分业务看，报告期内，电智能计量解决方案(电AMI)业务营业额同比增长30%至18.8亿元，通信及流体 智能计量解决方案业务营业额达12.99亿元，同比增长13%，智能配用电系统及解决方案(ADO)业务营业 额为12.1亿元，同比增长6%。 值得关注的是，威胜控股ADO业务来自海外市场的中标金额大幅提升至4.79亿元，同比显著增长 706%，主要得益于集团在数据中心行业与海外核心客户建立深度战略合作，上半年取得近3.73亿元合 同订单。 8月26日午间，威胜控股(03393.HK)公布2025年中期业绩。报告期内，集团营收达43.9亿元(人民币，下 同)，同比增长17%；纯利同比大幅上升33%至4.4亿元；每股基本盈利44.5分，同比增长33%。 报告称，集团业绩增长主要受益于AI技术发展及数据中心需求增长，以及"物联网+芯片+人工智能"技 术布局的深化，三大核心业务板块均保持稳定增长。 在国内市场，威胜控股持续巩固行业领先地位，附属公司威胜集团在国家电网上半年统一招标中获得合 约约为1.86亿元，市场份额排名行业第一。此外，集团在计量互感器产品实现首次中标，金额达1488万 元，产品多元化战略取得突破。国际业 ...

Group 1: Company Overview and Strategic Positioning - Weixing Intelligent aims to become an enabler of digital transformation in public utilities through a "smart terminal + system platform" dual-drive model [2] - The company offers a full range of products in the smart gas sector, addressing remote data transmission and safety control issues using IoT technology [2] - In the smart water sector, Weixing has developed high-end metering products that support pipeline leak monitoring, contributing to cost reduction and efficiency in water usage [2] Group 2: Product Innovations and Technological Advancements - Weixing's smart kitchen solution integrates advanced technologies such as 5G smart gateways and ultrasonic gas meters, focusing on gas safety with a real-time monitoring and automatic shut-off system [3] - The company has established a layered innovation system, investing heavily in basic research with nearly 300 R&D personnel, maintaining a leading position in the industry [4] - Weixing supports over 1,400 public utility companies with its smart gas cloud platform, transforming metering data into pipeline scheduling optimization solutions [4] Group 3: Competitive Defense Mechanisms - Weixing has built a three-tiered defense mechanism to ensure resilience: a talent mechanism attracting industry experts with over 30% of innovative talent, a unique management model for precise operations, and a proactive risk assessment framework [5] - The company emphasizes protecting the industry ecosystem to avoid vicious competition and focuses on creating incremental value [5] Group 4: Investor Relations and Communication Strategy - Weixing views investor relations management as a crucial bridge for value delivery, aiming for a highly transparent communication mechanism [6] - Future plans include regular investor engagement sessions to collect market feedback and create a "feedback-improvement" loop, alongside inviting investors to visit production facilities for deeper understanding [6]

Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held online on May 9, 2025 [4] - Participants included the company's chairman, board secretary, financial head, and sponsor representative [4] Group 2: Key Questions and Responses - The company reported a good order completion rate for 2024, with the conversion of orders to revenue influenced by customer demand and logistics [6] - In 2024, the company won bids for the State Grid's smart meter procurement projects, totaling 320 million yuan [6] - The company anticipates continued growth in its main business and plans to expand into Central Asia and the Middle East while consolidating its European market position [6] - The company has 150 patents as of December 31, 2024, including 49 invention patents [8] - As of the end of 2024, contract liabilities were 131 million yuan, down 15.39% year-on-year, while other current liabilities were 1.0266 million yuan, down 87.22% [8] - The company's revenue for 2024 was 2.933 billion yuan, a year-on-year increase of 15.02%, with inventory rising to 523 million yuan, up 27.12% [9] Group 3: Financial and Corporate Governance - The company plans to distribute a cash dividend of 15 yuan per 10 shares, pending shareholder approval [10] - As of March 31, 2025, the company had 24,661 shareholders [10] - The company has established a comprehensive performance evaluation and incentive mechanism for senior management, including a balanced scorecard approach [12] - The company has implemented an internal control system to ensure the accuracy and completeness of financial reporting [12] Group 4: Environmental and Social Responsibility - The company is committed to sustainable development and has disclosed its environmental management efforts in its social responsibility report [13]

Core Viewpoint - Chengdu Great Wall Development Technology Co., Ltd. (referred to as "Development Technology") has successfully listed on the Beijing Stock Exchange, marking a new development stage for the company in the smart metering sector [1] Company Overview - Development Technology focuses on the research, production, and sales of smart electric, water, and gas meters, as well as providing comprehensive services such as AMI system software [1] - The company aims to create an integrated smart energy management system solution, centered around smart electric meters, in response to the global energy transformation and dual carbon strategy [1] Historical Background - Development Technology is one of the earliest companies globally to engage in the research and deployment of smart electric meters, having collaborated with Italy's ENEL in 1998 to develop the first generation of smart meters with automatic reading capabilities [3] - The company has successfully introduced "Made in China" smart metering terminals to over 40 countries, particularly in developed European markets [3] Technological Innovation - The company holds 149 patents, including 48 invention patents, which solidify its leading position in the smart metering field and provide industry-leading products and services [4] - Development Technology has a rich reserve of platform design solutions that allow for rapid response to diverse market demands [4] Financial Performance - In 2023, Development Technology achieved a record high operating revenue of 2,549.78 million yuan and a net profit of 487.67 million yuan, reflecting stable growth in recent years [4] Market Adaptability - The company has developed numerous platform design solutions suitable for various application scenarios, enabling efficient design, production, and delivery in markets such as the Middle East, Central Asia, Southeast Asia, and South America [4] - Development Technology's products are compatible with offerings from over 30 mainstream manufacturers of electric, water, and gas meters, showcasing strong product integration capabilities [4] Communication Solutions - The company's products support multiple communication technologies, including PLC/RF/3G/4G/NB-IoT/Cat-M, meeting the communication needs of most countries and regions [5] - Development Technology has obtained over 200 globally applicable certifications in the communication field, further reinforcing its leading position in smart metering [5] Quality Control - The company has established a high-standard professional testing laboratory recognized by CNAS to rigorously verify and test product reliability [5] - Development Technology has achieved various quality management certifications, including ISO quality management, ISO energy management, and ISO environmental management, ensuring product quality stability and reliability [5]

Investment Rating - The report maintains a "Buy" rating for companies involved in brain-computer interface technology, indicating strong potential for growth and investment opportunities [5][6]. Core Insights - The invasive technology breakthroughs are expected to enhance consumer and medical rehabilitation market awareness of brain-computer interface technology, with significant advancements anticipated in 2025 [5]. - Non-invasive brain-computer interface products are likely to accelerate commercialization, presenting further investment opportunities [5]. - The report suggests focusing on companies that are leading in the brain-computer interface technology space, such as Sihuan Pharmaceutical, Yanshan Technology, Sanbo Brain Science, Chengyitong, Innovation Medical, and Dineike [5][6]. Summary by Sections Macro Strategy - The ZEW investor expectations index in Germany surged to its highest level in two years, reaching 51.6, significantly above market expectations [25]. - The report highlights the expansion of fiscal spending in Germany amidst legislative discussions aimed at overcoming the debt brake mechanism [25]. Fixed Income - The current yield spread for high-yield Chinese dollar city investment bonds is 313 basis points, while investment-grade bonds stand at 86 basis points, both at historically low levels [26][30]. - High-yield bonds are seen as having more room for spread compression compared to investment-grade bonds, making them attractive in a low-interest-rate environment [26][30]. Industry Analysis - The report emphasizes the importance of the environmental equipment manufacturing industry, with a focus on promoting high-quality development and the transition towards green, low-carbon, and circular economies [8]. - Companies like Weiming Environmental and Wangneng Environment are highlighted for their strategic initiatives and confidence in future growth [8].