浙商证券股份有限公司 关于浙江捷众科技股份有限公司 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交易所股票上市规则》 （以下简称《上市规则》）等有关法律法规、规范性文件等的规定，浙商证券股 份有限公司（以下简称"保荐机构""浙商证券"）作为浙江捷众科技股份有限公 司（以下简称"捷众科技""公司"）的保荐机构，负责捷众科技的持续督导工作， 并出具 2025 年半年度持续督导跟踪报告。 一、持续督导工作概述 在持续督导阶段，保荐机构主要工作包括但不限于： | 序号 | 具体项目 | 工作内容 | | --- | --- | --- | | 1 | 公司信息披露审阅情况 | 保荐机构及时审阅公司信息披露文件。 | | | | 保荐机构督导公司建立健全规则制度（包括但 | | | 督导公司建立健全并有效执行 | 不限于根据《公司法》及《上市规则》的规定， | | 2 | 规则制度的情况 | 修改完善公司治理制度，本督导期内，捷众科 | | | | 技有效执行了规则制度。 | | 3 | 募集资金使用监督情况 | 保荐机构定期查阅公司募集资金账户对账单， | | | | 核查公司募 ...

证券代码：873690 证券简称：捷众科技 公告编号：2025-083 浙江捷众科技股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 活动时间：2025 年 9 月 3 日 活动地点：上海市浦东新区 参会单位及人员：由西部证券曹森元先生组织的线下会议，参与的单位有： 东北证券股份有限公司、国泰海通、开源证券自营、Tiger Pacific、北京珺洲 私募基金管理有限公司、华泰保兴基金管理有限公司、国投证券（自营）、巨子 私募、新华基金、万柏私募基金管理有限公司、上海岙夏投资管理有限公司、上 海滦海啸阳私募基金管理有限公司、上海滦海璞舆投资管理有限公司、朴拙资本、 浙江弘悦私募基金管理有限公司、盈科汇金、睿华资产 上市公司接待人员：董事、副总经理、董事会秘书郭一申女士 三、 投资者关系活动主要内容 问题 1：2025 年上半年公司业绩增长较大的主要原因是什么？ □分析师会议 □路 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company reported a revenue of 162 million yuan in H1 2025, representing a year-on-year growth of 45.51%, and a net profit attributable to the parent company of 30.64 million yuan, up 11.71% year-on-year [5] - The company is expected to maintain its profit forecast for 2025-2027, with projected net profits of 82 million yuan, 95 million yuan, and 114 million yuan for the respective years [5] - The company has been recognized as one of the first batch of advanced intelligent factories in Zhejiang Province, which is expected to enhance its market position [6] Financial Summary - The total market capitalization of the company is 2.006 billion yuan, with a circulating market capitalization of 1.304 billion yuan [3] - The company's earnings per share (EPS) for 2025-2027 are projected to be 1.23 yuan, 1.43 yuan, and 1.71 yuan, with corresponding price-to-earnings (P/E) ratios of 24.6, 21.1, and 17.6 respectively [5] - The company achieved significant growth in various product segments, with automotive window systems and body electronics showing particularly high revenue growth rates of 73.17% and 402.37% respectively [6] Industry Insights - The automotive industry in China is experiencing a growth trend, with total vehicle production and sales exceeding 15 million units for the first time in H1 2025, marking year-on-year increases of 12.5% and 11.4% respectively [7] - The implementation of the "old-for-new" policy is expected to further stimulate automotive consumption, contributing to the overall growth of the automotive market [7] - The company is actively expanding its product offerings in the new energy vehicle sector, which is anticipated to drive future revenue growth [5][6]

Market Overview - On August 29, the automotive parts sector rose by 0.56% compared to the previous trading day, with Jiezhong Technology leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Gainers in Automotive Parts Sector - Jiezhong Technology (code: 873690) closed at 35.25, with a significant increase of 16.53% and a trading volume of 85,100 shares, amounting to a transaction value of 294 million [1] - Fusa Technology (code: 301529) saw a rise of 12.90%, closing at 82.86 with a trading volume of 47,500 shares, totaling 380 million [1] - Rongtai Co., Ltd. (code: 605133) increased by 10.01%, closing at 41.23 with a trading volume of 103,300 shares, resulting in a transaction value of 413 million [1] Top Losers in Automotive Parts Sector - Tenglong Co., Ltd. (code: 603158) experienced a decline of 10.01%, closing at 13.03 with a trading volume of 1,156,000 shares, amounting to a transaction value of 1.546 billion [2] - Bertley (code: 603596) fell by 9.98%, closing at 47.69 with a trading volume of 450,700 shares, totaling 2.169 billion [2] - Baolong Technology (code: 603197) decreased by 9.76%, closing at 38.55 with a trading volume of 273,500 shares, resulting in a transaction value of 106.47 million [2] Capital Flow Analysis - The automotive parts sector saw a net outflow of 2.306 billion from institutional investors, while retail investors contributed a net inflow of 1.839 billion [2] - The top stocks with significant net inflows from retail investors include Top Group (code: 601689) with a net inflow of 478 million, and Wan Feng Ao Wei (code: 002085) with a net inflow of 337 million [3] - Conversely, stocks like Fusa Technology (code: 301529) and Zhongyuan Neipei (code: 002448) experienced net outflows from institutional investors of 374 million and 103 million, respectively [3]

Core Insights - The A-share military industry stocks have shown strong performance, with notable increases in share prices for several companies [1] Group 1: Stock Performance - Aerospace Hongtu (航天宏图) increased by 17.97%, with a total market capitalization of 10.1 billion and a year-to-date increase of 89.85% [2] - Jiezhong Technology (捷众科技) rose by 15.01%, with a market cap of 2.307 billion and a year-to-date increase of 97.39% [2] - North Long Dragon (北方长龙) saw a 13.83% increase, with a market cap of 16.5 billion and a staggering year-to-date increase of 419.86% [2] - Tianwo Technology (天沃科技) increased by 10.06%, with a market cap of 7.893 billion and a year-to-date increase of 106.52% [2] - Jianghai Co., Ltd. (江海股份) rose by 10.01%, with a market cap of 28.3 billion and a year-to-date increase of 92.12% [2] - Other notable performers include Zhehai De Man (浙海德曼) and Xing Sen Technology (兴森科技), both showing increases of over 7% [1][2]

2025 中报点评：门窗系统与车身电子增速亮 眼，多维拓展军工/机器人/航空等领域 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 231.19 | 285.81 | 383.20 | 492.44 | 606.45 | | 同比 | 18.33 | 23.63 | 34.08 | 28.51 | 23.15 | | 归母净利润（百万元） | 39.85 | 62.51 | 80.75 | 102.85 | 128.82 | | 同比 | 6.10 | 56.86 | 29.18 | 27.37 | 25.25 | | EPS-最新摊薄（元/股） | 0.60 | 0.94 | 1.22 | 1.55 | 1.94 | | P/E（现价&最新摊薄） | 53.41 | 34.05 | 26.35 | 20.69 | 16.52 | 证券研究报告·北交所公司点评报告·汽车零部件 捷众科技（873690） [Tabl ...

Group 1: AI Medical - Ping An Good Doctor's stock surged by 6.99% on August 26, with its price doubling in the past month. The company reported an AI product system "7+N+1" with an accuracy rate of approximately 98% for AI-assisted consultations and nearly 80% for complex disease treatment plans [4] - The average service cost for family doctors decreased by about 52% due to AI assistance, and operational efficiency improved by around 50% [4] Group 2: Artificial Intelligence Policy - The State Council released an opinion on August 26 to implement the "Artificial Intelligence+" initiative, aiming for over 70% application penetration of new intelligent terminals and agents by 2027, and over 90% by 2030 [5] - The initiative includes building national AI application pilot bases and promoting the transformation of software and information service companies [5] Group 3: 5.5G Development - The Ministry of Industry and Information Technology is expected to issue the second batch of millimeter-wave private network frequency licenses, with more companies anticipated to receive licenses by the end of the year [6] - This issuance indicates the maturity of the domestic millimeter-wave 5G industry chain and is expected to initiate a wave of innovation in the sector [7] Group 4: Gaming Industry - The National Press and Publication Administration approved 173 games in August 2025, setting a new record for the year, including 166 domestic and 7 imported games [9] - The gaming market is projected to maintain long-term optimistic growth, with the 3A game market expected to reach 13.3 billion yuan in 2025 and 16.9 billion yuan in 2026, with a CAGR of 35% anticipated from 2027 to 2028 [9] Group 5: Company Earnings - Cambrian reported a net profit of 1.038 billion yuan in the first half of 2025, compared to a loss of 530 million yuan in the same period last year [12] - North Rare Earth's net profit surged by 1951.52% year-on-year to 931 million yuan in the first half of 2025 [12] - Light Media's net profit increased by 371.55% year-on-year to 2.229 billion yuan in the first half of 2025 [12]

证券之星消息，8月26日汽车零部件板块较上一交易日上涨0.39%，海联金汇领涨。当日上证指数报收 于3868.38，下跌0.39%。深证成指报收于12473.17，上涨0.26%。汽车零部件板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002537 | 海联金汇 | 11.76 | 10.01% | 124.32万 | 13.97 Z | | 603767 | 中马传动 | 36.93 | 10.01% | 26.59万 | 9.31亿 | | 603158 | 腾龙股份 | 15.07 | 10.00% | 136.51万 | 20.247 | | 603950 | 长源东谷 | 31.47 | 10.00% | 20.52万 | 6.35 Z | | 605255 | 天普股份 | 35.45 | 9.99% | 474.0 | 168.03万 | | 603161 | 科学学院 | 15.53 | 9.99% | 15.48万 | 2.36亿 | | 430418 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - In the first half of 2025, the company achieved revenue of 162 million yuan, a year-on-year increase of 46%, and a net profit attributable to shareholders of 30.64 million yuan, a year-on-year increase of 12% [6] - The company is expanding into low-altitude economy, military, robotics, and aviation applications, which are expected to drive future growth [5][6] - The company has successfully entered the advanced intelligent factory list in Zhejiang Province and has obtained six new invention patents, enhancing its market competitiveness [6] Financial Performance - In 2025H1, the automotive window system revenue increased by 73% year-on-year, driven by the vehicle replacement policy boosting downstream demand [6] - The company’s precision transmission system, automotive window system, and automotive vision system achieved revenues of 52 million yuan (up 39% YoY), 53.61 million yuan (up 73% YoY), and 43.3 million yuan (up 30% YoY) respectively [6] - The overall revenue and profit growth in the first half of 2025 indicates a strong cash flow improvement, with operating cash flow net amounting to 52.79 million yuan, a year-on-year increase of 68% [6] Market Outlook - The company is expected to benefit from the ongoing growth in the automotive industry, with China's vehicle production and sales reaching 15.62 million and 15.65 million units respectively, representing year-on-year growth of 12.5% and 11.4% [6] - The company is actively developing high-precision components for flying cars and has received certification for military equipment quality management, indicating a strategic move into the military sector [6] Earnings Forecast - The forecasted net profit attributable to shareholders for 2025-2027 is 80 million yuan, 98 million yuan, and 129 million yuan respectively, corresponding to current price-to-earnings ratios of 24.4, 20.0, and 15.2 times [6]

Group 1 - The company, Jiezhong Technology, announced the appointment of Mr. Wei Xiaohui as the new Deputy General Manager [2]