Summary of Jack Technology Conference Call Company Overview - Jack Technology is a leading player in the sewing machinery industry, benefiting from trends in automation and AI applications within the apparel sector, particularly in regions with high labor costs [2][6] Key Insights and Arguments - The company aims to achieve automation in the apparel industry, having already implemented high levels of automation in pre-sewing and post-sewing processes, with a focus on breakthroughs in the sewing phase through the development of new flexible units based on large models and physical AI technology [2][8] - Jack's AI sewing machines incorporate cameras for visual and intelligent feedback, reducing worker training time and enhancing product value. The company plans to launch a full range of AI products by 2026, further widening the technological gap with competitors [2][12] - The introduction of AIGC technology has improved template machines, enabling automatic generation of cutting plans and significantly enhancing design efficiency. AI technology has notably increased product profit margins, with AI sewing machines priced approximately three times higher than traditional products [2][14][16] Market Performance - Jack Technology has seen significant growth in overseas markets, benefiting from competitors' insufficient investment in AI. Major clients are increasingly turning to Jack for industrial upgrades and cost reduction. The new president has directed strategic resources towards expanding large client relationships [2][17] - The sewing machinery industry is cyclical, with a projected domestic market decline of 30%-40% in 2025. However, the overseas market is performing well, and the domestic market is expected to stabilize or slightly increase in 2026, indicating that the industry will not hinder Jack's growth [4][6] Unique Advantages in AI Applications - Jack Technology possesses unique advantages in AI applications, including a suitable industry scenario for robotic applications due to low equipment costs and high labor costs. The company aims for not just product upgrades but a complete automation of the apparel industry to enhance overall value [7][11] Future Goals and Product Planning - Jack has a clear product roadmap, aiming for machine performance upgrades and the integration of robots by 2026. The long-term goal is to achieve fully automated production in the apparel industry by 2028, transitioning from labor-intensive to capital-intensive manufacturing [11][18] Innovations in Systems and Technologies - The company is innovating in its hanging system, which automates the transmission of garments, significantly improving efficiency. An AI hanging system is being developed to optimize capacity allocation and enhance production efficiency [13] - Jack's AI sewing machines are designed to provide real-time feedback to users, improving the overall user experience and reducing training time [12] Investment Perspective - Jack Technology's current valuation is relatively low compared to historical levels, with significant future growth potential. The template machine market alone could generate a market increment of 30-40 billion RMB annually. The company is viewed as a strong investment choice due to its safety margin, upside potential, and the increasing heat of domestic supply chains [4][18]

Group 1 - Jack Technology's stock increased by 5.19%, reaching a price of 41.32 yuan per share, with a trading volume of 126 million yuan and a turnover rate of 0.66%, resulting in a total market capitalization of 19.686 billion yuan [1] - The company, established on August 27, 2003, and listed on January 19, 2017, 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 Jack Technology includes 86.87% from smart industrial sewing machines, 10.21% from smart cutting tables and fabric laying machines, 2.71% from automatic sewing equipment for shirts and jeans, and 0.21% from other sources [1] Group 2 - The fund "Puyin Ansheng High-end Equipment Mixed A" holds a significant position in Jack Technology, with 510,300 shares, accounting for 6.6% of the fund's net value, making it the fourth-largest holding [2] - The fund has achieved a year-to-date return of 54.01%, ranking 989 out of 8087 in its category, and a one-year return of 52.15%, ranking 920 out of 8071 [2] - The fund manager, Li Haoxuan, has been in charge for 3 years and 6 days, with the fund's total asset size at 3.425 billion yuan and a best return of 105.27% during his tenure [3]

Core Viewpoint - Jack Technology's stock has shown a mixed performance in recent trading, with a year-to-date increase of 30.90% but a decline of 3.40% over the last five trading days [1] Group 1: Stock Performance - As of December 24, Jack Technology's stock price is 39.25 CNY per share, with a market capitalization of 18.7 billion CNY [1] - The stock has experienced a trading volume of 29.83 million CNY, with a turnover rate of 0.16% [1] - Year-to-date, the stock has risen by 30.90%, but it has decreased by 3.40% in the last five trading days and 16.10% over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Jack Technology reported a revenue of 4.967 billion CNY, representing a year-on-year growth of 5.53% [2] - The net profit attributable to shareholders for the same period was 682 million CNY, reflecting a year-on-year increase of 10.06% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Jack Technology has increased to 13,500, a rise of 34.46% from the previous period [2] - The average number of circulating shares per shareholder is 34,969, which is a decrease of 25.59% from the previous period [2] - The company has distributed a total of 1.402 billion CNY in dividends since its A-share listing, with 752 million CNY distributed in the last three years [3]

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 electrical controls [1]. Financial Performance - As of September 30, 2025, Jack Technology achieved a revenue of 4.967 billion yuan, representing a year-on-year growth of 5.53%. The net profit attributable to shareholders was 682 million yuan, reflecting a year-on-year increase of 10.06% [2]. - The company has distributed a total of 1.402 billion yuan in dividends since its A-share listing, with 752 million yuan distributed over the past three years [3]. Stock Performance - On December 22, Jack Technology's stock price decreased by 2.00%, trading at 39.11 yuan per share, with a total market capitalization of 18.633 billion yuan. The stock has increased by 30.43% year-to-date, with a 0.85% increase over the last five trading days and a 2.89% increase over the last 20 days, but a decline of 15.73% over the last 60 days [1]. - The company has seen a net outflow of 3.1494 million yuan in principal funds, with large orders accounting for 8.73% of purchases and 11.84% of sales [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 13,500, a rise of 34.46%, while the average circulating shares per person decreased by 25.59% to 34,969 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 14.1993 million shares, a decrease of 1.3565 million shares from the previous period [3].

[证券分析师： Table_Authors] 商俭 S0630525060002 shangjian@longone.com.cn 证券分析师： 李嘉豪 S0630525100001 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20251222 [Table_Reportdate] 2025年12月22日 重点推荐 财经要闻 晨 会 纪 要 [table_summary] ➢ 1.商品走势分化，中美的高科技投资持续增长——资产配置周报（2025/12/15-2025/12/19） ➢ 2.美国11月通胀意外放缓，但参考性降低——海外观察：美国2025年11月CPI数据 ➢ 3.杰克科技（603337）：启航新程，科技引领，与客户共谋全球化新篇——公司简评报告 ➢ 1.日本央行宣布加息25个基点 ➢ 2.三部门发布《互联网平台价格行为规则》 ➢ 3.李强主持召开国务院常务会议，对贯彻落实中央经济工作会议决策部署作出安排 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | 1. 重点推荐 | | | 3 | | - ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Insights - The company is transitioning from a single machine manufacturer to a provider of complete intelligent manufacturing solutions, focusing on high-end markets and leveraging AI technology [6]. - The new president, who has over 20 years of experience within the company, is expected to drive this transformation and enhance operational efficiency [6]. - The company has seen significant growth in overseas markets, with overseas revenue reaching 1.785 billion yuan, accounting for 53% of total revenue in the first half of 2025 [6]. Financial Projections - Total revenue is projected to grow from 6,093.65 million yuan in 2024 to 8,288.12 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.09% [5]. - Net profit attributable to the parent company is expected to increase from 812.27 million yuan in 2024 to 1,303.36 million yuan in 2027, reflecting a CAGR of 17.56% [5]. - The diluted EPS is forecasted to rise from 1.70 yuan in 2024 to 2.74 yuan in 2027, with corresponding P/E ratios decreasing from 23.27 to 14.50 [5]. Strategic Initiatives - The company is enhancing its product offerings with the launch of the high-end brand Aitu, which features AI sewing machines designed to improve production efficiency [6]. - There is a strong emphasis on collaboration with major clients to develop customized solutions and establish digital model factories [6]. - The company has built a sales network of over 8,000 distributors globally and is focusing on empowering these channels to capture market opportunities [6].

（文章来源：证券日报） 证券日报网讯 12月16日，杰克科技在互动平台回答投资者提问时表示，阮积祥先生辞去公司总裁暨聘 任吴利女士为公司总裁，系公司董事会根据当前战略发展阶段，结合管理团队长远规划，经过综合考量 与审慎研究后作出的正常人事安排。阮积祥先生辞去公司总裁职务后仍担任公司董事长一职。公司坚 信，在董事长阮积祥带领的董事会指导下及新任公司总裁吴利带领下，杰克科技将继续坚守使命与愿 景，持续为全体股东创造价值。 ...

Core Viewpoint - Five stocks received buy ratings from institutions today, with Aerospace Electronics, Far East Holdings, and Zhenhua Heavy Industries being newly covered by institutions [1] Group 1: Institutional Ratings - Today's institutional reports included five buy ratings, with Zhenhua Heavy Industries and Far East Holdings receiving the highest attention, each having one buy rating record [1] - Among the buy ratings, three were first-time coverage by institutions, involving Aerospace Electronics and Far East Holdings [1] Group 2: Market Performance - Stocks with buy ratings from institutions averaged a 0.20% increase today, outperforming the Shanghai Composite Index [1] - The stocks with the largest declines included Zhenhua Heavy Industries, Far East Holdings, and Luoyang Molybdenum, with declines of 4.53%, 3.08%, and 2.40% respectively [1] Group 3: Institutional Buy Rating Records - The following stocks received buy ratings today: - Jack Technology: Buy rating from Huatai Securities, target price of 55.44 yuan, latest closing price of 39.18 yuan [2] - Zhenhua Heavy Industries: Upgrade to Accumulate by Guojin Securities, latest closing price of 4.64 yuan [2] - Far East Holdings: Buy rating from Zheshang Securities, latest closing price of 7.55 yuan [2] - Aerospace Electronics: Upgrade to Accumulate by Xiangcai Securities, latest closing price of 17.40 yuan [2] - Luoyang Molybdenum: Buy rating from Western Securities, latest closing price of 17.50 yuan [2]

Group 1 - Unicom Guowei has established a Central Research Institute focusing on the development of edge AI chips for applications in autonomous driving, embodied robots, and low-altitude flying vehicles [2] - The research will also include new types of storage devices based on two-dimensional materials and high-performance special sensor chips [2] - Aerospace Electronics plans to increase its investment in Aerospace Long March Rocket Technology Co., Ltd. by 728 million yuan, maintaining the existing shareholding structure [3] Group 2 - Aerospace Rainbow successfully completed the first flight test of its self-developed Rainbow-7 high-altitude, high-speed, long-endurance drone, achieving all preset parameters [4] - The project is still in the research and testing phase, with further rigorous testing and validation required before mass production [4] Group 3 - Changchun High-tech's subsidiary signed an exclusive licensing agreement for the GenSci098 injection project, potentially earning up to 1.365 billion USD in milestone payments [5] - The agreement includes an initial payment of 120 million USD and additional milestone payments related to development and commercialization [5] Group 4 - TCL Technology plans to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan, increasing its ownership from 84.2105% to 94.9761% [26] - This acquisition aims to enhance TCL's competitiveness and profitability in the semiconductor display industry [26] Group 5 - Zhongmin Resources announced the successful ignition of its Tsumeb smelting plant's multi-metal comprehensive recycling project, with an annual processing capacity of 80,000 tons [11] - The project will produce various products, including germanium ingots and zinc ingots, with a design capacity of 33 tons/year for germanium [11] Group 6 - Xinhua Insurance reported a 16% year-on-year increase in original insurance premium income, totaling 188.85 billion yuan from January to November 2025 [43] - This growth reflects the company's strong performance in the insurance market [43]

证券代码：603337 证券简称：杰克科技 公告编号：2025-084 杰克科技股份有限公司 根据《公司法》及《公司章程》等有关规定，阮积祥先生的辞职报告自送达 董事会之日起生效。阮积祥先生不存在其应当履行而未履行的承诺事项，并已按 照公司相关规定妥善交接工作，其辞任不会对公司日常运营产生不利影响。 阮积祥先生在担任公司总裁职务期间，恪尽职守、勤勉尽责，董事会对阮积 祥先生担任公司总裁期间为公司经营发展做出的积极贡献表示衷心的感谢！ 三、聘任总裁情况 公司于 2025 年 12 月 15 日召开第六届董事会第二十九次会议，审议通过了 《关于变更公司总裁的议案》。公司聘任吴利女士（简历附后）为公司总裁，任 期自本次董事会审议通过之日起至第六届董事会任期届满之日止。吴利女士的任 职资格已经公司董事会提名与薪酬委员会审查通过。 关于变更公司总裁的公告 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。 一、总裁提前离任情况 近日，杰克科技股份有限公司（以下简称"公司"）董事会收到公司总裁阮 积祥先生递交的书面辞职报告。因工作安排调整，阮 ...