证券日报网12月16日讯真兰仪表在12月15日回答调研者提问时表示，目前市场上，终端用户直接使用膜 式燃气表基表的情况已经较少了；下游客户采购以智能燃气表为主，且智能燃气表的市场渗透率还在不 断提升，预计随着城镇化的不断推进以及存量市场的产品更新换代，智能燃气表的市场规模还将有一定 的提升。另外，随着超声波燃气表技术的不断成熟，国产替代将加速，其市场渗透率将持续提升，预计 未来超声波燃气表可能会逐步成为市场主流。目前国家实施城市燃气管道老化更新改造政策的效果仍在 不断显现，燃气表的更新替换需求还将进一步释放。 （文章来源：证券日报） ...

证券代码： 301303 证券简称：真兰仪表 上海真兰仪表科技股份有限公司 投资者关系活动记录表 编号：2025-003 | 投资者关系活动 √ | 特定对象调研 分析师会议 □ | | | --- | --- | --- | | 类别 □ | 媒体采访 □ | 业绩说明会 | | □ | 新闻发布会 □ | 路演活动 | | □ | 现场参观 | | | □ | 其他 （请文字说明其他活动内容） | | | 参与单位名称及 | 浙商证券、汇丰晋信、大朴资产、上海乾瞻投资、赋格投资 | | | 人员姓名 | | | | 时间 | 年 月 日（周一）14:00~17:30 2025 12 15 | | | 地点 | 公司会议室 | | | 上市公司接待人 | 董事长、总裁：李诗华 | | | 员姓名 | 副总裁、董事会秘书：王文军 | | | | 财务负责人：徐斌 | | | | 证券事务代表：陈意 | | | | 公司董事长、总裁首先对公司近期的经营情况做了简略的介 | | | | 绍；调研期间，公司董事会秘书带领机构调研人员参观了公司的 | | | | 智能化生产车间和数字化产品展厅。 | | | | 提问 ...

杭州先锋电子技术股份有限公司 投资者关系活动记录表 编号：20251211 投资者关系活动类别 特定对象调研 ☐ 分析师会议 ☐ 媒体采访 ☐ 业绩说明会 ☐ 新闻发布会 ☐ 路演活动 ☐ 现场参观 ☐ 其他（请文字说明其他活动内容） 参与单位名称及人员姓名 中银国际证券 曹鸿生 时间 2025年12月11日 09:00-10:00 地点 杭州先锋电子技术股份有限公司会议室 上市公司接待人员姓名 董事会秘书 程迪尔 投资经理 蔡小宇 投资者关系活动主要内容 介绍 投资者提出的问题及公司回复情况 公司就投资者在本次调研中提出的问题进行了回复： 1、公司目前的的订单情况？订单到交付的周期？ 答：公司致力于提供智慧、安全、高效的公用事业解决方案与 服务，已为全国30多个省市及地区，超过1200余家燃气公司、5000 余万台在线用户提供优质、高效的服务。目前，订单整体保持稳健 增长态势，受产品类型、规格、数量等因素影响，交付周期存在一 定差异，但公司产能利用率维持在较高水平，能够有效保障市场需 求。 2、怎么看待未来超声波燃气表的渗透率提升的情况和节奏？ 答:超声波燃气表在计量精度、安全性和智能化等方面具有明显 优势 ...

小小传感器何以赋能万物"感官神经"？ 中新网郑州11月21日电 题：小小传感器何以赋能万物"感官神经"？ 中新网记者 韩章云 范晓恒 机械手灵敏地抓握东西，犹如有了人类的触觉；机器有了"鼻子"，能敏锐"闻"到温室气体泄漏；超声波 燃气表精准"捕捉"燃气消耗数据……这些冷冰冰的机器仿佛被赋予人类的"感官神经"，这正是传感器的 神奇之处。 2025传感器大会将于11月底在河南郑州举行。11月20日，主办方组织媒体走进位于郑州高新区的传感器 研发、生产一线，近距离感受其"感知万物"的科技魅力。 11月20日，河南郑州一家传感器企业展厅展出的各类传感器。记者 韩章云 摄 "这是一只机械灵巧手，它搭载了柔弹性传感器，能够自如抓取东西。"在汉威科技集团股份有限公司展 厅，该企业相关负责人杨承霖介绍，当前传感器在具身智能领域大显身手，"我们围绕触觉、嗅觉、力 控、平衡等领域研发出一系列传感器，例如弹性动作捕捉器目前已实现量产，用于机器人训练"。 当下，智能机器人全面进入普通人的生活尚需时日。而监测温室气体六氟化硫是否泄漏的传感器，已在 为碳减排、应对全球变暖发挥作用。 六氟化硫是升温潜能值远超二氧化碳的"超级温室气体"。在 ...

Core Insights - The establishment of China's first private laser company in Wuhan in 1985 marked the beginning of the "Optics Valley of China," leading to significant growth in the optoelectronic information industry in Hubei, which has now surpassed a trillion yuan in scale [1] Group 1: Company Innovations - Sifang Optoelectronics has focused on sensor technology since its founding in 2003, becoming a key supplier for many Fortune 500 companies and leading firms in various sectors [2] - The company emphasizes a development philosophy of high technology, low cost, and mass production, leveraging Hubei's rich educational resources and complete industrial chain for technological innovation [4] - Sifang Optoelectronics has achieved significant cost reductions in its self-developed sensors, including infrared gas sensors and ultrasonic gas meters, largely replacing imported components with domestic alternatives [4] Group 2: Industry Leadership - Yifei Laser has made significant advancements in precision laser processing and has been recognized for its innovative contributions, including breakthroughs in cylindrical battery manufacturing processes [5][6] - The company has established a collaborative innovation model with upstream and downstream enterprises, universities, and research institutions, creating a platform for shared innovation in the new energy battery laser application industry [6] Group 3: Government Support and Environment - The local government has improved the business environment by providing precise policies, efficient services, and open ecosystems, facilitating project approvals and talent recruitment [8] - Yifei Laser has received government support for key technology projects, enabling focused efforts on technological breakthroughs in large cylindrical battery production [8] - The government also supports high-level talent retention through recognition and incentives, ensuring companies can maintain a skilled workforce [8] Group 4: Future Outlook - The Hubei optoelectronic information industry has significant growth potential, with opportunities for collaboration with enterprises in the Yangtze River Delta and Pearl River Delta regions to expand the industrial scale [9] - Companies in the region are committed to continuous technological innovation to accelerate industry growth [9]

Group 1 - The 27th China International Gas and Heating Technology and Equipment Exhibition, themed "Smart Gas Empowering Silk Road Development," commenced at the Hainan International Convention and Exhibition Center, attracting numerous domestic and international gas industry enterprises [1] - Hanwei Technology Group showcased its leading gas safety and measurement solutions, featuring three major product series: perception, monitoring, and measurement, which garnered significant attention from clients and media [3][5] Group 2 - Hanwei Technology Group's gas safety monitoring sensor series, including chemical, laser, infrared, and thermal imaging gas sensors, demonstrates industry-leading advantages with a complete control over the entire supply chain from sensitive materials to sensor packaging [5] - The home gas alarm product matrix includes standout models such as the laser version and infrared battery version, which offer rapid detection of gas leaks, smart alarms, and convenient installation, making them suitable for older residential areas [10] - The gas inspection series integrates advanced technologies like laser sensing, gas cloud imaging, and AI, providing diverse options for gas inspections and enhancing the level of intelligence in monitoring [12] Group 3 - The smart gas monitoring management platform, centered on advanced intelligent sensing terminals, allows continuous monitoring and intelligent control of gas and pressure indicators, covering the entire gas supply chain, and has gained favor among gas industry clients [14] - The ultrasonic gas meter, utilizing advanced ultrasonic sensing technology, features a combination of measurement, safety, and intelligence, representing a significant direction for upgrades in the gas measurement industry [15] - During the exhibition, Hanwei Technology Group signed a strategic cooperation agreement with Hainan Minsheng Pipeline Gas Co., Ltd., aiming to leverage Hainan's geographical advantages and free trade port policies to jointly explore new overseas markets [17]

Group 1: Overseas Market Expansion - The company has increased strategic resource investment in overseas markets, successfully completing international certifications for key products, laying a solid foundation for market expansion [1] - The company is focusing on the "Belt and Road" initiative and the rising demand for smart solutions, achieving good revenue growth in existing markets like the Russian-speaking region and South America [1] - A joint venture with Kazakhstan's Samruk-Kazyna Invest LLP has been established to enhance local service capabilities and explore similar models in other potential markets [2] Group 2: Business Performance and Financials - The company has made market breakthroughs in several "Belt and Road" countries, including Ukraine, Russia, Kazakhstan, and others, contributing to its revenue [3] - The process measurement segment has completed certifications for key products, achieving sales breakthroughs with nearly 60 clients, including major industry players [4] - Despite a slight increase in main business revenue, net profit has decreased due to intense industry competition and increased investment in overseas and process measurement businesses [5] Group 3: Future Strategies and Market Outlook - The company plans to accelerate product market expansion and create benchmark customer demonstration effects to achieve domestic substitution of key technologies [4] - In the hydrogen energy measurement sector, the company has developed a leading technology layout and product matrix, with core products recognized by international authorities [4] - The photovoltaic and energy storage markets are seen as having significant growth potential, with the company responding to government initiatives by establishing a new energy division to focus on these areas [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported strong performance in the first half of 2025, with revenue growth driven by a 40% increase in exports and a 110% increase in automotive parts [1] - The revenue for H1 2025 reached 770 million yuan, a year-on-year increase of 27%, with net profit attributable to shareholders at 147 million yuan, up 14% year-on-year [1] - The company is expanding into new business areas, including water meters and automotive parts, to create additional growth curves [4][5] Revenue Structure - In H1 2025, the revenue breakdown showed that instrument and meter revenue was 710 million yuan (92% of total revenue), automotive parts revenue was 29 million yuan (4%), and other business revenue was 31 million yuan (4%) [1] - The company achieved domestic and overseas revenue of 650 million yuan and 120 million yuan, respectively, with year-on-year growth of 25% and 40% [1] Profitability Analysis - The gross margin for H1 2025 was 40.5%, a slight decline of 0.18 percentage points year-on-year, while the net margin was 19.7%, down 2.1 percentage points year-on-year [2] - In Q2 2025, the company reported a gross margin of 40.3%, with a year-on-year increase of 1.2 percentage points [3] Future Growth Prospects - The company is focusing on developing its proprietary ultrasonic gas meter technology to enhance its competitive edge and profitability [4] - The automotive parts business is expected to grow rapidly, supported by production bases in Zhuzhou and Wuhu, catering to major automotive clients [5] - Revenue projections for 2025-2027 indicate a compound annual growth rate (CAGR) of 20% for revenue and 15% for net profit [9]

Core Viewpoint - The 2025 Venture Capital Development Conference in Liaoning highlights the province's growing appeal as a "new magnet" for national venture capital, addressing the financing challenges in technological innovation and injecting "financial vitality" into industrial upgrades and revitalization efforts [1][3]. Group 1: Financing Challenges and Solutions - The need for financial support in overcoming the "first kilometer" of technological innovation is emphasized, with venture capital playing a crucial role in resource allocation and risk-sharing [3]. - The conference serves as a platform for attracting external venture capital institutions to engage with Liaoning's tech enterprises, facilitating quicker access to funding opportunities [3][4]. - Companies like Shenyang Flying Ship and Sikai Technology are actively seeking financial partnerships to support their innovative projects and expand their market reach [4][6]. Group 2: Investment Trends and Opportunities - Over 100 external investment institutions participated in the conference, indicating a significant increase in interest compared to initial estimates [6]. - Liaoning's high-tech industry investment has risen by 1.8 percentage points in fixed asset investment, showcasing the province's rapid development in this sector [6]. - Investment focus areas include high-end equipment manufacturing, smart manufacturing, and new materials, with a particular emphasis on sectors like semiconductors and artificial intelligence [6][7]. Group 3: Government Support and Initiatives - The Liaoning government has implemented various measures to support venture capital development, including financial incentives for institutions and talent [9]. - Since September 2024, 25 new funds have been established in Liaoning, with a total subscription amount exceeding 7.5 billion yuan, targeting high-end manufacturing and new energy sectors [7][9]. - The province has launched initiatives such as the "Enterprise Technology Special Commissioner" program to address innovation needs and promote collaboration between research and production [7].

Summary of the Conference Call for Zhenlan Instrument Co., Ltd. Company Overview - Zhenlan Instrument was established in 2011 and listed on the Shenzhen Stock Exchange in February 2023 with a registered capital of 2.92 billion RMB, which increased to 4.088 billion RMB after capital reserve conversion in 2024 [doc id='3'][doc id='2'] - The company is recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise and a high-tech enterprise, ranking among the top three in domestic sales and revenue [doc id='3'] - Zhenlan holds over 600 patents and software copyrights, with a production capacity of 10 million units and over 2,000 domestic customers [doc id='3'] Financial Performance - In 2024, the company achieved revenue of 1.501 billion RMB, a year-on-year increase of over 10%, and a net profit of 325 million RMB, slightly higher than 320 million RMB in 2023 [doc id='2'][doc id='3] - The first quarter of 2024 saw revenue of 329.3 million RMB and a net profit of approximately 70 million RMB [doc id='3'] Key Insights and Arguments - The decline in non-recurring net profit is attributed to increased non-operating income from financial products and lower gross margins from newly developed water meter and automotive parts businesses [doc id='4'] - Gas meter sales remained stable at 8 million units, with a slight increase in market share, but the domestic market is nearing saturation, limiting explosive growth [doc id='2'][doc id='6'] - The company is expanding into new businesses, with water meter revenue nearing 90 million RMB and expected to double in 2025, while automotive parts revenue is around 59 million RMB, with plans for gradual development over the next three to five years [doc id='2'][doc id='10'] Industry Dynamics - The overseas business grew nearly 60% in 2024, achieving sales of 217 million RMB, primarily due to cooperation with Algerian clients, but faces increased domestic competition and data security challenges [doc id='2'][doc id='16'] - The company is leveraging automation and lean production to optimize the supply chain and reduce costs, although increased short-term borrowing has led to a higher debt ratio than the industry average [doc id='2'][doc id='19'][doc id='20'] Competitive Strategy - In the smart gas meter sector, the company aims to expand market penetration, particularly in lower-tier cities, while enhancing technology stability and reducing costs through in-house development of core measurement modules [doc id='7'][doc id='9'][doc id='8'] - The company plans to increase R&D investment in 2025, focusing on gas meters and gas measurement technologies to meet rising safety and quality demands from downstream clients [doc id='13'] Future Outlook - The company anticipates market demand in 2025 will be influenced by ongoing policy effects from 2024, with a focus on responding to customer needs and ensuring compliance with safety regulations [doc id='14] - The automotive parts business is primarily aimed at supporting new energy vehicles, with products also applicable to traditional fuel vehicles [doc id='15'] - The company expects overseas market growth to reach at least 20%, with domestic markets remaining stable and water meter business projected to double [doc id='24] Challenges and Risks - The company faces challenges from increased competition in overseas markets and the need to adapt to local market conditions, particularly in less developed regions [doc id='16'] - There are concerns regarding the impact of tariffs on export business, although current export volumes to the Americas are low [doc id='16'] Conclusion - Zhenlan Instrument is committed to steady growth despite industry challenges, focusing on operational stability and long-term development strategies [doc id='27']