Core Insights - The company reported a decline in net profit for the first half of the year, primarily due to stock incentive expenses, and plans to implement various measures to enhance profit performance [1] - As of mid-2025, the company has a substantial order backlog of 19.7 billion, ensuring sustainable future development [1] - The company has established a large-scale computing power cluster and will continue to invest in computing center construction based on customer demand, with rapid growth in computing network business observed in the first half of the year [1] Financial Performance - The net profit for the first half of the year has decreased [1] - The company is taking proactive steps to improve profitability [1] Order Backlog - The company has an order backlog of 19.7 billion, which is sufficient to support ongoing development [1] Business Growth - The computing power network business has experienced rapid growth, particularly in regions such as the East Data West Computing node cities and computing cluster cities [1]

证券代码：002929 证券简称：润建股份 润建股份有限公司投资者关系活动记录表 编号：20250901 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 ■业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | □其他 | | | 参与单位名称 | 网上平台"全景•路演天下"参与润建股份 2025 年半年度报 | | | 告网上业绩说明会的广大投资者 | | 时间 | 2025.9.1（15:00-17:00） | | 地点 | "全景•路演天下"（http://rs.p5w.net） | | 上市公司接待 | 副董事长、总经理许文杰，董事、董事会秘书罗剑涛，财务 | | 人员姓名 | 总监黄宇，独立董事黄维干 | | | Q1：和阿里在算力上有什么合作吗？ | | | 答：您好，公司与其在 AI 应用、算力等多个领域开展了业务合 | | | 作，业务拓展持续进行中，具体情况请关注公司公告或公众号，谢谢！ | | | Q2：目前公司和阿里巴巴有哪些合作，未来还会新增哪些 | | 投资者 | 答：您好，公司与其在 AI 应 ...

Core Viewpoint - Huawei's Ascend concept stocks continue to decline, with significant drops observed in several companies' stock prices [1] Group 1: Stock Performance - Kaipu Cloud's stock fell over 9% [1] - Runjian Shares experienced a decline of over 7% [1] - Multiple stocks including Tuowei Information, Runhe Software, and Chuangyi Information dropped over 5% [1]

Group 1 - The core viewpoint of the news is that Runjian Co., Ltd. experienced a 5.02% drop in stock price, closing at 51.29 yuan per share, with a trading volume of 587 million yuan and a turnover rate of 5.27%, resulting in a total market capitalization of 14.571 billion yuan [1] - Runjian Co., Ltd. was established on January 3, 2003, and went public on March 1, 2018. The company's main business involves communication network construction services, maintenance, and optimization services [1] - The revenue composition of Runjian Co., Ltd. is as follows: communication network business accounts for 43.57%, energy network business 27.36%, information network business 21.90%, computing network business 7.10%, and other (supplementary) 0.07% [1] Group 2 - Huashang Advantage Industry Mixed A Fund (000390) entered the top ten circulating shareholders of Runjian Co., Ltd. in the second quarter, holding 1.471 million shares, which represents 0.7% of the circulating shares [2] - The estimated floating loss for Huashang Advantage Industry Mixed A Fund today is approximately 3.9863 million yuan [2] - The fund was established on December 11, 2013, with a latest scale of 4.055 billion yuan, achieving a year-to-date return of 80.55% and a one-year return of 108.83% [2]

Core Viewpoint - The news highlights various companies' financial performances, stock movements, and strategic decisions, indicating a mixed outlook across different sectors. Performance Summary - Anta Sports clarified it is not a potential acquirer of Canada Goose Holdings [3] - Lianyi Intelligent Manufacturing reported normal operations with no undisclosed significant matters [3] - Huon Electric's robot business is still in the R&D phase and has not generated revenue [3] - Tianfu Communication and Longyang Electronics both reported normal operations with no undisclosed significant matters [3] - Cambrian Technology expects annual revenue of 5 billion to 7 billion yuan in 2025 [3] - CITIC Securities reported a net profit of 13.719 billion yuan for the first half, up 29.8% year-on-year [3] - SMIC's net profit for the first half was 321 million USD, a 35.6% increase year-on-year [3] - Zhongwei Company reported a net profit of 706 million yuan, up 36.62% year-on-year [3] - Wancheng Group's net profit surged 50358.8% to 472 million yuan in the first half [3] - China Galaxy's net profit increased by 47.86% year-on-year, proposing a dividend of 1.25 yuan per 10 shares [3] - Zhujiang Beer reported a net profit of 612 million yuan, up 22.51% year-on-year [3] - Yili Group's net profit decreased by 4.39% to 7.2 billion yuan [3] - Zhongke Titanium White's net profit fell by 14.83% to 259 million yuan [3] - Huasheng Tiancheng turned a profit with a net profit of 140 million yuan [3] - Li Auto's second-quarter revenue totaled 30.2 billion yuan, down 4.5% year-on-year but up 16.7% quarter-on-quarter [3] - Bull Group's net profit decreased by 8% to 2.06 billion yuan [3] - Nanshan Aluminum reported a net profit of 2.625 billion yuan, proposing a dividend of 0.4 yuan per 10 shares [3] - Shuijingfang's net profit fell by 56.52% to 105 million yuan [3] - Huaneng International's net profit increased by 13.15% to 3.904 billion yuan [3] - SAIC Group's net profit decreased by 9.21% to 6.018 billion yuan [3] - SF Holding's net profit increased by 19.4% year-on-year, proposing a dividend of 4.6 yuan per 10 shares [3] - Zhongke Shuguang's net profit increased by 29.39% to 729 million yuan [3] - Shanxi Fenjiu's net profit increased by 1.13% to 8.505 billion yuan [3] - Haier Smart Home reported a net profit of 12.033 billion yuan, proposing a dividend of 2.69 yuan per 10 shares [3] - China State Construction's net profit increased by 3.2% to 30.404 billion yuan [3] - CITIC Construction Investment's net profit was 4.509 billion yuan, proposing a dividend of 1.65 yuan per 10 shares [3] - New China Life Insurance's net profit increased by 33.5% to 14.799 billion yuan [3] - China Southern Airlines reported a loss of 1.533 billion yuan in the first half [3] - Sanhuan Group's net profit increased by 20.63% to 1.237 billion yuan [3] - Yingshi Innovation's net profit increased by 0.25% to 520 million yuan [3] - ZTE's net profit decreased by 11.77% to 5.058 billion yuan [3] - Changxin Bochuang's net profit surged 1121.21% to 168 million yuan [3] Buyback and Shareholding Changes - Spring Airlines plans to repurchase shares worth 300 million to 500 million yuan [4] - Shenzhen Ruijie plans to repurchase 500,000 to 600,000 shares [4] - Haotong Technology's actual controller plans to reduce holdings by up to 3% [4] - Aojie Technology's shareholder Alibaba Network plans to reduce holdings by up to 3% [4] - Chunzong Technology's chairman plans to reduce holdings by up to 2.053% [4] - Zhejiang Shibao's controlling shareholder plans to reduce holdings by up to 2% [4] Contracts and Major Investments - Zhongding Co. signed a strategic cooperation agreement with the Baohe District government for the robotics industry [4] - Tongda Co. is pre-awarded a 122 million yuan procurement project by the State Grid [4] - Runjian Co. won a 392 million yuan project for green power supply in Ulanqab, Inner Mongolia [4] - Dash Intelligent signed a smart project contract for Hualun Century Plaza [4] - Huakang Clean signed a pre-award for a 136 million yuan medical purification project [4] - Shunyu Co. plans to establish a smart water management subsidiary [4] - Guanzhong Ecology plans to invest in a seedling breeding base in Kyrgyzstan [4] Mergers and Acquisitions - Beixin Building Materials intends to acquire 100% equity of an overseas building materials company [4] - Chip Origin plans to purchase equity in Chip Lai Zhirong, with stock suspension starting tomorrow [4] - Kaifa Electric plans to acquire 80% equity of Ouli Power Network for 52 million yuan [4] Other Developments - Jinghe Integration plans to issue H-shares and list on the Hong Kong Stock Exchange [4] - Huahai Qingke plans to issue H-shares and list on the main board of the Hong Kong Stock Exchange [4] - Fuhanwei plans to issue H-shares and list on the Hong Kong Stock Exchange [4]

Group 1 - The core point of the article is that Runjian Co., Ltd. has won a bid for a green power supply project in Ulanqab, with a total bid amount of 392 million yuan (including tax) [1] - The project involves the construction and operation of photovoltaic, wind power, and energy storage stations [1]

证券代码：002929 证券简称：润建股份 公告编号：2025-054 润建股份有限公司 关于项目中标的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和 完整，没有虚假记载、误导性陈述或者重大遗漏。 特别提示： 本项目公示期已满，公司已取得《中标通知书》，公司将根据实际进展情况 及时履行信息披露义务，敬请广大投资者注意投资风险。 近日，润建股份有限公司（以下简称"公司"）中标《乌兰察布兴和县铁合 金绿色供电项目（一期）》，中标金额39,178.94万元（含税）。现对相关情况公 告如下： 3、中标规模合计：39,178.94万元（含税） 4、中标标段： | 序号 | 标段 | 中标规模（万元/含税） | | --- | --- | --- | | 1 | 标段八 | 913.40 | | 2 | 标段九 | 8817.10 | | 3 | 标段十 | 7,215.66 | | 4 | 标段十一 | 6,900.00 | | 5 | 标段十二 | 7,200.00 | | 6 | 标段十三 | 8,132.78 | | | 合计 | 39,178.94 | 5、招标人：中国电建集团重庆工程有限公司 二、 ...

Core Viewpoint - Runjian Co., Ltd. reported a mixed performance in its 2025 mid-year financial results, with revenue growth but a significant decline in net profit, raising concerns about its financial health and operational efficiency [1][3]. Financial Performance - The total revenue for the first half of 2025 reached 4.867 billion yuan, an increase of 10.02% year-on-year [1]. - The net profit attributable to shareholders was 39.23 million yuan, a sharp decline of 83.37% compared to the previous year [1]. - In Q2 2025, total revenue was 2.488 billion yuan, up 8.87% year-on-year, while the net profit was negative at -30.10 million yuan, a decrease of 127.75% [1]. - The gross margin was 13.48%, down 19.59% year-on-year, and the net margin was 0.35%, down 92.96% [1]. - The company reported a significant increase in accounts receivable, which accounted for 2835.64% of the latest annual net profit [1]. Cash Flow and Debt Situation - The cash flow situation is concerning, with cash and cash equivalents amounting to 1.281 billion yuan, a 73.8% increase year-on-year, but the operating cash flow per share was -8.89 yuan, a decrease of 4.5% [1][3]. - The company’s interest-bearing debt increased by 46.8% to 5.856 billion yuan, raising concerns about its debt management [1][3]. - The interest-bearing asset-liability ratio reached 27.24%, indicating a high level of financial leverage [3]. Investment Insights - Analysts expect the company's performance in 2025 to improve slightly, with projected earnings of 248 million yuan and an average earnings per share of 0.88 yuan [3]. - The company's return on invested capital (ROIC) was reported at 2.63%, significantly below its historical median of 8.79%, indicating weak capital efficiency [3]. Fund Holdings - The largest fund holding Runjian shares is the Jin Ying Yuan Feng Bond A fund, which holds 370,000 shares and has recently entered the top ten holdings [4]. - Other funds have shown varied interest, with some increasing their positions while others have reduced their holdings [4].

Summary of Runjian Co., Ltd. Conference Call Company Overview - **Company**: Runjian Co., Ltd. - **Industry**: New Energy, AI, Cloud Computing, Digital Network Key Financial Performance - **Revenue**: In the first half of 2025, revenue reached 4.9 billion yuan, a year-on-year increase of 10% [2][4] - **Net Profit**: Net profit declined significantly due to stock incentive plans and inventory impairment, with adjusted net profit around 200 million yuan after excluding these factors [2][4] - **Future Growth**: Expected recovery in growth rates starting from 2026, maintaining a high level [2][6] Business Developments - **New Energy Sector**: Rapid expansion in intelligent operation and maintenance services, with total installed capacity of new energy power stations reaching 25 GW [2][7] - **Computing Power Sector**: Quick market expansion, focusing on GPU maintenance services and partnerships with major companies [2][5][7] - **AI Integration**: Significant progress in AI transformation across three main business segments, including the development of communication and energy operation models [3][14] Strategic Initiatives - **AI Strategy**: Deepening AI transformation and enhancing collaboration with industry clients, including plans to provide computing power cloud services to ASEAN countries [2][8] - **Digital Network Focus**: Despite underperformance in the first half, the digital network business is expected to benefit from AI empowerment in the future [2][9] Order Backlog - **Current Orders**: Total order backlog stands at 19.7 billion yuan, with expected realizations of 5 billion yuan in 2025, 9.2 billion yuan in 2026, and approximately 5.5 billion yuan in 2027 and beyond [2][11] Computing Power Business Outlook - **Infrastructure Development**: Plans to accommodate 100,000 computing cards across two phases of the Wuxiang Cloud Valley project [5][12] - **Service Expansion**: Launching a computing power pool based on scheduling platforms and expanding computing centers nationwide [12] AI Application and Market Position - **AI Applications**: The company is actively developing AI applications across various sectors, including smart parks, agriculture, and education, with a focus on B-end industries [14][17] - **International Collaboration**: Engaging in AI export initiatives, particularly in ASEAN countries, with over 200 local employees and partnerships with 30-40 industry players [20][21] GPU Maintenance Market - **Market Stability**: The GPU maintenance market has stabilized, with an annual investment of about 5%, and the company is well-positioned to serve both domestic and international markets [19] Conclusion - Runjian Co., Ltd. is strategically positioned for growth in the new energy and AI sectors, with a strong focus on integrating AI into its operations and expanding its market presence both domestically and internationally. The company anticipates a recovery in profitability and continued growth in its core business areas.

Group 1 - The China-ASEAN Artificial Intelligence Innovation Cooperation Center (NAA Center) in Nanning, Guangxi, aims to integrate future technology with ASEAN cultural characteristics, showcasing the potential of AI technology and applications [1][3] - The NAA Center has completed its first phase and is now in trial operation, hosting 16 ASEAN enterprises, and aims to serve as a comprehensive platform for exhibition, industry connection, and cross-border collaboration in the AI sector [3][5] - The AI exhibition hall utilizes advanced technologies such as AI-guided systems and holographic projections to present China's AI achievements and cooperation with ASEAN [5] Group 2 - Nanning is accelerating the development of emerging industries like AI, establishing itself as a new hub for AI industry targeting ASEAN, with plans for the China-ASEAN cloud computing cluster [6] - Runjian Co., a leading AI enterprise in Nanning, has completed the construction of 24 data centers in several ASEAN countries, applying AI solutions in urban governance, energy management, smart education, and agriculture [6] - Maiyue Technology Co. has developed over 50 AI products and is expanding its business into ASEAN markets, including partnerships in Vietnam and plans for Malaysia and Cambodia [8]