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证券代码：002929 证券简称：润建股份 公告编号：2025-035 1、润建股份有限公司（以下简称"公司"）于 2025 年 4 月 26 日以公告形 式发布了《关于召开 2024 年度股东大会的通知》。 润建股份有限公司 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： 1、本次股东大会无变更、否决提案的情况，不涉及变更前次股东大会决议； 2、本次股东大会采取现场投票与网络投票相结合的方式召开； 3、本次股东大会所有议案对中小投资者表决单独计票。 一、会议召开情况 2、会议召开方式：本次股东大会采取现场投票和网络投票相结合方式。 3、会议召开时间： （1）现场会议召开时间：2025 年 5 月 19 日（星期一）下午 14:30 （2）网络投票日期、时间： ①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 5 月 19 日 9:15-9:25,9:30-11:30 和 13:00-15:00； ②通过深圳证券交易所互联网投票系统 http://wltp.cninfo.c ...

对本法律意见书的出具，本所律师特作如下声明： 1．本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员资格、 会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案内容及该等议 案所表述的事实或数据的真实性、准确性和完整性发表意见； 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东资格、 网络投票结果均由相应的证券交易所交易系统和互联网投票系统予以认证； 3．本所及经办律师依据《证券法》《证券法律业务管理办法》《证券法律业务执业 网址：www.grandwaylaw.com 北京市东城区建国门内大街 26 号新闻大厦 7-8 层 7-8/F News Plaza, No. 26, Jianguomennei Avenue, Dongcheng District, Beijing, 100005, China 电话：86 10 88004488, 6609 0088 传真：86 10 6609 0016 邮编：100005 北京 上海 深圳 成都 西安 杭州 南京 苏州 香港 北京国枫律师事务所 关于润建股份有限公司 2024 年度股东大会的法律意见书 国枫律股字[2025 ...

Industry Insights - The Ministry of Industry and Information Technology has issued an action plan for improving the quality and safety of communication construction projects from 2025 to 2027, focusing on six key areas including system improvement, quality enhancement, safety management, standard supply acceleration, digital management enhancement, and environmental optimization [1] - The rise of AI presents significant development opportunities for the communication industry, increasing demands on communication capabilities and injecting new growth momentum into the sector [1] Technology Developments - The training of AIGC large models relies heavily on computing card clusters, which in turn drives the demand for ultra-high-speed optical communication, leading to significant advancements in related technologies such as SerDes, silicon photonics, optical chips, and coherent optics [2] - As the scale of model parameters continues to grow, computing card clusters are evolving from thousands to tens of thousands and even hundreds of thousands, necessitating the interconnection of multiple geographically distributed data centers [2] Company Updates - Suobede is involved in mobile intelligent terminal antennas, precision mold design and manufacturing, wireless charging products, sensor molds, and intelligent detection equipment [3] - Runjian Co. is expanding its computing power business through its Wuxiang Cloud Valley data center and has successfully won a contract for the largest single intelligent computing center project for a global operator [3] - Xinwei Communication is accelerating the coverage of new businesses such as high-performance precision connectors and UWB modules, while enhancing its market share in electronic business through its established product advantages [3]

Group 1 - Recently, two new companies, Guiyang Xinshi New Energy Co., Ltd. and Guiyang Chuangjian New Energy Co., Ltd., were established, both with a registered capital of 1 million yuan [1] - Both companies are wholly owned by Runjian Co., Ltd. (002929) [1] - The business scope of both companies includes sales of solar thermal power generation equipment, research and development of wind power related systems, and sales of wind turbine units and components [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：20250509 Q4：公司和华为有合作吗 答：您好！公司和国产算力芯片头部厂商保持了良好的合作关系， 您可关注公司公众号了解公司业务动态，谢谢！ Q5：贵公司最近有无增减持计划 | | □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 | | | 网上平台"全景•路演天下"参与润建股份 2024 年年度报 | | 参与单位名称 | 告网上业绩说明会的广大投资者 | | 时间 | 2025.5.9（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：股价怎么说 | | | 答：您好！二级市场股价走势受多重因素影响，公司对未来经营 | | | 情况充满信心，将持续做好投资者关系管理，让 ...

Summary of Runjian Co., Ltd. Conference Call Company Overview - **Company**: Runjian Co., Ltd. - **Industry**: AI Computing and Telecommunications Key Points Financial Performance - In Q1 2025, Runjian reported revenue of 2.379 billion yuan, an increase of 11% year-on-year. However, net profit decreased significantly due to stock incentive costs and inventory provisions, but growth was still achieved when excluding these factors [2][4][20] - Stock incentive costs are expected to reach 250 million yuan in 2025, impacting apparent profits [4][16] - The company’s overseas business expanded rapidly, with a 75% year-on-year revenue increase in 2024, driven by digital solutions and AI applications in Southeast Asia [4][13] Business Segments - The computing network business saw a remarkable 72% year-on-year revenue growth, becoming a major growth driver [2][3] - As of Q1 2025, the total order backlog was approximately 19.5 billion yuan, with 8.5 billion yuan expected to be recognized in 2025 [6] - The telecommunications segment remained stable, while the energy segment showed faster growth due to the realization of previously stalled projects [5][15] Inventory Provisioning - The company adjusted its inventory provisioning rules, which temporarily affected profits. The new rule requires a 30% provision for items held for over two years, compared to the previous 50% for over three years [7][11] - The impact of inventory provisioning is expected to be recoverable as the majority of clients are state-owned enterprises [7][12] AI Investments and Strategies - Runjian is increasing investments in the AI sector, with the first phase of the Nanning Wuxiang Cloud Valley completed and plans for a second phase [8][19] - The company is collaborating with key clients to build the world's largest single AIDC project, showcasing its strong capabilities in AI infrastructure [9][19] - High-end AI server prices are rising, and the company has preemptively stocked up, giving it a competitive edge in supply and pricing [9][14] Market Position and Valuation - Despite short-term profit impacts from inventory provisions and stock incentives, the long-term investment value remains strong due to high-quality clients and growth potential in AI computing [20] - The company's valuation is considered low compared to peers, presenting a good investment opportunity, especially with optimistic capital expenditures from major internet firms [21][22] Challenges and Considerations - Contract terms are a primary focus, as the company aims to ensure business continuity despite rising costs in the computing server market [10] - The company is committed to high-quality clients and is cautious about service terms and pricing [10] Future Outlook - Traditional telecommunications business is expected to remain stable with slight growth, while the energy sector is projected to grow rapidly, driven by virtual power plants and energy solutions [15] - The company is optimistic about its future in the AI sector, with significant projects underway and a strong pipeline of clients [19][20]

中国银河（601881）证券股份有限公司赵良毕,洪烨近期对润建股份（002929）进行研究并发布了研究报告 《2025Q1营收双位数增长，算力网络生态良好》，给予润建股份买入评级。 证券之星数据中心根据近三年发布的研报数据计算，东北证券韩金呈研究员团队对该股研究较为深入，近三 年预测准确度均值为19.43%，其预测2025年度归属净利润为盈利11.21亿，根据现价换算的预测PE为10.91。 最新盈利预测明细如下： 通信网络基石牢筑，算力网络生态良好。分业务看，2024年公司通信网络与数字网络营业收入占比分别约 49.7%与26.6%，算力网络营业收入同比高增约71.7%。通信网络方面，2024年公司实现运营商业务数字化产 品赋能，在广东、江苏、贵州等多个省份中标，数字网络方面，围绕通信、教育、能源、园区管理、企业管 理等领域，打造超60款智能体应用，取得"某央企知识管理大模型开发服务"等典型项目，能源网络方面，由 于部分项目未达收入确认条件对业绩形成主要拖累，服务与储备的风力、光伏、储能项目装机总容量超 20GW，完成能源行业巡检作业里程超43万公里，新能源巡检作业规模累计超1.7GW，通信光伏、铁塔高温整 ...

Financial Performance - The company's revenue for Q1 2025 was ¥2,378,972,199.23, an increase of 11.24% compared to ¥2,138,565,885.69 in the same period last year[5] - Net profit attributable to shareholders decreased by 45.62% to ¥69,327,929.91 from ¥127,477,634.30 year-on-year[5] - In Q1 2025, the company achieved operating revenue of 2.379 billion RMB, maintaining industry leadership in business scale[14] - The net profit attributable to shareholders was 69.33 million RMB, with a significant decline due to stock incentive expenses, but the profitability is improving quarterly[14] - Net profit for the current period was ¥60,025,932.57, a decrease of 49.3% from ¥118,269,490.98 in the previous period[30] - The company reported a total comprehensive income of ¥60,038,282.56, down from ¥118,337,402.54 in the previous period, a decrease of 49.3%[30] - Basic earnings per share decreased to ¥0.25 from ¥0.46, reflecting a decline of 45.7%[30] Cash Flow and Financing - The net cash flow from operating activities was -¥1,462,317,545.37, a decline of 1.81% compared to -¥1,436,317,854.57 in the previous year[10] - The net cash flow from financing activities increased by 263.46% to ¥1,063,616,095.65, primarily due to increased bank loans[10] - Cash flow from operating activities showed a net outflow of ¥1,462,317,545.37, slightly worsening from a net outflow of ¥1,436,317,854.57 in the previous period[31] - The net cash flow from investing activities was -$502.52 million, compared to -$20.10 million in the previous period, indicating a significant increase in investment outflows[32] - Total cash inflow from financing activities amounted to $1,984.41 million, up from $1,182.05 million, reflecting a strong increase in financing efforts[32] - The net cash flow from financing activities was $1,063.62 million, compared to $292.64 million in the previous period, showing a substantial improvement[32] - Cash received from borrowings was $1,871.98 million, significantly higher than $1,129.20 million in the previous period, highlighting increased leverage[32] - Cash paid for debt repayment was $820.87 million, compared to $774.25 million, indicating ongoing debt management efforts[32] Assets and Liabilities - Total assets increased by 5.09% to ¥18,469,207,833.55 from ¥17,574,711,482.60 at the end of the previous year[5] - The company's total liabilities increased to ¥12,206,643,320.63, compared to ¥11,373,338,232.18 in the previous period, reflecting a growth of 7.3%[28] - The total equity attributable to shareholders increased to ¥6,237,567,621.51, up from ¥6,168,066,048.27, marking a growth of 1.1%[28] - Current assets totaled RMB 14,217,079,200.99, up from RMB 13,314,126,749.36 at the beginning of the period[24] - Accounts receivable rose to RMB 6,499,858,077.14 from RMB 6,054,131,732.23[24] Research and Development - The company reported a 9.75% increase in R&D expenses, totaling ¥77,929,548.62, reflecting a commitment to enhancing competitive advantages[10] - Research and development expenses rose to ¥77,929,548.62, an increase of 10.5% from ¥71,007,853.04 in the prior period[29] Business Segments and Strategy - The communication network business remains stable, winning key projects such as the "China Mobile 2025-2026 Communication Engineering Construction Service" procurement project, contributing to market share growth[15] - The digital network business is experiencing steady growth, driven by AI applications, with multiple typical scenarios and cases already implemented[15] - The computing network business is growing rapidly, with strong demand for computing center management and operations, and the scale of intelligent computing cloud services continues to increase[15] - The company is focusing on expanding its artificial intelligence strategy, which is a major driver of business development[14] - The company plans to continue increasing efforts in new business development to ensure sustainable and healthy growth[14] Shareholder and Stock Incentives - The total number of common shareholders at the end of the reporting period was 42,742[12] - The company granted 4,986,650 stock options at an exercise price of RMB 22.97 per share and 4,986,650 restricted shares at a grant price of RMB 15.31 per share to 347 eligible participants[18] - Following the grant of restricted shares, the total number of shares increased from 281,831,071 to 284,083,084[19] - The total accounting cost for the stock options and restricted shares is estimated at RMB 40,937.34 million, with annual amortization of RMB 24,519.45 million in 2025[19] - The company plans to utilize repurchased shares for the stock option and restricted stock incentive plan[22] - The company repurchased 2,734,637 shares, accounting for 1.12% of the total share capital, with a total transaction amount of RMB 104,989,453[21] - The maximum repurchase price was RMB 55 per share, and the repurchase was completed between May 9, 2023, and July 25, 2023[21] Audit and Accounting Standards - The company did not undergo an audit for the first quarter report, which may affect the perception of financial reliability[33] - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[34]