Group 1 - The core viewpoint of the article highlights the financial performance of Jingye Intelligent, which reported a revenue decline and a net loss for the third quarter of 2025 [1] - Jingye Intelligent's revenue for the first three quarters of 2025 was approximately 133 million yuan, representing a year-on-year decrease of 11.17% [1] - The net profit attributable to shareholders was a loss of approximately 14.34 million yuan, with basic earnings per share reflecting a loss of 0.14 yuan [1] Group 2 - As of the report, Jingye Intelligent's market capitalization stands at 6.6 billion yuan [1] - The article also notes a significant market trend, indicating that the A-share market has surpassed 4000 points, marking a resurgence in the technology sector and the emergence of a "slow bull" market pattern [1]

证券代码：688290 证券简称：景业智能 公告编号：2025-068 杭州景业智能科技股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： 投资者可于 2025 年 10 月 30 日(星期四)至 11 月 5 日(星期三)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 （zqb@boomy.cn）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。 杭州景业智能科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布了公司 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 年第三季度经营成果、财务状况，在上海证券交易所的支持下，公司计划 于 2025 年 11 月 6 日上午 09:00-10:00 举行 2025 年第三季度业绩说明会，就投资 者关心的问题进行交流。 三、参加人员 一、说明会类型 本次投资者说 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥22,618,978.65, a decrease of 58.56% compared to the same period last year[3] - The net profit attributable to shareholders for Q3 2025 was -¥19,913,390.04, reflecting a significant decline of 303.02% year-over-year[3] - The total profit for the year-to-date period was -¥23,878,311.48, with no applicable percentage change due to the nature of the reporting[3] - Total operating revenue for the first three quarters of 2025 was CNY 132.60 million, a decrease of 11.14% from CNY 149.28 million in the same period of 2024[17] - Net profit for the first three quarters of 2025 was a loss of CNY 15.06 million, compared to a profit of CNY 6.11 million in the same period of 2024[18] Research and Development - Research and development (R&D) expenses totaled ¥13,902,841.04 for the quarter, representing an increase of 72.31% compared to the same period last year[4] - R&D expenses accounted for 61.47% of the operating revenue in Q3 2025, up by 46.69 percentage points year-over-year[4] - Research and development expenses rose significantly to CNY 30.69 million, an increase of 64.73% from CNY 18.61 million in the previous year[17] - The company is committed to advancing its "AI + embodied intelligence" strategy, which has led to increased R&D investments despite the decline in net profit[8] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,675,518,301.44, marking a 6.85% increase from the end of the previous year[4] - The total assets of the company were reported at ¥1,675,518,301.44, up from ¥1,568,158,790.23, marking a growth of about 6.8%[14] - The total liabilities increased to CNY 410.92 million, up from CNY 283.81 million year-over-year[15] - Total equity attributable to shareholders decreased by 1.48% to ¥1,264,302,537.88 compared to the previous year-end[4] - Total equity attributable to shareholders decreased to CNY 1,264.30 million from CNY 1,283.33 million in the previous year[15] Cash Flow - Cash inflow from operating activities was CNY 198.71 million, up 34.73% from CNY 147.43 million in the first three quarters of 2024[20] - Cash outflow from operating activities totaled CNY 252.05 million, an increase of 30.83% compared to CNY 192.69 million in the same period last year[20] - The net cash flow from operating activities was -$53.34 million, compared to -$45.26 million in the previous period[21] - Cash inflow from investment activities totaled $1.65 billion, up from $827.70 million year-over-year[21] - Cash inflow from financing activities was $116.81 million, significantly higher than $25.22 million in the prior year[21] Inventory and Receivables - The company reported a significant increase in inventory, which rose to ¥87,708,409.68 from ¥51,226,620.01, representing an increase of about 71.2%[13] - Accounts receivable rose to ¥222,926,553.89, up from ¥185,454,328.39, indicating an increase of about 20.2%[13] - Accounts payable increased to ¥138,666,018.54 from ¥104,647,209.26, showing a rise of approximately 32.5%[14] Other Information - The company received government subsidies amounting to ¥99,190.46 during the quarter, contributing to its non-operating income[6] - The company has not reported any changes in major shareholders or significant events affecting the stock during the reporting period[12] - There were no significant reminders or additional important information regarding the company's operational status during the reporting period[12] - The company reported a significant increase in tax expenses, with income tax expense rising to CNY 8.82 million from CNY 6.37 million year-over-year[18] - The company distributed dividends and interest payments totaling $8.03 million, down from $11.17 million last year[21]

景业智能公告，第三季度营收为2261.9万元，同比下降58.56%；净利润亏损1991.34万元。前三季度营 收为1.33亿元，同比下降11.17%；净利润亏损1433.56万元，下降303.02%。 ...

Group 1 - The core viewpoint of the articles highlights the active performance of the Robot ETF (562500), which rose by 1.43% and showed a clear structural differentiation among its constituent stocks, with 62 stocks rising and 11 falling [1] - The trading volume of the Robot ETF reached approximately 9.04 billion yuan, with over 900 million shares traded, indicating a vibrant market activity [1] - A strategic cooperation framework agreement was signed between Yongmaotai and a leading domestic humanoid robot company to explore collaboration in the field of embodied intelligent robot actuators and joint components, aiming to set global industry standards [1] Group 2 - Open Source Securities predicts that humanoid robots will gradually achieve industrialization from 2024, with multiple global companies increasing their investments in this sector, thereby accelerating the industrialization process [2] - The humanoid robot industry shares significant overlaps with the smart electric vehicle sector, particularly in intelligent perception and motion control, which are similar to smart driving logic [2] - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion yuan, covering various sub-sectors such as humanoid robots, industrial robots, and service robots, facilitating investors' access to the entire robot industry chain [2]

Group 1 - The core point of the news is that Jingye Intelligent experienced a 5.5% increase in stock price, reaching 65.77 CNY per share, with a total market capitalization of 6.721 billion CNY as of the report date [1] - Jingye Intelligent, established on May 20, 2015, specializes in the research, production, and sales of special robots and intelligent equipment, with its main business revenue composition being 57.26% from nuclear industrial intelligent equipment systems, 25.94% from non-nuclear specialized intelligent equipment systems, 8.93% from special robots, and 7.87% from other sources [1] Group 2 - Among the top ten circulating shareholders of Jingye Intelligent, Huaxia Fund's Huaxia Zhongzheng Robot ETF (562500) entered the list in the second quarter, holding 1.1859 million shares, which accounts for 1.16% of the circulating shares, with an estimated floating profit of approximately 4.0677 million CNY as of the report date [2] - The Huaxia Zhongzheng Robot ETF (562500) was established on December 17, 2021, with a latest scale of 14.471 billion CNY, achieving a year-to-date return of 32.93% and a one-year return of 51.53% [2] Group 3 - The fund manager of Huaxia Zhongzheng Robot ETF (562500) is Hualong, who has been in the position for 3 years and 57 days, managing a total fund asset size of 21.877 billion CNY, with the best fund return during the tenure being 125.94% and the worst being -15.08% [3]

Core Viewpoint - China Post Express Logistics Co., Ltd. has announced the candidates for its 2025 unmanned vehicle leasing centralized procurement project, with over 7,000 L4 level unmanned vehicles expected to be deployed [1] Summary by Sections Procurement Overview - The procurement involves 8 packages, with the main suppliers being Jiushi (Suzhou) Intelligent Technology Co., Ltd. and China Post Technology Co., Ltd., each winning 4 packages [1] Package Details - **Package 1 (Small Unmanned Vehicle 3-4m³)**: - First candidate: Jiushi (Suzhou) Intelligent Technology Co., Ltd. - Second candidate: China Post Technology Co., Ltd. - Third candidate: White Rhino Intelligent Technology (Beijing) Co., Ltd. [5] - **Package 2 (Medium Unmanned Vehicle 5-7m³ - Region 1)**: - First candidate: Jiushi (Suzhou) Intelligent Technology Co., Ltd. - Second candidate: China Post Technology Co., Ltd. [6] - **Package 3 (Medium Unmanned Vehicle 5-7m³ - Region 2)**: - First candidate: China Post Technology Co., Ltd. - Second candidate: Jiushi (Suzhou) Intelligent Technology Co., Ltd. - Third candidate: Ground Iron Green Technology (Shenzhen) Co., Ltd. [8] - **Package 4 (Medium Unmanned Vehicle 5-7m³ - Region 3)**: - First candidate: China Post Technology Co., Ltd. - Second candidate: Jiushi (Suzhou) Intelligent Technology Co., Ltd. - Third candidate: Ground Iron Green Technology (Shenzhen) Co., Ltd. [9] - **Package 5 (Enhanced Medium Unmanned Vehicle 5-7m³)**: - First candidate: China Post Technology Co., Ltd. - Second candidate: Jiushi (Suzhou) Intelligent Technology Co., Ltd. - Third candidate: Zhejiang Cainiao Chuanchen Network Technology Co., Ltd. [10] - **Package 6 (Large Unmanned Vehicle 8-12m³ - Region 1)**: - First candidate: Jiushi (Suzhou) Intelligent Technology Co., Ltd. - Second candidate: Beijing Construction Mechanization Research Institute Co., Ltd. - Third candidate: China Post Technology Co., Ltd. [11] - **Package 7 (Large Unmanned Vehicle 8-12m³ - Region 2)**: - First candidate: Jiushi (Suzhou) Intelligent Technology Co., Ltd. - Second candidate: Beijing Construction Mechanization Research Institute Co., Ltd. - Third candidate: China Post Technology Co., Ltd. [12] - **Package 8 (Automatic Loading and Unloading Unmanned Vehicle 3-4m³)**: - First candidate: China Post Technology Co., Ltd. - Second candidate: Jiushi (Suzhou) Intelligent Technology Co., Ltd. - Third candidate: Ground Iron Green Technology (Shenzhen) Co., Ltd. [14]

Core Viewpoint - The company has officially initiated a special research and development project focused on humanoid robots, leveraging its strategic partnership with Cloud Deep Technology to create industry-level solutions for specific applications in sectors like nuclear and military industries [1] Group 1 - The company has launched a dedicated R&D effort for humanoid robots [1] - The R&D will focus on technical adaptation and innovative applications based on the actual needs of special fields [1] - The company aims to develop industry-level solutions tailored for unique scenarios [1]

Core Viewpoint - The acquisition of a 51% stake in Hefei Shengwen Information Technology Co., Ltd. by Jingye Intelligent (688290.SH) from its controlling shareholder, Hangzhou Xingzhiyuan Holdings Co., Ltd., has raised regulatory scrutiny due to the high premium involved in the transaction, which is valued at 2.15 billion yuan with a premium rate of 464.97% [1][6]. Group 1: Acquisition Details - Jingye Intelligent plans to acquire 51% of Hefei Shengwen for 108 million yuan in cash, which will make Hefei Shengwen a subsidiary of Jingye Intelligent [3][4]. - The controlling shareholder, Hangzhou Xingzhiyuan, acquired the same stake in Hefei Shengwen for only 100 million yuan in May 2024, indicating a profit of 8 million yuan from this transaction [1][6]. - Hefei Shengwen reported revenues of 11.74 million yuan and a net loss of 10.35 million yuan in the first eight months of 2025, raising questions about the feasibility of the performance commitments made by Hangzhou Xingzhiyuan [1][9]. Group 2: Financial Performance - In the first half of 2025, Jingye Intelligent achieved revenues of 110 million yuan, a year-on-year increase of 16.15%, but net profit and non-recurring net profit decreased by 55.3% and 19.51%, respectively [2][9]. - The financial performance of Hefei Shengwen shows a concerning trend, with a total revenue of 48.85 million yuan in 2024 and a net profit of 7.99 million yuan, followed by a significant loss in 2025 [9][10]. - Hefei Shengwen has made performance commitments to achieve non-recurring net profits of at least 1 million yuan, 1.7 million yuan, and 2.2 million yuan for the years 2025 to 2027, totaling no less than 49 million yuan [9]. Group 3: Strategic Implications - The acquisition is seen as a strategic move for Jingye Intelligent to enhance its presence in the military and defense sectors, aiming to integrate special robots and intelligent information systems [8]. - The company is currently facing a bottleneck in revenue growth, with fluctuating financial results since its listing in April 2022 [8].

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical equipment industry [3] Core Viewpoints - The mechanical equipment industry is entering the "AI Era," which will create significant investment opportunities centered around AI infrastructure and AI empowerment [4][15] - The report highlights the historical performance of the mechanical equipment sector during previous five-year plans, indicating that each era has distinct characteristics that influence investment opportunities [6][10] Summary by Sections 1. Review of Five-Year Plans - The mechanical equipment industry has shown varying performance across the past four five-year plans, with significant growth during the Eleventh Five-Year Plan (642% increase) and a decline during the Thirteenth Five-Year Plan (-21% decrease) [6][7] - The industry ranked second among 28 sectors during the Eleventh Five-Year Plan and seventh during the Fourteenth Five-Year Plan, reflecting its evolving significance [7][8] 2. AI Infrastructure: Driving Demand for PCB Equipment, AIDC, Liquid Cooling, and Semiconductor Equipment - The AI computing revolution is expected to drive structural growth in PCB demand, with a projected annual growth rate of 16.3% for AI server-related HDI from 2023 to 2028 [19] - The report anticipates that the global PCB market will reach $73.565 billion in 2024, with a 5.8% year-on-year increase, and $94.661 billion by 2029 [19] - AI servers significantly increase the unit value of PCBs, with a single AI server PCB valued at $500-$800, compared to $200-$300 for traditional servers [20] - The report identifies challenges in capacity expansion, including long delivery times for high-end equipment and complex process validations [21] 3. AI Empowerment: The Rise of Embodied Intelligent Robots - The report discusses the practical applications of embodied intelligent robots in industrial logistics, elderly care, and specialized environments, emphasizing their potential to improve efficiency and safety [4][15] - It highlights the importance of technical feasibility and cost-effectiveness in the deployment of these robots [4] 4. Investment Recommendations - The report suggests focusing on AI infrastructure and AI empowerment as key investment directions for the mechanical equipment industry during the Fifteenth Five-Year Plan [4][15] - Specific recommendations include AI PCB equipment, AIDC power generation equipment, liquid cooling solutions, and semiconductor equipment [4][15] 5. Related Listed Companies - The report provides insights into key companies in the PCB equipment sector, such as Dazhu CNC, Chipbond Technology, and Dongwei Technology, highlighting their market performance and technological advancements [40][41]