证券代码：002444 证券简称：巨星科技 公告编号：2025-049 杭州巨星科技股份有限公司 第六届董事会第十九次会议决议公告 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"）第六届董事会第十九次会 议通知于2025年10月20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10月30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《2025 年第三季度报告》 具体内容详见同日公司披露在巨潮资讯网（http://www.cninfo.com.cn）的 相关文件。 具体内容详见同日公司披露在巨潮资讯网（http://www.c ...

Financial Performance - The company's revenue for Q3 2025 was ¥4,128,799,941.03, representing a decrease of 5.80% compared to the same period last year[5] - Net profit attributable to shareholders increased by 18.96% to ¥882,325,234.51, while the net profit after deducting non-recurring gains and losses rose by 7.59% to ¥781,177,578.73[5] - The basic and diluted earnings per share for the period were both ¥0.7387, reflecting an increase of 18.97% year-on-year[5] - Total operating revenue for the current period reached ¥11,156,298,004.36, a slight increase from ¥11,083,737,039.19 in the previous period, reflecting a growth of approximately 0.66%[18] - Net profit for the current period was ¥2,211,404,042.92, up from ¥1,978,519,682.45, representing an increase of approximately 11.74%[19] - Total comprehensive income for the period reached CNY 2,398,646,286.02, an increase of 13.3% compared to CNY 2,116,700,904.44 in the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥23,252,719,183.29, a slight increase of 0.64% from the end of the previous year[5] - Total current assets decreased to ¥12,304,168,624.25 from ¥13,491,352,777.68, representing a decline of about 8.8%[15] - Long-term equity investments increased to ¥3,914,756,311.33 from ¥3,485,769,642.85, an increase of approximately 12.3%[15] - Non-current liabilities totaled ¥410,460,840.05, slightly down from ¥416,722,208.90, reflecting a decrease of approximately 1.26%[17] - The total liabilities decreased to ¥4,017,371,425.58 from ¥6,519,100,418.39, a significant reduction of approximately 38.4%[17] Cash Flow - The company's cash flow from operating activities for the year-to-date reached ¥1,613,070,308.39, showing a significant increase of 92.10%[5] - Cash inflow from operating activities totaled CNY 11,696,264,812.65, compared to CNY 10,561,788,183.53, marking a 10.7% increase[21] - Cash outflow from investing activities was CNY 6,754,097,554.01, significantly higher than CNY 2,226,820,235.98 in the previous period, resulting in a net cash flow from investing activities of -CNY 1,586,849,343.33[22] - Cash flow from financing activities showed a net outflow of CNY 2,414,177,963.14, compared to a net inflow of CNY 766,647,352.79 in the previous period[22] Shareholder Information - Total number of common shareholders at the end of the reporting period is 36,255[11] - The largest shareholder, Juxing Holdings Group Co., Ltd., holds 38.82% of shares, totaling 463,739,864 shares[11] - The top ten shareholders hold a significant portion of shares, with the top three alone accounting for over 44%[11] - The total number of shares held by the top ten unrestricted shareholders is 585,000,000[11] - There are no changes reported in the financing and securities lending activities of the top ten shareholders[11] Investment and Expenditures - The company reported a non-recurring gain of ¥101,147,655.78 for the period, primarily from the disposal of non-current assets and government subsidies[6][7] - The company has increased its capital expenditures in Southeast Asia, with construction in progress rising by 45.86% to ¥336,226,470.61[9] - The company acquired an additional 18.47% stake in Hangzhou Weina Technology Co., Ltd., increasing its ownership to 51%[13] - The company reported investment income of ¥610,006,015.96, up from ¥463,164,215.08, representing a growth of about 31.7%[19] Research and Development - Research and development expenses rose to ¥273,979,897.68 from ¥248,270,380.69, indicating an increase of approximately 10.4%[18] Cash and Cash Equivalents - The company's cash and cash equivalents decreased by 36.93% to ¥4,321,694,808.03, while trading financial assets surged by 20,552.66% to ¥1,117,954,018.26[9] - The ending balance of cash and cash equivalents decreased to CNY 4,290,258,405.74 from CNY 6,107,844,412.98, a decline of 29.8%[22] - The company received CNY 5,143,446,952.50 from investment recoveries, a substantial increase from CNY 1,633,378,855.00 in the previous period[22]

Core Insights - The company reported third-quarter revenue of 4.129 billion yuan, a year-on-year decrease of 5.80% [1] - The net profit for the third quarter was 882 million yuan, showing a year-on-year increase of 18.96% [1] - For the first three quarters, the total revenue reached 11.156 billion yuan, reflecting a year-on-year growth of 0.65% [1] - The net profit for the first three quarters was 2.155 billion yuan, which represents a year-on-year increase of 11.35% [1]

杭州巨星科技股份有限公司 战略与发展委员会实施细则 第二章 人员组成 第三条 战略与发展委员会成员由五名董事组成，其中包括两名独立董事。 第四条 战略与发展委员会委员由董事长、二分之一以上独立董事或者全体 董事的三分之一提名，并由董事会选举产生。 第五条 战略与发展委员会设召集人一名，由董事会选举产生。 杭州巨星科技股份有限公司 董事会战略与发展委员会实施细则 第一章 总则 第一条 为适应公司战略发展需要，增强公司核心竞争力，确定公司发展规 划，健全投资决策程序，加强决策科学性，提高重大投资决策的效益和决策的质 量，完善公司治理结构，根据《中华人民共和国公司法》、《上市公司治理准则》 及其他有关规定，公司特制定董事会战略与发展委员会实施细则。 第二条 董事会战略与发展委员会是董事会按照股东会决议设立的专门工作 机构，主要负责对公司长期发展战略和重大投资决策进行研究并提出建议。 第六条 战略与发展委员会任期与董事会任期一致，委员任期届满，连选可 以连任。期间如有委员不再担任公司董事职务，自动失去委员资格，并由委员会 根据上述第三至第五条规定补足委员人数。 第七条 战略与发展委员会下设投资评审小组，由公司总裁（总 ...

董事会薪酬与考核委员会实施细则 第一章 总则 第一条 为进一步建立健全公司董事及高级管理人员的考核和薪酬管理制度， 完善公司治理结构，根据《中华人民共和国公司法》、《上市公司治理准则》、 《公司章程》及其他有关规定，公司特设立董事会薪酬与考核委员会，并制定本 实施细则。 杭州巨星科技股份有限公司 薪酬与考核委员会实施细则 第二条 薪酬与考核委员会是董事会下设的专门工作机构，主要负责制定董 事、高级管理人员的考核标准并进行考核，制定、审查董事、高级管理人员的薪 酬决定机制、决策流程、支付与止付追索安排等薪酬政策与方案，对董事会负责。 杭州巨星科技股份有限公司 第五条 薪酬与考核委员会委员由董事长、二分之一以上独立董事或者全体 董事的三分之一提名，并由董事会选举产生。 第六条 薪酬与考核委员会设召集人一名，由独立董事担任，负责主持委员 会工作；召集人由董事会选举产生。 第七条 薪酬与考核委员会任期与董事会任期一致，委员任期届满，连选可 以连任。期间如有委员不再担任公司董事职务，自动失去委员资格，并由委员会 根据上述第四至第六条规定补足委员人数。 第八条 薪酬与考核委员会下设工作组，专门负责提供公司有关经营方面的 ...

董事和高级管理人员离职管理制度 第一章 总则 第一条 为规范杭州巨星科技股份有限公司（以下简称"公司"、"本公司"） 董事、高级管理人员离职相关事宜，确保公司治理结构的稳定性和连续性，维护 公司及股东的合法权益，公司根据《中华人民共和国公司法》（以下简称"《公 司法》"）等法律法规、规范性文件及《公司章程》的有关规定，结合公司实际 情况，制定本制度。 第二条 本制度适用于公司董事（含独立董事）、高级管理人员所有离职的 情形。 杭州巨星科技股份有限公司 董事和高级管理人员离职管理制度 杭州巨星科技股份有限公司 第二章 离职情形与程序 第三条 公司董事和高级管理人员的离职情形包含任期届满未连任、辞职、 被解除职务以及其他导致其实际离职的情形。 （一）董事任期届满未及时改选，或者董事在任期内辞任导致董事会成员低 于法定最低人数； （二）审计委员会成员辞任导致审计委员会成员低于法定最低人数，或者欠 缺会计专业人士。 （三）独立董事辞任导致公司董事会或者其专门委员会中独立董事所占比例 不符合法律法规或者《公司章程》规定，或者独立董事中欠缺会计专业人士。 第六条 董事提出辞任的，公司应当在提出辞任之日起 60 日内完成补 ...

杭州巨星科技股份有限公司 董事会审计委员会实施细则 杭州巨星科技股份有限公司 董事会审计委员会实施细则 第一章 总则 第一条 为强化杭州巨星科技股份有限公司（以下简称"公司"）董事会决 策功能，做到事前审计、专业审计，确保董事会对经营管理的有效监督，完善公 司治理结构，根据《中华人民共和国公司法》、《上市公司治理准则》、《公司 章程》及其他有关规定，公司特设立董事会审计委员会，并制定本实施细则。 第二条 董事会审计委员会是董事会下设的专门委员会，主要负责审核公司 财务信息及其披露、监督及评估内外部审计工作和内部控制。 第二章 人员组成 第三条 审计委员会成员由五名董事组成，其中独立董事三名，至少有一名 独立董事为专业会计人士，成员应当为不在公司担任高级管理人员的董事，董事 会成员中的职工代表可以成为审计委员会成员。 审计委员会成员辞任导致审计委员会成员低于法定最低人数，或者欠缺专业 会计人士，在新成员就任前，原成员仍应当继续履行职责。 第七条 审计委员会下设内审部为日常办事机构，负责日常工作联络和会议 组织等工作。 第三章 职责权限 第八条 审计委员会的主要职责与职权包括： （一）审核上市公司的财务信息及其披 ...

杭州巨星科技股份有限公司 董事会提名委员会实施细则 杭州巨星科技股份有限公司 董事会提名委员会实施细则 第一章 总则 第一条 为优化杭州巨星科技股份有限公司（以下简称"公司"）董事会组 成，实现董事、高级管理人员选聘的规范化、科学化，进一步完善公司治理结构， 根据《中华人民共和国公司法》、《上市公司治理准则》、《公司章程》及其他 有关规定，公司特设立董事会提名委员会，并制订本实施细则。 第二条 董事会提名委员会是董事会按照相关决议设立的专门工作机构，主 要负责拟定董事、高级管理人员的选择标准和程序，对董事、高级管理人员人选 及其任职资格进行遴选、审核。 第三条 本细则所称高级管理人员是指董事会聘任的总裁、副总裁、财务总 监、董事会秘书。 第二章 人员组成 第 1 页 共 4 页 第四条 提名委员会成员由三名董事组成，其中独立董事两名，独立董事占 多数。 第五条 提名委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一提名，并由董事会选举产生。 第六条 提名委员会设召集人一名，由独立董事委员担任，负责主持委员会 工作；召集人由董事会选举产生。 第七条 提名委员会任期与董事会任期一致，委员任期届满，连 ...

Group 1 - The core point of the news is that Juxing Technology's stock has experienced a decline of 5.03%, with a current price of 28.91 CNY per share and a total market capitalization of 34.532 billion CNY [1] - Juxing Technology, established on August 9, 2001, and listed on July 13, 2010, specializes in the research, production, and sales of hand tools, power tools, and smart products [1] - The revenue composition of Juxing Technology is as follows: hand tools account for 65.74%, industrial tools for 23.23%, power tools for 10.56%, and other products for 0.47% [1] Group 2 - Hengyue Fund has a significant holding in Juxing Technology, with its Hengyue Research Selected Mixed A/B fund reducing its stake by 5,900 shares, now holding 330,400 shares, which represents 5.06% of the fund's net value [2] - The fund has reported a floating loss of approximately 505,500 CNY due to the recent decline in Juxing Technology's stock price [2] - Hengyue Research Selected Mixed A/B fund was established on July 4, 2018, with a current size of 116 million CNY and has achieved a year-to-date return of 30.16% [2]

Summary of Conference Call Records Industry Overview - The hand tools sector is currently at a cyclical low in valuation, with companies like Juxing Technology expected to have a net profit of approximately 3.1 billion RMB in 2026, corresponding to a valuation of about 11 times earnings, indicating medium to long-term investment value [1][2] - The North American real estate cycle is closely linked to the demand for tools, particularly influenced by Federal Reserve interest rates. A decline in interest rates is expected to boost transaction volumes in real estate, subsequently increasing demand for hand and power tools [1][4] Market Dynamics - The global tools market is substantial, estimated at around 110 billion USD, with a fragmented competitive landscape where leading companies hold only 15% market share. Domestic firms like Juxing Technology and Quanfeng Holdings have potential to increase market share by expanding product categories [1][3][6] - The tool industry supply chain shows a progressive increase in profit margins from upstream manufacturers to downstream distributors, with terminal profits being relatively high. The primary demand comes from residential, commercial construction, industrial, and automotive repair sectors, closely tied to real estate and construction market conditions [1][7][8] Demand Influencers - The downstream demand for tools is significantly influenced by the real estate market, with 44% of demand directly linked to housing activities. Historical data shows a strong correlation between real estate sales and the 30-year fixed mortgage rates in the U.S. [8] - The inventory cycle among distributors plays a crucial role in the tool industry. After a period of destocking from 2021 to 2022, a weak replenishment phase is expected to begin post-2024, which could enhance demand as the North American real estate market improves [9] Company Insights - Juxing Technology and Quanfeng Holdings are identified as key players poised to benefit from the upcoming North American real estate recovery, with low current valuations of approximately 12 times and 7-8 times earnings, respectively [5][18] - Juxing Technology has transitioned to an OBM (Own Brand Manufacturer) model, with over 50% of its revenue coming from this segment, while Quanfeng Holdings has an even higher OBM revenue share of 80-90% [15][21] - Both companies are relocating some production to Southeast Asia to mitigate tariff risks, which is expected to attract more orders and expand their product offerings [17] Financial Performance - Juxing Technology's projected profits for 2025 are around 2.7 billion RMB, increasing to approximately 3.3 billion RMB in 2026, with corresponding valuations of 14 times and 12 times earnings [20] - Quanfeng Holdings anticipates net profits of 150 million USD in 2025, rising to between 170 million and 180 million USD in 2026, with a PE ratio of less than 10 times [21] Long-term Outlook - The tool industry presents a significant growth opportunity, with a market space exceeding 100 billion USD and a diverse product range. Companies like Juxing Technology and Quanfeng Holdings are expected to see substantial growth in revenue and market share as the North American market improves [14][18] - The success of companies like Chuangke Industrial, which has effectively navigated the market through strategic decisions and product innovation, serves as a model for domestic firms aiming to replicate similar success [14]