9月30日，随着今年主汛期结束，江苏再次交出一份厚重的平安答卷：无重大险情、无人员伤亡、 无重大灾害损失。 江苏地势低平，要承泄上游约200万平方公里的洪水入海，汛期80%的面积处于洪水威胁之下，素 有"洪水走廊"之称。截至2024年，新中国成立75年来，干旱17年、洪涝23年、旱涝交错25年、正常年景 仅10年。防汛抗旱救灾始终是江苏水利的头等大事，任务艰巨、责任重大。 "十四五"以来，江苏成功应对了2021年"烟花"台风暴雨、2022年长江流域严重的气象干旱及历史罕 见的长江口咸潮入侵、2024年13轮强降雨和流域14次编号洪水，实现了"三个无"的水旱灾害防御目标。 在极端天气事件频发的背景下，江苏如何做到"三个无"？记者深入一线，探寻江苏多年来持续驯服 洪水，有效防控水旱灾害，让丰富的水资源更好造福经济社会发展的底气。 "项目累计布设积水报警器、液位计、流量计等物联感知设备544套，此外还接入公安、城管等相关 单位的传感设备逾千套。"南京市水务设施管理中心相关负责人把物联网传感设备比喻为排水设施的"眼 底气一：水利体系筑牢安全屏障 高空之上，水利气象携手，测雨雷达组网运行，50公里观测间距将"云中雨"尽 ...

Core Viewpoint - Dongfang Securities report indicates that Wanye Enterprise has successfully expanded its bismuth material processing business, leading to increased revenue and profit [1] Group 1: Business Performance - In the first half of 2025, the bismuth business achieved sales revenue of 525 million yuan, accounting for 75% of total revenue [1] - The production capacity and sales volume have been increasing quarter by quarter, with a 450% quarter-on-quarter revenue growth in the second quarter [1] Group 2: Future Prospects - The company plans to complete the expansion of production capacity at its bismuth compound material bases in Jingzhou, Hubei, and Quzhou, Zhejiang, by the end of this year, positioning itself as a leader in the bismuth materials market [1] - Wanye Enterprise is expected to leverage the full industry chain advantages of its parent company, Xian Dao Group, to horizontally expand and vertically extend its semiconductor materials business [1] Group 3: Equipment and Collaboration - The company has achieved large-scale production of ion implanters, indicating significant potential in the domestic equipment replacement market [1] - There is deepening collaboration with the group in semiconductor equipment business, enhancing core components such as electrostatic chucks and flow meters [1] Group 4: Valuation - Based on comparable companies' 2025 price-to-earnings ratio of 75 times, a target price of 20.25 yuan is set, maintaining a "buy" rating [1]

Group 1 - The company has successfully expanded its bismuth materials processing business, achieving a sales revenue of 525 million yuan in the first half of 2025, accounting for 75% of total revenue, with a quarterly revenue growth of 450% in Q2 compared to Q1 [1] - The company plans to complete capacity expansion for bismuth compound materials in its Hubei Jingzhou and Zhejiang Quzhou bases by the end of this year, positioning itself as a leader in the bismuth materials market [1] - The company is expected to leverage the full industry chain advantages of the Xian Dao Group to horizontally expand and vertically extend its semiconductor materials business [1] Group 2 - The company has delivered 8 units of 12-inch ion implanters in the first half of the year, marking a significant milestone in the mass production of domestic low-energy high-current ion implanters [2] - The domestic low-energy high-current ion implanters have achieved a production throughput of over 5 million wafers, indicating a leap from prototype development to mass production [2] - The company is positioned as a domestic pioneer in ion implanters, with the potential to increase market share as the domestic replacement process accelerates in this critical segment [2] Group 3 - The company forecasts earnings per share of 0.27, 0.30, and 0.37 yuan for 2025-2027, with adjustments made to revenue and expense rate predictions [3] - Based on a comparable company PE ratio of 75 for 2025, the target price is set at 20.25 yuan, maintaining a buy rating [3]

市场监管总局印发方案 加强电子计价秤、燃油加油机等领域服务能力保障 中新网9月11日电 据国家市场监督管理总局网站消息，国家市场监督管理总局印发《计量技术规范提档 升级行动方案》，要求强化重点民生法制领域计量技术规范保障。加强电子计价秤、燃油加油机、流量 计、电能表等重点民生法制领域服务能力保障，针对智能化、数字化等发展趋势，提升防作弊能力，强 化高质量计量技术规范供给，切实保障人民权益。 全文如下： 各省、自治区、直辖市和新疆生产建设兵团市场监管局(厅、委)，各全国专业计量技术委员会、分技术 委员会，中国计量科学研究院、中国测试技术研究院，中国计量测试学会、中国计量协会，各国家专业 计量站，各有关单位： 现将《计量技术规范提档升级行动方案》印发给你们，请结合实际抓好贯彻落实。 市场监管总局办公厅 2025年8月29日 (此件公开发布) 计量技术规范提档升级行动方案 为深入贯彻党的二十大和二十届二中、三中全会精神，落实《计量发展规划(2021—2035年)》部署，实 施《计量强基工程总体方案》，全面提升计量技术规范供给质量和能力，制定本行动方案。 一、总体目标 到2030年，计量技术规范供给能力显著提升，建立 ...

Industry Overview - The import valve market, particularly for plug valves, is crucial in fluid control, with applications in petrochemical, power, metallurgy, and water treatment industries [1] - There is a growing demand for plug valves that not only provide basic on-off control but also emphasize durability, safety, and system compatibility [1] Company Profiles - USA KNKE Industry Inc, based in Colorado, offers a complete fluid control system including valves, pumps, actuators, and flow meters, with a focus on local support in the Asia-Pacific market through its Shenzhen subsidiary [3] - KNKE emphasizes the coordination and safety of the overall system, particularly in petrochemical and environmental sectors, with products certified for ATEX and SIL, ensuring reliable operation in complex conditions [3] - USA VTON International Group, headquartered in Utah, specializes in the development and manufacturing of valves, pumps, and actuators, ensuring stable performance under high pressure, high temperature, and corrosive conditions through advanced production techniques [4] - VTON's sales and service in China are managed by Shenzhen Mingfa Import and Export Trade Co., providing timely technical support and after-sales service [4] - Germany's Lit Group has been a representative in the fluid control industry since 1985, maintaining stable development in plug valves with a focus on sealing and reliability for large industrial applications [4] - Lit emphasizes compatibility with other valve products, ensuring efficient system experiences under unified standards, supported by strong R&D capabilities and a comprehensive service network [4] Market Dynamics - The import plug valve market features diverse international manufacturers, including Japan's KTM, known for precision manufacturing, and the UK's Crane, recognized for comprehensive fluid control solutions [5] - The value of import plug valves extends beyond individual products to their role in the entire fluid control system, with KNKE focusing on systematic solutions, VTON enhancing local support, and Lit leveraging global scale and R&D advantages [5] - Future applications of plug valves will increasingly prioritize durability, safety, and intelligent development, with ATEX and SIL certified products becoming standard configurations, reflecting a global emphasis on reliability and safety [5]

Core Viewpoint - The company reported significant revenue growth in H1 2025, driven by strong performance in its bismuth materials and semiconductor equipment segments, exceeding market expectations [2][3]. Revenue Performance - In H1 2025, the company's revenue reached 699 million yuan, a year-on-year increase of 248%, with Q2 revenue at 507 million yuan, up 397% year-on-year [2]. - Bismuth materials accounted for 75% of total revenue in H1 2025, generating 525 million yuan, with Q2 revenue increasing by 450% quarter-on-quarter [2]. - The company delivered 8 ion implantation machines in H1 2025, contributing approximately 70 million yuan to revenue [2]. Profitability Analysis - The company achieved a net profit of 41 million yuan in H1 2025, marking a turnaround from losses, with Q2 net profit at 61 million yuan [3]. - The net profit margin improved significantly, with H1 2025 net profit margin at -2.61% and Q2 at 4.72%, reflecting a year-on-year increase of 87.38 percentage points [3]. - Bismuth business contributed 93 million yuan to net profit, with a net profit margin of approximately 17.7%, while the ion implantation segment incurred a loss of 110 million yuan [3]. Strategic Transition - The company successfully transitioned towards semiconductor equipment and materials, with these segments accounting for about 80% of total revenue in H1 2025 [4]. - The company is focusing on expanding its capabilities in equipment, components, and materials, leveraging its position in the bismuth market to enhance long-term growth [4]. - The company has made progress in the domestic production of key components, which is expected to strengthen its supply chain and operational efficiency [4]. Investment Outlook - Revenue forecasts for 2025-2027 have been revised to 1.946 billion, 2.478 billion, and 3.130 billion yuan, reflecting year-on-year growth rates of 234.8%, 27.3%, and 26.3% respectively [5]. - Net profit forecasts for the same period are adjusted to 257 million, 314 million, and 400 million yuan, with corresponding year-on-year growth rates of 139.1%, 22.3%, and 27.3% [5]. - The company's stock price as of August 29, 2025, was 15.59 yuan, with projected PE ratios of 56.42, 46.14, and 36.25 for the next three years [5].

Summary of the Conference Call Company Overview - The company is a leading manufacturer of gas meters and flow meters in China, with production bases in Shanghai and Wuhu, and an annual production capacity exceeding 10 million units, employing over 2,000 people and holding more than 700 intellectual property rights [2][3][4] - Established in 2011 and listed on the Shenzhen Stock Exchange's Growth Enterprise Market in February 2023, raising approximately 2 billion RMB through an IPO [3][5] - The company has a comprehensive industrial chain layout, covering mold development, component manufacturing, software development, and automated assembly, significantly reducing costs and enhancing gross margins, which exceeded 40% as of mid-2025 [2][7] Financial Performance - From 2018 to 2024, revenue grew from 448 million RMB to 1.501 billion RMB, with a compound annual growth rate (CAGR) of 22%, while profit increased from 93 million RMB to 321 million RMB, with a CAGR of 20% [12][13] - The company expects a revenue growth of 25% to 30% and a profit growth of approximately 20% for the full year of 2025 [33] Product and Market Development - The product matrix includes gas meters (including smart and ultrasonic types) and flow meters, with the company entering the water meter business in 2024 [6][4] - The company has established four R&D centers in Shanghai, Beijing, Xi'an, and Hangzhou, focusing on different technological fields and holding over 700 intellectual property rights [8][19] - The company has received certifications for its gas meter products from Australia and Peru, highlighting product durability and technical strength [9] Market Position and Customer Base - The company has over 2,000 domestic customers, including major gas groups, and has established joint ventures to stabilize sales channels [10] - In 2024, the company exported products to 60 countries, with overseas revenue growing nearly 62% year-over-year [11][4] Strategic Initiatives - The company plans to enhance its overseas market penetration and local production in mature regions, leveraging the Cinder brand for international expansion [14][16] - The company is also diversifying into water meters and automotive parts, with the automotive parts project expected to start production by the end of 2025 [4][21] Challenges and Future Outlook - The gas meter industry has stable downstream demand, with a replacement cycle of approximately 10 years, driven by safety regulations and technological upgrades [15] - The company faces challenges in increasing overseas market penetration, with varying price sensitivities among international customers [16][17] - The automotive parts business has lower gross margins, but the company aims to replicate its successful gas meter production model to improve profitability [26] Additional Insights - The company is considering employee stock ownership plans to retain talent and align interests [27] - The company has significant accounts receivable, but risks are manageable due to strong credit management among major clients [31] - The company is exploring new business areas, including robotics, while continuing to expand its water meter and automotive parts businesses [35]

Core Viewpoint - The successful completion of the spring irrigation task for the Xi'an water supply project in the arid central region marks a significant advancement in the domestic production of large-capacity water pumps, achieving core equipment localization and meeting international performance standards [1][2]. Group 1: Project Overview - The Xi'an water supply project has supplied a total of 1.192 million cubic meters of water, utilizing domestically produced dual-import multistage water pumps [1]. - The project involved collaboration among various entities, including the Ningxia government, Chongqing pump manufacturers, and Tsinghua University, focusing on key technologies such as efficient hydraulic modeling and wear resistance [1]. Group 2: Technological Achievements - The newly developed water pumps have an efficiency of 85%, comparable to leading global products, and outperform in vibration, noise control, and bearing temperature rise [2]. - The optimized flow path and wear-resistant technology have increased the lifespan of the pumps by over 30% [2]. Group 3: Economic Impact - The project has demonstrated that domestic water pumps can match the performance of joint venture products while reducing procurement and maintenance costs by 30% [2]. - The core sealing components of the pumps can save approximately 40,000 yuan per set, contributing to overall cost efficiency [2]. Group 4: Broader Implications - The localization of key water pump equipment reduces reliance on imports, enhancing supply chain security and ensuring the self-sufficiency of essential civil engineering projects [2]. - The project also achieved domestic production of core chips and algorithms for millimeter-wave radar water level and flow meters, strengthening safety measures for water monitoring and disaster prevention [2].