Core Viewpoint - Shenzhen Jieshun Technology announced that a major shareholder plans to reduce its holdings by up to 19.19 million shares, representing 3.00% of the company's total share capital, between October 11, 2025, and January 10, 2026 [1] Group 1 - The shareholder, Shenzhen Special Zone Jianfa Smart Transportation Investment Partnership (Limited Partnership), intends to reduce its stake through centralized bidding by up to 6.3979 million shares and through block trading by up to 12.7958 million shares, totaling a maximum of 19.19 million shares [1] - The company's deputy general manager, He Jun, also plans to reduce his holdings by up to 225,000 shares, which accounts for 0.04% of the total share capital [1] - The combined total of shares to be reduced by both the major shareholder and the deputy general manager amounts to no more than 19.41 million shares, or 3.04% of the company's total share capital [1]

Core Insights - The Chinese access control market has evolved from traditional key and keypad systems to more diversified and personalized solutions, driven by urbanization and increased property management demands [1] - The market for smart access control systems in China is projected to grow from 8.4 billion yuan in 2015 to 23.6 billion yuan in 2024, with a compound annual growth rate (CAGR) of 12.16% [1][15] - The integration of technologies such as IoT, AI, and big data is expected to further enhance the development prospects of the smart access control industry [1] Industry Overview - Smart access control systems utilize modern electronic and identification technologies to manage entry points effectively, enhancing security and convenience [4] - The systems can be categorized by recognition methods (password, card, RFID, biometric) and design principles (integrated or separate controllers and readers) [4][6] Industry Development History - The smart access control industry has undergone significant evolution over the decades, transitioning from simple electronic locks in the 1980s to advanced biometric systems in the early 2000s, and now to intelligent systems incorporating IoT and AI [9] Industry Value Chain - The value chain consists of hardware manufacturing (controllers, readers, locks) and software development (management software, recognition algorithms), with system integration and application in smart buildings and communities as downstream activities [10] Market Size and Growth - The smart community market in China is projected to grow from 348 billion yuan in 2017 to approximately 752.8 billion yuan in 2024, with a CAGR of 12.34% [12][13] Competitive Landscape - The smart access control industry in China is characterized by high market concentration, with leading companies leveraging technology and service innovation to strengthen their competitive edge [15] - Key players include both international brands (e.g., Johnson Controls, Siemens) and domestic firms (e.g., Jieshun Technology, Dahua Technology) [15] Key Companies - Jieshun Technology focuses on smart parking and access control systems, with projected revenue of 151 million yuan for its access control segment in 2024, down 30.42% year-on-year [16] - Lifan Holdings specializes in integrated access control solutions, with expected revenue of 91 million yuan for its smart access control systems in 2024, a decline of 26.02% year-on-year [16] Future Trends - The industry is expected to see increased application in diverse scenarios beyond traditional settings, such as schools and hospitals, necessitating customized solutions [17] - The integration of AI will enhance the intelligence of access control systems, enabling features like behavior analysis and anomaly detection [18] - Enhanced security measures will be implemented to counteract rising cybersecurity threats, including multi-factor authentication and blockchain technology [20] - User experience will be prioritized, with systems designed for ease of use across different demographics, including features like mobile access and voice prompts for elderly users [21]

Core Viewpoint - Jieshun Technology's stock price has experienced fluctuations, with a year-to-date increase of 32.23% but a recent decline over the past five trading days of 8.38% [1] Financial Performance - For the first half of 2025, Jieshun Technology reported revenue of 744 million yuan, representing a year-on-year growth of 21.44% [2] - The net profit attributable to shareholders for the same period was approximately 41.48 million yuan, showing a significant increase of 143.75% year-on-year [2] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 40.30% to 44,600, while the average number of circulating shares per person decreased by 28.73% to 10,291 shares [2] - The company has distributed a total of 828 million yuan in dividends since its A-share listing, with 14.5 million yuan distributed in the last three years [3] Stock Market Activity - On September 1, Jieshun Technology's stock price was 10.83 yuan per share, with a trading volume of 115 million yuan and a turnover rate of 2.28% [1] - The company's market capitalization stood at 6.968 billion yuan [1] - The net outflow of main funds was 4.92 million yuan, with large orders showing a buy of 16.55 million yuan and a sell of 21.23 million yuan [1] Business Overview - Jieshun Technology, established on June 17, 1992, and listed on August 15, 2011, focuses on smart parking and smart community platform operations [1] - The revenue composition includes smart hardware (39.18%), parking asset operation (27.81%), software and cloud services (16.79%), smart parking operation (10.69%), property leasing (5.11%), and others (0.43%) [1] - The company is categorized under the computer-IT services industry and is involved in sectors such as electronic payment, smart parking, and new urbanization [1]

Group 1: Company Highlights - Mindray Medical launched the world's first clinically implemented critical care AI model and established an animal healthcare subsidiary [1] - Jieshun Technology's cloud-managed SaaS service increased to 16,600 lanes, with software and cloud service revenue reaching 125 million yuan, a year-on-year growth of 26.11% [1] - State Grid Information Technology reported a revenue of 3.525 billion yuan, a decrease of 4.55% year-on-year, while its virtual power plant business is being applied in multiple cities [2] - Inke Recycling focuses on high-value applications of recycled plastics, with significant growth in non-European markets and a projected dividend of 1.00 yuan per 10 shares [3] - ZaiJing Pharmaceutical achieved a revenue of 376 million yuan, a 56% increase, driven by sales growth of its drugs [4] - Tianzhihang reported a revenue of approximately 125 million yuan, a year-on-year increase of 114.89%, with significant growth in orthopedic surgical robot sales [5] - Aibo Medical's revenue reached 787 million yuan, a 14.72% increase, with a gross margin of 65.25% [6] - Mankalon's strategy focuses on expanding its presence in core urban areas and enhancing profitability of franchise stores [7] - Oulu Tong's revenue reached 2.12 billion yuan, a 32.59% increase, with data center power business revenue growing by 94.30% [8] - Sun Paper's special paper project is operational, with plans for further production capacity expansion [9] - Taili Technology is enhancing its market penetration and focusing on customized material solutions for various industries [10] Group 2: Financial Performance - Jieshun Technology's parking asset operation revenue grew by 49.86%, with new orders totaling 677 million yuan [1] - State Grid Information Technology's net profit decreased by 11.01% due to increased corporate income tax [2] - Inke Recycling's non-U.S. market revenue grew by 31.15% year-on-year [3] - ZaiJing Pharmaceutical's new drug approvals are expected to boost future sales [4] - Tianzhihang's orthopedic robot surgeries exceeded 22,000 cases, indicating strong market demand [5] - Aibo Medical's second-quarter revenue was 430 million yuan, a 14.44% increase year-on-year [6] - Oulu Tong's R&D expenses increased by 28.26%, reflecting investment in innovation [8] - Sun Paper's projects are expected to enhance its competitive position in the market [9]

Group 1 - The core viewpoint of the news is that Jieshun Technology (SZ 002609) is engaging with investors through a scheduled meeting on August 27, 2025, where the company’s board secretary will address investor inquiries [1] - In the first half of 2025, Jieshun Technology's revenue composition shows that security services account for 93.19% of total revenue, while other services make up 6.81% [2]

Group 1: Financial Performance - Revenue for the first half of 2025 reached 1.7 billion CNY, a year-on-year increase of 21% [2] - Net profit attributable to shareholders was 414.7 million CNY, showing a significant growth of 144% [2] - Operating cash flow net amount was 119 million CNY, reflecting a 16% increase year-on-year [3] Group 2: Business Transformation and Innovation - The company has focused on the "AI + Parking Management" strategy, leading to a 46.3% increase in new contract orders, totaling 14 billion CNY [2] - Revenue from innovative business segments exceeded 50% of total revenue, with a growth of 39.85% year-on-year [2] - The innovative business contributed 67% of total new signed orders, amounting to 9.4 billion CNY [2] Group 3: Traditional Hardware Business Recovery - Traditional smart hardware business showed a 4% revenue growth, indicating stabilization after previous declines [2] - Approximately 90% of hardware sales now come from existing project updates or upgrades, achieving a "de-real estate" transformation [5] Group 4: Specific Business Segments Performance - Cloud hosting SaaS services managed 16,600 lanes, with a net increase of over 1,600 lanes, generating 125 million CNY in revenue, a 26.11% increase [4] - Smart parking operations generated 80 million CNY in revenue, growing by 39.46% [4] - Parking asset management achieved 207 million CNY in revenue, with a year-on-year growth of 49.86% [4] Group 5: Future Outlook and Strategic Initiatives - The company aims to enhance its cloud hosting business with strategies focused on revenue generation and high renewal rates for existing clients [10] - AI applications are being integrated into parking management to optimize operations and enhance customer experience [9]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 14.00 CNY [2][7]. Core Views - The company is focusing on the "Increase Revenue + N" model, with innovative business orders showing significant growth. The new signed orders reached 1.403 billion CNY in the first half of 2025, a year-on-year increase of 46.30%, with innovative business orders growing by 126.50% [7][8]. - The company is strategically shifting towards "AI + Parking Operations," leveraging AI technology to enhance various parking-related services, including transaction settlements and asset management [7][8]. - The report highlights the growth in smart parking projects and data services, with the online user base exceeding 140 million and transaction volume reaching 6.895 billion CNY in the first half of 2025 [7][8]. Financial Summary - Total revenue is projected to grow from 1,579 million CNY in 2024 to 2,733 million CNY in 2027, with year-on-year growth rates of -4.0%, 21.1%, 20.0%, and 19.2% respectively [3][8]. - The net profit attributable to the parent company is expected to increase from 31 million CNY in 2024 to 289 million CNY in 2027, with growth rates of -72.0%, 430.8%, 33.3%, and 30.2% respectively [3][8]. - Earnings per share (EPS) is forecasted to rise from 0.05 CNY in 2024 to 0.45 CNY in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 233 to 25 [3][8]. Business Performance - In the first half of 2025, the company achieved a revenue of 744 million CNY, a year-on-year increase of 21.44%, and a net profit of 41 million CNY, up 143.75% [7][8]. - The company’s cloud hosting business has shown strong growth, with revenue from software and cloud services reaching 125 million CNY, a 26.11% increase year-on-year [7][8]. - The parking asset management business has also seen rapid growth, with new signed orders totaling 677 million CNY in the first half of 2025, leading to a cumulative order backlog of 1.586 billion CNY [7][8].

Core Viewpoint - The report highlights that Jieshun Technology (002609) has shown significant growth in its innovative business, with a strong performance in its semi-annual report for 2025, leading to a "buy" rating from Minsheng Securities [1][2]. Financial Performance - The company achieved a revenue of 744 million yuan in the first half of 2025, representing a year-on-year increase of 21.44% [2]. - The net profit attributable to shareholders reached 41.48 million yuan, up 143.75% year-on-year, while the net profit after deducting non-recurring items was 39.54 million yuan, marking a 241.01% increase [2]. Business Growth Drivers - Significant order growth was noted, with new signed orders totaling 1.403 billion yuan, a 46.30% increase year-on-year, providing a solid foundation for sustained performance [2]. - The innovative business segment generated 411 million yuan in revenue, a 39.85% increase, accounting for 55.29% of total revenue, thus becoming the core growth engine [2]. - Traditional business showed signs of recovery, with smart hardware revenue reaching 291 million yuan, a 4.02% increase, indicating progress in the company's "de-real estate" strategy [2]. Parking Business Model - The parking operation business is structured into three levels: transaction settlement, parking space operation, and self-operated business, leveraging vast data and AI capabilities [3]. - The parking asset operation business generated 207 million yuan in revenue, a 49.86% increase, with the order backlog growing to 1.586 billion yuan [3]. AI Integration - The integration of AI into the parking business enhances value for both B-end and C-end customers, providing tailored parking solutions and operational insights [4]. - Collaborations with major partners like Huawei and Baidu have begun to generate commercial revenue from data services [4]. Investment Outlook - Jieshun Technology is positioned as a leader in the smart parking sector, with ongoing innovation and AI integration expected to drive high growth and significant future potential [4]. - Profit forecasts for 2025, 2026, and 2027 are projected at 208 million, 281 million, and 371 million yuan, respectively, with corresponding price-to-earnings ratios of 35X, 26X, and 20X [4].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][12]. Core Insights - The company achieved a revenue of 744 million yuan in the first half of 2025, representing a year-on-year growth of 21.44%. The net profit attributable to shareholders reached 41.48 million yuan, up 143.75% year-on-year, with a non-recurring net profit of 39.54 million yuan, marking a 241.01% increase [1]. - The growth was driven by significant increases in new orders and innovation business, with new signed orders totaling 1.403 billion yuan, a 46.30% increase year-on-year. The innovation business generated 411 million yuan in revenue, up 39.85%, accounting for 55.29% of total revenue [1][2]. - The traditional business showed signs of recovery, with smart hardware revenue reaching 291 million yuan, a 4.02% increase, indicating the effectiveness of the company's "de-real estate" strategy [1]. Summary by Sections Business Model and Operations - The company has structured its parking operations into three levels: transaction settlement for parking fees, parking space operation, and self-operated business. The parking asset operation business generated 207 million yuan in revenue, a 49.86% increase, with a backlog of orders amounting to 1.586 billion yuan [2]. - The company leverages AI to enhance both B-end and C-end services, providing parking advisory services to car owners and operational consulting to parking lots, which has led to improved operational efficiency and user experience [3]. Financial Forecast - The financial projections for the company indicate a revenue forecast of 1.947 billion yuan for 2025, with a growth rate of 23.3%. The net profit attributable to shareholders is expected to be 208 million yuan, reflecting a substantial growth of 562.3% [4][10]. - The earnings per share are projected to increase from 0.05 yuan in 2024 to 0.32 yuan in 2025, with a price-to-earnings ratio (PE) decreasing from 233 to 35 over the same period [4][10]. Market Position and Growth Potential - The company is positioned as a leader in the smart parking sector, with its innovative business and AI integration expected to drive continued high growth and significant future potential [3][4].

Core Viewpoint - The recent financial report of Jieshun Technology (002609) shows significant growth in revenue and net profit for the first half of 2025, indicating a positive trend in the company's performance [1]. Financial Performance - Total revenue for the first half of 2025 reached 744 million yuan, a year-on-year increase of 21.44% compared to 612 million yuan in 2024 [1]. - The net profit attributable to shareholders was 41.48 million yuan, up 143.75% from 17.01 million yuan in the previous year [1]. - In Q2 2025, total revenue was 438 million yuan, reflecting a 17.54% increase year-on-year [1]. - The net profit for Q2 2025 was 39.90 million yuan, a 26.91% increase compared to the same quarter last year [1]. - The gross margin was 39.1%, slightly down by 0.04% year-on-year, while the net margin increased significantly to 6.57%, up 140.46% [1]. Accounts Receivable and Cash Flow - The accounts receivable amount was substantial, with accounts receivable to net profit ratio reaching 1359.26% [1]. - The cash flow per share was 0.18 yuan, an increase of 17.26% year-on-year [1]. Cost Management - Total selling, administrative, and financial expenses amounted to 189 million yuan, accounting for 25.37% of revenue, a decrease of 14.36% year-on-year [1]. Investment Insights - The company’s return on invested capital (ROIC) was 1.53%, indicating weak capital returns, with a historical median ROIC of 5.48% over the past decade [1]. - Analysts expect the company's performance for 2025 to reach 172 million yuan, with an average earnings per share of 0.27 yuan [3]. Fund Holdings - The largest fund holding Jieshun Technology is the Huazhong Small and Medium Growth Mixed Fund, which has recently increased its position [4].