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]

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 ...