8月24日，国瑞科技(300600)披露2025年半年度报告，一组关键财务指标引起市场关注：公司资产负债 率降至14.36%，较年初再降3.96个百分点，刷新多年来最低纪录;与此同时，巴克莱、高盛、摩根士丹 利等全球顶级机构在二季度集体开仓，个中意味令人深思。在业内人士看来，负债端「轻装上阵」，加 上顶级外资的背书，或许意味着国瑞科技正走出至暗时刻，并逐步打开新的成长空间。 资产负债率创多年来新低 业绩数据显示，截至2025年6月30日，国瑞科技总资产达14.41亿元，较去年末大增17.24%;净资产12.33 亿元，较去年末大增22.99%;资产负债率14.36%，较去年末下降3.96个百分点，创出2019年来新低。 顶级外资「抱团」开仓 值得注意的是，前十大股东名单中出现了巴克莱银行、摩根士丹利、高盛等国际知名机构的身影，且均 为新进开仓。其中，巴克莱银行持有238万股，高盛持有143万股，摩根士丹利持有132万股，三家合计 持股513万股，持股比例1.75%。此外，中金公司持股129.54万股，持股比例0.44%。 在业内人士看来，顶级外资「抱团」开仓背后，是对公司财务风险出清的确认，也是对船舶电气赛道 ...

（原标题：国瑞科技：资产负债率创多年来新低，顶级外资"抱团"建仓） 值得一提的是，公司资产负债表"轻盈而干净"：利息收入大于支出，表明公司账面现金充裕，成为一 家"净现金公司"。 顶级外资"抱团"建仓 值得注意的是，前十大股东名单中出现了巴克莱银行、摩根士丹利、高盛等国际知名机构的身影，且均 为新进建仓。其中，巴克莱银行持有238万股，高盛持有143万股，摩根士丹利持有132万股，三家合计 持股513万股，持股比例1.75%。此外，中金公司持股129.54万股，持股比例0.44%。 在业内人士看来，顶级外资"抱团"建仓背后，是对公司财务风险出清的确认，也是对船舶电气赛道长期 价值的押注。 首先，船舶行业大周期景气持续向上，中国在本轮周期中最为受益，从订单量、造船交付量、新签船舶 订单、完工量等指标来看，中国已经成为全球第一大船舶制造国。国瑞科技是A股市场上稀缺的船舶电 气标的，有望深度受益本轮行情。公司主要产品包括船舶配电系统及船舶机舱自动化系统等。公司致力 于创建受社会尊敬、让员工自豪、中国最具竞争力的国际一流的海事电气、自动化产品和系统解决方案 提供商。 大股东背景也让投资者对国瑞科技未来发展充满期待。公 ...

Core Viewpoint - The company, Guorui Technology, is under scrutiny due to investor lawsuits related to false statements, with a total estimated compensation liability of 7.76 million yuan [1][2][4]. Financial Reporting and Legal Issues - The company received an inquiry letter from the Shenzhen Stock Exchange regarding its annual report, highlighting the issuance of an audit report with an emphasis on matters for 2023 and a standard unqualified opinion for 2024 [1][5]. - As of May 20, 2025, there are five lawsuits filed against the company in Suzhou Intermediate People's Court, with a total involved amount of 82,506.32 yuan, of which two cases have been withdrawn [4][12]. - The company has adequately recognized estimated liabilities related to investor claims and disclosed relevant progress in its 2024 annual report [2][4][12]. Compliance with Regulations - The company has conducted a self-assessment against the Shenzhen Stock Exchange's rules and confirmed compliance with the conditions for lifting the risk warning [5][11]. - The company has corrected prior accounting errors as per the administrative penalty decision from the China Securities Regulatory Commission (CSRC) and has restated financial reports for 2020 to 2023 [11][12]. Business Performance and Market Position - The company reported a revenue of 277.55 million yuan for the reporting period, a year-on-year increase of 41.49%, but a net loss of 38.07 million yuan, a decrease of 64.56% compared to the previous year [18][20]. - The company operates in a competitive environment, facing pressure from low-price competition and rising costs, particularly in the high-end ship equipment and new energy sectors [18][20]. - The company is focusing on expanding its market share and exploring new business areas, including nuclear power and wind energy, while increasing R&D investment by 40.55% compared to the previous year [18][20][21]. Financial Health and Future Outlook - The company maintains a solid capital structure with a debt ratio of 18.32%, indicating low financial leverage and strong short-term solvency [19][20]. - The company aims to improve profitability through market expansion and technological advancements, with a focus on high-quality products and strategic partnerships [20][21].

Group 1: Financial Performance - R&D investment focuses on new energy ships, film capacitors, and intelligent equipment, contributing to a 41.49% revenue growth in 2024, reaching CNY 278 million [2][3] - The gross margin for the ship power distribution system increased by 2.03%, while the gross margin for the engine room automation system decreased by 10.75% due to product structure and cost changes [3][4] Group 2: Market Strategy and Development - The company is actively pursuing the new energy ship industry, enhancing power system technology, and expanding application scenarios to provide comprehensive solutions [3][4] - Plans to expand production capacity by targeting traditional business growth and penetrating mid-market segments in oil, gas, and bulk carriers [4] Group 3: Corporate Governance and Investor Relations - The company is working on a plan to lift risk warnings by addressing prior accounting errors and will apply for removal after 12 months from the administrative penalty decision [3][4] - Emphasis on market value maintenance and enhancing investor confidence through effective management and increased returns [4] Group 4: Future Outlook - The company anticipates revenue contributions from nuclear power and wind power converter businesses in 2025, contingent on customer demand and competition [3] - The company is committed to leveraging its technological advantages in DC circuit breakers and intelligent engine room systems to capture market share [4]