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]

Group 1 - The core viewpoint of the news highlights the ongoing rebound in computing power concept stocks, with notable gains in companies such as Hongbo Co., Ltd., Litong Electronics, and ST Huatuo [1][2] - As of the latest data, the computing power scale of the eight major hub nodes in China's "East Data West Computing" initiative has reached 215.5 quintillion floating-point operations per second, with intelligent computing power accounting for 80.8% of the total [3] - The National Bureau of Statistics indicates that the construction of a nationwide integrated computing network is accelerating, enhancing user experience and providing flexible network services for SMEs and research institutions [3] Group 2 - Guosheng Securities believes that increased policy emphasis on artificial intelligence is expected to accelerate the development of AI applications and the upstream computing power industry [4] - CITIC Construction Investment reports that companies related to the AI computing power industry have shown good performance in their financial disclosures for 2024 and Q1 2025, indicating a high level of industry prosperity [4]

Core Insights - The company reported a total operating revenue of 9.199 billion yuan for the year 2024, with a net profit attributable to shareholders of 247 million yuan, representing a decrease of 1.92 billion yuan or 43.77% year-on-year [1] Financial Performance - The company's latest asset-liability ratio stands at 64.71%, ranking 24th among disclosed peers, an increase of 4.96 percentage points compared to the same period last year [3] - The latest gross profit margin is 15.67%, ranking 20th among disclosed peers [3] - The return on equity (ROE) is 4.00%, down 3.44 percentage points year-on-year [3] - The diluted earnings per share (EPS) is 0.89 yuan, a decrease of 0.90 yuan or 50.28% compared to the same period last year [4] - The total asset turnover ratio is 0.57 times, a decrease of 0.07 times or 11.36% year-on-year [4] - The inventory turnover ratio is 4.24 times, ranking 21st among disclosed peers, down 0.52 times or 10.97% year-on-year [4] Shareholder Structure - The number of shareholders is 45,600, with the top ten shareholders holding 148 million shares, accounting for 52.63% of the total share capital [4] - The largest shareholder is Li Jianguo, holding 29.73% of the shares, followed by Nanjing Hongze Yuantian Venture Capital Partnership with 18.49% [4] Research and Development - The total R&D investment is 333 million yuan, a decrease of 69,400 yuan or 0.02% year-on-year [4] - The latest R&D investment ratio is 3.62%, ranking 16th among disclosed peers, and is the 4th highest in the past five years, down 0.15 percentage points compared to the same period last year [4]

Core Viewpoint - Runjian Co., Ltd. reported a revenue of 9.199 billion yuan for 2024, marking a year-on-year growth of 4.23%, with a net profit of 247 million yuan, while also announcing a cash dividend distribution plan [1] Group 1: Financial Performance - The company achieved an operating income of 9.199 billion yuan and a net profit of 247 million yuan in 2024 [1] - The net cash flow from operating activities was 266 million yuan [1] - The proposed cash dividend is 1.3 yuan per 10 shares, totaling 36.9308 million yuan [1] Group 2: Business Segments - The communication network business maintained stable growth, while the digital network business (formerly information network) showed recovery and stable growth [2] - The AI application business, based on the "Quchi" platform, has developed over 60 intelligent applications across various sectors, including communication, education, and energy [2] - The energy network business has a total installed capacity of over 20 GW in wind, solar, and energy storage projects, with a growing share of operation and maintenance services [2] Group 3: Strategic Initiatives - The company upgraded its strategic positioning to focus on management and operation of communication and energy networks, with a strategy of "AI-led, three-engine drive, intelligent empowerment across industries" [1] - Runjian Co., Ltd. is actively expanding its overseas business, particularly in the ASEAN region, leveraging its location advantages and project experience [3] - The company has undertaken over 700 local projects in the ASEAN region and completed more than 20 data center or computing center projects [3]

Group 1 - The core viewpoint of the news is that Runjian Co., Ltd. (002929.SZ) has reported its 2024 annual results, highlighting significant institutional investor interest with 82 institutions holding a total of 70.99 million shares, representing 25.19% of the total share capital [1] - The top ten institutional investors collectively hold 22.87% of the shares, with a 1.89 percentage point increase compared to the previous quarter [1] Group 2 - In the public fund sector, three funds reported a decrease in holdings compared to the previous quarter, with a total reduction of 0.23% [2] - A total of 41 new public funds disclosed their holdings this period, including notable funds such as GF CSI 1000 ETF and HSBC Jintrust Value Pioneer Stock A [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings slightly compared to the previous period [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 本次变更后，公司执行财政部发布的《解释17号》《解释18号》《企业会计准则应用指南汇编2024》。 除上述政策变更外，其他未变更部分仍按照财政部前期颁布的《企业会计准则一一基本准则》和各项具 体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相关规定执行。 （四）本次会计政策变更对公司的影响 1、关于供应商融资安排的披露 （1）供应商融资安排的条款和条件 公司引入第三方供应链信息服务平台，为持有本公司电子债权凭证的供应商提供服务。本公司在电子债 权凭证项下的付款义务是无条件且不可撤销的，不受电子债权凭证流转相关方之间任何商业纠纷的影 响，本公司不就该付款责任主张抵销或者进行抗辩。本公司将根据业务规则于付款日划付等额电子债权 凭证项下金额。电子债权凭证可转让、融资。 （2）属于供应商融资安排的金融负债在资产负债表中的列报项目和账面金额以及供应商已从融资提供 方收到的款项： ■ （3）属于供应商融资安排的金融负债的付款到期日区间 属于该安排项下的负债和不属于该安排项下的可比应付账款的付款到期区间无明显变化。 （4）属于供应商融资安排的金融负债中不涉及现 ...

Core Viewpoint - The company, Runjian Co., Ltd., aims to enhance its position as a leading provider of digital intelligent operation and maintenance services, focusing on AI-driven solutions across various sectors, including communication, digital networks, and energy networks. The company reported a revenue of 9.199 billion yuan and a net profit of 247 million yuan for the year 2024, with a strategic emphasis on AI model applications and international market expansion, particularly in ASEAN countries [27][28]. Company Overview - Runjian Co., Ltd. is recognized as a leading digital intelligent operation and maintenance service provider in China, focusing on AI industry models and computing power services [4]. - The company operates under a business model that integrates online digital platforms with offline technical services, enhancing its technological applications [4]. Business Segments Computing Power Services - The company has established a comprehensive computing power service model, providing lifecycle management for data centers and enhancing operational efficiency [5]. - A significant investment of 1.09 billion yuan has been allocated for the construction of the Wuxiang Cloud Valley Intelligent Computing Center, which will serve as a benchmark AI industrial park [5][6]. Data Services - Runjian has accumulated vast amounts of proprietary sample data over 20 years, which supports the development of AI industry models [6]. - The company offers integrated AI model and data services, including data governance and algorithm toolkits [6]. Platform Services - The "Quchi" platform enables multi-modal industry model development, facilitating the rapid construction of AI applications across various sectors [7]. - The platform includes features for dataset management, algorithm supermarkets, and lifecycle support for large models [8][10][11]. Communication Network Business - The company is a major player in the communication network maintenance sector, providing comprehensive lifecycle services for telecom infrastructure [14]. - AI-driven solutions are being implemented to enhance operational efficiency and data management capabilities [14]. Digital Network Business - Runjian focuses on providing digital solutions that align with national strategies, including smart parks and educational digitalization [15][17]. - The company is actively involved in developing smart city solutions and enhancing community management through advanced technologies [16]. Energy Network Business - The company integrates modern technologies into energy network management, offering comprehensive services across the energy supply chain [19]. - Runjian has developed a virtual power plant business model that aggregates distributed energy resources for market participation [21]. International Business - Since 2019, Runjian has expanded its operations into ASEAN countries, leveraging its expertise in telecommunications and digital services [23]. - The company has successfully implemented numerous large-scale data center projects in Southeast Asia, establishing a strong market presence [23][24]. Financial Performance - For the year 2024, the company reported a total revenue of 9.199 billion yuan and a net profit of 247 million yuan, with a focus on maintaining industry leadership [27][28]. - The company plans to distribute a cash dividend of 1.30 yuan per share, amounting to approximately 36.93 million yuan, which represents 14.98% of the net profit [37][38].

证券代码：002929 证券简称：润建股份 公告编号：2025-033 润建股份有限公司 关于举行 2024 年年度报告网上业绩说明会的公告 为便于广大投资者全面深入了解润建股份有限公司（以下简称"公司"）所 处行业状况、发展战略、生产经营、财务状况等相关情况，进一步加强投资者关 系管理，增进公司与投资者的沟通与交流，公司定于2025年5月9日（星期五）下 午15:00-17:00召开2024年度业绩说明会。本次年度业绩说明会将采用网络远程的 方式举行，投资者可登录全景网"投资者关系互动平台"（https://ir.p5w.net）参 与本次年度业绩说明会。 出席本次年度业绩说明会的人员有：公司副董事长、总经理许文杰先生，董 事、董事会秘书罗剑涛先生，财务总监黄宇先生，独立董事黄维干女士。 为充分尊重投资者、提升交流的针对性，投资者可于2025年5月8日（星期四） 17:00前访问https://ir.p5w.net/zj/，进入问题征集专题页面向公司提问。公司将通 过本次2024年度业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进 行回答。欢迎广大投资者踊跃参与。 欢迎广大投资者积极参与！ 特此公告 ...