Core Viewpoint - New Tian Technology reported strong financial performance in the first half of 2025, driven by the demand for smart metering and system solutions, as well as advancements in IoT, big data, and AI technologies [1][2] Financial Performance - The company achieved a total revenue of 447 million yuan, representing a year-on-year growth of 24.39% [1] - The net profit attributable to shareholders was 79 million yuan, with a year-on-year increase of 38.45% [1] - Among the instrument and meter industry stocks that have released semi-annual reports, New Tian Technology ranked fifth in revenue growth [1] Product Performance - Revenue from smart residential water meters and systems was approximately 184 million yuan, up 16.53% year-on-year [1] - Revenue from smart gas meters and systems surged to about 103 million yuan, marking a significant increase of 106.86% [1] - Smart commercial water meters and flow meters maintained revenue above 100 million yuan, with a gross margin of 55.64% [1] R&D and Innovation - The company added 18 new patents in the first half of the year, including 2 invention patents, 9 utility model patents, and 7 design patents [2] - New Tian Technology has participated in the formulation of over 50 national and industry standards, showcasing its strong R&D capabilities [2] - The company’s smart water platform 7.0 has integrated multiple AI models, enhancing functionalities such as voice interaction and loss detection [2] Market Outlook - The smart water market is projected to reach 37 billion yuan by 2026, while the smart water meter market may exceed 40 billion yuan by 2030 [3] - The water-saving industry is expected to reach a scale of 1 trillion yuan by 2027, according to recent government guidelines [3] - New Tian Technology's current rolling P/E ratio is 22.24, significantly lower than the industry average, indicating a favorable valuation [3]

Group 1 - The company reported a total revenue of 447 million yuan for the first half of 2025, representing a year-on-year growth of 24.39%, and a net profit attributable to shareholders of 79 million yuan, up 38.45% year-on-year [1] - The growth in performance is primarily driven by the sustained market demand for core products such as smart meters and systems, smart water management, and smart gas solutions, along with deep integration and product innovation in IoT, big data, and AI technologies [1] - The company ranks fifth in revenue growth among the instrument and meter industry stocks that have released their semi-annual reports [1] Group 2 - The company has a strong focus on research and development, adding 18 new patents in the first half of the year, including 2 invention patents, 9 utility model patents, and 7 design patents, along with 17 new software copyrights [2] - The company has participated in the formulation of over 50 national and industry standards and holds a CMMI Level 5 certification, indicating its R&D capabilities are at an internationally advanced level [2] - The company has implemented its smart water management solutions across more than 2,500 public utility units, covering over 30 provincial-level administrative regions in China [2] Group 3 - The company is a leading player in the smart water management, smart metering, and agricultural water-saving sectors, with the smart water management market expected to reach 37 billion yuan by 2026 and the smart water meter market potentially exceeding 40 billion yuan by 2030 [3] - The company is well-positioned to benefit from the expanding industry scale, with the water-saving industry projected to reach a trillion yuan by 2027 according to recent government guidelines [3] - The company's rolling price-to-earnings ratio is 22.24, significantly lower than the overall industry average, and its price-to-book ratio is 1.57, the second lowest in the instrument and meter industry [3]