证券代码：300442 证券简称：润泽科技 公告编号：2025-057 润泽智算科技集团股份有限公司 关于公司变更注册资本并完成工商变更登记的公告 2025 年 8 月 27 日，公司召开第五届董事会第二次会议，审议通过了《关于 拟变更注册资本及修改<公司章程>的议案》，具体内容详见公司在中国证监会 指定的创业板信息披露网站巨潮资讯网（http://www.cninfo.com.cn）披露的《第 五届董事会第二次会议决议公告》（公告编号：2025-051）。根据《中华人民共 和国公司法》等相关法律法规及 2024 年年度股东大会的授权，本次回购注销完 成后，公司董事会对公司注册资本进行调整并相应修改了《润泽智算科技集团股 份有限公司章程》中的相关条款（"本次变更注册资本事宜"）。 1 二、本次变更登记事项 （一）注册资本变更 1、变更前：公司注册资本为人民币 1,721,481,649 元。 2、变更后：公司注册资本为人民币 1,634,343,573 元。 （二）股份总数变更 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、公司注册资本变更情况说明 润泽 ...

| 项目 | 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件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 次 0 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （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 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 不适用，公司已于 2024 年 12 月办 理募投项目结项并将节余募集资 金永久补充流动资金 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 不适用 | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 次，均事前或事后审阅会议议案 0 | | （2）列席公司董事会次数 | 次，均事前或事后审阅会议议案 0 | | （3）列席公司监事会次数 | 次，均事前或事后审阅会议议案 0 | 1 | 5.现场检查情况 | | | --- | --- ...

华泰联合证券有限责任公司 关于润泽智算科技集团股份有限公司 2025 年半年度跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：润泽科技 | | --- | --- | | 财务顾问主办人姓名：蒋坤杰 | 联系电话：15094318338 | | 财务顾问主办人姓名： 陈嘉 | 联系电话：13451938833 | 一、保荐工作概述 | 项目 | 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件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （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、 | | | | 是 | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 不适用 | | （2）公司募集资金项目进展是否与信息披露 | 不适用 | | 文件 ...

Investment Rating - The investment rating for the company is "Accumulate" [6][19]. Core Insights - The company's mid-year performance is stable, with a revenue of 2.496 billion yuan in the first half of 2025, representing a year-on-year growth of 15.31%. However, the net profit attributable to the parent company decreased by 8.73% to 882 million yuan due to significant deliveries and associated costs [12][13]. - The AIDC business structure has been optimized, with a shift towards intelligent computing services, significantly improving business stability and profitability [12][13]. - The successful listing of the REITs has enhanced the company's capital structure and market position, facilitating a "heavy-light separation" business model [12][13]. Financial Summary - Total revenue is projected to grow from 4.351 billion yuan in 2023 to 9.109 billion yuan in 2027, with a compound annual growth rate (CAGR) of 19.3% [4][13]. - Net profit attributable to the parent company is expected to increase from 1.762 billion yuan in 2023 to 4.050 billion yuan in 2027, reflecting a CAGR of 21.4% [4][13]. - Earnings per share (EPS) is forecasted to rise from 1.08 yuan in 2023 to 2.48 yuan in 2027 [4][13]. Market Data - The company's market capitalization is approximately 89 billion yuan, with a total share capital of 1.634 billion shares [7][13]. - The stock price has ranged between 22.79 yuan and 70.82 yuan over the past 52 weeks [7][13]. - The price-to-earnings (P/E) ratio is projected to decrease from 50.52 in 2023 to 21.97 in 2027, indicating an improving valuation [4][14].

Core Points - A block trade of 36,800 shares of Runze Technology occurred on September 12, with a transaction amount of 2.0041 million yuan and a transaction price of 54.46 yuan per share [2] - The buyer was CITIC Securities Co., Ltd. Shanghai Branch, and the seller was CITIC Securities South China Co., Ltd. Foshan Branch [2] - Over the past three months, Runze Technology has recorded a total of 7 block trades, amounting to 92.1433 million yuan [2] Trading Performance - The closing price of Runze Technology on the day of the block trade was 54.46 yuan, reflecting an increase of 2.46% [2] - The daily turnover rate was 3.27%, with a total trading volume of 2.971 billion yuan and a net inflow of main funds amounting to 76.8113 million yuan [2] - In the past five days, the stock has increased by 1.93%, with a total net inflow of funds reaching 83.4073 million yuan [2] Margin Financing - The latest margin financing balance for Runze Technology is 1.680 billion yuan, which has increased by 155 million yuan over the past five days, representing a growth rate of 10.19% [2]

Group 1 - The three major indices opened mixed, with the computer sector showing a strong upward trend, as evidenced by the Computer ETF (159998) rising by 1.73% and trading volume exceeding 30 million yuan [1] - The Computer ETF (159998) has a latest scale of 3.092 billion yuan and tracks the CSI Computer Theme Index, which reflects the overall performance of the computer industry with a weight of nearly 93.22% in software development, computer equipment, and IT services [1] - The Cloud Computing ETF (517390) has seen a net inflow of over 70 million yuan in the past four days, indicating strong investor interest [1] Group 2 - The Cloud Computing ETF (517390) has a high AI computing power content and covers popular concepts such as optical modules, computing power leasing, data centers, and AI servers [2] - The National Development and Reform Commission emphasized the importance of enhancing the innovation development environment for AI applications, which includes increasing financial and fiscal support in the AI sector [2] - The policy support for the "Artificial Intelligence +" initiative is expected to strengthen the promotion of AI industry scale, with state-owned enterprises and government-led funds playing a crucial role in infrastructure development and commercialization of AI applications [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In Q2 2025, the company's performance showed gradual improvement, aligning with the current delivery pace. The IDC delivery scale reached a record high, and the AIDC revenue structure was optimized, significantly enhancing business profitability and stability, showcasing industry-leading technology [2][13]. - For H1 2025, the company achieved a revenue of 2.496 billion yuan, representing a year-on-year increase of 15.3%. However, the net profit attributable to the parent company was 882 million yuan, down 8.7% year-on-year [6][13]. Summary by Sections Event Description - On August 28, the company released its H1 2025 report, achieving a revenue of 2.496 billion yuan, up 15.3% year-on-year, and a net profit of 882 million yuan, down 8.7% year-on-year [6]. Event Commentary - The company's performance in H1 2025 was in line with the current delivery pace, with IDC revenue reaching 1.61 billion yuan, a year-on-year increase of 6.15%. The gross margin was 46.9%, down 4.4 percentage points due to new delivery buildings still ramping up. The AIDC revenue was 880 million yuan, up 36.95%, with a gross margin of 53.9%, down 16.7 percentage points [13]. - The company has established a leading position in liquid cooling delivery, having collaborated with clients since early 2021 and successfully delivered the industry's first large-scale liquid-cooled computing center in 2023 [13]. Financial Projections - The company is projected to achieve net profits of 2.59 billion, 3.05 billion, and 3.54 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 45%, 18%, and 16%. The corresponding price-to-earnings ratios are expected to be 32x, 28x, and 24x [13].

Group 1 - The core point of the article is the significant block trade of Runze Technology on September 11, involving a transaction volume of 500,000 shares and a transaction amount of 26 million yuan, with a transaction price of 52.00 yuan, reflecting a discount of 2.16% compared to the closing price of the day [2] - The buyer of the block trade was CITIC Securities Co., Ltd. Hangzhou Xintiandi Securities Branch, while the seller was CITIC Securities Co., Ltd. Zhejiang Branch [2] - Over the past three months, Runze Technology has recorded a total of six block trades, with a cumulative transaction amount of 90.1392 million yuan [2] Group 2 - On the same day, Runze Technology's closing price was 53.15 yuan, showing an increase of 2.37%, with a daily turnover rate of 2.32% and a total transaction amount of 1.984 billion yuan [2] - The net outflow of main funds for the day was 3.5691 million yuan, while the stock has increased by 6.39% over the past five days, with a total net inflow of 320 million yuan [2] - The latest margin financing balance for Runze Technology is 1.673 billion yuan, which has increased by 141 million yuan over the past five days, representing a growth rate of 9.24% [2]

Group 1 - The AI computing power sector in A-shares has experienced significant growth, with major companies like Industrial Fulian (601138) hitting the daily limit for two consecutive days, and CPO giants such as Xinyi Sheng (300502) and Zhongji Xuchuang (300308) rising over 8% [1] - The 5G communication ETF increased by 5.1%, while the AI-focused ETF from the ChiNext market rose by 4.27%, indicating strong investor interest in AI and related technologies [1] Group 2 - Notable stock performances include Cambridge Technology (603083) and Jingwang Electronics (603228), both achieving a 10% increase, while other companies like Fangzheng Technology (600601) and Lian Te Technology (301205) also saw significant gains [2] - Oracle's stock surged nearly 36% after its earnings report, with its cloud business growth forecast raised from 70% to 77%, and a $300 billion computing power agreement signed with OpenAI [2] Group 3 - Citigroup has raised the target price for "Yizhong Tian," suggesting that despite recent price increases in Chinese optical module stocks, the visibility of demand through 2027 warrants a reevaluation to over 20 times the price-to-earnings ratio [3] Group 4 - The 5G communication ETF (515050) is primarily weighted towards communication equipment, consumer electronics, and optical modules, while also covering AI computing hardware and PCB companies [4] - The ChiNext AI ETF (159381) has the highest CPO content and lowest fee rate, including major stocks like Xinyi Sheng and Zhongji Xuchuang [4] - The AI ETF (515070) covers the entire AI industry chain, including AI chips, computing infrastructure, and algorithm applications [4]

Company Overview - Runze Technology, established on June 27, 2007, and listed on April 24, 2015, is located in Langfang Economic and Technological Development Zone, Hebei Province. The company primarily engages in data center services, with IDC business contributing 64.67% and AIDC business 35.33% to its revenue [1]. Stock Performance - As of September 9, Runze Technology's stock price decreased by 2.01% to 52.07 CNY per share, with a total market capitalization of 85.1 billion CNY. The stock has seen a year-to-date increase of 0.46%, a 5-day decline of 2.67%, a 20-day increase of 2.34%, and a 60-day increase of 21.68% [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of 260 million CNY on February 21, totaling 712 million CNY in purchases, which accounted for 12.11% of total trading volume [1]. Financial Performance - For the first half of 2025, Runze Technology reported a revenue of 2.496 billion CNY, reflecting a year-on-year growth of 15.31%. However, the net profit attributable to shareholders decreased by 8.73% to 882 million CNY [2]. Shareholder Information - As of August 8, the number of shareholders increased to 76,300, with an average of 21,353 shares held per person, up by 184.65% from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 20.23 million shares, a decrease of 3.0635 million shares from the previous period. Other notable shareholders include Huatai-PB CSI 300 ETF and E Fund Growth Enterprise Board ETF, with varying changes in their holdings [3]. Dividend Distribution - Since its A-share listing, Runze Technology has distributed a total of 2.623 billion CNY in dividends, with 2.606 billion CNY distributed over the past three years [3]. Industry Classification - Runze Technology is classified under the communication services sector, specifically in communication application value-added services. It is associated with concepts such as DeepSeek, ByteDance, computing power, margin financing, and liquid cooling [2].