数据来源：头豹研究所 这一增长趋势的背后是政策引导、技术进步等多方面因素的合力驱动。2024年3月，国务院发布《推动大规模设备 更新和消费品以旧换新行动方案》，方案中明确提到，推进各地自来水厂及加压调蓄供水设施设备升级改造，加 快推进城镇生活污水垃圾处理设施设备补短板、强弱项，推动地下管网、桥梁隧道、窨井盖等城市生命线工程配 套物联智能感知设备建设。在2024年4月发布的《智慧水务技术标准》中，系统规定了智慧水务总体架构、关键模 块、信息安全、运维管理等多个技术层面的要求，为行业奠定基础标准。 政策的密集颁布为智慧水务企业打开了广阔的市场空间。老旧管网等项目的改造与完善不仅需要更换硬件设施， 更需要引入智能化的监测和管理系统，智慧水务的发展需要快速迭代的前沿技术作为支撑。 2024年，威派格研发投入1.15亿元，占营收比例9.28%，其中发明专利117项，为业务发展提供了坚实的技术基 础。2020-2024年，威派格累计投入约10亿元，持续聚焦智慧水务和智慧水厂等核心方向的技术研发与并购，推动 相关产品逐步成熟落地。在持续加大研发投入以提升产品标准化和实现技术迭代的同时，威派格进一步加强智慧 水务类产品的市场 ...

Core Viewpoint - The article highlights the significant advancements and innovations presented by KSB at the recent exhibition, emphasizing its commitment to sustainable solutions in the water industry and the integration of digital technologies into its product offerings [1][3][18]. Group 1: Product Innovations - KSB showcased a variety of high-quality products at the exhibition, with the MAMMOUTH product being a standout, addressing the technical gaps in the domestic high-end fluid equipment sector and demonstrating the resilience of "Made in China" in the global supply chain [3][5]. - The featured products, including gates, check valves, and ball valves, are designed for water transportation and treatment, effectively protecting pumps and pipelines from water hammer effects, and are characterized by their energy efficiency, reliability, and focus on environmental sustainability [5][16]. Group 2: Digital Transformation - KSB is actively embracing new technologies, integrating digital concepts into product development and manufacturing, showcasing its latest digital products that utilize advanced sensors, IoT, and big data analytics for remote monitoring, fault diagnosis, and efficiency assessments [7][11]. - The company aims to create a more interactive and intelligent visualization platform through the application of digital and intelligent technologies, enhancing decision-making and operational efficiency in water management [13][14]. Group 3: Commitment to Sustainability - KSB has been recognized as one of the "Top 100 Enterprises" at the China Environmental Expo, reflecting its long-standing commitment to sustainable development and social responsibility in the environmental water sector [14][18]. - The company is focused on achieving the national "dual carbon" goals, promoting a green and low-carbon transformation while providing high-quality, reliable products and comprehensive solutions to global customers [18].

2025年4月21日 - 23日， 在上海新国际博览中心盛大举行。作为 全球领先 的泵阀及系统解决方案服务商 ， 凯士比 展出众多前沿展品与创新成果，成为展会现场备受关 注的焦点。 凯士比 在水行业深耕多年，一直以来十分关注不同人群的需求，致力于为人们带来洁净水，提 供 可 持 续 的 解 决 方 案 。 此 次 展 会 ， 凯 士 比 展 示 了 多 款 高 品 质 产 品 ， 其 中 吸引了众多观众的目光，成为展会的明星展品之一，MAMMOUTH作为凯士 比在中国本土化战略的实践， 不仅填补了国内高端流体装备领域的技术空白，更彰显了"中国制 造"在全球产业链中的韧性 。 也是本次的重点展品，集合 切断 和 止回 两种功能，应用于水输送和水 处理以保护泵、水轮机和管线 免受水锤效应 ，在 电厂、大坝以及自来水厂 等领域有广泛应 用，运行稳定、可靠，使用寿命长。其他闸门、止回阀、球阀等展品也各具特色，充分展现了 凯士比在环保水务领域的全面解决方案能力 。这些产品不仅具备高效节能、稳定可靠的特点， 还特别注重环保和可持续发展，符合当下市场对绿色产品的需求。 尤其值得一提的是，在数字化浪潮的推动下，凯士比积极拥抱 ...

Core Viewpoint - Jiangnan Water's 2024 annual report shows significant growth in revenue and net profit, highlighting the company's focus on smart water management and urban water quality improvement [1][2] Financial Performance - The company's operating revenue reached 1.53 billion yuan, a year-on-year increase of 12.4% - The net profit attributable to shareholders was 402 million yuan, up 24.3% year-on-year - The net profit excluding non-recurring items was 404 million yuan, reflecting a 35.4% year-on-year increase [1] Business Operations - Jiangnan Water's main business includes the production and sale of tap water, drainage, and related water treatment services, along with engineering and drainage operations [1] - The company is actively involved in the construction of "zero-carbon water plants," focusing on carbon management, energy efficiency, clean energy utilization, and smart operations [1] Industry Trends - The development of smart water management is increasingly recognized as a key indicator of urban management intelligence, driven by policies promoting digital infrastructure and environmental protection [1] - The company is implementing a "Smart Water 2.0" plan, integrating IoT, big data, and AI to enhance operational capabilities and decision-making [2] Infrastructure Improvement - The company has successfully won bids for integrated operation and management projects for rainwater and sewage systems, addressing issues related to aging water supply networks [2] - Upgrading old pipelines is expected to reduce leakage, improve water quality stability, and lower energy consumption in urban water supply [2]

杭州山科智能科技股份有限公司于近日发布2024年年度报告，各项财务数据揭示了公司在过去一年中的 经营状况。报告期内，公司营业收入实现微增，然而净利润却出现下滑，经营活动产生的现金流量净额 更是大幅下降。以下将对公司年报中的关键财务指标进行详细解读。 营业收入：实现微幅增长 扣非每股收益为0.77元/股（计算得出），相比2023年也有所下降（假设2023年扣非每股收益按比例计 算约为0.87元/股）。扣非每股收益的下降进一步印证了公司主营业务盈利能力的减弱，公司需聚焦核 心业务，加强成本控制和市场拓展，提升主营业务的盈利水平，从而提高扣非每股收益。 费用：各项费用有不同变化销售费用：2024年销售费用为89,633,040.39元，较2023年的83,652,698.60元 增长了7.15%。销售费用的增加可能是公司为拓展市场、提升品牌知名度而加大了市场推广、营销人员 薪酬等方面的投入。虽然销售费用增长，但营业收入仅微幅增长，公司需关注销售费用投入的有效性， 确保费用增长能够带来相应的销售业绩提升。管理费用：管理费用为40,419,519.30元，比2023年的 36,016,976.16元增长了12.22%。 ...

Core Insights - The conference held by Ningbo Water Meter (Group) Co., Ltd. focused on industry development trends, company strategic planning, and digital innovation applications, gathering 30 distributors and 47 representatives [1][5]. Group 1: Company Strategy and Market Dynamics - The company president emphasized the importance of collaboration with distributors to navigate a complex market environment and highlighted the strong policy support expected in 2025, which will create more market opportunities [5]. - The vice president presented a report indicating the company's proactive response to external challenges by accelerating its transformation into a comprehensive smart water service solution provider [5][6]. - The sales director announced adjustments to the distributor incentive policy for 2025, aiming to build a fair, sustainable, and stable channel ecosystem to achieve high-quality development [5]. Group 2: Digital Transformation and Innovation - The operations director discussed the company's digital layout and the development of artificial intelligence, showcasing examples of digital construction [6]. - The quality and production vice director presented a theme on dual-driven quality and efficiency, illustrating the company's strategic transformation and achievements during the industry's restructuring phase [6][8]. Group 3: Product Development and Industry Integration - During the new product launch segment, various experts presented innovations in water meter technology, urban water supply network monitoring, long-distance water pipeline safety operations, and trenchless pipeline repair technology, demonstrating the company's comprehensive "hard technology + soft power" ecosystem [8]. - The chairman concluded the conference by reiterating the company's strategic focus for 2025 on internal strengthening, stabilizing core business, promoting integration, and empowering new energy, aiming for differentiated breakthroughs through leading technology products [9]. Group 4: Recognition and Collaboration - The conference recognized outstanding distributors with the "2024 Annual Contribution Award" for their resilience and value creation spirit amidst market challenges [12]. - The company organized site visits to production workshops and group discussions to enhance partners' understanding of the company's technical strength and quality control systems, aiming to improve market collaboration efficiency [14]. Group 5: Future Outlook - Positioned at the intersection of digital transformation and industry change, the company aims to foster a collaborative environment with distributors to reshape the value chain in the water metering industry, continuing to write a new chapter of mutual benefit and win-win cooperation [16].

Investment Rating - The report does not explicitly state an investment rating for the smart water industry in China Core Insights - The smart water industry in China is rapidly growing, driven by improved water quality standards, smart city construction, and the development of the digital economy. The market size is expected to grow from CNY 57.93 billion in 2024 to approximately CNY 136.84 billion by 2029, with a compound annual growth rate (CAGR) of 18.74% [3][4] - The high leakage rate in China's water supply network leads to significant water resource waste, making smart water solutions essential for addressing these issues [4][33] - The Chinese government is actively promoting the development of smart water management through various policies, including the "National Water Network Construction Plan," which aims to enhance the digital and intelligent management of water resources by 2035 [5][6][22] Summary by Sections Overview of the Smart Water Industry - Smart water management utilizes advanced information technology and IoT to manage, monitor, schedule, and operate water resources effectively. It encompasses various sectors, including smart water supply, wastewater treatment, and industrial water management [3][16] - The development of smart water in China has progressed through stages of automation, informatization, integration, and intelligence, with a strong emphasis on policy support during the "14th Five-Year Plan" [16][27] Industry Chain Analysis - The upstream of the smart water industry includes software (cloud computing, big data) and hardware (water meters, secondary supply equipment), while the midstream consists of solution providers, and the downstream includes applications in water plants, transportation, and supply [38][39] - The cost structure of smart water solutions is primarily composed of software (18.9%) and hardware (81.1%), with software costs varying based on customization, system features, and user numbers [45][43] Market Size - The market size for various segments of smart water in China is projected to grow significantly by 2029, with smart water plants expected to reach CNY 42.60 billion, smart water supply to CNY 83.70 billion, and smart water service systems to CNY 39.10 billion [7] Development Necessity - The necessity for smart water solutions is underscored by the high leakage rates in China's water supply networks, which not only waste resources but also increase operational costs and compromise water quality [33][4] - The steady increase in urban water supply volume, driven by population growth and infrastructure investment, is a key factor propelling the smart water market [35][37] Policy Support - The Chinese government has introduced numerous policies to support the development of smart water management, emphasizing the integration of digital technologies and the establishment of a comprehensive water network [22][24][25]

Core Insights - Company is a leading provider of smart water management solutions in China, focusing on enhancing water management through IoT, big data, cloud computing, and AI technologies [1][2] - The company has made significant achievements in the smart water sector, increasing R&D investment and establishing partnerships with various research institutions and enterprises [2] - The launch of the "Weipage River Map AI" platform aims to improve water management efficiency through AI technology, with applications in monitoring, supply network optimization, customer interaction, and water quality treatment [2][3] Business Development - The company’s business encompasses a full-chain solution from water source to tap, including water supply equipment, smart water platforms, modular water plants, and smart water meters [1] - Recent government policies promoting infrastructure upgrades in water supply and other sectors present substantial business opportunities for the company [2][3] Technology and Innovation - The smart water platform integrates cutting-edge technologies such as IoT, big data, AI, and digital twins to achieve comprehensive management from water source to end-user [3] - The company is committed to optimizing its platforms and increasing market share in the smart water industry [3] Market Expansion - The company is actively expanding into international markets, particularly in countries along the "Belt and Road" initiative, engaging in deep exchanges with potential overseas clients [3] Impact of Water Pricing - Recent increases in urban water prices have positively influenced the company’s business by driving demand for efficient water management solutions and encouraging water utilities to invest in smart technologies [3][4] Leakage Management - The company offers various measures to help water utilities reduce leakage, including smart monitoring, supply network optimization, and operational management systems [4]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company successfully completed the election of its ninth board of directors and supervisory board, appointing new senior management and committee members [2] - The company is actively promoting the application of artificial intelligence in smart water management, collaborating with major AI models to enhance its data management capabilities [2] - Local leaders have highly praised the company's focus on its core business and its achievements in digital transformation [3] Financial Performance Summary - The company has adjusted its revenue forecasts due to factors such as the downturn in real estate and tight local fiscal conditions, predicting revenues of approximately 1.346 billion, 1.706 billion, and 1.976 billion yuan for 2024, 2025, and 2026 respectively [4] - The forecasted net profit attributable to the parent company is approximately 48 million, 53 million, and 58 million yuan for the same years [4] - The company reported a revenue of 1.789 billion yuan in 2023, with a year-on-year growth rate of 15.1% [6] Key Financial Metrics - The company's earnings per share (EPS) is projected to be 0.24 yuan in 2024, 0.26 yuan in 2025, and 0.29 yuan in 2026 [6] - The price-to-earnings (P/E) ratio is expected to be 45.02 in 2024, 40.75 in 2025, and 37.19 in 2026 [6] - The return on equity (ROE) is forecasted to be 3.0% in 2024, 3.3% in 2025, and 3.5% in 2026 [6]

创业板风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业 融合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高 等特点，投资者面临较大的市场风险。投资者应充分了解创业板的投资风险 及本公司所披露的风险因素，审慎作出投资决定。 安徽舜禹水务股份有限公司 招股说明书 安徽舜禹水务股份有限公司 （AN HUI SHUN YU WATER CO.,LTD.） （安徽省合肥市长丰县双凤经济开发区淮南北路 8 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 安徽舜禹水务股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股 ...