Group 1 - The report highlights that the North Exchange has entered a relatively low valuation phase, presenting a window for investment in hard technology and newly listed stocks [2][12][18] - The North Exchange's valuation has become more attractive, with the North 50 and North Specialized New indices showing a decline in performance, indicating a potential recovery opportunity [3][14][39] - The report suggests focusing on companies with low valuations in high-tech sectors, particularly those benefiting from the ongoing geopolitical tensions, such as the US-Iran conflict [3][40] Group 2 - The North Exchange's market performance shows that the North 50 index has decreased, with a current P/E ratio of 41.98X, indicating a significant valuation gap compared to other indices [3][11][18] - The report identifies specific sectors such as high-end equipment, information technology, and chemical new materials as having favorable P/E ratios, with the highest being 85.53X in information technology [3][18][41] - The report recommends a stock pool that includes companies like Wanyuantong and Beitery, which are positioned well within their respective industries and have shown strong growth potential [3][41][44] Group 3 - The North Exchange has seen a significant drop in daily trading volume, with an average of 135.53 billion yuan, down 14.80% from the previous week, indicating a decline in liquidity [27][30][32] - The report notes that the average daily turnover rate for the North 50 and North Specialized New indices has also decreased, reflecting a broader trend of reduced trading activity [30][32] - The report emphasizes the importance of monitoring liquidity trends as they can impact investment strategies and market sentiment [27][30][32] Group 4 - The report outlines the current IPO status, with three companies having passed the review and three awaiting approval, indicating ongoing activity in the North Exchange's listing process [4][8] - The report provides insights into the performance of newly listed companies, highlighting significant first-day gains, such as a 136.56% increase for Puang Medical [4][11][41] - The North Exchange continues to cultivate companies that may transition to larger exchanges, showcasing its role as a breeding ground for future market leaders [4][11][41]

Investment Rating - The investment rating for the company is maintained at "Outperform" [3] Core Insights - The company is expected to benefit from a high level of activity in the automotive industry, with a projected 39% year-on-year increase in net profit attributable to the parent company for 2025 [5][7] - The company reported a revenue of 391 million yuan for 2025, representing a year-on-year growth of 36.76%, and a net profit of approximately 73.6 million yuan, which is an 18% increase compared to the previous year [6][9] - The company is adjusting its profit forecasts for 2025-2027, with expected net profits of 74 million, 91 million, and 112 million yuan respectively, translating to EPS of 1.11, 1.38, and 1.69 yuan per share [6][9] Financial Summary - Revenue projections for the company are as follows: 231 million yuan in 2023, 286 million yuan in 2024, 391 million yuan in 2025, 464 million yuan in 2026, and 552 million yuan in 2027, with respective year-on-year growth rates of 18.3%, 23.6%, 36.8%, 18.8%, and 19.0% [9][11] - The net profit attributable to the parent company is projected to be 40 million yuan in 2023, 63 million yuan in 2024, 74 million yuan in 2025, 91 million yuan in 2026, and 112 million yuan in 2027, with year-on-year growth rates of 6.1%, 56.9%, 17.7%, 24.0%, and 23.1% [9][11] - The company’s gross margin is expected to be 36.3% in 2023, improving to 37.9% by 2027 [9][11] Industry Outlook - The automotive industry is experiencing a high level of demand, with total vehicle sales expected to increase in 2025 compared to 2024, contributing to the company's revenue growth [7] - The company is set to launch its new production capacity in May 2026, which will support the growing demand for precision components in the new energy vehicle sector [8] - Collaboration with Hangzhou Yundongchu Technology Co., Ltd. aims to develop specialized gears for robots, enhancing the company's capabilities in robotics and reducing production costs [8]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company is expected to benefit from a high level of activity in the automotive industry, with a projected 39% year-on-year increase in net profit attributable to the parent company for 2025 [5][7] - The company reported a revenue of 391 million yuan for 2025, representing a year-on-year growth of 36.76%, and a net profit of approximately 73.6 million yuan, which is an 18% increase year-on-year [6][9] - The company is adjusting its profit forecasts for 2025-2027, with expected net profits of 74 million, 91 million, and 112 million yuan respectively, corresponding to EPS of 1.11, 1.38, and 1.69 yuan per share [6][9] Financial Summary - Revenue is projected to grow from 231 million yuan in 2023 to 552 million yuan in 2027, with year-on-year growth rates of 18.3%, 23.6%, 36.8%, 18.8%, and 19.0% respectively [9][11] - Net profit attributable to the parent company is expected to increase from 40 million yuan in 2023 to 112 million yuan in 2027, with year-on-year growth rates of 6.1%, 56.9%, 17.7%, 24.0%, and 23.1% respectively [9][11] - The gross margin is projected to remain stable around 36.9% to 37.9% from 2025 to 2027, while the net margin is expected to improve from 18.8% in 2025 to 20.3% in 2027 [9][11] Business Expansion and Capacity - The company is set to launch its fundraising project in May 2026, which will enhance its production capacity for precision components in the new energy sector [8] - The company has established a partnership with Hangzhou Yundongchu Technology Co., Ltd. to develop specialized gears for robots, aiming to reduce production costs and improve performance [8]

证券代码：920690 证券简称： 捷众科技 公告编号：2026-003 浙江捷众科技股份有限公司 关于变更签字注册会计师的公告 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）基本信息 王建，2012年9月成为中国注册会计师，自2012年9月开始在天健会计师事务 所（特殊普通合伙）执业，拥有多年证券服务业务工作经验。 （二）诚信情况和独立性 王建不存在违反《中国注册会计师独立性准则第 1 号——财务报表审计和 审阅业务对独立性的要求》和中国注册会计师职业道德守则有关独立性要求的情 形，最近三年未曾因执业行为受到过刑事处罚、行政处罚、监督管理措施和纪律 处分。 浙江捷众科技股份有限公司（以下简称"公司"）于2025年4月25日召开第 四届董事会第三次会议及第四届监事会第二次会议，于2025年5月19日召开2024 年年度股东会，审议通过《关于拟续聘2025年度会计师事务所的议案》，同意继 续聘请天健会计师事务所（特殊普通合伙）为公司2025年度审计机构。 近日，公司收到天健会计师事务所（特殊普通合 ...

Financial Performance - The company achieved operating revenue of ¥390,855,322.91, representing a year-on-year increase of 36.76%[2] - Net profit attributable to shareholders reached ¥73,598,143.43, up 17.74% compared to the previous year[3] - Net profit attributable to shareholders after deducting non-recurring gains and losses was ¥73,084,197.78, reflecting a growth of 38.86%[4] - Basic earnings per share (EPS) is projected at ¥1.11, an increase of 16.84% year-on-year[3] Assets and Equity - Total assets at the end of the reporting period amounted to ¥721,783,920.40, a growth of 13.78% from the beginning of the period[3] - Shareholders' equity attributable to the company reached ¥604,694,032.76, increasing by 8.98%[3] - The net asset value per share attributable to shareholders is ¥9.12, up 8.96% from the beginning of the period[3] Revenue Drivers - The main reason for revenue growth is the high demand in the automotive industry, leading to increased sales of components[4] - The company continues to receive new project orders from downstream customers, contributing to sales performance improvement[4] Cautionary Note - This performance report is preliminary and has not been audited, cautioning investors about potential risks[5]

Financial Forecast - The company forecasts a net profit attributable to shareholders between CNY 67 million and CNY 82 million for 2025, representing an increase of 7.18% to 31.18% compared to the previous year's CNY 62.51 million[4] - The net profit after deducting non-recurring gains and losses is expected to be between CNY 66 million and CNY 81 million, indicating a growth of 25.40% to 53.90% from last year's CNY 52.63 million[4] Profit Growth Drivers - The significant profit growth is attributed to a focus on the new energy vehicle sector, enhancing market expansion efforts, and successfully capturing market share[6] - The company is actively developing high-value-added new products, driving continuous product upgrades and contributing to profit growth[6] - The acceleration of digital transformation and smart manufacturing has improved production efficiency and product quality, further supporting profit increases[6] Cautionary Notes - The financial data presented is preliminary and unaudited, and investors are advised to exercise caution and consider investment risks[7]

Group 1 - The humanoid robot industry and core component sectors are attracting significant investment focus, with 25 companies listed on the Beijing Stock Exchange (BSE) having a total market value close to 90 billion yuan as of January 8, 2026 [1][4][6] - The BSE humanoid robot companies primarily focus on upstream components such as motors, batteries, bearings, and sensors, while only one company, China Machinery Science Group's Jike Co., is involved in midstream system integration [6][9] - The humanoid robot industry is expected to transform human production and lifestyle, becoming a new engine for economic growth, with the industry chain divided into upstream core components, midstream manufacturing, and downstream application providers [4][6] Group 2 - Guangdong Liwang New Energy Co. has signed a contract with Tsinghua University Shenzhen International Graduate School to develop high-power lithium-ion batteries for humanoid robots, aiming to capture market opportunities in the high-end battery sector [2] - Zhejiang Jiezong Technology Co. has partnered with Hangzhou Yunshe Technology Co. to develop specialized gears for humanoid and quadruped robots, focusing on performance and cost advantages [3] - Sichuan Tianlian Robot Co. has announced potential strategic cooperation with Baisheng Intelligent, indicating ongoing collaboration in the humanoid robot sector [3][9] Group 3 - As of January 8, 2026, 20 out of the 25 humanoid robot companies on the BSE have a market value exceeding 2 billion yuan, with five companies surpassing 5 billion yuan [9] - Over 40% of the humanoid robot companies on the BSE have a price-to-earnings (P/E) ratio below 40, indicating potential investment attractiveness [9] - The average net profit of the humanoid robot companies over the past three years is in the tens of millions, with several companies exceeding 100 million yuan in average net profit [9]

Investment Rating - The report suggests a focus on the automotive industry, particularly in areas such as robotics, solid-state batteries, and intelligent driving for 2026 [2][32]. Core Insights - The total market capitalization of automotive stocks on the Beijing Stock Exchange increased by 70% in 2025, with notable stock price increases for companies like Kaiter Co., which saw a rise of 178% [2][21]. - In 2025, China's automotive production and sales reached 31.23 million and 31.12 million units respectively, reflecting year-on-year growth of 11.9% and 11.4% [7][10]. - The report highlights five key trends for 2026 in the automotive sector: (1) localization of core components for robotics, (2) technological breakthroughs in battery segments, (3) transformation and upgrading of electric vehicle components, (4) intelligent driving sensors and electronic systems, and (5) innovative applications of lightweight materials [32][34]. Summary by Sections Automotive Industry Overview - In the first eleven months of 2025, China's automotive production and sales maintained double-digit year-on-year growth, with significant contributions from the collaboration across the supply chain [7][8]. - The report notes that the sales of new energy vehicles accounted for 47.5% of total new car sales during the same period, with production and sales of 14.91 million and 14.78 million units respectively, marking growth rates of 31.4% and 31.2% [8][11]. Market Performance - The median price-to-earnings (P/E) ratio for automotive stocks on the Beijing Stock Exchange increased from 22.07X to 35.26X, a growth rate of 60% [21][23]. - The report indicates that the median market capitalization of automotive stocks rose from 34.134 billion yuan to 58.024 billion yuan [21][23]. Key Companies and Trends - Companies such as Sanxie Electric and JunChuang Technology are highlighted for their potential in the robotics sector, particularly in humanoid robots [32][33]. - The report emphasizes the importance of solid-state batteries as a core direction for future battery technology, with companies like YuanHang Precision and NaKonoer being noted for their advancements [32][34]. - The shift towards lightweight materials in the automotive industry is also discussed, with companies like HeChang Polymer and JiYuan Precision being recognized for their innovative approaches [34].

证券代码：920690 证券简称：捷众科技 公告编号：2025-097 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 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 12 月 26 日 活动地点：杭州城中香格里拉 参会单位及人员：华源证券研究所、东北证券、中山证券、中泰证券、华鑫 证券、圆信永丰管理有限公司、开源证券、新华基金管理股份有限公司、朴拙投 资（广东）有限公司、浙江宁聚投资管理有限公司、联储证券、长江证券 上市公司接待人员：公司董事、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：今年公司营收增长，第四季度的产能是否受限？以及对明年的产能 □现场参观 □新闻发布会 □分析师会议 问题 2：公司在机器人业务方面有什么新的进展？ 近期，公司积极抢抓机器人产业发展机遇，大力拓展相关业务版图。公司与 杭州云深处科技股份有限公司达成深度合作 ...

Core Viewpoint - On December 25, 2023, a block trade of 300,000 shares of Jiezhong Technology (920690) was executed at a price of 23.10 yuan, representing a discount of 31.15% compared to the closing price of 33.55 yuan on the same day [2] Group 1: Trade Details - The total transaction amount for the block trade was 6.93 million yuan [2] - The buyer was Guosen Securities Co., Ltd. Zhejiang Branch, while the seller was China Galaxy Securities Co., Ltd. Shaoxing Securities Branch [2] - The stock's trading volume on the same day was 786.44 million yuan, with a turnover rate of 5.44% and a cumulative increase of 5.77% over the past five days [2] Group 2: Company Background - Zhejiang Jiezhong Technology Co., Ltd. was established on November 24, 2004, with a registered capital of 66.3 million yuan [2]