Core Viewpoint - The rapid development of artificial intelligence has prompted Runliuqiche Technology, a subsidiary of Hengrun Co., to significantly invest in computing power chips, focusing on GPU high-performance computing and planning the construction of intelligent computing centers to provide leading technology and efficient hardware and software solutions for the industry [1][2]. Group 1: Company Overview - Runliuqiche Technology is a joint venture established in 2023 between Hengrun Co. and Shanghai Liuchi Technology Group, with Hengrun holding a 51% stake [1]. - The company leverages the core technological capabilities and operational experience of Shanghai Liuchi Group in AI intelligent computing center construction, specializing in GPU computing services [1]. Group 2: Business Performance - In 2024, Runliuqiche Technology's computing power business achieved revenue of 198 million yuan, representing a year-on-year growth of 2814.46% [2]. - In the first quarter of 2025, the company's computing power business revenue reached 250 million yuan, surpassing the total revenue for 2024, indicating a strong growth momentum [2]. Group 3: Service Offerings - As a professional computing power service provider, Runliuqiche Technology has built a comprehensive service system covering hardware supply, computing resource scheduling, and scenario-based solutions [2]. - The company collaborates deeply with leading global chip manufacturers to launch high-performance, multi-scenario adaptable server products in the GPU server field [2]. Group 4: Strategic Developments - In response to the local deployment demand generated by DeepSeek open-source technology, Runliuqiche Technology has formed strategic partnerships with domestic cloud computing giants and has established a computing power scale of thousands of P nationwide [2]. - The company aims to develop towards a platform direction based on its computing power foundation, providing diverse application scenarios for both enterprise and individual users [2]. Group 5: Market Outlook - According to a report by Galaxy Securities, the demand for domestic computing power is expected to maintain a high growth trend in the long term [2]. - Hengrun Co. is entering the digital economy sector through Runliuqiche Technology, establishing computing power as a new growth point and creating a "wind power + computing power" dual-driven growth model to lay a solid foundation for future growth [2].

证券代码：603985 证券简称：恒润股份 公告编号：2025-047 江阴市恒润重工股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 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： 会议召开时间：2025 年 5 月 21 日（星期三）14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 14 日（星期三）至 5 月 20 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 chenzhao@hrflanges.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 江阴市恒润重工股份有限公司（以下简称"公司"）已分别于 2025 年 3 月 29 日、2025 年 4 月 29 日发布公司《2024 年年度报告》《2025 年第一季 ...

2025年一季报业绩进一步印证了算力产业链的高景气程度，特别是国产算力核心企业，净利润普遍大幅 增长，这反映了算力市场的旺盛需求。在业界人士看来，国产算力正处于政策利好持续释放、市场需求 爆发、技术创新突破、业绩开始兑现四重共振的关键节点，其价值实现的奇点正加速到来。 政策红利持续释放 政策作为产业发展的"方向盘"和"助推器"，在推动国产算力崛起的过程中，发挥着不可或缺的关键作 用。 2020年4月，中共中央、国务院印发《关于构建更加完善的要素市场化配置体制机制的意见》，"数 据"作为一种新型的生产要素首次被列入。2020年底，国家发展改革委等部门发布《关于加快构建全国 一体化大数据中心协同创新体系的指导意见》，提出到2025年，全国范围内数据中心形成布局合理、绿 色集约的基础设施一体化格局。 2021年5月，《全国一体化大数据中心协同创新体系算力枢纽实施方案》确定了在京津冀、长三角、粤 港澳大湾区、成渝，以及贵州、内蒙古、甘肃、宁夏等地布局建设全国一体化算力网络国家枢纽节点， 提出加快实施"东数西算"工程。2021年12月到2022年2月，"东数西算"涉及的8个国家算力枢纽节点和10 个国家数据中心集群全部 ...

证券代码：603985 证券简称：恒润股份 公告编号：2025-046 江阴市恒润重工股份有限公司 关于控股子公司住所变更并完成工商变更登记的公告 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。 近日，江阴市恒润重工股份有限公司收到控股子公司上海润六尺科技有限公 司（以下简称"上海润六尺"）的通知，因其业务发展需要，上海润六尺将住所 由"中国（上海）自由贸易试验区临港新片区环湖西二路888号C楼"变更为"上 海市宝山区新川沙路 517 号 8、9 幢"，登记机关由"中国（上海）自由贸易试 验区临港新片区市场监督管理局"变更为"上海市宝山区市场监督管理局"，除 住所和登记机关外，其他工商登记事项未发生变更。 上海润六尺已完成工商变更登记手续，领取了上海市宝山区市场监督管理局 核发的《营业执照》。上海润六尺变更后的基本情况如下： 1、名称：上海润六尺科技有限公司 7、经营范围：一般项目：技术服务、技术开发、技术咨询、技术交流、技 术转让、技术推广；货物进出口；技术进出口；信息系统集成服务；数据处理和 存储支持服务；软件开发；信息咨 ...

证券代码：603985 证券简称：恒润股份 公告编号：2025-045 江阴市恒润重工股份有限公司 截至 2025 年 4 月 30 日，公司已累计回购股份 3,723,530 股，占公司当前总 股本的比例为 0.84%，回购的最高成交价格为人民币 16.35 元/股，最低成交价格 为人民币 12.48 元/股, 支付的资金总额为人民币 50,001,359.50 元（不含印花税、 交易佣金等交易费用）。 本次回购股份符合相关法律法规的规定及公司回购股份方案的要求。 | 回购方案首次披露日 | 2024/11/22 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 5,000万元~9,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 3,723,530股 | | 累计已回购股数占总股本比例 | 0.84% | | 累计已回购金额 | 50,001,359.50元 | | 实际回购价格区间 | 12.48元/股~16 ...

证券代码：603985 证券简称：恒润股份 公告编号：2025-044 江阴市恒润重工股份有限公司 关于控股子公司开展融资租赁业务并为其提供担保的进展 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： 被担保人名称及是否为上市公司关联人 被担保人为江阴市恒润重工股份有限公司（以下简称"公司"）的控股子公 司上海润六尺科技有限公司（以下简称"上海润六尺"），不是公司关联方。 因业务发展需要，2025 年 4 月 29 日，公司控股子公司上海润六尺与长江联 合金融租赁有限公司（以下简称"长江金租"）签署了《融资租赁合同》，租金 金额为 61,024,008.00 元，租赁期限为 36 个月。同日，公司与长江金租签署了 《保证合同》，就本次融资租赁业务不可撤销地为承租人在主合同项下所欠出租 人的全部债务提供连带责任保证担保，担保金额为 61,024,008.00 元。 本次担保金额及已实际为其提供的担保余额 本次担保金额 61,024,008.00 元。截至 2025 年 4 月 30 日，包含本次担保在 内，公 ...

Core Insights - Hengrun Co., Ltd. (603985.SH) reported a significant increase in revenue and net profit for Q1 2025, with total revenue reaching 708 million yuan, up 108.27% year-on-year [1] - The company's net profit attributable to shareholders was 29.89 million yuan, an increase of 42.60 million yuan compared to the same period last year [1] Financial Performance - Operating cash flow was 39.53 million yuan, ranking 7th among disclosed peers, with an increase of 89.21 million yuan year-on-year, marking two consecutive years of growth [1] - The latest asset-liability ratio stands at 30.59%, ranking 7th among peers [3] - Gross margin improved to 12.33%, up 7.10 percentage points from the previous quarter and 7.68 percentage points year-on-year [3] - Return on equity (ROE) reached 0.92%, an increase of 1.31 percentage points compared to the same period last year, ranking 12th among peers [3] - Diluted earnings per share were 0.07 yuan, an increase of 0.10 yuan year-on-year, ranking 13th among peers [3] Efficiency Metrics - Total asset turnover ratio improved to 0.15 times, ranking 1st among peers, with a year-on-year increase of 119.23% [3] - Inventory turnover ratio was 1.01 times, ranking 2nd among peers, with a year-on-year increase of 76.38% [3] Shareholder Structure - The number of shareholders is 41,300, with the top ten shareholders holding 264 million shares, accounting for 59.93% of the total share capital [3] - The largest shareholder is Jining City Investment Holding Group Co., Ltd., holding 29.00% of shares [3]

Financial Performance - The company's operating revenue for Q1 2025 reached ¥707,632,091.86, representing a 108.27% increase compared to ¥339,770,235.62 in the same period last year[4] - Net profit attributable to shareholders was ¥29,894,472.05, a significant recovery from a loss of ¥12,701,731.90 in the previous year[4] - The net cash flow from operating activities improved to ¥39,526,607.88, recovering from a negative cash flow of ¥49,679,020.12 in the same period last year[4] - Basic and diluted earnings per share increased to ¥0.0678, compared to a loss of ¥0.0288 per share in the previous year[4] - The weighted average return on equity rose to 0.93%, an increase of 1.31 percentage points from -0.38% in the previous year[4] - The company reported a net profit margin improvement, with net profit for Q1 2025 expected to be significantly higher than in Q1 2024, although specific figures were not disclosed[18] - The company's net profit for Q1 2025 reached CNY 31,246,369.91, a significant recovery from a net loss of CNY 13,043,497.95 in Q1 2024[19] - Operating profit for Q1 2025 was CNY 36,203,877.80, compared to an operating loss of CNY 13,510,822.38 in the same period last year[19] - The company reported a total comprehensive income of CNY 30,732,863.70 for Q1 2025, compared to a loss of CNY 12,702,751.62 in Q1 2024[20] - Earnings per share for Q1 2025 were CNY 0.0678, a recovery from a loss per share of CNY 0.0288 in the previous year[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,666,164,159.61, up 1.50% from ¥4,597,160,915.55 at the end of the previous year[5] - Total assets as of March 31, 2025, were ¥4,666,164,159.61, compared to ¥4,597,160,915.55 as of December 31, 2024, indicating a growth of 1.5%[15] - Total liabilities as of March 31, 2025, were ¥1,427,522,497.07, an increase from ¥1,385,122,898.72 as of December 31, 2024[15] - The company's total equity as of March 31, 2025, was ¥3,238,641,662.54, compared to ¥3,212,038,016.83 as of December 31, 2024, reflecting an increase of 0.8%[15] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 41,320, indicating a stable shareholder base[8] - The largest shareholder, Jining City Investment Holding Group Co., Ltd., holds 29.00% of the shares, totaling 127,848,826 shares[8] Operating Costs and Expenses - Total operating costs for Q1 2025 were ¥673,801,074.84, up 84.0% from ¥366,101,035.93 in Q1 2024[18] - Gross profit for Q1 2025 was ¥33,831,017.02, compared to a gross profit of ¥-26,330,800.31 in Q1 2024[18] - Research and development expenses in Q1 2025 amounted to ¥18,759,476.85, an increase of 29.9% from ¥14,451,311.82 in Q1 2024[18] Cash Flow and Investments - Cash and cash equivalents as of March 31, 2025, were ¥401,347,070.74, up from ¥376,097,917.33 as of December 31, 2024[11] - Accounts receivable increased to ¥788,240,791.50 as of March 31, 2025, from ¥610,724,907.89 as of December 31, 2024, reflecting a growth of 28.9%[11] - The company’s cash and cash equivalents increased by CNY 65,249,452.39 in Q1 2025, compared to a decrease of CNY 93,511,789.49 in Q1 2024[25] - Investment activities resulted in a net cash outflow of CNY 17,192,567.59 in Q1 2025, contrasting with a net inflow of CNY 22,191,423.58 in Q1 2024[24] - The company raised CNY 275,000,000.00 through borrowings in Q1 2025, compared to CNY 150,000,000.00 in Q1 2024[24] - The total operating cash outflow for Q1 2025 was CNY 475,517,977.33, compared to CNY 343,940,382.57 in Q1 2024[24] Business Strategy - The company plans to continue expanding its wind power segment, which has shown significant improvement in orders and sales margins[6]

证券代码：603985 证券简称：恒润股份 公告编号：2025-043 江阴市恒润重工股份有限公司 关于控股子公司开展融资租赁业务并为其提供担保的进展 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： 被担保人名称及是否为上市公司关联人 被担保人为江阴市恒润重工股份有限公司（以下简称"公司"）的控股子公 司上海润六尺科技有限公司（以下简称"上海润六尺"），不是公司关联方。 本次担保金额及已实际为其提供的担保余额 本次担保金额合计 49,076,407.37 元。截至 2025 年 4 月 28 日，包含本次担 保在内，公司已为上海润六尺提供的担保余额为 469,372,015.37 元。 公司分别于 2025 年 3 月 28 日、2025 年 4 月 18 日召开了第五届董事会第七 次会议和 2024 年年度股东大会，审议通过了《关于控股子公司开展融资租赁业 务并为其提供担保的议案》《关于 2025 年度预计担保的议案》，同意公司控股 子公司上海润六尺根据实际资金需求情况与不存在关联关系的具有资质的融资 ...

| 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 济宁城投控股（600649）集团有限公司 | 12784.88 | 29.00 | 不变 | | 承立新 | 7494.94 | 17.00 | 不变 | | 周洪亮 | 2520.61 | 5.72 | 不变 | | 海南易凡私募基金管理有限公司-易凡7号私募证券投 资基金 | 2495.26 | 5.66 | 不变 | | 香港中央结算有限公司 | 457.39 | 1.04 | 244.14 | | 南方中证1000ETF | 164.14 | 0.37 | -19.47 | | 中国国际金融股份有限公司 | 140.33 | 0.32 | 新进 | | UBS AG | 126.77 | 0.29 | 新进 | | 佳润国际投资有限公司 | 120.49 | 0.27 | -101.06 | | 唐惠红 | 114.80 | 0.26 | 新进 | | 较上个报告期退出前十大股东有 | | | | | 智拓集团(香港)网路咨询有限公司 | 1 ...