Since the beginning of this year, INNOVER TECH. has been striving to be a "pioneer" in multiple fields.

From January 16 to 21, INNOVER TECH. achieved consecutive daily price limits due to the expected increase in performance for the entire year of 2024; from March 21 to 25, the stock price hit the daily limit again due to the holding company's involvement in robotics. In the current hype surrounding deep-sea concepts and the marine economy, the holding company's sensor business, which can be used for underwater robots, has also been included in the underwater robot concept stocks by Tonghuashun Finance.

INNOVER TECH. is now in the spotlight, with its "traditional" gas business maintaining overall stability, and its invested companies operating in industries with huge growth potential that are key sectors identified for development by the state. It can be said that external expectations for INNOVER TECH. are at an all-time high.

Significant Performance Growth

INNOVER TECH. was established in 1991 and went public in 2015. It is a leading listed company in the gas metering industry, focusing on providing independently developed urban gas equipment and smart gas solutions.

It is understood that natural gas gradually began to enter urban households in China around 1970. At that time, the use of natural gas was limited to urban gas supply, mainly for cooking and heating, and was primarily concentrated in large and medium-sized cities. With the deepening of reform and opening up, the development of the national economy, and the country's emphasis on energy and environmental protection issues, natural gas as a clean energy source has been widely applied.

Having entered the industry earlier, INNOVER TECH. has a first-mover advantage in technology, production capacity, and product quality. Public information shows that as early as 1993, INNOVER TECH. developed the IC card smart gas meter, and after achieving mass production in 1997, it quickly became a leader in the smart gas meter industry. The company also boasts a first-class smart manufacturing platform, with its park integrating the headquarters operation base, headquarters R&D center, smart gas big data center, customer experience center, CNAS laboratory, and smart manufacturing platform, with an annual production capacity of 5 million units. Currently, INNOVER TECH. provides services to over 1,200 gas companies and 35 million online users of smart gas meters across more than 30 provinces and regions nationwide.

With these advantages, INNOVER TECH. has gradually become a leading enterprise in the industry. After going public, although its performance has occasionally fluctuated, it has remained profitable. Especially in 2024, INNOVER TECH. has forecasted a significant increase in performance, with net profits expected to be between 23 million and 32 million, representing a year-on-year growth of 201.81% to 319.91%, marking the highest performance growth since its listing.

In addition to the overall revenue of the company remaining stable, the growth in performance is also due to the significant fair value change loss recognized from the trading financial assets held by the company in the previous period, resulting in a non-recurring profit and loss amount of approximately 4 million to 6 million yuan, an increase compared to the same period last year.

Investment in Benmo Technology May Strengthen Robotics

The improvement in performance represents an enhancement of the company's fundamentals, which will attract more investor attention. The continuous technological breakthroughs in core components and direct-drive robots by Benmo Technology, in which Pioneer Electronics holds a stake, are also a significant reason for its stock price increase.

In an investor interaction last August, Pioneer Electronics stated that it is a shareholder of Dongguan Benmo Technology Co., Ltd., indirectly holding 0.7% of the shares through its wholly-owned subsidiary Zhejiang Shengfeng Investment Management Co., Ltd.

Public information shows that Benmo Technology was established in 2020 and is a technology company with innovative strength and development potential in the robotics field, providing direct-drive precision power solutions for household robots, industrial/commercial robots, fitness, and other industries. Its core technology—direct-drive technology—eliminates the reducer found in traditional robots, directly using motors to provide precise power to the equipment, solving multiple technical challenges such as electromagnetic design and sensing. This can improve the speed and efficiency of robot movement, extend equipment lifespan, and reduce maintenance costs. Companies like Ecovacs, ZhiMi, and JueFei are among its clients.

According to published data, Benmo Technology has cumulatively delivered millions of direct-drive motors by 2024, and the order volume in January 2025 has already exceeded half of that of 2024, with products exported to more than 50 countries and regions worldwide, including the EU, North America, and the Middle East.

Although Pioneer Electronics' indirect shareholding in Benmo Technology is not large, it is enough to attract market attention, and Pioneer Electronics may be recognized for its investment insight. As Benmo Technology's performance grows, it may bring certain financial benefits to Pioneer Electronics in the future through dividends and other means.

It is also worth noting that Benmo Technology's business expansion in the robotics field may bring new business opportunities for Pioneer Electronics, such as the development of application scenarios combining smart gas meters and robots, thereby expanding Pioneer Electronics' business boundaries.

In an investor interaction in March this year, Pioneer Electronics was asked, "Can the company consider acquiring Benmo Technology to enter the robotics sector?" Pioneer Electronics' response was quite ambiguous, stating, "The company will comprehensively assess based on strategic planning, market environment, and Benmo Technology's development potential. If there are relevant plans or progress, we will strictly fulfill our information disclosure obligations in accordance with legal regulations."

Sensor Business May Be Another Layout Direction

Similar to Benmo Technology, Zhichi Huaxin is also an indirectly held company of Pioneer Electronics. It is reported that Pioneer Electronics began holding shares in Zhichi Huaxin in 2019. Its wholly-owned subsidiary Zhejiang Shengfeng Investment Management Co., Ltd. signed an investment agreement in May 2019 and paid 2 million yuan as the first round of capital increase to Zhichi Huaxin (Wuxi) Sensor Technology Co., Ltd. Currently, it holds 4.9979% It is also because of ZhiChi HuaXin that INNOVER TECH. has been included in the A-share sensor concept.

Public information shows that ZhiChi HuaXin focuses on the research and production of sensors in fields such as smart water conservancy, industrial IoT, smart healthcare, automotive autonomous driving, and aerospace. Its products include 24GHz, 60GHz, and 120GHz frequency-modulated continuous wave millimeter-wave radar, radar water level gauges, radar flow meters, millimeter-wave ultrasonic radar flow meters, MEMS high-precision micro gas flow sensors, thermal MEMS gas flow sensors, oil/gas pressure sensors, and ultrasonic sensors.

Its products are widely used in smart drainage systems, smart water conservancy, and irrigation informatization projects in urban lifelines across regions such as the Yangtze River Delta, Pearl River Delta, Chengdu-Chongqing Economic Circle, Yangtze River Basin, Beijing-Tianjin-Hebei, and Xinjiang.

According to popular science information, radar products have extensive applications for underwater robots, playing an irreplaceable role in water level monitoring, flow monitoring, target detection and positioning, environmental perception, and mapping.

INNOVER TECH. also stated in investor interactions that ZhiChi HuaXin currently has technical development capabilities in microwave RF chips, MEMS chips, system-level advanced packaging, RF component development, and sensor circuit algorithms, and possesses advanced testing and calibration equipment in the fields of radar water level gauges and radar flow meters.

Tianfeng Securities pointed out that in 2024, the gross production value of the marine industry will exceed 10 trillion for the first time, with policies incorporating deep-sea technology for the first time, promoting its rapid development, especially in the field of deep-sea equipment exploration. Policies support the high-quality development of the marine economy, including the commercialization of deep-sea resources, the construction of marine data application ecosystems, and other directions. Deep-sea resource development (combustible ice/minerals), intelligent equipment (robots), and underwater data centers (IDC energy-saving alternatives) are worth paying attention to.

It must be acknowledged that besides Benmo Technology, ZhiChi HuaXin's business layout may also become a new direction for INNOVER TECH., and whether INNOVER TECH. will take more actions in the aforementioned two directions is worth continuous attention