第十一届董事会第三次会议决议公告 证券代码：002062 证券简称：宏润建设 公告编号：2025-044 宏润建设集团股份有限公司 本次回购股份资金总额不低于人民币15,000万元（含本数）且不超过人民币 30,000万元（含本数）。按回购价格上限9.00元/股进行测算，预计回购股份为 16,666,666股至33,333,332股，约占公司目前已发行总股本的1.35%至2.69%；具 体回购股份的数量及占公司总股本的比例以实际回购的股份数量和占公司总股 本的比例为准。 为确保本次回购股份的顺利实施，公司董事会授权公司管理层在法律法规规 定范围内，按照最大限度维护公司及股东利益的原则，办理本次回购股份相关事 宜。根据相关规定，本次回购事项在董事会审批权限范围内，无须提交股东大会 审议。 该议案详细内容披露于同日的《证券时报》《中国证券报》《上海证券报》及 1 巨潮资讯网（http://www.cninfo.com.cn）的《关于回购股份方案暨取得股票回购 专项贷款承诺函的公告》。 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第十一届 ...

证券代码：002062 证券简称：宏润建设 公告编号：2025-045 宏润建设集团股份有限公司 关于回购股份方案暨取得股票回购专项贷款承诺函的公告 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。 重要内容提示： 1、宏润建设集团股份有限公司（以下简称"公司"）拟使用自筹资金和回购 专项贷款以集中竞价方式回购公司部分已发行的人民币普通股（A 股）股票，回 购股份拟用于实施员工持股计划或股权激励。本次回购股份资金总额不低于人民 币 15,000 万元（含本数）且不超过人民币 30,000 万元（含本数），回购价格不超 过 9.00 元/股，回购期限自公司董事会审议通过回购股份方案之日起 12 个月内。 按回购股份价格上限 9.00 元/股测算，预计回购股份数量为 16,666,666 股至 33,333,332 股，占公司截至本公告披露日总股本比例为 1.35%至 2.69%。具体的 回购资金总额、回购股份数量及占公司总股本比例以回购实施完毕时实际回购情 况为准。 截至本公告披露日，公司已取得中国工商银行股份有限公司宁波市分行出具 的《贷款承诺函》，承诺为公司回 ...

人民财讯8月26日电，宏润建设（002062）8月26日晚间公告，公司拟以1.5亿元—3亿元回购公司股份， 用于实施员工持股计划或股权激励，回购价格不超过9元/股。截至公告披露日，公司已取得中国工商银 行宁波市分行出具的《贷款承诺函》，承诺为公司回购股份提供专项贷款支持，贷款金额不超过2.7亿 元，贷款期限为3年。 ...

Core Viewpoint - Hongrun Construction (002062.SZ) announced a share repurchase plan ranging from 150 million to 300 million yuan, aimed at implementing an employee stock ownership plan or equity incentives [1] Summary by Relevant Sections - **Share Repurchase Details** - The company plans to repurchase shares at a price not exceeding 9.00 yuan per share [1] - The total amount allocated for the repurchase is between 150 million and 300 million yuan [1] - **Financial Support** - Hongrun Construction has obtained a loan commitment letter from Industrial and Commercial Bank of China, Ningbo Branch, to support the share repurchase [1] - The maximum loan amount provided for this purpose is 270 million yuan [1]

Group 1 - The company Hongrun Construction announced a share buyback plan using self-raised funds and special loans, aiming to repurchase part of its issued A-shares for employee stock ownership plans or equity incentives [1] - The total amount for the buyback is set between RMB 150 million and RMB 300 million, with a maximum repurchase price of RMB 9 per share, and the buyback period is within 12 months from the board's approval [1] - Based on the maximum buyback price, the estimated number of shares to be repurchased ranges from approximately 16.67 million to 33.33 million shares, representing 1.35% to 2.69% of the company's total share capital as of the announcement date [1] Group 2 - For the first half of 2025, the revenue composition of Hongrun Construction is as follows: 37.56% from rail transit projects, 25.88% from municipal projects, 20.8% from new energy business, 10.28% from construction projects, and 4.86% from real estate sales [1] - As of the report, Hongrun Construction has a market capitalization of RMB 8.6 billion [1]

Core Viewpoint - Hongrun Construction Group Co., Ltd. demonstrates strong market competitiveness and strategic execution with a significant revenue increase in Q2 2025, reflecting robust operational performance [1][4]. Group 1: Financial Performance - In Q2 2025, the company achieved an operating revenue of 1.51 billion yuan, a year-on-year increase of 22.88% [1]. - For the first half of 2025, the construction sector generated an operating income of 2.116 billion yuan, up 11.98% year-on-year [2]. - The revenue from rail transit projects reached 1.078 billion yuan, marking a substantial growth of 46.53% [2]. - The new energy development business reported an operating income of 597 million yuan, a significant increase of 94.18%, turning a previous loss of 35 million yuan into a profit of 51 million yuan [2][3]. Group 2: Business Operations and Strategy - The company has a strong presence in the Yangtze River Delta, benefiting from the growing demand for urban infrastructure, with operations covering 20 cities including Shanghai and Hangzhou [2]. - Hongrun Construction is recognized as a leading private enterprise in municipal engineering, particularly in urban rail transit and tunnel construction, with significant technical advantages [1][2]. - The company is expanding its new energy EPC contracting business and has established a dual-driven model of "construction + new energy" [3]. Group 3: Future Outlook - The company aims to continue its development strategy of "construction + new energy + technology," enhancing its core competitiveness and risk resilience [3][4]. - With the support of "dual carbon" goals and new infrastructure policies, the company is expected to benefit from industry opportunities and achieve long-term value enhancement [4].

Market Performance - On August 25, the infrastructure sector rose by 1.12% compared to the previous trading day, with China Communications Construction Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up by 1.51%, while the Shenzhen Component Index closed at 12441.07, up by 2.26% [1] Individual Stock Performance - China Communications Construction Co., Ltd. (603815) closed at 9.34, with a gain of 10.01% and a trading volume of 176,500 shares, amounting to a transaction value of 162 million yuan [1] - Tonglin Co., Ltd. (605303) closed at 22.04, up by 9.98%, with a trading volume of 15,100 shares [1] - Pudong Construction (600284) closed at 8.95, increasing by 6.04%, with a trading volume of 957,200 shares [1] - ST Lingnan (002717) closed at 1.73, up by 4.85%, with a trading volume of 1,456,800 shares [1] - Other notable stocks include Hangzhou Garden (300649) at 19.44 (+3.85%) and Meili Ecology (000010) at 4.84 (+3.42%) [1] Capital Flow Analysis - On the same day, the infrastructure sector experienced a net outflow of 67.69 million yuan from institutional investors and a net outflow of 107 million yuan from speculative funds, while retail investors saw a net inflow of 175 million yuan [2] - The capital flow for key stocks showed that China Electric Power Construction (601868) had a net inflow of 71.48 million yuan from institutional investors, while ST Lingnan (002717) had a net inflow of 59.75 million yuan [3] - China Communications Construction Co., Ltd. (603815) recorded a net inflow of 52.10 million yuan from institutional investors, despite a net outflow from speculative and retail investors [3]

Core Viewpoint - The financial performance of Hongrun Construction (002062) for the first half of 2025 shows a decline in revenue and net profit compared to the previous year, indicating potential challenges in the company's operations and financial health [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 was 2.87 billion yuan, a decrease of 4.48% year-on-year [1]. - Net profit attributable to shareholders was 143 million yuan, down 23.49% year-on-year [1]. - The second quarter saw total revenue of 1.51 billion yuan, an increase of 22.88% year-on-year, but net profit for the same period was 51.58 million yuan, a decrease of 24.76% year-on-year [1]. - Gross margin was 12.96%, a decline of 36.73% year-on-year, while net margin was 3.87%, down 56.57% year-on-year [1]. - The company's receivables were significant, with accounts receivable accounting for 511.29% of the latest annual net profit [1][4]. Expense Analysis - Sales expenses decreased by 53.42% due to reduced promotional activities in the real estate sector and the realization of results from previous marketing efforts in the new energy business [2]. - Management expenses fell by 36.42% as a result of optimizing internal management and streamlining personnel [2]. - Tax expenses decreased by 63.26% due to reduced profits in the real estate sector compared to the previous year [2]. Cash Flow and Investment - Net cash flow from operating activities increased by 34.09%, indicating improved cash inflow from core business operations [2]. - Net cash flow from investing activities decreased by 42.03% due to investments in a subsidiary [2]. - Net cash flow from financing activities saw a significant decline of 308.23% due to dividend payments to minority shareholders [2]. - The net increase in cash and cash equivalents dropped by 61.78% as a result of reduced cash flows from investment and financing activities [2]. Business Model and Market Position - The company's return on invested capital (ROIC) was 4.94%, indicating weak capital returns, with a historical median ROIC of 5.74% over the past decade [3]. - The company relies heavily on research and development for its business performance, necessitating a thorough examination of the underlying drivers [4]. - Analysts project the company's performance for 2025 to reach 287 million yuan, with an average earnings per share of 0.23 yuan [4].

Core Viewpoint - Hongrun Construction (002062.SZ) reported a closing price of 6.80 yuan, with a decline of 5.03% on August 22 [1] Group 1: Company Performance - Dongfang Caifu Securities researchers Wang Pianpian and Yu Liang published a report on August 22, stating that the revenue growth of Hongrun Construction is driven by its new energy and infrastructure businesses in Q2 [1] - The report maintains a "Buy" rating for Hongrun Construction, indicating positive outlook on the company's performance [1] Group 2: Market Context - The decline in stock price on the same day reflects market volatility, despite the positive revenue growth outlook presented in the research report [1]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's revenue growth is driven by its new energy and infrastructure businesses, with a focus on key projects and expansion into new areas [1][4] - The company reported a revenue of 2.87 billion yuan for H1 2025, a decrease of 4.48% year-on-year, while Q2 revenue increased by 22.88% year-on-year [4] - The new energy construction business saw a significant revenue increase of 94% to 597 million yuan, and the rail transit business revenue rose by 46.5% to 1.08 billion yuan in Q2 [4] - The company is expanding into the robotics sector, aiming to leverage its technological capabilities for future growth [4][5] Financial Summary - H1 2025 net profit attributable to shareholders was 143 million yuan, down 23.49% year-on-year, with Q2 net profit at 52 million yuan, down 24.76% year-on-year [4] - The company's gross margin decreased by 7.52 percentage points to 12.96% in H1 2025, with the construction and new energy segments contributing profits of 132 million yuan and 51 million yuan, respectively [4] - The company expects net profits of 287 million yuan, 330 million yuan, and 371 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 30.92, 26.89, and 23.86 [6][7] Market Performance - The company's market capitalization is approximately 8.86 billion yuan, with a 52-week price range of 7.29 to 3.19 yuan [4] - The stock has seen a 52-week increase of 124.45% [4] - The company aims to participate in national key projects, which could significantly boost its performance [5]