Workflow
恒润股份上半年营收同比增长223.44% “风电+算力”双主业发力

Core Viewpoint - Hengrun Co., Ltd. reported significant growth in its financial performance for the first half of 2025, driven by the recovery in the wind power sector and the substantial contribution from its computing power business [1][2]. Financial Performance - The company achieved operating revenue of 2.073 billion yuan, representing a year-on-year increase of 223.44% [1]. - The net profit attributable to shareholders was 40.1665 million yuan, marking a turnaround from losses in the previous year [1]. - The gross profit margin improved to 8.21%, showing significant year-on-year enhancement [2]. Wind Power Sector - The recovery in the wind power sector led to increased orders and sales margins, with full subsidiaries significantly improving capacity utilization, thereby reducing unit production costs [2]. - The company focused on high-value-added products, with new products like large megawatt flanges and main shaft bearings entering mass production and gradually contributing to performance [2]. - According to CICC's research, the wind power sector is on the verge of a profitability reversal, with market expectations for improved competition dynamics and profitability in the coming quarters [2]. Computing Power Business - Hengrun has established a dual-driven business model of "wind power + computing power," with its subsidiary Shanghai Runliuchu returning to normal operations since the second half of 2024 [3]. - In the first half of 2025, Shanghai Runliuchu achieved operating revenue of 1.039 billion yuan and a net profit of 22.4573 million yuan, showing substantial growth compared to the previous year [3]. - Longcheng Securities highlighted the increasing demand for computing power driven by advancements in AI models and chip performance, indicating ongoing investment opportunities in the computing power sector [3]. Research and Development - The company has intensified its R&D efforts, aligning with its goal of turning losses into profits, and has implemented five key measures to enhance sales and profits [4]. - R&D investment totaled 41.8965 million yuan, a year-on-year increase of 62.51% [4]. - The company has transitioned from "static" forging to "dynamic" deep processing in the wind power bearing sector, supporting major domestic manufacturers [4]. Industry Outlook - The Global Wind Energy Council (GWEC) predicts that global wind power installed capacity will reach 138 GW in 2025, with a compound annual growth rate of 8.8% from 2025 to 2030, indicating ongoing benefits for the wind power industry [4]. - Shanghai Runliuchu is actively collaborating with leading computing power server manufacturers to support the national computing power network layout, in line with the country's digital economy strategy [5].