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, as well as important components like motors and electronic controls [1]. Financial Performance - For the first half of 2025, Jack Technology achieved operating revenue of 3.373 billion yuan, representing a year-on-year growth of 4.27%. The net profit attributable to the parent company was 477 million yuan, with a year-on-year increase of 14.57% [2]. - Since its A-share listing, Jack Technology has distributed a total of 1.402 billion yuan in dividends, with 752 million yuan distributed over the past three years [3]. Stock Performance - As of September 18, Jack Technology's stock price increased by 2.02%, reaching 51.94 yuan per share, with a total market capitalization of 24.746 billion yuan. The stock has risen 73.22% year-to-date, with a 7.83% increase over the last five trading days [1]. - The company has seen a net outflow of 1.4202 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Jack Technology was 10,000, an increase of 13.42% from the previous period. The average circulating shares per person decreased by 12.19% to 46,995 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 15.5558 million shares, an increase of 1.6101 million shares from the previous period. Other notable shareholders include Guangfa Stable Growth Mixed A and招商优势企业混合A, with changes in their holdings [3]. Industry Context - Jack Technology operates within the mechanical equipment sector, specifically in specialized equipment for textile and garment manufacturing. The company is associated with concepts such as mid-cap stocks, industrial internet, artificial intelligence, humanoid robots, and Industry 4.0 [2].

Core Viewpoint - Jack Technology's stock increased by 5.04% on September 16, reaching a price of 49.37 yuan per share, with a trading volume of 169 million yuan and a turnover rate of 0.74%, resulting in a total market capitalization of 23.521 billion yuan [1] Company Overview - Jack Technology Co., Ltd. is located in Taizhou, Zhejiang Province, and was established on August 27, 2003, with its listing date on January 19, 2017 [1] - The company's main business involves the research, production, and sales of industrial sewing machinery, including industrial sewing machines, cutting tables, and fabric laying machines, as well as key components like motors and electronic controls [1] - The revenue composition of the main business is as follows: intelligent industrial sewing machines 86.87%, intelligent cutting tables and fabric laying machines 10.21%, automatic sewing equipment for shirts and jeans 2.71%, and others 0.21% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Chuangjin Hexin has a significant position in Jack Technology [2] - Chuangjin Hexin Qunli One-Year Open Mixed (MOM) A (011367) reduced its holdings by 89,400 shares in the second quarter, holding a total of 107,900 shares, which accounts for 3.32% of the fund's net value, ranking as the fifth-largest holding [2] - The fund has a current scale of 1.03 billion yuan, with a year-to-date return of 16.51%, ranking 4796 out of 8174 in its category, and a one-year return of 39.8%, ranking 4221 out of 7982 [2]

Core Viewpoint - The company has successfully transformed from a single sewing equipment manufacturer to a provider of complete solutions for intelligent garment manufacturing after 30 years of continuous development and innovation [1] Group 1: Business Transformation - The company has integrated cutting-edge technologies such as industrial internet, humanoid robots, and artificial intelligence into its operations [1] - The company is actively promoting the deep integration of AI technology and humanoid robots with garment machinery processes and intelligent manufacturing [1] Group 2: Future Developments - The company is gradually laying out and developing high-end intelligent products, with a high-end AI sewing machine expected to be launched in September 2025 [1]

Core Viewpoint - The company has successfully transformed from a single sewing equipment manufacturer to a provider of complete solutions for intelligent garment manufacturing after 30 years of continuous development and innovation [1] Group 1: Business Transformation - The company has integrated cutting-edge technologies such as industrial internet, humanoid robots, and artificial intelligence into its operations [1] - The company is actively promoting the deep integration of AI technology and humanoid robots with garment machinery processes and intelligent manufacturing [1] Group 2: Future Developments - The company is gradually laying out and developing high-end intelligent products, with a high-end AI sewing machine expected to be launched in September 2025 [1]

Group 1 - The article discusses the strategic consulting firm Ries Strategic Consulting and its pivotal role in guiding companies like Great Wall Motors and Jack Sewing Machine through critical decision-making processes [21][22][24] - Ries emphasizes the importance of focusing on fundamental issues that determine a company's survival and growth, rather than superficial or short-term solutions [23][25] - The success of Great Wall Motors in the SUV market is highlighted as a case study of effective positioning and trend analysis, leading to significant revenue growth [10][11][12] Group 2 - The article contrasts the approach of Ries with that of other consulting firms, noting that Ries maintains a commitment to solving core strategic problems rather than succumbing to client pressures for easy solutions [30][31][32] - The firm’s methodology includes extensive market research and consumer insights, which are crucial for developing effective strategies [46][47] - Ries has a track record of successful case studies across various industries, demonstrating its ability to adapt and provide valuable insights in changing market conditions [38][39][45]

Investment Rating - The report maintains a strong buy recommendation for the industry, highlighting specific companies such as Juxing Technology, QuanFeng Holdings, Jack Technology, and Honghua Digital Science as key investment opportunities [4][9]. Core Insights - The overall revenue growth rate for the sample companies in the first half of 2025 was 15.04%, while the net profit growth rate was 23.34%, indicating that profit growth outpaced revenue growth [3][15]. - The average gross margin for the sample companies in the first half of 2025 was 30.95%, a slight decrease of 0.53 percentage points year-on-year, while the average net margin increased by 0.96 percentage points to 14.15% [3][21]. - Cash flow conditions improved significantly, with operating net cash flow rising from 5.384 billion in the first half of 2024 to 6.978 billion in the first half of 2025 [3][21]. Summary by Sections 1. Overview of Consumer Goods Export Chain Companies - The report analyzes 21 companies in the mechanical industry that primarily serve the C-end consumer market or manufacture products for C-end consumption, with a significant portion of their revenue coming from overseas markets [2][12]. 2. Stock Performance - Stock performance showed significant differentiation, with companies in the garden tools and two-wheeler sectors performing well. Notable performers in Q1 2025 included Jiexing Technology and QuanFeng Holdings, driven by the robotics sector [7][13]. 3. Profit Growth Outpacing Revenue Growth - The report notes that several companies experienced revenue growth exceeding 20%, including Daya Co. with a 132.3% increase in revenue due to seasonal demand and acquisitions [15][16]. 4. Profitability Improvement - Most sample companies demonstrated strong profitability, with net profit margins increasing year-on-year. Companies like Yindu Co. and Honghua Digital Science reported high net margins of 24.3% and 25.47%, respectively [21][22]. 5. Cash Flow Status - The cash flow situation for the sample companies is reported to be good, with a net cash ratio consistently above 1, indicating healthy cash flow management [3][21]. 6. Future Outlook - The report emphasizes the importance of monitoring tariff and interest rate changes, which could catalyze demand in certain sub-industries. The anticipated interest rate cuts in the U.S. are expected to enhance demand elasticity for related products [8][9]. 7. Investment Recommendations - The report suggests focusing on companies with advanced global layouts that are likely to gain market share amid tariff changes. Specific recommendations include Juxing Technology, QuanFeng Holdings, and Jack Technology [8][9].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a revenue of 3.373 billion yuan for the first half of 2025, representing a year-on-year growth of 4.27%, and a net profit attributable to shareholders of 477 million yuan, up 14.57% year-on-year [1]. - The gross margin and net margin for the first half of 2025 were 34.07% and 14.44%, respectively, showing improvements of 2.26 and 1.48 percentage points year-on-year [2]. - The company is focusing on high-end AI sewing machines and humanoid robots, achieving significant breakthroughs in integrating AI with garment manufacturing processes [3][4]. - The company’s revenue from domestic and overseas markets for the first half of 2025 was 1.58 billion yuan and 1.785 billion yuan, respectively, with year-on-year changes of -10.86% and +22.82% [3]. - The company expects to launch its humanoid robot in the second half of 2026, enhancing its application in the garment industry [4]. Financial Summary - The company’s projected net profits for 2025, 2026, and 2027 are 966 million yuan, 1.091 billion yuan, and 1.323 billion yuan, respectively, with year-on-year growth rates of 19%, 13%, and 21% [4]. - The company’s revenue is expected to grow from 5.294 billion yuan in 2023 to 10.228 billion yuan in 2027, with a compound annual growth rate of approximately 24.90% [5]. - The projected earnings per share (EPS) for 2025 is 2.03 yuan, with a price-to-earnings (P/E) ratio of 23.76 [5].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported strong resilience in Q2 performance, with AI and sewing intelligence opening up growth opportunities [2] - The company achieved revenue of 3.373 billion yuan in H1 2025, a year-on-year increase of 4%, with Q2 revenue at 1.580 billion yuan, down 2% year-on-year [3] - The domestic sales were weak, with a year-on-year decline of approximately 30-35% in the sewing equipment market, while the company’s domestic revenue decreased by 11%, outperforming the industry benchmark [3] - The overseas market saw a 20% increase in industrial sewing machine exports, with the company’s overseas revenue rising by 23% year-on-year [3] - The gross profit margin is on a rapid upward trend, with a sales gross margin of 34.07% in H1 2025, up 2.26 percentage points year-on-year [4] - The company is focusing on high-end AI sewing machines and humanoid robots, with plans to launch its high-end AI sewing machine in the second half of 2025 [5] - Revenue forecasts for 2025-2027 have been adjusted to 6.709 billion, 7.659 billion, and 9.041 billion yuan, respectively, with net profit forecasts adjusted to 972 million, 1.142 billion, and 1.392 billion yuan [6]

Group 1 - The company has changed its stock abbreviation from "杰克股份" to "杰克科技" while maintaining the stock code "603337" [1][2] - The abbreviation change will take effect on September 10, 2025 [1][2] - The reason for the abbreviation change is to align with the company's strategic transformation towards digitalization and intelligent manufacturing, integrating advanced technologies such as AI [1][2] Group 2 - The company has successfully transitioned from a traditional sewing equipment manufacturer to a provider of comprehensive intelligent manufacturing solutions, including software systems and smart warehousing [1][2] - The company plans to launch a high-end AI sewing machine in the second half of 2025, aiming to create a new category in the sewing machine industry and significantly enhance production efficiency [1]

近年来，公司坚定不移地推进数字化、智能化转型，已从单一的缝制设备制 造商成功转型为一家集 PDM、APS、MES、WMS、人工智能融合一体的智能制造软件 系统，以及服装面辅料智能仓储、智能裁剪、AI 排产吊挂、智能缝纫、智能分拣、 数字化成品仓储等软硬件为一体的服装智能制造成套解决方案服务商。公司基于 人工智能等新技术与服装机械工艺、服装智能制造的深度融合，逐步布局开发智 能化高端产品，预计 2025 年下半年发布高端 AI 缝纫机，开创缝纫机行业新品类， 大幅提升智能缝制设备的生产效率。 变更后的股票证券简称：杰克科技， 股票证券代码"603337"保持不变 证券简称变更日期：2025 年 9 月 10 日 证券代码：603337 证券简称：杰克股份 公告编号：2025-056 杰克科技股份有限公司 公司证券简称变更实施公告 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。 重要内容提示： 一、 公司董事会审议变更证券简称的情况 杰克科技股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开第六届 董事会第二十 ...