en.Wedoany.com Reported - In the first half of 2026, the value-added output of China's instrument and meter industry above the designated size maintained positive growth, but sub-sectors showed significant divergence. High-end precision measurement, industrial control motion control, infrared optoelectronic detection, and AI-powered chips achieved simultaneous growth in volume and profit, while traditional low-end automation and conventional power acquisition instruments faced sluggish growth and profit pressure. This pattern is particularly evident in the first-half performance forecasts of six representative companies.
In high-prosperity sectors, some companies achieved dual growth in revenue and profit, benefiting from the continued release of domestic substitution dividends. Puyuan Jingdian, primarily engaged in oscilloscopes and RF microwave testing equipment serving the semiconductor, new energy, and communication industries, expects first-half revenue of RMB 477 million to RMB 502 million, a year-on-year increase of 34.44% to 41.30%; net profit attributable to parent company of RMB 34.58 million to RMB 42.62 million, a year-on-year increase of 113.27% to 162.84%, with stable profitability from core operations. Growth drivers include the volume ramp-up of new high-end RF and high-speed oscilloscopes, accelerated domestic substitution of semiconductor production line testing equipment, simultaneous expansion of domestic and international channels, and improved overall gross margin from high-end products.
Leisai Intelligent, a key player in servo, stepper systems, and automation control instruments, benefited from the recovery in demand for smart manufacturing production line upgrades. It expects first-half revenue of RMB 1.23 billion to RMB 1.266 billion, a year-on-year increase of 38% to 42%; net profit attributable to parent company of RMB 184 million to RMB 196 million, a year-on-year increase of 55% to 65%. The second quarter saw higher prosperity than the first, mainly due to the concentrated release of orders for lithium battery, photovoltaic, and 3C automation equipment, an increased share of mid-to-high-end servo solutions, and AI production line upgrades driving demand for intelligent control instruments.
Rockchip, a supplier of core components for domestic smart instruments, provides products for industrial vision inspection, online monitoring, and intelligent measurement equipment. It expects first-half revenue of RMB 2.87 billion to RMB 2.91 billion, a year-on-year increase of 40.28% to 42.24%; net profit attributable to parent company of RMB 850 million to RMB 910 million, a year-on-year increase of 60.03% to 71.33%. Edge AI chips are being adopted in large volumes across various smart instruments. Domestic OEMs are reducing reliance on imported chips, and the high added value of upstream chips offsets raw material price increases, demonstrating the synergistic effect of the industrial chain.
Guide Infrared, covering military optoelectronic measurement equipment, industrial infrared non-destructive testing, and power infrared inspection equipment, recorded the highest growth rate in this survey. Its first-half net profit attributable to parent company is expected to be RMB 1.27 billion to RMB 1.45 billion, a year-on-year increase of 601.93% to 701.41%. Reasons include the concentrated delivery of military optoelectronic measurement equipment, high growth in demand for civilian industrial defect detection and grid infrared temperature measurement instruments, breakthroughs in self-developed infrared detector chips overcoming overseas monopolies, and the full opening of domestic substitution space for optoelectronic measurement instruments.
In weak prosperity sectors, companies face pressure on their main businesses, showing difficulty in increasing profits despite revenue growth, or even incurring losses. Xinlian Electronic, primarily engaged in grid power consumption acquisition terminals and basic power monitoring instruments, reported book net profit attributable to parent company of RMB 441 million to RMB 466 million, a year-on-year increase of 134.57% to 147.87%. However, its non-recurring net profit declined by 5.58% to 11.79% year-on-year. All gains came from changes in the fair value of financial assets and wealth management products. The core instrument business stagnated, mainly due to the lengthened replacement cycle of existing grid equipment, limited new bidding scale, and price competition in the low-end acquisition equipment sector compressing profit margins.
Step Electric, focusing on low-end industrial robots, general industrial control complete instruments, and elevator control businesses, swung from profit to loss in the first half. It expects a net loss attributable to parent company of RMB 11 million to RMB 16 million, with an expanded loss from core operations. Affected by weak capital expenditure in traditional manufacturing, overcapacity and severe price competition in low-end automation equipment led the company to continuously increase R&D investment to layout new robot and intelligent industrial control products. Expense-side pressures eroded profits, and orders for complete automation instruments fell short of expectations, ultimately resulting in a loss.
From the corporate performance data, four core characteristics of the instrument and meter industry in the first half of 2026 can be observed. Sector divergence is the fundamental backdrop of the industry. Downstream demand directly determines corporate prosperity. This recovery is not an overall market trend but a structural one, where emerging industries drive high-end sectors while traditional industries drag down low-end sectors. High-prosperity sub-sectors share three commonalities: downstream sectors like semiconductors and new energy with high capital expenditure, products with high precision and intelligent attributes, and vast domestic substitution potential. The four major sectors of electronic measurement, infrared optoelectronics, mid-to-high-end motion control, and AI chips benefit from domestic equipment localization policy dividends. Downstream customers actively switch to domestic equipment, achieving simultaneous volume and price increases. In contrast, the two sectors of low-end general automation and basic power metering instruments face weak demand. Affected by shrinking technical upgrade investments in traditional manufacturing and the slowdown in conventional grid equipment renewal, these sectors have low entry barriers and crowded manufacturers. Companies can only secure orders by lowering prices, leading to a continuous decline in gross margins and difficulty in profit recovery.
Overall, the instrument and meter industry in the first half of 2026 did not experience an overall prosperous market; structural divergence is the main development theme. High-end sectors represented by electronic measurement, infrared optoelectronics, mid-to-high-end industrial control, and industrial AI chips, leveraging the wave of domestic substitution and capital expenditure in high-prosperity downstream fields like new energy and semiconductors, achieved rapid simultaneous growth in revenue and profit. Conversely, the low-end general automation and conventional power instrument sectors continued to face profit pressure due to weak demand and price competition. The instrument and meter industry has moved beyond the stage of simple scale expansion and entered a high-quality development cycle characterized by high-end, intelligent, and domestic production.
The watershed for future enterprise development will become increasingly clear: the ability to enter strategic emerging industry downstream sectors, complete high-end product upgrades, and deploy AI intelligent solutions will directly determine annual performance and long-term market competitiveness. In the medium to long term, with breakthroughs in core technologies and improved industrial chain coordination, domestic high-end instruments and meters still have room for growth and are expected to occupy a more important position in the global market.
