Group 1 - The company, Hangzhou Juxing Technology Co., Ltd., announced that its Vice Chairman and President, Ms. Chi Xiaoheng, plans to reduce her holdings by up to 182,000 shares, representing 0.02% of the total share capital, within three months after 15 trading days from the announcement date [1][3] - Mr. Li Zheng, a director and Vice President of the company, intends to reduce his holdings by up to 169,000 shares, also representing 0.01% of the total share capital, under the same timeline [1][3] - Both shareholders hold a small percentage of the company's total shares, with Ms. Chi holding 729,950 shares (0.06%) and Mr. Li holding 676,470 shares (0.06%) as of the announcement date [1][2] Group 2 - The reduction plans are consistent with previously disclosed intentions and commitments by Ms. Chi and Mr. Li [3] - The company confirms that the shareholders are not the controlling shareholders or actual controllers, and the reduction will not lead to a change in control or affect the company's governance structure [3][4] - The specific timing, price, and quantity of the planned reductions are subject to uncertainty, and the company will monitor compliance with relevant regulations [4]

Group 1 - The company, Juxing Technology (002444), announced that board member Chi Xiaoheng plans to reduce his holdings by no more than 182,000 shares, accounting for 0.02% of the total share capital, within three months after 15 trading days from the announcement date [1] - Board member Li Zheng also plans to reduce his holdings by no more than 169,000 shares, which represents 0.01% of the total share capital [1] - The reason for the reduction in holdings by both board members is personal financial needs [1]

证券代码：002444 证券简称：巨星科技 公告编号：2025-030 杭州巨星科技股份有限公司 关于公司董事减持股份的预披露公告 公司董事池晓蘅女士、李政先生保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 （一）股东名称：公司副董事长、总裁池晓蘅女士，公司董事、副总裁李政 先生。 （二）股东持有股份的总数量、占公司总股本的比例： 截至本公告披露日，池晓蘅女士直接持有本公司股份729,950股，占本公司 总股本比例为0.06%；李政先生直接持有本公司股份676,470股，占本公司总股本 比例为0.06%。 二、本次减持计划的主要内容 （一）本次减持计划的具体安排： 特别提示： 持有杭州巨星科技股份有限公司（以下简称"本公司"、"公司"）股份729,950 股（占本公司总股本比例为0.06%）的公司副董事长、总裁池晓蘅女士计划在本 公告披露之日起15个交易日后的3个月内以集中竞价方式减持本公司股份合计不 超过182,000股（占本公司总股本比例为0.02%）。 持有公司股份676,470股（占本公司总股本比例 ...

Summary of Key Points from the Conference Call Company Overview - **Company**: 巨星科技 (Star Technology) - **Industry**: Tools and Manufacturing Core Insights and Arguments - The trade agreement between Vietnam and the United States is beneficial for Star Technology, eliminating uncertainties and allowing for optimization of global capacity distribution, particularly benefiting from its capacity layout in Vietnam, which enhances profitability [2][5][6] - Long-term performance growth expectations for Star Technology are optimistic, supported by its Southeast Asia capacity layout to respond to tariff policies, with market share expected to increase [2][7] - Current valuation is approximately 11 times earnings, with medium to long-term valuation potentially returning to above 15 times, indicating dual growth potential in performance and valuation [2][7][10] - Other companies with extensive overseas layouts, such as 涛涛车业 (TaoTao Automotive) and 航发集团 (Aero Engine Group), continue to grow despite high tariffs, highlighting the importance of global competitiveness and overseas presence in optimizing competitive landscape and enhancing profitability [2][8] Industry Outlook - The current situation suggests a positive outlook for Star Technology and its industry, despite some impacts in the second quarter. The completion of the trade agreement and accelerated capacity relocation is expected to optimize global capacity distribution and repair valuations [2][9][10] - Star Technology holds a leading asset ratio of 60% to 80% in the local tools industry, providing a competitive advantage in supply chain and market competition [2][11] - New tariffs primarily impact channels, which are expected to absorb the additional costs, thus having a limited short-term effect on profit margins [2][12] Long-term Market Dynamics - Policy changes are anticipated to enhance the scarcity of local production capacity, favoring companies that establish substantial manufacturing facilities while curbing gray market activities, leading to a more concentrated market structure [2][13][14] - The recent trends in the U.S. stock market reflect increased expectations for interest rate cuts, which are expected to benefit Star Technology, especially in relation to the real estate chain [3][15][16] Performance and Future Prospects - Since April 2, the overall export chain has seen significant average increases, but Star Technology has dropped about 20 points from its peak, indicating substantial recovery potential [2][17] - The second quarter performance outlook is relatively pessimistic, but improvements in capacity release are expected starting in the third quarter, suggesting strong annual growth potential [2][17]

Core Viewpoint - The stability of the supply chain is crucial for the success of companies going global, and enhancing supply chain resilience has become a new engine for growth [1][2]. Group 1: Supply Chain Challenges - Global supply chain instability is increasingly affecting cross-border businesses, making timely delivery to consumers a significant challenge [2]. - Companies like PHOMEMO and Giant Star Technology have experienced operational difficulties due to logistics issues, leading to increased costs and unstable delivery times [4][9]. - The traditional logistics network is inadequate for the demands of cross-border e-commerce, necessitating an integrated smart logistics network for optimal fulfillment [1]. Group 2: Success Stories - PHOMEMO improved its conversion rate from 10% to 20% and doubled its revenue by utilizing Amazon's FBA logistics service, which provided better delivery time visibility to consumers [4][6]. - Giant Star Technology's revenue grew from 6.63 billion yuan in 2019 to 14.795 billion yuan in 2024, largely due to brand building and resilient supply chain capabilities [9]. - Happy Jump leveraged Amazon's logistics network to enter new markets, achieving same-day delivery in major Australian cities, which provided a competitive advantage [12]. Group 3: Logistics Efficiency - The last-mile delivery is critical in the supply chain, and Amazon's FBA service excels in this area, achieving over 96% next-day delivery efficiency in the U.S. market [13]. - Companies like倍思奇 have successfully integrated AGL, AWD, and FBA services to enhance logistics efficiency and reduce costs [15]. - TAILI utilized Amazon's FBA and AWD services to manage inventory effectively, resulting in significant cost reductions and explosive growth in new markets [24]. Group 4: Strategies for New Entrants - New companies entering the global market should focus on product testing and utilize Amazon's logistics tools to ensure timely delivery and positive consumer feedback [28][31]. - It is recommended to prioritize FBA over FBM for shipping to enhance conversion rates and customer satisfaction [33][34]. - Companies should prepare for peak sales seasons by accurately forecasting demand and managing inventory to avoid stockouts or excess inventory [21][19]. Group 5: Long-term Outlook - Building a resilient supply chain is essential for companies to navigate uncertainties and achieve sustainable growth in international markets [36]. - Companies are encouraged to collaborate with third-party logistics providers like Amazon to optimize operational costs and improve service quality [27].

Summary of Conference Call on Machinery Export Chain Industry Overview - The conference call focuses on the machinery export chain industry, particularly in the context of U.S.-China relations and global tariff negotiations [1][4]. Key Points and Arguments - **U.S. Economic Data**: Recent U.S. economic data, including GDP revisions and inflation rates, have created a stable outlook for the machinery export chain. The anticipated impact of tariffs has not yet materialized, contributing to a positive market sentiment [2][3]. - **Tariff Impact**: Companies are managing tariff pressures through overseas manufacturing and price increases. End customers are generally accepting of slight price hikes, indicating a resilient demand linked to U.S. home repair and renovation [1][6]. - **Optimism in Market**: The easing of U.S.-China relations and favorable global tariff negotiations have led to increased investor optimism, resulting in a rebound in stock prices for machinery export chain companies [2][4]. - **Performance Discrepancy**: Consumer goods have returned to pre-tariff highs due to stronger performance certainty, while machinery companies face uncertainties in profit margins and demand stability, particularly in the B2B sector [5]. - **Global Manufacturing Expansion**: The acceleration of global manufacturing capacity is expected to drive economic growth, with countries seeking to benefit from this trend, leading to increased wages and consumer demand locally [8]. - **Competitive Advantage of Giants Technology**: Giants Technology is positioned favorably due to its global production layout, particularly in low-cost regions like China and Southeast Asia, allowing it to mitigate risks associated with tariffs [7]. - **Emerging Market Dynamics**: Chinese products are seen as valuable tools for developing countries, with purchasing decisions based more on product value and cost-effectiveness rather than origin [10]. - **Future Growth Areas**: The machinery sector is expected to see growth in industrial control products, equipment components, and one-stop procurement models, with injection molding machines and forklifts showing the fastest response [11][12]. Additional Important Insights - **Investment Opportunities**: Other companies worth monitoring include TaoTao, Yindu, Dingli, Quanfeng, Honghua Digital Technology, and Jack, each demonstrating unique strengths in navigating tariff challenges [9]. - **Long-term Global Positioning**: Chinese manufacturers are likely to become global leaders in various sectors, leveraging their competitive advantages in cost and product quality [12][13].

Summary of the Conference Call for Giant Technology Company Overview - **Company**: Giant Technology - **Industry**: Mechanical and Consumer Goods Key Points and Arguments Expansion and Production Capacity - Giant Technology is establishing production bases in Thailand, Cambodia, and Vietnam, with plans to expand to Malaysia to avoid US tariffs and increase downstream customer share switching. By 2027, Southeast Asia's production capacity is expected to grow significantly, enhancing future growth certainty [2][5] Impact of US Real Estate Market - The current low sales of second-hand homes in the US indicate a high probability of stabilizing or even increasing demand. For low-value consumables, price increases have minimal impact on purchasing behavior, supporting the performance growth of Giant Technology [2][6] Price Adjustments and Demand - Price adjustments made in April and May did not significantly affect terminal demand. Downstream customers are switching capacities to companies like Giant Technology, allowing for independent revenue growth from industry beta fluctuations [2][8] Tariff Policy and Market Conditions - The clarity of Trump's tariff policy suggests that overseas market tax rates may not exceed 25%, keeping terminal price increases manageable. The annual CPI increase of 2-3% for consumer goods indicates that a 10% price increase for low-value products is acceptable, thus limiting concerns over overall demand [2][9] Performance and Future Growth - Despite the impact of high tariffs in April and May, Giant Technology still achieved year-on-year revenue growth in Q2. The company is expected to enter a profit release period in Q3 and Q4 of 2025, with strong performance certainty for 2025 and 2026 [4][11] Competitive Advantage through Global Diversification - The global diversification of production bases allows Giant Technology to meet the diverse supply chain needs of customers while reducing cost pressures and increasing profitability. The planned significant growth in Southeast Asia's production capacity by 2027 further solidifies its competitive position [7][12] Investor Sentiment and Market Outlook - Investors are not overly concerned about price increases affecting consumer behavior, as evidenced by stable demand in the US market. The company’s ability to adapt to tariff impacts and demand changes presents a favorable opportunity for growth [8][10] Additional Important Insights - The mechanical industry leaders are underperforming compared to consumer goods companies due to uncertainties related to tariff impacts on performance predictability. In contrast, consumer goods companies exhibit stronger performance certainty due to differing product and industry cycles [3]

Summary of Key Points from the Conference Call on Giant Star Technology Company Overview - **Company**: Giant Star Technology - **Industry**: Hand Tools and Manufacturing Core Insights and Arguments - **Market Share Growth**: Giant Star Technology has consistently increased its market share during the trade war, benefiting from low price elasticity of demand for hand tools and production capacity advantages. The easing of tariff conflicts and the intensification of technology wars serve as favorable catalysts for long-term growth potential [2][5][8]. - **Stock Price Reaction**: The stock price of Giant Star Technology has experienced significant declines, attributed to market concerns over its high exposure to the U.S. market and its role as an export bellwether. However, the company's fundamentals remain robust, indicating that the tariff impacts have been overreacted [2][11][7]. - **Response to Tariffs**: Historical experience from 2018-2019 shows that Giant Star Technology can quickly restore profitability in response to tariffs. The company has improved its response strategies, including overseas factory setups and supply chain management, minimizing the impact of tariffs on its fundamentals [9][10]. - **U.S. Market Projections**: It is anticipated that Giant Star Technology's revenue in the U.S. market will grow to $1.5-1.6 billion by 2025, driven by the release of capacity from new projects in Southeast Asia and ongoing investments in capacity expansion [2][14]. Additional Important Insights - **Demand Resilience**: The impact of terminal price increases on tool consumption demand is limited. Despite a downturn in the U.S. real estate market, strong maintenance demand for aging homes mitigates the negative effects on tool consumption [2][16][17]. - **Channel Trends**: The sales channels expect a trend of low growth in the first half of the year followed by stronger growth later, supported by robust maintenance demand due to aging homes and potential release of delayed home improvement demand from interest rate cuts [3][18]. - **Competitive Landscape**: The U.S. hand tools import market is dominated by Mainland China and Taiwan, accounting for over 50% of imports. Giant Star Technology plans to increase its U.S. procurement while reducing reliance on single-country imports, positioning itself to capture more market share [12][13]. - **Future Growth Catalysts**: The company is expected to see significant growth in 2025, with Q2 and Q3 showing strong support due to optimistic channel conditions. Despite potential currency exchange impacts on profit growth, overall revenue growth remains promising [19]. Conclusion Giant Star Technology is positioned favorably within the hand tools industry, with strong fundamentals, strategic responses to market challenges, and a clear path for revenue growth in the coming years. The company's proactive measures in capacity expansion and market adaptation are likely to enhance its competitive edge and market share.

Core Viewpoint - The company anticipates a slight decrease in order volume and sales due to current U.S. tariff policies, but expects recovery and growth starting next year as demand in the U.S. market continues to rise [2][3]. Financial Performance - In the previous year, the company achieved a revenue of 14.795 billion yuan, representing a year-on-year growth of 35.37%, and a net profit attributable to shareholders of 2.304 billion yuan, up 36.18% year-on-year [3]. - Revenue from the Americas reached 9.387 billion yuan, accounting for 63.44% of total revenue [3]. Impact of Tariffs - The U.S. tariffs are expected to be borne by end consumers, with the company and its customers sharing the burden approximately 50/50 [5]. - The company is facing challenges due to high tariffs imposed on Vietnam, which is one of its main production locations [5]. Production and Capacity Expansion - The company plans to relocate 70%-80% of its U.S. product output to Southeast Asia within the next two years [6]. - Significant capital expenditure of approximately 50 million USD is planned for Southeast Asia this year, including multiple projects in Vietnam and Thailand [7]. - The company requires an additional 300 million USD in cash for operational funding for every 1 billion USD increase in revenue [7]. Market Position and Strategy - The company holds a strong position in the hand tools manufacturing industry, being one of the most globalized companies in the sector [5]. - Despite having nearly 200 million euros in production capacity in Europe, revenue from Europe accounts for less than 30% of total revenue and is declining [6].

证券代码：002444 证券简称：巨星科技 公告编号：2025-028 杭州巨星科技股份有限公司 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"）第六届董事会第十五次会 议通知于2025年5月29日以传真、电子邮件等方式发出，且全体董事均已书面确 认收到全部会议材料。会议于2025年6月4日在杭州市上城区九环路35号公司九 楼会议室以现场会议的方式召开。本次会议应出席董事9名，实际出席董事9 名，公司全体高级管理人员列席了会议，本次会议的召集、召开程序符合《中 华人民共和国公司法》、《杭州巨星科技股份有限公司章程》、《杭州巨星科技股 份有限公司董事会议事规则》的有关规定。 本次会议由公司董事长仇建平先生主持，经全体与会董事认真审议，以书 面投票表决方式表决通过了以下决议： 一、审议通过《关于聘任公司副总裁的议案》 经公司总裁提名，同意聘任张肖松先生担任公司副总裁，分管公司品控中 心，任期自本次董事会审议通过之日起至第六届董事会任期届满。 表决结果：赞成票为9票，反对票为0票，弃权票为0票。 张肖松先生的简历请见附件。 ...