分红方面，金卡智能A股上市后累计派现12.48亿元。近三年，累计派现4.56亿元。 融券方面，金卡智能10月20日融券偿还100.00股，融券卖出100.00股，按当日收盘价计算，卖出金额 1369.00元；融券余量9100.00股，融券余额12.46万元，超过近一年80%分位水平，处于高位。 资料显示，金卡智能集团股份有限公司位于浙江省杭州市钱塘区元成路161号，成立日期2004年7月28 日，上市日期2012年8月17日，公司主营业务涉及智能燃气表及燃气计量管理系统的研发、生产、销售, 致力于为燃气公司提供燃气计量、结算收费、组网传输、在线监测、流量调配的整体解决方案。主营业 务收入构成为：智能民用燃气终端及系统64.49%，智能工商业燃气终端及系统20.73%，智慧公用事业 管理系统及其他7.70%，智能水务终端及系统7.09%。 截至6月30日，金卡智能股东户数2.42万，较上期减少5.90%；人均流通股15315股，较上期增加6.32%。 2025年1月-6月，金卡智能实现营业收入15.39亿元，同比增长3.69%；归母净利润1.35亿元，同比减少 37.97%。 10月20日，金卡智能涨4.27% ...

Core Viewpoint - The company reported a revenue increase of 4% year-on-year for 1H25, but a significant decline of 38% in net profit attributable to shareholders, indicating challenges in profitability despite revenue growth [1] Group 1: Financial Performance - 1H25 revenue reached 1.539 billion, a 4% increase year-on-year; net profit attributable to shareholders was 135 million, a 38% decrease year-on-year [1] - In Q2 2025, revenue was 837 million, a 9% year-on-year increase and a 19% quarter-on-quarter increase; net profit was 92 million, a 23% year-on-year decrease but a 110% quarter-on-quarter increase, showing improvement [1] - The company expects to benefit from the increasing penetration of smart gas meters in China and ongoing expansion in the flow meter sector and overseas markets [1] Group 2: Business Segments - In 1H25, revenue from smart residential gas terminals and systems was 992 million, an 11.49% year-on-year increase; sales of residential ultrasonic gas terminals surged by 86.06% year-on-year [2] - Revenue from smart industrial and commercial gas terminals and systems was 319 million, a slight decrease of 0.52% year-on-year; smart water terminals and systems revenue was 109 million, down 5.95% year-on-year; revenue from smart public utility management systems and others was 118 million, down 24.71% year-on-year [2] - Domestic revenue for 1H25 was 1.477 billion, a 2.39% increase year-on-year; international revenue was 61 million, a significant increase of 49.79% year-on-year [2] Group 3: Profitability and Cost Control - The overall gross margin for 1H25 was 35.90%, a decrease of 4.76 percentage points year-on-year; the gross margin for smart residential gas terminals and systems was 31.97%, down 2.94 percentage points year-on-year; for smart industrial and commercial gas terminals and systems, the gross margin was 47.74%, down 7.58 percentage points year-on-year [3] - The company maintained stable cost control, with sales, management, and R&D expense ratios for 1H25 at 15.74%, 4.32%, and 7.39%, respectively, showing minor changes year-on-year [3] Group 4: Market Expansion - The company successfully completed certifications for various flow meters, enhancing product maturity and market adaptability, achieving breakthroughs with nearly 60 clients, including major industry players [4] - Increased investment in overseas resources led to successful international certifications for key products, facilitating market expansion [4] - The company capitalized on opportunities from the Belt and Road Initiative, securing orders in several countries along the route, including Ukraine, Russia, Kazakhstan, and others [4] Group 5: Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders for 2025-2027 to be 333 million, 365 million, and 405 million, respectively, with adjustments of -19% for each year [5] - The average PE for comparable companies in 2025 is expected to be 19x, leading to a target price of 15.13, down from a previous 16.66 [5]