证券代码：688025 证券简称：杰普特 公告编号：2025-044 深圳市杰普特光电股份有限公司 一、2025 年第三季度计提减值准备的情况概述 根据《企业会计准则》和深圳市杰普特光电股份有限公司（以下简称"公司"） 会计政策的相关规定，为客观、公允地反映公司截至 2025 年 9 月 30 日的财务状 况及经营成果，本着谨慎性原则，公司对截至 2025 年 9 月 30 日公司及下属子公 司的资产进行了减值测试，对可能发生资产减值损失的相关资产计提减值准备。 公司 2025 年第三季度计提各项资产减值准备合计 13,745,116.25 元，具体情况如 下表： | 项目 | 本期发生额（元） | | --- | --- | | 信用减值损失 | -4,266,094.31 | | 其中：应收票据坏账损失 | -92,994.28 | | 应收款项融资坏账损失 | -263,483.67 | | 应收账款坏账损失 | -3,493,076.90 | | 其他应收款坏账损失 | -416,539.46 | | 资产减值损失 | -9,479,021.94 | | 其中：存货跌价损失及合同履约成本减值损失 | ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥628,269,871.84, representing a year-on-year increase of 31.90%[2] - Total profit for the quarter was ¥116,643,017.38, a significant increase of 129.66% compared to the same period last year[2] - Net profit attributable to shareholders was ¥108,577,789.85, up 123.78% year-on-year[2] - The net profit after deducting non-recurring gains and losses was ¥107,729,875.93, reflecting a 175.64% increase compared to the previous year[2] - Basic earnings per share for the quarter were ¥1.14, an increase of 123.53% year-on-year[2] - Total operating revenue for the first three quarters of 2025 reached ¥1,508,875,555.08, a significant increase of 40.9% compared to ¥1,069,962,356.44 in the same period of 2024[17] - Operating profit for the first three quarters of 2025 was ¥223,210,322.65, up 105.5% from ¥108,704,064.86 in the first three quarters of 2024[18] - Net profit for the first three quarters of 2025 amounted to ¥200,706,141.00, representing an increase of 105.5% compared to ¥97,602,937.60 in the same period of 2024[18] - The company reported a basic earnings per share of ¥2.14 for the first three quarters of 2025, compared to ¥1.09 in the same period of 2024[18] - The company’s total comprehensive income for the first three quarters of 2025 was ¥200,000,870.34, compared to ¥97,217,224.16 in the same period of 2024[18] Assets and Liabilities - The company's total assets at the end of the quarter were ¥3,119,077,024.85, a 13.18% increase from the end of the previous year[3] - The total assets of the company as of September 30, 2025, amounted to RMB 3,119,077,024.85, an increase from RMB 2,755,814,060.16 as of December 31, 2024, reflecting a growth of approximately 13.2%[12] - Current assets reached RMB 2,215,685,228.36, up from RMB 1,881,409,344.35, indicating a growth of about 17.8%[13] - The company's long-term equity investments increased to RMB 145,026,012.44 from RMB 118,721,106.03, reflecting a growth of approximately 22.1%[13] - The total liabilities decreased to RMB 1,000,000,000 from RMB 1,200,000,000, indicating a reduction of 16.7%[12] - Total liabilities as of the latest reporting period were ¥910,180,444.02, an increase from ¥717,605,341.91 in the previous year[15] - The company’s long-term borrowings increased to ¥50,232,084.13 from ¥13,264,564.11, indicating a strategy to leverage for growth[15] Cash Flow - The company reported a net cash flow from operating activities of ¥382,579,117.55 for the year-to-date period[2] - The net cash flow from operating activities for the first three quarters of 2025 is ¥382,579,117.55, compared to a negative cash flow of ¥20,171,805.10 in the same period of 2024, indicating a significant improvement[19] - Total cash inflow from operating activities reached ¥1,618,955,657.72, up from ¥987,467,858.21 in the previous year, reflecting a year-over-year increase of approximately 63.9%[19] - Cash outflow for operating activities was ¥1,236,376,540.17, compared to ¥1,007,639,663.31 in the prior year, resulting in a net cash flow from operating activities of ¥382,579,117.55[19] - The net cash flow from investing activities for the first three quarters of 2025 was -¥246,289,695.99, a decline from a positive cash flow of ¥7,927,476.46 in the same period of 2024[20] - Cash inflow from investment activities totaled ¥522,090,659.02, significantly higher than ¥118,304,881.84 in the previous year, marking an increase of approximately 341.5%[20] - Total cash outflow for investment activities was ¥768,380,355.01, compared to ¥110,377,405.38 in the prior year, indicating a substantial increase in investment expenditures[20] - The net cash flow from financing activities was -¥43,724,982.27, an improvement from -¥104,676,315.55 in the same period of 2024[20] - The total cash inflow from financing activities was ¥65,087,915.87, compared to ¥43,310,825.66 in the previous year, reflecting an increase of approximately 50.3%[20] - The ending cash and cash equivalents balance for the period was ¥380,052,688.89, up from ¥260,275,460.68 at the end of the same period last year[20] Research and Development - Research and development expenses totaled ¥53,794,174.30, which accounted for 8.56% of operating revenue, a decrease of 8.56 percentage points compared to the previous year[3] - Research and development expenses increased to ¥141,294,883.27 in the first three quarters of 2025, up from ¥125,062,414.05 in the same period of 2024, reflecting a focus on innovation[17] Shareholder Information - The company has no shares pledged or marked for freeze among the top shareholders, indicating a stable ownership structure[11] - The top shareholder, Huang Zhijia, holds 19.23% of the shares, while the second-largest shareholder holds 13.13%, showing a concentrated ownership structure[10] Accounting Standards - The company did not apply new accounting standards or interpretations for the first time in 2025[21]

Core Insights - The company reported third-quarter revenue of 628 million, representing a year-over-year increase of 31.90% [1] - Net profit for the third quarter was 109 million, showing a significant year-over-year growth of 123.78% [1] - For the first three quarters, total revenue reached 1.509 billion, with a year-over-year growth of 41.02% [1] - Net profit for the first three quarters was 204 million, reflecting a year-over-year increase of 97.30% [1]

Group 1 - Jepter's stock price increased by 5.05% to 167.87 CNY per share, with a trading volume of 445 million CNY and a turnover rate of 2.87%, resulting in a total market capitalization of 15.956 billion CNY [1] - The stock has risen for four consecutive days, with a cumulative increase of 16.63% during this period [1] - Jepter specializes in the research, development, production, and sales of lasers and intelligent equipment for precision testing and micro-processing related to integrated circuits and semiconductor optoelectronic devices [1] Group 2 - The fund "Rida Advanced Manufacturing Mixed Fund A" holds 8,900 shares of Jepter, accounting for 3.71% of the fund's net value, making it the seventh-largest holding [2] - The fund has generated a floating profit of approximately 71,800 CNY today and 202,800 CNY during the four-day increase [2] - The fund has a total asset size of 15.1825 million CNY and has achieved a year-to-date return of 52.16%, ranking 1154 out of 8152 in its category [2] Group 3 - The fund manager of "Rida Advanced Manufacturing Mixed Fund A" is Zhang Xiying, who has been in the position for 1 year and 171 days [3] - Under Zhang's management, the fund has achieved a best return of 99.02% and a worst return of 3.16% [3]

Market Overview - The automation equipment sector increased by 1.11% on October 29, with Jieput leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Performers - Jieput (688025) closed at 159.80, rising by 8.05% with a trading volume of 30,300 lots and a transaction value of 475 million [1] - Weichuang Electric (688698) closed at 94.33, up 6.29%, with a trading volume of 92,800 lots and a transaction value of 838 million [1] - Lechuang Technology (920425) closed at 25.53, increasing by 5.89%, with a trading volume of 33,600 lots and a transaction value of 82.55 million [1] Underperformers - Kaidi Co. (605288) saw a decline of 9.87%, closing at 82.45 with a trading volume of 23,600 lots [2] - Xinbang Intelligent (301112) dropped by 9.13%, closing at 47.50 with a trading volume of 78,500 lots [2] - Haide Control (002184) fell by 4.34%, closing at 15.88 with a trading volume of 332,300 lots [2] Capital Flow - The automation equipment sector experienced a net outflow of 319 million from institutional investors, while retail investors saw a net inflow of 170 million [2][3] - The top net inflows from institutional investors were seen in Weichuang Electric (831.70 million) and Dongjie Intelligent (671.20 million) [3] Individual Stock Analysis - Weichuang Electric had a net inflow of 83.17 million from institutional investors, but a net outflow of 67.58 million from retail investors [3] - Dongjie Intelligent recorded a net inflow of 67.12 million from institutional investors, with retail investors also showing a net outflow of 51.13 million [3] - Jieput had a net inflow of 63.12 million from institutional investors, while retail investors experienced a net outflow of 34.98 million [3]

Group 1 - The perovskite solar cell sector is leading the market with a rise of 4.66% [1] - Trina Solar experienced a significant increase of 10.75% [1] - Longi Green Energy saw a rise of 10.0% [1] - Tongwei Co., Ltd. increased by 7.39% [1] - Other companies such as JinkoSolar, East Hope Group, and Xizi Clean Energy also reported gains exceeding 4% [1]

Core Viewpoint - The CPO concept stocks in the A-share market continue to show strong performance, with several companies reaching new historical highs in their stock prices [1]. Group 1: Stock Performance - LianTe Technology (301205) increased by 13.24%, with a total market value of 14.4 billion and a year-to-date increase of 46.78% [2]. - Jingwang Electronics (603228) hit the daily limit with a 10% increase, having a market value of 76 billion and a year-to-date increase of 184.10% [2]. - Dekeli (688205) rose by 8.89%, with a market value of 18.3 billion and a year-to-date increase of 66.20% [2]. - Yongding Co., Ltd. (600105) increased by 7.79%, with a market value of 23.7 billion and a year-to-date increase of 228.98% [2]. - Founder Technology (600601) rose by 6.84%, with a market value of 54.7 billion and a year-to-date increase of 191.80% [2]. - JepuTe (688025) increased by 4.16%, with a market value of 14.3 billion and a year-to-date increase of 218.53% [2]. - Zhongji Xuchuang (300308) rose by 3.98%, with a market value of 588 billion and a year-to-date increase of 330.63% [2]. - Xinyi Sheng (300502) increased by 3.66%, with a market value of 416.2 billion and a year-to-date increase of 409.25% [2]. - Cambridge Technology (603083) rose by 3.59%, with a market value of 41.3 billion and a year-to-date increase of 205.17% [2]. - Tianfu Communication (300394) increased by 3.22%, with a market value of 152.5 billion and a year-to-date increase of 203.14% [2]. - Sry New Materials (688102) rose by 2.60%, with a market value of 15.2 billion and a year-to-date increase of 125.09% [2]. - Tongfu Microelectronics (002156) increased by 2.18%, with a market value of 68.1 billion and a year-to-date increase of 52.21% [2]. Group 2: Historical Highs - Notable companies such as Founder Technology, Zhongji Xuchuang, Xinyi Sheng, and Sry New Materials have reached new historical highs in their stock prices [1].

Core Viewpoint - The CPO concept stocks in the A-share market continue to show strong performance, with several companies experiencing significant price increases [1] Company Performance - LianTe Technology saw a rise of over 13% - Jingwang Electronics hit the daily limit with a 10% increase - DeKeLi increased by over 8% - YongDing shares rose by over 7% - Fangzheng Technology increased by over 6% - JiePuTe rose by over 4% - Zhongji Xuchuang, Xinyi Sheng, Cambridge Technology, and Tianfu Communication all saw increases of over 3% [1] Historical Performance - Fangzheng Technology, Zhongji Xuchuang, Xinyi Sheng, and SiRui New Materials reached new historical highs [1]

Investment Rating - The report maintains a positive outlook on AI growth and highlights key companies to focus on: ZhongJi InnoLight, Eoptolink Technology, Yuanjie Technology, ZTE, Hui Lyu Ecological Technology Groups Co., Ltd., Shenzhen JPT Opto-Electronics, Ruijie Networks, Aojie Technology, and Unisplendour [1][31]. Core Insights - The demand for optical modules is expected to increase significantly, with a forecast of 20 million units for 1.6T optical modules by 2026 [15][39]. - The communication industry is seen as the foundation of the digital economy, encompassing various sectors such as AI ecosystems, satellite internet, data elements, AIoT, internet of vehicles, and industrial internet [31][39]. - OpenAI's release of the AI browser ChatGPT Atlas is viewed as a significant development in redefining internet usage [6][38]. - Anthropic's agreement with Google Cloud for up to one million TPUs, valued at several billion dollars, indicates strong growth potential in AI infrastructure [10][39]. - The acquisition of a 94% stake in Wuhan Ruijing by Dugen Core is expected to enhance technical synergy in the optoelectronics field [12][39]. Summary by Sections Optical Module Demand - The report revises the demand forecast for 1.6T optical modules upwards, predicting a demand of over 20 million units by 2026, with a significant supply gap anticipated for high-speed optical modules [15][39]. AI and Communication - The report emphasizes the acceleration of AI-related investments and innovations, particularly in GPU capabilities and communication networks, which are crucial for enhancing AI efficiency [31][32]. Company Performance - The report includes a simulated investment portfolio for the communication sector, showing a strong performance with an average increase of 14.95% for selected stocks during the specified period [22][23].

Group 1 - The core point of the news is that Jieput, a company specializing in laser technology and intelligent equipment for precision detection and micro-processing, has seen a stock price increase of 5.01%, reaching 143.88 CNY per share, with a total market capitalization of 13.676 billion CNY [1] - Jieput's main business revenue composition includes: lasers at 53.32%, laser/optical intelligent equipment at 38.19%, other main businesses at 6.61%, fiber optic devices at 1.81%, and other supplementary sources at 0.07% [1] - The company is located in Longhua District, Shenzhen, Guangdong Province, and was established on April 18, 2006, with its listing date on October 31, 2019 [1] Group 2 - From the perspective of fund holdings, Huashang Fund has a significant position in Jieput, with the Huashang Quality Selection Mixed A Fund (014558) holding 20,500 shares, accounting for 1.32% of the fund's net value, making it the sixth-largest holding [2] - The Huashang Quality Selection Mixed A Fund has achieved a year-to-date return of 58.19%, ranking 416 out of 8,154 in its category, and a one-year return of 58.58%, ranking 375 out of 8,025 [2] - The fund manager, Deng Mo, has a tenure of 10 years and 49 days, with the fund's total asset size at 2.044 billion CNY [3]