Core Insights - Jack Company celebrated its 30th anniversary and launched the world's first AI sewing machine at a global technology conference in Taizhou, Zhejiang [1][2] - The company aims to build a world-class talent system and integrate industry chain resources to create the largest rapid flexible garment manufacturing platform [1] - The company is committed to investing in green energy, humanoid robots, and AI automation to support the transformation of the garment industry and achieve its "trillion Jack" goal [1] Company Developments - The company has produced its 30 millionth smart sewing machine, marking a significant milestone in its production capabilities [1] - The newly launched AI sewing machine incorporates the first deep artificial intelligence model in the industry, enhancing the learning capabilities of sewing equipment [2] - Jack Company is accelerating the industrial application of AI technology in garment manufacturing, with a focus on high-end products such as AI sewing machines, AI smart cutting equipment, humanoid robots, and unmanned template machines [2] Industry Challenges - The global garment manufacturing industry faces challenges such as industrial transfer, quality upgrades, and low willingness of young workers to engage in the sector [1][2] - The integration of motor control technology with AI and software is essential for supporting small-batch, quick-response, and customized production in the industry [2]

Macro Insights - The macro policy for the second half of the year may involve non-traditional measures, with a focus on price stability and the marginal improvement of asset prices, particularly in equity products [2][32] - The "anti-involution" policy is expected to drive companies to reduce capital expenditures and clear excess capacity, leading to improved economic supply-demand relationships and enhanced corporate profitability [3][44] Strategy Insights - The "anti-involution" trend is identified as a key driver for a bullish market, with high-quality stocks likely to play a crucial role in pushing indices higher [3][44] - AI is recognized as a core driver of the current technological revolution, creating investment opportunities across multiple industries in the A-share market [3][44] - Key sectors to watch in July include solid-state batteries, domestic computing power, non-bank financials, defense and military, and innovative pharmaceuticals, all showing signs of marginal improvement [3][44] Market Performance - The Shanghai Composite Index closed at 3510.18, reflecting a weekly increase of 1.09% [5][7] - The Shenzhen Component Index closed at 10696.10, with a weekly increase of 1.78% [8] Economic Indicators - The manufacturing PMI rose to 49.7% in June, indicating a slight recovery, while the construction PMI significantly improved to 52.8% due to accelerated infrastructure projects [12][13] - Consumer spending showed mixed results, with significant growth in automobile and home appliance sales driven by government subsidies, while other sectors like clothing and cosmetics remained weak [13][14] Industry Trends - The real estate market continues to face challenges, with declining sales and investment, leading to a negative outlook for related sectors [13][14] - The "anti-involution" policy is expected to address price competition and improve product quality, particularly in the durable consumer goods sector [30][44]

Investment Rating - The report gives a "Strong Buy" investment rating for the company [1][9]. Core Insights - The industrial sewing machine industry exhibits significant cyclicality, with Jack's performance surpassing the industry in each upcycle, establishing itself as a global leader. The company is expected to continue increasing its market share through superior product capabilities and is actively promoting automation and unmanned transformation, indicating substantial growth potential [1][6][9]. Summary by Sections Industrial Sewing Machine Industry: Cyclical Fluctuations and Demand Divergence - The industrial sewing machine industry in China has experienced two phases: a growth phase from 1999 to 2007 and a cyclical phase from 2008 to present. The current cycle began to recover in Q3 2023, with production expected to reach 6.85 million units in 2024, a year-on-year increase of 22.32% [6][14]. - Domestic demand is anticipated to face pressure in 2025, while overseas markets are expected to remain supported by inventory replenishment and supply chain restructuring [6][24]. Jack's Competitive Positioning - Jack is the global leader in the industrial sewing machine market, with a market share exceeding 30%. The company has successfully implemented a "fast response king" and "over梗 king" product strategy, focusing on high-demand products to enhance efficiency and profitability [6][32][52]. - The average selling price of Jack's industrial sewing machines is projected to rise from 2,195.6 yuan/unit in 2021 to 2,481.7 yuan/unit in 2024, contributing to an increase in gross margin from 23% to 31.28% during the same period [6][38]. Future Trends and Innovations - Jack is at the forefront of the trend towards automation and unmanned production in the sewing industry, addressing labor shortages and enhancing digital transformation. The company has launched a digital integrated solution and is exploring unmanned solutions to facilitate machine replacement for human labor [7][55][60]. - The introduction of high-end AI sewing machines and robotic systems is expected to further solidify Jack's competitive edge and open new growth avenues [7][61]. Financial Data and Valuation - Projected total revenue for Jack is expected to reach 71.64 billion yuan in 2025, with a year-on-year growth of 18%. The net profit attributable to shareholders is forecasted to be 9.73 billion yuan, reflecting a 20% increase [8][9]. - The company's PE ratio is projected to decrease from 30.9 in 2023 to 17.1 in 2025, indicating an attractive valuation as the company continues to grow [8][9].

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [26]. Core Insights - The humanoid robot concept index increased by 6.57% from June 22 to June 27, 2025, outperforming the CSI 300 index by 4.61 percentage points. Year-to-date, the humanoid robot index has risen by 36.88%, surpassing the CSI 300 index by 34.22 percentage points [2][11]. - Key companies in the humanoid robot sector are actively pursuing technological advancements and strategic partnerships, with significant investments being made to enhance product capabilities and market reach [4][5][22]. Weekly Market Review - The humanoid robot index saw a weekly increase of 6.57%, with notable performers including Liyuanheng, which rose by 30.89%, while Jack Co. experienced a decline of 7.67% [11][12]. - The report highlights the growth of the humanoid robot industry, with various companies announcing new product developments and strategic initiatives aimed at enhancing their market positions [3][4]. Weekly Hotspots Review Policy Developments - Shandong aims to exceed a robot manufacturing industry scale of 50 billion yuan by 2027, fostering the growth of leading enterprises [3]. - Zhengzhou's AI innovation plan targets the establishment of 100 high-growth AI companies by the end of 2025, with a core industry scale exceeding 35 billion yuan [3][17]. Product and Technology Iteration - Innovations include the development of soft gel materials for robot skin that can sense pressure and temperature, and a high-resolution tactile sensing robotic hand [3][19]. - Google DeepMind introduced the Gemini Robotics On-Device model, enabling local operation of robots without internet connectivity [20]. Investment and Financing - Galaxy General completed a new round of financing amounting to 1.1 billion yuan, with total financing exceeding 2.4 billion yuan over two years [21]. - CASBOT secured nearly 100 million yuan in angel financing, while Feixi Technology completed a C round of financing in the hundreds of millions of dollars [21]. Key Company Announcements - Haier has established a robotics division focusing on both industrial and domestic service robots, with plans to evolve towards humanoid robots [4][24]. - Aon Electric has formed a robotics subsidiary, developing products applicable to service and humanoid robots [22].

Core Viewpoint - The legal opinion letter confirms that Grandway Law Offices has conducted a thorough review of the procedures and compliance related to the repurchase and cancellation of certain restricted stocks by Jack Technology Co., Ltd. under its 2023 stock incentive plan, affirming that all actions taken are in accordance with relevant laws and regulations [1][6]. Summary by Sections Legal Basis and Procedures - The legal opinion is based on various laws and regulations, including the Company Law and Securities Law, ensuring that the procedures for the repurchase and cancellation of restricted stocks have been properly followed [1][2]. - The company has completed the necessary procedures for the repurchase and cancellation of restricted stocks, as outlined in the relevant management regulations and the stock incentive plan [3][4]. Reasons for Repurchase - The repurchase of restricted stocks is justified as one of the incentive recipients has left the company for personal reasons, and thus the company is entitled to repurchase the unvested restricted stocks [4][5]. - The stock incentive plan stipulates that if an incentive recipient's contract expires or they leave voluntarily or involuntarily without performance issues, the unvested restricted stocks cannot be released and must be repurchased by the company at the grant price [4][6]. Quantity and Price of Repurchase - The total number of restricted stocks to be repurchased is 18,600 shares, with the repurchase price adjusted to 9.82 yuan per share [5][6]. - The repurchase price is subject to adjustments based on company actions such as dividend distributions, ensuring compliance with the stock incentive plan [4][5].

证券代码：603337 证券简称：杰克股份 公告编号：2025-047 杰克科技股份有限公司 关于股权激励限制性股票回购注销实施公告 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、本次限制性股票回购注销的决策与信息披露 1、2025 年 4 月 13 日，公司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《关于回购注销部分限制性股票及调整回购价格 的公告》，监事会对相关事项发布了意见。具体内容详见公司于 2025 年 4 月 15 日在上海证券交易所网站（www.sse.com.cn）披露的《关于回购注销部分限制性 股票及调整回购价格的公告》（公告编号：2025-028）。 2、2025 年 5 月 6 日，公司在上海证券交易所网站（www.sse.com.cn）及《上 海证券报》披露了《关于回购注销部分限制性股票及注销回购股份暨通知债权人 的公告》（公告编号：2025-038），至今公示期已满 45 天，期间并未收到任何 债权人对此次议案提出异议的情况，也未收到任何公司债权人向公司提出清偿债 务 ...

北京国枫律师事务所 关于杰克科技股份有限公司 2022 年股票期权与限制性股票激励计划之 注销部分股票期权及回购注销部分限制性股票 相关事项的法律意见书 国枫律证字[2022] AN011-7 号 GRANDWAY 北京国枫律师事务所 关于杰克科技股份有限公司 2022 年股票期权与限制性股票激励计划之 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 邮编: 100005 电话（Tel）: 010-88004488/66090088 传真(Fax）: 010-66090016 释 义 本法律意见书中,除非文义另有所指,下列词语或简称具有如下含义: | 杰克股份/公司 | 블 | 杰克科技股份有限公司 | | --- | --- | --- | | 《股权激励计划》/本次股 权激励计划/本激励计划/ | 불 | 《杰克科技股份有限公司 2022年股票期权与限制性股票激 | | 本计划 | | 励计划(草案修订稿)》 | | 股票期权 | 指 | 公司授予激励对象在未来一定期限内以预先确定的价格和条 | | | | 件购买公司一定数量股票的权利 | ...

证券代码：603337 证券简称：杰克股份 公告编号：2025-046 杰克科技股份有限公司 关于股份回购进展公告 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： | 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 | 1.0198% | | 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 ...

证券代码：603337 证券简称：杰克股份 公告编号：2025-045 杰克科技股份有限公司 关于实施回购股份注销暨股份变动的公告 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。 重要内容提示： 公司分别于 2025 年 4 月 13 日、2025 年 5 月 6 日召开第六届董事会第二 十一次会议、2024 年年度股东大会，审议通过了《关于注销回购股份并减少注 册资本的议案》，拟对回购专用证券账户中尚未使用的 1,936,500 股股份予以注 销。本次注销完成后，公司总股本将由 479,741,591 股变更为 477,805,091 股。 股份注销日期：2025 年 6 月 25 日 一、回购股份情况概述 截至 2022 年 7 月 5 日，公司完成回购事项，实际回购公司股份 1,936,500 股，占公司总股本的 0.4308%，回购最高价 22.19 元/股，回购最低价 21.22 元/ 股，回购均价为 21.651 元/股，交易总金额 41,927,729.00 元（不含交易费用）。 具体详见公司于 2022 年 7 ...

Core Insights - Jack Technology Co., Ltd. successfully launched the "Fast Response King 2" intelligent sewing machine at a global event, showcasing advancements in China's garment intelligent manufacturing equipment sector [2] - The event attracted over 1,000 garment enterprises and 6 million global viewers, with more than 180,000 units of the new product ordered to date [2] - The Fast Response King 2 is a collaborative innovation involving over 200 experts from various fields and prestigious universities [2][3] Product Features - The Fast Response King 2 is equipped with the AMH2 fabric adaptive system, utilizing a dual-core AI chip and advanced algorithms to quickly identify complex fabric and stitch variations [3] - It features a powerful dual-engine that enhances its performance with rapid response and robust torque capabilities [3] - The machine set a world record for the longest uninterrupted stitching of 338 meters during a live demonstration [3] Strategic Partnerships - Jack Technology signed strategic cooperation agreements with multiple companies during the launch event, indicating a commitment to advancing the sewing and textile industry [3]