Core Viewpoint - Guorui Technology (300600) has reported significant improvements in its financial metrics, including a record low debt-to-asset ratio, which has attracted attention from top global investment institutions, indicating a potential recovery and growth opportunity for the company [1][2]. Financial Performance - As of June 30, 2025, Guorui Technology's total assets reached 1.441 billion, an increase of 17.24% compared to the end of the previous year; net assets were 1.233 billion, up 22.99% [2] - The debt-to-asset ratio decreased to 14.36%, down 3.96 percentage points from the end of last year, marking the lowest level since 2019 [2] - The company has optimized its capital structure by reducing debt and maintaining a strong cash flow, with a net increase of 88.958 million in cash and cash equivalents during the reporting period [2] - The company operates with a "net cash" status, where interest income exceeds interest expenses, indicating a healthy liquidity position [2] Institutional Investment - Notable global institutions such as Barclays, Morgan Stanley, and Goldman Sachs have newly entered the shareholder list, collectively holding 5.13 million shares, representing 1.75% of the total shares [3] - The presence of these top foreign investors suggests a confirmation of the company's reduced financial risks and a bet on the long-term value of the ship electrical sector [3] Industry Context - The shipbuilding industry is experiencing a cyclical uptrend, with China benefiting significantly, becoming the world's largest shipbuilding nation [3] - Guorui Technology is a rare player in the A-share market focused on ship electrical systems, positioning it to benefit from the current market conditions [3] - The company's main products include ship power distribution systems and engine room automation systems, aiming to become a leading provider of maritime electrical and automation solutions [3] Shareholder Background - The controlling shareholder of Guorui Technology is Zhejiang Second Light Group Co., Ltd., with actual control by the Zhejiang State-owned Assets Supervision and Administration Commission [4] - As of the end of 2023, Zhejiang's state-owned enterprises had total assets of nearly 22 trillion, indicating strong backing for the company's future development [4]

Core Viewpoint - Guorui Technology has achieved a record low debt-to-asset ratio of 14.36%, indicating improved financial health and attracting significant foreign institutional investment, suggesting a potential for growth [1][2][3] Financial Performance - As of June 30, 2025, Guorui Technology reported total assets of 1.441 billion yuan, a 17.24% increase from the previous year, and net assets of 1.233 billion yuan, up 22.99% [2] - The debt-to-asset ratio decreased by 3.96 percentage points compared to the end of the previous year, marking the lowest level since 2019 [2] - The company has optimized its capital structure by reducing debt and maintaining a strong cash flow, with a net increase of 88.958 million yuan in cash and cash equivalents during the reporting period [2] Institutional Investment - Major foreign institutions such as Barclays, Morgan Stanley, and Goldman Sachs have collectively acquired 5.13 million shares, representing 1.75% of the company, indicating confidence in its financial stability and long-term value in the maritime electrical sector [3] - The shipbuilding industry is experiencing a cyclical upturn, with China benefiting significantly, positioning Guorui Technology as a key player in the A-share market for maritime electrical products [3] Shareholder Background - The controlling shareholder of Guorui Technology is Zhejiang Provincial Second Light Industry Group, with actual control by the Zhejiang State-owned Assets Supervision and Administration Commission, which enhances investor confidence in the company's future development [4]

Group 1 - The company, Guorui Technology, has not distributed cash dividends or issued bonus shares during the reporting period [3] - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [5] - The company has fulfilled all performance commitments made by Mr. Gong Ruiliang, with total compensation payments amounting to 4.45 billion yuan, completed in three phases [5] Group 2 - All directors attended the board meeting to review the report [2] - The company does not have any preferred shareholders or related shareholding situations during the reporting period [4]

Group 1 - The board meeting of Changshu Guorui Technology Co., Ltd. was held on August 22, 2025, with all 9 directors present, and the meeting was conducted in accordance with the Company Law and the company's articles of association [1] - The board approved the 2025 semi-annual report and its summary, with a unanimous vote of 9 in favor [1] - The company plans to amend its articles of association to enhance corporate governance, which will require approval from the shareholders' meeting [2][3] Group 2 - The company intends to abolish the supervisory board and its rules, integrating the supervisory responsibilities into the board's audit committee, which will also be subject to shareholder approval [3][5] - The company aims to improve its governance structure and operational efficiency by revising certain governance systems in accordance with relevant laws and regulations [3][4] - A temporary shareholders' meeting is scheduled for September 11, 2025, to discuss the proposed amendments and other matters [5][6]

Core Viewpoint - Company has decided to abolish the supervisory board and corresponding rules, transferring its responsibilities to the audit committee of the board of directors [1][2] Group 1 - The fifth supervisory board's original term was from November 14, 2024, to November 13, 2027, and will be canceled along with the corresponding rules [2] - The company expresses gratitude to the members of the fifth supervisory board for their diligent contributions during their tenure [2] - The decision to abolish the supervisory board requires approval at the company's first extraordinary general meeting in 2025, and until then, the supervisory board will continue to perform its duties [2]

Group 1 - The company held its fifth supervisory board meeting on August 22, 2025, with all three supervisors present, and the meeting complied with relevant laws and regulations [1] - The supervisory board approved the half-year report summary, which was also published on the company's information disclosure website [1] - The voting results for the resolutions were unanimous, with 3 votes in favor and no votes against or abstentions [1] Group 2 - The company plans to abolish the supervisory board and its members, integrating their responsibilities into the audit committee of the board of directors to enhance corporate governance and operational efficiency [2] - This decision will be submitted for approval at the shareholders' meeting, and the company will undertake necessary personnel adjustments and documentation processes [2] - The voting results for this resolution were also unanimous, with 3 votes in favor and no votes against or abstentions [2]

Meeting Information - The company will hold its fifth board meeting on September 11, 2025, at 14:30 [1] - Shareholders can participate through on-site voting or online voting via the Shenzhen Stock Exchange [1][2] - The online voting period is from 9:15 to 15:00 on the same day [1] Eligibility and Registration - All registered ordinary shareholders as of September 8, 2025, are eligible to attend the meeting [2] - Shareholders can appoint proxies to attend and vote on their behalf [2][3] - Registration for corporate shareholders requires specific documentation, including a power of attorney if a proxy is appointed [2][3] Voting Procedures - The meeting will include non-cumulative voting proposals, with a requirement for two-thirds majority approval from voting shareholders [2] - Detailed voting procedures for both on-site and online participation are provided [4][5] - Shareholders must ensure their votes do not exceed their entitled voting rights to avoid invalid votes [5] Additional Information - Contact information for inquiries is provided, including a phone number and fax [4] - The company emphasizes the importance of timely registration and participation in the meeting [9]

Group 1 - The company Guorui Technology (300600.SZ) reported a revenue of 105 million yuan for the first half of 2025, representing a year-on-year decrease of 15.62% [1] - The net profit attributable to shareholders of the listed company was -24.933 million yuan [1] - The basic earnings per share were -0.08 yuan [1]

常熟市国瑞科技股份有限公司 对外投资管理办法 第一条 为了维护投资者的利益，规范常熟市国瑞科技股份有限公司(以下称 "公司")的对外投资及资产处置行为，有效控制公司对外投资风险，确保公司 的资产安全，促进公司健康稳定地发展，根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"） 等有关法律法规和规范性文件以及《常熟市国瑞科技股份有限公司章程》（以下 简称"《公司章程》"）的有关规定，制定本办法。 第二条 本办法所称的对外投资事项是指以获取投资收益为目的，将公司现 金、实物、无形资产或其他财产权利通过权益性投资、债权性投资的方式向境内 外的其他单位进行的投资，包括但不限于： 本办法适用于公司及公司所属全资子公司、控股子公司（以下统称"子公司"） 所有对外投资业务。 第三条 公司所有对外投资行为必须符合国家有关法规及产业政策，符合公 司长远发展计划和发展战略，注重风险防范，保证资金安全运行，有利于提高公 司的整体经济效益，为股东谋求最大利益。 第二章 对外投资的审批权限 二〇二五年八月 | | | 第一章 总 则 第四条 公司对外投资实行项目负责制管理和逐级审 ...

常熟市国瑞科技股份有限公司 ESG 信息披露管理办法 第一章 总 则 第一条 为加强公司 ESG 信息披露管理，强化公司 ESG 自我约束机制，推进落实集团公司 ESG 管理及信息披露的要 求，根据《上市公司治理准则》《企业环境信息依法披露管 理办法》《深圳证券交易所上市公司自律监管指引第 2 号— —创业板上市公司规范运作》以及公司《信息披露事务管理 制度》，制定本办法。 第二条 本办法适用于公司 ESG 信息编制、披露事务的 管理。 第三条 本办法所称 ESG 信息披露，是指反映公司在环 境、社会和公司治理（Environment, Social and Governance） 三个维度履行社会责任的理念、战略、方法，以及经营活动 在经济、社会、环境等维度产生的影响。按照中国证监会、 深圳证券交易所有关上市公司信息披露的规定，在公司信息 披露的指定媒体上披露公司 ESG 信息的行为。 第四条 公司必须确保 ESG 信息披露的实质性、真实性、 准确性、完整性、一致性。 （五）一致性：使用一致的披露统计方法，使披露的信 息能为利益相关方进行有意义的比较。 第五条 本办法未作规定的，按照公司《信息披露事务 管理 ...