Core Viewpoint - Hengrun Co., Ltd. plans to invest 1.2 billion yuan in a project to produce 2,000 sets of wind turbine gearbox components, despite facing significant financial challenges and a history of declining profits [1][2]. Financial Performance - The company has experienced a continuous decline in revenue and net profit for four consecutive years, with a loss of 138 million yuan in 2024, marking the highest loss in its history [2]. - In Q1 2025, Hengrun reported total revenue of 708 million yuan, a year-on-year increase of 108.27%, and a net profit of approximately 29.89 million yuan, indicating a return to profitability, but sustainability remains uncertain [2]. - The company's cash flow situation is concerning, with negative operating cash flow for three consecutive years from 2022 to 2024, totaling a net outflow of 378 million yuan [2]. Debt and Liquidity - As of Q1 2025, Hengrun's cash and cash equivalents amounted to only 400 million yuan, while short-term borrowings reached 846 million yuan, resulting in a cash-to-debt ratio of only 0.414 [2]. - The company's short-term borrowings increased by 9.08% compared to the previous year, and the proportion of short-term debt to total assets rose by 1.26 percentage points [2]. Shareholder Concerns - The controlling shareholder has pledged a significant portion of their shares, with 128 million shares pledged, accounting for 29.05% of the total share capital, with a pledged market value of 1.857 billion yuan [3]. - The company's stock price is significantly below the warning and liquidation thresholds, raising concerns about potential forced liquidation if the stock price continues to decline [3][4]. Project Risks - The company acknowledges the risk of not being able to raise sufficient funds in a timely manner to proceed with the project, which also faces uncertainties related to land use, environmental approvals, and construction permits [5]. - Industry analysis suggests that while the wind turbine gearbox market has potential, the large investment scale and long construction period expose the company to macroeconomic, policy, and market fluctuations [6].

Core Points - The company held its fifth supervisory board meeting on June 19, 2025, via telecommunication, with all three supervisors present [1][2] - The board approved an investment project for its wholly-owned subsidiary, Jiangyin Hengrun Transmission Technology Co., Ltd., to construct a production line for 2,000 sets of wind turbine gearbox components [1] - The total planned investment for the project is 1.2 billion RMB, with the first phase requiring an investment of 500 million RMB [1]

关于全资子公司投资建设年产 2000 套风电齿轮箱零部件 项目的公告 证券代码：603985 证券简称：恒润股份 公告编号：2025-059 江阴市恒润重工股份有限公司 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： 投资项目名称：年产 2000 套风电齿轮箱零部件项目 投资金额：项目计划投资总额 12 亿元人民币，项目分期建设，其中一期 计划投资 5 亿元人民币。 相关风险提示： 1、本项目的投资和建设是以竞买目标土地使用权为前提，本项目尚需办理 用地手续，土地使用权能否竞得、最终取得时间及成交价格均存在不确定性。此 外，本项目建设涉及环保、规划、建设施工等相关报批事项，尚需取得政府相关 主管部门的审批或行政许可，能否取得及取得的时间存在不确定性。 2、本项目投资资金为公司自有或自筹资金，虽然本项目建设期间的主要投 资资金采用按项目建设进度分期投入方式，但全周期内总投资金额依然较大，相 关资金筹措情况存在不确定性。在项目具体实施过程中，可能存在资金压力上升、 资产负债率提高和财务费用增加等风险，存在无法及时筹 ...

证券代码：603985 证券简称：恒润股份 公告编号：2025-058 江阴市恒润重工股份有限公司 第五届监事会第八次会议决议公告 本公司监事会及全体监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。 江阴市恒润重工股份有限公司（以下简称"公司"）第五届监事会第八次会 议于 2025 年 6 月 19 日以通讯方式召开。本次会议通知已于 2025 年 6 月 13 日以 书面方式送达，本次会议应出席监事 3 人，实际出席监事 3 人（其中监事沈忠协、 陆银讶、叶轩志以通讯方式出席本次会议），本次会议由监事长沈忠协先生主持。 本次会议的召开符合《中华人民共和国公司法》及其他法律法规和《江阴市恒润 重工股份有限公司章程》的规定，合法有效。经全体监事认真审议，通过了以下 议案： 一、审议通过《关于全资子公司投资建设年产 2000 套风电齿轮箱零部件项 目的议案》 同意公司全资子公司江阴市恒润传动科技有限公司投资建设年产 2000 套风 电齿轮箱零部件项目，项目计划投资总额 12 亿元人民币，项目分期建设，其中 一期计划投资 5 亿元人民币。 表决情况：赞 ...

江阴市恒润重工股份有限公司监事会 （本页无正文，为《江阴市恒润重工股份有限公司关于第五届监事会第八次会议 相关事项之审核意见》之签署页） 出席会议监事签署： 监事： 监事： 沈忠协 叶轩志 关于第五届监事会第八次会议相关事项之审核意见 根据《上海证券交易所股票上市规则》、公司《监事会议事规则》等相关规 定，江阴市恒润重工股份有限公司（以下简称"公司"）第五届监事会第八次会 议于 2025 年 6 月 19 日召开，公司全体监事认真审阅了相关议案，发表如下意见： 一、关于《关于全资子公司投资建设年产 2000 套风电齿轮箱零部件项目的 议案》的审核意见 监事会认为：本项目符合公司战略规划及经营发展的需要，与公司主营业务 相关，有利于完善公司的产能布局，进一步扩大公司在风电设备零部件领域的生 产经营规模，为公司未来业务发展提供充足的产能储备和稳定的供应保障，巩固 公司在风电行业的地位，有利于提升公司的综合竞争力。本项目按照进展情况分 期分批分次投入，资金安排合理。本事项已履行了必要的决策程序。同意本议案。 （以下无正文） 监事： 江阴市恒润重工股份有限公司监事会 2025 年 6 月 19 日 陆银讶 ...

证券代码：603985 证券简称：恒润股份 公告编号：2025-057 江阴市恒润重工股份有限公司 第五届董事会第十次会议决议公告 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。 一、董事会会议召开情况 江阴市恒润重工股份有限公司（以下简称"公司"）第五届董事会第十次会 议于 2025 年 6 月 19 日以现场结合通讯方式召开。本次会议通知已于 2025 年 6 月 13 日以书面方式送达，本次会议应出席董事 7 人，实际出席董事 7 人（其中 董事任君雷、公海波、张强、独立董事孙荣发、王麟、王雷刚以通讯方式出席本 次会议）。本次会议由董事长任君雷先生主持，公司监事、高级管理人员列席了 本次会议。本次会议召开符合《中华人民共和国公司法》《江阴市恒润重工股份 有限公司章程》等规范性文件的规定，会议的召集、召开合法有效。 二、董事会会议审议情况 全体出席董事对本次董事会会议议案进行了审议，经表决形成如下决议： 1、审议通过《关于全资子公司投资建设年产 2000 套风电齿轮箱零部件项 目的议案》 特此公告。 江阴市恒润重工股份有限 ...

Core Viewpoint - Hengrun Co., Ltd. plans to invest 1.2 billion yuan in a project to produce 2,000 sets of wind turbine gearbox components annually through its wholly-owned subsidiary Hengrun Transmission [1] Investment Details - The total planned investment for the project is 1.2 billion yuan, with the first phase requiring an investment of 500 million yuan [1] - The funding for this project will come from the company's own or self-raised funds, indicating a reliance on internal financing sources [1] - The investment will be made in stages according to the construction progress of the project, highlighting a structured approach to capital allocation [1]

Group 1 - The core point of the announcement is that major shareholders of Hengrun Co., Ltd. plan to reduce their holdings in the company through various methods, including centralized bidding and block trading [2] - Zhou Hongliang, the general manager and a major shareholder, holds approximately 25.21 million shares, accounting for 5.72% of the total share capital, and intends to reduce his holdings by up to 6.24 million shares, or 1.41% of the total share capital [2] - Jiarun International and Zhituo Group also plan to reduce their holdings by 120,000 shares (0.27%) and 91,000 shares (0.21%) respectively, within the same time frame [2] Group 2 - For the fiscal year 2024, Hengrun Co., Ltd.'s revenue composition is as follows: wind power tower flanges account for 37.26%, wind power bearings 16.43%, other businesses 13.34%, computing industry 11.45%, mechanical industry support 11.22%, and other industries 10.27% [3]

证券代码：603985 证券简称：恒润股份 公告编号：2025-056 江阴市恒润重工股份有限公司 股东、董事兼总经理减持股份计划公告 本公司董事会、全体董事及相关股东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： 股东、董事兼总经理持股的基本情况 截至本次减持计划披露日，江阴市恒润重工股份有限公司（以下简称"公司"） 5%以上股东、董事兼总经理周洪亮先生持有公司股票 25,206,064 股，占公司总 股本比例为 5.72%；佳润国际投资有限公司（以下简称"佳润国际"）持有公司 股票 1,204,893 股，占公司总股本比例为 0.27%；智拓集团（香港）网路咨询有 限公司（以下简称"智拓集团"）持有公司股票 913,124 股，占公司总股本比例 为 0.21%。上述股份来源于公司首次公开发行前取得的股份以及以资本公积金转 增股本取得的股份。 减持计划的主要内容 周洪亮先生拟通过集中竞价或大宗交易减持持有的公司股票数量不超过 6,238,140 股，即不超过公司总股本 1.41%，减持期间为自本公告披露之日起 15 个交易日后的 ...

Core Viewpoint - Several listed companies in the Shanghai and Shenzhen markets announced significant updates, including changes in control, regulatory measures, and sales performance, which may present investment opportunities and risks for investors [2]. Company Announcements - Zhongying Electronics announced that its controlling shareholder is planning a change in control, leading to a suspension of trading from June 9, 2025, for up to two trading days [3]. - ST Lutong received an administrative regulatory measure from the Jiangsu Securities Regulatory Bureau due to internal control deficiencies and failure to disclose significant lawsuits and account freezes [4]. - Lianhua Technology clarified that it does not directly produce chlorantraniliprole and that the related matters have limited impact on its overall business [5]. - Longshen Rongfa's subsidiary received a CNAS laboratory accreditation certificate, which is expected to positively influence future operations, though it will not significantly impact current performance [6]. Sales Performance - Yisheng Co. reported a significant increase in May sales of breeding pigs, with a total of 10,849 heads sold, representing a year-on-year increase of 207.08% [7]. Shareholding Changes - Shentong Technology's shareholder, Biheng Investment, plans to reduce its stake by up to 3%, equating to a maximum of 12.88 million shares [8]. - Ruoyuchen's shareholder, Langzi Co., intends to reduce its stake by up to 3%, not exceeding 4.7681 million shares [9]. - Oujing Technology's shareholder, Wanzhao Huigu, plans to reduce its stake by up to 3%, equating to a maximum of 5.7722 million shares [10]. - Jindan Technology's shareholder, Guangzhou Chengxin, plans to reduce its stake by up to 2.93%, equating to a maximum of 5.635 million shares [11]. - Huashu Gaoke's shareholder, Guotou Chuangye Fund, plans to reduce its stake by up to 2.2%, equating to a maximum of 9.1117 million shares [12]. - Zhongke Soft's shareholder, Kesuan Chuangyuan, plans to reduce its stake by up to 2%, equating to a maximum of 16.6208 million shares [13]. - Hengrun Co. announced multiple shareholders planning to reduce their stakes, with total reductions not exceeding 1.89% of the company's shares [14]. - Del Shares' shareholder, Wuxu 15 Fund, plans to reduce its stake by up to 1.987%, equating to a maximum of 3 million shares [15]. - Jian Ke Yuan's shareholder, Jian Ke Investment, plans to reduce its stake by up to 1% [17]. - Mindong Electric's shareholder, Fujian Investment Development Group, plans to reduce its stake by up to 1% [18]. - Puli Software's chairman and executives plan to reduce their stakes by a total of up to 0.69% [19].