Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 43.60 [8][9]. Core Views - The report indicates that the impact of tariffs on the sewing machine industry is manageable in the short term, while in the medium to long term, it may drive a shift in global apparel manufacturing, boosting demand for new sewing machines [1][2]. - The company is focusing on promoting AI technology in apparel manufacturing, introducing new products such as AI sewing machines and humanoid robots to help downstream clients reduce costs and improve efficiency [1][4]. - Continuous product innovation is expected to enhance the company's profitability [1]. Summary by Sections Tariff Impact - In the short term, uncertainty in U.S. tariff policies may lead some downstream clients to adopt a wait-and-see approach regarding expansion. However, in the medium to long term, this uncertainty is likely to accelerate the decentralization of the global apparel supply chain, prompting manufacturers to shift to countries with lower tariff risks, thereby increasing demand for new machines and providing opportunities for leading companies to enhance market share [2]. Industry Growth - In April, the industrial sewing machine export value reached USD 148 million, a year-on-year increase of 23%. Notably, demand from low-tariff risk regions like Egypt, Kenya, and Argentina saw significant growth, with year-on-year increases of 111%, 254%, and 842%, respectively [3]. Labor and AI Integration - The apparel manufacturing industry is labor-intensive, with a potential for significant machine replacement. The report highlights that the company has made milestone progress in high-end product development, including prototypes of high-end AI sewing machines and humanoid robots, which are expected to open new growth avenues [4]. Profit Forecast and Valuation - The company’s projected net profits for 2025 to 2027 are RMB 1.16 billion, RMB 1.28 billion, and RMB 1.38 billion, respectively, with corresponding PE ratios of 16, 14, and 13. The target price has been adjusted to RMB 43.60 based on a revised PE of 18 for 2025 [5][7].

Investment Rating - The investment rating for the company is "Buy" with a target price of 43.60 RMB [8][9]. Core Views - The report indicates that the impact of tariffs on the sewing machine industry is manageable in the short term, while in the medium to long term, it may drive a shift in global apparel manufacturing, boosting demand for new sewing machines [1][2]. - The company is focusing on promoting AI technology in apparel manufacturing, introducing new products such as AI sewing machines and humanoid robots to help downstream clients reduce costs and improve efficiency [1][4]. - Continuous product innovation is expected to enhance the company's profitability [1]. Summary by Sections Tariff Impact - In the short term, uncertainty in U.S. tariff policies may lead some downstream clients to adopt a wait-and-see approach regarding expansion. However, in the medium to long term, this uncertainty is likely to accelerate the decentralization of the global apparel supply chain, prompting manufacturers to shift to countries with lower tariff risks, thereby increasing demand for new machines and providing opportunities for leading companies to enhance market share [2]. Industry Growth - In April, the industrial sewing machine export value reached 148 million USD, reflecting a year-on-year increase of 23%. Notably, demand from external markets like Vietnam and Bangladesh grew by 32% and 50% respectively, although this was a slowdown compared to Q1 [3]. - Countries with lower tariff risks, such as Egypt, Kenya, and Argentina, showed remarkable demand growth, with year-on-year increases of 111%, 254%, and 842% respectively [3]. AI and Robotics in Manufacturing - The apparel manufacturing industry is labor-intensive, with significant potential for AI and humanoid robot applications. Over the past eight years, approximately 57 million industrial sewing machines have been used in China, indicating a global sewing machine population of nearly 60 million. This suggests a substantial opportunity for machine replacement [4]. - The company has made significant progress in developing high-end products, including prototypes of AI sewing machines and humanoid robots, which are expected to open new growth avenues [4]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 1.16 billion, 1.28 billion, and 1.38 billion RMB for 2025 to 2027, corresponding to PE ratios of 16, 14, and 13 times respectively. The target price has been adjusted to 43.6 RMB, reflecting an increase from the previous 38.4 RMB due to a rise in comparable company PE ratios [5].

Group 1 - The company announced a share repurchase plan with a total expected amount between 75 million and 150 million RMB [1][2] - The repurchase will be conducted through centralized bidding and is intended for employee stock ownership plans or equity incentives [1] - As of May 31, 2025, the company has repurchased a total of 4,872,678 shares, accounting for 1.0157% of the total share capital, with a total expenditure of 131,061,568.56 RMB [1][2] Group 2 - The repurchase price range is set between 24.60 RMB and 31.94 RMB per share, with a maximum repurchase price not exceeding 37 RMB per share [1] - The repurchase period will last for up to 12 months following the board's approval of the repurchase plan [1] - The company will adhere to relevant regulations and will disclose progress on the repurchase in a timely manner [2]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/8 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 7,500万元~15,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 4,872,678股 | | 累计已回购股数占总股本比例 | 1.0157% | | 累计已回购金额 | 131,061,568.56元 | | 实际回购价格区间 | 24.60元/股~31.94元/股 | 一、回购股份的基本情况 杰克科技股份有限公司（以下简称"公司"）于 2025 年 4 月 7 日召开第六届 董事会第二十次会议，审议通过了《关于以集中竞价交易方式回购公司股份的议 案》，同意公司使用自有资金以集中竞价交易方式回购公司股份用于股权激励，回 购价格不超过人民币 37 元/股（含），回购资金 ...

北京国枫律师事务所 关于杰克科技股份有限公司 差异化分红事项的专项核查意见 国枫律证字[2025]AN057-1 号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 邮编: 100005 传真(Fax): 010—66090016 电话(Tel): 010－88004488/66090088 北京国枫律师事务所 关于杰克科技股份有限公司 差异化分红事项的专项核查意见 国枫律证字[2025] AN057-1 号 致:杰克科技股份有限公司 为出具本专项核查意见,本所律师特作如下声明: 1. 本所律师已根据中国证券监督管理委员会（以下简称"中国证监会"） 颁布的《律师事务所从事证券法律业务管理办法》《律师事务所法律业务执业规 则(试行)》及本专项核查意见出具日之前已经发生或存在的事实和中国现行有 效的法律、行政法规、部门规章和规范性文件出具法律意见。 2. 本所律师对本专项核查意见涉及的相关事实的了解和判断,依赖于公司 向本所律师提供的文件资料、说明及承诺,且其已向本所律师保证该等文件资料、 说明及承诺的真实性、完整性和准确 ...

证券代码：603337 证券简称：杰克股份 公告编号：2025-041 杰克科技股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 6 日的2024年年度股东大会审议通过。 重要内容提示： 每股分配比例 A 股每股现金红利0.50元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/5 | － | 2025/6/6 | 2025/6/6 | 差异化分红送转： 是 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 差异化分红送转方案： （1）本次差异化分红方案 1. 发放年度：2024年年度 2. 分派对象： 根据《上海证券交易所上市公司自律监管指引第 ...

证券代码：603337 证券简称：杰克股份 公告编号：2025-042 二、第三期员工持股计划股票出售情况及后续安排 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 杰克科技股份有限公司（以下简称"公司"）第三期员工持股计划持有的公 司股票已全部出售完毕，根据《关于上市公司实施员工持股计划试点的指导意见》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关规定，现 将相关情况公告如下： 一、第三期员工持股计划基本情况 公司于 2021 年 1 月 4 日召开的第五届董事会第十一次会议及 2021 年 1 月 20 日召开的 2021 年第一次临时股东大会审议通过了《关于<杰克科技股份有限 公司第三期员工持股计划（草案）>及其摘要的议案》等相关议案，同意公司实 施第三期员工持股计划。具体内容详见公司于 2021 年 1 月 5 日、2021 年 1 月 21 日在上海证券交易所网站（www.sse.com.cn）披露的相关公告。 截至 2021 年 3 月 24 日，公司第三期员工持股计划已通过二级市场完成公司 ...

Core Insights - The mechanical industry is experiencing pressure on performance due to a weak macroeconomic recovery in 2024, with total revenue reaching 24,902 billion yuan, a year-on-year increase of 5.18%, while net profit attributable to shareholders decreased by 9.90% to 1,377 billion yuan [1] - In Q1 2025, the overall performance of listed companies in the mechanical industry improved, achieving revenue of 5,630 billion yuan, a year-on-year increase of 9.05%, and net profit of 391 billion yuan, a year-on-year increase of 17.43% [1] Revenue and Profitability - The overall gross margin for the mechanical industry in 2024 is 21.82%, down by 1.09 percentage points year-on-year, while the net profit margin is 5.53%, down by 0.93 percentage points year-on-year [2] - In Q1 2025, the gross margin is 21.96%, down by 0.39 percentage points year-on-year but up by 1.09 percentage points quarter-on-quarter, and the net profit margin is 6.95%, up by 0.50 percentage points year-on-year and up by 4.93 percentage points quarter-on-quarter [2] Sector Performance - The top five sectors in terms of revenue growth in 2024 are semiconductor equipment (+35%), injection molding machines (+22%), shipbuilding and offshore engineering (+20%), photovoltaic equipment (+13%), and machine tools (+5%) [2] - The top five sectors in terms of net profit growth in 2024 are shipbuilding and offshore engineering (+146%), injection molding machines (+23%), semiconductor equipment (+21%), engineering machinery (+14%), and coal machinery and mining machinery (+13%) [2] - In Q1 2025, the top five sectors for revenue growth are semiconductor equipment (+33%), rail transit equipment (+30%), injection molding machines (+20%), lasers (+14%), and shipbuilding and offshore engineering (+11%) [2] - The top five sectors for net profit growth in Q1 2025 are shipbuilding and offshore engineering (+203%), rail transit equipment (+75%), coal machinery and mining machinery (+37%), engineering machinery (+34%), and semiconductor equipment (+33%) [2] Investment Recommendations - The company suggests focusing on infrastructure and real estate chains driven by policy support, recommending engineering machinery and urban rail signaling systems [2] - It also recommends paying attention to cyclical general equipment due to domestic demand recovery, including industrial control, machine tools, industrial gases, and testing services [2] - New technologies and industries emerging from new productive forces, such as humanoid robots and low-altitude economy, are highlighted as new investment opportunities [2] Investment Portfolio - The recommended investment portfolio includes SANY Heavy Industry, Hengli Hydraulic, Jereh Group, Yihada, and Jack [3]

关于部分股票期权注销完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 杰克科技股份有限公司（以下简称"公司"）于 2025 年 4 月 13 日召开第六 届董事会第二十一次会议和第六届监事会第十四次会议，审议通过了《关于注销 部分股票期权的议案》，公司拟注销因公司 2022 年股票期权与限制性股票激励 计划首次授予部分第三个行权期行权条件未成就的已获授但尚未行权的股票期 权合计 1,373,200 份。具体详见公司于上海证券交易所网站（www.sse.com.cn） 及《上海证券报》披露的《关于注销部分股票期权的公告》（公告编号：2025-027）。 证券代码：603337 证券简称：杰克股份 公告编号：2025-040 杰克科技股份有限公司 公司已向中国证券登记结算有限责任公司上海分公司提交了注销上述股票 期权的申请，经中国证券登记结算有限责任公司上海分公司审核确认，上述 1,373,200 份股票期权注销事宜已于 2025 年 5 月 23 日办理完毕。本次股票期权 注销不会对公司股本造成影响。 特此公告。 杰克 ...

Summary of Jack Co. Conference Call Company Overview - Jack Co. is transitioning from a cyclical to a growth-oriented business model, with new products driving this change. The upcoming high-end AI sewing machine, set to launch in September 2025, is expected to enter the high-end garment sewing market, potentially doubling the average selling price (ASP) and securing performance for the next 2-3 years [2][3][5]. Key Points Industry and Market Dynamics - The industrial sewing machine industry is currently at a historical percentile of around 40%, with demand fluctuations between 6 million and 8.4 million units over the past two years. Even in the worst-case scenario, a 10% decline in demand is expected, while a 20% increase is possible in optimistic conditions, indicating limited overall market space [4]. - The impact of cyclical fluctuations on Jack Co. is diminishing due to an increase in overseas market share, which has reduced volatility. Export sales now exceed domestic sales by more than double, making new products and profit margins more significant drivers of stock price [2][4]. Product Innovations - The high-end AI sewing machine launching in September 2025 is anticipated to significantly enhance the company's ASP and provide performance assurance for the next 2-3 years. The company is also set to release robot-related products in 2026, aimed at automating garment manufacturing, which is expected to yield substantial long-term growth potential [2][3][5]. - The AI sewing machine is designed to guide operations through visual AI, reducing training costs and enabling oil-free sewing, which could challenge high-end competitors like JUKI. If sales reach 70,000 units in 2026, it could increase the company's earnings per share (EPS) by approximately 10% [2][7]. Financial Performance - Jack Co. achieved a profit growth rate of 50% in 2024, with a net profit margin reaching a historical high of 13.4%. The net profit margin continued to improve in Q1 2025, with expectations of exceeding 20% in the future [2][3][5]. - The gross margin for sewing machines has improved from 30% to 50%, primarily due to a doubling of prices without significant cost increases. This improvement is attributed to a favorable competitive landscape and successful product iterations [6]. Automation and AI Integration - The garment manufacturing industry is well-suited for AI and humanoid robot technology due to its large workforce and relatively low precision requirements. The domestic workforce in sewing is approximately 15 million, with a global total of around 80 million, leading to significant potential for automation [8][9]. - Jack Co. is implementing a two-step strategy for automation: first, utilizing existing automated products to achieve partial process intelligence; second, developing humanoid robots to address material handling issues. Initial prototypes have demonstrated a 98% accuracy rate in material handling [10][12]. Challenges and Future Outlook - The garment manufacturing sector faces challenges in adopting industrial robots, particularly with flexible materials and the diverse range of SKUs. AI technology must reach a certain level of maturity to effectively replace manual labor [11]. - Jack Co. anticipates that if humanoid robots achieve high penetration over the next 30 years, the business could add between 10 to 20 billion in market value, indicating significant growth potential as new products are launched [14].