6 月 4-5 日，杰克股份出席了我们组织的 2025 年中期策略会，会上公司沟 通了关税对于缝纫机景气度的影响，认为短期影响有限，中长期会带动全球 服装制造业产业转移、从而提振缝纫机新机需求。服装制造业面临招工难困 境，未来公司将持续推广 AI 智能在服装制造的应用，推出 AI 缝纫机、人形 机器人等新产品助力下游降本增效。我们看好公司持续的产品创新对于盈利 能力的提升，维持"买入"评级。 关税影响：需求或短空长多，带来市占率提升机会 短期看，由于美国关税政策制定的不确定性，部分下游客户或对扩产持观望 态度。而中长期看，关税的不确定性将进一步加速全球服装供应链的分散化， 促使部分服装制造业向低关税风险国家进行转移，从而拉动对于新机的采购 需求，同时带来龙头企业进一步发挥产品和渠道优势、市占率提升机会。 4 月工缝维持快速增长，低关税风险地区接力需求 证券研究报告 杰克股份 (603337 CH) 2025 年中期策略会速递— 关税影响可控，期待新品发力 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 06 日│中国内地 | 专用设 ...

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].

Core Viewpoint - Jack Technology Co., Ltd. is actively seizing growth opportunities in the industrial sewing machine industry, achieving significant revenue and profit growth in 2024, driven by strategic product focus and market expansion efforts [2][3]. Group 1: Financial Performance - In 2024, Jack Technology achieved an operating income of 6.094 billion yuan, representing a year-on-year increase of 15.11% [2]. - The net profit attributable to shareholders reached 812 million yuan, marking a substantial year-on-year growth of 50.86% [2]. - The company anticipates a total domestic production of industrial sewing machines to be approximately 6.85 million units in 2024, reflecting a year-on-year growth of 22.32% [2]. Group 2: Strategic Initiatives - The company is focusing on four key strategic initiatives: "focusing on explosive products," "breaking through high-end," "deepening SKU simplification," and "end-to-end high quality" [2]. - Jack Technology has successfully signed contracts with 10 world-class benchmark clients, contributing to increasing revenue [2]. - The product line has been streamlined to 1,400 items, significantly enhancing resource allocation efficiency [2]. Group 3: Product Development and Innovation - The company is advancing AI applications in garment manufacturing, with significant progress in high-end product development, including the prototype of a high-end AI sewing machine [3]. - Jack Technology plans to officially launch the high-end AI intelligent sewing machine in the second half of 2025 and aims to release a humanoid robot by the second half of 2026 [3]. - The integration of robotics and automation solutions is expected to enhance production efficiency and solidify the company's leading position in the sewing machinery sector [3]. Group 4: International Market Performance - In 2024, the gross profit margin for overseas products was 37.27%, an increase of 3.88 percentage points year-on-year [3]. - The company has made breakthroughs in overseas markets, establishing key customer models in countries like Vietnam and Cambodia [3]. - The innovative marketing model has begun to yield commercial results, indicating potential for further growth in emerging markets [3].

证券代码：603337 证券简称：杰克股份 公告编号：2025-039 杰克科技股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东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。 公司于 2025 年 3 月 8 日披露了《股东集中竞价减持股份计划公告》（公告编 号：2025-008），因个人资金需求，股东赵新庆先生、车建波先生计划自本公告 披露之日起 15 个交易日后的 3 个月内通过集中竞价交易方式合计减持公司股份 不超过 1,631,684 股，即减持比例不超过公司总股本的 0.3401%。截至本公告披 露日，本次减持计划实施完毕，股东赵新庆先生于 2025 年 3 月 31 日至 2025 年 5 月 12 日期间累计减持 1,081,051 股，占公司总股本的 0.2253%；股东车建波先 生于 2025 年 3 月 31 日至 2025 年 5 月 12 日期间累计减持 550,700 股，占公司总 股本的 0.1148%。 | 股东名称 | 赵新庆 | | | | --- | --- | --- | --- | | 股 ...