Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 12-month target price of 121.5 CNY [4][7]. Core Views - The company has shown significant improvement in its financial performance, achieving a revenue of 2.12 billion CNY in the first three quarters of 2025, representing a year-on-year increase of 211%. The net profit attributable to shareholders reached 10.88 million CNY, a turnaround from a loss of 27.6 million CNY in the same period last year [1]. - The company has successfully turned a profit in Q3 2025, with a revenue of 1.36 billion CNY, marking a year-on-year growth of 321.5% and a quarter-on-quarter increase of 169.6%. The net profit for this quarter was 18.43 million CNY, compared to a loss of 7.83 million CNY in the previous year [2]. - The company is actively preparing for production and inventory to meet the recovering demand in the market, with construction in progress valued at 32 million CNY and inventory increasing by 23.4% to 189 million CNY [3]. Financial Summary - The company is projected to achieve net profits of 23 million CNY, 70 million CNY, and 113 million CNY for the years 2025, 2026, and 2027, respectively, with growth rates of turning profitable, 209%, and 61.6% [4]. - The financial forecasts indicate a significant recovery in revenue, with expected figures of 307 million CNY in 2025, 572 million CNY in 2026, and 801 million CNY in 2027, reflecting growth rates of 87.5%, 86.3%, and 40.0% respectively [9]. - The company's gross margin has shown a consistent improvement, with Q3 2025 gross margin at 29.0%, up from a low of 5.2% in Q4 2024 [2].

Group 1 - The core viewpoint of the news is that Jingpin Special Equipment (688084.SH) has reported its Q3 2025 results, highlighting significant institutional investor interest with 19 institutions holding a total of 47.56 million shares, representing 62.86% of the total share capital [1] - The top ten institutional investors collectively hold 60.96% of the shares, with a slight decrease of 0.64 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, six funds increased their holdings, including Guangfa Small and Medium Cap Selected Mixed A and Huaxia CSI Robot ETF, with an increase rate of 2.68% [2] - Two public funds reduced their holdings, with a slight decline in the overall holding percentage [2] - Six new public funds were disclosed this period, while 125 funds were not disclosed compared to the previous quarter [2]

Core Viewpoint - The company ensures the authenticity, accuracy, and completeness of its quarterly report, with all board members and senior management bearing legal responsibility for the report's content [2][3]. Financial Data - The financial statements for the third quarter are not audited [3]. - The company has reported a total of 1,559,671 shares held in its repurchase account, representing 2.0614% of the total share capital as of the end of the reporting period [5]. - The company has repurchased a total of 36,000 shares at a maximum price of 83.00 yuan per share and a minimum price of 71.89 yuan per share, with a total expenditure of 2.7997 million yuan (excluding transaction fees) [5]. Shareholder Information - The report includes details on the total number of ordinary shareholders and the top ten shareholders, although specific names and holdings are not disclosed [5]. Other Important Information - The company has announced a delay in the completion of its smart equipment industrial base project in Beijing, moving the expected completion date from September 2025 to October 2026, without changing the project’s implementation subject, method, or funding usage [6].

Core Insights - The company Jingpin Special Equipment (688084.SH) reported a significant increase in revenue and a turnaround in net profit for the third quarter of 2025 compared to the same period last year [1] Financial Performance - The total operating revenue for the first three quarters of 2025 reached 212 million yuan, representing a year-on-year growth of 211.05% [1] - The net profit attributable to shareholders of the parent company was 10.88 million yuan, a recovery from a loss of 27.60 million yuan in the same period last year [1] - The basic earnings per share stood at 0.14 yuan [1]

Core Insights - The company reported a significant increase in revenue for Q3 2025, achieving 135,483,074.38 yuan, which represents a year-on-year growth of 321.47% [1] - The net profit attributable to shareholders for the same period was 18,431,495.46 yuan [1] Financial Performance - Revenue for Q3 2025: 135.48 million yuan, up 321.47% year-on-year [1] - Net profit for Q3 2025: 18.43 million yuan [1]

Financial Performance - The company's operating revenue for the third quarter reached ¥135,483,074.38, representing a year-on-year increase of 321.47%[3] - The total profit for the third quarter was ¥17,664,499.47, with a significant increase attributed to higher operating revenue compared to the same period last year[8] - The net profit attributable to shareholders for the third quarter was ¥18,431,495.46, reflecting a substantial increase due to increased product deliveries[8] - The basic earnings per share for the third quarter was ¥0.24, up from ¥0.14 in the same period last year[3] - The net profit excluding non-recurring gains and losses for the third quarter was ¥16,412,165.13, a significant improvement compared to the previous year[3] - Total operating revenue for the first three quarters of 2025 reached ¥212.14 million, a significant increase from ¥68.20 million in the same period of 2024, representing a growth of 211.5%[18] - The net profit for the first three quarters of 2025 was ¥5.34 million, a turnaround from a net loss of ¥30.50 million in the same period of 2024[19] - The company reported a gross profit of ¥58.52 million for the first three quarters of 2025, compared to a gross loss of ¥-30.39 million in 2024[18] - The company achieved a basic earnings per share of ¥0.14 for the first three quarters of 2025, compared to a loss per share of ¥-0.37 in the same period of 2024[19] Research and Development - Research and development expenses totaled ¥9,962,572.81, accounting for 7.35% of operating revenue, a decrease from 28.94% year-on-year[4] - Research and development expenses for the first three quarters of 2025 were ¥34.91 million, slightly down from ¥36.10 million in 2024, reflecting a decrease of 3.3%[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,846,143,695.41, an increase of 4.62% compared to the previous year[4] - The total assets of the company as of the reporting date amounted to ¥1,846.14 million, an increase from ¥1,764.68 million in the previous year, showing a growth of 4.6%[17] - The total liabilities increased to ¥291.46 million in 2025 from ¥213.76 million in 2024, marking a rise of 36.3%[17] - The equity attributable to shareholders of the parent company was ¥1,568.15 million, slightly up from ¥1,562.54 million in the previous year, indicating a growth of 0.4%[17] Cash Flow - The net cash flow from operating activities was not applicable for the current period, but it was reported as -¥10,190,528.59 for the year-to-date[3] - In the first three quarters of 2025, the cash inflow from operating activities was CNY 229,786,586.62, a significant increase from CNY 126,428,384.54 in the same period of 2024, representing an increase of approximately 81.7%[21] - The net cash flow from operating activities was negative CNY 10,190,528.59, an improvement compared to negative CNY 64,194,546.24 in the first three quarters of 2024[21] - The cash inflow from investment activities totaled CNY 2,397,563,532.89, up from CNY 2,036,420,318.08 in the previous year, marking an increase of about 17.7%[22] - The net cash flow from investment activities was positive CNY 155,461,159.49, a turnaround from negative CNY 242,885,784.67 in the same period of 2024[22] - The cash inflow from financing activities was CNY 25,743,757.08, compared to CNY 20,809,297.27 in the previous year, reflecting an increase of approximately 23.3%[22] - The net cash flow from financing activities was positive CNY 2,176,348.27, improving from negative CNY 114,528,103.06 in the first three quarters of 2024[22] - The total cash and cash equivalents at the end of the period increased to CNY 824,865,828.63 from CNY 805,062,438.96 at the end of the same period last year[22] Shareholder Information - Total number of common shareholders at the end of the reporting period is 5,677[11] - The largest shareholder, Tianjin Junrong Huizhi Technology Center (Limited Partnership), holds 25.08% of shares, totaling 18,973,030 shares[11] - The company has three major shareholders, all controlled by the same individual, Chen Bo[12] - The total number of shares held by the company's repurchase account is 1,559,671, representing 2.0614% of the total share capital[12] Other Information - The company expects continued growth in product deliveries and revenue in the upcoming quarters, driven by market expansion strategies[8] - The company announced a delay in the completion of the smart equipment Beijing industrial base project from September 2025 to October 2026[14] - The company's cash and cash equivalents as of September 30, 2025, amount to ¥827,331,479.03, an increase from ¥680,612,648.23 at the end of 2024[15] - Accounts receivable increased to ¥242,023,759.75 from ¥144,518,505.79 in the previous year, indicating a growth of approximately 67.5%[15] - Inventory as of September 30, 2025, is valued at ¥189,215,204.34, up from ¥153,323,606.28, reflecting a growth of about 23.4%[15] - The trading financial assets decreased to ¥175,000,000.00 from ¥385,264,234.03, a decline of approximately 54.5%[15] - The company received CNY 199,253,958.96 in cash from sales of goods and services, a substantial increase from CNY 60,009,214.30 in the first three quarters of 2024, indicating a growth of approximately 232.5%[21] - The company reported cash received from tax refunds of CNY 9,971,991.35, significantly higher than CNY 112,359.57 in the same period of 2024[21] - The company has not adopted new accounting standards or interpretations that would affect the financial statements for the year of first execution[23]

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [6] Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of military equipment construction, indicating that the military equipment development is expected to accelerate with the implementation of the 14th Five-Year Plan [9][12] - The successful testing of the Zhuque-3 rocket marks a significant advancement in reusable rocket technology, which is anticipated to lower launch costs and accelerate satellite networking [14][17] - The military sector's stock prices have stabilized recently, with a focus on both domestic and international demand, highlighting the investment value in the military industry [18] Summary by Sections Investment Suggestions and Targets - The report suggests focusing on military electronics, new domains, and the aerospace propulsion chain, with specific stock recommendations including: - Military Electronics: Aerospace Electric (002025, Buy), Zhonghang Optical (002179, Buy), and others [18] - New Domains: Haige Communication (002465, Buy) and others [18] - Aerospace Propulsion Chain: Xibei Superconductor (688122, Buy) and others [18] - Military Trade/Main Equipment: Zhonghang Shenfei (600760, Unrated) and others [18] Industry Performance - The defense and military industry index increased by 2.81%, underperforming compared to the Shanghai Composite Index [21][22] - The report notes that the military industry has shown resilience, with a focus on key components and materials as demand rises [18][21] Recent Developments - The report highlights significant recent events in the military sector, including successful military exercises and advancements in military technology [30][31]

Core Viewpoint - Jingpin Special Equipment experienced a decline of 5.06% in stock price, closing at 81.30 CNY per share, with a total market capitalization of 6.151 billion CNY [1] Company Overview - Beijing Jingpin Special Equipment Technology Co., Ltd. was established on July 9, 2009, and went public on December 8, 2022. The company specializes in the research, production, and sales of optoelectronic reconnaissance equipment and military robots [1] - The revenue composition of the company includes: special robots (39.03%), intelligent manufacturing (23.71%), simulation and emulation (18.99%), intelligent sensing equipment (16.16%), technical services (2.10%), and others (0.02%) [1] Shareholder Information - Among the top ten circulating shareholders, a fund under China Europe Fund, specifically the China Europe Industry Outlook Mixed A (012390), entered the top ten in the second quarter, holding 880,000 shares, which accounts for 2.49% of circulating shares. The estimated floating loss today is approximately 3.8104 million CNY [2] - The China Europe Industry Outlook Mixed A fund was established on June 16, 2021, with a current scale of 1.466 billion CNY. Year-to-date returns are 13.27%, ranking 5226 out of 8159 in its category, while the one-year return is 12.08%, ranking 5040 out of 8030. Since inception, the fund has a loss of 27.17% [2] Fund Performance - The fund manager of China Europe Industry Outlook Mixed A is Li Shuai, who has a cumulative tenure of 10 years and 92 days. The total asset scale of the fund is 4.618 billion CNY, with the best fund return during his tenure being 101.5% and the worst being -29.42% [3] Major Holdings - The China Europe High-end Equipment Stock Initiation A (016847) fund has increased its holdings in Jingpin Special Equipment by 370,100 shares in the second quarter, now holding 500,100 shares, which constitutes 5.22% of the fund's net value. The estimated floating loss today is around 2.1652 million CNY [4] - This fund was established on November 14, 2022, with a current scale of 170 million CNY. Year-to-date returns are 23.55%, ranking 2152 out of 4218, while the one-year return is 15.34%, ranking 2776 out of 3875. Since inception, the fund has a return of 3.97% [4] Fund Manager Information - The fund manager of China Europe High-end Equipment Stock Initiation A is also Li Shuai, with the same cumulative tenure and asset scale as mentioned previously [5]

Core Points - The company will hold an investor briefing on October 30, 2025, to discuss its Q3 2025 financial results and operational performance [2][3][4] - The briefing will be conducted online via the Shanghai Stock Exchange Roadshow Center, allowing for interactive communication with investors [3][4][5] - Investors can submit questions in advance from October 23 to October 30, 2025, and the company will address commonly asked questions during the briefing [2][5][6] Meeting Details - The investor briefing is scheduled for October 30, 2025, from 11:00 AM to 12:00 PM [4] - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, accessible online [4] - Key participants include the General Manager, Secretary of the Board, Chief Financial Officer, and an Independent Director [4] Participation Information - Investors can join the briefing online on October 30, 2025, through the Shanghai Stock Exchange Roadshow Center [5] - Questions can be submitted via the Roadshow Center's website or through the company's email before the meeting [5][6] - After the briefing, the main content and outcomes will be available for review on the Roadshow Center [6]

证券代码：688084 证券简称：晶品特装 公告编号：2025-031 北京晶品特装科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 10 月 30 日(星期四)上午 11:00-12:00 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 23 日(星期四)至 10 月 30 日(星期四)16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 jptz_ir@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 北京晶品特装科技股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日 发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季 ...