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]

Core Viewpoint - Hengrun Co., Ltd. reported significant growth in its financial performance for the first half of 2025, driven by the recovery in the wind power sector and the substantial contribution from its computing power business [1][2]. Financial Performance - The company achieved operating revenue of 2.073 billion yuan, representing a year-on-year increase of 223.44% [1]. - The net profit attributable to shareholders was 40.1665 million yuan, marking a turnaround from losses in the previous year [1]. - The gross profit margin improved to 8.21%, showing significant year-on-year enhancement [2]. Wind Power Sector - The recovery in the wind power sector led to increased orders and sales margins, with full subsidiaries significantly improving capacity utilization, thereby reducing unit production costs [2]. - The company focused on high-value-added products, with new products like large megawatt flanges and main shaft bearings entering mass production and gradually contributing to performance [2]. - According to CICC's research, the wind power sector is on the verge of a profitability reversal, with market expectations for improved competition dynamics and profitability in the coming quarters [2]. Computing Power Business - Hengrun has established a dual-driven business model of "wind power + computing power," with its subsidiary Shanghai Runliuchu returning to normal operations since the second half of 2024 [3]. - In the first half of 2025, Shanghai Runliuchu achieved operating revenue of 1.039 billion yuan and a net profit of 22.4573 million yuan, showing substantial growth compared to the previous year [3]. - Longcheng Securities highlighted the increasing demand for computing power driven by advancements in AI models and chip performance, indicating ongoing investment opportunities in the computing power sector [3]. Research and Development - The company has intensified its R&D efforts, aligning with its goal of turning losses into profits, and has implemented five key measures to enhance sales and profits [4]. - R&D investment totaled 41.8965 million yuan, a year-on-year increase of 62.51% [4]. - The company has transitioned from "static" forging to "dynamic" deep processing in the wind power bearing sector, supporting major domestic manufacturers [4]. Industry Outlook - The Global Wind Energy Council (GWEC) 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, indicating ongoing benefits for the wind power industry [4]. - Shanghai Runliuchu is actively collaborating with leading computing power server manufacturers to support the national computing power network layout, in line with the country's digital economy strategy [5].

Core Viewpoint - Hengrun Co., Ltd. (603985) reported significant growth in its financial performance for the first half of 2025, with total revenue reaching 2.073 billion yuan, a year-on-year increase of 223.44%, and a net profit of 40.1665 million yuan, up 225.67% compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 2.073 billion yuan, compared to 641 million yuan in the same period of 2024, reflecting a growth of 223.44% [1] - The net profit attributable to shareholders was 40.1665 million yuan, a significant turnaround from a loss of 31.9623 million yuan in the previous year, marking a year-on-year increase of 225.67% [1] - The gross profit margin improved to 8.21%, up 137.99% from 3.45% in the previous year, while the net profit margin turned positive at 2.03%, compared to a negative 4.99% previously [1] - Selling, general, and administrative expenses totaled 59.0485 million yuan, accounting for 2.85% of revenue, a decrease of 64.34% year-on-year [1] - Earnings per share rose to 0.09 yuan, compared to a loss of 0.07 yuan in the previous year, representing a year-on-year increase of 225.66% [1] Inventory and Cash Flow Analysis - Inventory levels increased significantly, with a year-on-year growth of 35.69% [1] - Operating cash flow per share was -0.25 yuan, a decline of 293.68% compared to the previous year [1] - The company experienced a 36.88% increase in cash and cash equivalents, attributed to increased financing as business scales up [3] Changes in Financial Items - Accounts receivable rose by 62.17%, indicating increased sales activity [3] - The company reported a 110.72% increase in interest-bearing liabilities, reflecting higher borrowing levels [3] - Prepayments surged by 181.59%, primarily due to increased advance payments for steel and equipment [3] Investment and Operational Insights - The company’s investment income increased by 124.81%, driven by distributions from a partnership investment [4] - The company faced a significant increase in long-term liabilities, with a 590.82% rise in long-term payables due to financing lease obligations [3] - The operational cash flow showed a negative trend, with net cash flow from operating activities declining by 293.68% [4]

Core Insights - Hengrun Co., Ltd. reported a significant increase in revenue and profitability for the first half of 2025, with total revenue reaching 2.073 billion yuan, representing a year-on-year growth of 223.44% [1] - The company achieved a net profit attributable to shareholders of 40.1665 million yuan, marking a turnaround from previous losses [1] - Basic earnings per share were reported at 0.0911 yuan, indicating improved financial performance [1] Revenue Growth Drivers - The revenue growth was primarily driven by the recovery in the wind power sector, which contributed significantly to the overall performance [1] - The production ramp-up and capacity release of new products, including large megawatt flanges and bearings, played a crucial role in enhancing revenue [1] - The performance improvement in the computing power segment also contributed positively to the company's financial results [1]

Core Viewpoint - Jiangyin Hengrun Heavy Industries Co., Ltd. reported significant growth in revenue and profitability for the first half of 2025, driven by the recovery in the wind power sector and increased contributions from its computing power business [2][3]. Company Overview and Financial Highlights - The company achieved operating revenue of approximately 2.07 billion yuan, a year-on-year increase of 223.44% [2][3]. - The total profit reached approximately 49 million yuan, compared to a loss of about 35.88 million yuan in the same period last year [2][3]. - The net profit attributable to shareholders was approximately 40.17 million yuan, reversing a loss of about 31.96 million yuan from the previous year [2][3]. - The company's total assets increased by 21.92% to approximately 5.61 billion yuan compared to the end of the previous year [2][3]. Business Performance - The wind power segment saw a recovery in orders and sales gross profit, contributing significantly to the revenue growth [3][4]. - The company has focused on high-value-added product development, with new products such as large wind power flanges and bearings entering the market [3][4]. - The subsidiary Shanghai Runliuchir has resumed operations and is expanding its market presence, contributing positively to overall performance [3][4]. Industry Context - The forging industry in China is experiencing rapid growth due to government policies and market demand, with the company positioned as a leader in the production of large ring forgings for the wind power sector [3][4]. - The wind power industry is expected to continue growing, with global installed capacity projected to reach 138 GW in 2025, indicating strong demand for related components [3][4]. - The computing power sector is also expanding rapidly, driven by advancements in artificial intelligence and big data, with the company aligning its strategy to capitalize on this trend [7][8]. Competitive Advantages - The company has established itself as a key supplier in the forging and bearing industries, with strong relationships with major international and domestic manufacturers [3][4]. - It has a comprehensive production capability, including advanced forging and precision machining technologies, allowing it to meet high-quality standards [10][12]. - The company emphasizes research and development, collaborating with universities to enhance its technological capabilities and maintain a competitive edge [16].

Meeting Details - The 11th meeting of the 5th Board of Directors of Jiangyin Hengrun Heavy Industry Co., Ltd. was held on August 22, 2025, in a combination of on-site and communication methods [1] - The meeting was chaired by Chairman Ren Junlei, with attendance from supervisors and senior management [1] - The meeting complied with the relevant regulations of the Company Law of the People's Republic of China and the company's articles of association [1] Resolutions Passed - The board approved the proposal for credit impairment provisions totaling CNY 7,995,885.66 and asset impairment provisions of CNY 10,999,299.23, resulting in a reduction of net profit attributable to shareholders by CNY 18,995,184.89 for the first half of 2025 [2] - The proposal to cancel the supervisory board and amend the company's articles of association was approved, pending special resolution at the shareholders' meeting [2][3] - Various governance documents, including the rules for shareholder meetings, board meetings, and independent director work systems, were revised and approved, also pending shareholder approval [3][4][5] Financial Institution Credit Application - The company and its wholly-owned subsidiary, Jiangyin Hengrun Ring Forging Co., Ltd., plan to apply for a total credit limit of up to CNY 400 million from financial institutions, with CNY 250 million for the company and CNY 150 million for the subsidiary [5] - The company intends to provide guarantees for loans within the credit limit of the subsidiary, not exceeding CNY 150 million [5][6] Upcoming Shareholder Meeting - A temporary shareholders' meeting is scheduled for September 12, 2025, at 14:00 to review related proposals [7]

Group 1 - The supervisory board of Jiangyin Hengrun Heavy Industry Co., Ltd. held its ninth meeting of the fifth session on August 22, 2025, to review various proposals [1][2] - The 2025 semi-annual report and its summary were found to comply with legal regulations and accurately reflect the company's operational and financial status without any false statements or omissions [1] - The provision and reversal of asset impairment for the first half of 2025 were deemed compliant with accounting standards, ensuring a fair representation of the company's financial condition and operational results [1] Group 2 - The company and its subsidiaries applied for additional credit from financial institutions and provided guarantees for loans within the credit limit to support operational and business development needs [2] - The financial status of the wholly-owned subsidiary Hengrun Ring Forging is stable, and its creditworthiness is good, with the company maintaining control over the guarantor's credit status [2] - The risks associated with the guarantees are considered manageable and do not harm the interests of the company or minority shareholders [2]

证券代码：603985 证券简称：恒润股份 公告编号：2025-068 江阴市恒润重工股份有限公司 第五届监事会第九次会议决议公告 经测算，公司 2025 年半年度需计提信用减值准备共计 7,995,885.66 元，需 计提资产减值准备 10,999,299.23 元，公司 2025 年半年度归属于上市公司所有 者的净利润将减少 18,995,184.89 元。 表决情况：赞成 3 票，反对 0 票，弃权 0 票。 具体内容详见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 2025 年半年度计提及转回资产减值准备的公告》（公 告编号：2025-069）。 三、审议通过《关于取消监事会并修订〈公司章程〉的议案》 本议案尚需提交公司股东大会以特别决议方式审议。 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"）第五届监事会第九次会 议于 2025 年 8 月 22 日以现场方式召开。本次会议通知已于 2025 年 8 月 12 日以 书面 ...