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、误导性陈述或重大遗漏。 一、董事会会议召开情况 证券代码： 300600 证券简称：ST 瑞科 公告编号：2025-020 常熟市国瑞科技股份有限公司 第五届第三次董事会会议决议公告 2、审议通过了《关于聘任公司审计部负责人的议案》 经公司董事会审计委员会提名，公司董事会决定聘任章静栖为公司审计部负 责人，负责公司内部审计工作，任期自董事会审议通过之日起至公司第五届董事 会任期届满之日止 。具体内容详见于 2025 年 5 月 21 日于巨潮资讯 （http://www.cninfo.com.cn)披露的《关于公司审计部负责人辞职及聘任审计部负 责人的公告》。 本议案已经审计委员会全票审议通过。 常熟市国瑞科技股份有限公司(以下简称"公司")于2025年5月15日以电话及 电子邮件方式向各位董事发出召开公司第五届董事会第三次会议的通知。本次会 议于2025年5月20日在公司会议室以现场和通讯相结合的表决方式召开。本次会 议应到董事9人，实到董事9人，会议由董事长葛颖先生主持，公司监事、高级管 理人员列席了本次会议。本次会议的召集、召开程 ...

Core Viewpoint - The company ST Ruike (300600) is seeking to revoke its risk warning status after previously being flagged for involvement in fraudulent activities [1] Group 1 - The board of directors will convene on May 20, 2025, to review the proposal for revoking the risk warning [1] - The company has made retrospective adjustments to its financial reports and has recognized a liability of 7.7611 million yuan for investor claims [1] - The application for revocation is subject to approval by the Shenzhen Stock Exchange, and its outcome remains uncertain [1]

Group 1: Financial Performance - R&D investment focuses on new energy ships, film capacitors, and intelligent equipment, contributing to a 41.49% revenue growth in 2024, reaching CNY 278 million [2][3] - The gross margin for the ship power distribution system increased by 2.03%, while the gross margin for the engine room automation system decreased by 10.75% due to product structure and cost changes [3][4] Group 2: Market Strategy and Development - The company is actively pursuing the new energy ship industry, enhancing power system technology, and expanding application scenarios to provide comprehensive solutions [3][4] - Plans to expand production capacity by targeting traditional business growth and penetrating mid-market segments in oil, gas, and bulk carriers [4] Group 3: Corporate Governance and Investor Relations - The company is working on a plan to lift risk warnings by addressing prior accounting errors and will apply for removal after 12 months from the administrative penalty decision [3][4] - Emphasis on market value maintenance and enhancing investor confidence through effective management and increased returns [4] Group 4: Future Outlook - The company anticipates revenue contributions from nuclear power and wind power converter businesses in 2025, contingent on customer demand and competition [3] - The company is committed to leveraging its technological advantages in DC circuit breakers and intelligent engine room systems to capture market share [4]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, suggesting an increase in industry focus [5][29]. Core Insights - Recent uncertainties in orders and the easing of tensions between India and Pakistan have led to a pullback in military stocks. However, the report anticipates that as orders stabilize and military trade continues to materialize, the military market will gradually stabilize and trend upward [5]. - China's military trade is expected to enter a rapid growth phase, with increased international recognition of Chinese military products during the India-Pakistan conflict, thereby expanding the market space and valuation for the entire industry [5]. - The fundamental changes in the military sector are solidifying the basis for industry growth, with the military construction entering a critical phase as the centenary of the army approaches, focusing on quality and quantity improvements [5]. - The report highlights the simultaneous development of multiple satellite constellations in communication, remote sensing, and computing, indicating an acceleration in domestic commercial aerospace development [5]. - The report recommends increasing attention to the military sector, particularly on elastic/theme varieties, with specific focus on precision-guided weapons, underwater capabilities, AI/robotics, and traditional aircraft supply chains [5]. Market Review - Last week, the Shenwan Defense and Military Index fell by 5.71%, underperforming compared to the Shanghai Composite Index, which fell by 0.05%, and the CSI 300 Index, which fell by 0.04% [6][11]. - The report notes that the defense and military sector's 5.71% decline ranked last among 31 Shenwan primary industry sectors [6]. - The top five performing stocks in the defense and military sector last week were Chengfei Integration (46.43%), Lijun Shares (44.15%), Tongda Shares (19.92%), Chunxing Precision (11.23%), and ST Ruike (8.72%) [12]. - Conversely, the bottom five performing stocks were Aerospace Changfeng (-14.76%), Hongyuan Electronics (-13.82%), Sichuan Electronics (-12.92%), Huawu Shares (-12.82%), and Optoelectronics Shares (-12.71%) [13]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 74.13, placing it in the upper range historically, with a valuation percentile of 64.19% since January 2014 and 89.96% since January 2019 [12]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment PE valuations at relatively high levels since 2020 [12]. Key Valuation Targets - The report lists key valuation targets in the military sector, including companies like Feilihua, Tianqin Equipment, and Chengdu Huami, with projected earnings and PE ratios for the coming years [21][24].

Core Viewpoint - The article highlights the increasing complexity and prevalence of financial fraud in listed companies, particularly focusing on the role of third parties in facilitating these fraudulent activities [2][4][18]. Group 1: Overview of Financial Fraud - The annual "5.15 National Investor Protection Day" serves as a reminder of the severe consequences of financial fraud, exemplified by the Zijing Storage case, which affected 17,000 investors and involved compensation of 1.086 billion yuan from four intermediary institutions [2]. - Since 2020, over 60% of administrative penalties by the China Securities Regulatory Commission (CSRC) for income fraud have involved transaction fraud, with more than 600 third-party entities implicated in 58 cases of transaction fraud [4][6]. Group 2: Evolution of Fraud Techniques - Financial fraud has evolved from simple accounting manipulations to systemic fraud that encompasses entire business processes, as seen in cases like Gome Communications and Oriental Group [5][10]. - Transaction fraud is characterized by the fabrication of non-existent transactions and manipulation of transaction processes, posing a more direct threat to market trust compared to traditional accounting manipulations [6][10]. Group 3: Role of Third Parties - Third parties, including customers, suppliers, and shell companies, play a crucial role in orchestrating financial fraud, with an average of over 10 third parties involved in each fraudulent case [11][12]. - The involvement of third parties often includes hidden relationships and the creation of complex transaction structures to obscure fraudulent activities, as demonstrated in various cases [12][13][14]. Group 4: Legal and Regulatory Challenges - Despite the high-pressure stance of the CSRC against financial fraud, third parties often escape significant legal repercussions, leading to a lack of accountability in the broader fraud ecosystem [18][19]. - The current legal framework does not adequately address the roles of third parties in financial fraud, resulting in a cycle of low risk and high reward for those involved in fraudulent activities [23]. Group 5: Recommendations for Improvement - There is an urgent need to enhance legal regulations and establish a comprehensive accountability mechanism for all parties involved in financial fraud, including third parties [23].

Group 1 - The core point of the news is that Changshu Guorui Technology Co., Ltd. has applied for a patent for a "water-cooled film capacitor for automobiles," indicating its focus on the electric vehicle sector [1] - The patent application was filed on February 2025, and the publication number is CN119964981A, highlighting the company's ongoing innovation efforts in the field of new energy vehicles [1] - The patented technology includes features such as a water-cooling plate that prevents heat conduction between the layered busbar and the core group, ensuring stable operation within a safe temperature range [1] Group 2 - Changshu Guorui Technology Co., Ltd. was established in 1993 and is located in Suzhou, primarily engaged in research and experimental development [2] - The company has a registered capital of 2,942.3448 million RMB and has made investments in 9 other enterprises [2] - The company has participated in 215 bidding projects and holds 111 patents, along with 5 trademark registrations and 19 administrative licenses [2]

Group 1 - Military stocks experienced a collective adjustment with significant declines in several companies [1] - Companies such as Aileda, Tongyi Aerospace, and Deguang Technology saw drops exceeding 5% [1] - Other affected companies include Tianqin Equipment, Xiling Power, Zhongke Haixun, Guorui Technology, and Guoke Military Industry [1]

证券代码：300600 证券简称：ST瑞科 公告编号：2025-017 常熟市国瑞科技股份有限公司 关于对外投资成立合资公司完成工商登记的公告 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。 常熟市国瑞科技股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召 开的第五届董事会第二次会议审议通过了《关于对外投资设立合资公司的议案》， 同意公司与苏州瑞乐企业管理合伙企业（有限合伙）（以下简称"苏州瑞乐有限 合伙"）共同出资 1000 万元人民币，设立苏州瑞成精工科技有限公司（以下简 称"合资公司"）。其中公司以货币方式出资 400 万元人民币，占注册资本 40％， 苏州瑞乐有限合伙以货币方式出资 600 万元人民币，占注册资本 60％。具体内 容详见公司指定披露媒体巨潮资讯网（http://www.cninfo.com.cn）披露的《关 于对外投资设立合资公司的公告》。 近日，合资公司取得了常熟市数据局颁发的《营业执照》，完成了工商注册 登记手续，具体登记信息如下： 统一社会信用代码：91320581MAEH7X8X7J 名称：苏州瑞成精工科技有限 ...

常熟市国瑞科技股份有限公司 2024 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-5 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-105 | 审计报告 XYZH/2025BJAG1B0062 常熟市国瑞科技股份有限公司 常熟市国瑞科技股份有公司全体股东： 一、 审计意见 | 4 信永中和 | | --- | | ShineWing - | 我们审计了常熟市国瑞科技股份有限公司（以下简称国瑞科技公司）财务报表， 包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润 表、合并及母公司现金流量表、合并及母公司股东权益变动表以及相关财务报表 ...

常熟市国瑞科技股份有限公司 2024 年 12 月 31 日 内部控制审计报告 索引 页码 内部控制审计报告 1-2 内部控制审计报告 XYZH/2025BJAG1B0185 常熟市国瑞科技股份有限公司 常熟市国瑞科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了常熟市国瑞科技股份有限公司（以下简称国瑞科技公司）2024 年 12 月 31 日财务 报告内部控制的有效性。 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是国瑞科技公司 董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推测未来内部控制的有效性具有一定风险。 四、 财务报告内部控制审计意见 我们认为，国瑞 ...