Core Viewpoint - Rujing Technology, established in 2003 and listed on the Shenzhen Stock Exchange in August 2023, specializes in power electronics and motor control, demonstrating competitive advantages in technology and product offerings [1] Group 1: Business Performance - For Q3 2025, Rujing Technology reported revenue of 999.7 million yuan, ranking 11th among 17 companies in the industry, with the top company, Ice Wheel Environment, generating 4.835 billion yuan [2] - The main business segments include HVAC and refrigeration equipment at 422 million yuan (60.29%), new energy vehicle thermal management systems at 260 million yuan (37.18%), and servo drive and control systems at 17.1375 million yuan (2.45%) [2] - The net profit for the same period was 134 million yuan, ranking 7th in the industry, with the leading company achieving a net profit of 488 million yuan [2] Group 2: Financial Health - Rujing Technology's debt-to-asset ratio was 16.81% in Q3 2025, lower than the previous year's 18.88% and significantly below the industry average of 36.25%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 26.42%, an increase from 24.42% year-on-year and above the industry average of 24.91%, reflecting good profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.55% to 10,400, while the average number of circulating A-shares held per shareholder increased by 1.57% to 4,733.73 [5] - Notable changes among the top ten circulating shareholders include an increase in holdings by Guotai Intelligent Automotive and a decrease by Guotai Intelligent Equipment [5] Group 4: Market Outlook - According to CICC, the factory relocation impacted revenue but significantly improved gross margins, with expectations for continued growth in automotive and HVAC sectors [5] - Dongwu Securities anticipates that the main business will see a bottoming out in Q2 2025, with potential acceleration in Q3, driven by various factors including the European household heat pump market and electric vehicle business [6]

证券代码：301525 证券简称：儒竞科技 公告编号：2025-045 上海儒竞科技股份有限公司 关于参加 2025 年上海辖区上市公司三季报 集体业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 11 月 13 日（星期四）15:00-16:30 投资者可于 2025 年 11 月 06 日（星期四）至 11 月 12 日（星期三）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@ruking. com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 1 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinf o.com/） 会议召开方式：上证路演中心网络互动 上海儒竞科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日发 布公司《2025 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 13 日（星期四） 1 ...

证券代码：301525 证券简称：儒竞科技 公告编号：2025-044 特此公告。 一、募集资金现金管理专用结算账户的开立情况 为进行募集资金现金管理，上海儒竞科技股份有限公司（以下简称"公司"） 及子公司上海儒竞智能科技有限公司开立了募集资金现金管理专用结算账户，具 体内容详见公司分别于 2024 年 1 月 15 日、2024 年 2 月 6 日披露在巨潮资讯网 （www.cninfo.com.cn）的《关于开立闲置募集资金现金管理专用结算账户的公告》 （公告编号：2024-008、009）。 二、部分募集资金现金管理专用结算账户的注销情况 鉴于部分募集资金现金管理专用结算账户已不再使用且无下一步使用计划， 公司子公司上海儒竞智能科技有限公司于近日办理完毕部分账户的注销手续，本 次注销的募集资金现金管理专用结算账户的具体账户信息如下： | 开户机构 | 账户名称 | 资金账号 | | --- | --- | --- | | 兴业银行股份有限公司上海浦东支行 | 上海儒竞智能科技有限公司 | 216230100100384259 | | 上海浦东发展银行股份有限公司杨浦支行 | 上海儒竞智能科技有限公司 | ...

Group 1 - Rujing Technology (301525.SZ) reported its Q3 2025 results, with 12 institutional investors holding a total of 13.776 million A-shares, representing 14.61% of the total share capital [1] - The top ten institutional investors collectively hold 14.21% of the shares, with an increase of 1.06 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings, accounting for a 0.36% increase, while one fund decreased its holdings by 0.38% [2] - Two social security funds increased their holdings, with a total increase of 0.80% [2]

Core Viewpoint - Rujing Technology (301525.SZ) reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters was 999.7 million yuan, a year-on-year decrease of 1.45% [1] - The net profit attributable to shareholders of the listed company was 134 million yuan, down 9.91% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 113 million yuan, a decrease of 9.10% year-on-year [1] - Basic earnings per share were 1.42 yuan [1]

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 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》等议案。公司 2024 年限制性股票激励计划拟向激 励对象授予共 235.7794 万股限制性股票，限制性股票授予价格为 39.15 元/股。 公司监事会对 2024 年限制性股票激励计划授予的激励对象名单出具了核查意见。 2、2024 年 4 月 24 日至 2024 年 5 月 3 日，公司对激励对象的姓名和职务在 公司内部进行了公示。2024 年 5 月 24 日，公司披露了《监事会关于 2024 年限 制性股票激励计划激励对象名单的审核意见及公示情况说明》。 3、2024 年 5 月 30 日，公司 2023 年年度股东大会审议通过了《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》 《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实施考核管理 办法>的议案》《关于提请股东大会授权董事会办理 2 ...

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）》 | | 《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 | 指 | 案）》 | | 限制性股票、第二类 | | 符合本激励计划授予条件的激励 ...

证券代码：301525 证券简称：儒竞科技 公告编号：2025-041 上海儒竞科技股份有限公司 第二届董事会第十二次会议决议公告 二、董事会会议审议情况 1、审议通过了《关于公司 2025 年第三季度报告的议案》 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、董事会会议召开情况 上海儒竞科技股份有限公司（以下简称"公司"）第二届董事会第十二次会 议通知于 2025 年 10 月 24 日以电话、专人送达等方式送达全体董事。会议于 2025 年 10 月 27 日在公司会议室以现场及通讯表决方式召开。会议应出席的董事 5 人，实际出席的董事 5 人（其中董事廖原先生、独立董事赵炎先生以通讯方式出 席），本次会议由董事长雷淮刚先生召集并主持，公司高级管理人员列席了本次 会议。 2、审议通过了《关于补选第二届董事会战略与发展委员会委员的议案》 本次会议的召集、召开符合《中华人民共和国公司法》等相关法律、法规以 及《公司章程》的规定，会议决议合法、有效。 经审议，董事会认为：公司《2025 年第三季度报告》的编制和审核程序符 合法律、法规、中国证监会和深圳证券 ...

Financial Performance - The company's revenue for Q3 2025 was ¥297,194,627.21, a decrease of 15.88% compared to the same period last year[5] - Net profit attributable to shareholders was ¥30,469,969.31, down 44.87% year-on-year[5] - The basic earnings per share decreased by 45.76% to ¥0.32, while diluted earnings per share fell by 57.63% to ¥0.25[5] - Total operating revenue for the current period was ¥996,893,278.22, a decrease of 1.2% from ¥1,011,516,879.41 in the previous period[24] - Net profit for the current period was ¥134,049,607.96, down 10% from ¥148,787,758.93 in the previous period[25] - The company reported a total comprehensive income of ¥134,161,654.80, compared to ¥148,785,820.41 in the previous period[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,919,633,653.18, a decrease of 0.96% from the end of the previous year[5] - Total assets decreased to ¥3,919,633,653.18 from ¥3,957,642,571.53, indicating a reduction in overall asset base[23] - Total liabilities decreased to ¥658,958,560.60 from ¥788,688,838.15, showing a significant reduction in financial obligations[23] - The company's equity increased to ¥3,260,675,092.58 from ¥3,168,953,733.38, indicating growth in shareholder value[23] Cash Flow - The cash flow from operating activities for the year-to-date was ¥82,765,792.46, representing an increase of 88.03%[5] - Operating cash inflow for the current period was ¥941,696,039.23, a decrease of 6.5% from ¥1,007,084,822.57 in the previous period[27] - Net cash flow from operating activities increased to ¥82,765,792.46, up 88.2% from ¥44,017,049.49 in the previous period[28] - Cash outflow from operating activities was ¥858,930,246.77, down 10.9% from ¥963,067,773.08 in the previous period[28] - Total cash and cash equivalents at the end of the period reached ¥2,064,317,829.86, a decrease from ¥2,305,071,632.72 in the previous period[28] Investments - Cash generated from investment activities was ¥1,737,479,681.65 in 2025, a significant recovery from a negative cash flow of ¥114,463,134.91 in 2024, attributed to the maturity of financial products purchased in the previous year[12] - Cash inflow from investment activities totaled ¥9,055,974,003.40, down 15.7% from ¥10,747,295,542.47 in the previous period[28] - The company received cash from investment income of ¥28,823,777.40, an increase from ¥24,277,254.47 in the previous period[28] - The company reported a cash inflow of ¥9,027,000,000.00 from the recovery of investments, down from ¥10,723,000,000.00 in the previous period[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,436, with no preferred shareholders having restored voting rights[14] - The top three shareholders hold a combined 40.60% of the company's shares, with Lei Huaigang holding 17.27%, Liao Yuan 13.44%, and Guan Hongfei 9.19%[14] Operational Efficiency - The company reported a significant increase in accounts receivable financing, rising by 63.52% to ¥166,192,731.40 due to an increase in high-rated bank acceptance bills[9] - Accounts receivable decreased to ¥377,218,988.81 from ¥415,750,034.73, indicating improved collection efficiency[21] - Inventory levels decreased from ¥342,493,812.92 to ¥276,748,130.22, suggesting better inventory management practices[21] - Operating cash flow for the first nine months of 2025 reached ¥82,765,792.46, an increase of 88.03% compared to ¥44,017,049.49 in the same period of 2024, primarily due to improved sales collection management[12] Research and Development - Research and development expenses increased to ¥98,430,213.85, up from ¥85,542,858.38, reflecting a focus on innovation[24] Stock and Incentives - The company approved the cancellation of 760,000 restricted stock grants due to unmet vesting conditions for 32 incentive recipients[17] - The stock grant price for the 2024 restricted stock incentive plan was adjusted from ¥38.50 to ¥38.15 per share following the completion of the annual equity distribution plan[18]

Core Insights - The core viewpoint of the news is that Guobao Pet Food Group has demonstrated strong revenue growth despite facing short-term profit pressures, highlighting its competitive strength and effective brand strategy in the pet food industry [1][2]. Financial Performance - In the first three quarters of 2025, Guobao Pet achieved a revenue of 4.737 billion yuan, representing a year-on-year increase of 29.03% [1]. - The revenue for the third quarter alone was 1.517 billion yuan, with a year-on-year growth of 21.85% [1]. - The net profit attributable to shareholders for the first three quarters was 513 million yuan, up 9.05% year-on-year, but the third quarter saw a decline of 16.65% to 135 million yuan [1]. Brand Performance - Guobao Pet's self-owned brand business remains a solid foundation for long-term growth, with the high-end sub-brand, Fuleijiate, experiencing over 100% year-on-year growth in online sales during the third quarter [2]. - Overall brand business is expected to grow by approximately 40% year-on-year, with Fuleijiate's contribution to total brand revenue increasing [2]. - The company has established a multi-tier brand matrix covering high-end and mid-high-end markets, enhancing its competitive advantage in niche markets [2]. Industry Context - The pet food industry is currently in a strategic opportunity period for leading companies to increase their market share, with Guobao Pet maintaining significant advantages over other domestic brands in terms of brand scale, coverage, and product development capabilities [2][3]. - The company aims to position itself as "China's No. 1 Pet Food Brand," leveraging its strengths as the domestic pet market continues to expand [3].