格隆汇12月26日丨三川智慧(300066.SZ)公布，为促进企业可持续发展，推动海外产业布局，提升品牌 国际影响力和市场竞争力，公司拟以自有资金在乌兹别克斯坦投资设立全资子公司三川（中亚）科技有 限公司（暂定名，简称"三川中亚"），开展水表制造、销售和智慧水务业务，将公司核心主业推向中亚 市场，提供符合当地标准和使用习惯的产品与解决方案。乌兹别克斯坦作为中亚地区的重要国家，在此 投资兴业，通过技术溢出、产业协同和标准引领，不仅能为公司打开新的增长空间，更能从多个维度强 化长期竞争力。三川中亚注册资本为310万美元（暂定），投资总额人民币2,960.98万元，注册地为乌兹 别克斯坦安集延州。 ...

Core Insights - The company has achieved certain successes in the first three quarters of the year despite the current economic environment [2] Group 1: Business Performance - The gas meter business continues to maintain a certain level of growth, driven by the need to replace outdated gas meters in older residential areas and industrial enterprises [2] - Government and gas companies are actively promoting the replacement of old gas pipelines and facilities, creating demand for the company's products in the stock market renewal [2] - The company has secured a significant number of smart gas meter orders due to its strong comprehensive strength, product quality, performance, and scalability advantages [2] Group 2: Future Plans - The company is planning to expand its water meter business in 2024, which has also shown some growth in the first three quarters of 2025 [2]

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 ...

Core Viewpoint - Residents of a community in Qingpu District reported a significant increase in water bills after the replacement of water meters in September 2023, with some bills rising from tens to hundreds of yuan [1][17]. Group 1: Water Meter Replacement and Billing Issues - The community, delivered in 2019, underwent a centralized water meter replacement in mid-September 2023, leading to unexpected billing in October [3][19]. - For example, one resident, Mr. Kong, reported an increase from an average monthly water usage of 15 tons to a bill reflecting an additional 82 tons in October [3][19]. - Other residents also reported similar issues, with bills jumping from around 40-60 yuan to amounts exceeding 500 yuan [5][7][22]. Group 2: Company Response and Investigation - The Qingpu District Water Company stated that 50 households in the community experienced discrepancies in water meter readings, all from the same model of water meter, which has since been discontinued from use [13][30]. - The company explained that previous bills were based on remote readings, which may have been affected by weak network signals, and that actual usage should be based on the mechanical readings from the new meters [14][28]. - The company has sent one of the removed old meters for verification to a municipal water meter testing station and will communicate findings to residents once available [16][33].

此次变更主因系燃气表市场需求结构发生变化，超声波燃气表逐步替代传统膜式燃气表成为行业趋势， 公司相应压缩原有产线投资规模；同时，公司通过与下游燃气运营商设立合资公司方式拓展市场，减少 了对自有产能扩张的依赖。 南方财经12月4日电，真兰仪表（301303.SZ）公告称，其募投项目真兰仪表科技有限公司燃气表产能扩 建项目因市场环境变化及产品更新迭代加快，拟调整资金用途，将部分募集资金变更为新建水表生产基 地项目，并永久补充流动资金。截至2025年11月30日，该项目已投入募集资金25,077.55万元，占计划募 集资金投资额77,625.00万元的32.31%，结余资金52,547.45万元中，38,000.00万元将用于真兰仪表新建 水表生产基地项目，其余14,547.45万元及相应利息和理财收益将永久补充流动资金。 ...

Core Viewpoint - The company has approved a proposal to reallocate part of the fundraising for its subsidiary, Zhenlan Instrument Technology Co., Ltd., to new projects and to permanently supplement working capital [1] Group 1: Fundraising and Project Allocation - The company has decided to change the use of funds raised for the gas meter capacity expansion project [1] - A total of 38 million yuan from the remaining fundraising will be allocated to the new water meter production base project [1] - The remaining funds will be used to permanently supplement working capital [1] Group 2: Subsidiary Capital Reduction - The company has also approved a capital reduction for its subsidiary, Zhenlan Instrument Technology Co., Ltd. [1]

Core Points - The first locally issued EU MID (Measuring Instruments Directive) certificate in Shandong has been established, facilitating easier access for local measuring instrument manufacturers to the EU market [2] - MID certification is a mandatory entry system set by the EU for measuring instruments, covering ten categories including water meters and electric meters, serving as a "passport" for these products to enter the EU market [2] - Previously, obtaining MID certification required sending products to foreign institutions for testing, which was costly (ranging from 400,000 to 800,000 yuan) and time-consuming (approximately one year), impacting international competitiveness [2] - A collaboration between Shandong Provincial Institute of Metrology and TÜV Rheinland Group has established local testing laboratories, reducing certification time by over 50% and costs to 200,000 to 300,000 yuan [2] - The increasing popularity of smart electric meters in domestic and international markets highlights the importance of speed in seizing opportunities, with the recent MID certification completed in under six months boosting confidence in development [3] - A cooperation intention was reached between Shandong Provincial Institute of Metrology and the French National Metrology Institute to enhance collaboration in OIML (International Organization of Legal Metrology) certification and testing laboratories, aiming to align Shandong's measuring instruments with international standards [3]

Core Insights - The establishment of the Flow Measurement Instrument Industry Technology Alliance in Zhengzhou marks a significant step in building an innovative ecosystem for the measurement instrument industry [1][2] - Flow measurement instruments are critical for industrial production and public service sectors, playing a vital role in energy management, smart manufacturing, and urban digital transformation [1] - Zhengzhou has developed a complete industrial chain in the flow measurement instrument sector, with over 50 related enterprises in the high-tech zone, including more than 10 large-scale companies and 3 listed firms [1] Industry Collaboration - The alliance is led by the Zhengzhou Product Quality Inspection and Testing Center and includes 18 units such as the Henan Instrument and Meter Industry Association, Zhengzhou University, and New Tian Technology Co., Ltd., forming a collaborative innovation community [2] - The alliance aims to focus on technological innovation, cooperation, and standard formulation to enhance the overall competitiveness of the industry [2] Future Initiatives - Several cooperation agreements were signed during the establishment ceremony, including projects for standard formulation and the establishment of research centers, laying a solid foundation for future technological breakthroughs and industrial transformation [3] - The alliance intends to shift the flow measurement instrument industry from isolated efforts to collaborative strategies, promoting innovation and contributing to the transformation from "Made in China" to "Created in China" [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a record high revenue in Q3 2025, with a significant increase in gross margin [1] - For the first three quarters of 2025, revenue and net profit (excluding non-recurring items) grew by 22% year-on-year, with a gross margin increase of 0.7 percentage points to 41.4% [1] - The company is expanding into new business areas, including water meters and automotive parts, to create additional growth curves [2][3] Financial Performance Summary - In Q3 2025, the company achieved revenue of 480 million yuan, a year-on-year increase of 14% and a quarter-on-quarter increase of 10%, marking a new quarterly high [1] - The gross margin for Q3 2025 was 42.8%, up 2.0 percentage points year-on-year and 2.6 percentage points quarter-on-quarter [1] - The net profit margin for Q3 2025 was 21.9%, down 3.0 percentage points year-on-year but up 3.5 percentage points quarter-on-quarter [1] Business Expansion and Strategy - The company has a solid competitive advantage in the gas meter market due to its full industry chain model and self-developed ultrasonic gas meters [2] - The company is leveraging the "Zhenlan" brand to penetrate the domestic water meter market, with contracts signed with multiple water service clients [2] - The automotive parts manufacturing project in Zhuzhou is expected to rapidly scale up, serving major automotive clients [3] Earnings Forecast and Valuation - The company is projected to achieve revenues of 1.84 billion yuan, 2.23 billion yuan, and 2.66 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22.7%, 20.8%, and 19.3% [7] - The forecasted net profit for 2025 is 353 million yuan, with a year-on-year growth of 10.1% [9]