全程跟踪原材料、成品状态，实现物流调度、自动配送——临近傍晚，位于成都的开发科技智能工厂 内，百余台智能搬运机器人运转在生产一线。此时，机器人搬运的物品正是刚从生产线上下线的智能电 表，准备销往全球各地。 开发科技是智能计量领域知名企业。公司董事、总经理张森辉在接受上海证券报记者采访时表示，公司 在智能计量与能源数字化浪潮中，正以AI赋能与资本运作等多维度举措，加速全球化布局，努力成为 全球领先的能源数字化解决方案提供商。 "双轮驱动"拓展全球化智能电表市场 在开发科技的五楼办公区（研发中心）的展柜内，陈列着数台智能电表成品。"这块电表是准备销往欧 洲的新一代产品，其通讯模组采用的是LTE 4G。此外，电表上还有一个小熊猫图案，所在的位置其实 是P1插口（数据通讯接口）。"张森辉介绍。 市场研究机构Mordor Intelligence预测，2024年至2029年，全球智能电表市场规模将从1.62亿台增长至 2.36亿台，年复合增长率为7.81%。面对国际市场的广阔前景，开发科技采取了全球化布局与本地化服 务相结合的战略。一方面，公司深耕欧洲市场，与众多能源公司建立了长期合作关系，市场份额稳步提 升；另一方面 ...

Group 1: Company Achievements - The company’s ultrasonic water meter has received the European Measuring Instruments Directive (MID) certification, which is the strictest and most authoritative mandatory certification for measuring instruments in the EU [2] - Obtaining the MID certification indicates that the company's ultrasonic water meter meets the highest EU standards in measurement accuracy, environmental adaptability, safety, and reliability, laying a solid foundation for global market expansion [2] Group 2: Financial Performance - The company is actively promoting market expansion and order delivery, with expectations for improved performance in Q4 2025, although specific figures will be disclosed in future periodic reports [2] - Shareholder reductions are primarily based on personal financial arrangements and do not reflect a lack of confidence in the company's future development; the company maintains a stable and positive operational outlook [3] Group 3: Investor Relations - The investor relations activity was conducted on November 20, 2025, via the "Panorama Network" investor relations interactive platform, involving all investors [2] - Key company representatives included Chairman and General Manager Mr. Cui Tao, Secretary of the Board Mr. Shen Zhengzhao, and Financial Director Ms. Liao Dongli [2]

Core Viewpoint - The company San Chuan Wisdom (300066) has confirmed its main business in the smart water sector, focusing on the production and sales of various types of water meters, including NB-IoT smart water meters, ultrasonic water meters, and electromagnetic water meters [1] Group 1 - The main business of the company is the production and sales of water meters [1] - The product range includes water meters with diameters from DN15 to DN300 [1] - The water meters are suitable for various applications in water flow measurement [1]

Core Viewpoint - The "2025 Environmental Water Industry Technology Expo" was successfully held in Shenzhen, showcasing the advancements in smart water management and the role of Ningbo Water Meter Group as a leading enterprise in the water metering industry [1][3] Group 1: Event Overview - The expo was guided by Shenzhen's Technology Innovation Bureau and Water Affairs Bureau, focusing on "empowering innovation and the future of smart water" [1] - The event aimed to promote innovation and green transformation in the environmental water industry, fostering the development of AI in water management [1] Group 2: Company Highlights - Ningbo Water Meter Group showcased over 1,000 product models in water metering, serving more than 2,300 domestic water companies and exporting to over 80 countries [2] - The company's collaboration with Shenzhen Environmental Water Group on the NB-IoT wireless remote water meter attracted significant attention from attendees [2] - The demand for high-performance water meter products is expanding, particularly for ultrasonic water meters, as highlighted in a presentation on application pain points and solutions [2] Group 3: Future Directions - Ningbo Water Meter Group aims to continue leading the industry by addressing the practical needs of water management in the Guangdong-Hong Kong-Macao Greater Bay Area, injecting new vitality and momentum into regional development [3]

Core Viewpoint - San Chuan Wisdom (300066) has a comprehensive product line in the smart metering sector, offering various metering products including NB-IoT water meters, ultrasonic water meters, and electromagnetic water meters with diameters ranging from DN15 to DN300 [1] Company Summary - The company provides a complete range of products in the smart metering field [1] - The product offerings include NB-IoT water meters, ultrasonic water meters, and electromagnetic water meters [1] - The company caters to a wide range of diameters from DN15 to DN300 [1]

Group 1 - The core business of the company in the smart water sector includes the production and sales of various types of water meters [1] - Main products consist of IoT smart meters, ultrasonic water meters, and electromagnetic water meters, focusing on hot and cold water measurement [1] - The smart water meters are primarily made with copper and stainless steel casings [1]

Group 1 - The company has a complete product line in the smart metering field, offering various types of water meters suitable for different applications and projects [2] - The product range includes NB-IoT water meters, ultrasonic water meters, and electromagnetic water meters, with sizes ranging from DN15 to DN300 [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company reported a revenue of 130 million yuan for H1 2025, representing a year-on-year increase of 22.04%. The net profit attributable to the parent company was 30.53 million yuan, up 35.87% year-on-year, and the net profit after deducting non-recurring gains and losses was 28.39 million yuan, an increase of 50.83% [3] - The growth in revenue is driven by the sales of ultrasonic water meters and energy management projects, with ultrasonic water meter revenue reaching 55.56 million yuan, a year-on-year increase of 84.14%, and energy management revenue at 13.05 million yuan, up 74.19% [3] - The gross margin remained stable at 48.23%, compared to 49.14% in H1 2024, while selling expenses decreased by 375,000 yuan to 12.38 million yuan [3] - The company is increasing its investment in the construction of an intelligent production line for IoT ultrasonic instruments, with 54.51% of the funds for the "IoT Intelligent Ultrasonic Meter Industrialization Project" utilized by H1 2025, expected to be operational by June 30, 2026 [3] - The company has raised its profit forecasts for 2025-2027, expecting net profits of 88 million yuan (previously 71 million yuan), 101 million yuan (previously 85 million yuan), and 104 million yuan for 2027, respectively [3] Industry Overview - The penetration rate of smart water meters in China is expected to reach 60% by 2025, indicating significant growth potential for the company [4] - The government is promoting infrastructure investments in urban and rural water supply systems, which will further drive demand for smart water meters [4] - The heating industry is also undergoing reforms, with the government accelerating the implementation of heating metering and pricing reforms, which will benefit the company's energy management projects [4]

Group 1 - The 33rd China International Measurement Control and Instrumentation Exhibition (MICONEX 2025) was held in Changsha, Hunan from August 13 to August 15, showcasing advancements in the measurement and instrumentation industry [1][3]. - Hanwei Technology Group participated in two major exhibition areas, presenting a range of high-end intelligent instruments and advanced sensor products [3][5]. - The main forum of the exhibition featured discussions on how the manufacturing industry can navigate internal and external challenges, with insights from industry experts including Hanwei's Chairman Ren Hongjun [5]. Group 2 - Ren Hongjun highlighted the significant opportunities for the sensor and instrumentation industry, noting the expansion of application scenarios into emerging fields such as renewable energy and biopharmaceuticals [5]. - The industry is evolving from single products to complete detection systems, integrating with technologies like AI and edge computing to meet new demands [5]. - Hanwei Technology's products, including the ZRT510 refrigerant leak detection module, JT-KWE laser household gas alarm, and C330-H portable gas cloud imager, received the "Top Ten New Products" award [7]. Group 3 - Hanwei showcased a comprehensive safety monitoring control system designed for high-risk environments such as petrochemicals and natural gas, featuring fast response and high reliability [9]. - The company displayed a range of high-end gas detection devices capable of monitoring various hazardous gases, applicable in sectors like gas, environmental monitoring, and emergency rescue [14][15]. - In the water measurement sector, Hanwei presented high-precision products like ultrasonic water meters and electromagnetic flow meters, supported by a highly automated production line with an annual capacity of one million units [16]. Group 4 - Hanwei's AI edge computing gateway is designed for vertical industries, enabling local data processing and rapid decision-making, successfully applied in various fields including oil, chemicals, and fire safety [18]. - The company also exhibited a variety of high-end sensors and chips, which are crucial for industrial safety monitoring and flow measurement [22]. - The exhibition runs until August 15, inviting customers to visit Hanwei's booths for product insights and participation in on-site activities [23].

Group 1 - The second "Belt and Road" Technology Exchange Conference was held in Chengdu, Sichuan, focusing on building a technology innovation community among participating countries [2][3] - Chinese technology is increasingly becoming a driving force for industrial upgrades in "Belt and Road" countries, enhancing local industry development [2] - Collaboration between Chinese high-tech enterprises and local companies in Belarus is taking place in fields such as new energy, machinery, big data, artificial intelligence, and industrial internet [2] Group 2 - Qingdao Jicheng Electronics Co., Ltd. plans to localize water meter production in Saudi Arabia, significantly improving water resource management efficiency [2][3] - The conference announced the establishment of the Chengdu-Chongqing "Belt and Road" International Technology Transfer Center, aiming to create over 100 international cooperation projects within three years [5] - The "Double Thousand" plan aims to implement 1,000 technology exchange cooperation projects and support 1,000 young scientists' exchanges by 2030 [5] Group 3 - The focus of international cooperation is shifting from traditional product trade to the output of key intermediates, production capacity, supply chains, and standard management [5] - This transformation is expected to enhance international cooperation efficiency and lower collaboration barriers, aiding in the cultivation of localized brands in "Belt and Road" countries [5]