Export Performance - In H1 2025, China's export value reached $180.90 billion, a year-on-year increase of 5.94%, with a growing trade surplus[3] - The export value of electronic components, engineering machinery, and automobiles grew by 11%, 9%, and 10% respectively[7] - The total export of electronic components was $80.81 billion, with a trade surplus of $45.67 billion, marking a 21.36% increase year-on-year[8] Import Trends - In H1 2025, China's import value was $122.31 billion, a decrease of 3.85% year-on-year[3] - The import of electronic components slightly declined, totaling $35.14 billion, with only six product categories showing growth[12] Industry Insights - Among 61 companies listed on the Beijing Stock Exchange, 2024 foreign income accounted for over 30% of their total revenue, with over 80% for companies like Hengtai Lighting and Hongzhi Technology[30] - The median P/E ratio for the machinery industry decreased from 66.7X to 65.7X, while the electronic equipment industry saw a drop from 62.5X to 60.1X[3] Market Performance - The median price change for technology growth stocks on the Beijing Stock Exchange was -3.22% from July 28 to August 1, 2025, with only 19 companies (13%) experiencing an increase[3] - The total market value of the electronic equipment industry fell to $138.4 billion, while the machinery industry’s market value decreased to $114.8 billion[3]

Investment Rating - The investment rating for the company is "Buy" with an expected relative increase of over 15% in the next 6-12 months compared to the relevant market index [34][36]. Core Viewpoints - The company, Developer Technology, specializes in the research, production, and sales of smart metering terminals and energy management systems, with a strong focus on international markets, particularly in Europe [6][22]. - The company has shown significant revenue growth, with projected revenues of CNY 17.91 billion, CNY 25.50 billion, and CNY 29.33 billion for the years 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 21.42%, 42.39%, and 15.02% [7][11]. - The company is backed by China Electronics, which holds nearly 70% of its shares, and has established a strong reputation in the European market, achieving a market share increase from 9.46% in 2021 to 12.14% in 2023 [22][23]. Summary by Sections Basic Financial Status - The company achieved revenues of CNY 17.91 billion in 2022, CNY 25.50 billion in 2023, and is projected to reach CNY 29.33 billion in 2024, with corresponding net profits of CNY 1.83 billion, CNY 4.86 billion, and CNY 5.89 billion [7][11][24]. Industry Situation - The smart meter industry is experiencing growth driven by increasing global electricity demand and energy system transformations, with the global smart metering market expected to grow from USD 23.17 billion in 2023 to USD 36.39 billion by 2028, at a CAGR of 9.5% [13][19]. Company Highlights - Developer Technology is one of the earliest companies to engage in smart meter development and deployment, with a strong foothold in the European market and a history of successful projects since 1998 [22][23]. - The company is actively expanding into high-potential markets in the Middle East and Southeast Asia, with significant contracts and projects underway [23][24]. Fundraising Project Investments - The company plans to invest in three main projects through its IPO, including the construction of an automated production line for smart metering terminals, a research and development center, and a global sales and service operation center [24][26]. Peer Company Comparison - Compared to peer companies in the industry, Developer Technology's revenue and gross margin are below the average, with peer companies showing an average revenue of CNY 3.35 billion and an average PE ratio of 17.80x for 2023 [27][29].