Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a revenue of 1.709 billion yuan for H1 2025, representing a year-on-year growth of 6.33%. The net profit attributable to the parent company was 97 million yuan, up 26.32% year-on-year. In Q2 2025, the revenue was 901 million yuan, showing a year-on-year decline of 2.34% but a quarter-on-quarter increase of 11.58%. The net profit for Q2 was 79 million yuan, reflecting a year-on-year growth of 27.96% and a significant quarter-on-quarter increase of 331.33% [2][4]. Financial Performance - For H1 2025, the company's revenue from solar storage inverters was 930 million yuan, growing by 7% year-on-year, while revenue from energy storage products surged by 149% year-on-year to 120 million yuan. The gross margin for solar storage inverters was 33.1%, up 2.5 percentage points year-on-year, while the gross margin for energy storage products was 28.1%, down 14.9 percentage points year-on-year [8]. - The metal products business generated a revenue of 650 million yuan in H1 2025, down 5% year-on-year, with a gross margin of 25.7%, a decrease of 2.6 percentage points year-on-year. The company is gradually relocating metal product production capacity to Thailand to enhance profitability [8]. - The company’s operating expense ratio for Q2 2025 was 19.1%, down 2.1 percentage points quarter-on-quarter, indicating improved operational efficiency. The inventory at the end of Q2 was 1.32 billion yuan, reflecting a 1.5% quarter-on-quarter increase and a historical high [8]. Market Outlook - The company aims to consolidate its advantages in the North American and Japanese markets while expanding into Europe, Asia, Africa, and Latin America. The North American market is expected to benefit from the company's production capacity in Thailand, which will help mitigate tariff impacts. In Europe, the company plans to leverage its product advantages and synergies with the Chint Group to expand its market presence [8]. - The company forecasts profits of 300 million yuan and 400 million yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 15 and 11 times [8].

Core Viewpoint - Tongrun Equipment (002150) reported a significant increase in net profit and revenue for the first half of 2025, indicating strong business performance in the photovoltaic and energy storage sectors [1] Financial Performance - In the first half of 2025, Tongrun Equipment achieved a net profit attributable to shareholders of approximately 97.31 million yuan, representing a year-on-year growth of 26.32% [1] - The company recorded an operating revenue of about 1.709 billion yuan, which is a year-on-year increase of 6.33% [1] Business Overview - Tongrun Equipment primarily engages in the research, development, production, and sales of photovoltaic energy storage equipment, components, and metal products [1] - The company has established a dual business model driven by photovoltaic inverters and energy storage systems, along with metal products [1]

Core Viewpoint - Tongrun Equipment (002150) reported a revenue increase of 6.33% year-on-year for the first half of 2025, reaching 1.709 billion yuan, with a net profit increase of 26.32% to 97.3117 million yuan [1] Financial Performance - Total revenue for the first half of 2025 was 1.709 billion yuan, up from 1.607 billion yuan in 2024, reflecting a growth of 6.33% [1] - Net profit attributable to shareholders reached 97.3117 million yuan, compared to 77.0372 million yuan in the previous year, marking a 26.32% increase [1] - The gross profit margin was 30.07%, slightly down by 0.07% year-on-year, while the net profit margin improved by 10.64% to 7.28% [1] - The total of selling, administrative, and financial expenses was 265 million yuan, accounting for 15.54% of revenue, an increase of 4.67% year-on-year [1] - Earnings per share increased to 0.27 yuan, up 22.73% from 0.22 yuan [1] Cash Flow and Debt Management - Operating cash flow per share was -0.11 yuan, a significant decrease of 194.59% compared to the previous year [1] - The company’s cash and cash equivalents decreased by 15.86% to 924 million yuan due to payments for goods and dividends [1][8] - Long-term borrowings decreased by 15.36% as a result of repaying bank loans [5] Accounts Receivable and Inventory - Accounts receivable amounted to 832 million yuan, representing an increase of 8.11% year-on-year, with accounts receivable to net profit ratio at 414.09% [1][5] - Inventory increased by 4.43% due to business growth [2] Business Strategy and Market Response - The company has a significant portion of its revenue from the U.S. market, which is affected by recent tariff changes; however, the impact is considered limited [9] - To mitigate tariff impacts, the company has established production facilities in Thailand, leveraging lower labor costs for exports to the U.S. [9] - The company plans to adjust product pricing and strategies in response to tariff changes and may consider relocating production to regions with lower tariffs if necessary [9]

Group 1 - The core viewpoint of the article is that Tongrun Equipment (002150.SZ) has reported its semi-annual results for 2025, highlighting the institutional investor holdings and changes in ownership structure [1] Group 2 - As of August 25, 2025, a total of 7 institutional investors disclosed holdings in Tongrun Equipment A-shares, with a combined holding of 197 million shares, accounting for 54.32% of the total share capital [1] - The institutional investors include Zhejiang Chint Electrics Co., Ltd., Changshu City Jack Factory, Zhuhai Yuening Management Consulting Partnership, Wenzhou Zhuotai Enterprise Management Partnership, Zhuhai Kangdong Equity Investment Partnership, Suzhou Great Wall Precision Technology Co., Ltd., and Xinyu New Concept Investment Management Co., Ltd. [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 1.49 percentage points [1] - Regarding foreign investment, there were no new disclosures from foreign institutions this period, including Hong Kong Central Clearing Limited [1]

Core Viewpoint - Jiangsu Tongrun Equipment Technology Co., Ltd. announced the repurchase and cancellation of part of the restricted stock under the 2023 stock incentive plan due to the failure to meet the release conditions and the departure of certain incentive targets [1][12]. Summary by Sections Incentive Plan Overview - The company held board and supervisory meetings on August 22, 2025, to review the stock incentive plan and proposed adjustments to the repurchase price and cancellation of restricted stocks [1][12]. - The plan involves a total of 2,365,750 shares to be repurchased and canceled due to the departure of 3 incentive targets and 83 others not meeting the release conditions [1][9]. Approval Process - The plan underwent several approval steps, including meetings on July 17, 2023, and subsequent public disclosures regarding the incentive targets [2][3]. - The first grant of restricted stocks was completed on November 3, 2023, with 5.51 million shares granted at a price of 9.65 yuan per share [3][4]. Performance Conditions - The performance conditions for the release of the restricted stocks were not met, specifically regarding revenue and net profit targets for 2024 [8][9]. - The company needed to achieve a revenue of at least 400 million yuan and a net profit of at least 18 million yuan, which were not fulfilled [8][9]. Repurchase Details - The repurchase price for the restricted stocks was adjusted to 9.48 yuan per share, considering dividends paid [10][11]. - The total estimated cost for the repurchase is approximately 22.43 million yuan, funded by the company's own resources [11][12]. Impact on Share Capital - Following the repurchase, the company's total share capital will decrease from 363,234,553 shares to 360,868,803 shares, with the repurchased shares accounting for 0.65% of the total capital [12][12]. Compliance and Opinions - The board's remuneration and assessment committee, as well as the supervisory board, confirmed that the repurchase and cancellation comply with relevant regulations and will not adversely affect the company's financial status or operations [12][13].

证券代码：002150 证券简称：通润装备 公告编号：2025-035 江苏通润装备科技股份有限公司 本公司及监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。 一、监事会会议召开情况 江苏通润装备科技股份有限公司（以下简称"公司"）第八届监事会第二十 次会议于 2025 年 8 月 8 日以电子邮件方式发出通知，于 2025 年 8 月 22 日以通 讯方式召开。本次会议应出席监事 3 名，实际出席监事 3 名，会议由监事会主席 徐志武先生主持。会议的召集、召开和表决程序符合《中华人民共和国公司法》 等相关法律法规、部门规章、规范性文件及《江苏通润装备科技股份有限公司章 程》的规定。 二、监事会会议审议情况 出席会议的监事审议并以记名投票的方式表决通过了以下议案： （一）审议通过《关于 2025 年半年度报告及其摘要的议案》； 表决结果：3 票同意、0 票反对、0 票弃权，表决通过。 经审核，监事会认为：董事会编制和审核公司 2025 年半年度报告及摘要的 程序符合法律、行政法规和中国证券监督管理委员会的规定，报告内容真实、准 确、完整地反映了公司的实际情况，不存在任何 ...

江苏通润装备科技股份有限公司 证券代码：002150 证券简称：通润装备 公告编号：2025-041 关于召开 2025 年第一次临时股东大会的通知 现场会议召开时间：2025 年 9 月 10 日（星期三）下午 14:00 网络投票时间为：通过深圳证券交易所（以下简称"深交所"）交易系统进 行网络投票的具体时间为 2025 年 9 月 10 日上午 9:15-9:25，9:30-11:30、下午 至当日下午 15:00 期间的任意时间。 召开。 （1）在股权登记日持有公司股份的普通股股东或其代理人； 于股权登记日下午收市时在中国证券登记结算有限责任公司深圳分公司登 记在册的公司全体普通股股东均有权出席股东大会，并可以以书面形式委托代理 人出席会议和参加表决，该股东代理人不必是本公司股东。 （2）公司董事、监事和高级管理人员； 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。 江苏通润装备科技股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日召开第八届董事会第二十三次会议，审议通过了《关于召开 2025 年第一次临 时股东大会的议案》。现将相关事 ...

国浩律师（上海）事务所 关 于 致：江苏通润装备科技股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受江苏通润装备科技股份有 限公司（以下简称"通润装备"或"公司"）的委托，担任公司2023年限制性股票激 励计划（以下简称"本次激励计划"）的特聘专项法律顾问。本所律师根据《中华 人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、中国证券监督管理委员会（以下简称"中国证监会"）颁 布的《上市公司股权激励管理办法》（以下简称"《管理办法》"）及《深圳证券 交易所股票上市规则》（以下简称"《上市规则》"）、《深圳证券交易所上市公 司自律监管指南第1号——业务办理》（以下简称"《自律监管指南第1号》"）等 有关法律、法规和规范性文件、交易所业务规则的规定以及《江苏通润装备科技 股份有限公司章程》（以下简称"《公司章程》"），《江苏通润装备科技股份有 限公司2023年限制性股票激励计划（草案）》（以下简称"《激励计划》"）的有 关规定，就公司本次回购并注销部分已获授但尚未解锁的限制性股票（以下简称 "本次回购注销"）以及调整回购价格（以下简称"本次调整"）相关 ...

证券代码：002150 证券简称：通润装备 公告编号：2025-034 江苏通润装备科技股份有限公司 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。 江苏通润装备科技股份有限公司（以下简称"公司"）第八届董事会第二十 三次会议于 2025 年 8 月 8 日以电子邮件方式发出通知，于 2025 年 8 月 22 日以 通讯方式召开。本次董事会应出席董事 9 名，实际出席董事 9 名，会议由董事长 陆川先生主持。会议的召集、召开和表决程序符合《中华人民共和国公司法》等 相关法律法规、部门规章、规范性文件及《江苏通润装备科技股份有限公司章程》 （以下简称"《公司章程》"）的规定。 二、董事会会议审议情况 出席会议的董事审议并以记名投票的方式表决通过了以下议案： （一）审议通过《关于 2025 年半年度报告及其摘要的议案》； 表决结果：9 票同意、0 票反对、0 票弃权，表决通过。 一、董事会会议召开情况 本议案已经公司董事会审计委员会事前审议通过。 具体内容详见公司同日发布于巨潮资讯网（www.cninfo.com.cn）的《2025 年半年度报告》及其摘要。 （ ...

（文章来源：证券日报） 证券日报网讯 8月25日晚间，通润装备发布公告称，公司第八届董事会第二十三次会议审议通过了《关 于2025年半年度报告及其摘要的议案》等多项议案。 ...