The half-year reports of listed instrument companies have been released. What is the development trend in the field of automation instruments?

The semi-annual report disclosure work of listed companies in the instrumentation industry has gradually come to an end. As an important part of industrial production   As an important component of the "nerve center," the financial report data of the instrumentation industry not only reflects its own development trajectory but is also closely linked to manufacturing upgrades and industrial digital transformation processes. Among them, the automation instrumentation field is highly focused on due to its service to key scenarios such as process industries and intelligent manufacturing, with its revenue, profit, orders, and R&D investment receiving significant attention. With the current financial reports being released one after another, how is the mid-term performance of the automation instrumentation sector? Is the overall situation meeting expectations? Which sub-sectors or companies are performing outstandingly?

Chuan Yi Co., Ltd.

In the first half of 2025, the macroeconomic situation was complex, domestic effective demand was insufficient, and market competition intensified, posing phased challenges to the company's operations. During this reporting period, the company achieved operating revenue of 3,281.1275 million yuan, a year-on-year decrease of 12.37%; net profit attributable to shareholders of the listed company was 324.5578 million yuan, a year-on-year decrease of 10.46%; net profit attributable to shareholders after deducting non-recurring gains and losses was 268.262 million yuan, a year-on-year decrease of 14.66%.

Under the severe external environment, the company actively optimized its marketing strategy. On one hand, it improved internal quality by strengthening specialized marketing and service team building, enhancing full-process management from market project information collection to contract implementation, continuously improving order acquisition capabilities; on the other hand, it broke through externally by deeply cultivating major clients and projects, expanding new markets and fields, and leveraging the "head-to-head" advantage of central enterprises to continuously expand its cooperation "circle of friends." In the first half of 2025, the company's newly signed orders decreased by 9% year-on-year, but new orders in niche markets such as nuclear power, fine chemicals, non-ferrous metals, water conservancy, and thermal power increased by 38% to 64%. The overseas market remained basically flat compared to the same period last year.

Const

During the reporting period, the company achieved operating revenue of 246 million yuan, a year-on-year increase of 3.76%. Net profit attributable to shareholders of the listed company was 54.1295 million yuan, a year-on-year decrease of 7.71%. Net profit attributable to shareholders after deducting non-recurring gains and losses was 50.6374 million yuan, a year-on-year decrease of 7.08%.

The international market achieved revenue of 127.4951 million yuan, a year-on-year increase of 3.2%, with the second quarter growing 5.5% year-on-year and 10.3% quarter-on-quarter. The main factors were the high base caused by large orders in the US regional market during the same period, combined with repeated impacts of tariff policies, and the improved delivery capacity of the Singapore operation center. On the demand side, the international market slowly recovered under the impact of high tariff policies, combined with the large orders from the same period last year. The US regional market, which was heavily impacted, saw growth recover from 11.0% at the end of March to -5.8%, while the Europe/Middle East/Africa regional market increased from -7% to 8.3%. On the operational side, the company's Singapore operation center is becoming an important hub for expanding international marketing channels. Facing delivery pressure on existing orders and slower growth of new orders due to tariff rate uncertainties in the US, the company adjusted its international market operation strategy. The US regional market mainly sold products stocked by the US operation center, while from the second quarter, non-US market orders were accelerated to be diverted to the Singapore operation center. From January to June 2025, the Singapore operation center's share of international orders increased to 29.3%, with June orders accounting for 56.5%.

The domestic market achieved revenue of 118.8449 million yuan, a year-on-year increase of 4.4%, with the second quarter growing 2.4% year-on-year and 35.4% quarter-on-quarter. At the end of the reporting period, the conversion of on-hand orders began to accelerate, mainly due to differentiated recovery in downstream industry prosperity. Domestic market orders steadily increased and revenue was gradually confirmed. On the demand side, the company focused on stable revenue growth around industries such as metrology and testing, electric power, and metallurgical machinery equipment, and aimed to increase market share in instrumentation and sensor industries. On the operational side, the company focused on high-quality customer needs, accelerating the implementation of major client management strategies to lay a foundation for high-quality growth in the domestic market in the second half of the year.

Guodian Nanzi

During the reporting period, the company completed cumulative order contract amounts of 11.563 billion yuan, an increase of 11.51% compared to the same period last year. Audited by Tianzhi International Accounting Firm, the company's 2024 operating revenue was 9.03 billion yuan, an increase of 18.46% year-on-year; total profit was 670 million yuan, an increase of 37.68%; net profit was 582 million yuan, of which net profit attributable to the parent company owners was 341 million yuan, an increase of 50.14% year-on-year.

From the perspective of each business segment, the power grid automation industry had cumulative orders of 503.288 million yuan and operating revenue of 382.644 million yuan; the power plant and industrial automation industry had cumulative orders of 183.894 million yuan and operating revenue of 151.632 million yuan; the rail transit automation industry had cumulative orders of 42.182 million yuan and operating revenue of 38.84 million yuan; the information and security technology industry had cumulative orders of 111.95 million yuan and operating revenue of 81.917 million yuan; the power electronics industry had cumulative orders of 28.156 million yuan and operating revenue of 17.364 million yuan. All segments experienced varying degrees of growth, jointly driving the increase in operating revenue.

During the reporting period, the company's R&D expenses were 590.67 million yuan, an increase of 17.80% compared to the same period last year. The company increased R&D investment and continuously promoted technological innovation. R&D projects were carried out in multiple fields such as power grid automation, power plant automation, and new energy to enhance the company's technological strength and product competitiveness.

Changfu Co., Ltd.

The report shows that the company's operating revenue in the first half of the year was 107 million yuan, a year-on-year decrease of 8.11%; net profit attributable to the parent company was 13.4153 million yuan, a year-on-year decrease of 9.87%; net profit attributable to the parent company after deducting non-recurring gains and losses was 12.5466 million yuan, a year-on-year decrease of 11.22%.

Operating revenue during the reporting period by product category: ordinary products revenue was 22.3138 million yuan, a decrease of 1.4748 million yuan or 6.20% compared to the same period last year; intelligent products revenue was 53.4414 million yuan, an increase of 1.1456 million yuan or 2.19% year-on-year; nuclear power products revenue was 28.4805 million yuan, a decrease of 7.8725 million yuan or 21.66% year-on-year; accessory sales and other revenue was 3.1399 million yuan, a decrease of 1.2796 million yuan or 28.95% year-on-year. The decline in nuclear power product revenue was mainly due to fewer deliveries during the reporting period compared to the same period last year, despite sufficient on-hand orders (as of June 30, 2025, the company's on-hand orders for nuclear power products excluding tax amounted to 69.5324 million yuan), affected by the progress of related projects in the first half of the year. The decline in accessory sales and other revenue was mainly due to reduced product accessory sales during the reporting period.

Keda Automation

In the first half of 2025, the company achieved total operating revenue of 149 million yuan, a year-on-year decrease of 4.55%; net profit attributable to the parent company was 4.5783 million yuan, a year-on-year decrease of 68.49%; net profit after deducting non-recurring gains and losses was 2.9659 million yuan, a year-on-year decrease of 73.96%.

Keda Automation's main product in the smart mining field is the mining data monitoring and automatic control system. In the first half of 2025, this product achieved revenue of 80.5438 million yuan, accounting for 54.06% of the company's total revenue during the period. Keda Automation focuses on building a three-dimensional new energy charging and swapping management system to meet the charging and swapping energy replenishment needs of different types of new energy vehicles, primarily community charging, supplemented by public charging and swapping. In the first half of 2025, the three-dimensional new energy charging and swapping management system brought Keda Automation revenue of 51.4744 million yuan, a year-on-year increase of 40.01%, accounting for 34.55% of the total revenue during the period.

The announcement states that in the first half of 2025, the global economic situation remains severe and complex, with structural adjustments in the energy industry continuing to deepen, and market competition in smart mines and new energy charging and swapping fields becoming increasingly fierce. The company faces an economic environment characterized by strong policy-driven momentum alongside short-term macroeconomic pressures. During the reporting period, Keda Automation continued to increase R&D investment, spending 22.302 million yuan on R&D, accounting for 14.97% of total revenue for the period, a year-on-year increase of 13.83%.

Constant Renewal

In the first half of 2025, the company achieved revenue of 256 million yuan, a year-on-year increase of 16.55%; net profit attributable to the parent company was 14 million yuan, a year-on-year increase of 2063.42%; net profit excluding non-recurring items was 13 million yuan, a year-on-year increase of 3091.44%. The company's R&D expenses reached 60.3123 million yuan, accounting for 23.53% of operating income.

Regarding the reasons for performance growth, Constant Renewal stated that on one hand, it benefited from accelerated digital and intelligent transformation upgrades across various industries, increasing customer demand and driving sales revenue growth; on the other hand, the company continuously strengthened organizational capability building, improved operational management efficiency, further enhanced gross margin and overall profitability, leading to a substantial increase in net profit.

In the first half of this year, the aforementioned three major strategies steadily advanced, continuously empowering business development. In terms of partner strategy, the current number of company partners meets expectations and is of high quality, with many market leads; in service strategy, further adjustments were made to the service center's organizational structure, and incentive policies for service center processes were introduced, resulting in significant growth in service orders and revenue; regarding the good product globalization strategy, overseas partners were continuously expanded, and localized teams were deployed in the US and Middle East regions, achieving steady growth in overseas sales data.

Sine Electric

In the first half of 2025, the company achieved total operating revenue of 220 million yuan, a year-on-year increase of 16.87%; net profit attributable to the parent company was 21.8759 million yuan, a year-on-year decrease of 6.59%; net profit excluding non-recurring items was 18.4806 million yuan, a year-on-year increase of 11.82%; net cash flow from operating activities was 1.7743 million yuan, a year-on-year decrease of 83.35%.

The short-term pressure on net profit is mainly due to the company's proactive increase in strategic investments: first, actively expanding market layout, with the expansion of the sales team leading to corresponding expense growth; second, optimizing management structure, completing headquarters relocation and introducing professional management talents, resulting in increased management expenses; third, continuously strengthening R&D innovation, increasing technical talent reserves and R&D investment. These strategic investments will lay a more solid foundation for the company's future development and help achieve long-term sustainable growth.

Neway Valve

During the reporting period, the company achieved operating revenue of 3.404 billion yuan, a year-on-year increase of 19.96%; net profit attributable to the parent company was 637 million yuan, a year-on-year increase of 30.44%.

In the first half of 2025, Neway Valve actively responded to market demand for special valve products in emerging fields such as new energy, nuclear power, and marine engineering, accelerating technological upgrades. Relying on an independent R&D system, breakthroughs were made in key technical areas including new energy, nuclear power, marine engineering, shipbuilding, and LNG, successfully carrying out technical breakthroughs in multiple core projects; industrial materials, nuclear power, water valves, Dongwu machinery, and petroleum equipment also achieved multiple important breakthroughs in their respective fields, realizing the R&D and manufacturing of typical projects such as ultra-low temperature double eccentric butterfly valves, composite polymer valve seat high-pressure fully welded pipeline ball valves, high-integrity pressure protection systems, nuclear-grade axial flow check valves, high-pressure large-diameter flat gate valves, high-pressure large-diameter ball valves, and offshore platform choke and kill manifolds. The scope of international certification and service content has further expanded, providing customers with complete lifecycle solutions.

Jiangsu Shentong

In the first half of 2025, the company achieved total operating revenue of 1.068 billion yuan, a year-on-year increase of 1.52%; net profit attributable to the parent company was 150 million yuan, a year-on-year increase of 4.72%; net profit excluding non-recurring items was 138 million yuan, a year-on-year increase of 8.54%. During the reporting period, the company secured new orders totaling 1.072 billion yuan, including: Shentong Nuclear Energy 483 million yuan, Metallurgy Division 196 million yuan, Energy Equipment Division 75 million yuan, Wuxi Flange 301 million yuan, and Ruifan Energy Saving 17 million yuan.

Recently, Jiangsu Shentong stated on the investor interaction platform that with the technological iteration and policy deepening of the hydrogen energy industry, the green hydrogen industry aligns with the layout and development trends in the hydrogen energy field, with great future development potential and prospects; according to the company's half-year report released on August 19, 2025, the nuclear power industry revenue in the first half of the year was 410 million yuan, a year-on-year increase of 15.67%.

Siwei Train Control

During the reporting period, the company achieved operating revenue of 689 million yuan, a year-on-year increase of 23.35%; total profit was 363 million yuan, a year-on-year increase of 55.08%; net profit attributable to the parent company was 304 million yuan, a year-on-year increase of 59.76%.

In its 2025 semi-annual report, the company mentioned that both operating revenue and net profit during the reporting period achieved significant growth, increasing by 23.35% and 59.76% year-on-year respectively. Additionally, the company's train control system business was affected by delayed bidding and project acceptance and settlement progress, resulting in a decline in revenue. The company achieved rapid growth in high-speed rail security and high-speed rail operation monitoring businesses, especially with the high-speed rail operation monitoring business revenue increasing by 153.19% year-on-year. Regarding R&D investment, the company continued to increase R&D expenses, up 9.47% year-on-year. The company actively promotes technological innovation to assist railway users in productivity upgrades. Overall, the company maintained stable growth in operational business and continued to strengthen efforts in technology R&D and product promotion.

At the company's semi-annual performance briefing, it was stated that new orders in the first half of 2025 maintained steady growth, with sufficient orders on hand. In segmented industries, the company's train control system, railway security, and high-speed rail operation monitoring businesses are all in equipment renewal and upgrade phases, strongly supporting continuous performance growth. Meanwhile, railway customers are accelerating the deep integration of new technologies such as 5G, big data, and artificial intelligence with railway application scenarios, providing new development opportunities and broader market space for related equipment manufacturers.

Yanhua Intelligent

During the reporting period, the company achieved operating revenue of 216.9094 million yuan, a year-on-year decrease of 25.89%; net profit attributable to shareholders of the listed company was 5.384 million yuan, turning from loss to profit compared to the same period last year; net cash flow from operating activities narrowed significantly from -106 million yuan in the same period last year to -32 million yuan in this reporting period, an improvement of 70.19% year-on-year.

The decline in operating revenue during the reporting period was mainly due to intensified industry competition putting pressure on growth in some business segments, some newly signed large contracts not yet meeting revenue recognition conditions, and some subsidiaries' revenues no longer included in the listed company's consolidated scope. Despite operational pressures, the company turned from loss to profit compared to the same period last year through proactive management measures. On one hand, the company's formerly controlled subsidiary Chengdu Yixing Technology Co., Ltd. successfully introduced investors through capital increase and share expansion, contributing investment income to the listed company; on the other hand, amid intensified industry competition, the company strengthened expense control effectively, significantly reducing overall expenses and further consolidating the profit base. Meanwhile, during the reporting period, the company improved project management processes and optimized procurement and payment schedules, strengthened capital management, transforming management measures into improved capital operation efficiency, effectively promoting positive operating cash flow.