Company Overview - Shenzhen Huashengchang Technology Industrial Co., Ltd. was established in 1991 and is a leading enterprise in the measurement and testing instruments industry, holding over 300 domestic and international patents [1][2]. - The company focuses on independent R&D and manufacturing of instruments for over 30 years, with a diversified product matrix covering general instruments, professional instruments, scientific analysis instruments, life science instruments, and new energy [2]. Recent Performance - In September 2025, the company achieved a net profit of 13.76 million CNY, showing stability compared to 13.32 million CNY in September 2024, indicating a month-on-month recovery in profitability [3][8]. - For the first half of 2025, the company reported revenue of 349.40 million CNY, a year-on-year increase of 4.91% [8]. International Operations - The company has a significant overseas revenue share, with major markets including the USA and Europe, which are supported by strong design and production capabilities [5]. - The establishment of a wholly-owned subsidiary and production base in Vietnam aims to optimize costs and enhance competitiveness in response to international trade policy fluctuations [5][6]. Product Development and Innovation - The three core high-value-added segments (professional instruments, professional testing instruments, and medical diagnostic equipment) accounted for 58% of total revenue in the first half of 2025, with medical diagnostic equipment seeing a remarkable growth of 76.68% [8][9]. - The company is actively developing AI measurement devices, focusing on innovative products like AI arc detection equipment, which demonstrates its commitment to integrating AI technology into measurement instruments [9][10]. R&D Investment - Huashengchang is investing in various fields, including medical testing, semiconductors, new energy, and AI technologies, to enhance its product offerings [10]. - The company has developed advanced products such as the AI-7760 power quality analyzer and AI industrial glasses, showcasing its technological innovation capabilities [10]. Strategic Partnerships - A strategic cooperation agreement with Dongguan Zeyou Technology Co., Ltd. aims to enhance capabilities in high-end instruments and semiconductor process equipment, leveraging both companies' resources for mutual benefit [11].

Financial Performance - In Q3 2025, the company achieved operating revenue of 530 million yuan and a net profit of 64.89 million yuan. Excluding share-based payment expenses of 21.81 million yuan, the net profit for the first three quarters was approximately 86.70 million yuan [1] Vietnam Manufacturing Base - The company's manufacturing capacity in Vietnam is gradually increasing, leading to a month-on-month improvement in profitability. In September 2025, the net profit, excluding share-based payment impacts, reached 13.76 million yuan, showing stability compared to 13.32 million yuan in the same period of 2024 [2] - The Vietnam factory, the company's first overseas smart manufacturing base, was established in 2024, leveraging local labor cost advantages and the "Belt and Road" policy benefits. This base effectively reduces production costs and mitigates trade friction risks while enhancing supply chain resilience [2] - The Vietnam base has achieved scale production within six months and received international customer quality recognition through automation and localized training [2] AI+ Strategy and Product Development - The "AI+" strategy has gained significant momentum since its introduction in the government work report in March 2024, with ongoing policy support for deep integration of AI with technology innovation and industrial development [3][4] - The company is leveraging AI, high-precision sensors, measurement technology, and IoT to provide customized "AI+ sensor" integrated devices and comprehensive industrial measurement solutions for sectors like smart manufacturing and energy conservation [4] - The company has developed various intelligent products, including the AI-7760 three-phase power quality analyzer, which can intelligently analyze grid data and diagnose potential faults, and AI industrial glasses that offer multiple interactive features [4] DeepSense Model - The company has developed the "DeepSense" model, a versatile vertical model that has been registered for generative AI services, aimed at providing intelligent and efficient technical support for the instrument and measurement industry [5] - The company plans to continue deepening the integration of precision measurement and AI technology, advancing the "AI+" strategy, and establishing itself as a benchmark enterprise in smart instruments and meters [5]