Investment Rating - The report indicates a positive investment outlook for the consumer-grade 3D printing industry, highlighting significant growth potential driven by various demand factors and technological advancements [3][79]. Core Insights - The consumer-grade 3D printing market is expected to reach USD 7.1 billion by 2028, with a compound annual growth rate (CAGR) of 19.2% from 2022 to 2028 [3][83]. - Key demand drivers include the rise of the maker movement in Europe and the U.S., the DIY culture, and the increasing consumer interest in personalized products [3][39]. - The supply side is characterized by technological advancements, a diverse material spectrum, and the establishment of community ecosystems that enhance customer engagement [3][91]. Summary by Sections 1. Market Overview - The consumer-grade 3D printing market is primarily designed for individual users and small businesses, offering ease of use and lower costs compared to industrial-grade printers [3][10]. - The market is witnessing rapid growth, with significant contributions from the U.S. and European markets, driven by high consumer spending power and interest in technology [3][47]. 2. Demand Drivers - The report identifies four main demand drivers: 1. The "garage innovation" culture in the U.S. and Europe, which promotes the adoption of desktop devices [3][39]. 2. The DIY trend among consumers, allowing for personalized product creation [3][40]. 3. The tool-like attributes of 3D printers for small businesses and educational institutions [3][59]. 4. The influence of trendy collectible products that enhance consumer interest [3][70]. 3. Supply Trends - The supply side is evolving with advancements in technology, including multi-functional devices and AI integration, which lower operational barriers for users [3][91]. - The materials used in 3D printing are becoming more diverse, allowing for a wider range of applications [3][106]. - Community ecosystems are being built to retain customer loyalty and encourage new entrants through crowdfunding opportunities [3][110]. 4. Key Players - Core companies identified in the report include: 1. Key components: Jieput, Ruike Laser, and Jinchengzi [3]. 2. 3D scanning accessories: Sikan Technology and Orbbec [3]. 3. Materials: Haizheng Materials, Huitong Technology, and Jialian Technology [3]. 4. Complete machines: Anker Innovation and others [3][28]. 5. Market Statistics - In 2024, China's 3D printer exports are projected to reach USD 1.147 billion, with a year-on-year growth of 31.09% [3][80]. - The report notes that over 90% of entry-level 3D printers globally are supplied by Chinese manufacturers, indicating a strong competitive position in the market [3][88].

Group 1 - Guizhou Moutai plans to establish a research institute company with its controlling shareholder, Moutai Group, with a registered capital of 1 billion yuan, where Guizhou Moutai will contribute 490 million yuan for a 49% stake [3] - Zhejiang Fu Holdings' subsidiary focuses on the research, design, manufacturing, and service of large and medium-sized hydropower turbine generator sets, with a significant project in the Yarlung Zangbo River area currently in the early construction phase [4] - Geer Software intends to acquire over 51% of Shenzhen Weipin Zhiyuan Information Technology Co., a leading digital transformation service provider in China [5] Group 2 - Sichuan Chengyu is part of a consortium that is the first candidate for the G5 Jingkun Expressway expansion project, with an estimated total investment of approximately 28.55 billion yuan, and the company plans to invest 4.902 billion yuan [6] - Sichuan Road and Bridge's subsidiary is participating in the same G5 Jingkun Expressway project, holding a 4% stake, with a total project investment of 28.55 billion yuan [7] - Xining Special Steel confirmed that there are no undisclosed significant information after its stock price experienced unusual fluctuations [8] Group 3 - Sanbo Brain Science's chairman has had his detention lifted and is now under investigation, returning to work [9][10] - Anke Intelligent Electric reported no significant changes in its operating environment and plans to disclose its semi-annual report on August 26 [11] - Funeng Technology received a development notice from GAC Group for battery supply, indicating increased market recognition for its SPS battery products [12] Group 4 - China Nuclear Power plans to invest 1 billion yuan in China Fusion Energy Company, acquiring a 6.65% stake, as part of a forward-looking strategy in the nuclear fusion energy sector [13] - Anfu Technology reported a net profit of 107 million yuan for the first half of 2025, a year-on-year increase of 14.38% [15] - Jieput's net profit is expected to increase by 57.03% to 82.6% in the first half of 2025, driven by rising demand for laser devices [16] Group 5 - Microelectrophysiology anticipates a net profit increase of 76.34% to 105.73% in the first half of 2025, supported by strong overseas sales of its heart electrophysiology products [17] - Zhongman Petroleum signed a gas exploration and development contract in Algeria, with a 90% investment share in the Zerafa II block, which has an estimated gas resource of 109.257 billion cubic meters [20] - Guizhou Gas shareholders plan to reduce their holdings by up to 6% through various trading methods [22]

Performance Forecast - The company expects a net profit increase of approximately 41.50% to 54.98%, amounting to an increase of 246.37 million to 326.37 million yuan compared to the previous year [1] - The estimated net profit attributable to shareholders is projected to rise by 57.03% to 82.60%, with an increase of 31.23 million to 45.23 million yuan [1] - The expected basic earnings per share are estimated to be between 84 million to 98 million yuan, reflecting a growth of 59.68% to 86.29% compared to the same period last year [1] Previous Year Performance - In the first half of 2024, the company's operating income was 593.63 million yuan [1] - The total profit for the same period was 56.51 million yuan [1] - The net profit attributable to the parent company's shareholders was 54.77 million yuan [1] Reasons for Performance Change - The company benefited from an increase in global laser demand, particularly in the precision processing of new energy power batteries and consumer-grade laser fields, leading to rapid revenue growth [2] - The company maintained good growth in the laser/optical intelligent equipment sector due to the recovery of downstream demand [2] - The net profit excluding non-recurring gains and losses is expected to show significant growth driven by these factors [2]

[I. Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company forecasts significant growth in operating revenue and net profit for the first half of 2025 [(I) Performance Forecast Period](index=1&type=section&id=(%E4%B8%80)%20%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%9C%9F%E9%97%B4) The company's performance forecast covers the period from January 1 to June 30, 2025 - The performance forecast period is from **January 1, 2025 to June 30, 2025**[2](index=2&type=chunk) [(II) Performance Forecast Details](index=1&type=section&id=(%E4%BA%8C)%20%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company expects operating revenue to grow by 41.50% to 54.98%, and net profit by 57.03% to 82.60% for H1 2025 Performance Forecast for H1 2025 | Indicator | Estimated Amount (million yuan) | Year-on-year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 840 - 920 | 41.50 - 54.98 | | Net Profit Attributable to Owners of the Parent Company | 86 - 100 | 57.03 - 82.60 | | Net Profit Attributable to Owners of the Parent Company After Deducting Non-Recurring Gains and Losses | 84 - 98 | 59.68 - 86.29 | [(III) Unaudited Performance Forecast Data](index=1&type=section&id=(%E4%B8%89)%20%E6%9C%AC%E6%AC%A1%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%95%B0%E6%8D%AE%E6%9C%AA%E7%BB%8F%E6%B3%A8%E5%86%8C%E4%BC%9A%E8%AE%A1%E5%B8%88%E5%AE%A1%E8%AE%A1) This performance forecast data represents preliminary calculations by the finance department and is unaudited - This performance forecast data has not been audited by a certified public accountant[2](index=2&type=chunk) [II. Prior Period Performance](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5) The company provides actual performance data for the first half of 2024 for comparative purposes Prior Period Performance for H1 2024 | Indicator | Amount (million yuan) | | :--- | :--- | | Operating Revenue | 593.63 | | Total Profit | 56.51 | | Net Profit Attributable to Owners of the Parent Company | 54.77 | | Net Profit Attributable to Owners of the Parent Company After Deducting Non-Recurring Gains and Losses | 52.61 | | Basic Earnings Per Share | 0.58 yuan/share | [III. Key Reasons for Performance Change in the Current Period](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8C%96%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) Performance growth is driven by increased global laser demand, especially in new energy and consumer sectors, and equipment recovery - Increased global demand for lasers is driving the company's performance growth[4](index=4&type=chunk) - Sales revenue in precision processing for new energy power batteries and consumer-grade lasers achieved rapid growth[4](index=4&type=chunk) - The laser/optical intelligent equipment sector maintained good growth, benefiting from downstream demand recovery[4](index=4&type=chunk) [IV. Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company warns that the forecast is preliminary and unaudited, though no major uncertainties are identified - This performance forecast data is a preliminary calculation by the company's finance department and has not been audited by a certified public accountant[5](index=5&type=chunk) - The company has not yet identified any significant uncertainties affecting the accuracy of this performance forecast content[5](index=5&type=chunk) [V. Other Explanatory Matters](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) The company reiterates that financial data is preliminary and advises investors to consider investment risks - The key financial data for the first half of 2025 are preliminary calculations only[6](index=6&type=chunk) - Specific and accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report[6](index=6&type=chunk) - Investors are advised to pay attention to investment risks[6](index=6&type=chunk)

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of the parent company between 86 million to 100 million yuan for the first half of 2025, representing a year-on-year growth of 57.03% to 82.60% [1] Group 1: Financial Performance - The company anticipates significant growth in operating revenue and net profit attributable to shareholders of the parent company for the first half of 2025 [1] - The expected net profit growth is driven by increased demand for lasers globally, particularly in the precision processing of new energy power batteries and consumer-grade laser products [1] - The company also expects to maintain good growth in the laser/optical intelligent equipment sector due to the recovery of downstream demand [1]

Core Insights - The article provides a detailed analysis of various mutual funds managed by the company, highlighting their performance metrics, including annualized returns and significant stock holdings [1][3]. Fund Performance Summary - The "Baoying Nasdaq 100 Index Fund" (QDII) A USD has a scale of 3.47 billion with an annualized return of 12.66% and a Q2 2025 increase of 16.66%, heavily invested in Nvidia (NVDA) with a weight of 8.56% [1]. - The "Baoying Nasdaq 100 Index Fund" (QDII) A RMB also has a scale of 3.47 billion, achieving an annualized return of 17.89% and a Q2 2025 increase of 16.43%, similarly focused on Nvidia [1]. - The "Baoying Xiangyi Regular Open Mixed A" fund has a scale of 1.76 billion with a modest annualized return of 1.92% and a Q2 2025 increase of 0.84%, primarily invested in Nanjing Bank [1]. - The "Baoying Zhongzheng A100 Index Enhanced A" fund has a scale of 1.69 billion, with an annualized return of 5.23% and a Q2 2025 increase of 1.44%, focusing on Kweichow Moutai [1]. Stock Trading Performance - Fund manager Cai Dan achieved a cumulative return of 4.88% during her tenure managing the "Baoying Xiangrui Mixed A" fund, with an average annualized return of 1.17% and a trading success rate of 56.79% across 81 stock adjustments [3]. - Notable stock trading examples include: - "Xinhua Bang" was bought in Q1 2020 and sold in Q3 2021, yielding an estimated return of 223.25% with a company performance growth of 152.36% [4][6]. - "Ningde Times" was held from Q2 2020 to Q1 2021, resulting in a return of 149.16% with a company growth of 185.34% [4]. - "Zijin Mining" was bought in Q2 2023 and has an estimated return of -86.18% despite a company growth of 51.76% [5][8]. ETF Insights - The "Gold Stock ETF" (Product Code: 159562) tracks the CSI Hong Kong and Shanghai Gold Industry Stock Index, showing a recent increase of 0.44% over five days and a price-to-earnings ratio of 20.86 times, with a net inflow of 237.7 million [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1][8] Core Views - The company is experiencing strong growth in consumer-grade laser applications and has made significant progress in its new energy business. Its laser products are primarily used in precision processing for consumer electronics and new energy sectors, showcasing advanced technology applications. The company achieved new orders of 585 million yuan in Q1 2025, representing a year-on-year increase of 89.38% [4][5] - The company is focusing on technological breakthroughs across multiple fields, including new energy, consumer electronics, and PCB processing. In the power battery sector, it has received bulk orders for laser cleaning equipment from leading clients, and its laser cutting equipment for perovskite solar cells is being applied in large-scale production lines [5][6] - The company is strategically positioning itself in the high-density optical interconnection market by investing in fiber array units (FAU), which are essential for next-generation data centers. This move is expected to create significant value through resource integration and collaboration with industry partners [6] Financial Projections - The company is projected to achieve revenues of 1.892 billion yuan, 2.324 billion yuan, and 2.847 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding net profits are expected to be 200.58 million yuan, 260.46 million yuan, and 348.47 million yuan [7][10] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 40 times, 31 times, and 23 times for the years 2025, 2026, and 2027, respectively [7][10]

证券代码：688025 证券简称：杰普特 公告编号：2025-027 深圳市杰普特光电股份有限公司 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 表决结果：同意：6 票；反对：0 票；弃权：0 票；回避：3 票。 关联董事 CHENG XUEPING（成学平）先生、刘明先生、朱江杰先生回避 表决。 本议案已经公司董事会薪酬与考核委员会审议通过，并同意提交董事会审 议。此议案尚需提交公司股东会审议。 具体内容详见公司同日刊登在上海证券交易所网站（www.sse.com.cn）的《深 圳市杰普特光电股份有限公司<2025 年限制性股票激励计划（草案修订稿）>》 《深圳市杰普特光电股份有限公司<2025 年限制性股票激励计划（草案修订稿）> （公告编号：2025-028）和《深圳市杰普特光电股份有限公司关于 2025 摘要公告》 深圳市杰普特光电股份有限公司（以下简称"公司"）第四届董事会第三次 会议于 2025 年 7 月 14 日采用现场结合通讯方式举行。本次会议通知及相关材料 已于 2025 年 ...

证券代码：688025 证券简称：杰普特 公告编号：2025-030 深圳市杰普特光电股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： ? 股东会召开日期：2025年7月30日 ? 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、 召开会议的基本情况 （一） 股东会类型和届次 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 7 月 30 日 10 点 00 分 召开地点：深圳市龙华区观湖街道鹭湖社区观盛五路科姆龙科技园 A 栋 12 楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 7 月 30 日 至2025 年 7 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-1 ...

（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《上海证券交易所 科创板股票上市规则》（以下简称"《上市规则》"）、《科创板上市公司自律监管 指南第 4 号——股权激励信息披露》（以下简称"《自律监管指南》"）等法律、 行政法规、部门规章及规范性文件和《深圳市杰普特光电股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，按照律师行业公认的业务标准、 道德规范和勤勉尽责精神，现就公司修订本次激励计划草案（以下简称"本次 变更"）相关事项出具本法律意见书。 本所律师声明： 证券法律业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等有 关规定，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则，对本法律意 见书出具之日以前已经发生或者存在的事实进行了充分的核查，保证本法律意 见书所认定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存 在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任； 有关说明已经进行了审查、判断，并据此出具法律意见书；对本法律意见书至 金诚同达律师事务所 法律意见书 关重要又 ...