Core Viewpoint - Yuhua Technology (300360.SZ) has won a bid from State Grid Corporation for the procurement of metering devices, which is expected to positively impact the company's future operations and performance [2][3] Group 1: Bid Details - On September 22, Yuhua Technology announced a pre-bid win for State Grid's 2025 procurement, covering 10 packages with a total of 440,900 units and a total value of approximately 142 million yuan [2] - The breakdown of the bid includes: - 320,000 units of A-level single-phase smart energy meters valued at 43.2 million yuan - 75,000 units of B-level three-phase smart energy meters valued at 25.4 million yuan - 9,000 units of C-level smart energy meters valued at 4.8 million yuan - 13,000 units of smart fusion terminals valued at 33.4 million yuan - 14,900 units of dedicated transformer collection terminals valued at 15.2 million yuan - 9,000 units of modular dedicated transformer terminals valued at 19.8 million yuan [2] Group 2: Financial Performance - For the first half of 2025, Yuhua Technology reported revenue of 884 million yuan, a year-on-year decrease of 12.88%, while net profit was 345 million yuan, a year-on-year increase of 1% [4] - The revenue decline was primarily due to fluctuations in market demand for traditional business areas, despite these areas accounting for 80.26% of total revenue [4] - The company experienced growth in its IoT communication, sensor, and accessory business, with revenue of 80.55 million yuan, a year-on-year increase of 27.57%, and a gross margin of 47.28%, up 11.68 percentage points [4] Group 3: Financial Health - As of the end of the first half of 2025, Yuhua Technology's debt-to-asset ratio was 13.98%, remaining below 20% for most of the past eight years [5] - The company has maintained a high level of financial management efficiency, with financial expenses being negative for 13 consecutive years since 2012, reaching -57.64 million yuan in 2024 [5] - Financial expenses continued to optimize, amounting to -47.09 million yuan in the first half of 2025 [5]