Core Viewpoint - The company, Bojie Co., Ltd. (002975), is focusing on the liquid cooling sector, particularly in areas such as water cooling heads and quick connectors, and aims to leverage its competitive advantages to meet customer demands and integrate industry resources for product development and scaling [1] Group 1 - The company is attentive to the liquid cooling field, specifically in water cooling heads and quick connectors [1] - The company plans to design and develop products based on customer recognition of its solutions [1] - The company aims to integrate industry chain resources to achieve the implementation and scaling of component products [1]

Group 1: Research Basic Information - The research object is Bojie Co., Ltd., belonging to the special equipment industry, with a reception time of October 14, 2025, and the listed company's reception staff is the board secretary Huang Can [16] Group 2: Detailed Research Institutions - The research institutions include Fangzheng Huisheng (investment company, representative: Han Zhenguo), Yuanju Capital (others, representative: Yang Yan), Qianyi Capital (others, representative: Sun Linqi), Yangxiang Investment (others, representative: Dai Xi), Cinda Securities (securities company, representative: Wang Rui), E Fund (fund management company, representative: Yao Huanchen), Grain Investment (others, representative: Guo Yuanrao), Saisuo Investment (others, representative: Huang Qixu), Roadshow Era (others, representatives: Wang Jizhuo, Lin Qian), Hongrui Zhiying (others, representative: Zhang Xianfu) [17] Group 3: Main Content - The company led investors to visit the production line and then returned to the meeting room for communication [22] - In the liquid - cooled server testing field, besides N customer's demand, other customers also want to introduce liquid - cooling and testing solutions, and the company will actively expand the market. The current target is to provide thermal management solutions for customers' high - power products [23] - Liquid - cooled components are the company's future development direction and are still in progress. The self - developed liquid - cooled module products are used in the company's testing equipment. The company cooperates with the industrial chain and universities to research and develop materials needed for liquid - cooling solutions but does not produce the materials itself [23][24] - The company focuses on water - cooling heads, quick connectors, etc. in the liquid - cooling field. It will design, develop, and integrate industrial chain resources based on its competitive advantages and customer needs to achieve the launch and mass production of component products [25] - The core advantage of the company's transformation from the testing field to component supply is its high - quality customer resources. Through in - depth cooperation with customers in the testing field, it can accurately capture customer pain points and provide solutions [25] - The big data and cloud server testing field accounts for about 25% of the company's revenue [26] - Based on the needs of N customer and other customers, the orders for AI server - related testing equipment are expected to be optimistic this year. The orders for automotive electronics are growing rapidly and have been delivered. The orders in the 3C field are relatively stable. The orders for MLCC field equipment are growing rapidly as the MLCC industry has recovered since last year. The revenue of dicing machines in the semiconductor field is growing rapidly but with a small overall proportion [27]

Core Insights - Zhuhai Bojie Electronics Co., Ltd. held an important research event on October 14, with participation from 10 institutions including Cinda Securities and E Fund [1] Group 1: Business Development - Liquid cooling server testing business is gaining interest from clients beyond the N client, with the company actively expanding its market [2] - Liquid cooling components are a future development direction for the company, with self-developed liquid cooling module products already applied in testing equipment [2] - The company's core advantage in transitioning from testing to component supply lies in its high-quality customer resources, allowing it to accurately address customer needs [2] Group 2: Revenue and Orders - The big data and cloud server testing sector accounts for approximately 25% of the company's revenue [2] - Optimistic order expectations for AI server-related testing equipment based on demand from the N client and others; rapid growth in automotive electronics orders; stable orders in the 3C sector; and a quick increase in MLCC equipment orders due to industry recovery [2] - Revenue growth in the semiconductor slicing machine equipment is noted, although its overall volume remains relatively small [2]

Core Viewpoint - The company expects optimistic orders for AI server-related testing equipment and a rapid growth in automotive electronics orders, while the 3C sector remains stable. The MLCC industry is recovering with strong customer demand, and there is also notable growth in orders for semiconductor slicing equipment, although its overall revenue contribution is small [1]. Group 1: AI Servers and Automotive Electronics - The company anticipates a positive outlook for orders related to AI server testing equipment based on customer demand [1] - There is a rapid increase in orders for automotive electronics, with deliveries already in progress [1] Group 2: 3C Sector and MLCC Industry - Orders in the 3C sector are stable [1] - The MLCC industry has been recovering since last year, with strong purchasing activity from customers leading to a fast growth in equipment orders [1] Group 3: Semiconductor Equipment - Revenue from semiconductor slicing equipment is experiencing rapid growth from internal operations, although its overall contribution remains small [1]

Group 1: Business Overview - The company is actively expanding its liquid cooling solutions in response to market demand, targeting high-power products for clients [2] - Liquid cooling components are a future development direction for the company, with ongoing advancements in self-developed liquid cooling modules [2] - The company collaborates with the industry chain and universities for material research and development to enhance product delivery [2] Group 2: Market Position and Client Engagement - The company leverages its strong client relationships in the testing field to identify and address customer needs effectively [3] - The server testing sector contributes approximately 25% to the company's overall revenue [3] Group 3: Order Forecast and Business Segments - Orders for AI server testing equipment are expected to be optimistic due to demand from key clients [3] - The automotive electronics segment is experiencing rapid order growth, with existing orders already in the delivery phase [3] - The MLCC industry has seen a resurgence since last year, leading to a significant increase in equipment orders [3] - The semiconductor sector is also witnessing growth in revenue, although its overall contribution remains small [3]

Core Viewpoint - Bojie Co., Ltd. has experienced a significant stock price increase of 87.05% year-to-date, despite a recent decline in the last five trading days [1][2]. Company Overview - Bojie Co., Ltd. is located in Zhuhai, Guangdong Province, established on May 30, 2005, and listed on February 5, 2020. The company specializes in the research, production, sales, and related technical services of industrial automation equipment and components [1]. - The main revenue composition of the company includes: 83.72% from industrial automation equipment, 8.27% from equipment components, and 8.00% from technical services [1]. Financial Performance - For the first half of 2025, Bojie Co., Ltd. achieved an operating income of 672 million yuan, representing a year-on-year growth of 17.48%. The net profit attributable to the parent company was 20.19 million yuan, with a year-on-year increase of 11.55% [2]. - Since its A-share listing, the company has distributed a total of 221 million yuan in dividends, with 2.00491 million yuan distributed in the last three years [3]. Shareholder Information - As of September 19, 2025, the number of shareholders of Bojie Co., Ltd. was 28,500, an increase of 20.11% from the previous period. The average circulating shares per person decreased by 16.74% to 3,708 shares [2]. - The top ten circulating shareholders include Huaxia CSI Robot ETF, which is the ninth largest shareholder with 2.1323 million shares, marking a new entry [3]. Market Activity - On October 14, Bojie Co., Ltd. saw a stock price drop of 2.00%, trading at 56.74 yuan per share with a total market capitalization of 9.096 billion yuan. The net outflow of main funds was 14.54 million yuan [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on September 19, where it recorded a net buy of -61.3071 million yuan [1].

Group 1 - The company, Bojie Co., Ltd. (002975.SZ), announced a share buyback program, repurchasing 840,547 shares, which represents 0.53% of its total share capital [1] - The highest transaction price during the buyback was 35.15 CNY per share, while the lowest was 27.55 CNY per share [1] - The total amount of funds used for the buyback reached 27,224,997.45 CNY, excluding transaction fees [1]

Group 1 - The company Bojie Co., Ltd. (SZ 002975) announced a share buyback of approximately 840,000 shares, representing 0.53% of its total share capital, with a total expenditure of about 27.22 million yuan [1] - The highest transaction price during the buyback was 35.15 yuan per share, while the lowest was 27.55 yuan per share [1] - As of the report date, Bojie Co., Ltd. has a market capitalization of 9.6 billion yuan [1] Group 2 - For the first half of 2025, the company's revenue composition is entirely from the specialized equipment manufacturing industry, accounting for 100% [1]

证券代码：002975 证券简称：博杰股份 公告编号：2025-109 珠海博杰电子股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 珠海博杰电子股份有限公司（以下简称"公司"） 于 2025 年 4 月 21 日召开 了第三届董事会第十二次会议，审议通过了《关于回购公司股份方案的议案》， 公司拟以自有资金或自筹资金以集中竞价交易方式回购部分社会公众股份，用于 实施股权激励计划或员工持股计划，回购股份的金额总额不低于人民币 3,000 万 元（含），不超过人民币 5,000 万元（含），回购价格不超过人民币 53.35 元/ 股，回购股份的实施期限为自公司董事会审议通过股份回购方案之日起 12 个月。 具体内容详见公司于 2025 年 4 月 22 日在指定信息披露媒体《中国证券报》《上 海证券报》《证券时报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）上披 露的《关于回购公司股份方案的公告》《回购报告书》。 公司于 2025 年 4 月 22 日首次通过回购专用证券账户以集中竞价方式实施了 本次回购， ...

Core Viewpoint - The company has developed its own liquid cooling solutions to meet the high-power heat dissipation needs of clients, particularly in the cloud service sector, and is experiencing growth in its data cloud services and AI server business [1] Group 1: Product Development - The company has self-developed liquid cooling solutions, including micro-channel layered water cooling heads, for its testing equipment [1] - These developments are aimed at matching the technological iterations of client products [1] Group 2: Client Engagement - The company is actively responding to client needs and conducting testing and verification across multiple product lines [1] - There is a significant increase in orders from client G, which has doubled year-on-year [1] Group 3: Business Growth - The company's data cloud services and AI server business continue to show growth [1] - The company anticipates rapid growth in orders from client N for the entire year [1] - The company maintains growth among North American cloud service providers [1]