1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The company has received multiple orders for marine engineering and chemical vessels since 2024 and is in active negotiation for several hot - project orders [28]. - The company is seizing the opportunity of AI development, integrating AI with existing industries, and has achieved some results in the intelligent and automated R & D and application of high - end equipment, with subsequent plans to increase R & D efforts [29]. - In 2024, the company's export sales accounted for 80.44%. It has established sales and after - sales service networks overseas and is actively expanding the high - end equipment business market [30]. - The company's daily business is affected by exchange rate fluctuations, but it has rich foreign exchange business experience and takes measures to reduce the impact, so the impact on performance is small [30]. - The company is building the "Tongzhou Bay Equipment Manufacturing Base Project" to expand high - end equipment production capacity, and it is expected to be gradually put into use in the second half of this year [30]. - Since the acquisition of Kalmar's port container crane business in 2022, the company's port machinery business has developed rapidly, with sufficient orders on hand and continuous improvement in production and sales scale [31]. - Considering factors such as 2024's profitability, future capital needs, industry conditions, and shareholder returns, the company increased its dividend in 2024 and plans to increase it further when conditions permit [31]. 3. Summary According to the Directory 3.1 Research Basic Situation - The research object is Runbang Co., Ltd., belonging to the special equipment industry. The reception time was May 29, 2025. The company's reception staff included the vice - president, the secretary of the board of directors, the representative of securities affairs, and the commissioner of securities affairs [17]. 3.2 Detailed Research Institutions - The research institutions included Bisheng Fund and Guoxin Asset Management. The relevant personnel were Liu Da from Bisheng Fund and Wu Wencheng from Guoxin Asset Management [21]. 3.3 Research Institution Proportion - The proportion of other types of institutions was 100% [27]. 3.4 Main Content Information - **Ship orders**: Since 2024, the company has received orders for various ships from countries and regions such as Germany, Singapore, and Latin America and is negotiating multiple hot - project orders [28]. - **High - end equipment technology development**: The company is integrating AI with existing industries, has achieved intelligent and automated R & D and application in some products, and has obtained relevant orders. It will further increase R & D efforts [29]. - **Overseas market layout**: In 2024, the export sales accounted for 80.44%. The company has established sales and after - sales service networks overseas and is expanding the high - end equipment business market [30]. - **Exchange rate impact**: The company's business is affected by exchange rate fluctuations, but it has measures to reduce the impact, so the impact on performance is small [30]. - **Tongzhou Bay base**: The company is building the "Tongzhou Bay Equipment Manufacturing Base Project" to expand high - end equipment production capacity, which is expected to be gradually put into use in the second half of this year [30]. - **Port machinery orders**: Since the acquisition of Kalmar's business in 2022, the port machinery business has developed rapidly, with sufficient orders on hand and continuous improvement in production and sales scale [31]. - **Dividend increase**: Considering multiple factors, the company increased its dividend in 2024 and plans to increase it further when conditions permit [31].