Core Viewpoint - Hongrun Construction Group is actively engaging with institutional investors to discuss its business status and development plans, highlighting its focus on stable cash flow from infrastructure projects rather than high profit margins [1] Business Status and Profit Levels - Hongrun Construction's urban infrastructure business is primarily concentrated in the Yangtze River Delta region, maintaining stable revenue through continuous order acquisition, emphasizing cash flow stability over high profit margins [2] - The real estate sector is currently in a phase of inventory reduction, with net profit in the first half of the year declining compared to 2024 due to the impact of land value-added tax settlements [2] New Energy Business - The new energy segment has turned profitable, with a net profit of 52 million yuan in the first half of 2025, recovering from losses in 2024, driven by stable component prices and contributions from photovoltaic EPC projects [3] - The company anticipates an annual component output of 2 to 2.5 GW, primarily through ODM, with cash flow expected to balance despite potential depreciation impacts [3] - Hongrun Construction has established strong partnerships with state-owned enterprises, allowing for further expansion in the new energy sector [3] Multi-Project Investment Returns - The company is benefiting from multiple projects, including an 80 MW photovoltaic power station in Qinghai and the Hangzhou-Shaoxing-Taihu high-speed rail project, which is expected to enhance profitability as train operations increase [4] Strategic Layout - The strategic plan of Hongrun Construction is centered around "Construction + New Energy + Technology," with a focus on integrating technology into its operations [5] - The company is actively involved in the robotics sector, leveraging its experience in joint research and development of shield tunneling robots [5] Capital Structure Optimization - In response to relaxed financing policies for real estate companies, Hongrun Construction successfully raised 500 million yuan through a private placement, optimizing its capital structure and enhancing its financing capabilities [6] - The company is involved in projects like the Ningbo Zhongxing Bridge, where it holds a 70% investment share, ensuring stable returns as the project enters the government buyback phase [6]

证券代码：002062 证券简称：宏润建设 5、公司发展战略规划为"建筑+新能源+科技"，请介绍 科技业务的布局和发展情况。 公司作为浙江民营企业，有着深厚的实业情怀，同时积极 践行新质生产力发展，助力企业产业转型升级。机器人行业作 为新质生产力的代表正处于量产前期投入阶段，合作方需要资 金、应用场景和生产落地能力。作为高新技术上市企业，公司 不仅拥有盾构换刀机器人联合研发经验和技术储备，更有工程 应用场景和产业基地资源，合作契合度较高。 6、公司去年出于哪些考量在货币资金充足的情况下定增 5 亿元？ 公司经营管理扎实，重视现金流管控。2022 年随着涉房企 业融资政策的放开，公司抓住机遇筹划定增事宜，成功完成向 特定对象发行 5 亿元。公司借助本次定增完成资本市场亮相， 打通融资路径，优化资产结构。 宏润建设集团股份有限公司投资者关系活动记录表 编号：2025-04 | 投资者关系 | ■特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参 ...

Core Viewpoint - China State Construction Engineering Corporation's Second Engineering Bureau (CSCEC II) is experiencing order growth in the shield tunneling machine sector despite a saturated domestic infrastructure market, primarily due to its focus on remanufacturing idle shield machines and technological innovation [1][2]. Group 1: Market Context - The construction market in China is transitioning from an incremental to a stock-based era, leading to a decrease in demand for new shield machines, with over 4,000 machines already in operation and an annual demand of about 700 new machines [2]. - There are over 1,500 idle or outdated shield machines in China that could be upgraded and reused, presenting a significant opportunity for remanufacturing [2][3]. Group 2: Technological Innovation - CSCEC II has implemented advanced engineering redesign and remanufacturing technologies to revitalize old or inefficient shield machines, effectively completing over 20 remanufacturing projects within three years [5]. - The remanufacturing process includes significant technical upgrades, such as converting control systems and enhancing automation, exemplified by the introduction of an industrial-grade shield cutter change robot that improves efficiency and reduces labor dependency [6][7]. Group 3: Operational Efficiency - The shield base in Changzhou, Jiangsu, is designed to handle 8-10 remanufacturing and maintenance tasks simultaneously, optimizing resource utilization and cost control [2][3]. - The strategic location of the base allows for reduced transportation costs, facilitating operations across a 200-kilometer radius, which includes major cities like Nanjing and Ningbo [3]. Group 4: Customization and Adaptability - The remanufacturing capabilities of CSCEC II allow for significant customization of shield machines, enabling modifications within a one-meter range to meet specific geological requirements [4]. - The company has successfully upgraded a large shield machine, increasing its diameter by 0.85 meters while reusing many original components, demonstrating a commitment to sustainability and cost-effectiveness [5]. Group 5: Future Prospects - CSCEC II is collaborating with Shanghai University to establish a research base focused on shield tunneling technology, aiming to integrate smart technologies and expand applications into mining, energy, and water conservancy sectors [7].