Core Viewpoint - Rujing Technology indicated that investors should refer to the company's periodic reports and related announcements for information regarding customer and product situations [2] Summary by Category - **Company Information** - Rujing Technology responded to investor inquiries on September 11, emphasizing the importance of official disclosures for understanding customer and product details [2]

Core Viewpoint - Rujing Technology's product offerings primarily include variable frequency drives and system controllers in the HVAC/R sector, drive and control systems for new energy vehicle thermal management, and servo drives and control systems in the servo drive and motor sector [2] Group 1 - The company focuses on variable frequency drives and system controllers within the HVAC/R field [2] - The company also develops drive and control systems for thermal management in new energy vehicles [2] - Additionally, the company provides servo drives and control systems, including servo motors [2]

Core Viewpoint - Rujing Technology has shown a significant increase in stock price, reflecting positive market sentiment and investor interest in the company's business model focused on power electronics and motor control [1] Group 1: Company Overview - Rujing Technology, established on July 21, 2003, is located in Yangpu District, Shanghai, and was listed on August 30, 2023 [1] - The company's main business involves the research, development, production, and sales of products in the power electronics and motor control sectors [1] - Revenue breakdown: HVAC and refrigeration equipment accounts for 60.29%, new energy vehicle thermal management systems for 37.18%, servo drive and control systems for 2.45%, and others for 0.08% [1] Group 2: Fund Holdings - Rujing Technology is a significant holding in the Xinda Aoya Fund, specifically in the Xinao Vision Value Mixed A (013554), which held 28,700 shares, representing 4.78% of the fund's net value [2] - The fund has realized a floating profit of approximately 127,100 yuan from this investment [2] - The fund was established on May 11, 2022, with a current size of 36.616 million yuan and has achieved a year-to-date return of 18.72% [2] Group 3: Fund Manager Performance - The fund manager Hu Qiaoyun has been in position for 41 days, with a total asset size of 46.4158 million yuan and a best return of 12.21% during the tenure [3] - Co-manager He Jing has been in position for 274 days, managing assets of 242 million yuan, with a best return of 16.95% during the tenure [3]

Group 1 - The general equipment sector increased by 0.37% on September 10, with KaiChuang Electric leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] - Notable stock performances included KaiChuang Electric with a closing price of 65.25, up 13.30%, and Liou Co. with a closing price of 5.96, up 9.96% [1] Group 2 - The general equipment sector saw a net inflow of 1.414 billion yuan from main funds, while retail investors experienced a net outflow of 580 million yuan [2] - The stock with the highest main fund inflow was Liou Co. with 164 million yuan, while the highest retail outflow was also from Liou Co. at 98.5 million yuan [3] - Other significant net inflows included 32.3 million yuan for Dongfang Zhizao and 85.4 million yuan for Chuanrun Co. [3]

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、 | 是 | | 募集资金管理制度、内控制度、内部审计制度、 | | | 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 | 是 | | 文件一致 | | | 4.公司治理督导情况 | | | | 列席 次，公司在会议召开前就有关议案征 1 | | | 求了保荐机构的意见，保荐代表人在会议召 | | （1）列席公司股东会次数 | 开前对会议议案进行了核查，会议召开程序、 | | | 表决内容符合法律法规及公司章程规定。 | | （2）列席公司董事会次数 | 列席 次，公 ...

Group 1 - The company, Rujing Technology (301525.SZ), has stated that it is not currently involved in the production of liquid cooling compressors and water pump products [1] - The company's main products include variable frequency drives and system controllers in the HVAC/R field, as well as drivers and controllers in the new energy vehicle thermal management system sector [1] - Additionally, the company produces servo drives and control systems, including servo drives and servo motors [1]

Group 1 - The core viewpoint of the news is that Rujing Technology (SZ 301525) is actively engaging with investors through a scheduled research meeting, indicating a focus on transparency and investor relations [1] - Rujing Technology's revenue composition for the year 2024 is entirely from power electronics, representing 100% of its business [2] - As of the latest report, Rujing Technology has a market capitalization of 8.2 billion yuan [2]

Group 1: Company Overview and Financial Performance - In the first half of 2025, the company achieved operating revenue of CNY 699.70 million, a year-on-year increase of 6.30% [1] - The net profit attributable to ordinary shareholders was CNY 103.58 million, reflecting a year-on-year growth of 10.76% [1] - Basic earnings per share reached CNY 1.10, with net profit excluding non-recurring gains and losses at CNY 88.61 million, up 14.20% year-on-year [1] Group 2: Business Segment Performance - HVAC/R segment revenue was CNY 421.85 million, down 3.98% due to macroeconomic slowdown and a downturn in the real estate market [2] - The heat pump business saw significant growth, with revenue increasing in the context of global energy transition and favorable government policies, contributing to a recovery in the air source heat pump market [2] - Revenue from the new energy vehicle thermal management sector reached CNY 260.15 million, a year-on-year increase of 28.18%, driven by rising penetration rates of new energy vehicles [2] Group 3: Strategic Initiatives and Future Growth Drivers - The company is strategically entering the data center thermal management and energy-saving technology sectors, focusing on high-efficiency variable frequency technology and optimizing energy efficiency curves [3] - In the HVAC/R sector, the company is expanding its product series and enhancing its global customer network, particularly in the heat pump market [4] - The company is also advancing its automation and robotics initiatives, investing in customized servo products to meet market demands [5] Group 4: Investment Projects and Cash Management - The "New Energy Vehicle Electronics and Intelligent Manufacturing Industrial Base" project is 80.94% complete and has commenced production, enhancing capacity to meet market demand [5] - The company plans to maintain a stable cash dividend policy, proposing a cash dividend of CNY 1 per 10 shares, totaling CNY 9.43 million for the first half of 2025 [5] - Future cash management will focus on supporting business development needs and expanding global market presence, particularly through the Thailand production base [5]

Core Viewpoint - Rujing Technology is leveraging its mature technology in servo drive and control systems to expand into the robotics sector, aiming to meet diverse market and customer needs [2] Company Technology and Development - 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 [2] - Rujing Technology is actively developing its product line in the robotics field to provide key components and solutions for downstream customers [2] Market Position and Financial Impact - The company's business in the robotics-related component sector is still in the investment phase, with some products having achieved sample delivery, but the revenue contribution remains small and has not significantly impacted overall company performance [2]

Core Viewpoint - Company has developed mature technology in servo drive and control systems, which can be extended to the robotics field [1] Group 1: Technology and Innovation - Company has accumulated a series of patents and software copyrights in core technology areas such as robotic servo drives, motion control, motor control, and circuit design [1] - Company is actively researching and expanding its product line in the robotics field to provide key components and solutions for downstream customers [1] Group 2: Market Position and Business Development - Company's business in the robotics-related component sector is still in the investment phase, with some products having achieved sample delivery, but revenue contribution remains small and has not significantly impacted overall performance [1]