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） ...

证券代码：002062 证券简称：宏润建设 公告编号：2025-071 宏润建设集团股份有限公司 关于非独立董事辞职暨选举职工代表董事的公告 二、关于选举职工代表董事的情况 根据《公司法》等法律法规、规范性文件以及《公司章程》的有关规定，公 司于2025年12月22日召开职工代表大会，经与会职工代表民主选举，选举赵余夫 先生为公司第十一届董事会职工代表董事，任期自本次职工代表大会选举之日起 至公司第十一届董事会任期届满之日止。 赵余夫先生当选公司职工代表董事后，公司董事会中兼任高级管理人员以及 由职工代表担任的董事人数总计未超过公司董事总数的二分之一，符合相关法律 法规及《公司章程》有关规定。 三、备查文件 1、赵余夫先生的辞职申请； 2、职工代表大会决议。 特此公告。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 宏润建设集团股份有限公司（以下简称"公司"）于2025年12月22日召开了 2025年第二次临时股东大会，审议通过了《关于取消监事会并修订<公司章程> 的议案》。根据修订后的《公司章程》的规定，公司董事会由9名董事组成，董事 会成员中包括1名职工 ...

证券代码：002062 证券简称：宏润建设 公告编号：2025-070 宏润建设集团股份有限公司 2025 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 2、通过网络投票的股东201人，代表公司股份数量7,457,963股，占公司有表 决权股份总数的0.6185%。 3、合计参加本次股东大会表决的股东及股东代表206名，代表公司股份数量 567,533,371股，占公司有表决权股份总数的47.0699%。 一、会议召开情况 1、现场会议召开时间：2025年12月22日下午14时 2、召开方式：采取现场投票与网络投票相结合的方式召开 3、召开地点：上海市龙漕路200弄28号宏润大厦17楼会议室 4、召集人：公司董事会 5、主持人：董事长郑宏舫 6、会议召开符合《公司法》和《公司章程》等有关规定。 二、会议出席情况 1、出席现场会议的股东及股东授权委托代表人共5名，代表公司股份数量 560,075,408股，占公司有表决权股份总数的46.4514%。 4、其中，中小投资者（持有公司5%以上股份的股东及其一致行动人，以及 担任公司董事 ...