Core Viewpoint - The energy storage sector is experiencing significant growth, with multiple companies reporting increased orders and stock prices rising sharply, indicating strong market momentum [1] Group 1: Market Performance - Energy storage concept stocks surged in the afternoon, with Tongrun Equipment hitting the daily limit, and Sunshine Power rising over 6% [1] - Other companies such as Canadian Solar and JA Solar also saw their stock prices increase [1] Group 2: Order and Contract Developments - Several energy storage-related companies secured new orders, including Hopu Co., which signed a procurement contract for energy storage systems worth 520 million yuan [1] Group 3: Industry Growth Metrics - According to data from the National Energy Administration and third-party organizations, global lithium battery energy storage installations are expected to exceed 170 GWh in the first three quarters of 2025, representing a year-on-year growth of 68% [1]

Core Viewpoint - The A-share market has seen a strong performance in the power equipment sector, with several stocks reaching their daily limit up. Group 1: Stock Performance - Tongrun Equipment and Igor both hit the daily limit up [1] - Nandu Power surged over 8% [1] - Penghui Energy increased by more than 7% [1] - Shenghong Co., Haibosi Chuang, and Yiwei Lithium Energy all rose over 6% [1] - Jing Shan Light Machine, Sunshine Power, and Oriental Sunrise gained over 5% [1] - Suwen Electric and Junda Co. increased by more than 4% [1]

证券代码：002150 证券简称：通润装备 公告编号：2025-055 江苏通润装备科技股份有限公司 2025 年第二次临时股东会决议公告 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。 特别提示： 1、本次股东会未出现否决议案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 2、网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间 为 2025 年 11 月 3 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深 圳证券交易所互联网投票的具体时间为 2025 年 11 月 3 日上午 9:15 至当日下午 15:00 期间的任意时间。 3、会议地点：上海市松江区思贤路 3255 号正泰科沁苑 3 号楼 A 栋 4 楼会 议室一 4、召开方式：现场投票和网络投票相结合的方式召开 5、会议召集人：江苏通润装备科技股份有限公司（以下简称"公司"）董 事会 6、会议主持人：董事长陆川 7、会议的召集、召开与表决程序符合《中华人民共和国证券法》（以下简 （一）会议召开情况 1、现场会议召开 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 Grandall Law Firm (Shanghai) 中国 上海 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼，200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China, 200085 电话/TEL: (8621) 5234-1668 传真/FAX: (8621) 5234-1670 关于江苏通润装备科技股份有限公司 2025年第二次临时股东会的法律意见书 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"公司"）委托，指派本所律师出席公司 2025 年第二次临 时股东会（以下简称"本次股东会"）。本所律师根据《中华人民共和国证券法》 （以下简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司 法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、 法规、部门规章和规范性文件以及《江苏通润装备科技股份有限公司章程》（以 下 ...

New Stock Issuance - New stock for Beikang Testing (920160) issued at a price of 6.70 on November 3, 2025[1] - New stock for Danna Biology (920009) issued at a price of 17.10 on November 3, 2025[1] Market Alerts - ST Zhongdi (000609) announced significant abnormal fluctuations on October 30, 2025[1] - Jiangbolong (301308) reported severe abnormal fluctuations on October 30, 2025[1] - Xiangnan Chip (300475) disclosed abnormal fluctuations on October 24, 2025[1] - Shangtai Technology (001301) announced abnormal fluctuations on November 3, 2025[1] - Hainan Development (002163) reported abnormal fluctuations on November 3, 2025[1] - Zhongrui Co., Ltd. (002374) disclosed abnormal fluctuations on November 3, 2025[1] - Fujian Jinsen (002679) announced abnormal fluctuations on November 3, 2025[1] - Yongxing Materials (002756) reported abnormal fluctuations on November 3, 2025[1] - Xinhongze (002836) disclosed abnormal fluctuations on November 3, 2025[1] - Guocheng Mining (000688) announced abnormal fluctuations on November 3, 2025[1]

Core Insights - Tongrun Equipment experienced a stock price increase of 5.61%, reaching 21.28 CNY per share, with a trading volume of 750 million CNY and a turnover rate of 10.29%, resulting in a total market capitalization of 7.73 billion CNY [1] Company Overview - Jiangsu Tongrun Equipment Technology Co., Ltd. was established on October 28, 2002, and listed on August 10, 2007. The company is located in Changshu City, Jiangsu Province [1] - The main business activities include the research, production, and sales of metal tool cabinets, high and low voltage complete switchgear, and components. The revenue composition is as follows: solar storage inverters 54.62%, tool cabinets 27.39%, electromechanical sheet metal products 9.27%, energy storage products 7.03%, other products 1.16%, and others (supplementary) 0.53% [1] Fund Holdings - Western Li De Fund has a significant holding in Tongrun Equipment, with its fund "Western Li De Ju You One-Year Holding Period Mixed Fund" (014593) holding 40,600 shares, accounting for 0.42% of the fund's net value, ranking as the eighth largest holding [2] - The fund was established on August 9, 2022, with a current size of 203 million CNY. Year-to-date returns are 8.67%, ranking 6120 out of 8223 in its category, while the one-year return is 8.33%, ranking 6255 out of 8115 [2] Fund Manager Performance - The fund manager, Yan Zhiyong, has a tenure of 8 years and 89 days, managing assets totaling 22.42 billion CNY, with the best fund return during his tenure being 55.08% and the worst being -0.82% [3] - Co-manager Ge Shan has been in the role for 1 year and 216 days, managing assets of 746 million CNY, with the best return of 53.6% and the worst return of 3.02% during his tenure [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 2.59 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.14%. The net profit attributable to the parent company was 137 million yuan, up 27.26% year-on-year. In Q3 2025, the revenue was 882 million yuan, a year-on-year increase of 5.79%, but a quarter-on-quarter decline of 2.14%. The net profit for Q3 was 39 million yuan, reflecting a year-on-year growth of 29.64% but a significant quarter-on-quarter decline of 50.12% [2][4][10]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a total revenue of 2.59 billion yuan, with a net profit of 137 million yuan. In Q3 alone, the revenue was 882 million yuan, and the net profit was 39 million yuan [2][4]. - The gross margin for Q3 was reported at 28.3%, which is a decrease of 4.5 percentage points compared to the previous quarter [10]. - The company experienced a significant increase in contract liabilities, reaching 230 million yuan, which is a year-on-year increase of 98% and a quarter-on-quarter increase of 178%, indicating a positive operational trend [10]. Future Outlook - The company is expected to see a performance rebound in Q4, driven by the traditional peak season and the recognition of deferred revenue from Q3. This is anticipated to lead to significant improvements in revenue and gross margin for Q4 [10]. - Projections for 2025 and 2026 indicate expected profits of 280 million yuan and 390 million yuan, respectively, with corresponding price-to-earnings ratios of 24 and 17 times [10].

Core Viewpoint - Tongrun Equipment is a significant player in the domestic photovoltaic inverter sector, showcasing strong technical capabilities and market competitiveness in inverter and energy storage products [1] Group 1: Business Performance - In Q3 2025, Tongrun Equipment reported revenue of 2.59 billion yuan, ranking 9th out of 82 in the industry, with the top competitor, CIMC, generating 117.06 billion yuan [2] - The revenue composition includes photovoltaic inverters at 933 million yuan (54.62%), tool cabinets at 468 million yuan (27.39%), electromechanical sheet metal products at 158 million yuan (9.27%), and energy storage products at 120 million yuan (7.03%) [2] - The net profit for the same period was 182 million yuan, placing the company 15th in the industry, with the leading company, CIMC, achieving 2.395 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 56.25%, slightly down from 56.93% year-on-year, which is higher than the industry average of 39.81% [3] - The gross profit margin for Q3 2025 was 29.47%, down from 31.73% year-on-year, but still above the industry average of 22.64% [3] Group 3: Management and Shareholder Information - The total compensation for General Manager Zhou Chengjun increased by 297,000 yuan, reaching 1.8854 million yuan in 2024, compared to 1.5884 million yuan in 2023 [4] - As of September 30, 2025, the number of A-share shareholders increased by 4.68% to 35,800, with an average holding of 10,000 circulating A-shares, a decrease of 4.47% [5] Group 4: Market Outlook and Ratings - Dongwu Securities forecasts that Tongrun Equipment will achieve a net profit of 137 million yuan in the first three quarters of 2025, a year-on-year increase of 27.26%, with expectations for continued high growth throughout the year [5] - CICC has initiated coverage on Tongrun Equipment with an "outperform industry" rating and a target price of 22.00 yuan, highlighting the dual business model of photovoltaic and metal products [6] - The company is focusing on high-profit overseas markets and maintaining market share in existing markets, with expected EPS of 0.83 and 1.13 yuan for 2025 and 2026, respectively [6]

证券代码：002150 证券简称：通润装备 公告编号：2025-054 江苏通润装备科技股份有限公司 根据相关规定的要求，公司进行了必要核实，现对有关核实情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处。 2、公司未发现近期公共媒体报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 3、目前公司生产经营活动一切正常，内外部经营环境未发生重大变化。 4、公司、控股股东和实际控制人不存在关于公司的应披露而未披露的重大 事项，或处于筹划阶段的重大事项。 股票交易异常波动公告 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。 一、股票交易异常波动情况的说明 江苏通润装备科技股份有限公司（以下简称"公司"）股票（证券简称：通 润装备，证券代码：002150）于 2025 年 10 月 29 日、10 月 30 日连续两个交易 日内收盘价格涨幅偏离值累计超过 20%，根据《深圳证券交易所交易规则》的相 关规定，属于股票交易异常波动的情况。 二、公司关注并核实的相关情况 议等；董事会也未获悉公司有根据《深圳证券交易所股票上市规则》等有关规定 应予 ...

Market Overview - The three major A-share indices collectively retreated, with the Shanghai Composite Index falling below the 4000-point mark, closing at 3986.90 points, down 0.73% [1] - The Shenzhen Component Index decreased by 1.16%, closing at 13532.13 points, while the ChiNext Index dropped 1.84% to 3263.02 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 242.17 billion, an increase of 16.56 billion compared to the previous day [1] Sector Performance - Most industry sectors experienced declines, with the energy and metals sector seeing significant gains [1] - The steel and battery sectors had the highest increases, while the gaming, power equipment, electronic chemicals, coal, securities, and agricultural chemicals sectors faced the largest declines [1] Stock Movements - Over 1200 stocks rose, with more than 60 hitting the daily limit up [1] - Lithium mining stocks surged, with Tianqi Lithium reaching the daily limit up [1] - Quantum technology stocks were active, with Shenzhou Information achieving two consecutive limit ups and Geer Software hitting four limit ups in six days [1] - The battery sector showed volatility, with Shida Shenghua and Tianji Shares both hitting the daily limit up [1] - The energy storage sector saw localized activity, with Tongrun Equipment achieving two consecutive limit ups [1] - Conversely, computing hardware stocks collectively weakened, with Tianfu Communication and Xinyisheng experiencing significant declines [1] - The gaming sector suffered a sharp drop, with Giant Network nearing the daily limit down [1] - The coal sector mostly declined, with Antai Group hitting the daily limit down [1] Capital Flow - In terms of capital flow, the energy metals, steel, and insurance sectors ranked high for net inflows, with energy metals seeing a net inflow of 2.829 billion [1] - On the outflow side, the communication equipment, semiconductor, and electronic components sectors experienced significant net outflows, with communication equipment seeing a net outflow of 12.23 billion [3]