Group 1 - The core transaction of Zhenlan Instrument on September 3 involved 676,000 shares traded, with a total transaction value of 11.03 million yuan, accounting for 17.95% of the total trading volume for that day [1][2] - The transaction price was 16.32 yuan per share, which remained unchanged compared to the market closing price of 16.32 yuan [1][2] - The buyer was Huafu Securities, while the seller was Everbright Securities, indicating active participation from notable brokerage firms [2]

Summary of the Conference Call Company Overview - The company is a leading manufacturer of gas meters and flow meters in China, with production bases in Shanghai and Wuhu, and an annual production capacity exceeding 10 million units, employing over 2,000 people and holding more than 700 intellectual property rights [2][3][4] - Established in 2011 and listed on the Shenzhen Stock Exchange's Growth Enterprise Market in February 2023, raising approximately 2 billion RMB through an IPO [3][5] - The company has a comprehensive industrial chain layout, covering mold development, component manufacturing, software development, and automated assembly, significantly reducing costs and enhancing gross margins, which exceeded 40% as of mid-2025 [2][7] Financial Performance - From 2018 to 2024, revenue grew from 448 million RMB to 1.501 billion RMB, with a compound annual growth rate (CAGR) of 22%, while profit increased from 93 million RMB to 321 million RMB, with a CAGR of 20% [12][13] - The company expects a revenue growth of 25% to 30% and a profit growth of approximately 20% for the full year of 2025 [33] Product and Market Development - The product matrix includes gas meters (including smart and ultrasonic types) and flow meters, with the company entering the water meter business in 2024 [6][4] - The company has established four R&D centers in Shanghai, Beijing, Xi'an, and Hangzhou, focusing on different technological fields and holding over 700 intellectual property rights [8][19] - The company has received certifications for its gas meter products from Australia and Peru, highlighting product durability and technical strength [9] Market Position and Customer Base - The company has over 2,000 domestic customers, including major gas groups, and has established joint ventures to stabilize sales channels [10] - In 2024, the company exported products to 60 countries, with overseas revenue growing nearly 62% year-over-year [11][4] Strategic Initiatives - The company plans to enhance its overseas market penetration and local production in mature regions, leveraging the Cinder brand for international expansion [14][16] - The company is also diversifying into water meters and automotive parts, with the automotive parts project expected to start production by the end of 2025 [4][21] Challenges and Future Outlook - The gas meter industry has stable downstream demand, with a replacement cycle of approximately 10 years, driven by safety regulations and technological upgrades [15] - The company faces challenges in increasing overseas market penetration, with varying price sensitivities among international customers [16][17] - The automotive parts business has lower gross margins, but the company aims to replicate its successful gas meter production model to improve profitability [26] Additional Insights - The company is considering employee stock ownership plans to retain talent and align interests [27] - The company has significant accounts receivable, but risks are manageable due to strong credit management among major clients [31] - The company is exploring new business areas, including robotics, while continuing to expand its water meter and automotive parts businesses [35]

特此公告。 上海真兰仪表科技股份有限公司 董事会 证券代码：301303 证券简称：真兰仪表 公告编号：2025-045 上海真兰仪表科技股份有限公司 关于 2025 年半年度网上业绩说明会的公告 上海真兰仪表科技股份有限公司（以下简称"公司"）于2025年8月26日披露 了《2025年半年度报告摘要》和《2025年半年度报告》。为便于广大投资者更深 入全面地了解公司情况，进一步加强与投资者的沟通，公司拟定于2025年9月4 日15:00-16:00在全景网举办2025年半年度业绩说明会，本次业绩说明会将采用网 络 远 程 的 方 式 举 行 ， 投 资 者 可 登 录 全 景 网 " 投 资 者 关 系 互 动 平 台 " （https://ir.p5w.net）参与本次业绩说明会。 出席本次业绩说明会的人员有：公司董事长、总裁李诗华先生；独立董事汤 贵宝先生；财务总监徐斌先生；副总裁、董事会秘书王文军先生。 为充分尊重广大投资者，提升交流的针对性与质量，现就公司2025年半年度 网上业绩说明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投 资者可于2025年9月4日12:00前将关注问题通过ht ...

Group 1 - The report aims to summarize important in-depth reports, significant commentary, and marginal changes within the macro strategy team of large manufacturing [1] - Key companies highlighted include Shanghai Yanpu, Honghe Precision, Zhenlan Instrument, Zhejiang Rongtai, Sany Heavy Industry, China Shipbuilding, Huace Testing, Xugong Machinery, Hangcha Group, Yaxing Anchor Chain, Robotech, Juxing Technology, Yadea Holdings, Aima Technology, Hongdu Aviation, Zhongji United, and BGI [2][3] Group 2 - The mechanical equipment sector emphasizes investment opportunities in leading engineering machinery companies, with a continuous push for humanoid robots and overseas expansion [4] - As of August 22, 2025, the best-performing indices in the large manufacturing sector included the Sci-Tech Innovation 50 (+13%), the Semiconductor Index (+12%), and the ChiNext Index (+6%) [5][21] Group 3 - Zhongji United's mid-year report met expectations, with a 87% year-on-year increase in net profit attributable to shareholders for the first half of 2025 [8] - The company has significantly improved its profitability, with a sales net profit margin increasing by 8 percentage points year-on-year in Q2 2025 [8] - The wind power sector is experiencing high demand, with domestic wind power installations expected to reach approximately 105-115 GW in 2025, indicating a strong growth trajectory [9] Group 4 - Jinwo Co. reported a 94% year-on-year increase in net profit for the first half of 2025, driven by growth in its screw and insulation shaft sleeve segments [9] - The company is focusing on upgrading production capacity and enhancing its international layout through a planned fundraising of up to 950 million yuan [9] - The humanoid robot industry is anticipated to explode, with the market expected to grow significantly, driving demand for high-precision CNC machine tools [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported strong performance in the first half of 2025, with revenue growth driven by a 40% increase in exports and a 110% increase in automotive parts [1] - The revenue for H1 2025 reached 770 million yuan, a year-on-year increase of 27%, with net profit attributable to shareholders at 147 million yuan, up 14% year-on-year [1] - The company is expanding into new business areas, including water meters and automotive parts, to create additional growth curves [4][5] Revenue Structure - In H1 2025, the revenue breakdown showed that instrument and meter revenue was 710 million yuan (92% of total revenue), automotive parts revenue was 29 million yuan (4%), and other business revenue was 31 million yuan (4%) [1] - The company achieved domestic and overseas revenue of 650 million yuan and 120 million yuan, respectively, with year-on-year growth of 25% and 40% [1] Profitability Analysis - The gross margin for H1 2025 was 40.5%, a slight decline of 0.18 percentage points year-on-year, while the net margin was 19.7%, down 2.1 percentage points year-on-year [2] - In Q2 2025, the company reported a gross margin of 40.3%, with a year-on-year increase of 1.2 percentage points [3] Future Growth Prospects - The company is focusing on developing its proprietary ultrasonic gas meter technology to enhance its competitive edge and profitability [4] - The automotive parts business is expected to grow rapidly, supported by production bases in Zhuzhou and Wuhu, catering to major automotive clients [5] - Revenue projections for 2025-2027 indicate a compound annual growth rate (CAGR) of 20% for revenue and 15% for net profit [9]

Group 1 - The stock price of Zhenlan Instrument is 17.83 yuan, down 0.29 yuan or 1.60% from the previous trading day, with a trading volume of 58,088 hands and a transaction amount of 105 million yuan [1] - Zhenlan Instrument operates in the instrumentation industry, focusing on gas metering and water metering management, actively leveraging IoT and 5G technologies to enhance public sector applications [1] - In the first half of 2025, the company reported revenue of 770 million yuan, a year-on-year increase of 26.74%, and a net profit attributable to shareholders of 147 million yuan, up 13.69% year-on-year [1] Group 2 - The company plans to distribute 1 yuan for every 10 shares to all shareholders [1] - Research and development expenses amounted to 54.06 million yuan, representing 7.02% of total revenue [1] - The company's overseas business has expanded to cover over 60 countries and regions globally [1] Group 3 - On August 26, the net outflow of main funds was 7.7354 million yuan, accounting for 0.43% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds reached 33.543 million yuan, representing 1.85% of the circulating market value [1]

Core Viewpoint - The company reported strong financial performance in the first half of the year, with significant growth in revenue and profit, indicating robust operational resilience and enhanced core profitability [1] Financial Performance - The company achieved a revenue of 770 million yuan, representing a year-on-year increase of 26.74% [1] - The net profit attributable to the parent company was 147 million yuan, up 13.69% year-on-year [1] - The net profit excluding non-recurring items reached 116 million yuan, with a growth rate of 26.93% [1] - The company maintained a stable gross margin of 40.47% and a net margin of 19.69% [1] Market Position and Strategy - In the domestic market, the company accelerated cooperation with major gas groups such as Kunlun Energy and China Resources Gas, leading to a 25.65% year-on-year growth in the instrumentation industry revenue, which now accounts for over 91% of total revenue [1] - The company has established a stable customer base in over 60 countries and regions globally, leveraging international certifications and brand advantages [1] Research and Development - The company invested 7.02% of its revenue in R&D, amounting to over 54 million yuan, and established R&D centers in cities like Shanghai and Beijing [1] - New products such as ultrasonic smart gas and commercial intelligent solutions have been launched, receiving high recognition from international clients [1] Diversification Efforts - The company is accelerating its diversification strategy, with significant revenue growth in the automotive parts business, which serves as a new growth driver while mitigating risks associated with a single industry [1]

Core Insights - Zhenlan Instrument (301303.SZ) released its semi-annual report for 2025, indicating a total of 6 institutional investors holding shares, amounting to 158 million shares, which represents 38.53% of the total share capital [1] - The institutional holding ratio increased by 0.14 percentage points compared to the previous quarter [1] - One public fund, Pioneer Quantitative Preferred A, reported a slight decrease in holdings compared to the previous quarter [1]

Group 1 - The company reported total operating revenue of 770 million yuan, an increase of 162 million yuan compared to the same period last year, representing a year-on-year growth of 26.74% [1] - The net profit attributable to shareholders reached 147 million yuan, an increase of 17.74 million yuan compared to the same period last year, achieving a continuous increase for three years, with a year-on-year growth of 13.69% [1] - The net cash flow from operating activities was -40.59 million yuan [1] Group 2 - The company's latest debt-to-asset ratio is 23.11% [3] - The latest gross profit margin is 40.47% [3] - The latest return on equity (ROE) is 4.46%, an increase of 0.29 percentage points compared to the same period last year [3] Group 3 - The diluted earnings per share are 0.36 yuan, an increase of 0.04 yuan compared to the same period last year, achieving a continuous increase for two years, with a year-on-year growth of 12.50% [3] - The latest total asset turnover ratio is 0.18 times, an increase of 0.02 times compared to the same period last year, representing a year-on-year growth of 10.89% [3] - The latest inventory turnover ratio is 1.45 times, an increase of 0.07 times compared to the same period last year, representing a year-on-year growth of 4.89% [3] Group 4 - The number of shareholders is 21,000, with the top ten shareholders holding 305 million shares, accounting for 74.63% of the total share capital [3] - The largest shareholder is Zhenuo Measurement Instrument (Shanghai) Co., Ltd., holding 35.63% [3] - Other notable shareholders include Li Shihua (14.86%), Ren Haijun (7.20%), and Xu Ronghua (3.55%) [3]

Core Viewpoint - The company has proposed a cash dividend distribution plan for the first half of 2025, which is subject to approval at the upcoming shareholders' meeting [1][2]. Summary by Sections Profit Distribution Plan - The company reported a net profit attributable to shareholders of 1,048,182,971.38 yuan for the first half of 2025, with available profits for distribution amounting to 490,582,188.98 yuan as of June 30, 2025 [1]. - The proposed cash dividend is 1.00 yuan per 10 shares, totaling 40,880,000 yuan (including tax), with no stock dividends or bonus shares [2]. - The cash dividend represents 27.75% of the net profit attributable to shareholders for the year [2]. Justification for Cash Dividend - The proposed cash dividend plan complies with relevant laws and regulations, ensuring the company's normal operations and long-term development while considering the interests of investors [2]. - The plan aligns with the company's actual operating conditions and future development needs, balancing profit distribution and long-term shareholder returns [2]. Review Procedures and Opinions - The independent directors' meeting approved the profit distribution proposal, stating it reflects the company's financial status and growth potential, adhering to legal and regulatory requirements [3]. - The board of directors confirmed that the distribution plan aligns with the company's profit distribution policy and commitments made to shareholders [3]. - The supervisory board also agreed with the proposal, affirming it does not harm the interests of the company or its shareholders, particularly minority shareholders [3].