04,08,2026 30 views
【instrumentNetwork Enterprise News】On April 3rd, Kangster (300445) disclosed the latest record of investor relations activities. At the 2025 annual performance briefing, the company's management focused on operating performance, core products, overseas layoutsensorWe will comprehensively respond to market concerns on core issues such as self-developed and digital business, and clarify the high-quality development goals and business focus for 2026.
2025 Performance Review: Steady Domestic Growth, Overseas Pressure Adjustment, Continuous Optimization of Product Structure
In 2025, Kangster will achieve a total operating revenue of 590 million yuan, a year-on-year increase of 2.49%; The net profit attributable to the parent company was 104 million yuan, a year-on-year decrease of 16.74%. Although the overall profitability has been under pressure from external factors, the domestic market has shown strong resilience, with order growth exceeding 10% and confirmed revenue growth of 6%. The continuous optimization of product structure has led to a steady increase in gross profit margin, laying a solid foundation for performance recovery in 2026.
From a market perspective, the domestic market revenue was 306 million yuan, a year-on-year increase of 6.39%, becoming the core engine of growth. The company has increased its domestic development efforts, focusing on product iteration and breakthroughs in weak industries. The product share of instrument and sensor production lines has significantly increased, and leading domestic foreign-funded enterprises have also included them in the global procurement system. Overseas markets were affected by high tariffs in the United States, the closure of large orders, and delays in some orders, resulting in revenue of 283 million yuan, a slight decrease of 1.42% year-on-year. The company flexibly diverts non US orders through its Singapore operations center, increasing the proportion to 38%. Tariffs are shared by the company, agents, and customers, and the overall gross profit margin fluctuates by only 1 percentage point. Its overseas core competitiveness remains stable.
In terms of products, core calibration testinginstrumentation and metersRevenue was 554 million yuan, a year-on-year increase of 1.8%. The revenue of process signal detection products increased significantly by 18.04% year-on-year, becoming a structural highlight; The revenue of temperature and humidity detection products increased by 2.98% year-on-year; Digital pressure detection products, as the main source of revenue (accounting for over 70%), saw a slight year-on-year increase of 0.46% in revenue. In addition, the business revenue of the digital platform was 29 million yuan, a year-on-year increase of 7.8%, and the business synergy effect gradually emerged.
2026 strategic goal: Revenue target of 650 million, overseas growth not less than 15%, order recovery to support growth
Based on the business foundation and market recovery trend in 2025, Kangster has set its core business goals for 2026: the annual revenue target is 650 million yuan, with a year-on-year growth of about 10.4%; The overseas market growth target is not less than 15%.
The recovery of overseas markets has become a key increment. Previously delayed orders from major US clients due to external environmental factors will be executed gradually in 2026, coupled with the global supply chain optimization of the Singapore operations center, overseas business is expected to return to a high growth track. The company's international brand Additel has covered more than 130 countries and regions worldwide, with strong customer stickiness and a ratio of about 3:7 between new and old customers, providing stable support for achieving overseas goals.
Core growth engine: Breakthrough in self-developed high-end sensors, intensive implementation of new product matrix
（1） High end sensors: self-developed mass production accelerates, officially sold to the public in 2026
As the core of the company's "one horizontal, one vertical, one focus" strategy, MEMS high-end pressure sensors have made breakthrough progress in self-developed. By 2025, the company will deliver approximately 7000 self-produced sensors, mainly for self use as a substitute for external procurement; The production capacity target for 2026 will exceed 10000 units, and external sales will be officially launched, opening up a new growth point for performance.
On the technical level, the company's 0.01% F.S high-precision pressure sensor has reached the international leading level, fully launched domestic key process research and development iterations, overcome the bottleneck problem in the high-end chip supply chain, and achieved independent and controllable core technology. In terms of market expansion, sensors have started sample testing in the high-speed rail and rail transit fields, where there is a strong demand for domestic substitution; The mid-range models of pressure transmitters have been supplied in small quantities, and the products are benchmarked against international high-end brands such as Wika and Drucker, synchronously covering the demands of the mid-range market.
（2） New product matrix: intensive releases in multiple fields, driving core business growth
In 2026, the company will launch a series of heavyweight new products, covering core instruments, digital platforms, on-site maintenance and other scenarios:
Core instrument upgrade: The target for the pressure controller business is to increase by 20%. In July, a customized new product specifically for the petrochemical industry will be launched to strengthen the competitiveness of segmented industries;
Digital business breakthrough: The first standardized software version of the instrument management cloud platform is scheduled to be launched in May, enriching the digital product line and promoting the upgrade of the "hardware+software" service model;
On site product iteration: The new generation of on-site maintenance and testing products will be upgraded to the Android system within this year, optimizing the operating experience and intelligence level. It is expected to achieve a large market volume by 2027.
Long term development plan: Focus on high-end manufacturing, cautiously expand outward, and strengthen core barriers
In the future, Konst will continue to focus on high-end calibration testing instruments and MEMS sensor tracks, adhering to high-quality and sustainable development. The company has clearly stated that it will prudently promote industrial mergers and acquisitions in the domestic sensor and instrument fields, and will not lay out the consumer level sensor market for the time being. Instead, it will concentrate its resources on deepening the industrial high-end field.
At the same time, relying on the three "black light workshops" and high-end sensor clean workshops in Yanqing Intelligent Instrument Industrial Park, the company continues to deepen intelligent manufacturing and digital transformation, reduce costs and increase efficiency through lean production, and lay a solid foundation for large-scale development. With its leading position in the high-end calibration instrument field domestically and among the top four globally, as well as its independent research and development capabilities in core sensors, Konst is accelerating its transformation from a single hardware supplier to an "intelligent detection solution service provider", helping to improve measurement accuracy and reliability in the industrial sector and solidify the core barriers of domestic substitution.
Risk Warning: This article is based on the announcements and public information of listed companies and does not constitute investment advice. The stock market carries risks, so investment needs to be cautious.
