证券代码：603985 证券简称：恒润股份 公告编号：2025-075 江阴市恒润重工股份有限公司 公司于 2024 年 11 月 21 日召开第五届董事会第五次会议，审议通过了《关于 以集中竞价交易方式回购公司股份方案的议案》。公司董事会同意使用公司自有或 自筹资金以集中竞价交易方式回购公司部分人民币普通股（A 股），在未来适宜时 机用于公司股权激励或员工持股计划，回购资金总额不低于人民币 5,000 万元（含） 且不超过人民币 9,000 万元（含），回购股份的价格不超过人民币 20 元/股（含）， 具体回购数量以回购期满时实际回购的股份数量为准，回购股份期限为自公司董 事会审议通过回购方案之日起 12 个月内。具体内容详见公司分别于 2024 年 11 月 22 日、2025 年 3 月 6 日在上海证券交易所网站（www.sse.com.cn）上披露的 《江阴市恒润重工股份有限公司关于以集中竞价交易方式回购公司股份方案的公 告》（公告编号：2024-072）、《江阴市恒润重工股份有限公司关于以集中竞价交易 方式回购股份的回购报告书》（公告编号：2025-012）。 二、回购股份的进展情况 根据《上市公 ...

Summary of Key Points Core Viewpoint - Hengrun Co., Ltd. (603985.SH) has announced a share buyback program, indicating a commitment to returning value to shareholders and potentially signaling confidence in the company's future performance [1] Group 1: Share Buyback Details - As of August 31, 2025, the company has repurchased a total of 3,723,530 shares, which represents 0.84% of the current total share capital [1] - The highest transaction price for the repurchased shares was RMB 16.35 per share, while the lowest was RMB 12.48 per share [1] - The total amount spent on the share buyback was RMB 50,001,359.50, excluding transaction fees such as stamp duty and commissions [1]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 关于持股 5%以上股东权益变动至 5%以下的提示性公告 ? 本次权益变动系江阴市恒润重工股份有限公司（以下简称"公司"）持 股 5%以上股东、董事兼总经理周洪亮先生（信息披露义务人）持有公司股份从 ? 本次权益变动前、公司首次公开发行股票并上市之时，信息披露义务人 周洪亮先生持有公司股份 7,200,000 股，占当时公司总股本的 9.0000%，本次权 益变动后，周洪亮先生持有公司股份变动为 22,042,864 股，占公司总股本的 证券代码：603985 证券简称：恒润股份 公告编号：2025-074 江阴市恒润重工股份有限公司 持恒润股份合计 1,448,500 股，占上市公司总股本的 0.3286%。本次权益变动后, 信息披露义务人持有恒润股份 22,042,864 股无限售流通股份，占上市公司总股 本的 4.99999%。 本次权益变动信息披露义务人持有上市公司权益变化明细情况如下表： | | | | | 变动后持 | | | --- | --- | - ...

江阴市恒润重工股份有限公司简式权益变动报告书 江阴市恒润重工股份有限公司 简式权益变动报告书 上市公司名称：江阴市恒润重工股份有限公司 信息披露义务人：周洪亮 住所：江苏省江阴市周庄镇****** 通讯地址：江苏省江阴市周庄镇****** 股份变动性质：股份减少（持股比例降至 5%以下） 签署日期：二〇二五年八月二十八日 1 股票上市地点：上海证券交易所 股票简称：恒润股份 股票代码：603985 江阴市恒润重工股份有限公司简式权益变动报告书 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"《证券法》"） 《上市公司收购管理办法》（以下简称"《收购管理办法》"）《公开发行证券 的公司信息披露内容与格式准则第 15 号－权益变动报告书》及其他相关的法律、 法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告已获得必要的授权和批准。 三、依据《证券法》《收购管理办法》及《公开发行证券的公司信息披露内 容与格式准则第 15 号－权益变动报告书》的规定，本报告书已全面披露了信息 披露义务人在恒润股份中拥有权益的股份变动情况。 截至本报告书签署之日，除本报告书披露的持股信息外，信息 ...

证券代码：603985 证券简称：恒润股份 公告编号：2025-074 江阴市恒润重工股份有限公司 公司于 2025 年 8 月 28 日收到 5%以上股东、董事兼总经理周洪亮先生减持 公司股份的通知，其于 2025 年 8 月 25 日至 8 月 27 日合计减持股份 1,448,500 股，持股比例降至 4.99999%，现将有关权益变动的具体情况公告如下： 关于持股 5%以上股东权益变动至 5%以下的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次权益变动系江阴市恒润重工股份有限公司（以下简称"公司"）持 股 5%以上股东、董事兼总经理周洪亮先生（信息披露义务人）持有公司股份从 5%以上降至 5%以下所致。 本次权益变动前、公司首次公开发行股票并上市之时，信息披露义务人 周洪亮先生持有公司股份 7,200,000 股，占当时公司总股本的 9.0000%，本次权 益变动后，周洪亮先生持有公司股份变动为 22,042,864 股，占公司总股本的 4.99999%，不再为公司持股 5%以上的股东 ...

Market Performance - On August 28, the wind power equipment sector rose by 1.58%, with Electric Wind Power leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Electric Wind Power (688660) closed at 25.56, up 14.46%, with a trading volume of 943,800 shares and a transaction value of 2.304 billion [1] - Other notable performers included Zhonghuan Hailu (301040) at 39.60, up 12.66%, and He Wang Electric (603063) at 37.78, up 6.51% [1] - Conversely, Mingyang Smart Energy (601615) fell by 4.17% to 12.18, with a trading volume of 944,800 shares and a transaction value of 1.148 billion [2] Capital Flow - The wind power equipment sector experienced a net outflow of 429 million from institutional investors, while retail investors saw a net inflow of 400 million [2] - The table of capital flow indicates that He Wang Electric had a net inflow of 1.956 million from institutional investors, while Electric Wind Power had a net outflow of 2.302 million [3] Individual Stock Analysis - He Wang Electric (603063) had a net outflow of 1.956 million from institutional investors, with a retail net inflow of 1.255 million [3] - Electric Wind Power (688660) saw a net outflow of 2.302 million from institutional investors, with a retail net inflow of 203.85 million [3] - Overall, the capital flow data suggests varying levels of investor interest across different stocks within the wind power equipment sector [3]

Market Overview - The wind power equipment sector experienced a decline of 1.8% on August 27, with Feiwo Technology leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable gainers in the wind power equipment sector included Tianwang Electric, which rose by 2.81% to a closing price of 35.47, and Dajin Heavy Industry, which increased by 2.18% to 34.71 [1] - Conversely, Feiwo Technology saw a significant decline of 4.66%, closing at 37.42, while Jinlei Co. dropped by 4.51% to 27.31 [2] Trading Volume and Capital Flow - The wind power equipment sector saw a net outflow of 356 million yuan from institutional investors, while retail investors contributed a net inflow of 228 million yuan [2] - The trading volume for Tianwang Electric was 970,400 shares, while Dajin Heavy Industry had a trading volume of 282,500 shares [1] Individual Stock Capital Flow - Tianwang Electric had a net inflow of 497 million yuan from institutional investors, while New Qianglian experienced a net outflow of 50.27 million yuan from retail investors [3] - The capital flow data indicates that retail investors were more active in certain stocks, with significant inflows into Tianwang Electric and outflows from New Qianglian [3]

Core Viewpoint - Hengrun Co., Ltd. reported a significant improvement in its performance for the first half of 2025, driven by the recovery in the wind power industry and the continuous growth of its computing power business, showcasing the effectiveness of its "wind power + computing power" dual-drive strategy [1] Group 1: Wind Power Business Performance - The global wind power industry continued to show resilience, with strong demand for high-specification components, leading to a robust recovery in Hengrun's wind power segment [2] - The company's wind power orders and sales gross profit increased simultaneously, with its subsidiaries achieving higher capacity utilization, effectively reducing unit production costs [2] - Hengrun's high-value products, such as large megawatt flanges and main shaft bearings, have begun mass production, contributing to improved profitability [2] - Hengrun is one of the few companies capable of manufacturing offshore wind turbine flanges of 12MW and above, solidifying its competitive advantage in high-end wind power components [2] - The company plans to invest 1.2 billion yuan in a new project to produce wind power gearbox components, enhancing its core product matrix and supporting long-term development [3] - The global wind energy council predicts that the global wind power installed capacity will reach 138GW in 2025, with an annual growth rate of 8.8% from 2025 to 2030, indicating a growing demand for high-precision wind power components [3] Group 2: Computing Power Business Development - Hengrun's computing power business has emerged as a second growth curve, with its subsidiary Shanghai Runliuchu Technology Co., Ltd. showing improved performance and contributing significantly to profits [4] - Shanghai Runliuchu focuses on the intelligent computing industry, including the sale of new intelligent computing servers and the construction and operation of computing centers, with rapid business growth [4] - The demand for computing power is increasing exponentially due to the deepening of China's digital economy strategy and the implementation of initiatives like "East Data West Computing" [4][5] - The company aims to accelerate its response to national policies supporting the digital economy and deepen strategic cooperation with major computing server manufacturers [5] Group 3: Future Outlook - With the acceleration of global energy transition and the deepening of the digital economy, Hengrun's two business segments are expected to form a synergistic growth pattern, driving sustainable and healthy growth in overall performance [6]

Core Viewpoint - Hengrun Co., Ltd. reported significant growth in its first half of 2025, driven by the recovery in the wind power sector and the rapid growth in computing power demand, showcasing a strong dual-driven business model of "wind power + computing power" [1][2] Group 1: Financial Performance - The company achieved operating revenue of 2.073 billion yuan, a year-on-year increase of 223.44% [1] - Net profit attributable to shareholders reached 40.1665 million yuan, marking a turnaround from losses [1] - Gross margin improved to 8.21%, reflecting significant year-on-year enhancement [2] Group 2: Wind Power Sector - The recovery in the wind power sector contributed to increased orders and sales margins, with full subsidiaries showing improved capacity utilization [2] - New high-value products such as large megawatt flanges and main shaft bearings have begun mass production, contributing to performance [2] - The wind power industry is on the verge of a profitability reversal, with market expectations for improved competition and demand reflected in stock prices [2] Group 3: Computing Power Sector - The computing power segment saw significant revenue growth, with Shanghai Runliuchu achieving operating revenue of 1.039 billion yuan and net profit of 22.4573 million yuan, a substantial increase from the previous year [2] - The demand for computing power is expected to rise due to the continuous upgrade of AI models and improved chip performance [3] Group 4: Strategic Initiatives - The company is focused on cost reduction and efficiency improvement, achieving a decrease in sales and management expense ratios to 0.26% and 2.79%, respectively [4] - Research and development investment reached 41.8965 million yuan, a year-on-year increase of 62.51%, enhancing the company's R&D capabilities [4] - Strategic partnerships, such as the one with Tiandun Data, aim to advance the construction of an intelligent computing power ecosystem [4] Group 5: Industry Outlook - The Global Wind Energy Council predicts that global wind power installed capacity will reach 138 GW in 2025, with a compound annual growth rate of 8.8% from 2025 to 2030 [5] - The national "14th Five-Year Plan" includes computing power as a core area of new infrastructure, with policies promoting the integration of AI and computing power [5] - The company is expected to benefit from the synergy of wind power and AI computing power industries, entering a new rapid growth cycle [5]

Core Insights - Hengrun Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 2.073 billion yuan, a year-on-year growth of 223.44%, and a net profit of 40.1665 million yuan, reversing losses from the previous year [1] Revenue and Profit Performance - The company benefited from a recovery in global wind power installations, leading to a full order book in its wind power segment [1] - The revenue from the AI computing power services of its subsidiary, Shanghai Runliushi, surged to 1.039 billion yuan, accounting for over 50% of total revenue for the first time [1] Technological Advancements - Hengrun Co., Ltd. is recognized as one of the first companies in China to mass-produce 12MW offshore wind turbine tower flanges, expanding its technological moat [1] - The product diameter range covers a full series from DN15 to 11.5 meters, indicating a comprehensive product offering [1] Research and Development - The company invested 41.8965 million yuan in R&D during the reporting period, marking a 62.5% increase, focusing on precision components for wind turbine gearboxes and AI server liquid cooling technology [1] - A project for an annual production of 2,000 sets of wind turbine gearbox components has been initiated by its wholly-owned subsidiary, Hengrun Transmission [1] Future Plans - The company aims to enhance its high-end manufacturing and digital computing power strategies over the next three years, with plans to increase the proportion of computing power business to 60% and achieve over 80% localization rate for wind power components [1]