Core Viewpoint - Suzhou Langsheng Scientific Instrument Co., Ltd. has emerged as a significant player in the field of spectroscopic instruments through technological innovation, starting with handheld X-ray fluorescence spectrometers and expanding into various portable analytical instruments widely used in environmental protection, petrochemicals, and scientific research, thereby promoting the development of domestic scientific instruments [2][5]. Group 1: Company Development - Founded in 2012, Langsheng initially targeted the market with handheld X-ray fluorescence spectrometers (XRF) amidst a landscape dominated by international giants [5]. - The company adopted a "low-key and pragmatic" craftsmanship spirit, focusing on breakthroughs in specific scenarios due to the technological gap in core algorithms and detectors in domestic instruments [5]. - In 2014, Langsheng developed the Super-FP algorithm, enhancing the precision of XRF quantitative analysis with advanced mathematical models [5]. - The year 2018 marked the launch of a portable oil analysis instrument that quickly and accurately detects sulfur content in oil, gaining widespread recognition in the maritime system [5][6]. Group 2: Technological Innovations - In 2021, Langsheng introduced the first domestic portable X-ray diffraction instrument, "YingSHINE," filling a gap in the domestic market and enhancing its technical advantages in X-ray crystallography [6]. - The company is set to launch the first domestic portable total reflection X-ray fluorescence spectrometer (TXRF) in 2024, marking a significant breakthrough in trace element analysis technology [6]. - Over the years, Langsheng has developed multiple products, including portable X-ray fluorescence-Raman combined instruments and desktop X-ray diffraction instruments, which have received nominations for industry awards, reflecting their trust and recognition in the scientific instrument sector [6][13]. Group 3: Strategic Transition - Langsheng is transitioning from a device manufacturer to a multi-technology platform solution provider, driven by continuous technological investment and team expansion, with the team size exceeding 100 by 2025 [13]. - The company has adopted a differentiated path of "scene-defined technology" rather than merely pursuing parameter replacement, focusing on specific application areas such as metal materials, environmental protection, and petrochemicals [14]. - Langsheng's technological achievements have been deeply integrated into environmental law enforcement, industrial quality control, and scientific innovation, continuously driving improvements in detection efficiency [14].

Core Viewpoint - The article discusses the recent institutional research conducted on Steel Research Nake, highlighting its national testing base layout, service coverage capabilities, advantages in instrument business, growth drivers for testing and instrument sectors, and shareholder return policies [1][2]. Company Overview - Steel Research Nake is an innovative enterprise specializing in the research, development, and application of metal material testing technology. The company offers services including testing services, analytical instruments, standard materials, capability verification services, corrosion protection engineering, and other extended testing services. Its applications span various industries such as steel, metallurgy, aerospace, nuclear power, and food [3]. Financial Performance - As of 2024, the company achieved a revenue of 1,097.67 million yuan, a year-on-year increase of 15.60%. The net profit attributable to shareholders was 145.02 million yuan, up 15.37% year-on-year. Basic earnings per share were 0.3861 yuan, reflecting a 15.25% increase. By March 31, 2025, the revenue reached 219.06 million yuan, a 7.18% increase year-on-year, with a net profit of 16.08 million yuan, up 33.28% year-on-year, and basic earnings per share of 0.0428 yuan, a 32.10% increase [4]. Testing Base Layout - The company has strategically laid out national testing bases in cities such as Beijing, Kunshan, Chengdu, Shenyang, Qingdao, Xi'an, Zhuozhou, and Zhuzhou, effectively meeting customer needs based on their distribution characteristics [5]. Instrument Business Advantages - The company’s instrument products cover over 60 types across eight categories, including atomic emission spectroscopy, mass spectrometry, gas analysis, and mechanical performance testing. Notable products include the spark direct reading spectrometer, which has won national awards, and the company leads in sales within the industry [6]. Market Opportunities - The domestic instrument industry is experiencing significant growth potential, driven by complex international conditions that accelerate the domestic replacement process, providing more opportunities for local scientific instrument manufacturers [7]. Future Development Directions - The company aims to enhance its testing and instrument businesses by exploring additional testing needs beyond metal materials, improving management efficiency, and increasing automation. In the instrument sector, the focus will be on improving product quality and expanding market share in high-end scientific instruments [8]. Growth Drivers - The growth of the company is supported by the rapid development of new materials in China and increasing demand for testing in key sectors such as aerospace and nuclear power. The scientific instrument sector is also benefiting from favorable policies, leading to accelerated domestic production [9]. Business Focus Areas - The company is focusing its testing business on high-demand areas such as aerospace and nuclear power, while also expanding into other material testing sectors, maintaining its competitive edge in metal material testing [10]. Shareholder Return Policy - The company emphasizes market value management and shareholder returns, maintaining a cash dividend policy where the proportion of cash dividends to net profit has consistently exceeded 30% in recent years [11].