捷顺科技公告，持股5%以上股东深圳市特区建发智慧交通投资合伙企业（有限合伙）计划2025年10月 11日至2026年1月10日，通过集中竞价减持不超639.79万股、大宗交易不超1279.58万股，合计不超 1919.37万股，占公司总股本3.00%；副总经理何军拟同期通过集中竞价减持不超22.5万股，占公司总股 本0.04%；两者合计不超1941.87万股，占公司总股本3.04%。 ...

一、智能门禁系统行业概述 智能门禁系统是指采用现代电子技术与智能识别技术，配合计算机管理系统，实现对出入口的严格把控 和高效管理。智慧门禁系统通过高科技手段保证了门禁的安全性、快捷性和便利性，极大地提高了门禁 的管理效率和用户个人安全保障。智能门禁系统按识别方式可分为密码识别、卡片识别、射频卡和生物 识别；按设计原理可分为一体机（控制器自带读卡器）、控制器与读卡器（识别仪）分体的；按通讯方 式可分为不联网门禁、485联网门禁、TCP/IP网络门禁。 智能门禁系统的分类 智能门禁系统主要包括门禁控制器、读卡器（识别仪）、电控锁、卡片和其它设备，其中，电控锁是门 禁系统中锁门的执行部件。用户应根据门的材料、出门要求等需求选取不同的锁具。主要分为电磁锁、 阳极锁和阴极锁。其它设备包括出门按钮、门磁和电源。 智能门禁系统组成 二、智能门禁系统行业发展历程 内容概况：我国门禁市场最早以钥匙、键盘密码锁为主。但近年来随着国内城市化的不断推进，公共交 通持续改善与写字楼、住宅小区等物业管理要求提高，对国内门禁产品提出了更加多元化、个性化的需 求，产品不断进行功能、外观升级与换代，推动了整体门禁市场的高速发展，门禁产品市场也 ...

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]

每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 （记者 谭玉涵） 每经AI快讯，捷顺科技（SZ 002609，最新价：11.02元）发布公告称，2025年8月27日上午 10:00~10:40，捷顺科技接受民生证券等投资者调研，公司董事会秘书王恒波等参与接待，并回答了投 资者提出的问题。 2025年1至6月份，捷顺科技的营业收入构成为：安防占比93.19%，其他占比6.81%。 ...

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].

创新业务实现高增，智慧停车龙头转型成果不断显现 2025 年 08 月 28 日 捷顺科技（002609.SZ）2025 年半年报点评 ➢ 事件概述：2025 年 8 月 25 日公司发布 2025 年半年度报告，实现营业收 入7.44亿元，同比增长21.44%；实现归母净利润4148万元，同比增长143.75%； 扣非后归母净利润 3,954 万元，同比增长 241.01%。 ➢ 创新业务驱动高增长，传统业务企稳回升。1）订单增长显著：上半年公司 整体新签订单 14.03 亿元，同比增长 46.30%，为业绩持续增长提供坚实基础。 2）创新业务增长强劲：上半年创新业务实现收入 4.11 亿元，同比增长 39.85%， 占总收入比重提升至 55.29%，成为公司增长的核心引擎。上半年创新业务新签 订单 9.41 亿元，同比大幅增长 126.50%。3）传统业务回暖：上半年智能硬件业 务实现收入 2.91 亿元，同比增长 4.02%，扭转了近年来的下滑势头，表明公司 "去地产化"战略正在加速推进，业务结构更趋健康。 ➢ 停车经营业务逻辑清晰，三层级打造核心能力。公司依托海量数据与 AI 能 力，将停车运营业务分 ...

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].