9月25日，瑞纳智能涨1.37%，成交额1.05亿元。两融数据显示，当日瑞纳智能获融资买入额908.34万 元，融资偿还1164.21万元，融资净买入-255.87万元。截至9月25日，瑞纳智能融资融券余额合计 7222.82万元。 截至6月30日，瑞纳智能股东户数9049.00，较上期增加0.81%；人均流通股3993股，较上期减少0.20%。 2025年1月-6月，瑞纳智能实现营业收入9258.67万元，同比增长27.20%；归母净利润-692.87万元，同比 增长59.63%。 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6月30日，瑞纳智能十大流通股东中，国寿安保智慧生活股票A（001672） 位居第三大流通股东，持股141.95万股，持股数量较上期不变。 责任编辑：小浪快报 融资方面，瑞纳智能当日融资买入908.34万元。当前融资余额7222.82万元，占流通市值的5.36%，融资 余额超过近一年90%分位水平，处于高位。 融券方面，瑞纳智能9月25日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券 ...

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]

截至6月30日，瑞纳智能股东户数9049.00，较上期增加0.81%；人均流通股3993股，较上期减少0.20%。 2025年1月-6月，瑞纳智能实现营业收入9258.67万元，同比增长27.20%；归母净利润-692.87万元，同比 增长59.63%。 分红方面，瑞纳智能A股上市后累计派现1.54亿元。近三年，累计派现1.03亿元。 机构持仓方面，截止2025年6月30日，瑞纳智能十大流通股东中，国寿安保智慧生活股票A（001672） 位居第三大流通股东，持股141.95万股，持股数量较上期不变。 责任编辑：小浪快报 9月15日，瑞纳智能跌2.58%，成交额1.73亿元。两融数据显示，当日瑞纳智能获融资买入额1690.22万 元，融资偿还1245.97万元，融资净买入444.26万元。截至9月15日，瑞纳智能融资融券余额合计6604.40 万元。 融资方面，瑞纳智能当日融资买入1690.22万元。当前融资余额6604.40万元，占流通市值的4.80%，融 资余额超过近一年80%分位水平，处于高位。 融券方面，瑞纳智能9月15日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融 ...

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].