Core Viewpoint - Jiepu Te is a leading domestic MOPA laser manufacturer, specializing in the research, production, and sales of laser equipment and intelligent devices, with a strong technical foundation and wide application in various sectors [1] Group 1: Business Performance - In Q3 2025, Jiepu Te reported revenue of 1.509 billion yuan, ranking 6th among 10 companies in the industry, with the top company, Han's Laser, achieving 12.713 billion yuan [2] - The company's net profit for the same period was 201 million yuan, ranking 3rd in the industry, with the leading company, Huagong Technology, reporting a net profit of 1.314 billion yuan [2] - The revenue from laser products was 469 million yuan, accounting for 53.32% of total revenue, while revenue from laser/intelligent optical equipment was 336 million yuan, making up 38.19% [2] Group 2: Financial Health - As of Q3 2025, Jiepu Te's debt-to-asset ratio was 29.18%, an increase from 25.29% year-on-year, but still below the industry average of 46.31%, indicating lower financial risk [3] - The gross profit margin for Q3 2025 was 40.58%, slightly up from 40.20% year-on-year, and higher than the industry average of 30.30%, reflecting strong profitability and cost control [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 8.35% to 7,160, while the average number of circulating A-shares held per shareholder decreased by 7.71% to 13,300 [5] - Notable changes among the top ten circulating shareholders included the entry of new shareholders such as Huaxia Industry Prosperity Mixed A and GF Innovation Upgrade Mixed, while some exited the list [5] Group 4: Future Outlook - The company achieved a revenue of 881 million yuan in the first half of 2025, a year-on-year increase of 48.34%, and a net profit of 95 million yuan, up 73.84% [5] - Projections for 2025-2027 indicate net profits of 247 million, 340 million, and 507 million yuan, respectively, with a maintained "buy" rating from analysts [6]

Summary of the Conference Call for Jiepu Technology Industry and Company Overview - **Company**: Jiepu Technology - **Industry**: Laser technology and optical devices, focusing on consumer electronics, communication, and energy storage sectors Key Points and Arguments Revenue Projections and Growth Drivers - Jiepu expects revenue to exceed 1.5 billion yuan in 2025, driven by consumer laser technology (increment of approximately 150 million yuan), lithium battery and energy storage expansion, and communication industry certifications and expansions (seasonal increment of 30 million yuan, already profitable) [2][4][5] - The company is optimistic about future revenue growth, particularly in consumer laser technology due to ongoing technological upgrades [2][6] - Communication business is anticipated to be a significant growth curve, with an internal target of approximately 100 million yuan in 2025 and over 1 billion yuan in the next 2-3 years [2][7] Performance in Q3 2025 - In Q3 2025, Jiepu achieved significant performance growth, exceeding market expectations. The optical device business generated approximately 50 million yuan, while laser business revenue reached about 900 million yuan [3] - Specific revenue breakdown includes: MOPA laser (650 million yuan), solid-state laser (100 million yuan), continuous wave laser (150 million yuan), passive component equipment (100 million yuan), and optical detection equipment related to A customers (300 million yuan) [3] Communication Business Developments - The communication sector is viewed as a key growth area, with a high target set internally. The company has successfully expanded its factories in Thailand and Huizhou, with rapid order growth [7][14] - The communication business is expected to reach 1 billion yuan in the next 2-3 years, with Q3 performance aligning with overall company metrics [7][17] Consumer Electronics and Laser Technology - In the consumer electronics sector, Jiepu has begun small-scale shipments of foldable screen Face ID Meta Lens, with expectations for large-scale shipments in 2026, potentially generating around 3 billion yuan in device space and approximately 1 billion yuan in profit [9] - The company is uniquely servicing A customers' XR line detection needs and participating in AI glasses projects, indicating strong growth potential in consumer electronics [9] Energy Storage and Battery Sector - The outlook for the energy storage and battery sector is optimistic, with major clients expanding production and secondary and overseas clients beginning to adopt Jiepu's lasers [10] - The company’s platform capabilities and economies of scale are becoming increasingly evident [10] Market Trends and Future Outlook - The laser market is still in its early development stage, particularly in the B2C segment, with increasing demand in Europe and the US, while the domestic market remains at a low base [11] - Jiepu anticipates significant growth in laser applications in consumer markets, including 3D printing and laser engraving [11] Financial Performance and Cost Management - Jiepu achieved a gross margin of 42% and a net profit margin of 17% in Q3, with expectations for continued improvement due to scale effects and management enhancements [6] - The company is actively working on inventory optimization to reduce asset impairment ratios, which are expected to decline as a proportion of profits [21] Personnel and Expense Projections - The company plans to increase its workforce to 2,000-2,100 employees in 2026, with an overall expense growth rate projected at around 15% [30] Strategic Collaborations and Innovations - Jiepu is collaborating with major clients like 创想 3D for exclusive laser supply agreements and is exploring new opportunities in AI and robotics [24][27] - The company is also developing new laser products in partnership with various clients, with expectations for gradual product launches from Q4 2025 to 2026 [26] Additional Important Insights - The PCB industry is experiencing high demand, with Jiepu securing orders from clients like 东山 and 盛宏, indicating a broad market opportunity [8] - The company is focusing on automation in its optical communication business, which is expected to enhance efficiency and profitability [16] This summary encapsulates the key insights from Jiepu Technology's conference call, highlighting its growth strategies, market positioning, and financial outlook.

Core Insights - The optical fiber sector experienced a decline of 2.56%, ranking among the top losers in the concept sector, with significant drops in stocks such as Hangzhou Dianzi and Tengjing Technology [1][2] - A total of 56 stocks in the optical fiber sector saw net outflows of 7.899 billion yuan, with Tianfu Communication leading the outflow at 2.459 billion yuan [2][4] Sector Performance - The optical fiber concept sector was one of the worst performers, with a decline of 2.56%, while other sectors like the China-Korea Free Trade Zone and Quantum Technology saw gains of 1.45% and 1.27% respectively [2] - The top gainers in the optical fiber sector included stocks like Jieput and Xinyin Electronics, which rose by 5.63% and 3.14% respectively [1][4] Fund Flow Analysis - The optical fiber sector faced a significant net outflow of 7.899 billion yuan, with 14 stocks experiencing outflows exceeding 100 million yuan [2][3] - The stocks with the highest net outflows included Tianfu Communication (-11.56%), ZTE Corporation (-2.97%), and Yongding Co. (-4.99%) [3][4] Stock Performance - Among the optical fiber stocks, Jieput saw the highest net inflow of 1.244 billion yuan, while other notable gainers included Hengtong Optic and Yuanjie Technology [4] - The stock performance varied widely, with some stocks like Tianfu Communication and Tengjing Technology experiencing significant declines of over 11% [3][4]

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].