Core Viewpoint - Jingbeifang is a leading financial technology service provider in China, expected to experience business growth beyond expectations due to the dual drivers of the accelerated implementation of the digital RMB national strategy and the deep integration of AI technology in the financial industry [1] Group 1: Over-Expectation Logic - Market expectations suggest that the advancement of digital currency is slow, and AI's application in the financial sector is also lagging, leading to a belief that these factors will not contribute to short-term performance [2] - The company believes that the pace of policy implementation is accelerating, with the digital currency rollout speeding up, as evidenced by the recent introduction of the stablecoin legislation in Hong Kong [2] - The company has established deep collaborations with banking clients and possesses full-stack service capabilities for digital currency, positioning it to benefit from the promotion of stablecoins [2] Group 2: Driving Factors - The rollout of stablecoins presents business opportunities, with the Hong Kong Legislative Council passing the "Stablecoin Ordinance" on May 21, 2025, indicating a shift in stablecoins from being mere connectors of crypto assets to becoming a new infrastructure for global financial payments [3] - Domestic large models are showing significant breakthroughs in cost and capability, leading to accelerated adoption in the banking sector, which directly benefits the company through private deployment and AI application demands [2][3] Group 3: AI Application and Product Launch - Domestic large models like Deepseek are rapidly being adopted in the financial sector due to their efficient performance, cost-effectiveness, and open-source nature, with banks prioritizing AI for various applications such as intelligent customer service and risk control [3] - The company has officially launched an AI large model service platform and four major products in 2024, catering to the private deployment and AI application needs of major state-owned and joint-stock commercial banks [3] Group 4: Performance Metrics and Catalysts - Key performance indicators include the implementation of stablecoin policy details, AI business orders, and the proportion of AI revenue [4] - Catalysts for growth include the implementation of stablecoin regulations, approval of licenses for tech giants, and the emergence of popular AI products [5] Group 5: Profit Forecast and Valuation - The company forecasts revenues of 5.147 billion, 5.685 billion, and 6.291 billion yuan for 2025-2027, with year-on-year growth rates of 11.01%, 10.46%, and 10.67% respectively, and net profits of 363 million, 416 million, and 472 million yuan, with growth rates of 16.34%, 14.63%, and 13.54% [6] - The company is compared with peers in financial technology and banking IT, with a projected PE of 44 times for 2025, while the average PE of comparable companies is 67 times, indicating a potential target stock price of 28.11 yuan, representing an upside of 54.39% [6]

Core Viewpoint - The stock of Jingbeifang experienced a significant increase, reaching the daily limit with a turnover rate of 12.56% and a trading volume of 1.805 billion yuan, indicating strong market interest and volatility [2] Group 1: Trading Activity - The stock's daily fluctuation was 15.25%, with a price increase deviation of 8.59%, leading to its listing on the exchange's watchlist [2] - Institutional investors net sold 9.76 million yuan, while the Shenzhen Stock Connect saw a net purchase of 28.70 million yuan [2] - The top five trading departments accounted for a total transaction volume of 355 million yuan, with net buying of 100 million yuan [2] Group 2: Institutional Participation - Among the trading departments, two institutional special seats were involved, with a total buying amount of 37.77 million yuan and selling amount of 47.53 million yuan, resulting in a net sell of 9.76 million yuan [2] - The Shenzhen Stock Connect was the largest buying and selling department, with a buying amount of 71.93 million yuan and selling amount of 43.23 million yuan, leading to a net purchase of 28.70 million yuan [2] Group 3: Capital Flow - The stock saw a net inflow of 307 million yuan from main funds, with a significant inflow of 347 million yuan from large orders, while large orders experienced a net outflow of 39.94 million yuan [2] - Over the past five days, the main funds have seen a net inflow of 331 million yuan [2] Group 4: Margin Trading Data - As of June 24, the stock's margin trading balance was 427 million yuan, with a financing balance of 426 million yuan and a securities lending balance of 1.76 million yuan [3] - In the last five days, the financing balance increased by 27.36 million yuan, representing a growth of 6.87%, while the securities lending balance rose by 0.21 million yuan, a growth of 13.67% [3]

Group 1 - The digital currency concept index rose by 3.12%, ranking 7th among concept sectors, with 80 stocks increasing in value [1] - Notable gainers included Cuiwei Co., Jingbeifang, and Jida Zhengyuan, which hit the daily limit, while Chutianlong, Dongxinheping, and Huaming Intelligent saw the largest declines [1] Group 2 - The digital currency sector experienced a net inflow of 3.726 billion yuan, with 58 stocks receiving net inflows and 17 stocks exceeding 100 million yuan in net inflow [2] - Leading the net inflow was Xinguodu with 439 million yuan, followed by Hengsheng Electronics, Jingbeifang, and Yinzhijie with 420 million yuan, 307 million yuan, and 271 million yuan respectively [2] Group 3 - The top stocks by net inflow ratio included Jida Zhengyuan, Jingbeifang, and Zhidu Co., with net inflow ratios of 45.28%, 17.02%, and 16.73% respectively [3] - The digital currency concept's top stocks by performance included Xinguodu with a 14.42% increase and a turnover rate of 36.88% [3]

证券代码：002987 证券简称：京北方 公告编号：2025- 029 京北方信息技术股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 京北方信息技术股份有限公司（以下简称"公司"）股票（证券简称：京北 方，证券代码：002987）连续三个交易日内（2025 年 6 月 23 日、2025 年 6 月 24 日，2025 年 6 月 25 日）日收盘价格涨幅偏离值累计超过 20%，根据《深圳证券 交易所交易规则》的相关规定，属于股票交易异常波动的情形。 二、公司关注并核实情况的说明 6、经自查，公司不存在违反公平信息披露规定的其他情形。 三、是否存在应披露而未披露信息的说明 一、股票交易异常波动的情况介绍 针对公司股票交易异常波动，公司对相关事项进行了核实，现就有关情况说 明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息； 3、公司近期经营情况正常，内外部经营环境未发生重大变化； 4、公司、控股股东及实际控制人不存在关于公司 ...

Group 1 - The financial sector is experiencing a strong performance, with significant gains in fintech stocks and a notable increase in trading volumes for financial technology ETFs [1][2] - Major fintech stocks such as Jinbeifang and Zhaori Technology have seen substantial price increases, with some stocks hitting the daily limit up [1] - The approval of Guotai Junan International's license upgrade by the Hong Kong Securities and Futures Commission allows for direct trading of cryptocurrencies and stablecoins, enhancing the fintech landscape [1] Group 2 - The central bank is set to develop a new financial technology development plan, aiming to promote digital transformation in finance through policy documents [2] - The recent legislative changes in Hong Kong and the central bank's financial opening measures are creating a favorable policy environment for fintech innovation [2] - The financial technology sector is expected to benefit from improved liquidity and active market trading, with internet brokerages and financial IT services showing strong growth potential [2][3] Group 3 - The fintech ETF (159851) and its associated funds are recommended for investment, covering a wide range of themes including internet brokerages and AI applications [3] - As of June 18, the fintech ETF has a scale exceeding 4.8 billion, with an average daily trading volume of over 500 million in the past six months, highlighting its liquidity advantages [3]

智通财经6月25日电，稳定币概念日内探底回升，京北方直线拉升涨停，此前吉大正元3连板，新国都涨 超10%，兆日科技、御银股份、翠微股份、拉卡拉等跟涨。消息面上，国泰海通集团下属公司国泰君安 国际控股有限公司正式获香港证监会批准，将现有证券交易牌照升级为可提供虚拟资产交易服务，以及 在提供虚拟资产交易服务的基础上提供意见。此次牌照升级后，客户将可在国泰君安国际平台直接交易 加密货币、稳定币等虚拟资产。 稳定币概念探底回升 京北方直线涨停 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][9]. Core Insights - The company, Jingbeifang, is a leading financial technology service provider in China, focusing on advanced technologies such as artificial intelligence, big data, cloud computing, blockchain, and digital twins, which support clients in their digital transformation [3]. - In 2024, the company achieved a revenue of 4.636 billion yuan, representing a year-on-year growth of 9.29%, with a net profit attributable to shareholders of 312 million yuan [3]. - The company has a strong technical foundation and aims to participate in the stablecoin industry, leveraging its experience in digital currency infrastructure and applications [4]. - Jingbeifang has developed a diverse customer ecosystem, covering cross-border payment systems and expanding its services to non-bank financial institutions [5][7]. - The recent legislative developments in Hong Kong regarding stablecoins are expected to accelerate the application of blockchain technology in cross-border financial scenarios, benefiting the company's business [8]. Financial Overview - The projected earnings per share (EPS) for 2025-2027 are 0.42, 0.48, and 0.58 yuan, with corresponding price-to-earnings (P/E) ratios of 37.66, 32.49, and 26.90 [9][11]. - The company is expected to maintain a steady revenue growth rate of approximately 11% annually from 2025 to 2027 [11]. - The financial metrics indicate a healthy operating margin and return on equity (ROE) projected to increase from 11.1% in 2024 to 14.3% by 2027 [12].

Core Viewpoint - The report highlights Jingbeifang as a leading financial technology service provider in China, emphasizing its strong technological capabilities and potential involvement in the stablecoin industry, with a buy rating assigned for investment consideration [1][6]. Group 1: Company Overview - Jingbeifang is a prominent financial technology service provider in China, focusing on advanced technologies such as artificial intelligence, big data, cloud computing, blockchain, privacy computing, and digital twins to support clients' digital transformation [2]. - The company reported a revenue of 4.636 billion yuan in 2024, reflecting a year-on-year growth of 9.29%, with a net profit attributable to shareholders of 312 million yuan [2]. Group 2: Technological Capabilities - Jingbeifang has significant technical reserves in the stablecoin industry, participating in the IT infrastructure development and application pilot projects for digital currencies in mainland China and Hong Kong [3]. - The company has developed core products including a blockchain public service platform, a supply chain financial service platform, and a digital renminbi system, establishing a comprehensive software product and system construction capability [3]. Group 3: Client Ecosystem and Market Strategy - The company has built a diverse client ecosystem, actively expanding its business boundaries in cross-border payment, and has established a full-chain penetration in this area [4]. - Jingbeifang is focusing on non-bank financial institutions and internet platform companies to develop innovative applications in cross-border trade and supply chain settlement [4]. Group 4: Policy Environment and Market Opportunities - The recent enactment of the stablecoin legislation in Hong Kong has provided a legal framework for stablecoins, facilitating the application of blockchain technology in cross-border financial scenarios [5]. - Jingbeifang is leveraging this policy environment to enhance its business cooperation with digital currency operating institutions and to deepen the integration of RWA technology with supply chain financial platforms [5]. Group 5: Investment Outlook - The company is projected to have earnings per share (EPS) of 0.42, 0.48, and 0.58 yuan for the years 2025 to 2027, with corresponding price-to-earnings (PE) ratios of 37.66, 32.49, and 26.90 [6].

Core Viewpoint - The company is focusing on providing technical support and system construction for stablecoin issuers, operators, and partner merchants as the stablecoin market enters a phase of compliance following the implementation of Hong Kong's Stablecoin Regulation [1] Group 1: Company Strategy - The company has accumulated rich experience in the digital RMB ecosystem and possesses core products such as a blockchain public service platform [1] - The company aims to innovate its business model based on compliance and customer needs, actively communicating with clients to explore feasible cooperation models [1] - The company has established a localized delivery team for digital currency in the Greater Bay Area, demonstrating extensive experience in system construction and customer service [1] Group 2: Business Development - The company is currently working on optimizing and upgrading its business delivery model in Hong Kong [1]

Group 1: Industry Overview and Company Positioning - The stablecoin market is entering a new compliance development phase following the implementation of Hong Kong's Stablecoin Regulation, presenting significant growth opportunities [3] - The stablecoin ecosystem will involve various participants, including issuing institutions, operating entities, and partner clients, creating business demands for fintech companies [3] - The company has a strong technical foundation in blockchain, smart contracts, and digital currency systems, with three core products: blockchain public service platform, supply chain finance service platform, and unified access system for digital RMB [3] Group 2: Business Development and Client Engagement - The company maintains an open approach to exploring stablecoin business opportunities with various clients, including core discussions with state-owned banks [4] - The company has accumulated valuable experience in the digital RMB system construction and application promotion, which is highly reusable for stablecoin ecosystem development [4] - The company is actively optimizing its business delivery model in Hong Kong, leveraging local teams for digital currency [4] Group 3: Technical Support and Service Offerings - The company provides technical support and system construction for stablecoin issuers, operators, and partner merchants, focusing on compliance and customer needs [4] - The company offers regulatory compliance systems and independent asset custody solutions, as well as digital wallet services for stablecoin management [4] - Potential business opportunities exist across all stages of stablecoin issuance, circulation, and application, with the company positioned to support clients in these areas [4]