证券代码：920111 证券简称：聚星科技 公告编号 2025-107 温州聚星科技股份有限公司 关于调整公司组织架构的公告 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、 基本情况 《温州聚星科技股份有限公司第三届董事会第一次会议决议》。 结合温州聚星科技股份有限公司（以下简称"公司"）实际情况，公司于 2025 年 7 月 28 日召开了第三届董事会第一次会议，审议通过《关于调整公司组织架 构的议案》，调整后的公司组织架构如下： 二、 对公司的影响 本次公司组织架构调整，符合公司实际发展需求，有利于提高公司的运营 效率，促进公司稳健发展，不会对公司生产经营活动产生不利影响。 三、 备查文件 温州聚星科技股份有限公司 董事会 2025 年 7 月 29 日 ...

证券代码：920111 证券简称：聚星科技 公告编号 2025-106 温州聚星科技股份有限公司 关于选举公司第三届董事会专门委员会委员的公告 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、董事会专门委员会换届基本情况 本次董事会专门委员会换届为任期届满正常换届，符合《公司法》《北京 证券交易所股票上市规则》及《公司章程》的有关规定，符合公司正常发展的 要求，不会对公司的生产、经营活动产生不利影响。 三、备查文件 《温州聚星科技股份有限公司第三届董事会第一次会议决议》。 温州聚星科技股份有限公司 根据《公司法》《北京证券交易所股票上市规则》《上市公司独立董事管 理办法》和《公司章程》等有关规定，公司董事会下设战略委员会、审计委员 会、提名委员会及薪酬与考核委员会四个专门委员会，各专门委员会人员组成 如下： | 专门委员会名称 | 专门委员会委员 | 主任委员（召集人） | | --- | --- | --- | | 战略委员会 | 陈静、黄光临、徐静峰 | 陈静 | | 审计委员会 | 黄晓容、周 ...

2.会议召开地点：公司会议室 3.会议召开方式：现场 温州聚星科技股份有限公司 第三届董事会第一次会议决议公告 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 7 月 28 日 证券代码：920111 证券简称：聚星科技 公告编号：2025-104 4.发出董事会会议通知的时间和方式：2025 年 7 月 18 日以书面方式发出 5.会议主持人：董事长陈静 6.会议列席人员：公司高级管理人员 7.召开情况合法、合规、合章程性说明： 会议召集、召开、议案审议等方面均符合有关法律、行政法规、部门规章、 规范性文件和《温州聚星科技股份有限公司章程》的规定。 （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。 董事徐静峰、孙乐、苏晓东、刘志远因工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于选举公司第三届董事会董事长的议案》 1.议案内容： 公司第三届董事会成员已由公司 2025 年第三次临时股 ...

温州聚星科技股份有限公司（以下简称"公司"）于 2025 年 7 月 25 日召开 2025 年第一次职工代表大会，审议并通过了《关于选举第三届董事会职工代表董事的议 案》。 选举林显金先生为公司职工代表董事，任职期限至第三届董事会届满之日止，自 2025 年 7 月 25 日起生效。该人员持有公司股份 1,105,000 股，占公司股本的 0.71%，不 是失信联合惩戒对象。 （上述人员简历详见附件） 证券代码：920111 证券简称：聚星科技 公告编号：2025-103 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、职工代表董事任命的基本情况 温州聚星科技股份有限公司职工代表董事任命公告 附件: 林显金先生简历 二、合规性说明及影响 （一）人员变动的合规性说明 公司新任职工代表董事候选人的任职资格符合法律法规、部门规章、业务规则和 公司章程等规定。本次任命未导致董事会中兼任高级管理人员的董事和由职工代表担 任的董事人数超过公司董事总数的二分之一；董事会中独立董事所占的比例符合相关 规则或者公司 ...

证券代码：920111 证券简称：聚星科技 公告编号 2025-102 温州聚星科技股份有限公司 2025 年第一次职工代表大会决议公告 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 7 月 25 日 2、会议召开地点：温州聚星科技股份有限公司会议室 本次会议的召集、召开与表决程序符合《公司章程》及相关法律、法规规 定。 （二）会议出席情况 会议应出席职工代表 55 人，实际出席职工代表 55 人。 二、议案审议情况 （一）审议通过《关于选举第三届董事会职工代表董事的议案》 1、议案内容 根据《中华人民共和国公司法》相关规定，公司将不再设置监事会和监事， 并将在董事会中设置一名职工代表董事。现推选林显金先生为公司第三届董事会 职工代表董事，任期自本次会议审议通过之日起至第三届董事会届满之日止。 3、会议召开方式：现场 4、发出职工代表大会会议通知的时间：2025 年 7 月 22 日 5、会议主持人：李小丽 6、召开情况合法、 ...

温州聚星科技股份有限公司 2025 年第三次临时股东会决议公告 证券代码：920111 证券简称：聚星科技 公告编号：2025-100 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 7 月 23 日 2.会议召开地点：公司会议室 3.会议召开方式：现场投票与网络投票相结合 4.会议召集人：公司董事会 5.会议主持人：董事长陈静先生 6.召开情况合法合规的说明： 本次股东会的召集、召开程序符合《公司法》等法律、法规、规章及《公 司章程》的规定，合法有效。 （二）会议出席情况 出席和授权出席本次股东会的股东共 7 人，持有表决权的股份总数 110,500,000 股，占公司有表决权股份总数的 71.22%。 其中通过网络投票参与本次股东会的股东共 0 人，持有表决权的股份总数 0 股，占公司有表决权股份总数的 0%。 （三）公司董事、监事、高级管理人员出席或列席股东会情况 1.公司在任董事 9 人，出席 9 人； 2.公司在任监事 ...

上海市锦天城律师事务所 关于温州聚星科技股份有限公司 2025 年第三次临时股东会的 法律意见书 锦 天 城 律师事务 所 ALLBRIGHT LAW OFFICES 地址: 上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 传真: 021-20511999 电话:021-20511000 邮编: 200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于温州聚星科技股份有限公司 2025 年第三次临时股东会的 法律意见书 致:温州聚星科技股份有限公司 上海市锦天城律师事务所(以下简称"本所")接受温州聚星科技股份有限公 司(以下简称"公司")委托,就公司召开 2025年第三次临时股东会(以下简称"本 次股东会")的有关事宜,根据《中华人民共和国公司法》(以下简称《公司法》) 等法律、法规、规章和其他规范性文件以及《温州聚星科技股份有限公司章程》 (以下简称《公司章程》)的有关规定,出具本法律意见书。 为出具本法律意见书,本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则(试行)》等规定,严格履行 了法定职责,遵循了勤勉尽责和诚实 ...

Core Viewpoint - Dongwu Securities initiates coverage on Juxing Technology, highlighting the company's strong business development and potential for continued high growth due to sufficient production capacity and ongoing business expansion [1] Company Overview - Juxing Technology, established in November 1996, specializes in the research, production, and sales of electrical contact products, including electrical contacts, components, and materials [1] - The company successfully listed on the Beijing Stock Exchange on November 11, 2024, becoming the first company from Wenzhou to do so [1] - In 2024, Juxing Technology achieved a net profit attributable to shareholders of 116 million yuan, representing a year-on-year increase of 51.12%, and in Q1 2025, the net profit reached 23 million yuan, up 44.97% year-on-year [1] Industry Insights - The electrical contact products industry has seen a compound annual growth rate (CAGR) of 10.98% from 2015 to 2023, with expectations for the industrial total output value to reach new highs in 2024 [2] - The low-voltage electrical appliance sector is expanding due to increased fixed asset investments and growing downstream market demands, with household appliance retail expected to exceed 900 billion yuan in 2024 [2] - The global industrial control and factory automation market is projected to surpass 300 billion USD by 2029, while China's new energy vehicle sales are expected to exceed 10 million units [2] Competitive Advantages - Juxing Technology has developed a unique technological advantage through nearly 30 years of industry focus and continuous innovation, holding 46 patents, including 9 invention patents as of 2024 [2] - The company maintains a high gross margin compared to peers, with strong customer relationships characterized by high stickiness due to customized product features [3] - The company raised a net amount of 244 million yuan to invest in three projects aimed at reducing labor costs and enhancing product quality, including an intelligent production line upgrade to increase capacity and market competitiveness [3]

Macro Strategy - The report concludes that China's service sector employment and wage levels are not low compared to 43 economies, but there are three areas for improvement: the employment share in the service sector is still low compared to high-income economies, particularly in health and social work and real estate; the construction sector's employment is close to saturation, while the real estate sector has room for growth; and there is a significant income disparity across different service industries, with telecommunications and finance having higher wages compared to education and real estate [4][5][6]. Fixed Income Analysis - The report discusses the phenomenon of "deflation," characterized by a continuous decline in money supply and prices, leading to economic recession. It highlights that the main causes of deflation include supply-demand imbalances and a decrease in nominal money supply or circulation speed. Historical examples from Japan and the US illustrate how these countries responded to deflation through fiscal expansion and monetary easing [7][8]. - As of the first half of 2025, China's CPI showed a slight decline, averaging -0.07%, while PPI remained in negative territory, averaging -2.77%. The report attributes the low CPI to declines in food and transportation costs, while PPI is affected by weak real estate and infrastructure investment [7][8]. Company Analysis - 聚星科技 (Juxing Technology) is identified as a "small giant" in the electrical contact products sector, with a strong focus on technological innovation. The company was established in November 1996 and went public on the Beijing Stock Exchange in November 2024, becoming the first company from Wenzhou to list there. In 2024, it achieved a net profit of 116 million yuan, a year-on-year increase of 51.12%, and in Q1 2025, the net profit was 23 million yuan, up 44.97% year-on-year [2][10]. - The electrical contact products industry is expanding, with a compound annual growth rate of 10.98% from 2015 to 2023. The low-voltage electrical equipment market is also growing, driven by increasing fixed asset investments and rising demand in household appliances and industrial control sectors [10]. - 聚星科技 emphasizes core product focus and technological innovation, holding a competitive gross margin compared to peers. The company has established strong relationships with major low-voltage electrical manufacturers, enhancing customer loyalty [10]. - The report forecasts that the company's net profit will reach 130 million, 158 million, and 194 million yuan in 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 12%, 21%, and 23%. The company is rated as "overweight" due to its strong growth potential and sufficient production capacity [3][10].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company, 聚星科技, is recognized as a "small giant" in the electrical contact products sector, with a strong emphasis on technological innovation that solidifies its industry position [1][12]. - The company has shown robust business development, with significant revenue growth projected in the coming years, driven by expanding market demand and effective cost management [1][30]. Summary by Sections Company Overview - 聚星科技 was established in November 1996, focusing on the R&D, production, and sales of electrical contact products, including contact tips, contact elements, and contact materials [12]. - The company became the first in Wenzhou to be listed on the North Exchange on November 11, 2024, marking a significant milestone [12]. Market Dynamics - The electrical contact products industry has been expanding, with a compound annual growth rate (CAGR) of 10.98% from 2015 to 2023, and the industrial output value is expected to reach new highs in 2024 [41]. - The low-voltage electrical appliance sector is also growing, driven by increasing fixed asset investments and rising household appliance market demands, with retail sales expected to exceed 900 billion yuan in 2024 [43][47]. Product Focus and Innovation - 聚星科技 emphasizes core product development and technological innovation, maintaining a leading gross margin in the industry and establishing strong customer relationships [1][21]. - The company has developed over ten types of electrical contact materials, enhancing its product performance and market competitiveness [22]. Financial Projections - The company forecasts a net profit of 1.30 billion yuan in 2025, 1.58 billion yuan in 2026, and 1.94 billion yuan in 2027, reflecting year-on-year increases of 12%, 21%, and 23% respectively [1][30]. - Revenue is projected to grow from 602.74 million yuan in 2023 to 1.86 billion yuan by 2027, with a significant year-on-year growth rate of 22.54% in 2023 and 66.17% in 2024 [1].