Core Viewpoint - On September 30, 2023, Juxing Technology experienced a decline of 1.54% in stock price with a trading volume of 482 million yuan, indicating a relatively low trading activity and investor interest [1] Financing Summary - On the same day, Juxing Technology had a financing buy-in amount of 64.66 million yuan and a financing repayment of 18.28 million yuan, resulting in a net financing buy-in of 46.38 million yuan [1] - As of September 30, the total financing and securities lending balance for Juxing Technology was 368 million yuan, with the current financing balance at 361 million yuan, representing 0.98% of the circulating market value, which is below the 50th percentile level over the past year [1] - In terms of securities lending, Juxing Technology repaid 9,100 shares and sold 9,000 shares on September 30, with a selling amount of 276,900 yuan, and the securities lending balance was 7.32 million yuan, also below the 30th percentile level over the past year [1] Business Performance - As of June 30, 2023, Juxing Technology reported a total of 48,600 shareholders, an increase of 10% from the previous period, while the average circulating shares per person decreased by 8.79% to 23,618 shares [2] - For the first half of 2025, Juxing Technology achieved an operating revenue of 7.03 billion yuan, reflecting a year-on-year growth of 4.87%, and a net profit attributable to shareholders of 1.27 billion yuan, which is a 6.63% increase compared to the previous year [2] Dividend and Shareholding Structure - Since its A-share listing, Juxing Technology has distributed a total of 2.23 billion yuan in dividends, with 1.12 billion yuan distributed over the last three years [3] - As of June 30, 2025, the second-largest circulating shareholder is Ruiyuan Growth Value Mixed A, holding 25.18 million shares, an increase of 2.12 million shares from the previous period, while Hong Kong Central Clearing Limited, the fourth-largest shareholder, reduced its holdings by 22.90 million shares [3]

Core Viewpoint - The company, Giant Star Technology (002444), is actively expanding its presence in the U.S. energy storage market and has achieved some success in this area [1] Group 1 - The energy storage products are one of the many product lines offered by the company [1] - The company has been positively engaging with investors regarding its strategies and achievements in the energy storage sector [1]

Core Viewpoint - The company announced that its subsidiary in Vietnam is named GreatStar Industrial Vietnam Co., Ltd. in response to investor inquiries on September 25 [1]. Group 1 - The company is identified as 巨星科技 (GreatStar Technology) [1]. - The subsidiary's name is confirmed as GreatStar Industrial Vietnam Co., Ltd. [1].

Core Viewpoint - The company confirmed the English name of its subsidiary in Vietnam as GreatStar Industrial Vietnam Co., Ltd. during an interaction with investors on September 25 [2] Company Information - The subsidiary in question is located in Vietnam and is part of the larger GreatStar Technology [2]

Group 1: Industry Overview - The fluorochemical industry continues to experience high prosperity, with improved profitability for enterprises. In August 2025, prices for third-generation refrigerants R32, R125, and R134a increased by 9.09%, 0.00%, and 3.00% respectively compared to the end of July. R22 price rose by 1.43% month-on-month and 18.33% year-on-year [5][6][7] - Domestic air conditioning production is expected to decline year-on-year in October and November 2025, with production volumes of 10.75 million units, 10.88 million units, and 12.20 million units respectively, reflecting declines of -11.98%, -22.60%, and -19.70% [6][7] - The refrigerant industry is anticipated to maintain high prosperity, with major producers like Juhua Co., Sanmei Co., and Yonghe Co. reporting significant net profit growth of 145.84%, 159.22%, and 140.82% respectively in the first half of 2025 [7] Group 2: Company Analysis - Juxing Technology (002444) - Juxing Technology has established a global multi-tier sales channel, achieving a revenue of 7.027 billion yuan in the first half of 2025, a year-on-year increase of 4.87%, and a net profit of 1.273 billion yuan, up 6.63% year-on-year [8][9] - The company’s revenue distribution shows that 65.00% comes from the US and 25.66% from Europe. Juxing Technology is expanding its DTC business, with cross-border e-commerce revenue growing by over 30% [9][10] - The global tools market is projected to reach $67.3 billion by 2026, with a CAGR of approximately 4% from 2024 to 2026. The demand for tools is expected to remain stable due to active housing transactions and industrial production expansion [9][10] Group 3: Investment Recommendations - Despite a complex market environment, Juxing Technology is expected to achieve net profits of 2.622 billion yuan, 3.057 billion yuan, and 3.587 billion yuan from 2025 to 2027, with corresponding EPS of 2.20 yuan, 2.56 yuan, and 3.00 yuan, and PE ratios of 15X, 13X, and 11X respectively. The company is rated as a "buy" [10]

证券代码：002444 证券简称：巨星科技 公告编号：2025-045 杭州巨星科技股份有限公司 关于 2025 年第一次临时股东会增加临时提案 3、会议召开的合法、合规性：公司2025年第一次临时股东会会议的召集、 召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的有关规定。 暨股东会补充通知的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 杭州巨星科技股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日在《证 券时报》及巨潮资讯网披露了《杭州巨星科技股份有限公司关于召开公司 2025 年第一次临时股东会的通知公告》（公告编号：2025-041），公司原计划于 2025 年 9 月 30 日召开 2025 年第一次临时股东会。公司于 2025 年 9 月 24 日在《证券 时报》及巨潮资讯网披露了《关于延期召开 2025 年第一次临时股东会暨股东会 补充通知的公告》，因会议准备及统筹会议安排等相关工作需要，经慎重考虑， 决定将 2025 年第一次临时股东会延期至 2025 年 10 月 9 日召开。 2025 年 9 月 23 ...

Group 1: Industry Overview - The fluorochemical industry continues to experience high prosperity, with improved corporate profitability [5][6] - Prices of third-generation refrigerants have been steadily rising, indicating sustained high demand in the industry [8][9] - The supply of refrigerants is constrained by quota restrictions, coupled with increased downstream demand, leading to a favorable supply-demand balance [8][9] Group 2: Company Analysis - Juxing Technology (巨星科技) - Juxing Technology achieved a revenue of 7.027 billion yuan in the first half of 2025, representing a year-on-year increase of 4.87%, with a net profit of 1.273 billion yuan, up 6.63% [14] - The company has established a global multi-tier sales channel and is expanding its direct-to-consumer (DTC) business, with cross-border e-commerce revenue growing over 30% [14][16] - Juxing Technology's international strategy includes building production capacity overseas and optimizing its supply chain to respond to market uncertainties [16] Group 3: Market Trends and Projections - The global tools market is projected to reach $67.3 billion by 2026, with a compound annual growth rate (CAGR) of approximately 4% from 2024 to 2026 [15] - The demand for tools is expected to remain stable due to active transactions in the housing market and industrial production expansion [15] - The company is well-positioned to capitalize on market opportunities through its global manufacturing and distribution network [16] Group 4: Financial Performance and Investment Recommendations - The profitability of refrigerant production companies such as Juhua Co., Sanmei Co., and Yonghe Co. has significantly increased, with net profits growing by 145.84%, 159.22%, and 140.82% respectively in the first half of 2025 [7][9] - Investment recommendations suggest focusing on sectors with structural supply optimization and companies with relative advantages in the chemical industry [11]

Core Viewpoint - The report from Donghai Securities highlights that Juxing Technology has enhanced its manufacturing capabilities through a series of mergers and acquisitions, evolving into a diversified enterprise covering hand tools, power tools, and industrial tools [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 7.027 billion yuan, representing a year-on-year increase of 4.87% [1] - The net profit attributable to the parent company was 1.273 billion yuan, reflecting a year-on-year growth of 6.63% [1] Market Distribution - In the first half of 2025, revenue distribution was as follows: 65.00% from the United States and 25.66% from Europe [1] Sales Channels - The company utilizes various sales channels, including large home improvement and building materials supermarkets, as well as hardware chain stores [1] - Strategic partnerships with international giants such as Home Depot, Lowe's, Walmart, and Europe’s Cifang have enabled the company to reach a wide range of consumers across multiple regions [1] Business Development - The company is focused on accelerating its Direct-to-Consumer (DTC) business, with cross-border e-commerce revenue growing by over 30% in the first half of 2025 [1] Strategic Positioning - Despite a complex and changing market environment, Juxing Technology has built core competitiveness through optimizing production capacity, increasing product innovation, and strengthening brand channel development under its globalization strategy [1] - This strategic positioning lays a solid foundation for the company to respond to risks and seize opportunities in the future [1]

Group 1 - The company, Giant Star Technology, announced that it and its controlling subsidiaries do not have overdue guarantees, are not involved in any lawsuits related to guarantees, and have not incurred any losses due to being ruled against in guarantee-related cases [2]

Group 1 - The company, Giant Star Technology, announced on September 23 that it plans to provide a guarantee for its wholly-owned subsidiary, Prime-Line Products, LLC, to apply for trade financing credit from Citibank N.A. with a guarantee amount of $6 million [1] - The guarantee period will not exceed 12 months from the issuance of each standby letter of credit or financing guarantee, subject to the final contract signed with the bank [1] - The company's board of directors approved the proposal with a unanimous vote of 9 in favor, 0 against, and 0 abstentions during the 18th meeting of the 6th board on September 23, 2025 [1] Group 2 - As of the end of August 2025, the total external guarantee balance of the company and its subsidiaries was approximately RMB 270 million, accounting for 1.65% of the company's most recent audited net assets attributable to shareholders [1]