Core Points - Rujing Technology (301525.SZ) closed at 64.99 yuan, with a decline of 3.63%, currently in a state of breaking issue [1] - The company was listed on the Shenzhen Stock Exchange's ChiNext board on August 30, 2023, with a public offering of 23,590,000 shares, accounting for 25.01% of the total shares post-issue, at an issuance price of 99.57 yuan per share [1][2] - On the first day of trading, Rujing Technology reached a peak price of 144.00 yuan, but the stock price has since fluctuated downward [2] - The total funds raised from the IPO amounted to 234,885.63 million yuan, with a net amount of 214,816.95 million yuan after deducting issuance costs, exceeding the original plan by 116,629.75 million yuan [2] - The funds are intended for projects related to new energy vehicle electronics, smart manufacturing industrial base, research and testing center construction, and to supplement working capital [2] Financial Details - The total issuance costs for Rujing Technology were 20,068.68 million yuan, with underwriting fees amounting to 16,789.08 million yuan [3]

证券代码：301525 证券简称：儒竞科技 公告编号：2025-001 上海儒竞科技股份有限公司 关于变更持续督导保荐代表人的公告 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。 上海儒竞科技股份有限公司（以下简称"公司"）于近日收到国泰海通证券 股份有限公司（原海通证券股份有限公司，以下简称"国泰海通"）出具的《关 于更换上海儒竞科技股份有限公司首次公开发行股票持续督导之保荐代表人的 函》。国泰海通作为公司首次公开发行股票并在创业板上市的保荐机构，原指定 保荐代表人宋轩宇先生和郑瑜先生具体负责公司持续督导期间保荐工作，持续督 导期至 2026 年 12 月 31 日结束。 现因郑瑜先生工作安排原因，不能继续履行对公司的持续督导职责。为保证 持续督导工作的有序进行，国泰海通指派祁亮先生（简历见附件）接替郑瑜先生 担任公司的保荐代表人，履行持续督导职责。 本次保荐代表人变更后，公司首次公开发行股票的持续督导保荐代表人为宋 轩宇先生和祁亮先生，持续督导期至中国证券监督管理委员会和深圳证券交易所 规定的持续督导义务结束为止。本次变更不影响国泰海通对公司的持续督导工作 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Viewpoints - The European heat pump inventory reduction is nearing completion, and the automotive sector is expected to continue high growth [1][2]. - The implementation of Germany's heating subsidy policy is anticipated to stimulate demand in the European heat pump market, leading to a recovery in the company's heat pump business [1]. - The company has established a strong position in the new energy vehicle thermal management sector, with expectations for continued high growth through 2025 [2]. - The industrial sector's product advantages and new product launches in 2025 are projected to contribute to incremental revenue growth [3]. - Overall, the company's long-term performance trend remains positive, with revenue forecasts for 2024, 2025, and 2026 at 1.59 billion, 2.07 billion, and 2.69 billion yuan respectively [4]. Summary by Sections Heat Pump Business - The heat pump business is expected to recover as the European market's inventory reduction approaches its end, supported by Germany's subsidy policy [1]. Automotive Sector - The company has a comprehensive product matrix in the new energy vehicle thermal management field, with several core products gaining recognition from major domestic and international automakers [2]. Industrial Sector - The company has accumulated mature core technologies in the automation sector, with expectations for new products to drive revenue growth in 2025 [3]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 1.59 billion, 2.07 billion, and 2.69 billion yuan, with net profit estimates of 186.20 million, 277.73 million, and 382.03 million yuan respectively [4][5].

德国补贴落地+欧洲热泵去库接近尾声，热泵业务有望恢复正增长 投资建议 我们认为，伴随后续欧洲热泵去库结束、汽车热管理控制器等产品营收继续高增、以及工业领域新品开 始放量，公司业绩长期向上趋势不变。预计24-26 年公司收入分别为15.9/20.7/26.9 亿元（24-25 年前值 29.7/40.3 亿元），考虑到公司24 年营收受欧洲热泵去库影响有所下滑，下调公司盈利预测，预计24-26 年公司归母净利润分别为1.86/2.78/3.82 亿元（24-25年前值5.10/7.16 亿元），对应PE 为33X/22X/16X， 维持"买入"评级。 风险提示：行业政策风险、行业需求下滑风险、行业竞争加剧风险、新业务进展不及预期风险。 公司新能源汽车热管理领域拥有新能源汽车电动压缩机变频驱动器、新能源汽车 PTC 电加热控制器及 多合一控制器等多款核心产品，在技术水平、产品性能和市场份额等方面建立了一定优势。公司凭借多 年的战略投入、技术积累和市场开拓，已经搭建起完善的技术平台和产品平台，该领域内产品已取得国 内外众多主流整车厂的认可，2025 年预计保持高增。 工业领域产品具有多项优点，2025 年新品有望贡 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][17]. Core Viewpoints - The European heat pump inventory reduction is nearing completion, and the automotive sector is expected to continue high growth [1][2]. - The implementation of Germany's heating subsidy policy is anticipated to stimulate demand in the European heat pump market, leading to a recovery in the company's heat pump business [1]. - The company has established a strong position in the new energy vehicle thermal management sector, with expectations for continued high growth through 2025 [2]. - The industrial sector's product advantages and new product launches in 2025 are projected to contribute to incremental revenue growth [3]. - Overall, the company's long-term performance trend remains positive, with revenue forecasts for 2024, 2025, and 2026 at 1.59 billion, 2.07 billion, and 2.69 billion yuan respectively [4]. Summary by Sections Heat Pump Business - The heat pump business is expected to recover as the European market moves past its inventory reduction phase, supported by Germany's heating subsidy policy [1]. Automotive Sector - The company has a comprehensive product matrix in the new energy vehicle thermal management field, with several core products gaining recognition from major domestic and international automakers [2]. Industrial Sector - The company has accumulated mature core technologies in the automation sector, with expectations for new products to drive revenue growth in 2025 [3]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 1.59 billion, 2.07 billion, and 2.69 billion yuan, with corresponding net profits of 186.20 million, 277.73 million, and 382.03 million yuan [4][5].

Core Viewpoint - The news highlights the significant growth potential in the heat pump industry, driven by a government action plan aimed at enhancing production, technology, and application by 2030 [1][2]. Group 1: Industry Development - The National Development and Reform Commission has issued a notification to promote high-quality development in the heat pump industry, targeting a 20% increase in energy efficiency for key heat pump products by 2030 [1]. - The action plan emphasizes breakthroughs in core technologies such as high-power high-temperature heat pumps, efficient compressors, and new refrigerants [1]. - There is a focus on increasing the application area of heat pumps in buildings and the installed capacity of heat pump units [1]. Group 2: Research and Innovation - The plan calls for intensified research on various types of heat pumps, including cold and heat source heat pumps and transcritical carbon dioxide heat pumps [1]. - Key technological advancements are encouraged, including low-noise, large-capacity, high-efficiency, and effective defrosting technologies [1]. - The establishment of national-level technology innovation platforms and collaborative innovation systems is supported to facilitate the transition from research to industrial application [1]. Group 3: Financial and Policy Support - The government aims to leverage investment to amplify financial support, encouraging financial institutions to increase credit for heat pump promotion and upgrades [2]. - Existing tax incentives will be reinforced to support the adoption of efficient heat pump technologies listed in various national directories [2]. - There is a push to include heat pump projects in the support direction for green low-carbon advanced technology demonstration projects [2].

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 上海儒竞科技股份有限公司 关于签署募集资金四方监管协议的公告 二、募集资金四方监管协议的签订情况和募集资金专户的开立情况 证券代码：301525 证券简称：儒竞科技 公告编号：2024-062 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 ...

关于上海儒竞科技股份有限公司 2024 年度持续督导的培训情况报告 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为上海 儒竞科技股份有限公司（以下简称"儒竞科技"或"公司"）首次公开发行股票 并在创业板上市持续督导保荐机构，根据《深圳证券交易所上市公司自律监管指 引第 13 号——保荐业务》《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（2023 年修订）》，于 2024 年 12 月 13 日对儒竞科技到场 的控股股东、实际控制人、董事、监事、高级管理人员、中层以上管理人员及其 他相关人员进行了专门培训，并对未到场的相关人员派发了相关培训资料，督促 其认真学习培训内容，本次培训的具体情况如下： 海通证券股份有限公司 二、培训主要内容 本次培训，保荐机构根据《深圳证券交易所创业板股票上市规则（2024年 修订）》《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（2023 年修订）》《深圳证券交易所上市公司自律监管指引第 13 号——保荐 业务》等法律法规的相关规定，对资本市场最新政策、上市公司股票交易、上市 公司市值管理等内容进行培训。 1 ...

德恒上海律师事务所 关于 上海儒竞科技股份有限公司 2024 年第三次临时股东大会之 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 年第三次临时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 年第三次临时股东大会之 见证意见 德恒 02G20230244-00005 号 致：上海儒竞科技股份有限公司 德恒上海律师事务所接受上海儒竞科技股份有限公司（以下或称"公司"） 的委托，指派本所见证律师列席公司于 2024 年 12 月 6 日下午 14:30 召开的 2024 年第三次临时股东大会（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前已经发生或存在的事实和《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》（以下简 称"《证券法》"）、《上市公司股东大会规则》（以下简称"《股东大会规则》"）等 现行有效的 ...

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。 证券代码：301525 证券简称：儒竞科技 公告编号：2024-061 上海儒竞科技股份有限公司 2024 年第三次临时股东大会决议公告 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提案的情况； 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； （1）现场会议召开时间：2024 年 12 月 6 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：2024 年 12 月 6 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：2024 年 12 月 6 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 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：公司董事长雷淮刚 一、会议召开情况 1、会议召开时间： 6、召开情况合法、合规、 ...