1. Linyang Energy: Electricity meters carry the weight, but new energy faces pressure

As an industry veteran, Linyang Energy demonstrated strong resilience in 2025, but also faced the pains of transformation.

Electricity meter business (cornerstone): In the first half of 2025, electricity meters and terminal products contributed 63% of gross profit, with a gross profit margin as high as 34.9%. Domestically, it relied on tenders from State Grid and Southern Grid, while internationally, it sold to the Middle East, Europe, and Southeast Asia, with overseas revenue increasing by nearly 50%.

New energy business (drag): Affected by the industry downturn and policy adjustments (such as "Document No. 136"), the photovoltaic and energy storage businesses performed poorly in 2025, even becoming a major drag on performance. This also prompted the company to begin exploring new areas such as hydrogen energy and low-altitude economy.

2. Xintian Technology: Steady growth, diversified smart energy development

Xintian Technology maintained steady growth in 2025, not only focusing on electricity meters but also expanding into water, gas, and heat metering.

Performance: In the first three quarters of 2025, revenue increased by 21.04% year-on-year, and net profit attributable to shareholders increased by 38.07% year-on-year, a very impressive performance.

Business highlights: The company made good progress in smart water conservancy and smart water management, and collaborated deeply with Huawei in the field of the Internet of Things. Its NB-IoT smart meter products adopted Huawei HiSilicon chips, enhancing product competitiveness.

3. Sanhui Electric: Soaring revenue but under profit pressure, transforming into energy storage

Sanhui Electric's data in 2025 showed a "contradictory" state, reflecting the difficulties of the transformation period.

Revenue surge: In the first three quarters of 2025, revenue increased by as much as 79.31% year-on-year, mainly due to its layout in new businesses such as energy storage equipment. Profitability Concerns: Despite a significant increase in revenue, net profit attributable to the parent company decreased year-on-year, even resulting in a loss (-28.6278 million yuan). This indicates that the company has made huge investments in expanding new businesses (such as virtual power plants and energy storage), which have not yet fully translated into profits.

4. Pioneer Electronics: Net Profit Doubles, Small but Beautiful

Pioneer Electronics, specializing in gas meters, demonstrated extremely high profitability in 2025.

Performance: Net profit attributable to the parent company increased by as much as 112.73% in the first three quarters. Although revenue growth was relatively stable (+7.94%), cost control and profitability were extremely strong.

Based on the above company performance and industry analysis, my country's metering industry is standing at a critical turning point for transformation and upgrading. The future development trend is mainly reflected in the following three aspects:

1. Technological Integration: Shifting from "single instrument" to "hardware + software + service"

Traditional instrument manufacturing can no longer meet the demands. The industry is now accelerating its integration with AI, big data, 5G, and quantum sensing technologies.

Intelligentization: AI algorithms are used for fault diagnosis, and 5G enables millisecond-level transmission.

Networking: The involvement of technology giants such as Huawei (e.g., HiSilicon chips) has promoted the popularization of NB-IoT smart meters, and meters are becoming a data entry point for smart city construction.

2. Market Landscape: Going Global and Domestic Substitution in Parallel

Going Global Trend: The domestic market is becoming increasingly competitive, and companies are choosing to "go global." Companies such as Linyang Energy are actively expanding into markets along the "Belt and Road" initiative, selling their products globally.

Domestic Substitution: In the field of high-end instruments, domestic substitution is progressing from "easy" to "difficult." Although the low-to-medium-end market has basically achieved substitution, the high-end field (such as ultra-high-resolution mass spectrometers) still faces "bottleneck" risks, which will be the focus of future efforts.

3. Business Boundaries: Expanding to "Comprehensive Energy Management"

Simply selling meters is no longer the only profit model. Companies are using meters as a traffic entry point to extend downstream:

Diversification: Expanding from only making electricity meters to water meters, gas meters, and heat meters, achieving "multi-meter integration." Service-oriented approach: Utilizing accumulated data to provide operation and maintenance services, energy efficiency management, and even venturing into areas like energy storage and virtual power plants, as Sanhui Electric has done, to find a second growth curve.