Core Viewpoint - On November 3, a total of 12 listed companies will have their restricted shares unlocked, with a total market value of approximately 8.307 billion yuan [1] Summary by Category Restricted Share Unlocking Details - Yunding Technology (Stock Code: 000409) will unlock 153 million shares from a private placement of A-shares [1] - China Unicom (Stock Code: 600050) will unlock 250 million shares related to equity incentive restrictions [1] - Ningbo Yunsheng (Stock Code: 600366) will unlock 5.857 million shares from equity incentives [1] - Changrun Co., Ltd. (Stock Code: 603201) will unlock 387,500 shares from equity incentives [1] - Lingda Co., Ltd. (Stock Code: 300125) will unlock 630,000 shares from equity incentives [1] - Wanda Information (Stock Code: 300168) will unlock 1.2701 million shares from equity incentives [1] - Qunxing Toys (Stock Code: 002575) will unlock 7.2 million shares from equity incentives [1] - Lushan New Materials (Stock Code: 603051) will unlock 391,200 shares from equity incentives [1] - Hongbo Pharmaceutical (Stock Code: 301230) will unlock 4.8251 million shares from pre-issue restrictions [1] - Oppein Home (Stock Code: 603551) will unlock 60,000 shares from equity incentives [1] - Yihe Jiaye (Stock Code: 301367) will unlock 2.34362 million shares from pre-issue restrictions [1] - Ruina Intelligent (Stock Code: 301129) will extend the lock-up period for 8.8992 million shares [1]

Core Viewpoint - On November 3, a total of 7 companies had their restricted shares unlocked, with a total unlock volume of 242 million shares, amounting to a market value of 4.354 billion yuan based on the latest closing prices [1] Summary by Category Unlock Volume - The companies with the highest unlock volumes are Yunding Technology, Hongbo Pharmaceutical, and Ruina Intelligent, with unlock shares of 153 million, 48.755 million, and 28.917 million shares respectively [1] Unlock Market Value - In terms of unlock market value, Yunding Technology, Hongbo Pharmaceutical, and Ruina Intelligent lead with market values of 1.74 billion yuan, 1.686 billion yuan, and 748 million yuan respectively [1] Unlock Ratio - The companies with the highest unlock ratios relative to their total share capital are Hongbo Pharmaceutical, Yunding Technology, and Ruina Intelligent, with unlock ratios of 34.93%, 22.61%, and 21.28% respectively [1]

Group 1 - A total of 7 companies had their restricted shares unlocked on November 3, with a combined unlock volume of 242 million shares, valued at 4.354 billion yuan based on the latest closing prices [1] - The companies with the highest unlock volumes are Yunding Technology, Hongbo Pharmaceutical, and Ruina Intelligent, with unlock shares of 153 million, 48.76 million, and 28.92 million respectively [1] - In terms of unlock value, Yunding Technology, Hongbo Pharmaceutical, and Ruina Intelligent lead with unlock values of 1.74 billion yuan, 1.686 billion yuan, and 748 million yuan respectively [1] - The highest percentage of total share capital unlocked is seen in Hongbo Pharmaceutical, Yunding Technology, and Ruina Intelligent, with unlock ratios of 34.93%, 22.61%, and 21.28% respectively [1]

Core Viewpoint - 瑞纳智能 is a leading enterprise in the smart heating sector in China, focusing on the intelligent research and application of core heating products, supported by its proprietary energy IoT technology system [1] Group 1: Business Performance - In Q3 2025, 瑞纳智能 reported revenue of 138 million yuan, ranking 54th out of 61 in the industry, significantly lower than the top competitor 川仪股份 with 4.89 billion yuan and the industry average of 655 million yuan [2] - The net profit for the same period was -46.56 million yuan, ranking 57th in the industry, again trailing behind 川仪股份 and the industry average of 58.97 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, 瑞纳智能's debt-to-asset ratio was 20.50%, lower than the industry average of 27.43%, indicating strong solvency and relatively low financial risk [3] - The gross profit margin for Q3 2025 was 61.55%, higher than the industry average of 43.50%, showcasing the company's strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 30.77% to 11,800, while the average number of circulating A-shares held per shareholder decreased by 20.94% to 3,157.74 [5] - 华泰柏瑞价值增长混合A became the sixth largest circulating shareholder with 294,100 shares, while 国寿安保智慧生活股票A exited the top ten circulating shareholders [5] Group 4: Future Outlook - 海通国际证券 maintains an "outperform" rating, projecting net profits for 2025, 2026, and 2027 to be 162 million, 192 million, and 223 million yuan respectively, with a target price of 35.63 yuan per share [5] - Key business highlights include the successful implementation of EPC/EMC business models, strong platform capabilities, and a forward-looking layout in silicon carbide business, which is expected to support future growth [5][6]

Core Insights - The stock of Ruina Intelligent dropped by 5.02% to 25.91 CNY per share, with a trading volume of 53.42 million CNY and a turnover rate of 5.47%, resulting in a total market capitalization of 3.522 billion CNY [1] Company Overview - Ruina Intelligent Equipment Co., Ltd. is located in Changfeng, Anhui, and was established on April 9, 2008. The company went public on November 2, 2021. Its main business focuses on intelligent research and application of heating core products/equipment, full information metering data production and management, internet big data system construction, smart platform services, and AI intelligent data application services. It is a one-stop low-carbon smart heating solution provider in China [1] - The revenue composition of Ruina Intelligent is as follows: 79.59% from heating energy-saving services, 17.01% from sales of heating energy-saving products, 3.19% from heating energy-saving system engineering, and 0.21% from other supplementary services [1] Shareholder Information - Among the top ten circulating shareholders of Ruina Intelligent, Huatai-PB Fund has a fund that entered the list in the third quarter. The Huatai-PB Value Growth Mixed A Fund (460005) holds 294,100 shares, accounting for 0.79% of the circulating shares. The estimated floating loss today is approximately 402,900 CNY [2] - The Huatai-PB Value Growth Mixed A Fund was established on July 16, 2008, with a latest scale of 785 million CNY. Year-to-date returns are 46.35%, ranking 1544 out of 8152 in its category; the one-year return is 47.61%, ranking 1316 out of 8038; and since inception, the return is 756.15% [2]

Group 1 - The core point of the news is that Ruina Intelligent (SZ 301129) announced that approximately 88.99 million restricted shares will be unlocked and listed for trading on November 3, 2025, which accounts for about 65.48% of the company's total share capital [1] - As of the report, Ruina Intelligent has a market capitalization of 3.7 billion yuan [2] - The company's revenue composition for the year 2024 is entirely from the instrument manufacturing industry, with a 100% share [1]

特别提示： 1、本次解除限售的首次公开发行前已发行的股份数量为 88,992,000 股，占 公司总股本的 65.4751%。 2、本次解除限售股份的上市流通日期为 2025 年 11 月 3 日（星期一）。 证券代码：301129 证券简称：瑞纳智能 公告编号：2025-065 瑞纳智能设备股份有限公司 关于首次公开发行前已发行股份上市流通提示性公告 一、首次公开发行前已发行股份及上市后股本变化情况概况 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。 2024 年 7 月 12 日，公司完成 2024 年限制性股票激励计划授予登记工作， 增发股份 260.00 万股，全部为限售股，公司总股本由 133,902,000 股增加至 136,502,000 股。 2024 年 10 月 25 日，2022 年限制性股票激励计划部分限制性股票与 2024 年限制性股票激励计划部分限制性股票回购注销完成，合计回购注销 419,600 股， 公司总股本由 136,502,000 股变更为 136,082,400 股。 2025 年 8 月 8 日，2024 年限制性股票 ...

国元证券股份有限公司 关于瑞纳智能设备股份有限公司 首次公开发行前已发行股份上市流通的核查意见 国元证券股份有限公司（以下简称"国元证券"或"保荐机构"）作为瑞纳智能 设备股份有限公司（以下简称"瑞纳智能"或"公司"）首次公开发行股票并在创业 板上市的持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证 券交易所创业板股票上市规则》《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《深圳证券交易所上市公司自律监管指引 第 13 号——保荐业务》等有关法律法规和规范性文件的要求，对瑞纳智能首次 公开发行前已发行股份上市流通的事项进行了审慎核查。具体核查情况和意见如 下： 一、首次公开发行前已发行股份概况 （一）首次公开发行股票情况 经中国证券监督管理委员会出具的《关于同意瑞纳智能设备股份有限公司首 次公开发行股票注册的批复》（证监许可〔2021〕3023 号）同意注册，并经深 圳证券交易所同意，瑞纳智能设备股份有限公司（以下简称"公司"或"发行人"） 首次向社会公众公开发行人民币普通股 18,420,000 股，并于 2021 年 11 月 2 日在 深圳证券交易所创业板上 ...

Core Insights - The company reported a revenue of 138 million yuan for the first three quarters of 2025, representing a year-on-year growth of 40.32% [1] - The net loss attributable to shareholders was 46.56 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 62.19 million yuan [1] - The basic loss per share was 0.34 yuan [1]

Core Viewpoint - 瑞纳智能 reported a significant increase in revenue for the first three quarters of 2025, but also faced substantial net losses [1] Financial Performance - The company achieved an operating revenue of 138 million yuan, representing a year-on-year increase of 40.32% [1] - The net profit attributable to shareholders was a loss of 46.56 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of 62.19 million yuan [1] - The basic earnings per share stood at -0.34 yuan [1]