Group 1 - The 2025 Zhejiang Province "National Science and Technology Activity Week" opened with a theme of "Building an Innovative Zhejiang, Leading a New Quality Future," showcasing nearly 200 cutting-edge technological achievements in fields such as artificial intelligence, life health, new materials, and new energy [1][2] - A highlight of the event is a device from Hangzhou Youlian Times Technology Co., which can create a 3D digital avatar of a person in just 5 minutes using 140 high-definition cameras [1][2] - The technology of "digital avatars" is being applied in various sectors including cultural tourism, higher education, the metaverse film industry, and immersive gaming experiences [2] Group 2 - The event also featured a snapshot thermal infrared hyperspectral video imager capable of capturing "gas photos" that include nine spectral information in milliseconds, identifying 117 common combustible and toxic gases [2] - This imaging technology, originally used in the aerospace field, has been successfully implemented in several large chemical enterprises for safety detection [2] - The event aims to promote science education and youth innovation, with various interactive installations and experiments to widely disseminate knowledge about medical technology [2]

Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 148.35 CNY based on a 70x PE for 2025 [6][9]. Core Insights - The company is a global provider of 3D visual digitalization solutions, focusing on both industrial and professional-grade markets. It has shown rapid revenue growth, with a CAGR of 37.9% from 2020 to 2024 [6][32]. - The global market for 3D visual products is expected to grow significantly, reaching 400 billion CNY by 2027, with a CAGR of 26.6% [8][12]. - The company has a strong R&D foundation, with a focus on self-developed core technologies, which positions it well for future growth [6][9]. Financial Summary - Total revenue is projected to grow from 333 million CNY in 2024 to 677 million CNY in 2027, with year-on-year growth rates of 22.4%, 26.5%, 26.9%, and 26.8% respectively [2][9]. - Net profit attributable to shareholders is expected to increase from 121 million CNY in 2024 to 209 million CNY in 2027, with growth rates of 5.5%, 19.6%, 19.8%, and 20.8% [2][9]. - The company maintains a gross margin above 75.5% since 2020, indicating strong profitability [32][34]. Market Position and Growth Drivers - The company operates in a rapidly expanding 3D digitalization market, with a significant focus on industrial applications, which accounted for 96% of its revenue in 2024 [6][8]. - The penetration of 3D visual products is increasing, with expectations for manual products to capture a larger market share by 2027 [8][12]. - The company has established a stable shareholding structure, with major shareholders holding 44.64% of the equity, ensuring consistent management [6][30]. Product Development and Innovation - The company has a robust product development cycle, introducing new products every 1-2 years, including innovations in handheld and automated 3D scanning technologies [14][15]. - R&D expenses have been maintained at around 18% of revenue, reflecting a commitment to innovation and technology advancement [34][41]. Industry Overview - The global 3D digitalization market was valued at 500.6 billion CNY in 2022, with expectations to grow significantly, driven by advancements in automation and machine vision technologies [8][12]. - The domestic market for machine vision is also expanding, with a projected CAGR of 17.5% from 2024 to 2028 [38][43].

Group 1 - Shandong is developing a modern shipbuilding and marine engineering industry system, aiming to cultivate a national advanced manufacturing cluster in Qingdao and Yantai [2] - The province is leveraging technological innovation to lead the development of new productive forces, with 26 provincial-level advanced manufacturing industry clusters focusing on strategic emerging industries such as commercial aerospace and new energy batteries [2][4] - The traditional industry of sweater manufacturing in Haiyang is transitioning to smart manufacturing, with over 90% of products exported overseas [3] Group 2 - Shandong is promoting the development of new energy and hydrogen energy industries, with significant advancements in hydrogen fuel cell technology and applications in urban construction and environmental protection [6] - The province's manufacturing sector is experiencing robust growth, with several industries, including electronics and chemicals, achieving double-digit growth in value added [5] - The establishment of a "fishing gear industry brain" in Weihai aims to enhance collaboration among small and medium-sized enterprises in the fishing tackle industry [8][9] Group 3 - Shandong's government is facilitating the development of the hydrogen energy industry by providing support in project approval and technology research, leading to a comprehensive hydrogen energy application landscape [6] - The province's focus on high-end, intelligent, and green manufacturing is evident in the completion of numerous technological upgrades and investments in industrial projects [4][7] - The establishment of a scientific instrument sharing service platform in Qingdao is aimed at enhancing collaboration and resource sharing among enterprises in the instrument and meter industry [9]

Group 1: Report Overview - The report is about a research on New Tian Technology in the instrument and meter industry on May 22, 2025 [1][2][17] Group 2: Research Details 1. Basic Research Information - Research object: New Tian Technology [17] - Industry: Instrument and meter [17] - Reception time: 2025 - 05 - 22 [17] - Company reception staff: Board Secretary Yang Dongling and Financial Controller Xu Wenliang [17] 2. Detailed Research Institutions - The reception objects include investors' online questions and others [20] 3. Investor Questions and Company Responses - **Dividend and rights confirmation**: The specific implementation of the company's 2024 annual equity distribution will be announced later [24] - **Market value management**: The company has not formulated a market value management system but has an investor - relations management department [24] - **Photovoltaic inverter R & D**: The photovoltaic inverter product is still in the R & D stage [24] - **Market share decline**: The company optimized its customer structure to manage cash - flow and reduce the risk of non - recovery of accounts receivable [25] - **Stock repurchase**: The company has implemented share repurchases in the past [25] - **Gas merger fund**: The company has no participation in a gas merger fund [25] - **Kent Electric's listing**: Kent currently has no plan to go public [25] - **Future performance growth points**: Future sales growth of smart water, heat, and agricultural water - saving products will positively impact the company's performance [25] - **Role in urban renewal**: The company's products are used in the intelligent management of public utilities and will benefit from the construction of smart cities [25][26] - **Q1 performance decline**: Q1 is usually a low - season for the company with a small proportion of annual sales [26]

Core Points - The document outlines the major investment management measures for Huizhong Instrument Co., Ltd. to regulate external investment activities and enhance economic efficiency while protecting shareholders' rights [1][2][3] Chapter 1: General Principles - The investment management measures apply to the company and its subsidiaries [1] - Major investment matters include both entity investments (such as establishing wholly-owned, controlling, or joint ventures) and financial investments (including securities, futures, and other derivative products) [1] Chapter 2: Responsibilities - The decision-making bodies for external investments are the shareholders' meeting, board of directors, and general manager, with no other departments or individuals authorized to make investment decisions [2] - The Strategic Committee of the board is responsible for researching investment directions, approving off-plan investment projects, and conducting dynamic supervision of major investment projects [2] Chapter 3: Investment Approval Authority - Investments meeting certain thresholds require approval from the shareholders' meeting, including transactions involving assets over 50% of the company's total audited assets or revenue exceeding 50% of the company's audited revenue [3][4] - Other investments can be approved by the board of directors if they meet specified criteria, such as transactions involving assets over 10% of total audited assets [4][5] Chapter 4: External Investment Management - External investment projects must undergo feasibility studies, including the preparation of project proposals and feasibility reports [6] - The feasibility study must be assessed by the company's functional departments or qualified consulting agencies [6] Chapter 5: Financial Investment Management - The company restricts securities investments, entrusted financial management, and derivative product investments, requiring board or shareholder approval for such activities [7] - Qualified financial institutions must be selected for entrusted financial management, with clear contracts outlining responsibilities [7] Chapter 6: Fixed Asset Investment Management - Major fixed asset investments must comply with national management requirements and undergo a similar approval process as other investments [8] Chapter 7: Investment Process Management - The company and its departments must track investment progress and report any significant risks or deviations from expected outcomes to management [8] - The board should regularly review the execution and effectiveness of major investment projects [8] Chapter 8: Supplementary Provisions - Any matters not covered by these measures will follow national laws and the company's articles of association [8] - The board of directors is responsible for interpreting these measures, which take effect upon approval by the shareholders' meeting [8]

Core Viewpoint - The document outlines the insider information management system of Huizhong Instrument Co., Ltd, emphasizing the importance of confidentiality and proper registration of individuals with access to insider information to ensure fair information disclosure in compliance with relevant laws and regulations [1][2][3]. Group 1: Insider Information Management - Insider information refers to non-public information that could significantly impact the company's operations, finances, or stock market prices, as defined by the Securities Law [3]. - The company must maintain a record of individuals who have access to insider information, including details such as their identity, relationship to the company, and the circumstances under which they gained access [5][6]. - The board of directors is responsible for ensuring the accuracy and completeness of the insider information registry, with the chairman and the board secretary being the primary accountable parties [2][4]. Group 2: Confidentiality Obligations - Individuals with access to insider information are required to keep such information confidential until it is publicly disclosed [3][10]. - The company must implement measures to limit the number of individuals who have access to insider information and ensure that all relevant parties are informed of their confidentiality obligations [9][10]. - Any breach of confidentiality or misuse of insider information for trading purposes may result in administrative and economic penalties imposed by the board of directors [10][11]. Group 3: Reporting and Disclosure - The company is obligated to report insider information to the Shenzhen Stock Exchange within five trading days after the public disclosure of such information [5][10]. - Major events that require reporting include significant asset restructuring, high ratio stock transfers, changes in control, and other events that could materially affect stock prices [10][11]. - The company must also maintain a record of the progress of significant matters, including key decision-making timelines and involved personnel, to ensure transparency and accountability [7][9].

汇中仪表股份有限公司 董事和高级管理人员持有本公司股份及其变动管理制度 汇中仪表股份有限公司 则》 《深圳证券交易所创业板股票上市规则》（以下简称"《创业板上市规则》"） 《深圳证券交易所上市公司自律监管指引第 10 号——股份变动管理》 董事和高级管理人员持有本公司股份 及其变动管理制度 第一章 总则 第一条 为加强对汇中仪表股份有限公司（以下简称"公司"或"本公司"） 董事、高级管理人员所持公司股份及其变动的管理，明确管理程序，根据《中华 人民共和国公司法》 （以下简称"《公司法》"） 《中华人民共和国证券法》 （以下简 称"《证券法》"） 《上市公司董事和高级管理人员所持本公司股份及其变动管理规 《深圳证券 交易所上市公司自律监管指引第 18 号——股东及董事、高级管理人员减持股份》 等有关法律、法规、规范性文件，特制定本制度。 第二条 本公司董事、高级管理人员和证券事务代表应当遵守本制度。 其所持本公司股份是指登记在其名下的所有本公司股份，从事融资融券交易 的，还包括记载在其信用账户内的本公司股份。 第三条 本公司董事、高级管理人员和证券事务代表在买卖本公司股票及其 衍生品种前，应当知悉《公司法》《证 ...

General Provisions - The company establishes this working system to improve corporate governance structure and standardize operations, based on relevant laws and regulations [1] Meeting Rules - The special meeting of independent directors must be attended by all independent directors, and one independent director is elected to convene and preside over the meeting [2] - Independent directors are required to hold at least one regular meeting annually, with notifications sent out 5 days in advance for regular meetings and 3 days for temporary meetings [2] - If an independent director cannot attend, they may delegate another independent director to represent them [2] - Meetings can be held in person, via communication methods (including video and phone), or a combination of both [2] - Voting in the special meeting is conducted on a one-vote-per-person basis, with various voting methods available [2] Special Powers and Responsibilities - Certain matters must be reviewed and approved by the special meeting before being submitted to the board of directors, including decisions made by the board regarding acquisitions [3] - Independent directors must obtain majority approval from the special meeting before exercising specific powers, such as hiring external consultants or proposing meetings [3] - The special meeting can also discuss other company matters as needed [3] Meeting Records and Confidentiality - Meeting records must be created, including details such as date, location, attendees, and voting results, and must be accurate and complete [4] - Independent directors are required to express their independent opinions during meetings, which should be clear and well-defined [4] - All materials provided to independent directors must be retained for at least ten years, and attendees have confidentiality obligations regarding the information discussed [4] Final Provisions - Any matters not covered by this working system will be governed by relevant national laws and regulations [5] - The working system will take effect upon approval by the board of directors [5]

Group 1: Company Performance and Financial Management - The company has not yet established a market value management system but has a dedicated investor relations department to maintain effective communication with investors [1] - The company has implemented share buybacks and cash dividends to enhance investor returns [1] - The company has optimized its customer structure to mitigate risks associated with accounts receivable [2] Group 2: Product Development and Market Position - The development of the photovoltaic inverter is still ongoing [1] - The company has faced declining market share in the water and gas meter industry due to competition, but is focusing on high-quality development [2] - Future performance growth is expected from smart water meters, electromagnetic flow meters, and the increasing sales of smart water management products [2][3] Group 3: Strategic Initiatives and Market Opportunities - The company’s products are integral to the digital transformation of urban infrastructure, aligning with national policies promoting smart city development [3] - The first quarter typically represents a low sales season, which affects annual revenue but is not indicative of overall performance [4]

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [1][14]. Core Views - The company has demonstrated strong revenue and profit growth, with a 2024 revenue of 3.606 billion yuan, up 23.15% year-on-year, and a net profit of 223 million yuan, up 130.67% year-on-year [5][6]. - The company is actively expanding into new sectors such as oil and gas, power generation, and e-commerce, which are expected to contribute to future growth [8][13]. - Digital transformation initiatives are enhancing management efficiency, with the implementation of the "Digital Xianheng 2.0" project [7][12]. Financial Performance - In 2024, the company achieved a gross margin of 29.65% and a net margin of 6.65%, with a notable increase in net margin compared to the previous year [7]. - For Q1 2025, the company reported a revenue of 640 million yuan, a 46.04% increase year-on-year, and a net profit of 21.57 million yuan, up 144.43% year-on-year [5][6]. - The company expects continued revenue growth, projecting net profits of 276 million yuan, 358 million yuan, and 461 million yuan for 2025, 2026, and 2027, respectively [14]. Market Position and Strategy - The company is positioned in the MRO (Maintenance, Repair, and Operations) market, which is transitioning towards centralized procurement, providing a favorable growth environment [13]. - The company has strengthened its market presence in the power grid sector while successfully entering new strategic industries [8][13]. - The company is enhancing its international brand recognition through participation in international exhibitions and expanding online channels [8]. Future Outlook - The company is expected to maintain a strong growth trajectory, with anticipated revenue growth rates of 23.1% for 2025 and 21.6% for 2026 [16]. - The report forecasts an improvement in gross margins as the company continues to optimize its operations and expand its product offerings [13][14].