Core Viewpoint - The company has been recommended as a candidate for winning a bid in the State Grid Corporation of China's 2025 procurement, with an expected total bid amount of approximately 128 million yuan [1] Group 1: Bid Details - The project includes smart electric meters, electricity information collection devices, and transformers, with a total of 429,700 units across ten sub-bids [1] - The number of A-level single-phase smart electric meters awarded is 320,000 units, amounting to 42.33 million yuan [1] - The number of B-level three-phase smart electric meters awarded is 60,000 units, amounting to 20.02 million yuan [1] Group 2: Impact on Company Performance - The fulfillment of the contract after winning the bid is expected to have a positive impact on the company's future performance [1] - The bid status is currently in the public announcement period, indicating a degree of uncertainty regarding the final outcome [1]

Core Viewpoint - Company reported a decline in overall performance for 2024, with significant drops in revenue and net profit, attributed to customer order delivery schedules, market competition, industry policies, and increased R&D investment [2][3]. Business Overview - Company operates in four main business segments: smart metering, smart IoT, smart distribution network, and smart energy [2][3][9]. - Key products include smart electric meters, power information collection devices, communication modules, and various smart devices for energy management [2][3]. Financial Performance - For 2024, the company achieved revenue of 937.39 million yuan, a decrease of 16.26% year-on-year [2][3]. - Operating profit was 133.20 million yuan, and net profit attributable to shareholders was 118.92 million yuan, down 53.81% and 52.45% respectively compared to the previous year [2][3]. - Total assets at the end of the reporting period were 1.57 billion yuan, a slight decrease of 0.65% from the previous year [2][3]. - The smart metering segment generated revenue of 760 million yuan, down 26.57%, while the smart distribution network segment saw a revenue increase of 46.65% [3]. R&D Investment - R&D expenditure reached 83.13 million yuan in 2024, up 41.95%, accounting for 8.87% of total revenue [4][5]. - The company has received numerous accolades for its technological advancements and has established a national-level postdoctoral research station [5]. Client Base - Major clients include state-owned enterprises such as State Grid and Southern Power Grid [3]. Order Status - As of March 31, 2025, the company had a backlog of orders totaling 1.30 billion yuan [6]. Future Development Goals - The company aims to strengthen its core business in smart metering while expanding into digital economy and renewable energy sectors [9]. - Plans include enhancing product quality, expanding market share domestically and internationally, and improving internal management processes [9]. Dividend Distribution - The profit distribution plan for 2024 includes a cash dividend of 0.5 yuan per 10 shares, subject to approval at the annual shareholders' meeting [7]. Market Outlook - The industry is expected to benefit from increased government support for smart grid construction and the implementation of policies promoting energy digitalization and intelligence [9].

Business Overview - The company operates in four main sectors: smart metering, smart IoT, smart distribution network, and smart energy [3][4] - Key products include smart electric meters, power information collection devices, communication modules, and energy management systems [3][4] Financial Performance - In 2024, the company achieved revenue of CNY 93,738.69 million, a decrease of 16.26% year-on-year [3][4] - Operating profit was CNY 13,319.63 million, and net profit attributable to shareholders was CNY 11,891.71 million, down 53.81% and 52.45% respectively [3][4] - Total assets at the end of the reporting period were CNY 157,122.56 million, a decline of 0.65% from the previous year [3][4] - Shareholder equity was CNY 116,072.49 million, down 0.32% year-on-year [3][4] Revenue Breakdown - Smart metering business generated revenue of CNY 76,000.09 million, down 26.57% [4] - Smart distribution network business saw revenue of CNY 6,755.86 million, an increase of 46.65% [4] - Other business revenue reached CNY 10,982.74 million, up 187.37% [4] R&D Investment - R&D expenditure for 2024 was CNY 8,312.77 million, a 41.95% increase, representing 8.87% of total revenue [4][5] - The company holds a total of 191 patents, including 75 invention patents [5] Orders and Market Position - As of March 31, 2025, the company had a backlog of orders amounting to CNY 129,943.22 million [6] - The company is not in a loss position despite revenue declines, attributed to various market factors [6] Future Development Goals - The company aims to strengthen its core business in smart metering and expand into digital economy and renewable energy sectors [7][8] - Plans include enhancing product quality, expanding market share, and improving internal management processes [7][8] Market Outlook - The government is increasing support for smart grid construction, providing a favorable environment for market growth [7][8] - Policies are being implemented to promote the digitalization and intelligent transformation of energy systems [7][8]