宏润建设公告称，股东周美珍因个人资金需求，计划自减持计划公告之日起十五个交易日之后的三个月 内，以集中竞价交易方式减持不超150.10万股，占剔除公司回购专用账户股份后总股本的0.12%。截至 公告日，周美珍持有公司600.41万股，占总股本0.49%。减持股份源于离婚财产分割非交易过户取得。 本次减持不会导致公司控制权变更。 ...

| 投资者关系 | ■特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 | 中信建投证券—吴俊、上海国科龙晖私募基金管理有限公司— | | 及人员姓名 | 姜俊峰、中财招商投资集团—朱凌云、上海燕园投资管理有限 | | | 公司—张德坤、蜂投基金—陈正标、天襄资本—李德续、上海 | | | 福远商务咨询有限公司—左诗淇、上海瀛东律师事务所—李音 | | | 瑶、汉央股权投资基金（上海）有限公司—周旭 | | 时间 | 2026-01-07 | | 地点 | 宏润大厦会议室 | | 上市公司接待 | 董事会秘书薛锋 | | 人员姓名 | | | | 1、新能源业务在三季报的总营收中占比是多少？ | | | 公司 年 月营业收入为 亿元，其中新能源业 2025 1-9 42.62 | | | 务占比约为 20%。 | | | 2、公司具体涉足新能源哪些业务领域？ | | | 目前公司新能源业务呈现从前端光伏组件的实业制造、中 | | ...

Core Viewpoint - Hongrun Construction's stock price has shown fluctuations with a slight increase of 2.21% on January 8, 2025, but has experienced a decline over the past 20 and 60 days, indicating potential challenges in the market [1]. Financial Performance - For the period from January to September 2025, Hongrun Construction reported a revenue of 4.262 billion yuan, reflecting a year-on-year decrease of 0.47% [2]. - The net profit attributable to shareholders for the same period was 244 million yuan, down 2.41% compared to the previous year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Hongrun Construction increased to 35,200, marking a rise of 2.55% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 2.48% to 31,972 shares [2]. Dividend Distribution - Since its A-share listing, Hongrun Construction has distributed a total of 1.293 billion yuan in dividends, with 342 million yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the fourth largest circulating shareholder, having acquired 16.576 million shares as a new shareholder [3].

Core Viewpoint - The company is transitioning from traditional construction to a diversified growth model, focusing on new energy and intelligent construction technologies, which are expected to drive future profitability and mitigate risks associated with its core infrastructure business [4][5][6]. Group 1: Company Overview - The company is one of the earliest private enterprises engaged in shield tunneling construction, with over 300 kilometers of tunneling completed across more than 20 cities, showcasing its technical expertise and project management capabilities [4]. - The company is strategically aligned with the "Yangtze River Delta Integration" initiative, establishing a stable business foundation in urban rail transit, municipal projects, and underground space [4]. Group 2: New Energy Business - The new energy segment is entering a high-growth phase, projected to achieve a revenue increase of 298% year-on-year in 2024 and 94% in the first half of 2025, contributing significantly to the company's profitability [5]. - The company is transitioning from a "construction contracting" model to an "engineering + energy" model, with the rapid expansion of new energy projects helping to offset cyclical fluctuations in its core business [5]. Group 3: AI and Robotics Initiatives - The company is strategically investing in intelligent construction, particularly in humanoid robotics, which is supported by favorable policies in emerging sectors [6]. - Collaborations with technology firms aim to create a complementary system that integrates engineering needs with advanced technology development, enhancing the company's competitive edge in the construction industry [6]. Group 4: Infrastructure Business Challenges - The infrastructure sector is currently under pressure due to a downturn in the real estate chain and tightening local finances, leading to a decline in new contracts and extended payment cycles [8]. - Despite these challenges, there are signs of improvement in operational cash flow and collection ratios for 2024-2025, driven by ongoing debt resolution policies [8].

Investment Rating - The report gives the company an "Accumulate" rating for the first time [5]. Core Viewpoints - The company is one of the earliest private enterprises to enter shield tunneling construction in China, with over 300 kilometers of cumulative tunneling and a strong presence in key cities like Shanghai, Hangzhou, and Ningbo. The company is expanding its business from traditional infrastructure to include photovoltaic energy storage, distributed energy, and intelligent construction, creating a more balanced growth structure [1][14]. - The company's new energy business is entering a high-growth phase, projected to grow by 298% year-on-year in 2024 and 94% in the first half of 2025, contributing significantly to profit. This shift from "construction contracting" to "engineering + energy" is beginning to show results [1][3]. - The construction industry is under pressure, with new contracts declining for two consecutive years. However, policies aimed at improving cash flow are expected to gradually enhance the financial environment for the industry [2][38]. Summary by Sections Company Overview - The company has evolved from a focus on rail transit construction to becoming a leading integrated construction group in urban infrastructure and new energy. It has a strong foothold in the Yangtze River Delta region and has diversified its business to include various sectors such as municipal engineering and renewable energy [14][16]. Industry Analysis - The construction industry is currently facing a contraction due to a downturn in the real estate sector and tightening local finances. New contract amounts have decreased significantly, but ongoing debt resolution policies are expected to improve cash flow conditions [2][38]. Business Transformation - The company is actively seeking new growth avenues in response to the pressures on traditional construction. It is focusing on new energy and intelligent construction, with significant investments in these areas. The new energy business is expected to provide a second growth curve, while the AI robotics sector is also being developed through strategic partnerships [54][65]. Financial Projections - The company forecasts a decline in revenue for 2024, with a projected revenue of 5.923 billion yuan, down 7.82% year-on-year. However, net profit is expected to stabilize and grow in subsequent years, with predictions of 287 million yuan in 2025 and 350 million yuan in 2027 [4][3].

（文章来源：证券日报） 证券日报网讯 12月30日，宏润建设在互动平台回答投资者提问时表示，公司和矩阵超智投资设立的宁 波星际动力科技有限公司于2025年9月份成立，11月份落户宁波市前湾新区，目前正在落实相关的制造 基地事宜。 ...

Core Viewpoint - The infrastructure sector experienced a decline of 0.46% on December 30, with ST Lingnan leading the losses, while the Shanghai Composite Index remained stable with a slight decrease of 0.0% and the Shenzhen Component Index increased by 0.49% [1]. Group 1: Market Performance - The infrastructure sector's stocks showed mixed performance, with notable gainers including Dongzhu Ecological (up 10.04% to 9.97) and ST Huawang (up 5.03% to 5.85) [1]. - The overall trading volume in the infrastructure sector was significant, with Dongzhu Ecological achieving a transaction value of 576 million yuan [1]. Group 2: Key Decliners - ST Lingnan saw the largest decline, dropping 4.71% to a closing price of 1.62, with a trading volume of 550,600 shares and a transaction value of approximately 9.08 million yuan [2]. - Other notable decliners included Suwen Electric Power (down 3.77% to 20.40) and Xinjiang Jiaojian (down 2.85% to 16.04) [2]. Group 3: Capital Flow - The infrastructure sector experienced a net outflow of 396 million yuan from institutional investors, while retail investors contributed a net inflow of 330 million yuan [2]. - The capital flow data indicates that Dongzhu Ecological attracted a significant net inflow of 132 million yuan from institutional investors, while retail investors showed a net outflow [3].

（文章来源：证券日报） 证券日报网讯 12月24日，宏润建设在互动平台回答投资者提问时表示，宁波星际动力科技有限公司是 宏润建设和矩阵超智成立的机器人合资公司。公司于2025年9月份成立，11月份落户宁波市前湾新区， 目前公司正在落实相关的制造基地事宜。 ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司自认为对标北美机器人，特斯拉擎天柱明年量产 10万台，宁波星际动力Star Dynamics明年的量产与交付有多少台？在各大电商平台都能搜索到各种知名 度机器人如小米机器人，宇树机器人，智元机器人等各类机器人，唯独没有搜索到贵公司投资的宁波星 际动力Star Dynamics机器人？贵公司至今也未披露宁波星际动力机器人的相关情况，可否告知我们全体 投资者星际动力的机器人运营情况？ 宏润建设（002062.SZ）12月24日在投资者互动平台表示，宁波星际动力科技有限公司是宏润建设和矩 阵超智成立的机器人合资公司。公司于2025年9月份成立，11月份落户宁波市前湾新区，目前公司正在 落实相关的制造基地事宜。 ...

证券日报网讯 12月22日晚间，宏润建设发布公告称，公司2025年第二次临时股东大会审议通过《关于 取消监事会并修订的议案》等多项议案。 （文章来源：证券日报） ...