证券代码：002929 证券简称：润建股份 润建股份有限公司投资者关系活动记录表 编号：20250901 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □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 | | | 参与单位名称 | 网上平台"全景•路演天下"参与润建股份 2025 年半年度报 | | | 告网上业绩说明会的广大投资者 | | 时间 | 2025.9.1（15:00-17:00） | | 地点 | "全景•路演天下"（http://rs.p5w.net） | | 上市公司接待 | 副董事长、总经理许文杰，董事、董事会秘书罗剑涛，财务 | | 人员姓名 | 总监黄宇，独立董事黄维干 | | | Q1：和阿里在算力上有什么合作吗？ | | | 答：您好，公司与其在 AI 应用、算力等多个领域开展了业务合 | | | 作，业务拓展持续进行中，具体情况请关注公司公告或公众号，谢谢！ | | | Q2：目前公司和阿里巴巴有哪些合作，未来还会新增哪些 | | 投资者 | 答：您好，公司与其在 AI 应 ...

Financial Performance - In the first half of 2025, the company reported a total revenue of 46.204 million yuan, a year-on-year decrease of 68.28% [1] - The net profit attributable to the parent company was -36.7945 million yuan, indicating a reduction in losses by 21.73% compared to the previous year [1][2] Strategic Measures - To address the financial challenges, the company is implementing several strategies: - Disposing of certain subsidiary assets to improve liquidity [2] - Expanding into new business lines, such as photovoltaic EPC project construction [1] - Actively participating in bidding activities to explore new markets [1] - Communicating with creditors to reduce default and litigation costs [1] - Investigating projects to prepare for attracting new strategic investors [1] Industry Context - The company supports the national call to combat "internal competition" in the photovoltaic industry by refusing low-price bids and reducing production [2] - The overall industry is experiencing losses, but the company has seen some improvement in its operational situation [2] Major Contracts - The company announced a significant contract for the Anshun photovoltaic EPC project, with a total contract value of 1.125 billion yuan [3] - The impact of this contract on the company's financial status and operational results remains uncertain and will be assessed in the audited financial report for 2025 [3] Core Competencies - The company has established a strong foundation in the photovoltaic industry with several competitive advantages: - Continuous innovation in R&D, focusing on HJT and perovskite technologies, and collaboration with major research institutions [4] - Robust production capabilities with two major production bases designed for a total capacity of 4GW [4] - A reliable product series, including the "QianYao" and "Humpback Whale" series, designed for various applications [4] Quality Control - The company has implemented a comprehensive quality management system, ensuring strict quality control throughout the product lifecycle [5][6] - It offers a 25-year product warranty and a 30-year power output warranty for its photovoltaic products [6]

Group 1: Financial Performance - The company achieved a revenue of 1.00 billion in the first half of 2025, representing a year-on-year growth of 124.68% [2] - The net profit attributable to shareholders for the second quarter of 2025 was 0.17 billion, marking a return to profitability [2] - The total number of pigs sold in the first half of 2025 reached 259.36 thousand, a year-on-year increase of 37.75% [2] Group 2: Business Operations - The company’s fat pig sales reached 246.61 thousand, with a year-on-year growth of 49.73%, accounting for 95.08% of total sales [2] - The feed business volume increased to 322.56 thousand tons in the first half of 2025, reflecting an 11.71% year-on-year growth [3] - The company has invested in modern slaughter and meat processing bases in regions such as Hunan and Henan [3] Group 3: Cost Management and Efficiency - The company has implemented cost reduction projects for feed, vaccines, and employee salaries, leading to improved production efficiency [2] - The production cost of piglets decreased by 0.74 per kilogram compared to the beginning of the year [3] - The utilization rate of breeding sows has gradually improved, contributing to better production performance [2] Group 4: Strategic Initiatives - The company is focusing on a "company + farmer" breeding model, which accounted for 80.64% of fat pig sales in the first half of 2025 [3] - The introduction of the new Dan breed has increased its proportion from 56% to 76% over the past year [3] - The meat business is transitioning from a regional brand to a national brand, with plans for increased strategic investment in the second half of 2025 [3]

Group 1: Market Outlook and Investment - The company anticipates growth in the coal power market during the "14th Five-Year Plan" period, influenced by capacity pricing, energy-saving transformations, carbon trading, and new development plans [2] - The company's photovoltaic projects are primarily located in Shandong, including Heze and Yantai [2] Group 2: Technological Advancements - The company is actively developing molten salt energy storage technology, having completed China's first molten salt thermal energy storage project, which enhances the peak regulation capability of thermal power units [3] - The company proposes a transparent boiler concept that utilizes online monitoring, sensors, data collection, and intelligent analysis to achieve digital and visual operation of boilers, supporting remote control and system diagnostics [3] Group 3: Cost Influences and Material Impact - Precious metals such as copper and silver significantly impact the production costs of the company's products [3] Group 4: International Expansion - The company is tracking coal power renovation demands in markets like South Africa, Vietnam, Indonesia, India, and Russia, and has established a subsidiary in South Africa to accelerate international development and promote energy-saving technologies [3]

Group 1: Company Overview and Strategic Direction - The company is focusing on "industry concentration" and "service expansion" as part of its strategic transformation, optimizing business layout and improving development quality and efficiency [3] - The company is shifting from traditional comprehensive measurement and testing services to strategic industries, emphasizing sectors like aerospace, new energy, and integrated circuits [3] - In the first half of 2025, the company achieved significant progress in commercial aerospace, civil aviation, and artificial intelligence chip sectors [3] Group 2: Financial Performance - In the first half of 2025, the company reported revenue growth and stable profit increase, driven by high-margin strategic emerging industries [5] - The gross profit margin improved due to effective cost control in labor, depreciation, and facility costs, with net profit growth outpacing revenue growth [5] Group 3: Emerging Business Development - The data science analysis and evaluation business generated revenue of 65.23 million yuan, a year-on-year increase of 47.07%, indicating growth in both scale and profitability [6] - The company is enhancing its digital capabilities and expanding into artificial intelligence and digital training services [7] Group 4: Market and Order Trends - The company has increased its focus on high-end equipment in special industries and smart equipment, with over 60% of its research and testing business coming from these sectors [8] - Orders from emerging sectors now account for over 80% of total orders, with a strong growth momentum observed since May 2025 [8] Group 5: Workforce and Talent Strategy - The company plans to optimize its talent structure, focusing on high-end technical talent in emerging fields such as satellite internet and artificial intelligence [9] - The overall employee count will see cautious growth, with an emphasis on enhancing work efficiency through information technology and automation [9] Group 6: Commercial Aerospace Initiatives - The company has established eight technical platforms to support commercial aerospace, including testing and validation for satellite communication systems [10] - A planned investment of 344 million yuan will be directed towards building a quality assurance platform for satellite internet, enhancing industrial service capabilities [11]

Financial Performance - Revenue for H1 2025 reached CNY 399 million, with Q2 revenue of CNY 202 million, showing a year-on-year increase of 3.7% [2] - Net profit attributable to shareholders for H1 2025 was CNY 95.51 million, with a growth rate of 7.4% year-on-year [2] - Core product "PMC Ultra Bright" series saw a revenue increase of 32.4% year-on-year [2] Cost Management - Management expenses decreased by 11.4% year-on-year in Q2, with a management expense ratio of 9.2% [2] - Sales expenses decreased by 10.4% year-on-year in Q2, with a sales expense ratio of 16.7% [2] - R&D expenses increased by 35.5% year-on-year, indicating a strong focus on innovation [2][3] Product Development - New product matrix launched in H1 2025 includes high refractive index lenses (1.67, 1.71, 1.74) and smart photochromic lenses [4] - Sales of the "Easy Control" series reached CNY 81.67 million, a year-on-year increase of 7.32% [3] - The newly upgraded 1.74 series products saw a sales increase of 258% year-on-year [3] Strategic Partnerships - Xiaomi announced a partnership with Mingyue Lens for its AI glasses, enhancing the company's position in the smart wearable optics market [5] - A strategic cooperation agreement was signed with Aier Eye Hospital to deepen collaboration in the medical channel [5] Market Trends - The company maintains a strategic focus amidst increasing price competition in the industry, opting not to engage in price wars [10] - The market for defocus lenses is experiencing growth, with a near 20% increase in sales despite competitive pressures [10][12] Future Outlook - The company aims to enhance its brand, product, and service capabilities while focusing on long-term growth strategies [18] - Emphasis on maintaining a healthy industry ecosystem and avoiding price wars to ensure sustainable development [17]

Financial Performance - The company achieved a revenue of CNY 113.15 billion in the first half of 2025, remaining stable year-on-year [3] - The net profit attributable to shareholders was CNY 5.64 billion, a slight decrease of 4.4% compared to the previous year [3] - The gross profit margin increased by 0.4 percentage points to 22.2% [3] - Cash dividend payout ratio rose to 57%, with total cash dividends exceeding CNY 19 billion since 2021 [3][10] Business Segments - The M series large-bore engine sales exceeded 5,000 units, marking a 41% year-on-year increase [3] - Sales in the data center market reached nearly 600 units, a growth of nearly 500% [3] - The new energy business achieved battery sales of 2.3 GWh, up 91%, generating revenue of CNY 1.21 billion, a 37% increase [3] - The engine aftermarket generated revenue of CNY 4 billion, a 13% increase [3] - Direct engine exports reached 37,000 units, a 14% increase [3] International Operations - The overseas business showed strong momentum, with the Kion Group's new orders amounting to EUR 6.21 billion, a 22% increase [4] - The U.S. PSI reported record performance with revenue of USD 330 million, a 59% increase, and net profit of USD 70 million, a 145% increase [4] Strategic Initiatives - The company is accelerating the transition to new energy heavy trucks, with sales of heavy trucks reaching 73,000 units, a 15% increase, and market share rising to 13.5% [4] - New energy heavy truck sales reached approximately 10,000 units, a 255% increase [4] - The agricultural equipment sector maintained its leading position, with revenue from Leiwo increasing to CNY 9.86 billion and net profit to CNY 570 million [4] Future Outlook - The company plans to enhance structural growth and operational efficiency in the second half of 2025 [4] - The Kion efficiency plan is expected to save approximately EUR 140 to 160 million annually starting in 2026, positively impacting profitability [6] - The company anticipates continued high demand for large-bore engines and aims to expand its market share in high-end markets [7] - The natural gas heavy truck market is expected to recover due to new subsidy policies, with a focus on maintaining product competitiveness [8] - The new energy power business is projected to double its revenue year-on-year, supported by comprehensive product layout and customer engagement [9]

Company Overview - The company aims to become a trusted provider of precision manufacturing and new material application solutions, focusing on advanced precision manufacturing and new material R&D [2][3]. - The main products include precision functional parts and structural components used in consumer electronics and new energy lithium batteries [3]. Financial Performance - The company achieved a revenue of CNY 437.56 million, with a year-on-year growth of 27.51% [3]. - The net profit attributable to shareholders was -CNY 38.02 million, with a net profit of -CNY 30.09 million after deducting share-based payment expenses [3]. - The gross margin increased by 1.51% year-on-year [3]. R&D Investment - R&D expenses amounted to CNY 38.13 million, representing 8.71% of total revenue [3]. - Continuous high-intensity R&D investment is aimed at enhancing core competitiveness and responding to customer customization needs [3]. Strategic Acquisitions - The company acquired 51% of Sainuo Gaode, enhancing its business scope and customer structure [4]. - As of the report date, the company holds 49.90% of Sainuo Gaode's shares, which has been included in the consolidated financial statements [4]. Business Expansion - The company is actively developing new business areas, including CCS modules for lithium batteries and high-specific surface area carbon black products [6]. - Sainuo Gaode has achieved a supplier code from a major North American client, indicating progress in the heat dissipation component sector [7]. Inventory and Asset Management - The company recorded an inventory impairment loss of CNY 31.52 million, primarily due to poor quality during the ramp-up phase of production [8]. - The company is cautious in managing its assets and has a healthy debt ratio, allowing for potential financing opportunities [11]. Client Relationships - Major clients include Apple, Amazon, SONOS, META, and Google, with a focus on smart devices and home products [11]. - The company is working on new product development with META and has secured supplier codes for various high-profile clients [11].

Group 1: Financial Performance - The company achieved a revenue of 1.25 billion yuan in the first half of 2025, a decline of 34.04% compared to the same period last year [2] - The net profit attributable to shareholders was 16.99 million yuan, down 79.86% year-on-year [2] - The increase in fixed asset depreciation costs by approximately 50% to around 45 million yuan contributed to the financial decline [2] Group 2: Project Updates - The Colombian mineral project is currently undergoing environmental assessment approval, expected to receive approval by the end of this year, with a construction period of approximately two years [2][3] - The company has been using forged liners in various mines, including Zijin Mining and several international locations, with revenue recognition expected to start in Q4 of this year [3] Group 3: Future Growth Strategy - The growth logic for the next three to five years includes the gradual production of overseas manufacturing bases, which is expected to double revenue scale [4] - The new product, the second-generation composite liner, is in a critical phase from trial to mass production, indicating significant potential for revenue growth [4] - Strategic investments in copper and gold resources through mining partnerships are anticipated to provide clear long-term growth opportunities [4]

Group 1: Company Overview and Strategic Focus - The company is committed to ensuring national food security and promoting technological advancements in agriculture, aligning with the group's goals for developing new production capabilities [2] - The company aims to incubate strategic emerging industries and implement internationalization strategies while accelerating the transformation of research achievements [2] - The focus is on high-quality development, emphasizing the enhancement of operational quality and the transition towards high-end, intelligent, and green development [2] Group 2: Business Development and Innovation - Key initiatives include promoting technological innovation, focusing on high-end equipment and digital empowerment, and selecting significant R&D projects [3] - The company is enhancing its core competitiveness by deepening market penetration in key customer segments and regions [3] - There is a strong emphasis on expanding the self-sufficiency rate of equipment and achieving external growth to rapidly scale operations [3] Group 3: Financial Performance and Accounts Receivable Management - In the first half of 2025, the company achieved total revenue of 18.13 billion, reflecting a year-on-year growth of 10.56% [3] - Accounts receivable increased by 2.19% compared to the end of the previous year, significantly lower than the revenue growth rate [3] - The company has implemented a comprehensive accounts receivable management strategy, including the establishment of a collection office and the use of information technology for better tracking and management [3]