德恒上海律师事务所 关于 上海儒竞科技股份有限公司 2024 年年度股东大会之 见证意见 上海市东大名路 501 号上海白玉兰广场办公楼 23 层 电话：021-55989888/55989666 传真：021-5598 9898 邮编：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 年年度股东大会之见证意见 德恒上海律师事务所 关于 上海儒竞科技股份有限公司 2024 年年度股东大会之 见证意见 德恒 02G20230244-00006 号 致：上海儒竞科技股份有限公司 1．公司本次股东大会的召集和召开程序； 2．出席本次股东大会人员及会议召集人资格； 3．本次股东大会的表决程序及表决结果； 4．本次股东大会是否讨论未列入《通知》会议议程的事项。 为出具本见证意见，本所及本所见证律师声明如下： 德恒上海律师事务所接受上海儒竞科技股份有限公司（以下简称"公司"） 的委托，指派本所见证律师列席公司 2025 年 5 月 22 日下午 14:30 召开的 2024 年年度股东大会（以下简称"本次股东大会"），就召开本次股东大会进行见证 并出具本见证意见。 本所见证律师依据本见证意见出具日 ...

证券代码：301525 证券简称：儒竞科技 公告编号：2025-016 上海儒竞科技股份有限公司 （1）现场会议召开时间：2025 年 5 月 22 日 14:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025 年 5 月 22 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深交所互联网 投票系统投票的时间为：2025 年 5 月 22 日 9:15-15:00 期间的任意时间。 2、会议召开地点：上海市杨浦区国权北路 1688 弄 B5 栋 12 楼儒竞科技大 会议室 2024 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会未涉及变更以往股东大会已通过的决议的情况； 3、本次股东大会采取现场投票、网络投票相结合的方式召开。 一、会议召开情况 1、会议召开时间： 3、会议召开方式：现场投票与网络投票相结合的方式 4、会议召集人：公司董事会 5、会议主持人：董事廖原先生（公司董事长雷淮刚先生因工作原因线上 ...

Group 1: Company Overview and Strategic Focus - The company operates in multiple sectors including HVAC/R, new energy vehicle thermal management, and industrial servo drive and control systems, aiming to enhance market competitiveness and synergy through resource optimization [1][2] - The company plans to leverage core technologies in power electronics and motor control to accelerate innovation and reduce costs through centralized procurement and flexible production lines [2][3] Group 2: Project Progress and Challenges - As of the end of 2024, the investment progress for the new energy vehicle electronics and smart manufacturing base project reached 67.10%, with plans for completion and production in 2025 [2][3] - The company has established stable relationships with key suppliers and implemented dynamic inventory management to ensure resource availability during project execution [3] Group 3: Financial Performance - In 2024, the company's overall revenue decreased by 16.02% and net profit fell by 22.24%, primarily due to high inventory levels in the HVAC/R heat pump sector [4] - In Q1 2025, the company reported a revenue increase of 19.42% and a net profit increase of 22.53%, attributed to recovering demand in the heat pump sector and continued growth in the new energy vehicle segment [4]

中国经济网北京5月15日讯 儒竞科技（301525）(301525.SZ)今日股价下跌，截至收盘报83.60元，跌幅 3.22%。该股目前处于破发状态。 儒竞科技首次公开发行股票的发行费用总额为20,068.68万元，其中保荐承销费用16,789.08万元。 2025年4月11日，国泰海通证券股份有限公司重组更名上市仪式在上交所举行。上交所与国泰海通签订 《证券上市协议》，国泰海通证券股份有限公司A股证券简称由"国泰君安"正式变更为"国泰海通"，A 股证券代码"601211"保持不变。证券简称变更，标志着国泰君安、海通证券合并重组走完了全部程序。 儒竞科技首次公开发行股票募集资金总额为234,885.63万元，扣除发行费用后实际募集资金净额为 214,816.95万元。儒竞科技最终募集资金净额比原计划多116,629.75万元。儒竞科技于2023年8月25日披 露的招股说明书显示，该公司拟募集资金98,187.20万元，用于新能源汽车电子和智能制造产业基地、研 发测试中心建设项目、补充流动资金。 儒竞科技于2023年8月30日在深交所创业板上市，公开发行新股数量为23,590,000股，发行价格为99.57 ...

Financial Performance - In 2024, the company achieved total revenue of CNY 1.297 billion, a year-on-year decrease of 16.02% [1] - Revenue from the HVAC/R sector was CNY 816.62 million, down 31.78% year-on-year [1] - Revenue from the new energy vehicle thermal management sector reached CNY 453.21 million, an increase of 47.23% year-on-year [1] - The net profit attributable to ordinary shareholders was CNY 168.26 million, a decline of 22.24% year-on-year [1] - R&D expenses amounted to CNY 128.34 million, an increase of 29.61% year-on-year [2] Market Trends and Strategic Outlook - The HVAC/R heat pump market is experiencing a downturn due to high inventory levels, but recovery is expected as European demand stabilizes [3] - The company anticipates growth in the heat pump sector as European markets recover and new applications in commercial sectors expand [3] - The new energy vehicle sector is in a rapid growth phase, with an expanding product line and increasing customer base [5] Product Development and Innovation - The company is focusing on enhancing its product line in the commercial air conditioning sector, leveraging core technologies like power electronics and variable frequency drive [4] - In the new energy vehicle sector, the company is expanding its thermal management and intelligent control product offerings, aiming for a comprehensive product matrix [5] - The automation segment is expected to see growth as products move from testing to market readiness, particularly in variable frequency drives and servo products [6] Investment and Expansion Plans - As of the end of 2024, the investment progress for the new energy vehicle electronics and smart manufacturing base was 67.10%, while the R&D testing center was at 34.26% [7] - The company is actively developing a production base in Thailand to enhance local delivery capabilities and support global market expansion [7] - The company plans to distribute a cash dividend of CNY 3.5 per 10 shares, totaling CNY 33.01 million, while also considering reinvestment in core business areas [8]

国泰海通证券股份有限公司 关于上海儒竞科技股份有限公司 | 保荐人名称：国泰海通证券股份有限公司 被保荐公司简称：儒竞科技 | | --- | | （以下简称"国泰海通"或"保荐人"） | | 保荐代表人姓名：宋轩宇 联系电话：021-23185919 | | 保荐代表人姓名：祁亮 联系电话：021-23185920 | | 现场检查人员姓名：宋轩宇、马意华、柯雨旸 | | 现场检查对应期间：2024 年度 | | 现场检查时间：2025 年 4 月 18 日、2025 年 4 月 21 日-2025 年 4 月 23 日 | | 一、现场检查事项 现场检查意见 | | （一）公司治理 是 否 不适用 | | 现场检查手段：查阅了上市公司最新章程、三会议事规则及会议材料，取得上市公司董 | | 事、监事、高级管理人员名单及其变化情况，取得上市公司关联方清单，查阅关于公司 | | 控股股东、实际控制人、董事、监事、高级管理人员的信息披露文件及相关变更决策文 | | 件，查看上市公司生产经营场所，对上市公司高级管理人员进行访谈。 | | 1.公司章程和公司治理制度是否完备、合规  | | 2.公司章程和股东大会 ...

国泰海通证券股份有限公司 关于上海儒竞科技股份有限公司 2024 年度持续督导跟踪报告 | 保荐人名称：国泰海通证券股份有限公司 | 被保荐公司简称：儒竞科技 | | --- | --- | | 保荐代表人姓名：宋轩宇 | 联系电话：021-23185919 | | 保荐代表人姓名：祁亮 | 联系电话：021-23185920 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防止关 | | | 联方占用公司资源的制度、募集资金管理制度、内控制度、内 | 是 | | 部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 | | 4.公司治理督导情况 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The European heat pump market is expected to continue its recovery, while automotive thermal management is emerging as a new growth point for the company [1][5] - The company reported a decline in overall performance in 2024, with a revenue of 1.297 billion yuan, down 16.02% year-on-year, and a net profit attributable to shareholders of 168 million yuan, down 22.24% year-on-year, primarily due to a cooling heat pump market [4][5] - In Q1 2025, the company achieved a revenue of 351 million yuan, up 19.42% year-on-year, and a net profit of 53 million yuan, up 22.53% year-on-year, indicating a positive trend [4][5] Business Segments Summary 1. **HVAC/R Sector** - Revenue in 2024 was 817 million yuan, down 31.78% year-on-year, with a gross margin of 22.18%, down 3.19 percentage points [5] - The decline was attributed to the inventory destocking cycle in the European heat pump industry, but the long-term development logic remains unchanged [5] - New growth points include precision air conditioning, medical cold chain, and logistics cold chain applications [5] 2. **New Energy Vehicle Thermal Management** - Revenue in 2024 was 453 million yuan, up 47.23% year-on-year, with a gross margin of 29.04%, up 3.61 percentage points [5] - The company is expanding from cabin and battery thermal management to intelligent control of electric motors, enhancing its product line [5] 3. **Servo Drive and Control Systems** - Revenue in 2024 was 27 million yuan, down 31.77% year-on-year [5] - The company continues to invest in technology development and brand building in niche application industries and robotics [5] Financial Summary and Valuation Metrics - The company expects net profits attributable to shareholders for 2025 and 2026 to be 270 million yuan and 389 million yuan, respectively, with an additional forecast for 2027 at 545 million yuan [4][7] - Earnings per share (EPS) are projected to be 2.86 yuan, 4.12 yuan, and 5.78 yuan for 2025, 2026, and 2027, respectively [4][7] - The current stock price corresponds to price-to-earnings (P/E) ratios of 26.7, 18.5, and 13.2 for the years 2025, 2026, and 2027, respectively [4][7]

Core Viewpoint - The report highlights that Rujing Technology (儒竞科技) is expected to face challenges in 2024 due to a downturn in the heat pump market, but it maintains a "buy" rating as new growth opportunities arise in automotive thermal management and other sectors [2][3]. Financial Performance - In 2024, the company achieved a revenue of 1.297 billion yuan, a decrease of 16.02% year-on-year, and a net profit attributable to shareholders of 168 million yuan, down 22.24% year-on-year [2]. - The first quarter of 2025 showed a revenue of 351 million yuan, an increase of 19.42% year-on-year, and a net profit of 53 million yuan, up 22.53% year-on-year [2]. - Revised profit forecasts for 2025 and 2026 are 270 million yuan and 389 million yuan respectively, with an additional forecast of 545 million yuan for 2027 [2]. Business Segments - In the HVAC/R sector, 2024 revenue was 817 million yuan, down 31.78% year-on-year, with a gross margin of 22.18%, a decrease of 3.19 percentage points [3]. - The automotive thermal management segment saw a revenue of 453 million yuan in 2024, an increase of 47.23% year-on-year, with a gross margin of 29.04%, up 3.61 percentage points [3]. - The servo drive and control systems segment reported a revenue of 27 million yuan in 2024, down 31.77% year-on-year [3]. Growth Opportunities - The company is expanding its product line in the automotive sector, moving from cabin and battery thermal management to intelligent control of electric motors [3]. - Emerging applications in precision air conditioning, medical cold chain, and logistics cold chain are expected to provide new growth points [3]. - Established partnerships with well-known manufacturers like Copeland, McQuay, Ariston, and Haier are anticipated to benefit the company as the industry develops [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The European heat pump market is expected to continue its recovery, while automotive thermal management is emerging as a new growth point for the company [1][5] - The company reported a decline in overall performance in 2024, with a revenue of 1.297 billion yuan, down 16.02% year-on-year, and a net profit attributable to shareholders of 168 million yuan, down 22.24% year-on-year, primarily due to a cooling heat pump market [4][5] - In Q1 2025, the company achieved a revenue of 351 million yuan, up 19.42% year-on-year, and a net profit of 53 million yuan, up 22.53% year-on-year, indicating a positive trend [4][5] Summary by Sections Business Segments - **HVAC/R Segment**: In 2024, revenue was 817 million yuan, down 31.78% year-on-year, with a gross margin of 22.18%, down 3.19 percentage points. The decline was attributed to the heat pump industry's destocking cycle, but the long-term growth logic remains unchanged [5] - **New Energy Vehicle Thermal Management**: Revenue reached 453 million yuan in 2024, up 47.23% year-on-year, with a gross margin of 29.04%, up 3.61 percentage points. The company is expanding from cabin and battery thermal management to intelligent control of electric motors [5] - **Servo Drive and Control Systems**: Revenue was 27 million yuan in 2024, down 31.77%. The company continues to invest in technology development and brand building in niche applications and robotics markets [5] Financial Summary and Valuation Metrics - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are 2.15 billion yuan, 2.98 billion yuan, and 3.87 billion yuan, respectively, with year-on-year growth rates of 65.7%, 38.6%, and 29.8% [7] - **Net Profit Forecast**: Projected net profits for 2025, 2026, and 2027 are 270 million yuan, 389 million yuan, and 545 million yuan, respectively, with year-on-year growth rates of 60.4%, 44.0%, and 40.2% [7] - **Earnings Per Share (EPS)**: Expected EPS for 2025, 2026, and 2027 are 2.86 yuan, 4.12 yuan, and 5.78 yuan, respectively [7]