Core Viewpoint - The company, Zhenlan Instrument (301303), is focusing on three main business segments: gas meter, water meter, and automotive parts, with gas meter being the core business and water meter and automotive parts as new growth areas for 2024 [1] Business Segments - The gas meter business is the company's pillar, while the water meter and automotive parts businesses are newly initiated for future growth [1] - The company plans to enhance its competitiveness in gas meter products while increasing investment in industrial measurement fields such as gas flow meters, electromagnetic flow meters, and vortex flow meters [1] - The water meter and automotive parts businesses are expected to drive future performance growth, with ongoing investments in fixed assets to expand production capacity and improve automation [1] Strategic Initiatives - The company is focusing on strengthening its technical reserves and market channels in the industrial measurement sector [1] - There is a commitment to enhance supplier management and raw material selection, alongside continuous improvements in production processes and quality control systems [1] - The aim is to increase product precision, stability, and lifespan while accelerating the establishment of the new business's industrial chain layout [1]

证券代码： 301303 证券简称：真兰仪表 上海真兰仪表科技股份有限公司 投资者关系活动记录表 编号：2025-003 | 投资者关系活动 √ | 特定对象调研 分析师会议 □ | | | --- | --- | --- | | 类别 □ | 媒体采访 □ | 业绩说明会 | | □ | 新闻发布会 □ | 路演活动 | | □ | 现场参观 | | | □ | 其他 （请文字说明其他活动内容） | | | 参与单位名称及 | 浙商证券、汇丰晋信、大朴资产、上海乾瞻投资、赋格投资 | | | 人员姓名 | | | | 时间 | 年 月 日（周一）14:00~17:30 2025 12 15 | | | 地点 | 公司会议室 | | | 上市公司接待人 | 董事长、总裁：李诗华 | | | 员姓名 | 副总裁、董事会秘书：王文军 | | | | 财务负责人：徐斌 | | | | 证券事务代表：陈意 | | | | 公司董事长、总裁首先对公司近期的经营情况做了简略的介 | | | | 绍；调研期间，公司董事会秘书带领机构调研人员参观了公司的 | | | | 智能化生产车间和数字化产品展厅。 | | | | 提问 ...

Group 1: Company Overview and Market Position - The company, Shanghai Zhenlan Instrument Technology Co., Ltd., reported a 40% revenue growth in overseas markets, covering over 60 countries and regions [2] - The company’s traditional instrument business remains a cornerstone, with a focus on "technology patenting, product globalization" to enhance market share [5] - The automotive parts business saw a remarkable 110% year-on-year revenue growth, indicating strong market demand [10] Group 2: Product Certifications and Innovations - The company’s products, including gas meters and flow meters, have received multiple certifications such as EU EN1359, MID, and OIML R137, exceeding national and European standards [3] - The development of smart gas meters based on various communication technologies has been recognized with EU EN16314 certification [3] Group 3: Digital Transformation and Efficiency - The smart gas and water management systems have significantly reduced operational costs and improved response times for clients [4] - The implementation of a digital factory and MES quality tracking system has led to shorter production cycles and improved product quality [6] Group 4: Financial Performance and Profitability - In the first half of 2025, the company reported a revenue growth of 26.74%, while net profit growth was only 13.69%, leading to a decline in net profit margin by 9.53% [11] - The decrease in net profit margin was primarily due to a reduction in government subsidies and non-recurring gains [11] Group 5: Strategic Development and Future Plans - The company aims to balance short-term performance with long-term strategic planning to ensure sustainable growth [5] - Future plans include expanding the automotive parts business while maintaining a strong focus on core measurement instrument operations [10]

Core Viewpoint - The company has achieved a 40% revenue growth in overseas markets and is currently covering over 60 countries and regions, with strategic plans to maintain this rapid growth through global expansion and building technical certification barriers [1][2]. Group 1: Overseas Market Strategy - The company's overseas strategy focuses on deepening regional business and constructing technical certification barriers, leveraging the century-old brand advantage of ZENNER in Germany [1]. - The company aims to enhance cooperation with countries along the "Belt and Road" initiative and explore new models for international metrology cooperation [2]. Group 2: Product Certifications and Innovations - The company has obtained multiple certifications for its products, including EU EN1359, EN12480, MID certifications, and OIML R137, with product indicators exceeding national and European standards [2]. - The company is investing in R&D for smart gas meters based on various communication technologies such as NB-IoT, GPRS, LoRaWAN, and NFC, which have also received EU EN16314 certification and international IEC and ATEX certifications [2]. Group 3: Company Background - Established in 2011, the company is recognized as a national-level specialized and innovative "little giant" enterprise, a high-tech enterprise, and a 5G smart factory in Shanghai, with a comprehensive product range in gas metering instruments [2].

Core Viewpoint - The article emphasizes the establishment of a national carbon measurement center by 2030, focusing on key industries and areas, enhancing carbon measurement policies, and strengthening technological innovation in carbon measurement [2][3][4]. Summary by Sections Overall Requirements - The national carbon measurement center aims to support China's sustainable economic development and achieve carbon peak and carbon neutrality goals by 2030, relying on measurement technology institutions, research institutes, universities, and central enterprises [8]. Main Tasks - **Policy Research**: Strengthening research on carbon measurement policies and requirements to support regulatory measures [9]. - **Establishing Traceability System**: Developing a carbon measurement traceability system, including continuous monitoring systems for CO2 emissions and enhancing the capability to produce standard substances [9][10]. - **Technical Research and Application**: Accelerating research on key measurement technologies related to low-carbon development and improving the quality of carbon measurement instruments [10]. - **Verification Capability**: Building platforms for practical carbon measurement and improving the accuracy of carbon emission factors [11]. - **Technical Services**: Providing various technical services related to carbon measurement, including calibration and data quality evaluation [11]. - **Data Analysis and Application**: Enhancing data collection and analysis in key industries to create a comprehensive carbon measurement system [12]. - **International Cooperation**: Engaging in international carbon measurement technology research and promoting cooperation with countries along the Belt and Road [12]. - **Talent Development**: Fostering a skilled workforce in carbon measurement through collaboration with universities and research institutions [12]. Main Procedures - **Unified Planning**: The market regulatory authority will oversee the overall planning and layout of the national carbon measurement center [13]. - **Application Process**: Encouraging qualified institutions to apply for establishing the carbon measurement center through provincial regulatory departments [13]. - **Approval and Acceptance**: The regulatory authority will guide and evaluate applications for the establishment of the carbon measurement center [14]. Support Measures - Regulatory departments are urged to prioritize the construction of the national carbon measurement center and share successful case studies to promote effective carbon measurement practices [15].

Core Insights - The semiconductor flow meter plays a crucial role in industrial automation and process control, enabling real-time and precise monitoring of fluid flow, which is essential for production stability and efficiency [1] - The global semiconductor flow meter market is projected to reach USD 478 million by 2031, with a compound annual growth rate (CAGR) of 9.26% in the coming years [3] - Key manufacturers in the semiconductor flow meter market include HORIBA, Brooks Instrument, and Beijing Huacheng Electronics, with HORIBA holding approximately 26.3% of the market share in 2024 [8][9] Market Overview - The semiconductor flow meter is specifically designed for the semiconductor industry, addressing the high purity and measurement accuracy requirements for fluid [1] - The primary application of gas flow meters is in processes such as deposition, etching, and ion implantation, with gas flow monitoring expected to account for 77.9% of the market share by 2031 [9] - The most widely used applications for flow meters include vertical furnaces, horizontal furnaces, RTP equipment, and gas supply systems, with vertical/horizontal furnaces expected to hold a market share of approximately 39.5% in 2024 [12] Competitive Landscape - The leading manufacturers in the semiconductor flow meter market include HORIBA, Brooks Instrument, Beijing Huacheng Electronics, and others, with the second tier comprising companies like Fujikin and Azbil Corporation, collectively holding 38.22% of the market share [8][17] - The market is characterized by a diverse range of products, including gas and liquid flow meters, catering to various applications within the semiconductor industry [17] Regional Insights - The report highlights key production regions for semiconductor flow meters, focusing on North America, Europe, China, and Japan, which are significant markets for the industry [17]

创业板风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投 资风险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、 尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风 险因素，审慎作出投资决定。 上海真兰仪表科技股份有限公司 Zenner Metering Technology（Shanghai）Ltd. （上海市青浦区盈港东路 6558 号 4 幢） 资风险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、 尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风 险因素，审慎作出投资决定。 首次公开发行股票并在创业板上市 招股说明书 保荐机构（主承销商） （福州市鼓楼区鼓屏路 27 号 1#楼 3 层、4 层、5 层） 创业板风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投 上海真兰仪表科技股份有限公司 招股说明书 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对 注册申请文 ...

创业板风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投 资风险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、 尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风 险因素，审慎作出投资决定。 上海真兰仪表科技股份有限公司 Zenner Metering Technology（Shanghai）Ltd. （上海市青浦区盈港东路 6558 号 4 幢） 创业板风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投 资风险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、 尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风 险因素，审慎作出投资决定。 首次公开发行股票并在创业板上市 招股意向书 保荐机构（主承销商） 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对 （福州市鼓楼区鼓屏路 27 号 1#楼 3 层、4 层、5 层） 上海真兰仪表科技股份有限公司 招股意向书 中国证监会 ...