Core Viewpoint - Tongrun Equipment is a significant player in the domestic photovoltaic inverter sector, showcasing strong technical capabilities and market competitiveness in inverter and energy storage products [1] Group 1: Business Performance - In Q3 2025, Tongrun Equipment reported revenue of 2.59 billion yuan, ranking 9th out of 82 in the industry, with the top competitor, CIMC, generating 117.06 billion yuan [2] - The revenue composition includes photovoltaic inverters at 933 million yuan (54.62%), tool cabinets at 468 million yuan (27.39%), electromechanical sheet metal products at 158 million yuan (9.27%), and energy storage products at 120 million yuan (7.03%) [2] - The net profit for the same period was 182 million yuan, placing the company 15th in the industry, with the leading company, CIMC, achieving 2.395 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 56.25%, slightly down from 56.93% year-on-year, which is higher than the industry average of 39.81% [3] - The gross profit margin for Q3 2025 was 29.47%, down from 31.73% year-on-year, but still above the industry average of 22.64% [3] Group 3: Management and Shareholder Information - The total compensation for General Manager Zhou Chengjun increased by 297,000 yuan, reaching 1.8854 million yuan in 2024, compared to 1.5884 million yuan in 2023 [4] - As of September 30, 2025, the number of A-share shareholders increased by 4.68% to 35,800, with an average holding of 10,000 circulating A-shares, a decrease of 4.47% [5] Group 4: Market Outlook and Ratings - Dongwu Securities forecasts that Tongrun Equipment will achieve a net profit of 137 million yuan in the first three quarters of 2025, a year-on-year increase of 27.26%, with expectations for continued high growth throughout the year [5] - CICC has initiated coverage on Tongrun Equipment with an "outperform industry" rating and a target price of 22.00 yuan, highlighting the dual business model of photovoltaic and metal products [6] - The company is focusing on high-profit overseas markets and maintaining market share in existing markets, with expected EPS of 0.83 and 1.13 yuan for 2025 and 2026, respectively [6]

公司控股子公司常熟市通润机电设备制造有限公司与常熟市通润开关厂有 限公司拟签署《工矿产品购销合同》，向其销售机电钣金制品的关联交易属于正 常经营行为，不会对公司的独立性产生影响。关联交易的价格按照客观、公平、 公正的原则协商确定，不存在损害公司及公司股东尤其是中小股东利益的情形。 因此，我们同意将该议案提交公司董事会审议，董事会审议本议案时，关联董事 应按规定回避表决。 江苏通润装备科技股份有限公司 独立董事：沈福鑫、钟刚、黄惠琴 2025 年2 月25 日 1 第八届董事会独立董事第七次专门会议审核意见 作为江苏通润装备科技股份有限公司（以下简称"公司"）的独立董事，根 据相关法律法规及公司《独立董事专门会议工作制度》《章程》等有关规定，对 公司第八届董事会第二十次会议审议的《关于向关联方销售产品暨关联交易的议 案》召开专门会议进行审核，发表审核意见如下： ...