Company Overview - Anke Rui Electric Co., Ltd. is located in Jiading District, Shanghai, established on June 23, 2003, and listed on January 13, 2012 [1] - The company specializes in the research, production, sales, and service of equipment and systems required for energy efficiency management in medium and low voltage microgrids [1] Financial Performance - For the first half of 2025, Anke Rui achieved operating revenue of 539 million yuan, a year-on-year increase of 1.54%, and a net profit attributable to shareholders of 126 million yuan, up 24.83% year-on-year [2] - The company has distributed a total of 572 million yuan in dividends since its A-share listing, with 229 million yuan distributed in the last three years [3] Stock Performance - As of September 17, Anke Rui's stock price increased by 2.03%, reaching 25.62 yuan per share, with a total market capitalization of 6.425 billion yuan [1] - Year-to-date, the stock price has risen by 27.14%, with a 7.87% increase over the last five trading days, 9.02% over the last twenty days, and 18.33% over the last sixty days [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 13,800, a rise of 2.39%, while the average circulating shares per person decreased by 2.31% to 12,727 shares [2] - Notably, the seventh largest circulating shareholder, Nuoan Pioneer Mixed A, holds 2.887 million shares, having decreased by 2.1455 million shares compared to the previous period [3] Business Segments - The main revenue sources for Anke Rui include: - Power monitoring and substation comprehensive monitoring systems (41.94%) - Energy management products and systems (32.41%) - Power sensors (11.68%) - Fire safety and electricity safety products (7.58%) - Other microgrid-related products (5.89%) - Other revenues (0.49%) [1] Industry Classification - Anke Rui is classified under the Shenwan industry as: - Power Equipment - Grid Equipment - Electrical Instruments and Meters [1] - The company is involved in several concept sectors including solar energy, virtual power plants, power IoT, smart grids, and charging piles [1]

8月25日，安科瑞（300286）发布2025年半年度报告。报告显示，2025上半年公司实现营业收入5.39亿 元，同比增长1.54%；实现归母净利润1.26亿元，同比增长24.83%；基本每股收益为0.55元；经营活动 产生的现金流量净额为8921.26万元，同比增长28.33%。 2025年上半年公司业绩平稳增长。随着24年起持续的研发投入，公司在企业微电网领域智能化发展方面 取得了显著进展。报告期内，公司主营的企业微电网产品和电量传感器的营业收入分别同比增长 20.14%和6.47%，电力监控及变电站综合监测系统、能效管理产品及系统和消防及用电安全产品的营业 收入对比上年同期无较大增减。 报告期内，公司国内、海外市场营收双增。得益于EMS2.0与EMS3.0的积极推广，公司成功在公共事 业、新能源及产业园区等领域实现了销售收入的提升，并紧密跟踪行业需求动态，灵活调整销售策略， 保持了国内市场领先地位。此外，公司对出海业务持续投入，展现出了巨大的发展空间与需求增长潜 力。2025上半年，公司境外营业收入为2675.29万元，同比增长8.04%。 此外，公司还发布了2025年半年度利润分配方案，拟以247, ...

安科瑞 (300286 CH) 证券研究报告 25H1 毛利率提升、费用率优化，看好全年盈利能力提升 25H1 公司归母净利率为 23.30%，同比+4.36pct，净利率提升主要受益于毛 利率提升与费用率优化。25H1 公司销售毛利率为 47.82%，同比+0.75pct， 其中电力监控及变电站综合监测系统、能效管理产品及系统、消防及用电安 全业务毛利率分别同比+1.03pct、+0.73pct、+0.69pct，毛利率提升主要受 益于公司持续优化生产线效率。25H1公司销售/管理/研发费用率为 11.89%、 5.69%、9.67%，同比-0.94pct/-0.13pct /-1.58pct，整体费用管控能力持续 优化。我们认为，受益于经营质量提升，公司盈利能力有望持续提升。 出海业务持续推进，看好国内+海外双轮驱动 25H1 公司国内业务营收 5.12 亿元（yoy+1.21%），海外业务营收 0.27 亿 元（yoy+8.40%），海外业务增长主要受益于公司在国际市场的持续开拓。 国内业务收入同比略有增长，主要由于不同行业客户的需求存在分化。公司 具备国内+海外双增长驱动，1）出海：25H1 公司继续 ...