report for 2025, which has not been audited, and emphasizes the accuracy and completeness of the financial information provided by its board and management [1][2][5]. Financial Data Summary - The financial report indicates that there are no adjustments or restatements required for previous years' accounting data [3]. - The report confirms that there are no non-recurring profit and loss items applicable for the current period [3]. - The company has not experienced any significant changes in its major accounting data and financial indicators [3][4]. Shareholder Information - The report includes details about the total number of common shareholders and the status of the top ten shareholders, although specific figures are not provided [4]. - There are no changes reported in the shareholding structure of the top ten shareholders compared to the previous period [4]. Other Important Matters - The report states that the net profit of the merged entity prior to the merger was 0.00 yuan for both the current and previous periods [5]. - The company has not adopted any new accounting standards that would affect the financial statements for the current reporting period [5].

Group 1 - The core viewpoint of the article highlights that Zhenlan Instrument reported a third-quarter revenue of 483 million yuan, representing a year-on-year increase of 14.40% [1] - The net profit for the third quarter was 103 million yuan, showing a slight decline of 0.38% compared to the previous year [1] - For the first three quarters, the total revenue reached 1.253 billion yuan, which is a year-on-year growth of 21.68% [1] - The net profit for the first three quarters was 250 million yuan, reflecting a year-on-year increase of 7.46% [1]

Revenue and Profit - Q3 2025 revenue reached ¥483,337,898.46, an increase of 14.40% year-over-year, while year-to-date revenue totaled ¥1,253,197,797.55, up 21.68% compared to the same period last year[4] - Net profit attributable to shareholders was ¥102,625,602.09, a slight decrease of 0.38% year-over-year, with year-to-date net profit at ¥249,939,296.24, reflecting a 7.46% increase[4] - Total operating revenue for the period reached ¥1,253,197,797.55, an increase from ¥1,029,899,157.47 in the previous period, representing a growth of approximately 21.7%[17] - Net profit for the period was ¥257,302,264.14, compared to ¥237,487,403.02 in the prior period, reflecting an increase of approximately 8.3%[18] - Total comprehensive income for the period reached ¥257,302,264.14, an increase from ¥237,487,403.02 in the previous period, representing a growth of approximately 8.3%[19] Earnings Per Share - Basic and diluted earnings per share for Q3 2025 were both ¥0.25, down 0.38% from the previous year, while year-to-date earnings per share were ¥0.61, up 7.02%[4] - Basic and diluted earnings per share increased to ¥0.61 from ¥0.57, reflecting a growth of 7.0%[19] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥112,214,990.55, showing a significant increase of 259.50%[4] - Cash flow from operating activities generated ¥1,239,770,256.66, up from ¥881,392,070.47, indicating a significant increase of approximately 40.7%[20] - Cash inflow from investment activities totaled ¥1,818,898,637.68, compared to ¥1,530,092,499.33, marking an increase of about 18.9%[21] - Net cash flow from investment activities was ¥44,173,223.40, up from ¥32,942,331.98, showing an increase of approximately 34.2%[21] - Cash flow from financing activities resulted in a net outflow of ¥142,355,378.92, a decrease from a net inflow of ¥105,635,230.80 in the previous period[21] Assets and Liabilities - Total assets as of September 30, 2025, amounted to ¥4,564,477,725.58, representing a 6.71% increase from the end of the previous year[4] - Total current assets reached ¥2,708,541,265.97, up from ¥2,452,045,361.32, indicating an increase of approximately 10.5%[15] - Total liabilities increased to ¥1,143,416,581.47 from ¥966,974,236.07, reflecting a rise of about 18.3%[16] - The company's total assets grew to ¥4,564,477,725.58 from ¥4,277,423,565.40, representing an increase of approximately 6.7%[16] Operational Metrics - The company reported a significant increase in construction projects, with "in-progress construction" rising to ¥117,444,924.75, a 99.86% increase[8] - The company experienced a 52.18% decrease in receivables financing, attributed to the discounting of bank acceptance bills[8] - Long-term borrowings increased to ¥23,976,696.40, reflecting the company's strategy to secure additional financing[8] Expenses - Sales expenses increased by 49.52% to ¥149,755,872.48 due to higher employee compensation, service fees, and depreciation[9] - Financial expenses decreased by 91.59% to ¥490,806.68 primarily due to changes in exchange gains and losses[9] - Other income rose by 31.21% to ¥64,199,199.32, mainly from increased software tax refunds and VAT deductions[9] Shareholder Information - The total number of common shareholders at the end of the reporting period was 18,558[12] - The largest shareholder, Zhen Nuo Measurement Instrument (Shanghai) Co., Ltd., holds 35.63% of shares, totaling 145,635,000 shares[12]

Group 1 - The stock price of Zhenlan Instrument (301303) closed at 16.24 yuan on October 24, 2025, with no change, a turnover rate of 2.41%, a trading volume of 24,500 shares, and a transaction amount of 39.6899 million yuan [1] - The company primarily engages in the research, development, production, and sales of gas and water metering products and systems, and has also ventured into automotive parts, serving domestic car manufacturers [2] - The company does not directly participate in the marine economy sector, although its metering products may be applicable in industries related to marine oil and gas and coastal tourism [2] Group 2 - On October 24, the net outflow of main funds was 2.9818 million yuan, indicating a slight withdrawal by major investors, while retail and speculative funds saw a combined net inflow of 2.9818 million yuan, reflecting a positive market sentiment [2] - The breakdown of fund flows on October 24 shows a net outflow of 2.9818 million yuan from main funds, a net inflow of 1.6246 million yuan from speculative funds, and a net inflow of 1.3572 million yuan from retail investors [2]

Core Viewpoint - The company has decided to deregister its wholly-owned subsidiary, Changchun Lantai Intelligent Technology Co., Ltd., to optimize management structure and reduce operational costs, which will not materially affect the company's overall business development and profitability [1][2]. Group 1: Company Announcement - The company announced the deregistration of its subsidiary based on strategic adjustments and actual operational conditions [1]. - The deregistration was approved by the chairman and did not require board or shareholder approval [1]. - The deregistration does not involve related transactions or constitute a major asset restructuring as defined by regulations [1]. Group 2: Subsidiary Information - Changchun Lantai was established on February 7, 2024, with a registered capital of 50 million RMB [2]. - The subsidiary's business scope included technology services, manufacturing and sales of intelligent instruments, and various consulting services [2]. - The deregistration will change the scope of the company's consolidated financial statements, with Changchun Lantai no longer included [2]. Group 3: Impact on the Company - The deregistration will not have a substantial impact on the company's overall business development or profitability [2]. - There are no adverse effects on the interests of the listed company and its shareholders [2].