Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 85.78 CNY for the next six months, based on a dynamic price-to-earnings ratio of 32 times for 2025 [4][3]. Core Viewpoints - The company is positioned as a leader in the variable frequency drive (VFD) industry and is expected to benefit from the rapid growth of heat pumps and commercial air conditioning, while also expanding into the potential fields of new energy vehicle thermal management and automation [3][11]. - The recovery of European heat pump demand is anticipated to drive the company's revenue and performance growth, with projected earnings per share (EPS) of 2.68 CNY in 2025, increasing to 4.49 CNY by 2027 [3][6]. Summary by Sections 1. Investment Summary - The long-term development trend for HVAC equipment variable frequency controllers is clear, with significant demand expected due to energy-saving and emission-reduction policies [11]. - The company has established strong partnerships with major brands, enhancing its market position and customer base [12][13]. 2. Deepening the Variable Frequency Drive Industry - The company has been in the variable frequency drive industry for 20 years, continuously expanding its product offerings and achieving a compound annual growth rate (CAGR) of 15.9% in revenue from 2019 to 2024 [15]. - The company has a diverse product layout, with significant contributions from HVAC/R applications and a growing share from new energy vehicles [15][18]. 3. HVAC Control Space and Long-term Development Trends - The variable frequency drive market is experiencing stable growth, with a notable trend towards domestic substitution in low-voltage variable frequency drives [30][32]. - The penetration rate of variable frequency products in commercial air conditioning is increasing, driven by energy-saving policies and consumer demand for comfort and efficiency [41][42]. 4. Expansion into New Energy Vehicle Thermal Management - The company is actively expanding its product line in the new energy vehicle sector, with a projected CAGR of 113.2% in automotive components revenue from 2020 to 2024 [13][12]. - Collaborations with leading automotive parts manufacturers are expected to enhance the company's market share in this growing field [13]. 5. Strategic Investment in Automation - The establishment of a dedicated automation division in 2014 has positioned the company to capitalize on opportunities in the robotics sector, with ongoing development of key components [2][5]. - The company is focusing on the development of specialized servo systems, which are critical for industrial automation [2][5]. 6. Financial Analysis - The company's net profit margin is expected to improve, supported by the recovery of high-margin overseas heat pump business and the growth of automotive thermal management [14][6]. - Financial projections indicate a steady increase in revenue and net profit, with a forecasted revenue of 16.8 billion CNY in 2025 [6][11].

Key Points - The stock of Renle will be delisted on July 4, 2025 [1] - Hualing Steel has been acquired by Xintai Life Insurance with a shareholding ratio of 5% [1] - Vanke A has applied for a loan of up to 6.249 billion yuan from Shenzhen Metro Group [1] - ST Yazhen has completed stock trading verification and will resume trading tomorrow [1] - Aerospace Chuangxin has regained procurement qualifications for military material engineering services [1] - Shangwei New Materials' controlling shareholder is planning a major event, and the stock will remain suspended [1] - Changling Hydraulic's actual controller is planning a change of control, and the stock will be suspended from tomorrow [1] - China Merchants Bank has been approved to establish China Merchants Financial Asset Investment Co., with a registered capital of 15 billion yuan [1] - Liugang Co. has experienced a potential irrational speculation risk with its stock [1] Operating Performance - Brothers Technology expects a net profit increase of 325% to 431.25% year-on-year for the first half of the year [1] - Huayin Power anticipates a net profit increase of 175 million to 215 million yuan year-on-year for the first half [1] - Xutian Salt Industry expects a net profit decrease of 76.34% to 80.29% year-on-year for the first half [1] - Juguang Technology expects a net loss of 42 million to 54 million yuan for the first half [1] - Beibu Gulf Port reported a cargo throughput of 31.1158 million tons in June, a year-on-year increase of 2.56% [1] - China Nuclear Power generated 115.104 billion kWh of electricity in the first half, a year-on-year increase of 15.92% [1] - Changyuan Power completed a power generation of 16.715 billion kWh in the first half, a year-on-year decrease of 8.3% [1] - Poly Developments signed contracts worth 29.011 billion yuan in June, a year-on-year decrease of 30.95% [1] Shareholding Changes - Jingye Da's actual controller plans to reduce holdings by no more than 3% [1] - Deyi Cultural Creation's actual controller Wu Tifang plans to reduce holdings by no more than 3% [1] - Caifu Trend's actual controller and chairman plan to reduce holdings by no more than 3% [1] - Annuo Qi's actual controller plans to reduce holdings by no more than 2% [1] - Suotong Development's actual controller and concerted actors plan to reduce holdings by no more than 2.21% [1] - Dingsheng Co.'s controlling shareholder plans to reduce holdings by no more than 1.71% [1] - Weitang Industrial's controlling shareholder plans to reduce holdings by no more than 1.95% [1] - Jinlong Automobile's Fujian Investment Group plans to reduce holdings by no more than 1% [1] - Wanye Enterprises' Guosheng Capital plans to reduce holdings by no more than 0.2% [1] - Zhonggang Luonai's Guoxin Shuangbai No.1 plans to reduce holdings by no more than 0.5% [1] - Funeng Technology's Shenzhen Anyan Investment plans to reduce holdings by no more than 1% [1] - Ankang Technology's Shenzhen High-tech Investment plans to reduce holdings by no more than 3% [1] - Donglai Technology plans to reduce no more than 1.2048 million repurchased shares [1] - Qujiang Cultural Tourism's controlling shareholder's 12 million shares are set to be auctioned [1] - Hesheng Silicon Industry's controlling shareholder plans to exchange no more than 1% of shares for ETF shares [1] Contract Awards - Boshi Co. signed an outsourcing service contract worth 109 million yuan with Guangxi Petrochemical [1] - Zhongyou Engineering's subsidiary signed a contract worth 294 million USD for the Atavi GMP pipeline project with Total Energy [1] - China Electric Power Construction's subsidiary signed a mining transportation project contract worth approximately 5.063 billion yuan [1] Other Developments - Xingxin New Materials plans to invest in a project with an annual output of 153,000 tons of polyolefin amine series products [4] - Haishun New Materials plans to acquire Sirewen Company to expand the application of electronic film materials in the semiconductor field [4] - Wankai New Materials is undergoing production reduction and maintenance, which is expected to significantly impact overall operating performance [4] - Donghu High-tech is participating in the establishment of the Donggao Frontier Phase II Fund to improve the development model of the park operation sector [4] - Jiete Biological plans to participate in the establishment of an industrial fund primarily investing in early and mid-stage biopharmaceutical projects [4] Asset Sales - Nord Shares plans to sell 70% equity of its wholly-owned subsidiary Jiangsu Lianxin for 70 million yuan [5]

证券代码：301525 证券简称：儒竞科技 公告编号：2025-022 上海儒竞科技股份有限公司 2024 年年度权益分派实施公告 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。 上海儒竞科技股份有限公司（以下简称"公司"）2024 年年度权益分派方案 已获 2025 年 5 月 22 日召开的 2024 年年度股东大会审议通过，现将权益分派事 宜公告如下： 一、股东大会审议通过利润分配方案情况 1、公司于 2025 年 5 月 22 日召开 2024 年年度股东大会，审议通过了《关于 公司<2024 年度利润分配预案>的议案》，公司 2024 年年度利润分配方案为：公 司拟以截至股权登记日的总股本为基数，向全体股东每 10 股派发现金红利人民 币 3.5 元（含税），截至 2025 年 4 月 22 日，公司总股本为 94,311,768 股，以此 计算拟合计派发现金红利人民币 33,009,118.80 元（含税）。本次利润分配不送 红股，不以资本公积金转增股本。如在利润分配方案披露日至实施前，公司总股 本由于可转换公司债券转股、股份回购、股权激励行权、再 ...

Fundraising Overview - The company Shanghai Rujing Technology Co., Ltd. has successfully completed its initial public offering (IPO) of 23.59 million shares at a price of 9.10 RMB per share, raising a net amount of approximately 2.15 billion RMB [1][2] - The funds were fully received by August 25, 2023, and verified by Zhonghui Certified Public Accountants [1] Fund Utilization and Project Development - The company plans to invest 200.98 million RMB of the raised funds and 25 million RMB of its own funds into the construction of a production base in Thailand [1][2] - The board of directors approved the establishment of a special account for the management of these funds on April 22, 2025 [2] Regulatory Compliance and Agreements - The company has signed a tripartite supervision agreement with China Merchants Bank and its sponsor, Guotai Junan Securities, to ensure proper management and usage of the raised funds [4][5] - A quadripartite supervision agreement was also established involving the company, its subsidiary in Thailand, Bank of China (Thai), and the sponsor to oversee the fund usage for the Thailand project [8][9] Fund Management Protocols - The special accounts are designated solely for the Thailand production base project, with strict regulations against using the funds for other purposes [4][7] - The sponsor is responsible for supervising the fund usage and must conduct semi-annual checks on the fund's storage and usage [5][8]

证券代码：301525 证券简称：儒竞科技 公告编号：2025-021 上海儒竞科技股份有限公司 关于签署募集资金三方监管协议及四方监管协议的公告 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。 一、募集资金的基本情况 经中国证券监督管理委员会《关于同意上海儒竞科技股份有限公司创业板首 次公开发行股票注册的批复》（证监许可[2023]1231 号）同意注册，并经深圳证 券交易所同意，上海儒竞科技股份有限公司（以下简称"公司"）首次公开发行 人民币普通股（A 股）股票 2,359.0000 万股，每股面值 1.00 元，每股发行价格为 99.57 元，募集资金总额为 234,885.63 万元，扣除发行费用 20,068.68 万元（不含 增值税）后，募集资金净额为 214,816.95 万元。本次募集资金于 2023 年 8 月 25 日全部到位，中汇会计师事务所（特殊普通合伙）已对公司本次公开发行新股募 集资金到位情况进行了审验，并于 2023 年 8 月 25 日出具"中汇会验[2023]8893 号"《验资报告》。 二、募集资金三方监管协议、四方监管协议 ...

Group 1 - Ruijun Technology has experienced a continuous decline for 8 trading days, with a cumulative drop of -10.65% [1] - Ruijun Technology specializes in variable frequency energy-saving and intelligent control application solutions, focusing on power electronics and motor control [1] - The company's main products include variable frequency drives and system controllers for HVAC/R, variable frequency drives and controllers for new energy vehicle thermal management systems, and servo drives and control systems for industrial applications [1] Group 2 - Guotai Fund's Guotai Intelligent Automotive Stock A has entered the top ten shareholders of Ruijun Technology, marking a new investment in the first quarter of this year [1] - The fund has achieved a year-to-date return of 6.38%, ranking 279 out of 975 in its category [1] Group 3 - Wang Yang is the fund manager of Guotai Intelligent Automotive Stock A, with a background in asset management and investment [3][4] - Wang has been with Guotai Fund since July 2018 and has managed multiple funds, including Guotai Intelligent Equipment Stock Fund and Guotai Value Pioneer Stock Fund [4]

上海儒竞科技股份有限公司 监事会关于公司 2024 年限制性股票激励计划 预留授予激励对象名单（预留授予日）的核查意见及 公示情况说明 本公司及监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。 上海儒竞科技股份有限公司（以下简称"公司"）于 2025 年 5 月 22 日召开 第二届董事会第八次会议和第二届监事会第八次会议，审议通过了《关于向激励 对象授予 2024 年限制性股票激励计划预留部分限制性股票的议案》。具体内容详 见公司同日在巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 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》 证券代码：301525 证券简称：儒竞科技 公告编号：2025-020 存在不得成为激励对象的下列情形： 《上市公司股权激励管理办法》 （以下简称"《管理办法》"）、 《深 圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"）、《深圳证券 交易所上市公司自律监管指南第 1 号——业务办理》等相关法律、法规及规范性 文件及《上海儒竞科技股份有限公司章程》（以下简称"《公司章程》"）的 ...

Core Viewpoint - Shanghai Rujing Technology Co., Ltd. is implementing a restricted stock incentive plan for its employees, which has received the necessary legal opinions and approvals from relevant authorities [2][4][10]. Group 1: Legal Framework and Compliance - The law firm Deheng Shanghai has been appointed as the special legal advisor for the incentive plan, ensuring compliance with the Company Law, Securities Law, and relevant regulations [2][4]. - The legal opinion confirms that the company has followed all necessary legal procedures, including holding meetings and obtaining approvals from the board and shareholders [4][5][6]. Group 2: Incentive Plan Details - The incentive plan involves granting a total of 169,000 restricted shares to 7 middle management and core technical personnel, with a grant price of 38.50 yuan per share [9][10]. - The total number of shares granted represents 7.17% of the total shares involved in the incentive plan and 0.18% of the company's total share capital [9]. Group 3: Grant Conditions and Approval - The grant conditions stipulate that the recipients must not have any disqualifying factors, such as negative audit opinions or regulatory sanctions within the last 12 months [7][10]. - The grant date for the restricted shares is set for May 23, 2025, following the necessary approvals from the company's governance bodies [8][10].

Core Viewpoint - Shanghai Rujing Technology Co., Ltd. has announced the granting of 169,000 restricted stocks under the 2024 Restricted Stock Incentive Plan, with a grant price of 38.50 yuan per share, following the completion of the pre-allocated granting conditions [1][12][22]. Summary by Sections Incentive Plan Overview - The incentive tool is restricted stocks (Type II restricted stocks) [1]. - The stock source is the company's A-share common stock issued to incentive objects [1]. - The total number of restricted stocks granted is 235,779.4 shares, with 169,000 shares allocated to 7 incentive objects [2][15]. - The grant price is set at 38.50 yuan per share [1][12]. Granting Conditions and Arrangements - The granting date is set for May 23, 2025 [14]. - The allocation of restricted stocks among the incentive objects is detailed, with the largest share going to the financial director and board secretary [2][15]. - The plan stipulates that the granted restricted stocks will vest in stages, starting 12 months after the grant date [4][16]. Performance Assessment Requirements - The performance assessment period for the first grant is from 2024 to 2026, with specific revenue and profit growth targets set for each year [6][18]. - For 2024, the company must achieve either 1.6 billion yuan in revenue or a 10% increase in net profit [6][19]. - For 2025, the targets are 1.8 billion yuan in revenue or a 20% increase in net profit [6][19]. - For 2026, the targets are 2 billion yuan in revenue or a 30% increase in net profit [6][19]. Individual Performance Evaluation - Individual performance will be assessed annually, with results categorized into four levels: A (excellent), B (good), C (qualified), and D (unqualified), affecting the vesting ratio [11][19]. - The actual number of stocks that can be vested will depend on both company-level and individual-level performance evaluations [11][19]. Approval and Compliance - The plan has undergone necessary approvals and complies with relevant regulations, including the Company Law and stock incentive management measures [22][27]. - The board and supervisory committee have confirmed that the granting conditions have been met and that the incentive objects are eligible [22][27].

Group 1 - The company held its 8th meeting of the 2nd Supervisory Board on May 22, 2025, with all three supervisors present, confirming the legality and validity of the meeting [1][2] - The Supervisory Board reviewed the stock incentive plan and determined that the company is qualified to implement the plan according to relevant laws and regulations [1][2] - The incentive plan's reserved grant conditions have been met, and the company approved the grant of 169,000 restricted stocks at a price of 38.50 yuan per share to 7 eligible recipients, with the grant date set for May 23, 2025 [2]