Core Insights - As of December 24, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 7.959 billion yuan, an increase of 71.38 million yuan from the previous trading day, marking a continuous increase for four consecutive trading days [1] - The stocks with the highest margin financing balances include Jinbo Biological, Shuguang Digital Innovation, and Better Energy, with latest balances of 399 million yuan, 370 million yuan, and 339 million yuan respectively [1] - A total of 182 stocks on the Beijing Stock Exchange received net margin purchases on December 24, with 44 stocks having net purchases exceeding 1 million yuan, led by Tianli Composite with a net purchase of 9.5846 million yuan [1][2] Margin Financing Overview - The margin financing balance increased for the following stocks on December 24: - Tianli Composite: 572.73 million yuan, up by 9.5846 million yuan, with a market value ratio of 0.67% [2] - Tiangong Co.: 321.16 million yuan, up by 6.5918 million yuan, with a market value ratio of 2.46% [2] - Hongyu Packaging: 254.18 million yuan, up by 6.407 million yuan, with a market value ratio of 0.83% [2] Industry Performance - The industries with the highest concentration of stocks receiving net margin purchases over 1 million yuan include machinery equipment, automotive, and basic chemicals, with 6, 5, and 4 stocks respectively [2] - On December 24, stocks with net margin purchases exceeding 1 million yuan had an average increase of 0.98%, with notable gainers including Tiangong Co. (up 16.15%), Jiahe Technology (up 9.60%), and Litong Technology (up 6.73%) [2] - The average turnover rate for stocks with net margin purchases over 1 million yuan was 4.60%, with the highest turnover rates seen in Tiangong Co. (38.53%), Xingchen Technology (21.24%), and Knight Dairy (18.00%) [2]

Group 1 - The report highlights the performance of the North Exchange in 2025, indicating a significant rise in the North Index 50 to around 1400 points, with three distinct phases of market movement: rapid increase, oscillating rise, and a correction phase [2][12][15] - In the rapid increase phase (January 1 - March 11, 2025), the North Index 50 surged from 1,037.81 to 1,418.65 points, achieving a cumulative return of 36.70%, while the specialized index rose from 1,683.33 to 2,421.50 points, with a return of 43.85% [15][16] - The oscillating rise phase (April 7 - September 5, 2025) saw the North Index 50 increase from 1,044.07 to 1,647.01 points, yielding a cumulative return of 58.70%, and the specialized index from 1,759.64 to 2,806.39 points, with a return of 66.72% [16][17] Group 2 - The correction phase (September 15 - December 19, 2025) stabilized the North Index 50 and specialized index around 1400 and 2400 points, respectively, with the North Index 50 declining to 1,445.84 points and the specialized index to 2,440.21 points, resulting in cumulative returns of 39.32% and 44.96% [17][23] - The report emphasizes the performance of small-cap stocks, indicating that companies with market capitalizations of 0-20 billion, 20-40 billion, 40-80 billion, and above 80 billion had average returns of 54.08%, 38.60%, 18.26%, and 30.59%, respectively [26][31] - The report identifies that national and provincial-level "little giant" companies outperformed non-little giant firms, with average returns of 48.26%, 38.06%, and 39.19% for national, provincial, and non-little giants, respectively [27][29] Group 3 - The report highlights that national and provincial-level single champion companies achieved average returns of 59.27% compared to 39.61% for non-single champion companies [32][34] - In terms of industry performance, high-end equipment and new chemical materials sectors showed higher returns, with average returns of 50.20%, 28.67%, 48.49%, 40.43%, and 43.56% for high-end equipment, information technology, new chemical materials, consumer services, and biomedicine, respectively [34][36] - The report also notes that companies with new productive forces, ESG attributes, high scarcity, and high dividends had average returns of 50.49%, 48.44%, 49.14%, and 57.51%, respectively, indicating a strong performance in these categories [37][43]

Group 1 - The average return of 11 theme funds on the Beijing Stock Exchange (BSE) reached 52.12% in 2025, indicating a strong performance and potential for diversified investor participation as the two-year fixed-open products become available for subscription and redemption [1][19][20] - The number of public fund institutions investing in BSE stocks increased to 29 by the end of 2024, a year-on-year growth of 31.82%, with the number of heavily invested companies rising from 34 to 41 in the first three quarters of 2025 [11][12] - The BSE's market performance shows a shift towards diversified investment styles, with a focus on emerging industries such as intelligent connected new energy vehicles, commercial aerospace, low-altitude economy, and robotics [1][31] Group 2 - The BSE 50 Index reported a value of 1,387.70 points, with a week-on-week increase of 0.75%, while the BSE specialized and new index reached 2,317.70 points, up 0.79% [2][43] - The TTM PE ratios for various sectors on the BSE include high-end equipment at 38.37X, information technology at 84.54X, and chemical new materials at 42.21X, indicating sector-specific valuation trends [2][33] - The top ten companies by market value held by funds on the BSE as of Q3 2025 include Jinbo Bio, Naconoer, and Better Energy, with significant changes in holdings reflecting market dynamics [22][23][24] Group 3 - The BSE's passive index fund scale has seen significant growth, with the BSE 50 Index fund size reaching 128.93 billion yuan by November 28, 2025, and the number of tracking products increasing to 68 [13][16] - The fund holdings on the BSE show that 59.17% of companies have a market value between 2-5 billion yuan, while 49.17% of companies reported a net profit of less than 50 million yuan in 2024 [27][29] - The industry allocation preferences of funds on the BSE are similar to those on the dual innovation board, with the top five sectors being machinery, hardware equipment, electrical equipment, automotive parts, and software services [31][32]

证券代码：920690 证券简称：捷众科技 公告编号：2025-096 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 √分析师会议 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。 现场参观：东吴证券、东北证券、浙商证券、海南盛熙私募基金管理合伙企 业（有限合伙）、上海德宁资本投资管理有限公司、杭州正班私募基金管理有限 公司、珺州基金 上市公司接待人员：公司总经理、副董事长：孙坤先生；公司董事、副总经 理、董事会秘书:郭一申女士；副总经理：魏晓慧先生 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 10 月 29 日和 2025 年 10 月 30 日 活动地点：：进门财经线上电话会议和公司会议室、车间 参会单位及人员：由国联民生证券刘建伟女士主持的电话会议，线上参与单 位有：国联民生证券、创金合信基金管理有限公司、阳光资产管理股份有限公司、 开源资管、开源证券、兴业证券、浦银安盛基金、华 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown rapid revenue growth, with a projected increase in production capacity from fundraising projects expected to commence in 2026 [3][4] - The company is expanding into emerging industries such as military, semiconductors, and robotics, which may enhance future growth prospects [4][6] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 275 million yuan, representing a year-on-year growth of 46.71%, and a net profit attributable to the parent company of 53 million yuan, up 20.27% year-on-year [4] - In Q3 2025, the company reported a revenue of 113 million yuan, a year-on-year increase of 48.46%, with a net profit of 23 million yuan, reflecting a 34.15% year-on-year growth [4] Profitability Metrics - The gross margin for the first three quarters of 2025 was 36.58%, a decrease of 2.30 percentage points year-on-year, while the net margin was 19.39%, down 4.26 percentage points year-on-year [6] - The company’s operating cash flow for the first three quarters of 2025 was 67 million yuan, a significant increase of 70.88% year-on-year, attributed to higher sales and improved customer payment collections [6] Future Projections - Revenue forecasts for 2025-2027 are 427 million yuan, 544 million yuan, and 658 million yuan, with year-on-year growth rates of 49.29%, 27.55%, and 20.98% respectively [7] - Net profit projections for the same period are 75 million yuan, 91 million yuan, and 110 million yuan, with growth rates of 19.65%, 21.57%, and 20.85% respectively [7] Valuation Metrics - The expected earnings per share (EPS) for 2025-2027 are 1.13 yuan, 1.37 yuan, and 1.66 yuan, with corresponding price-to-earnings (P/E) ratios of 30.52X, 25.10X, and 20.77X [6][7]

Core Insights - The company reported strong financial performance for the first three quarters of 2025, with revenue reaching 275 million yuan, a year-on-year increase of 46.71%, and a net profit attributable to shareholders of 53.35 million yuan, up 20.27% [1] - In Q3 2025, the company achieved revenue of 113 million yuan, a 48.46% increase year-on-year, driven by the expansion of sales from major clients [1] - The automotive industry is experiencing a shift towards intelligent and lightweight components, with the global automotive plastic parts market expected to exceed 180 billion USD by 2025, driven by the demand for lightweight and environmentally friendly solutions [1] Business Development - The company has begun to realize value in the new energy vehicle sector, supplying major manufacturers such as BYD, Li Auto, and NIO, with comprehensive coverage in the automotive window systems sector [2] - The company has made breakthroughs in emerging business areas, including supplying components for magnetic levitation pumps in the semiconductor field and delivering samples for robotic joints in the quadruped robot sector [2] - The long-term growth potential remains strong as the company expands its presence in various industries, including military applications [2] Profit Forecast and Investment Rating - The company maintains its profit forecast, expecting revenues of 383 million yuan, 492 million yuan, and 606 million yuan for 2025-2027, with net profits of 81 million yuan, 103 million yuan, and 129 million yuan respectively [2] - Corresponding EPS for the same period is projected to be 1.22 yuan, 1.55 yuan, and 1.94 yuan, with PE ratios of 28.27, 22.19, and 17.71 respectively [2] - Given the strong performance and industry transformation benefits, the company maintains a "buy" rating [2]

证券代码：920690 证券简称：捷众科技 公告编号：2025-095 浙江捷众科技股份有限公司 关于使用闲置自有资金购买理财产品的公告 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、 委托理财概述 （一） 委托理财目的 有效期自公司董事会审议通过之日起 12 个月内有效，如单笔产品存续期超 过前述有效期，则决议的有效期自动顺延至该笔交易期满之日。 二、 决策与审议程序 2025 年 10 月 28 日，公司召开第四届董事会审计委员会第四次会议、第四 届董事会第九次会议，审议通过了《关于使用闲置自有资金购买理财产品的议 案》。 为了提高浙江捷众科技股份有限公司（以下简称"公司"）自有闲置资金使 用效率，合理利用资金获取较好的投资回报，在不影响公司主营业务正常发展的 前提下，公司拟使用自有闲置资金购买理财产品，为公司与股东创造更大的收益。 理财产品主要是安全性高、流动性好、可以保障投资本金安全的理财产品。 （二） 委托理财金额和资金来源 公司拟增加不超过人民币 0.5 亿元人民币的闲置自有资金购买安 ...

证券代码：920690 证券简称：捷众科技 公告编号：2025-093 浙江捷众科技股份有限公司 第四届董事会第九次会议决议公告 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 10 月 28 日 2.会议召开地点：公司会议室 3.会议召开方式：现场和网络相结合 4.发出董事会会议通知的时间和方式：2025 年 10 月 24 日以邮件和书面方式 发出 具体内容详见公司于同日在北京证券交易所信息披露平台（www.bse.cn）披 露的《2025 年第三季度报告》（公告编号：2025-094）。 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.召开情况合法合规的说明： 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《关于公司 ...

证券代码：920690 证券简称：捷众科技 公告编号：2025-092 浙江捷众科技股份有限公司 关于调整公司第四届董事会审计委员会委员的公告 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。 为保证董事会各专门委员会的正常运作，浙江捷众科技股份有限公司（以下 简称"公司"）于 2025 年 10 月 13 日召开公司第四届董事会第八次会议，审议通 过了《关于补选公司第四届董事会审计委员会委员的议案》，现将有关情况公告 如下： 一、关于补选公司第四届董事会审计委员会委员的基本情况 调整前的审计委员会成员：江乾坤先生、陈红岩先生、孙米娜女士 调整后的审计委员会成员：鲍航先生、陈红岩先生、孙米娜女士 主任委员: 鲍航先生 二、本次选举对公司的影响 本次董事会审计委员会委员的调整符合相关法律法规、《公司章程》《董事会 议事规则》及《审计委员会工作细则》的有关规定，本次调整有利于完善公司治 理结构，不会对公司经营产生不利影响。 三、备查文件目录 《浙江捷众科技股份有限公司第四届董事会第八次会议决议》 浙江捷众科技 ...

证券代码：920690 证券简称：捷众科技 公告编号：2025-090 3.会议召开方式：现场投票和网络投票相结合 4.会议召集人：董事会 5.会议主持人：董事长孙秋根先生 浙江捷众科技股份有限公司 2025 年第二次临时股东会决议公告 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 10 月 13 日 2.会议召开地点：浙江省绍兴市柯桥区安昌捷众科技工业园 3 楼会议室 （三）公司董事、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.公司董事会秘书出席会议； 3. 公司高级管理人员列席本次会议。 6.召开情况合法合规的说明： 本次股东会会议召开程序符合《公司法》等相关法律法规及《公司章程》的 有关规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 8 人，持有表决权的股份总数 43,919,418 股，占公司有表决权股份总数的 66.2435%。 其中通过网络投票参与本次股东会的股东共 ...