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]

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

证券代码：873690 证券简称：捷众科技 公告编号：2025-080 浙江捷众科技股份有限公司 2025 年半年度募集资金存放、管理与实际使用情况的专 项报告 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、募集资金基本情况 （一）募集资金到位情况 公司于 2023 年 12 月 11 日经中国证券监督管理委员会同意注册（证监许可 〔2023〕2772 号），并经北京证券交易所 2023 年 12 月 29 日出具的《关于同意 浙江捷众科技股份有限公司股票在北京证券交易所上市的函》（北证函〔2023〕 625）批准，公司股票于 2024 年 1 月 5 日在北京证券交易所上市。 公司本次公开发行股票 12,000,000 股（超额配售选择权行使前），每股面值 人民币 1 元，每股发行价格为 9.34 元，募集资金总额人民币 112,080,000.00 元， 扣除承销、保荐费用人民币 11,208,000.00 元（不含增值税），扣除其他发行费用 人民币 8,386,792.45 元（不含增值税） ...

证券代码：873690 证券简称：捷众科技 公告编号：2025-079 浙江捷众科技股份有限公司高级管理人员任命公告 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、高级管理人员任命的基本情况 聘任魏晓慧先生为公司副总经理，任职期限第四届董事会届满之日止，自 2025 年 8 月 25 日起生效。该人员持有公司股份 0 股，占公司股本的 0%，不是失信联合惩戒对 象。 （上述人员简历详见附件） 二、合规性说明及影响 （一）人员变动的合规性说明 本次聘任高级管理人员符合相关法律法规、部门规章、业务规则和公司章程等规定。 （二）人员变动对公司的影响 本次聘任高级管理人员系公司经营发展需要，不会影响公司的正常运营。 2025 年 8 月 25 日，浙江捷众科技股份有限公司第四届董事会第六次会议审议通过 了《关于高级管理人员任命的议案》。 四、备查文件 （一）《浙江捷众科技股份有限公司第四届董事会第六次会议决议》； （二）《浙江捷众科技股份有限公司第四届董事会第一次独立董事专门会议决议》。 浙江捷众科技股份有 ...

证券代码：873690 证券简称：捷众科技 公告编号：2025-078 浙江捷众科技股份有限公司 第四届董事会第六次会议决议公告 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、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 8 月 25 日 2.会议召开地点：公司会议室 3.会议召开方式：现场召开 4.发出董事会会议通知的时间和方式：2025 年 8 月 15 日以邮件或直接送达 方式发出 5.会议主持人：董事长孙秋根先生 6.会议列席人员：高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开和议案审议程序等符合有关法律、行政法规、部门 规 章等规范性文件，符合《公司法》、《公司章程》的有关规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 （一）审议通过《关于 2025 年半年度报告及摘要的议案》 1.议案内容： 根据《公司法》《证券法》《北京证券交易所股票上市规则》 等相关法律法 规及相关规定，公司编 ...

Company Overview - Full Name: Zhejiang Jiezong Technology Co., Ltd [1] - Abbreviation: Jiezong Technology [1] - Stock Code: 873690.BJ [1] - IPO Application Date: June 27, 2023 [1] - Listing Date: January 5, 2024 [1] - Listing Board: Beijing Stock Exchange [1] - Industry: Automotive Manufacturing [1] - IPO Sponsor: Zheshang Securities [1] - Lead Underwriters: Zheshang Securities [1] - Legal Advisor: Beijing Tianyuan Law Firm [1] - Audit Firm: Tianjian Accounting Firm (Special General Partnership) [1] Disclosure and Compliance - Disclosure Issues: Required to supplement disclosure on customer designated material procurement and to explain the effectiveness of the price transmission mechanism and bargaining power [1] - Regulatory Penalty: Received a verbal warning for disclosure violations on January 6, 2023 [2] Performance Metrics - Listing Cycle: Jiezong Technology's listing cycle is 192 days, significantly shorter than the average of 629.45 days for A-share companies in 2024 [3] - Issuance Costs: Underwriting and sponsorship fees amount to 12.8892 million yuan, with a commission rate of 10.00%, higher than the average of 7.71% [6] - First Day Performance: Stock price increased by 124.95% on the first day of listing [7] - Three-Month Performance: Stock price rose by 43.47% compared to the issuance price within three months [5] - Issuance Price-Earnings Ratio: The issuance P/E ratio is 17.46 times, which is 65.71% of the industry average of 26.57 times [6] - Actual Fundraising: Expected fundraising of 211 million yuan, with actual fundraising of 123 million yuan, a decrease of 38.99% [7] Financial Performance - Short-term Performance: In 2024, the company's operating income increased by 23.63% year-on-year, net profit attributable to the parent company increased by 56.86%, and non-recurring net profit increased by 42.30% year-on-year [8] Overall Evaluation - Total Score: Jiezong Technology's IPO project received a total score of 84.5, classified as Grade B [10] - Negative Factors: Disclosure quality needs improvement, past penalties for disclosure violations, high issuance cost ratio, and significant reduction in actual fundraising [10]

证券之星消息，8月20日，捷众科技（873690）融资买入72.7万元，融资偿还42.53万元，融资净买入 30.18万元，融资余额848.24万元，近3个交易日已连续净买入累计98.62万元，近20个交易日中有11个交 易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-08-20 | 30.18万 | 848.24万 | 0.69% | | 2025-08-19 | 2.72万 | 818.07万 | 0.66% | | 2025-08-18 | 65.72万 | 815.34万 | 0.67% | | 2025-08-15 | -129.75万 | 749.62万 | 0.63% | | 2025-08-14 | 56.21万 | 879.37万 | 0.78% | 融券方面，当日无融券交易。 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-08-20 | 848.24万 | 30.18万 | 3.69% ...