Core Viewpoint - The report outlines the differentiated dividend distribution plan of Youlide Technology (China) Co., Ltd., confirming compliance with relevant laws and regulations, and indicating that the plan does not harm the interests of the company and its shareholders [5]. Group 1: Reasons for Differentiated Dividend - The differentiated dividend is due to the company's decision to adjust the total cash dividend amount for the 2024 fiscal year, as announced on May 17, 2025 [1]. - The company has completed the registration of an additional 499,051 shares, increasing the total share capital from 111,281,997 shares to 111,781,048 shares [1]. Group 2: Dividend Distribution Plan - The company plans to distribute a cash dividend of 10.00 yuan (including tax) for every 10 shares held, resulting in a total cash dividend distribution of 111,036,148 yuan (including tax) [2]. - The actual number of shares participating in the profit distribution is 111,036,148 shares after excluding 744,900 shares held in the repurchase account [2]. Group 3: Calculation Basis for Dividend Distribution - The reference price for ex-dividend trading is calculated using the formula: (previous closing price - cash dividend) / (1 + change in circulating shares ratio) [3]. - With a closing price of 34.20 yuan on May 21, 2025, the calculated cash dividend per share is approximately 1.0 yuan, resulting in an ex-dividend reference price of 33.20 yuan per share [3][4]. - The impact of the differentiated dividend on the ex-dividend reference price is negligible, remaining below 1% [4]. Group 4: Sponsor Institution's Review Opinion - The sponsor institution, Changcheng Securities, confirms that the differentiated dividend distribution complies with the Company Law, Securities Law, and other relevant regulations, ensuring no harm to the interests of the company and its shareholders [5].

Core Viewpoint - The article highlights the contrasting trends in employee changes among 44 listed instrument companies in China for 2024, indicating a split between companies expanding their workforce and those reducing it due to revenue pressures [1][5][10]. Group 1: Overall Trends - The overall trend shows a slight increase in employee numbers among listed instrument companies, with 24 companies expanding their workforce compared to 20 companies reducing it [5][6]. - Mindray Medical leads with a total of 21,667 employees, reflecting a 20.08% increase, driven by international expansion and digital transformation [5][6]. - Nanwei Technology shows a significant employee increase of 56.60%, attributed to its acquisition of shares in Fuli Instruments and expansion in high-margin product lines [5][6]. Group 2: Employee Reductions - 20 companies experienced varying degrees of layoffs, with HeXin Instruments seeing a drastic reduction from 684 to 276 employees, a nearly 60% drop [6][10]. - Other companies with significant layoffs include Wanyi Technology, JuGuang Technology, and Blue Shield Technology, indicating a strong correlation between workforce adjustments and revenue pressures [6][10]. Group 3: R&D Investment - Mindray Medical not only leads in total employees but also has a R&D team of 5,259, accounting for nearly 25% of its workforce, with an 18.85% increase in R&D personnel [7][10]. - Nanwei Technology's R&D personnel increased by 37.14%, with R&D investment rising by 25.84%, reflecting its commitment to high-precision material development [7][10]. - Other companies like Puyuan Precision Electric and Sand Technology also reported over 10% increases in R&D personnel, indicating active investment in new technologies [7][10]. Group 4: Industry Cycle Reflection - The changes in personnel structure reflect the development stages of various sub-industries, with life science instrument companies facing downward pressure due to market demand shifts and cost-cutting policies [9][10]. - In contrast, optical instruments and environmental monitoring companies are more active, leveraging new business opportunities and technological breakthroughs [9][10]. - The ongoing competition for high-quality R&D talent is expected to intensify as companies respond to technological innovation and domestic substitution trends [10].

导读： 2024年国产仪器行业营收分化，头部企业如安图生物逆势增长，高分红拉大老板收入差距，出海战略成关键驱动力，环境监 测与工业过程领域面临挑战，成本压力加剧。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 在宏观经济增速换挡与产业升级并行的 2024 年，国产仪器行业整体营收呈现显著分化特征： 头部企业通过战略调整 实现逆势增长，部分领域则因市场收缩与成本压力陷入困境。 在此背景下，仪器信息网聚焦 15 家代表性企业，通过 分析其财务数据，从企业领导者收入情况入手，深入透视行业发展与企业治理的共性。 | | | | | | 2024年15家国产仪器老板收入表 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 单位: 万元 | | 排名 | 企业名称 | 姓名 | 电影 | 职位 | 2024收入 (新酬+分红) | 2024 新酬 | 2024 स्त्रहा | 2023收 入排名 | 收入 涨幅 | ...

Core Viewpoint - The article provides a comprehensive analysis of the revenue and profit per employee of 52 listed instrument companies in China for the year 2024, highlighting the disparities in operational efficiency and management capabilities within the industry [1][2]. Revenue Per Employee Ranking - The top company, Mindray Medical, achieved a revenue per employee of 1.94 million yuan, with total revenue of 36.73 billion yuan and 21,667 employees [4][7]. - Titan Technology and Meiya Optoelectronics follow with revenue per employee of 1.66 million yuan and 1.65 million yuan, respectively, indicating strong operational performance in their respective fields [4][7]. - A total of 10 companies reported revenue per employee exceeding 1 million yuan, showcasing their leading positions in technology innovation and market expansion [7]. - The overall average revenue per employee for the 52 companies is 770,000 yuan, suggesting significant room for improvement across the industry [7]. Profit Per Employee Ranking - Mindray Medical also leads in profit per employee with 620,000 yuan, reflecting its strong brand and diversified product matrix [10][13]. - Meiya Optoelectronics ranks second with a profit per employee of 460,000 yuan, demonstrating effective cost control and profitability [12][13]. - Notably, 9 companies reported negative profit per employee, indicating challenges in maintaining profitability amidst competitive pressures [13][14]. - The overall data reveals that only 3 companies have a profit per employee exceeding 300,000 yuan, highlighting the profitability challenges faced by the majority of listed instrument companies [14]. Industry Insights - The analysis indicates that many companies struggle with low revenue and profit per employee, emphasizing the need for enhanced operational efficiency and management practices [16]. - Companies are encouraged to invest in talent development, optimize product structures, and enhance research and development efforts to improve competitiveness [16]. - The article suggests that government and industry associations should play a role in fostering innovation and creating a fair competitive environment to support the growth of the instrument industry [16].

Core Viewpoint - The article emphasizes the challenges faced in domestic substitution of scientific instruments in China, including information fragmentation, high verification costs, and risk aversion among decision-makers. It highlights the services provided by the Instrument Information Network to assist users in efficiently and accurately selecting domestic instruments [1][2]. Group 1: Challenges in Domestic Substitution - The lack of reliable data and case studies raises doubts about the performance stability, long-term reliability, precision consistency, and application adaptability of domestic instruments compared to imported ones [3]. - High verification costs deter users from switching to domestic instruments, as the process involves significant investment, reconfiguration of experimental processes, and potential certification risks [3]. - Decision-makers often exhibit a risk-averse mentality, preferring well-known imported brands to avoid accountability in case of issues, which complicates the adoption of new domestic solutions [3]. Group 2: Solutions Offered by Instrument Information Network - The Instrument Information Network has created a comprehensive database of successful domestic instrument substitution cases, technical white papers, performance benchmarks, and user evaluations to provide critical information [4]. - A "Domestic Instrument Selection Database" has been launched, featuring 49,374 domestic scientific instruments across 295 categories, addressing the needs of various laboratory sectors [5]. - The network offers free trial opportunities for specific domestic instruments, facilitating user experience before purchase [7]. Group 3: Events and Community Engagement - The fourth Domestic Good Instruments Trial Offline Matching Conference was successfully held, featuring the release of the "Domestic Good Instruments Manual" and discussions on the development of domestic instruments [8]. - The network has engaged with nearly 100 user units and participated in around 300 vendor interactions, helping users connect with manufacturers for efficient procurement [17]. Group 4: Expert Consultation and Support - A team of experienced consultants provides one-on-one in-depth selection consulting services, tailored to specific application needs, budget constraints, and laboratory environments [10]. - The network acts as a connector, facilitating direct communication with key personnel from leading domestic manufacturers to address resource bottlenecks in major procurement projects [16]. Group 5: User-Centric Approach - The initiative "Domestic Good Instruments" aims to bridge the gap between users and reliable domestic products, enhancing the recognition and acceptance of domestic instruments [11]. - A compilation of 161 selected "Domestic Good Instruments" will be presented to government procurement departments and laboratories to promote independent procurement of domestic scientific instruments [13].

Core Points - The company announced a cash dividend of 0.275 yuan per share (including tax) for the fiscal year 2024, totaling 141,130,408.10 yuan (including tax) to be distributed among shareholders [1][2] Distribution Details - The record date for the dividend is June 23, 2025, with the ex-dividend date and payment date both set for June 24, 2025 [2] - The dividend distribution is based on a total share capital of 513,201,484 shares [1] Implementation Method - The cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited Shanghai Branch to shareholders registered by the record date [2] - Certain shareholders, including China Four Union Instrument Group Co., Ltd. and Chongqing Yufu Holding Group Co., Ltd., will receive dividends directly from the company [2] Taxation Information - For shares held over one year, the dividend income is exempt from individual income tax, resulting in a net cash dividend of 0.275 yuan per share [3] - For shares held within one year, the tax will be calculated upon the transfer of shares, with specific tax rates applied based on the holding period [3][4]

Group 1 - The private economy is a vital force in promoting Chinese-style modernization and is an important foundation for achieving high-quality development [1] - Private enterprises account for over 92% of the total number of enterprises in China, with more than 420,000 private high-tech enterprises, also exceeding 92% [1] - Focusing on core business and strengthening the real economy is an inherent requirement for high-quality development in the private sector [1] Group 2 - Ningxia Wuzhong Instrument Co., Ltd. has specialized in control valves for over 60 years, which are crucial for the safety, quality, and efficient operation of process industrial systems [2] - After initially losing direction post-IPO, the company refocused on control valves, leading to significant growth and becoming a "little giant" in the specialized and innovative sector [2] - The 2024 China Private Enterprises Top 500 report shows that manufacturing enterprises account for 66.4% of the list, indicating a continuous increase over three years [2] Group 3 - Guangzhou Mingluo Equipment Co., Ltd. has successfully developed its own assembly system for automotive manufacturing, previously dominated by foreign companies [3][4] - The company has updated its assembly system to the third generation and has entered markets in the US, Germany, and Japan [4] - Other companies like Shenzhen Keman Medical Equipment Co., Ltd. and Ningxia Xinjing New Materials Technology Co., Ltd. are also innovating in their respective fields, contributing to high-quality development [4] Group 4 - Dalian First Current Transformer Co., Ltd. is a leading player in the current transformer industry, focusing on talent development and innovation [5] - The company has achieved significant cost reductions in supply chain management and manufacturing through integrated data sharing [5] - The government is enhancing services to support private enterprises, exemplified by the streamlined processes for business registration and tax matters [6] Group 5 - The implementation of the Private Economy Promotion Law provides legal support for private enterprises to focus on their core business and strengthen the real economy [6] - The Ministry of Industry and Information Technology is committed to improving the business environment and supporting enterprises in their pursuit of high-quality development [6][7]

Core Viewpoint - The issuance of the "Opinions on the Innovative Development of Measurement in the Manufacturing Industry" by the Ministry of Industry and Information Technology marks a significant milestone in enhancing measurement capabilities for high-quality development in China's manufacturing sector [1][4]. Group 1: Key Objectives and Goals - The document outlines three main areas: strengthening effective supply of measurement in manufacturing, deepening application empowerment, and promoting innovation and upgrading in measurement [4]. - By 2027, the goal is to achieve significant progress in manufacturing measurement, including breakthroughs in over 100 key calibration technologies, revising over 300 industry calibration standards, and developing over 100 sets of measurement instruments and standard substances [4]. - The resilience and safety of the industrial supply chain will be significantly improved, with the aim of cultivating over 50 high-quality instrument enterprises and establishing over 10 high-level calibration service institutions [4]. Group 2: Specific Measures and Implementation - The "Opinions" propose specific measures focusing on emerging fields to address challenges such as "unmeasurable" and "inaccurate" measurements, utilizing methods like "ranking and challenging" to overcome key common technologies [5]. - On the supply side, there will be an acceleration in the research and development of high-end measurement instruments and standard substances, along with the improvement of measurement technical standards [5]. - The document emphasizes the need for enhanced organizational implementation, increased resource investment, industry guidance, and deepened international cooperation to ensure the effective execution of tasks [5].

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) aims to achieve over 100 breakthroughs in key measurement technologies, develop more than 100 sets of high-end measuring instruments, and cultivate over 50 quality enterprises in the instrument and meter sector by 2027, supporting the construction of a manufacturing powerhouse [2][4]. Group 1: Overall Requirements - The initiative is guided by Xi Jinping's thoughts and aims to enhance the innovation capability of manufacturing measurement, focusing on precision measurement and establishing a robust calibration service system [5]. - By 2027, significant progress is expected in manufacturing measurement, including breakthroughs in over 100 key calibration technologies and the establishment of a resilient supply chain [5]. Group 2: Strengthening Effective Supply of Measurement - Key common measurement technologies will be targeted for breakthroughs, particularly in emerging fields like quantum technology and artificial intelligence [7]. - Development of high-end measuring instruments will be accelerated, focusing on precision, integration, and intelligence [8]. - The development of standard substances will be prioritized across various key industries, enhancing quality and traceability [9]. Group 3: Deepening Measurement Application Empowerment - Innovative measurement service models will be supported, providing integrated solutions for enterprises to enhance precision measurement [13]. - Strengthening measurement verification services is essential, ensuring compliance with legal standards for measurement instruments [14]. - Establishing high-level measurement technical service institutions will be prioritized to meet manufacturing demands [15]. Group 4: Promoting Measurement Innovation and Upgrading - Advanced measurement management practices will be encouraged, integrating measurement management into enterprise operations [17]. - The development of high-end measurement capabilities will be promoted, enhancing service quality and responsiveness to precision measurement needs [18]. - The application of intelligent technologies in measurement will be emphasized, promoting digital transformation in the sector [19]. Group 5: Strengthening Support Measures - Organizational implementation will be enhanced, ensuring effective execution of existing policies supporting manufacturing measurement [21]. - Increased resource investment will be encouraged, supporting financing for measurement institutions and promoting capital investment in measurement technology [22]. - International cooperation will be fostered, enhancing global integration in measurement technology development [24].

Group 1: Overall Characteristics of B2B Industry - The B2B platform has become a crucial link for transactions between enterprises, driven by digitalization, with procurement demand concentrated in economically developed eastern coastal regions and traditional industrial clusters such as Guangdong, Shandong, Jiangsu, Hebei, and Henan [1] - Procurement decisions are characterized by rationality and professionalism, with product matching and enterprise reliability being core factors, while price-performance ratio and service guarantees are secondary considerations [1][23] - Procurement behavior shows a preference for online consultations followed by phone follow-ups, with online consultations being favored for their immediacy and efficiency, necessitating the establishment of a professional service response system [1][28] Group 2: Industry-Specific Analysis Mechanical Equipment Industry - Peak traffic periods are in March-April and July-September, aligning with the construction and sales seasons of engineering machinery, supported by policy and infrastructure funding [2] - Major procurement regions are concentrated in eastern coastal and central-western industrial provinces, with Guangdong, Shandong, and Jiangsu leading in traffic [2] Building Materials and Home Decoration Industry - Spring and autumn are peak seasons for material procurement due to favorable construction conditions, with demand concentrated in economically active and densely populated areas [3] - Key product demands include both industrial practicality and high-end decoration, with lighting fixtures, roofing materials, and commercial office furniture identified as opportunity categories [3] Chemical Energy Industry - Traffic peaks occur in March-April and July-September, influenced by energy demand and price cycles, with major demand in high-end manufacturing sectors such as electronics and pharmaceuticals [4] - Opportunity categories include chemical reagents and organic chemicals [4] Hardware and Electrical Equipment Industry - Demand peaks in spring and autumn due to construction and infrastructure projects, with coastal manufacturing provinces as primary demand sources [5][8] - Key opportunity categories include hardware accessories, electric tools, and manual tools [5] Metallurgical Steel Industry - Traffic peaks in March-April and July-September, driven by engineering commencement, equipment updates, and export preparations [6] - Opportunity categories include scrap metal, minerals, and special steel [6] Instrumentation Industry - Peak traffic occurs during summer due to equipment upgrades, with coastal regions leading and specialized instruments for environmental testing and life sciences identified as opportunity categories [7] Electronic Components Industry - Demand peaks in March-April and July-September, influenced by consumer electronics cycles and factory renovations, with Guangdong as the primary demand region [8] - Key opportunity categories include core components for industrial automation and new energy-related demands [8] Electrical Engineering Industry - Traffic peaks in March-April and July-September, driven by power investment and infrastructure cycles, with eastern regions leading and mid-western regions collaborating [8] - Opportunity categories include low and medium voltage electrical equipment, batteries, and industrial control systems [8]