Group 1 - The company announced that its wholly-owned subsidiary, Huizhou Sanxie Precision Co., Ltd., signed a daily procurement order agreement with a leading lithium battery enterprise's wholly-owned subsidiary, with a total amount of approximately 1.005 billion yuan (including tax) [1] - This agreement accounts for 11.52% of the company's audited revenue for the fiscal year 2024 and 201.45% of Sanxie Precision's audited revenue for the same period [1] - The agreement is expected to have a positive impact on the company's operating performance in 2025 and future years [1]

Company Overview - JingShan Light Machine is located in JingShan City, Hubei Province, and was established on March 30, 1993, with its listing date on June 26, 1998 [1] - The company primarily engages in photovoltaic intelligent equipment and packaging intelligent equipment, with revenue composition as follows: 68.96% from photovoltaic automation production lines, 19.59% from other businesses, and 11.45% from packaging automation production lines [1] Financial Performance - As of June 30, 2025, JingShan Light Machine reported a revenue of 3.647 billion yuan, a year-on-year decrease of 8.59%, and a net profit attributable to shareholders of 206 million yuan, down 23.71% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 496 million yuan, with 97.6287 million yuan distributed over the past three years [3] Stock Market Activity - On September 3, the stock price of JingShan Light Machine fell by 2.13%, trading at 12.41 yuan per share, with a total market capitalization of 7.73 billion yuan [1] - The stock has seen a year-to-date increase of 0.24%, a 5-day increase of 3.76%, a 20-day increase of 4.64%, and a 60-day increase of 13.44% [1] - As of June 30, 2025, the number of shareholders decreased by 2.27% to 95,200, while the average circulating shares per person increased by 2.32% to 6,353 shares [2] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include Southern CSI 1000 ETF, holding 4.6177 million shares (an increase of 893,500 shares), and Hong Kong Central Clearing Limited, holding 3.2059 million shares (a decrease of 346,640 shares) [3] - Huaxia CSI 1000 ETF is a new entrant among the top ten shareholders, holding 2.7122 million shares [3]

Core Viewpoint - The company, JingShan Light Machinery, is one of the early entrants in the perovskite photovoltaic equipment sector in China, emphasizing its strategic investments and technological advancements in this field [1] Company Summary - The company has developed a comprehensive equipment solution that spans from research and development lines to gigawatt-level mass production [1] - Core equipment has been validated by downstream customers and has achieved mass delivery, showcasing the company's technical advantages in integrated production lines [1] - The company offers customized solutions that range from laboratory setups to full-scale production [1] - Future plans include deepening technological advantages and expanding into global markets [1]

Core Viewpoint - The company emphasizes its commitment to shareholder interests and sustainable development, while acknowledging the influence of market conditions on its stock price [2] Group 1 - The company's stock price is affected by multiple factors including overall market environment, investor preferences, and market sentiment [2] - The company is dedicated to long-term and sustainable development, ensuring that shareholder returns are prioritized [2] - The company will continue to consider industry characteristics, development stages, and its own operational situation when making decisions regarding investor returns [2] Group 2 - The company will strictly adhere to legal and regulatory requirements for information disclosure if it has plans for share buybacks or other related actions [2]

Core Viewpoint - The company is adapting to industry cycles by leveraging long-term technological accumulation and optimizing project management to enhance operational resilience and resource efficiency [2] Group 1: Photovoltaic Equipment Business - The company has a backlog of orders in the photovoltaic sector amounting to 6.173 billion yuan (including tax) as of December 31, 2024 [2] - The company is focused on maintaining order fulfillment in the face of market adjustments [2] Group 2: Packaging Equipment Business - The company is pursuing a development strategy centered on "high-end, intelligent, and international" growth [2] - The company is optimizing product structure and driving technological innovation in its core business of corrugated packaging intelligent equipment [2] - The company is actively deepening cooperation with key customers and steadily expanding its overseas business [2]

Core Viewpoint - The company, Jing Shan Light Machine, indicates that its order volume is subject to dynamic changes influenced by industry cycles and order placement rhythms, but currently, the order and production delivery schedules are aligned [1] Group 1: Order and Production - The company's order volume is continuously changing due to factors such as industry cycles and order placement rhythms [1] - Currently, the order and production delivery schedules are matching, allowing for smooth operations [1] Group 2: Customer Relations and New Orders - Core customer collaborations remain stable, which supports the current business operations [1] - New orders are gradually being secured, contributing to the overall stability of the business [1]

Core Viewpoint - The company is implementing strategies to enhance cash flow management and mitigate foreign exchange risks, focusing on customer credit management and inventory optimization [1] Group 1: Cash Flow Management - The company plans to strengthen customer credit grading management to reduce inventory backlog risks [1] - A dynamic inventory early warning mechanism will be established to optimize the "sales-driven production" model [1] - The company will promote prepayment guarantees and supply chain financial tools to shorten the cash collection cycle [1] - Exploration of inventory discount disposal and re-circulation channels will be conducted to achieve closed-loop risk exposure management [1] Group 2: Foreign Exchange Risk Management - The finance department will guide and manage foreign exchange income, establishing a dedicated working group for overall planning [1] - The company will enhance communication with banks and professional institutions to gather expert opinions [1] - Close attention will be paid to international exchange rate trends, utilizing foreign exchange derivatives, time deposits, forward exchange settlements, and selective exchange settlements to improve the exchange rate hedging mechanism [1]

Core Points - The photovoltaic equipment sector experienced a decline of 1.67% on September 2, with Micro导纳米 leading the losses [1][2] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the photovoltaic equipment sector included: - Saiwu Technology (603212) with a closing price of 12.56, up 6.62% and a trading volume of 770,200 shares, totaling 984 million yuan [1] - Gaoce Co., Ltd. (688556) closed at 11.26, up 5.63% with a trading volume of 992,600 shares, totaling 1.084 billion yuan [1] - Jing Shan Light Machinery (000821) closed at 12.68, up 5.32% with a trading volume of 896,000 shares, totaling 1.151 billion yuan [1] Fund Flow Analysis - The photovoltaic equipment sector saw a net outflow of 1.111 billion yuan from main funds, while retail funds had a net inflow of 160 million yuan [2][3] - Key stocks with significant fund flows included: - Saiwu Technology (603212) with a net inflow of 278 million yuan from main funds, but a net outflow of 96.57 million yuan from retail funds [3] - Jing Shan Light Machinery (000821) with a net inflow of 130 million yuan from main funds, but a net outflow of 52.64 million yuan from retail funds [3]

Market Overview - The Shanghai Composite Index closed at 3858.13 points, slightly down by 0.45%, with a total trading volume of 29,124.23 billion yuan [1]. Stocks Breaking Through Annual Line - A total of 17 A-shares have surpassed their annual line, with notable stocks including: - Sanwei Co., Ltd. (603033) with a deviation rate of 6.83% - Jing Shan Light Machinery (000821) at 4.52% - Jidian Co., Ltd. (000875) at 4.45% [1]. Deviation Rate Rankings - The following stocks have the highest deviation rates from their annual lines: - Sanwei Co., Ltd. (603033): Today's price increased by 10.02% with a turnover rate of 3.44%, latest price at 12.96 yuan [1]. - Jing Shan Light Machinery (000821): Increased by 5.32%, turnover rate of 14.82%, latest price at 12.68 yuan [1]. - Jidian Co., Ltd. (000875): Increased by 6.18%, turnover rate of 7.79%, latest price at 5.50 yuan [1]. Other Stocks with Minor Deviations - Stocks with smaller deviation rates include: - Xiangjiang Holdings (600162) with a minor increase of 1.52% [2]. - Lihu Co., Ltd. (300694) with a deviation rate of 0.07% [1].

Group 1 - The company received an inquiry regarding the potential spin-off listing of its subsidiary Shenzhen Huida Precision Co., which is noted for its advanced precision manufacturing capabilities [2] - The company clarified that Shenzhen Huida Precision Co. is not a subsidiary and emphasized its main business focus on the research, design, manufacturing, sales, and service of high-end intelligent complete equipment [2] - The core business of the company is to provide intelligent manufacturing solutions for the photovoltaic high-efficiency components and high-efficiency battery manufacturing, as well as packaging machinery [2]