转自：中国质量报 攥指成拳 协同创新 河南省郑州市流量计量仪表产业技术联盟成立 本报讯 （孙中杰 宋晓霞）近日，河南省郑州市流量计量仪表产业技术联盟成立大会在郑州市产品质量 检验检测中心举行。此举标志着郑州市在构建计量仪表产业创新生态方面迈出关键一步。 据了解，流量计量仪表作为工业生产的关键感知设备和民生保障的重要技术载体，广泛应用于能源管 理、智能制造、智慧城市、供水供气供热等公共服务领域，是城市运行和产业数字化转型的"神经末 梢"。 "联盟的成立只是一个起点。"段祥生表示，未来联盟将以开放、协同、务实的运作机制，推动郑州乃至 全国流量仪表产业从"单打独斗"走向"集团作战"，从"制造高地"迈向"创新策源地"，为中国制造向中国 创造转型注入新动能。 据介绍，郑州市作为全国流量计量仪表产业的重要基地，已形成从传感器研发、智能仪表制造到数据服 务应用的完整产业链。尤其是高新区集聚相关企业50余家，其中规模以上企业10余家，上市公司3家， 产品覆盖水表、燃气表、加油机等核心领域，在国内市场占据重要份额。然而，面对全球产业链重构与 技术竞争加剧的挑战，企业创新资源分散、产学研衔接不畅、行业标准体系不完善等问题日益凸显 ...

涉及千家万户的燃气表检定也迎来重要更新。《燃气表检定装置校准规范》首创"模块化整体校准"模 式，通过一体化检测系统，在同一平台完成示值误差、压力损失与密封性三项核心参数检测，从源头确 保量值准确，推动燃气表检定工作标准化，守护民生计量公平与安全。 自2017年启动计量规范共建机制以来，京津冀已累计发布43项共建计量规范，并实现413项技术规范互 通共享。三地通过"存量共享、增量共建"机制，建立年度立项、季度审查、统一发布与效果评估的全流 程协同体系，初步形成跨区域计量合作的"京津冀样本"。 在水环境治理方面，《全自动水质智能分析仪校准规范》首次实现对分光光度法、容量法等多技术类型 仪器的统一规范。新规明确，分光光度法仪器示值误差不超过±5%，容量法仪器不超过±3%，重复性均 不大于3%，解决了以往厂家内部方法不一、量值难以溯源的问题，为地表水管理、污染防治决策提供 统一、可靠的计量保障。 新京报讯(记者陈琳)近日，北京、天津、河北三地市场监管部门联合发布7项区域性计量技术规范，覆 盖大气污染防治、水质监测与民生计量等重点领域。其中，《挥发性有机化合物光离子化在线监测仪校 准规范》作为全国首个VOC在线监测仪器 ...

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]

Summary of the Conference Call for 聚华科技 Company Overview - The conference call discusses 聚华科技's performance in the third quarter of 2025, highlighting a 20% year-over-year decline in revenue and a nearly 50% decrease in operating cash flow due to structural changes in domestic power grid bidding rules [2][3]. Key Industry Insights - The State Grid's third batch of 2025 electric meter tenders will adopt new standards, resulting in a cost increase of 15% to 30% for new meters [2][5][6]. - The price adjustment for new meters will reflect the increased costs, along with company pricing strategies and profit margins [7]. - The expected growth in electric meter tenders for 2026 is approximately 10%, with potential for greater increases in 2027 [2][9]. Financial Performance - The company's gross profit margin is expected to hit a low point in the first quarter of 2026, with recovery dependent on the stability of bidding prices [19]. - The overall industry gross margin is projected to rebound in the first quarter of the following year, but the extent of recovery will depend on the outcomes of the current and upcoming tenders [11][19]. Strategic Focus - 聚华科技 is cautious about the gas meter market due to high market homogeneity but remains optimistic about the water meter market, planning to adjust strategies accordingly [2][13]. - The company aims to maintain revenue between 100 million to 200 million yuan, focusing on product quality and reasonable growth rather than aggressive expansion [14]. International Expansion Plans - 聚华科技 plans to significantly increase investments in overseas markets, potentially establishing subsidiaries or factories, particularly in South America and Southeast Asia [2][15][16]. - The North American market for charging stations has seen limited progress, with revenue contribution being negligible [17]. Market Dynamics - The competitive landscape in the distribution network sector has intensified, and new business expansions will depend on market opportunities [18]. - The company is observing significant investment demands in regions like Europe, the Middle East, and Africa, driven by the global upgrade of power grids and increasing electricity consumption [23][24]. Conclusion - The conference call highlights the challenges and opportunities facing 聚华科技 in the current market environment, emphasizing the need for strategic adjustments and careful monitoring of industry trends to navigate future growth effectively.

Group 1: Company Performance - Qin Chuan IoT reported a revenue of 219 million yuan for the first three quarters of 2025, a year-on-year decrease of 16.24%, and a net profit attributable to shareholders of -69.9 million yuan, down 66.72% [1] - Shenghe Resources expects a net profit attributable to shareholders for the first three quarters of 2025 to be between 740 million and 820 million yuan, representing an increase of 696.82% to 782.96% year-on-year [2] - Yahua Group anticipates a net profit attributable to shareholders of 320 million to 360 million yuan for the first three quarters of 2025, a year-on-year increase of 106.97% to 132.84% [4] - Xichang Electric Power expects a net profit of approximately 12.4 million yuan for the first three quarters, a growth of about 150.51% compared to the previous year [5] - Saintno Bio forecasts a net profit attributable to shareholders of 114 million to 140 million yuan for the first three quarters, an increase of 100.53% to 145.10% year-on-year [6] Group 2: Business Operations and Market Conditions - Qin Chuan IoT's decline in net profit is attributed to lower sales volume and price of domestic gas meters, leading to increased fixed costs and reduced gross margin [1] - Shenghe Resources' significant profit increase is driven by improved market demand and product prices for rare earth products, alongside optimized production and marketing strategies [2] - Yahua Group's profit growth is supported by stable orders from key customers and increased sales of lithium salt products due to favorable market feedback [4] - Xichang Electric Power's performance improvement is linked to enhanced service quality, increased sales volume, and effective cost management [5] - Saintno Bio's growth is attributed to stable development in its main business and increased demand for peptide raw materials, bolstering its market competitiveness [6] Group 3: Strategic Developments - Shenghe Resources completed the acquisition of 100% equity in Australian company Peak, enhancing its global business layout with the acquisition of the Ngualla rare earth mine project [3]

Core Viewpoint - Qin Chuan IoT (688528) reported a mixed performance in its third-quarter results, showing a year-on-year increase in revenue but a decline in net profit for the first three quarters [1] Financial Performance - The company's third-quarter revenue reached 91.5191 million yuan, representing a year-on-year growth of 26.41% [1] - For the first three quarters, total revenue was 219 million yuan, reflecting a year-on-year decline of 16.24% [1] - The net profit attributable to shareholders in the third quarter was -9.0342 million yuan, while the net profit for the first three quarters was -69.8991 million yuan [1] - Basic earnings per share stood at -0.05 yuan per share [1] Operational Insights - The decline in revenue during the first half of the year was attributed to a decrease in sales volume and selling price of domestic gas meters, leading to a drop in operating income [1] - The increase in third-quarter revenue and gross margin, along with a reduction in net loss compared to the first half of the year, indicates an improvement in operational conditions [1]

下一步，额敏县市场监管局将继续立足职能，聚焦群众"急难愁盼"问题，创新开展"我为群众办实事"实 践活动，解决好群众身边的"关键小事"，用实干担当守护民生福祉！ 通讯员 黄晶晶 "群众的需求就是我们的命令，保障民生就是我们的责任！"此次跨区检定，额敏县市场监管局不仅派出 了技术团队，还全额承担了工作人员的食宿费、差旅费，"绝不能让群众因燃气表检定问题影响生活。" 抵达裕民县后，检定人员迅速制定"每日检定任务清单"，开启"白加黑"工作模式，严格按照《计量法》 及燃气表检定规程要求，对每一块燃气表进行外观检查、密封性测试、示值误差校准等全项目检测，确 保每一块"上岗"的燃气表都符合国家标准。 燃气表关系到群众的切身利益，精度不准会直接影响计费公平，必须做到'一块不漏、一丝不苟'。在21 天的高强度工作中，2名技术人员平均每天完成160块燃气表检定，最终高效准确完成全部积压任务，为 燃气表轮换工作扫清了技术障碍。 此次跨区检定，额敏县市场监管局不仅解决了燃气表轮换工作的"燃眉之急"，更守护了群众的"钱袋 子"和"安全线"。通过精准检定，有效避免了因燃气表计量不准导致的"多收费""漏收费"问题，保障了 计费公平；同时， ...

Core Insights - Guangzhou has launched a new metering laboratory for water and gas meters, aimed at improving the efficiency of the testing process and reducing the burden on local enterprises [1][2] - The new "production and testing integration" service platform allows for on-site testing, significantly shortening the testing time for water meters from 25 to 7 working days and for gas meters from 10 to 5 working days, enhancing efficiency by over 70% and 50% respectively [2] Group 1 - The laboratory was established with the collaboration of multiple local companies and institutions, filling a gap in the local metering service sector [1] - The new testing mechanism is designed to ensure transparency and reliability, with features such as physical isolation zones and full-process video monitoring [2] - The initiative is part of Guangzhou's broader strategy to enhance smart city development and meet the growing demand for intelligent metering devices [1][2] Group 2 - The local market for smart water and gas meters is dominated by companies like SuiShui Technology and JinRan Company, with annual production exceeding 500,000 and 300,000 units respectively [1] - The regulatory body has previously established legal requirements for mandatory testing of household meters before installation, laying the groundwork for this innovative model [2] - Future plans include expanding the coverage of the "production and testing integration" model to further benefit the public [2]

Group 1 - The event themed "Strengthening Comprehensive Quality Management to Promote Quality Power Construction" was held in Tashkent, focusing on quality knowledge dissemination and consumer protection [1] - Various departments and invited enterprises set up professional consultation booths to educate the public on measurement knowledge and maintenance techniques for water, electricity, and gas meters [1] - Over 300 materials were distributed to promote quality knowledge, including manuals on product quality law and safety brochures [1] Group 2 - The multi-department and multi-enterprise collaborative event received positive feedback and aimed to enhance public awareness of quality and rights protection [2] - The Tashkent Market Supervision Administration plans to continue working with relevant units and enterprises to deepen quality promotion and strengthen quality supervision [2] - The initiative is expected to inject momentum into the high-quality development of Tashkent's economy and society [2]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [2][7] Core Views - The company demonstrates stable growth driven by both domestic and international markets, with a significant increase in revenue and net profit in the first half of 2025 [6][7] - The company is expanding its product offerings, particularly in the automotive sector, which is expected to contribute to future growth [6][7] Financial Performance Summary - In H1 2025, the company achieved revenue of 770 million yuan, a year-on-year increase of 26.7%, and a net profit of 150 million yuan, up 13.7% year-on-year [6] - The gross margin for H1 2025 was 40.5%, slightly down by 0.2 percentage points year-on-year, primarily due to lower margins in the newly expanded automotive sector [6] - The company’s revenue from overseas sales reached 120 million yuan in H1 2025, reflecting a 40.2% increase year-on-year, with a gross margin improvement of 10.4 percentage points to 53.1% [6] - Domestic sales amounted to 650 million yuan, a 24.6% increase year-on-year, although the gross margin decreased by 2.1 percentage points to 38.2% [6] Revenue and Profit Forecast - Revenue projections for 2025-2027 are estimated at 1.86 billion yuan, 2.22 billion yuan, and 2.63 billion yuan, representing year-on-year growth rates of 23.7%, 19.5%, and 18.6% respectively [7][8] - Net profit forecasts for the same period are 350 million yuan, 410 million yuan, and 470 million yuan, with growth rates of 10.0%, 17.3%, and 14.8% respectively [7][8] Key Financial Ratios - The report indicates an expected PE ratio of 18.8, 16.1, and 14.0 for 2025, 2026, and 2027 respectively, suggesting a favorable valuation trend [7][8] - The company’s net profit margin is projected to be 19.7% in H1 2025, down 2.1 percentage points year-on-year [6][7]