Group 1: Research Basic Information - The research object is Ruina Intelligent, belonging to the instrument and meter industry, with a reception time of July 4, 2025. The listed company's reception staff includes Director, Chief Financial Officer, and Board Secretary Chen Zhaohui, and Securities Affairs Representative Jiang Chengquan [16] Group 2: Detailed Research Institutions - The research institutions include Xinhua Fund (fund management company, represented by Zhang Shuai), CITIC Asset Management (asset management company, represented by Zhang Liqi), Chang'an Fund (fund management company, represented by Zhang Yunkai), Huisheng Fund (fund management company, represented by Huang Jing), and Guotai Haitong (securities company, represented by Yang Lin, Song Liang, and Zhong Minghan) [17] Group 3: Main Content AI Intelligent Heating System - The company's AI intelligent heating system integrates technologies such as "big data + cloud computing + AI model + hydraulic simulation + digital twin". It can adjust the secondary - side hydraulic balance through AI algorithms and building heating models, achieving load peak shaving and reducing heating energy consumption. The system consists of several subsystems and can achieve functions like accurate load prediction, intelligent scheduling control, etc. It can reduce heat consumption and carbon emissions by 10% - 30% and electricity consumption by 30% - 50% [22] Contract Energy Management Projects - Multiple contract energy management projects signed last year passed third - party audits in the first half of this year, indicating significant energy - saving effects. These projects help improve the company's performance and build a good brand reputation [22] Regional Expansion - The company continues to deepen cooperation in traditional strong markets like Shandong and focuses on potential regions such as the Northwest and North China to capture project opportunities [23][24] High Gross Margin - The company's high comprehensive gross margin is due to high R & D investment, self - production of most products, a direct sales model, and a one - stop intelligent heating solution [24] Industry Policy - The government continues to promote urban renewal and infrastructure construction. Since 2024, relevant policies have promoted the transformation of the heating industry from traditional to AI - intelligent heating [24]

Group 1: AI Smart Heating System - The AI smart heating system integrates "big data + cloud computing + AI modeling + hydraulic simulation + digital twin" technologies, enabling precise load forecasting and intelligent scheduling control, which can reduce heat consumption and carbon emissions by 10%-30% and electricity consumption by 30%-50% [1] - The system includes several subsystems such as a central control platform, heat network monitoring system, room temperature analysis system, and energy consumption analysis system, covering all aspects of heating operation management [1] Group 2: Contract Energy Management Projects - Multiple contract energy management projects signed last year have been audited by a third party in the first half of this year, demonstrating significant energy-saving effects through the AI smart heating system [2] - The successful implementation of these projects enhances the company's performance and builds a positive brand reputation [2] Group 3: Regional Expansion Strategy - The company continues to deepen its presence in traditional markets like Shandong while focusing on potential regions such as Northwest and North China, leveraging technical expertise and service systems to capture project opportunities [3] - The aim is to actively explore the market through technological innovation and professional services, ultimately rewarding investors with better performance [3] Group 4: High Gross Margin Reasons - The high gross margin is attributed to sustained R&D investment creating technological barriers, resulting in high added value and strong pricing power for products [4] - Most products are self-manufactured, effectively lowering production costs, and a direct sales model to state-owned heating companies reduces intermediaries, further enhancing profit margins [4] Group 5: Industry Policy Changes - Recent government reports emphasize urban renewal and infrastructure improvements, providing strong momentum for the smart heating industry [5] - Policies since 2024 have promoted the transition from traditional heating models to AI smart heating solutions, with the company focusing on integrating IoT, big data, and AI technologies to lead the industry towards low-carbon, green, and intelligent development [5]