Core Viewpoint - Company is actively expanding into the robotics sector, leveraging its mature technology in servo drives and control systems [2] Group 1: Company Technology and Capabilities - Company has developed a series of patented technologies and software copyrights in core areas such as servo drive, motion control, motor control, and circuit design [2] - The company possesses strong application development capabilities, which support its entry into the robotics field [2] Group 2: Business Development in Robotics - Company is in the investment phase for its robotics-related components, with some products already delivered as samples, although revenue contribution remains small [2] - The company aims to provide key components and solutions to meet differentiated market and customer demands in the robotics sector [2]

Group 1 - The company is continuously advancing technological innovation and product upgrades [1] - The company is actively expanding both domestic and international markets [1] - The company is optimizing its product structure and extending its product matrix [1] Group 2 - The company is accelerating its industrial layout in emerging fields [1] - The company aims to continuously enhance its operating performance and corporate value [1]

Core Viewpoint - Rujing Technology emphasizes its commitment to innovation and research-driven development in the field of power electronics and motor control technology [2] Group 1: Technology and Innovation - The company has successfully developed three major technology areas: motor control, power control, and system control technology [2] - Rujing Technology focuses on continuous R&D investment to enhance its innovation capabilities and accelerate the iteration and upgrade of core technologies and products [2] - The company has established a robust R&D platform to support its technological advancements [2]

Core Viewpoint - The company reported a revenue of 700 million yuan for 1H25, reflecting a year-on-year increase of 6.3%, and a net profit attributable to shareholders of 104 million yuan, corresponding to an earnings per share of 0.99 yuan, which is a year-on-year increase of 10.76% [1] Financial Performance - In 2Q25, the company achieved a revenue of 349 million yuan, a decrease of 4.29% year-on-year, with a net profit of 51 million yuan, an increase of 0.68% year-on-year, primarily due to factory relocation impacting overall performance [1][3] - The gross margin for 2Q25 was approximately 27.5%, an increase of 5.9 percentage points year-on-year and 1.7 percentage points quarter-on-quarter, attributed to an improved product mix and higher margins in the heat pump and automotive businesses [3] Business Segments - The automotive business continued to grow significantly, while the HVAC (heating, ventilation, and air conditioning) business experienced a slight decline. For 1H25, the revenue from HVAC and automotive segments was 422 million yuan and 260 million yuan, respectively, with year-on-year changes of -3.98% and +28.18% [2] - The HVAC segment faced challenges due to a slowdown in overall terminal demand, but the heat pump business showed sustained high growth. The company is also expanding into energy-saving solutions for data centers [2] - The automotive segment is enhancing its product offerings and has completed the construction of a new production base for electric vehicle electronics and smart manufacturing, expected to drive continued revenue growth [2] Future Outlook - The company anticipates a return to growth following the completion of the factory relocation, with expectations of sequential improvement in performance [3] - Due to the impact of the factory relocation on 2Q25, the net profit forecast for 2025 has been adjusted down by 12% to 207 million yuan, while the 2026 net profit forecast has been raised by 14% to 324 million yuan, reflecting positive contributions from the data center and automotive businesses [4] - The current stock price corresponds to a price-to-earnings ratio of 42.4x for 2025 and 27.1x for 2026, with a target price increase of 25% to 100 yuan, indicating a potential upside of 7.5% compared to the current stock price [4]

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 元/股，保荐机构为海通证券股份有限公司，保荐代表人为宋轩宇、郑瑜。 上市首日，儒竞科技创下最高价144.00元，为该股上市以来最高价。 中国经济网北京9月1日讯儒竞科技（301525）(301525.SZ)今日股价下跌，截至收盘报89.26元，跌幅 4.00%。该股目前处于破发状态。 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 ...

机械设备/通用设备 儒竞科技（301525.SZ） 数据中心热管理及新能源车底盘控制系统有望贡献 2025 年 08 月 29 日 新增长 投资评级：买入（维持） | 日期 | 2025/8/28 | | --- | --- | | 当前股价(元) | 94.71 | | 一年最高最低(元) | 113.98/41.78 | | 总市值(亿元) | 89.32 | | 流通市值(亿元) | 46.79 | | 总股本(亿股) | 0.94 | | 流通股本(亿股) | 0.49 | | 近 3 个月换手率(%) | 225.29 | 股价走势图 -50% 0% 50% 100% 150% 200% 2024-08 2024-12 2025-04 儒竞科技 沪深300 数据来源：聚源 相关研究报告 《欧洲热泵有望持续回暖，汽车热管 理成新增长点—公司信息更新报告》 -2025.4.27 《欧州库存降至低位，热泵控制器有 望持续回暖 —公司信息更新报告》 -2024.10.29 《儒竞科技深度 2：欧洲热泵去库或告 一段落，数据中心风机变频控制器打 开商用空调增量—公司深度报告》 -2024.9.6 | 殷晟路（ ...

Core Insights - The company, Rujing Technology (301525.SZ), reported a revenue of 700 million yuan for the first half of 2025, representing a year-on-year growth of 6.30% [1] - The net profit attributable to shareholders of the listed company was 104 million yuan, showing a year-on-year increase of 10.76% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 88.6131 million yuan, reflecting a year-on-year growth of 14.20% [1] - The basic earnings per share stood at 1.1 yuan [1]

上海儒竞科技股份有限公司（以下简称"公司"）于 2025 年 6 月 24 日实施 完成 2024 年年度权益分派方案（每 10 股派发现金红利 3.5 元（含税））。根据 公司《2024 年限制性股票激励计划（草案）》（以下简称"《激励计划（草案）》" 或"本激励计划"）的规定及 2023 年年度股东大会的授权，公司于 2025 年 8 月 26 日召开第二届董事会第九次会议和第二届监事会第九次会议，审议通过了 《关于调整 2024 年限制性股票激励计划授予价格的议案》，公司 2024 年限制性 股票激励计划授予价格由38.50元/股调整为38.15元/股。现将具体情况公告如下： 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 上海儒竞科技股份有限公司 关于调整 2024 年限制性股票激励计划授予价格的公告 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。 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》 ...

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

上海儒竞科技股份有限公司 董事会议事规则 二〇二五年八月 上海儒竞科技股份有限公司 董事会议事规则 上海儒竞科技股份有限公司 董事会议事规则 第一章 总则 第一条 为进一步规范上海儒竞科技股份有限公司（以下简称"本公司"或 "公司"）董事会的议事方式和决策程序，促使董事和董事会有效履行其职责， 提高董事会规范运作和科学决策水平，根据《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》《上市公司治理准则》《深圳证券交 易所创业板股票上市规则》（以下简称"《创业板上市规则》"）、《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》（以下简称"《创业 板上市公司规范运作》"）和《上海儒竞科技股份有限公司章程》（以下简称"《公 司章程》"）等有关规定，制订本规则。 第二条 公司设董事会，对股东会负责。 第三条 公司董事会由 5 名董事组成，其中包括 2 名独立董事、1 名职工代 表董事。 第五条 董事会应认真履行有关法律、行政法规和《公司章程》规定的职责， 确保公司遵守法律、行政法规和《公司章程》的规定，公平对待所有股东，并关 注其他利益相关者的合法权益。 第二章 董 ...