Core Insights - The report highlights the launch of the AI-powered sewing equipment brand Aitu by Jack Technology, aiming at the high-end market with its Ai10 sewing machine [1] - The Ai10 sewing machine integrates deep artificial intelligence models to enhance sewing efficiency through features like motion capture, fabric adaptation, and AI guidance [1] - Jack Technology, a leading player in the sewing equipment industry, is leveraging AI technology innovation and global expansion to enter a new development phase [1] Industry Overview - The introduction of the Aitu brand represents a cutting-edge direction in industry technology development, potentially strengthening market position [1] - The extensive data resources accumulated by Jack Technology over the years serve as a crucial foundation for training AI models, enabling significant advancements in sewing technology [1] - The report indicates a positive outlook for the company, with an initial "buy" rating assigned to the new brand and its products [1]

Core Viewpoint - Jack Technology Co., Ltd. is set to hold a half-year performance briefing on October 15, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [2][3]. Group 1: Meeting Details - The investor briefing will take place on October 15, 2025, from 13:00 to 14:00 [6][7]. - The meeting will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [3][6]. - Key personnel attending the meeting include the Chairman, President, Vice Chairman, Independent Director, and Chief Financial Officer of the company [4]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [5][6]. - A pre-question submission period is available from September 30, 2025, to October 14, 2025, allowing investors to submit questions via the Roadshow Center or the company's email [2][5]. - After the meeting, investors can access the main content and details of the briefing through the Roadshow Center [8].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage in this regard [3]. Core Viewpoints - The company is positioned as a leader in the sewing equipment industry, leveraging AI technology and global expansion to enter a new development phase. The launch of the AI sewing machine brand Aitu represents a cutting-edge direction in industry technology, which is expected to strengthen its market position [3][25]. - The trend of "small batch quick response" in the garment manufacturing industry necessitates digital management and intelligent equipment, driving the transformation of production models and the update of production lines [1][15]. - The company has established a global marketing network, achieving overseas revenue of 1.785 billion yuan in the first half of 2025, accounting for 52.93% of total revenue, surpassing domestic revenue [3][23]. Summary by Sections 1. Business Situation - The company has evolved into a leading enterprise in the sewing equipment industry, transitioning from a traditional equipment manufacturer to a provider of intelligent manufacturing solutions. It plans to release humanoid robots in late 2026, integrating robotics and automation technology into customer scenarios [7][22]. 2. Industry Overview - The digital transformation in the textile industry is expected to drive equipment upgrades, with fixed asset investment in the textile and apparel sector increasing by 20.1% year-on-year from January to August 2025 [16]. The sewing machinery industry has seen a 32.5% year-on-year increase in export delivery value in the first half of 2025 [16]. 3. Company Outlook - The company is committed to product innovation, with plans to enhance the intelligent level of industrial sewing machines. It has established a robust R&D framework, with a goal to increase R&D expenditure to 10% of sales in the next 3-5 years [21][22]. The introduction of AI sewing machines is anticipated to create new growth points [25]. 4. Profit Forecast and Valuation - The company is projected to achieve revenues of 6.606 billion yuan, 7.529 billion yuan, and 8.288 billion yuan for the years 2025, 2026, and 2027, respectively. Corresponding net profits are expected to be 956 million yuan, 1.110 billion yuan, and 1.303 billion yuan [2][25]. The report indicates a favorable valuation with a projected PE ratio of 23.96 for 2025 [3][28].

杰克科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 证券代码：603337 证券简称：杰克科技 公告编号：2025-059 重要内容提示： 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 30 日（星期二）至 10 月 14 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@chinajack.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 杰克科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发布公 司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度 经营成果、财务状况，公司计划于 2025 年 10 月 15 日 （星期三） 13:00-14:00 举行 2025 ...

Core Insights - Jack Technology Co., Ltd. is participating in the 15th China Henan International Investment and Trade Fair, marking its first attendance at this event [1] - The company plans to invest in a smart garment machinery manufacturing project in Shangqiu City, with a total investment of 1 billion yuan [3] Company Overview - Jack Technology, founded in 1995 and headquartered in Zhejiang, focuses on the intelligent garment equipment industry for 30 years [4] - The company is the only one in the global intelligent sewing equipment sector that integrates PDM, APS, MES, WMS, and AI into a comprehensive intelligent manufacturing software system [4] - Jack Technology serves clients across over 170 countries in various sectors, including apparel, footwear, luggage, home goods, leather, automotive, and aviation [4] Project Details - The smart garment machinery project will be located in the Suiyang High-tech Industrial Development Zone, covering an area of approximately 220 acres, with the first phase planned to occupy about 105 acres [3] - The project aims to create a modern production center for automated garment production equipment, including automatic cutting machines and automatic fabric laying machines [3] - The project is expected to be operational in two years, creating over 500 jobs and generating an annual tax revenue of over 5 million yuan [3] Financial Performance - For 2024, Jack Technology anticipates a sales revenue of 6.094 billion yuan, representing a year-on-year growth of 15.11% [4] - The projected net profit for 2024 is 812 million yuan, reflecting a significant year-on-year increase of 50.86% [4]

Summary of the Conference Call for Jack Technology Industry Overview - The conference call focused on the sewing machine industry, particularly the advancements made by Jack Technology in AI sewing machines, specifically the "Aitu" model [2][3]. Key Points and Arguments 1. **Innovative Features of Aitu Sewing Machine**: - The Aitu sewing machine utilizes multi-motor digital feeding, a breakthrough head design, and an AI vision system to address labor shortages and skill devaluation in the sewing industry, especially effective with extreme fabrics [2][5]. - It features a no-oil design and low-temperature operation, achieving self-lubrication through a synchronous belt drive, which reduces oil contamination and temperature, enhancing product quality and production efficiency [2][9]. - The machine allows for parameter switching in one second, significantly improving debugging efficiency and reducing maintenance costs, while also recording worker gesture data to enhance skill levels [2][10]. 2. **Market Positioning and Pricing**: - The Aitu sewing machine is priced at FOB $950, targeting the high-end market. Despite the higher price, it is recognized by customers for its efficiency and labor cost savings [2][11]. - Jack Technology demonstrates its product value through an economic analysis, showing that it can provide approximately $3,000 in value to customers while being priced below $1,000, making it highly attractive [2][14]. 3. **Competitive Advantages**: - The Aitu sewing machine surpasses Japanese brands in three key areas: it can handle extreme materials, perform better with materials that Japanese brands can manage, and complete tasks faster [2][7]. - The machine's technology allows for flexible feeding and ensures stitch quality, challenging the market share traditionally held by Japanese brands [2][7]. 4. **Future Market Growth**: - The overseas sewing machine market is expected to grow faster due to a higher number of large factories that prefer systematic solutions, presenting significant sales opportunities for Jack Technology [2][12][13]. - The company has established a strong presence with around 100 large factories globally, each with annual procurement amounts reaching $20-30 million [2][12]. 5. **Company Transformation and Industry Leadership**: - Since 2021, Jack Technology has undergone significant internal changes, becoming a key industry leader and innovator, with three consecutive quarters of earnings exceeding expectations in 2024 [3][18]. - The company has shifted from being a follower to a leader in the industry, influencing trends such as smart complete systems and rapid return products [3][18]. 6. **Valuation and Market Expectations**: - Jack Technology is currently valued at approximately 25 times PE for 2025, considered one of the most logically certain companies in the robotics sector with the lowest implied expectations [2][15]. - There is a significant implied expectation gap between Jack and other humanoid robot companies, indicating a potential for substantial valuation correction [2][17]. 7. **Impact of Global Manufacturing Workforce**: - The global manufacturing workforce is around 500 million, with approximately 80 million in sewing, representing about 10% of the total. The global apparel output is about $1.8 trillion, indicating a reasonable proportion and value [2][16]. 8. **Trends in AI and Robotics**: - The sewing machine industry is expected to undergo significant changes driven by AI by 2025, with competitors likely to adopt AI technologies, which could lead to a competitive shift in the market [2][19]. - The introduction of embodied intelligent products priced above 100,000 yuan could challenge companies that lag in R&D and profitability, pushing the industry towards higher-end technology [2][21]. 9. **Emerging Competitors**: - Companies like Zhongjie are moving towards integrating embodied intelligence with sewing machines, indicating a broader acceptance of this technology and a shift in industry dynamics [2][22]. Other Important Insights - The conference highlighted the importance of product performance over price for large clients in the sewing machine industry, suggesting that high-quality products can command higher prices [2][11]. - The successful marketing and product demonstrations at the launch event, attended by over 500 participants, primarily overseas clients, indicate strong market interest and potential for future orders [2][4].

Core Insights - Aitu, a brand under Jack Technology, aims to revolutionize the garment manufacturing industry through AI integration, breaking the long-standing dominance of German and Japanese companies in high-end garment manufacturing equipment [1][3] - The brand's innovative AI technology has garnered international recognition, marking a shift for Chinese enterprises from "catching up" to "leading" in this niche [3][4] Technology and Innovation - Aitu has invested over 100 million yuan in R&D, assembling a team of over 300 top global AI experts and collaborating with prestigious universities to create a robust AI-driven product technology system [3][4] - The introduction of the Ai10 device is expected to enhance machine adjustment efficiency by 80%, reduce technician training time by 60%, and improve individual worker productivity by 8% to 15% [4][5] Market Positioning and Strategy - Aitu's brand name pays homage to Alan Turing, with a mission focused on empowering industry value through intelligent manufacturing [5] - The design of Aitu's products addresses dual needs of cost reduction and talent retention, which is crucial for maintaining production efficiency and quality [5][6] Commercialization and Market Penetration - Aitu has established partnerships with leading garment companies and solidified its global supply chain and sales channels, leveraging Jack Technology's existing market presence in over 150 countries [6] - The simultaneous launch of the S90 PRO by Jack Technology complements Aitu's offerings, creating a comprehensive "AI sewing + intelligent cutting" product ecosystem [6]

Core Viewpoint - Jack Technology Co., Ltd. launched the Aitu brand, focusing on AI integration in the garment manufacturing industry, showcasing significant technological breakthroughs in sewing machines [1][3]. Group 1: Aitu Brand Launch - The Aitu brand aims to provide innovative solutions for the global garment manufacturing industry, emphasizing the concept of "AI reinventing sewing machines" [1]. - Aitu's president demonstrated an AI robot capable of fabric sewing, highlighting advancements in "unmanned sewing" technology [1]. - Aitu received the "2025 IFA AI Product Innovation Gold Award" at the IFA in Berlin, indicating a shift in the garment manufacturing landscape traditionally dominated by German and Japanese brands [1]. Group 2: AI Equipment and Innovations - The newly introduced Ai10 equipment can enhance machine adjustment efficiency by 80% and reduce training time by 60%, improving worker productivity by 8% to 15% [2]. - Aitu's mission, inspired by Alan Turing, focuses on "intelligent manufacturing to assist human creativity," emphasizing user-centered design and ergonomic interfaces [2]. - The launch of the S90 PRO Master Cutter by Tuka Bama, featuring advanced technologies, sets a new benchmark in high-end intelligent cutting, redefining the direction of "smart cutting" [2]. Group 3: Industry Impact - The global launch of the Aitu brand and S90 PRO Master Cutter marks a milestone in the application of AI technology in garment manufacturing, promoting a shift towards intelligent, high-end, and customized production [3].

Core Viewpoint - Jack Technology's stock price dropped by 5% to 46.16 CNY per share, with a market capitalization of 21.992 billion CNY, indicating potential concerns in the market regarding the company's performance and outlook [1]. Company Overview - Jack Technology Co., Ltd. is located in Taizhou, Zhejiang Province, established on August 27, 2003, and listed on January 19, 2017. The company specializes in the research, production, and sales of industrial sewing machinery, including industrial sewing machines, cutting tables, and fabric laying machines [1]. - The revenue composition of the company's main business includes: - Intelligent industrial sewing machines: 86.87% - Intelligent cutting tables and fabric laying machines: 10.21% - Automatic sewing equipment for shirts and jeans: 2.71% - Others: 0.21% [1]. Fund Holdings - According to data from the top ten holdings of funds, one fund under Guotai Fund holds a significant position in Jack Technology. The Guotai Intelligent Equipment Stock A (001576) held 1.6419 million shares in the second quarter, accounting for 5.06% of the fund's net value, ranking as the eighth largest holding [2]. - The estimated floating loss for the fund today is approximately 3.9898 million CNY [2]. Fund Manager Performance - The fund manager of Guotai Intelligent Equipment Stock A (001576) is Wang Yang, who has been in the position for 6 years and 317 days. The total asset size of the fund is 6.455 billion CNY, with the best fund return during his tenure being 211.01% and the worst being -29.24% [3].

Investment Rating - The report assigns an "Overweight" rating for the machinery industry [4]. Core Insights - The machinery industry maintains high prosperity, with both domestic sales and exports experiencing rapid growth. Companies with global manufacturing layouts, brand output capabilities, and channel integration advantages are recommended for investment. In the context of changing external environments and policy negotiations, companies with diversified capacity allocation, stable customer loyalty, and pricing power are expected to achieve sustained growth amid global trade adjustments. Key recommended stocks include Juxing Technology, Yindu Co., Taotao Vehicle, Honghua Digital Technology, and Jack Co. [5][20]. Summary by Sections Macroeconomic Overview - The Federal Reserve announced a 25 basis point rate cut, bringing the federal funds rate target range to 4.00%-4.25%. In August, the US CPI increased by 2.9% year-on-year, with a core CPI rise of 3.1%. Non-farm employment added 22,000 jobs [5]. Cost Tracking - As of September 17, 2025, the USD to RMB exchange rate was 7.11, a decrease of 0.23% from September 10. The Euro to RMB exchange rate was 8.41, an increase of 0.93% from September 10. The shipping costs for major routes showed a year-on-year decline, with the comprehensive index of China's export container freight rate index (CCFI) at 1125.30, down 38.11% year-on-year [5]. Industry High-Frequency Data Tracking - The report includes various industry metrics, such as the US restaurant performance index (RPI) and housing market index, indicating trends in consumer behavior and real estate activity. For instance, the US housing market index in September showed a year-on-year decline of 21.95% [5]. Company Earnings Forecast - The report provides earnings forecasts for key companies in the machinery sector, projecting EPS growth for the years 2025 to 2027, with corresponding PE ratios indicating potential for investment [20].