Core Viewpoint - The company, Ruina Intelligent (301129.SZ), is currently in the research and development phase for its semiconductor-related products and has not yet entered the commercialization validation stage [1] Group 1: Company Development - The company's semiconductor-related products are still under development and have not reached the stage of commercial validation [1] - There are currently no plans for the application of SiC power devices related to smart heating equipment [1]

Core Viewpoint - The company, Ruina Intelligent (301129.SZ), confirmed that it did not participate in the bidding for the 280 million yuan smart heating EPC project in Shijiazhuang Luquan District [1] Group 1 - An investor inquired about the company's involvement in the 280 million yuan smart heating EPC project [1] - The company responded on the investor interaction platform regarding the inquiry [1]

Group 1 - The core business of Ruina Intelligent Equipment Co., Ltd. focuses on intelligent research and application of heating core products, full information metering data production and management, internet big data system construction, smart platform services, and AI intelligent data application services, positioning itself as a one-stop low-carbon smart heating solution provider in China [2] - As of June 30, 2025, Ruina Intelligent reported a revenue of 92.59 million yuan, representing a year-on-year growth of 27.20%, while the net profit attributable to shareholders was -6.93 million yuan, showing a year-on-year increase of 59.63% [2] - The company has distributed a total of 164 million yuan in dividends since its A-share listing, with 113 million yuan distributed over the past three years [3] Group 2 - On September 19, Ruina Intelligent's stock price fell by 3.33%, with a trading volume of 132 million yuan, and the net financing buy was -2.24 million yuan [1] - The financing balance of Ruina Intelligent as of September 19 was 75.61 million yuan, accounting for 5.72% of its market capitalization, which is above the 90th percentile level over the past year [1] - The company had no short selling activity on September 19, with a short selling balance of 0.00 yuan, indicating a high level of short selling availability compared to the 70th percentile level over the past year [1]

Group 1 - The company, Ruina Intelligent, announced on September 19 that it has won a bid for the "2025 Weihai Thermal Power Group Infrastructure Smart Upgrade Heat Exchange Station New Construction and Renovation Project" with a bid price of 68,938,663.80 yuan [1] - The project is currently in the bid announcement phase, with a public announcement period of one working day from the date of the announcement [1] - The company has not yet received the bid notification letter and advises investors to be aware of investment risks [1]

Market Overview - On September 18, the general equipment sector declined by 0.27%, with Ruina Intelligent leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers in the general equipment sector included: - Ruiqi Co., Ltd. (300126) with a closing price of 10.07, up 20.02% [1] - World (688028) at 47.60, up 13.79% [1] - Dayuan Quan Industry (603757) at 54.77, up 10.00% [1] - Conversely, Ruina Intelligent (301129) saw a significant decline of 6.16%, closing at 30.00 [2] - Other notable decliners included: - Coffee and Charcoal (688577) down 6.13% [2] - Hongsheng Co., Ltd. (603090) down 5.90% [2] Capital Flow - The general equipment sector experienced a net outflow of 1.395 billion yuan from institutional investors, while retail investors saw a net inflow of 2.65 billion yuan [2][3] - Specific stock capital flows indicated: - Chuanrun Co., Ltd. (002272) had a net inflow of 929 million yuan from institutional investors [3] - Dayuan Pump Industry (603757) saw a net inflow of 476 million yuan [3] - Ruina Intelligent (301129) faced a net outflow of 210 million yuan from institutional investors [3]

Core Viewpoint - 瑞纳智能 is currently focusing its business on the northern centralized heating regions of China, while acknowledging the potential of the southern emerging heating market [1] Group 1: Market Strategy - The company is actively responding to the differences in heating demand across regions by concentrating on the northern market, where local governments are promoting smart heating construction [1] - 瑞纳智能 plans to increase investment in technology research and development to enhance its technical capabilities and product performance, specifically targeting the needs for intelligent upgrades of heating facilities and the renovation of old pipelines in the northern market [1] Group 2: Future Outlook - While the company recognizes the potential of the southern emerging heating market, its current operations remain primarily in the northern market [1] - The company intends to closely monitor changes in demand in the southern heating market and explore, develop, and launch products that cater to the specific needs of that market in the future [1]

Core Viewpoint - The company, Ruina Intelligent (301129.SZ), has indicated that its semiconductor-related products are still in the research and development stage, and specific cost reduction and efficiency improvement metrics from smart heating collaboration have not yet been quantified [1] Group 1 - The semiconductor-related products of the company are currently under development [1] - The company has not yet measured the specific cost reduction and efficiency improvement indicators resulting from smart heating collaboration [1] - There has been no assessment of the contribution of these products to the company's revenue and gross profit [1]

Core Viewpoint - The company, Ruina Intelligent, announced on September 18 that its semiconductor-related products are still in the research and development phase, and it has not yet quantified the specific cost reduction and efficiency improvement metrics brought by smart heating collaboration, nor has it assessed the contribution to the company's revenue and gross profit [1] Group 1 - The semiconductor-related products are currently under development [1] - There is no quantifiable data on cost reduction and efficiency improvements from smart heating collaboration [1] - The company has not measured the impact on revenue and gross profit from these products [1]

Group 1 - The company, Ruina Intelligent (301129.SZ), stated that its semiconductor-related products are still in the research and development stage [1] - The company has not yet quantified the specific cost reduction and efficiency improvement metrics brought by smart heating collaboration [1] - There has been no assessment of the contribution of these products to the company's revenue and gross profit [1]

Core Points - The stock of Ruina Intelligent dropped by 5% on September 18, closing at 30.37 CNY per share, with a trading volume of 130 million CNY and a turnover rate of 11.14%, resulting in a total market capitalization of 4.128 billion CNY [1] - Ruina Intelligent Equipment Co., Ltd. is based in Changfeng, Anhui, and was established on April 9, 2008, with its IPO on November 2, 2021. The company focuses on intelligent research and application of core heating products and equipment, full information metering data production and management, big data system construction, smart platform services, and AI data application services, positioning itself as a one-stop low-carbon smart heating solution provider in China [1] - The revenue composition of Ruina Intelligent includes 79.59% from heating energy-saving services, 17.01% from sales of energy-saving products, 3.19% from energy-saving system engineering, and 0.21% from other services [1] Shareholder Information - Among the top ten circulating shareholders of Ruina Intelligent, Guoshou Anbao Fund holds a fund named Guoshou Anbao Smart Life Stock A (001672), which maintained its holding of 1.4195 million shares in the second quarter, accounting for 3.93% of the circulating shares. The estimated floating loss today is approximately 2.2712 million CNY [2] - Guoshou Anbao Smart Life Stock A was established on September 1, 2015, with a current scale of 1.828 billion CNY. Year-to-date returns are 41.52%, ranking 929 out of 4222 in its category; the one-year return is 96.65%, ranking 646 out of 3804; and since inception, the return is 232.3% [2] Fund Management - The fund manager of Guoshou Anbao Smart Life Stock A is Zhang Qi, who has a cumulative tenure of 15 years and 77 days. The total asset size of the fund is 2.317 billion CNY, with the best fund return during his tenure being 232.63% and the worst being -19.09% [3]