证券代码：002272 证券简称：川润股份 公告编号：2025-029号 四川川润股份有限公司 关于对外担保的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、担保情况概述 四川川润股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日、2025 年 5 月 22 日分别召开第六届董事会第二十四次会议及 2024 年度股东大会，审议通过 了《关于为子公司向银行申请综合授信提供担保的议案》，同意公司为全资子公 司四川川润动力设备有限公司（以下简称"川润动力"）申请金融机构综合授信提 供连带责任担保，并授权公司董事长在股东大会批准的授信额度和担保额度范围 内决定相关事宜，有效期自 2024 年度股东大会审议通过起一年，具体内容详见 公司 2025 年 4 月 26 日、2025 年 5 月 23 日在《证券时报》《中国证券报》和巨 潮资讯网（http://www.cninfo.com.cn）上刊登的相关公告。 二、担保进展情况 公司近日与平安国际融资租赁有限公司（以下简称"平安租赁"）签订了《保 证合同》（合同编号：2025PAZL010087 ...

证券代码：002272 证券简称：川润股份 公告编号：2025-028号 四川川润股份有限公司 2024年度股东大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： （2）通过深圳证券交易所互联网投票系统投票的时间为2025年5月22日 9:15-15:00期间的任意时间。 2、会议召开地点：四川省成都市武侯区天府一街中环岛广场A座19层第一 会议室。 3、会议召开方式：现场投票与网络投票相结合 4、会议召集人：公司董事会 1、本次股东大会不存在否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开时间： 现场会议时间：2025年5月22日（星期四）14:30 网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的时间为：2025年5月22日 上午9:15-9:25,9:30-11:30 和13:00-15:00； 5、会议主持人：董事长罗永忠先生 6、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易 所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号—主板 ...

二〇二五年五月 北京中伦（成都）律师事务所 关于四川川润股份有限公司 2024 年度股东大会的 法律意见书 法律意见书 北京中伦（成都）律师事务所 关于四川川润股份有限公司 2024 年度股东大会的 法律意见书 致：四川川润股份有限公司 公司股东通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 22 日上午 9:15 至 9:25、9:30 至 11:30、下午 13:00 至 15:00；通过深圳证券交易 法律意见书 所互联网投票系统投票的时间为 2025 年 5 月 22 日上午 9:15 至下午 15:00 期间 的任意时间。 本所认为，本次股东大会的召集和召开程序符合《公司法》、《股东大会规则》 和《公司章程》的规定。 二、本次股东大会的召集人资格 本次股东大会由公司董事会召集。公司董事会具备召集本次股东大会的资格。 根据《中华人民共和国公司法》（下称"《公司法》"）、《上市公司股东大会规 则》（以下简称"《股东大会规则》"）及《四川川润股份有限公司章程》（以下称 "《公司章程》"）的有关规定，北京中伦（成都）律师事务所（下称"本所"）接 受四川川润股份有限公司（下称"公司"）的委 ...

Core Viewpoint - The article highlights the significant growth in economic losses due to natural disasters globally, driven by climate change, and emphasizes the emergence of a substantial market for emergency management solutions in China, particularly through the launch of the "Integrated Disaster Prevention and Emergency Warehouse" by Chuanrun Co., Ltd. in collaboration with China Telecom and Communication University of China [1][3]. Industry Overview - The World Meteorological Organization reports a 47% increase in economic losses from natural disasters over the past five years compared to the previous decade, with China experiencing direct economic losses of 328.7 billion yuan in 2024, a 21% increase from pre-pandemic levels [1]. - The State Council's "14th Five-Year Plan" for the national emergency system has created a market exceeding 100 billion yuan for the emergency management industry [1]. Company Development - Chuanrun Co., Ltd., listed on the Shenzhen Stock Exchange since 2008, has shifted its focus from high-end energy equipment manufacturing to the "smart emergency" sector, leveraging its technological and resource advantages in energy equipment [3]. - The newly launched "Integrated Disaster Prevention and Emergency Warehouse" integrates energy assurance, smart communication, material scheduling, and low-altitude economic services, aiming to establish a "normal service, emergency response" model [3]. Technological Innovations - The emergency warehouse features several innovative aspects, including a green energy system that integrates wind, solar, and storage technologies, a communication system that combines satellite, 5G drones, and shortwave technology, and AI-driven early warning and IoT material management systems [4]. - The warehouse is designed to provide a comprehensive emergency management system from early warning to response, as stated by Chuanrun's hydraulic general manager [5]. Collaborative Efforts - During the development of the emergency warehouse, Chuanrun collaborated with China Telecom and Communication University of China to overcome key technological challenges such as drone swarm control and shortwave communication [7]. - The partnership with China Telecom aims to establish a "5G + Cloud Network + AI" low-altitude economic infrastructure that can cover 15 industries and numerous low-altitude economic scenarios, enhancing the versatility of the product [7]. Future Directions - Chuanrun plans to deepen strategic collaborations with government, enterprises, and research institutions to promote the transformation and upgrading of the emergency industry towards smart, digital, and integrated solutions [7]. - The company aims to continuously improve the emergency resource integration platform and contribute to the construction of a more efficient emergency management system for the national emergency framework [7].

Summary of Key Points Core Viewpoint - The report outlines the sponsorship work conducted by CITIC Securities for Sichuan Chuanrun Co., Ltd. in 2024, highlighting the company's financial challenges and ongoing projects, as well as the measures taken by the sponsor to ensure compliance and effective management of the company's operations [1][3]. Group 1: Sponsorship Work Overview - CITIC Securities has timely reviewed the company's information disclosure documents and has not missed any reviews [1]. - The company has established and effectively executed internal regulations to prevent related party transactions and manage fundraising [1]. - Monthly checks on the company's fundraising special accounts have been conducted, ensuring alignment with disclosed project progress [1]. Group 2: Project Investment Progress - As of December 31, 2024, the investment progress of the fundraising project "Chuanrun Hydraulic Liquid Cooling Product Industrialization and Intelligent Manufacturing Upgrade" is at 5.69% [1][5]. - The company has added Ousheng Hydraulic as an implementation entity for the fundraising project, indicating proactive engagement with partners [1][3]. - The sponsor has urged the company to monitor project progress closely and fulfill disclosure obligations in case of delays or significant events [1][3]. Group 3: Financial Performance and Challenges - The company anticipates a net loss attributable to shareholders for 2024, influenced by market demand fluctuations and intensified competition [1][3]. - Adjustments in sales strategies have led to a decline in revenue, as the company focuses on the profitability of orders [3]. - Increased investment in strategic areas such as liquid cooling and offshore wind power is aimed at promoting high-quality development [3]. Group 4: Compliance and Regulatory Measures - The sponsor has identified issues in the company's operations and has taken measures to ensure compliance with regulations [1][9]. - Continuous monitoring and training have been implemented to enhance the capabilities of the company's personnel in compliance and operational management [9]. - The sponsor has faced regulatory warnings in other projects, emphasizing the importance of thorough due diligence and adherence to guidelines [9].

一、保荐工作概述 四川川润股份有限公司 2024 年度保荐工作报告 | 保荐人名称：中信建投证券股份有限公司 | 上市公司简称：川润股份 | | --- | --- | | 保荐代表人姓名：邱宇 | 联系电话：028-68850835 | | 保荐代表人姓名：盖甦 | 联系电话：028-68850834 | | 目 项 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文 是 | | | 件 | | | （2）未及时审阅公司信息披露文件 0 | 次 | | 的次数 | | | 2．督导公司建立健全并有效执行规 | | | 章制度的情况 | | | 是 （1）是否督导公司建立健全规章制 | | | 度（包括但不限于防止关联方占用公 | | | 司资源的制度、募集资金管理制度、 | | | 内控制度、内部审计制度、关联交易 | | | 制度） | | | 是 （2）公司是否有效执行相关规章制 | | | 度 | | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | 是 （2）公司募集资金项目进展是否与 | ...

Core Viewpoint - On May 7, Chuanrun Co., Ltd. experienced a 0.93% increase in stock price, reaching a turnover rate of 20%, with notable selling from well-known speculators [1] Trading Activity Summary - The top five buying entities collectively purchased 137 million yuan, while the top five selling entities sold 189 million yuan, resulting in a net outflow of 52.08 million yuan [1] - Institutional investors were significant buyers, with three specialized institutions purchasing 41.28 million yuan, 38.56 million yuan, and 16.90 million yuan respectively [1] - The largest selling entities included East Asia Qianhai Securities Co., Ltd. Suzhou Branch and Huabao Securities Co., Ltd. Shanghai Dongda Ming Road Securities Office, selling 45.92 million yuan and 32.46 million yuan respectively [1] Detailed Trading Figures - The top five buying entities and their respective amounts: - Institutional specialized: 41.28 million yuan buy, 11.38 million yuan sell, net 29.89 million yuan - Institutional specialized: 38.56 million yuan buy, 11.62 million yuan sell, net 26.94 million yuan - Institutional specialized: 16.90 million yuan buy, 0.57 million yuan sell, net 11.17 million yuan - Institutional specialized: 14.84 million yuan buy, 21.54 million yuan sell, net -0.67 million yuan - Dongfang Caifu Securities Co., Ltd. Lhasa Financial City South Ring Road Securities Office: 14.74 million yuan buy, 11.49 million yuan sell, net 0.33 million yuan [1] - The top five selling entities and their respective amounts: - East Asia Qianhai Securities Co., Ltd. Suzhou Branch: 0.004 million yuan buy, 45.92 million yuan sell, net -45.88 million yuan - Huabao Securities Co., Ltd. Shanghai Dongda Ming Road Securities Office: 0.164 million yuan buy, 32.46 million yuan sell, net -30.82 million yuan - Institutional specialized: 0.92 million yuan buy, 27.27 million yuan sell, net -18.08 million yuan - China Galaxy Securities Co., Ltd. Taizhou Huangyan Weiyu Street Securities Office: 0.008 million yuan buy, 21.95 million yuan sell, net -21.87 million yuan - Institutional specialized: 14.84 million yuan buy, 21.54 million yuan sell, net -0.67 million yuan [1]

Summary of Key Points from Conference Call Records Industry Overview - The records primarily discuss the **technology sector**, with a focus on **AI**, **robotics**, and **nuclear fusion** concepts, indicating a shift in market sentiment towards these areas [1][2][12]. Core Insights and Arguments 1. **Market Sentiment and Trends**: - A new upward cycle in the market has been confirmed, with strong market sentiment observed [1]. - The market is experiencing a transition from speculative trading to value-based investing, particularly in technology stocks [12]. 2. **Sector Performance**: - Technology stocks, especially in AI and robotics, are gaining traction, with significant interest in lightweight and agile robotics [1][12]. - The AI sector is expected to see a major catalyst with the anticipated release of DeepSeek R2, which may not utilize Nvidia for training, thus shifting focus to related stocks [1][12]. 3. **Investment Opportunities**: - Companies like **川润股份 (Chuanrun Co.)** are highlighted for their strategic partnerships with Huawei and their role in the AI computing power supply chain, securing significant contracts [8]. - **鼎泰高科 (Ding Tai High-Tech)** is noted for its production of precision components essential for humanoid robots, indicating a strong competitive position in the robotics market [9]. - **中欣氟材 (Zhongxin Fluorine Materials)** is recognized as a leading supplier of high-purity fluorine compounds critical for PEEK material production, which is essential for lightweight robotics [10]. 4. **Market Dynamics**: - The market is characterized by rapid rotation of hot sectors, with a notable focus on consumer stocks and AI-related companies [2][27]. - There is a potential supply-demand gap in PEEK materials as the demand for humanoid robots increases, which could lead to significant market opportunities [10]. 5. **Future Outlook**: - The records suggest that the market may soon see new themes emerging, particularly in technology, as the current cycle progresses [14][19]. - The performance of stocks related to nuclear fusion remains uncertain, and their market positioning is still being evaluated [1][5]. Other Important but Overlooked Content - The records indicate that while the market is currently focused on technology, there is still a significant interest in traditional sectors such as consumer goods and agriculture, which are showing resilience [3][5]. - The potential for new investment themes is emphasized, suggesting that investors should remain vigilant for emerging opportunities in the tech space [14][19]. This summary encapsulates the key points from the conference call records, highlighting the current trends, sector performances, and future outlooks within the technology industry.

Core Viewpoint - The demand for liquid cooling servers is rapidly increasing due to AI and computing power, making it a hot topic in the market, with companies like Chuanrun Co., Ltd. experiencing significant stock price increases despite poor financial performance [2][4]. Financial Performance - In 2024, Chuanrun Co., Ltd. reported revenue of 1.597 billion yuan, a year-on-year decrease of 4.01%, and a net loss of 116 million yuan, a decline of 81.91% compared to the previous year [4]. - The company's cash flow from operating activities was -130 million yuan, a decrease of 247.46% year-on-year [4]. - The company has recorded three consecutive years of net profit losses, with the core business revenue decline being a direct cause of this situation [4]. Business Segments - The only product line that saw revenue growth in 2024 was clean energy equipment and solutions, which increased by 26.71% year-on-year; all other segments, including new energy fluid systems and hydraulic components, experienced revenue declines [4]. - The largest decline was in digital supply chain intelligent manufacturing services, which decreased by 93.6% year-on-year, while energy storage equipment and system integration fell by 39.65% [5]. Market Expectations - Despite the poor financial results, there is high market expectation for the company's liquid cooling business, which has seen significant R&D investment and development of several standard models [6][7]. - However, the revenue contribution from liquid cooling products remains low, and the industrialization project for liquid cooling products is still under construction, with only 5.69% of the investment progress completed as of the end of 2024 [7][8]. Risk Management - The company has increased its provision for bad debts due to rising accounts receivable, which amounted to 1.278 billion yuan, accounting for 34.18% of total assets [8]. - To mitigate bad debt risks, the company plans to enhance contract performance tracking and implement dynamic monitoring for long-term projects [8][9]. Future Outlook - In the first quarter of 2025, the company reported a revenue of 312 million yuan, a year-on-year increase of 9.44%, but still faced a net loss of 27.985 million yuan, which is a 56.25% increase in losses compared to the same period last year [9][10]. - The company faces significant challenges in achieving profitability in 2025 if substantial business breakthroughs are not realized [10].

Group 1: Industry Trends and Market Opportunities - The renewable energy industry is becoming a core engine for sustainable economic growth, supported by policies and market demand for wind, energy storage, clean energy, and photovoltaics [1][2]. - By the end of 2024, China's cumulative installed power generation capacity is expected to reach approximately 3.35 billion kilowatts, a year-on-year increase of 14.6% [2]. - The wind power installed capacity is projected to be around 520 million kilowatts, with an 18.0% year-on-year growth [2]. Group 2: Company Performance and Business Development - In 2024, the company's international business sales revenue increased by 66.47% year-on-year, driven by the establishment of a European subsidiary and expansion into Southeast Asia and the Middle East [4][5]. - The revenue from clean energy equipment and solutions grew by 26.71% compared to the same period last year [5]. - The company has developed over 50 solar storage charging projects, with total orders exceeding 60 MW [5]. Group 3: Research and Development Investments - The company's R&D expenditure accounted for 3.94% of total revenue in 2024, with a focus on offshore wind, nuclear power, energy storage, and hydrogen energy [7][8]. - The company has participated in the development of over 40 domestic first sets and has led or participated in the formulation of 12 national and industry standards [7][8]. Group 4: Liquid Cooling Market and Competitive Advantage - The liquid cooling data center market in China is expected to grow at a compound annual growth rate of 59% from 2022 to 2027, potentially exceeding 100 billion yuan by 2027 [8]. - The company's liquid cooling products are characterized by high-efficiency cooling technology, providing precise cooling and low noise operation, enhancing the efficiency of IT equipment [8]. Group 5: Financial Management and Risk Control - The company has optimized its sales strategy to focus on order gross profit levels, resulting in a slight decrease in revenue but an increase in overall gross margin by 2.34% year-on-year [6]. - Measures to manage accounts receivable include optimizing customer credit assessments and establishing a tracking mechanism for contract performance [11].