Group 1 - The company is continuously advancing technological innovation and product upgrades [1] - The company is actively expanding both domestic and international markets [1] - The company is optimizing its product structure and extending its product matrix [1] Group 2 - The company is accelerating its industrial layout in emerging fields [1] - The company aims to continuously enhance its operating performance and corporate value [1]

Core Viewpoint - Rujing Technology emphasizes its commitment to innovation and research-driven development in the field of power electronics and motor control technology [2] Group 1: Technology and Innovation - The company has successfully developed three major technology areas: motor control, power control, and system control technology [2] - Rujing Technology focuses on continuous R&D investment to enhance its innovation capabilities and accelerate the iteration and upgrade of core technologies and products [2] - The company has established a robust R&D platform to support its technological advancements [2]

Core Viewpoint - The company reported a revenue of 700 million yuan for 1H25, reflecting a year-on-year increase of 6.3%, and a net profit attributable to shareholders of 104 million yuan, corresponding to an earnings per share of 0.99 yuan, which is a year-on-year increase of 10.76% [1] Financial Performance - In 2Q25, the company achieved a revenue of 349 million yuan, a decrease of 4.29% year-on-year, with a net profit of 51 million yuan, an increase of 0.68% year-on-year, primarily due to factory relocation impacting overall performance [1][3] - The gross margin for 2Q25 was approximately 27.5%, an increase of 5.9 percentage points year-on-year and 1.7 percentage points quarter-on-quarter, attributed to an improved product mix and higher margins in the heat pump and automotive businesses [3] Business Segments - The automotive business continued to grow significantly, while the HVAC (heating, ventilation, and air conditioning) business experienced a slight decline. For 1H25, the revenue from HVAC and automotive segments was 422 million yuan and 260 million yuan, respectively, with year-on-year changes of -3.98% and +28.18% [2] - The HVAC segment faced challenges due to a slowdown in overall terminal demand, but the heat pump business showed sustained high growth. The company is also expanding into energy-saving solutions for data centers [2] - The automotive segment is enhancing its product offerings and has completed the construction of a new production base for electric vehicle electronics and smart manufacturing, expected to drive continued revenue growth [2] Future Outlook - The company anticipates a return to growth following the completion of the factory relocation, with expectations of sequential improvement in performance [3] - Due to the impact of the factory relocation on 2Q25, the net profit forecast for 2025 has been adjusted down by 12% to 207 million yuan, while the 2026 net profit forecast has been raised by 14% to 324 million yuan, reflecting positive contributions from the data center and automotive businesses [4] - The current stock price corresponds to a price-to-earnings ratio of 42.4x for 2025 and 27.1x for 2026, with a target price increase of 25% to 100 yuan, indicating a potential upside of 7.5% compared to the current stock price [4]

Group 1 - Rujing Technology (301525.SZ) experienced a stock price decline of 4.00%, closing at 89.26 yuan, currently in a state of breaking issue [1] - The company was listed on the Shenzhen Stock Exchange's ChiNext on August 30, 2023, with a public offering of 23,590,000 shares at an issue price of 99.57 yuan per share [1] - On its first trading day, Rujing Technology reached a peak price of 144.00 yuan, marking the highest price since its listing [1] Group 2 - The total amount raised from the initial public offering (IPO) was 234,885.63 million yuan, with a net amount of 214,816.95 million yuan after deducting issuance costs [1] - The net amount raised exceeded the original plan by 116,629.75 million yuan, with the company initially intending to raise 98,187.20 million yuan for projects related to new energy vehicle electronics and smart manufacturing [1] - The total issuance costs for the IPO were 20,068.68 million yuan, including underwriting fees of 16,789.08 million yuan [1] Group 3 - Guotai Haitong Securities Co., Ltd. held a restructuring and renaming ceremony on April 11, 2025, at the Shanghai Stock Exchange [2] - The A-share stock name changed from "Guotai Junan" to "Guotai Haitong," while the stock code "601211" remained unchanged [2] - This name change signifies the completion of the merger and restructuring process between Guotai Junan and Haitong Securities [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company achieved a net profit attributable to shareholders of 100 million yuan in the first half of 2025, representing a year-on-year increase of 10.8%. Revenue for the same period was 700 million yuan, up 6.3% year-on-year. The HVAC/R sector saw a slight decline in revenue, while the new energy vehicle thermal management segment experienced significant growth [6][7] - The company is strategically entering the data center thermal management and energy-saving technology sectors, which are expected to contribute to future growth. The global heat pump market is gradually recovering, and the company is focusing on optimizing products related to electric compressor controllers and battery thermal management for new energy vehicles [7][9] Financial Summary - For the first half of 2025, the company reported revenue of 700 million yuan and a net profit of 100 million yuan. The revenue from the HVAC/R sector was 420 million yuan, down 3.98% year-on-year, while the new energy vehicle thermal management segment generated 260 million yuan, up 28.18% year-on-year [6][7] - The company forecasts net profits attributable to shareholders of 270 million yuan, 389 million yuan, and 545 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.86 yuan, 4.12 yuan, and 5.78 yuan [6][9] - The current price-to-earnings (P/E) ratios are projected to be 33.1, 23.0, and 16.4 for the years 2025, 2026, and 2027 respectively [9]

Core Insights - The company, Rujing Technology (301525.SZ), reported a revenue of 700 million yuan for the first half of 2025, representing a year-on-year growth of 6.30% [1] - The net profit attributable to shareholders of the listed company was 104 million yuan, showing a year-on-year increase of 10.76% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 88.6131 million yuan, reflecting a year-on-year growth of 14.20% [1] - The basic earnings per share stood at 1.1 yuan [1]

上海儒竞科技股份有限公司（以下简称"公司"）于 2025 年 6 月 24 日实施 完成 2024 年年度权益分派方案（每 10 股派发现金红利 3.5 元（含税））。根据 公司《2024 年限制性股票激励计划（草案）》（以下简称"《激励计划（草案）》" 或"本激励计划"）的规定及 2023 年年度股东大会的授权，公司于 2025 年 8 月 26 日召开第二届董事会第九次会议和第二届监事会第九次会议，审议通过了 《关于调整 2024 年限制性股票激励计划授予价格的议案》，公司 2024 年限制性 股票激励计划授予价格由38.50元/股调整为38.15元/股。现将具体情况公告如下： 一、公司 2024 年限制性股票激励计划简述及已履行的审批程序 上海儒竞科技股份有限公司 关于调整 2024 年限制性股票激励计划授予价格的公告 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。 1、2024 年 4 月 22 日，公司第二届董事会第二次会议和第二届监事会第二 次会议审议通过了《关于<上海儒竞科技股份有限公司 2024 年限制性股票激励计 划（草案）>及其摘要的议案》 ...

德恒上海律师事务所 关于 上海儒竞科技股份有限公司 2024 年限制性股票激励计划调整授予价格相关事项 的法律意见 德 恒上 海 律 師 事務 所 DEHENG SHANGHAI LAW OFFICE 上海市虹口区东大名路501号上海白玉兰广场办公楼23层 Floor 23, Sinar Mas Plaza, No.501 East Da Ming Road,Shanghai 200080 德恒上海律师事务所 关于上海儒竞科技股份有限公司 2024 年限制性股票激励计划调整授予价格相关事项的法律意见 释 义 在本《法律意见》内，除非文义另有所指，下列词语具有下述涵义： | 儒竞科技/公司 | 指 | 上海儒竞科技股份有限公司 | | --- | --- | --- | | 证监会 | 指 | 中国证券监督管理委员会 | | 深交所 | 指 | 深圳证券交易所 | | 本所 | 指 | 德恒上海律师事务所 | | 《激励计划（草案）》 | 指 | 《上海儒竞科技股份有限公司 2024 年限制性股票激励计划（草 | | /本激励计划 | | 案）》 | | 限制性股票、第二类 | 指 | 符合本激励计划授予条件的 ...

上海儒竞科技股份有限公司 独立董事工作制度 二〇二五年八月 上海儒竞科技股份有限公司 独立董事工作制度 上海儒竞科技股份有限公司 独立董事工作制度 第一章 总则 第一条 为进一步完善上海儒竞科技股份有限公司（以下简称"公司"）的 法人治理结构，促进公司规范运作，根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《上市公司治理准则》《上市公司独立董事管理办法》《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》等国家有关法律、法规和《上海儒竞科技股 份有限公司章程》（以下简称"《公司章程》"）的规定，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主 要股东不存在直接或者间接利害关系，或者其他可能影响其进行独立客观判断关 系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉的义务，应当按照法律、 行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、深圳证 券交易所业务规则和《公司章程》的规定，认真履行职责，在董事会中发挥参与 决策、监督制衡、专业咨询作用，维护公司整体利益，保护中小股东合法权益。 ...

上海儒竞科技股份有限公司 董事会议事规则 二〇二五年八月 上海儒竞科技股份有限公司 董事会议事规则 上海儒竞科技股份有限公司 董事会议事规则 第一章 总则 第一条 为进一步规范上海儒竞科技股份有限公司（以下简称"本公司"或 "公司"）董事会的议事方式和决策程序，促使董事和董事会有效履行其职责， 提高董事会规范运作和科学决策水平，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》《上市公司治理准则》《深圳证券交 易所创业板股票上市规则》（以下简称"《创业板上市规则》"）、《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》（以下简称"《创业 板上市公司规范运作》"）和《上海儒竞科技股份有限公司章程》（以下简称"《公 司章程》"）等有关规定，制订本规则。 第二条 公司设董事会，对股东会负责。 第三条 公司董事会由 5 名董事组成，其中包括 2 名独立董事、1 名职工代 表董事。 第五条 董事会应认真履行有关法律、行政法规和《公司章程》规定的职责， 确保公司遵守法律、行政法规和《公司章程》的规定，公平对待所有股东，并关 注其他利益相关者的合法权益。 第二章 董 ...