Core Viewpoint - Rujing Technology (301525) has developed mature technology in the servo drive and control system field, which can be extended to the robotics sector [1] Group 1: Company Developments - The company is steadily advancing its investment in the robotics-related component sector as planned [1] - Some products have already achieved sample delivery, although the revenue contribution remains small and has not significantly impacted the company's performance [1]

Core Points - Rujing Technology (301525.SZ) closed at 81.78 yuan, with a decline of 2.71%, 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 an initial public offering (IPO) of 23,590,000 shares at a 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 [2] Fundraising and Financials - The total amount raised from the IPO was 234,885.63 million yuan, with a net amount of 214,816.95 million yuan after deducting issuance costs [2] - The net amount raised exceeded the original plan by 116,629.75 million yuan [2] - The company planned to raise 98,187.20 million yuan for projects related to new energy vehicle electronics, smart manufacturing industrial base, research and testing center construction, and to supplement working capital [2] Issuance Costs - The total issuance costs for the IPO amounted to 20,068.68 million yuan, with underwriting fees accounting for 16,789.08 million yuan [3]

Group 1 - The lithium battery industry is experiencing a supply-demand turning point driven by strong demand in power storage, consumer electronics, and electric vehicles [3][5][44] - The European electric vehicle market is recovering significantly, with new models and subsidy policies expected to accelerate growth in Q4 2025 and early 2026 [6][51][60] - The charging pile industry is seeing a rebound, with a "three-year doubling" action plan launched in October 2025, likely initiating a new investment cycle [7][49] Group 2 - Lithium battery installation volume in China reached 76.0 GWh in September 2025, with a year-on-year increase of 39.5%, and lithium iron phosphate batteries accounted for 81.8% of the total [11][21] - The demand for energy storage batteries is robust, with a total shipment of 165 GWh in Q3 2025, representing a 65% year-on-year growth [22][23] - The export of heat pumps to Europe is expected to bottom out in Q4 2024, with a significant recovery anticipated in 2025 [4][8] Group 3 - The European electric vehicle market saw a strong recovery in the first three quarters of 2025, with a total of 2.03 million units sold, a year-on-year increase of 30.2% [50][53] - Major automakers like Volkswagen, BMW, and Mercedes-Benz are set to enter the production and delivery phase of new electric vehicle platforms in late 2025 [51][60] - The charging pile industry is projected to grow significantly due to supportive government policies and increasing infrastructure investments [7][49]

关于上海儒竞科技股份有限公司 2025 年度持续督导的培训情况报告 国泰海通证券股份有限公司（以下简称"国泰海通"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（2025 年修订）》，于 2025 年 11 月 24 日对儒竞科技 到场的控股股东、实际控制人、董事、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： | 培训时间 | 2025 11 | 年 | 月 | 24 | 日 | | --- | --- | --- | --- | --- | --- | | 培训地点 | 儒竞科技会议室 | | | | | | 培训主题 | 资本市场最新政策、上市公司股票交易规定、市值管理及规范运作 | | | | | | 培训讲师 | 宋轩宇、马意华 | | | | | | 参加培训人员 | 公 ...

Core Viewpoint - Rujing Technology has experienced a decline in shareholder numbers and stock price, indicating potential challenges in investor confidence and financial performance [2] Group 1: Shareholder and Stock Performance - As of November 20, the number of shareholders for Rujing Technology was 8,900, a decrease of 600 from the previous period (November 10), representing a decline of 6.32% [2] - The closing price of Rujing Technology on the same date was 80.70 yuan, down 3.62%, with a cumulative decline of 6.74% since the concentration of shares began [2] - The stock experienced 2 days of increase and 7 days of decrease during this period [2] Group 2: Financing and Margin Data - The latest margin trading balance for the stock as of November 20 was 230 million yuan, with the financing balance also at 230 million yuan [2] - The financing balance decreased by 10.6041 million yuan during the concentration period, reflecting a decline of 4.41% [2] Group 3: Financial Performance - In the first three quarters, Rujing Technology achieved operating revenue of 999.7 million yuan, a year-on-year decrease of 1.45% [2] - The net profit for the same period was 134 million yuan, down 9.91% year-on-year [2] - The basic earnings per share were 1.4200 yuan, with a weighted average return on equity of 4.16% [2]

Core Viewpoint - The company emphasizes its commitment to providing reasonable returns to investors through consistent dividends, despite stock price fluctuations influenced by various external factors [1] Group 1: Investor Concerns - Investors have raised questions regarding the company's stock price performance, which has largely remained below the initial public offering (IPO) price since listing [1] - There is a call for the company to respond to national encouragement for listed companies to repurchase their own shares to protect investor interests [1] Group 2: Company Response - The company maintains that it has consistently paid dividends twice a year since its IPO to reward investor trust and support [1] - It acknowledges the volatility of stock prices due to macroeconomic conditions, industry cycles, and market sentiment [1] - The company reaffirms its focus on core business operations and aims for high-quality development to create long-term value for shareholders [1] - Any future plans for share repurchase will be conducted in accordance with relevant regulations and will be disclosed in a timely manner [1]

Group 1 - The company's Thailand production base project has completed preliminary approval and filing procedures [2] - The project planning, design, and construction phases are progressing as scheduled [2]

Group 1 - The company has accumulated a series of patented technologies and software copyrights in core technology areas such as robotic servo drives, motion control, motor control, and circuit design [1] - Achievements in research and development include multi-axis servo drivers, integrated motor function software for robots, and humanoid robot three-axis testing software, indicating a strong technical foundation [1] - Specific customer information is confidential due to commercial secrecy agreements, and detailed information about R&D projects can be found in the company's periodic reports on the Giant Tide Information Network [1]

Core Viewpoint - Company is steadily advancing its investment in the robotics-related component sector, focusing on client needs and optimizing products to meet performance iteration demands [1] Group 1 - The company has begun sample deliveries for some products, although the revenue contribution remains small and has not significantly impacted overall performance [1]

Core Viewpoint - Shanghai Rujing Technology Co., Ltd. held a performance briefing on November 13, 2025, to discuss its financial performance and future business plans with investors [1][2]. Financial Performance - For the first three quarters of 2025, the company reported a revenue of 999.79 million yuan (approximately 9.97 billion yuan) and a net profit attributable to shareholders of 134.05 million yuan (approximately 1.34 billion yuan) [3]. Business Expansion Plans - The company plans to optimize its product structure and accelerate its industrial layout in emerging fields in 2025. Key focus areas include HVAC/R data centers, thermal management for new energy vehicles, and automation and robotics [3]. Compliance with Information Disclosure - The company emphasized that it adhered to regulations during the performance briefing, ensuring that all information disclosed was true, accurate, complete, timely, and fair, with no significant undisclosed information leaks [4].