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]

投资者关系活动记录表 证券代码：873690 证券简称：捷众科技 公告编号：2025-081 浙江捷众科技股份有限公司 一、 投资者关系活动类别 □分析师会议 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。 □路演活动 □其他 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 二、 投资者关系活动情况 活动时间：2025 年 8 月 26 日 15：00-16：00；16：00-17：00 活动地点：上海市浦东新区；公司通过进门财经网络交流平台以网络电话形 式交流 参会单位及人员： 由东吴证券朱羽洁女士组织的线下会议，参与的单位有： 盈科创新资产管理有限公司、华鑫证券有限责任公司、联储证券有限责任公司、 国泰海通证券股份有限公司、上海贝寅私募基金管理有限公司； 由华源证券赵昊先生主持的电话会议，线上参与的单位有：中信建投基金管 理有限公司、上银基金管理有限公司、创金合信基金管理有限公司、博时基金管 理有限公司、尚正基金管理有限公司、开源证券股份有限公司、长江证券股份有 限公司、民生证券 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company benefits from increased automobile sales and new product launches, with a 63% year-on-year growth in net profit attributable to the parent company for the first half of 2025 [2] - Revenue, net profit, and net profit excluding non-recurring items for the first half of 2025 were 162 million, 31 million, and 30 million yuan respectively, representing year-on-year increases of 46%, 12%, and 63% [2] - The growth in performance is primarily driven by the vehicle replacement policy boosting terminal sales and increased demand from downstream customers [2] - The company has seen significant growth in its window systems and body electronics segments, with revenue growth rates of 73% and 402% respectively in the first half of 2025 [3] Revenue and Profit Forecast - The company forecasts total revenue of 383.20 million yuan for 2025, with a year-on-year growth of 34.08% [1] - The net profit attributable to the parent company is projected to reach 80.75 million yuan in 2025, reflecting a year-on-year increase of 29.18% [1] - The report estimates earnings per share (EPS) to be 1.22 yuan for 2025, with a price-to-earnings (P/E) ratio of 26.35 based on the latest diluted EPS [1] Business Segments Performance - All product categories achieved good growth in the first half of 2025, with precision transmission systems, automotive window systems, automotive vision systems, body electronics, and automotive thermal management generating revenues of 52 million, 54 million, 43 million, 4 million, and 9 million yuan respectively [3] - The automotive window system's rapid growth is attributed to the increase in both new and existing product models [3] Strategic Expansion - The company is expanding into military, robotics, and aerospace sectors, having developed high-precision components for flying cars and established partnerships for military aerospace component development [4] - The company has received certification for its weaponry quality management system, indicating its capability to enter the military market [4]

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]

Group 1 - The automotive parts sector increased by 0.39% on August 26, with Hai Lian Jin Hui leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] - Notable stock performances included Hai Lian Jin Hui with a closing price of 11.76, up 10.01%, and Zhong Ma Chuan Dong at 36.93, also up 10.01% [1] Group 2 - The automotive parts sector experienced a net outflow of 1.546 billion yuan from main funds, while retail investors saw a net inflow of 2.137 billion yuan [3] - The overall fund flow indicates a divergence between institutional and retail investor behavior within the automotive parts sector [3]

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]