业务评价：公司去年的ROIC为3.19%，资本回报率不强。去年的净利率为3.48%，算上全部成本后，公 司产品或服务的附加值不高。从历史年报数据统计来看，公司上市以来中位数ROIC为25.83%，投资回 报也很好，其中最惨年份2024年的ROIC为3.19%，投资回报一般。公司历史上的财报相对良好（注：公 司上市时间不满10年，上市时间越长财务均分参考意义越大。）。 商业模式：公司业绩主要依靠研发及营销驱动。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示： 据证券之星公开数据整理，近期宁水集团（603700）发布2025年中报。截至本报告期末，公司营业总收 入7.06亿元，同比上升10.44%，归母净利润5363.38万元，同比上升76.83%。按单季度数据看，第二季 度营业总收入4.4亿元，同比上升13.4%，第二季度归母净利润2540.59万元，同比上升36.24%。本报告 期宁水集团公司应收账款体量较大，当期应收账款占最新年报归母净利润比达1606.21%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率21.39%，同比减7.5%，净利率7.59%，同比增 60.28%，销售费用、管理费用 ...

Group 1: Event Overview - The 7th China-Arab States Expo will be held in Yinchuan, Ningxia from August 28 to 31, 2025, focusing on innovation, green development, and prosperity [4][12] - The expo aims to enhance economic cooperation and expand collaboration in traditional fields such as trade, energy, and technology, while also exploring new areas like digital economy and artificial intelligence [4][12] Group 2: Participation and Scale - Over 7,600 guests from 75 countries and regions, along with more than 2,200 business associations and enterprises, are expected to attend, with total participation projected to reach 17,800 [4][12] - This event marks the first time all 22 Arab countries and all 31 provinces of China, including Xinjiang Production and Construction Corps, will participate [4][12] Group 3: Economic Cooperation - China has maintained its position as the largest trading partner for Arab countries, with trade volume reaching $407.4 billion in 2024, a 2.3% increase year-on-year [5][15] - The expo serves as a platform for Chinese companies to explore opportunities in Arab markets, with companies like Ningxia Longi Green Energy Instrument Co., Ltd. aiming to expand their presence in the region [5][15] Group 4: New Initiatives and Innovations - The expo will feature several firsts, including a "Green Electricity Application Zone," a new product release area, and an artificial intelligence exhibition, highlighting the focus on technological innovation and sustainable development [18] - Companies are showcasing advanced technologies, such as Shenzhen Elephant Antai Technology Co., Ltd.'s humanoid robots and Ningxia Natural Ecology Environmental Co., Ltd.'s container plant factory system, which aligns with the climate characteristics of Arab countries [18] Group 5: Regional Economic Development - Ningxia's trade with Arab countries has seen significant growth, with a total import and export value of 320 million yuan in the first seven months of the year, marking a 41.5% increase [20] - The region is leveraging the expo to strengthen cooperation in sectors like photovoltaic energy, new materials, and machinery manufacturing, enhancing the economic ties between China and Arab nations [20]

Group 1 - The seventh China-Arab States Expo was held in Yinchuan, focusing on cooperation in traditional fields like trade, energy, and technology, while also expanding into emerging areas such as digital economy and artificial intelligence [1][2] - The event attracted over 17,800 participants, including representatives from 75 countries and regions, showcasing its significant influence and appeal [1][3] - The UAE was the guest country, with its representatives expressing a desire to deepen cooperation with Ningxia and expand into more sectors [2] Group 2 - China has maintained its position as the largest trading partner of Arab countries, with a projected trade volume of $407.4 billion in 2024, marking a 2.3% increase year-on-year [3] - The expo provided opportunities for companies like Ningxia Longi Ningguang Instrument Co., Ltd. to explore the Arab market, indicating a shift from a domestic focus to international expansion [3][4] - The event highlighted the growing trade relations between China and Syria, with a focus on cultural heritage products and the potential for further collaboration [4] Group 3 - The expo introduced several firsts, including a green electricity application zone and an artificial intelligence exhibition, reflecting a new wave of cooperation in technology and sustainable practices [6] - Companies showcased innovative products, such as humanoid robots and advanced agricultural systems, aiming to enhance their international presence and explore new markets [6][7] - Ningxia's trade with Arab countries saw a significant increase, with a 41.5% rise in import and export value in the first seven months of the year [8]

Group 1 - The core viewpoint of the news highlights that Ning Shui Group is expanding its smart water solutions to enhance market share and create new growth points, despite facing challenges from the real estate downturn and local fiscal impacts [1] - In 2024, the overseas business revenue of Ning Shui Group is projected to be approximately 281 million yuan, accounting for 18.72% of total revenue, primarily through distribution channels with mechanical meters being the main product, while there are breakthroughs in smart meters in certain regions [1] - The company's U.S. business accounts for about 1.6% of its revenue, with limited impact from tariff policies [1] Group 2 - The industry is experiencing reduced demand due to the real estate downturn and local fiscal issues, but there remains incremental demand in rural water conservancy, urban water supply, and smart water sectors [1] - In the long term, industry development is expected to be driven by policy guidance, technological advancements, and demand upgrades, indicating a broad market space [1] - The company is actively pursuing external collaborations to enhance core competitiveness, focusing on mergers and acquisitions within the upstream and downstream industrial chain [1] Group 3 - Ning Shui Group is placing emphasis on value management and investor rights protection through a stable dividend policy and a focus on core business to enhance competitiveness [1] - The company is also involved in the development and sales of direct drinking water meters and provides water quality monitoring management solutions [1]

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]