SANXING(SH:601567) Zheng Quan Shi Bao Wang·2025-12-01 11:39Core Insights - Samsung Medical has achieved significant breakthroughs in both domestic and international power equipment markets, with contracts signed for an Indonesian smart meter project worth 160 million RMB and a pre-bid for a State Grid procurement project estimated at 124 million RMB [1][2] Group 1: International Expansion - The subsidiary's success in securing the Indonesian smart meter contract is attributed to localized supply from its manufacturing base, enhancing cost advantages and responsiveness [1] - The company has been actively expanding its overseas distribution market, with notable achievements in Hungary and Romania expected by mid-2025 [1] - Samsung Medical is also establishing a production base in Kenya by July 2025 to support its business expansion in Africa [1] Group 2: Financial Performance - In the third quarter, Samsung Medical reported significant orders in various international projects, including 212 million RMB from the US Nexgrid smart meter framework and 419 million RMB from an Egyptian smart meter project [2] - The smart distribution and utilization business contributed 6.354 billion RMB in revenue for the first half of 2025, accounting for 79.7% of total revenue, with a year-on-year growth of 19.53% [2] - As of mid-2025, the total order backlog reached 17.632 billion RMB, reflecting an 18.39% year-on-year increase, with overseas distribution orders growing by 123.96% [3]