11月12日，瑞纳智能跌0.04%，成交额4013.73万元。两融数据显示，当日瑞纳智能获融资买入额510.04 万元，融资偿还584.00万元，融资净买入-73.96万元。截至11月12日，瑞纳智能融资融券余额合计 6254.50万元。 融资方面，瑞纳智能当日融资买入510.04万元。当前融资余额6254.50万元，占流通市值的1.81%，融资 余额低于近一年50%分位水平，处于较低位。 截至9月30日，瑞纳智能股东户数1.18万，较上期增加30.77%；人均流通股3157股，较上期减少 20.94%。2025年1月-9月，瑞纳智能实现营业收入1.38亿元，同比增长40.32%；归母净利润-4656.16万 元，同比减少18.95%。 分红方面，瑞纳智能A股上市后累计派现1.64亿元。近三年，累计派现1.13亿元。 机构持仓方面，截止2025年9月30日，瑞纳智能十大流通股东中，华泰柏瑞价值增长混合A（460005） 位居第六大流通股东，持股29.41万股，为新进股东。国寿安保智慧生活股票A（001672）退出十大流通 股东之列。 责任编辑：小浪快报 融券方面，瑞纳智能11月12日融券偿还0.00股，融券卖 ...

Group 1 - The core business of Ruina Intelligent Equipment Co., Ltd. focuses on intelligent research and application of heating core products, full information metering data production and management, internet big data system construction, smart platform services, and AI intelligent data application services, positioning itself as a one-stop low-carbon smart heating solution provider in China [2] - As of June 30, 2025, Ruina Intelligent reported a revenue of 92.59 million yuan, representing a year-on-year growth of 27.20%, while the net profit attributable to shareholders was -6.93 million yuan, showing a year-on-year increase of 59.63% [2] - The company has distributed a total of 164 million yuan in dividends since its A-share listing, with 113 million yuan distributed over the past three years [3] Group 2 - On October 24, Ruina Intelligent's stock price increased by 1.06%, with a trading volume of 34.91 million yuan, while the net financing buy was -3.30 million yuan, indicating a net outflow in financing [1] - The financing balance of Ruina Intelligent as of October 24 was 52.35 million yuan, accounting for 4.14% of its market capitalization, which is below the 20th percentile level over the past year, indicating a low financing level [1] - The company had no short selling activity on October 24, with a short selling balance of 0 yuan, which is above the 80th percentile level over the past year, indicating a high level of short selling availability [1]

Core Insights - The stock of Ruina Intelligent increased by 1.37% on September 25, with a trading volume of 105 million yuan [1] - The company reported a financing buy-in amount of 9.08 million yuan and a net financing buy-in of -2.56 million yuan on the same day [1] - As of September 25, the total financing and securities lending balance for Ruina Intelligent was 72.23 million yuan, accounting for 5.36% of its market capitalization [1] Financing Summary - On September 25, Ruina Intelligent had a financing buy-in of 9.08 million yuan, with a financing balance of 72.23 million yuan, which is above the 90th percentile level over the past year [1] - The company had no securities lending activity on September 25, with a securities lending balance of 0.00 yuan, indicating a high level of inactivity in this area [1] Company Overview - Ruina Intelligent Equipment Co., Ltd. was established on April 9, 2008, and went public on November 2, 2021 [2] - The company specializes in intelligent research and application of heating core products, data management, and AI data application services, positioning itself as a one-stop low-carbon smart heating solution provider in China [2] - The revenue composition includes 79.59% from energy-saving services, 17.01% from product sales, and 3.19% from system engineering [2] Financial Performance - For the first half of 2025, Ruina Intelligent achieved a revenue of 92.59 million yuan, representing a year-on-year growth of 27.20% [2] - The net profit attributable to the parent company was -6.93 million yuan, showing a year-on-year increase of 59.63% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Ruina Intelligent was 9,049, an increase of 0.81% from the previous period [2] - The average circulating shares per person decreased by 0.20% to 3,993 shares [2] Dividend Information - Ruina Intelligent has distributed a total of 164 million yuan in dividends since its A-share listing, with 113 million yuan distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, China Life Asset Management's Wisdom Life Stock A was the third-largest circulating shareholder, holding 1.42 million shares, unchanged from the previous period [3]

Group 1 - The core business of Ruina Intelligent Equipment Co., Ltd. focuses on intelligent research and application of heating core products, full information metering data production and management, internet big data system construction, smart platform services, and AI intelligent data application services, positioning itself as a one-stop low-carbon smart heating solution provider in China [2] - As of June 30, 2025, Ruina Intelligent reported a revenue of 92.59 million yuan, representing a year-on-year growth of 27.20%, while the net profit attributable to shareholders was -6.93 million yuan, showing a year-on-year increase of 59.63% [2] - The company has distributed a total of 164 million yuan in dividends since its A-share listing, with 113 million yuan distributed over the past three years [3] Group 2 - On September 19, Ruina Intelligent's stock price fell by 3.33%, with a trading volume of 132 million yuan, and the net financing buy was -2.24 million yuan [1] - The financing balance of Ruina Intelligent as of September 19 was 75.61 million yuan, accounting for 5.72% of its market capitalization, which is above the 90th percentile level over the past year [1] - The company had no short selling activity on September 19, with a short selling balance of 0.00 yuan, indicating a high level of short selling availability compared to the 70th percentile level over the past year [1]

Core Viewpoint - 瑞纳智能's stock experienced a decline of 2.58% on September 15, with a trading volume of 173 million yuan, indicating market volatility and investor sentiment towards the company [1]. Financing Summary - On September 15, 瑞纳智能 had a financing buy-in amount of 16.90 million yuan, with a net financing purchase of 4.44 million yuan after 12.46 million yuan in financing repayments [1]. - The total financing and securities balance for 瑞纳智能 reached 66.04 million yuan, accounting for 4.80% of its market capitalization, which is above the 80th percentile of the past year, indicating a high level of financing activity [1]. - In terms of securities lending, 瑞纳智能 had no shares sold or repaid on September 15, with a securities lending balance of 0.00 yuan, also reflecting a high position relative to the past year [1]. Company Overview - 瑞纳智能, established on April 9, 2008, and listed on November 2, 2021, is based in Anhui and specializes in intelligent research and application of heating core products and equipment, as well as providing comprehensive low-carbon smart heating solutions [2]. - The company's revenue composition includes 79.59% from energy-saving services, 17.01% from energy-saving product sales, 3.19% from energy-saving system engineering, and 0.21% from other sources [2]. - As of June 30, 2025, 瑞纳智能 reported a revenue of 92.59 million yuan, reflecting a year-on-year growth of 27.20%, while the net profit attributable to shareholders was -6.93 million yuan, showing a significant year-on-year improvement of 59.63% [2]. Dividend Information - Since its A-share listing, 瑞纳智能 has distributed a total of 154 million yuan in dividends, with 103 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, 瑞纳智能 had 9,049 shareholders, a slight increase of 0.81% from the previous period, with an average of 3,993 circulating shares per person, a decrease of 0.20% [2][3].

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 35.63 CNY per share, compared to the current price of 25.62 CNY [1]. Core Insights - The company is positioned as a leading player in the smart heating sector, leveraging platformization and AI algorithms to enhance its growth trajectory. The acceleration of EMC model deployment, EPC project deliveries, and initial developments in silicon carbide business are expected to strengthen the company's growth logic [1][2]. Financial Summary - The company’s total revenue is projected to grow from 428 million CNY in 2024 to 678 million CNY in 2025, reflecting a year-on-year increase of 58.4%. Net profit is expected to rise from 77 million CNY in 2024 to 162 million CNY in 2025, marking a significant growth of 110.6% [3][6]. - The earnings per share (EPS) is forecasted to increase from 0.56 CNY in 2024 to 1.19 CNY in 2025, with a net asset return rate projected to reach 8.7% in 2025 [3][6]. Revenue and Profitability Forecast - The core business of heating energy-saving system engineering is expected to generate revenue of 1.26 billion CNY in 2024, with anticipated growth rates of 100%, 30%, and 20% for the years 2025 to 2027, respectively [10]. - The intelligent modular heat exchange unit business is projected to achieve revenues of 0.76 billion CNY in 2024, with growth rates of 30%, 20%, and 15% for the subsequent years [11]. - The software business is expected to see a dramatic increase in revenue from 0.17 billion CNY in 2024 to 1.02 billion CNY in 2025, reflecting a growth rate of 500% [12]. Strategic Development - The company has established a comprehensive smart heating business system that integrates delivery and operation, focusing on energy-saving solutions and system upgrades. The low-carbon smart heating solution exemplifies the company's capabilities in system integration [24][26]. - The company is transitioning from a project-based delivery model to a more productized and standardized approach, enhancing its market resilience [30][31]. Competitive Positioning - The company maintains a high gross margin, consistently above 55%, with a gross margin of 59.69% in 2024, significantly higher than its peers [34]. - The company’s R&D expenditure reached 0.74 billion CNY in 2024, reflecting a commitment to technological advancement and competitive positioning in the market [36].