Summary of Key Points Core Viewpoint - On October 24, a total of 2,022,500 shares of Jingbeifang were traded in block transactions, amounting to 38.04 million yuan, which accounted for 7.03% of the total trading volume for the day. The transaction price was 18.81 yuan, representing an 11.77% discount compared to the market closing price of 21.32 yuan [1]. Trading Details - The trading date was October 24, 2025, with the stock code 002987 for Jingbeifang. The transaction price was 18.81 yuan per share, with a total trading volume of 2,022,500 shares, resulting in a total transaction value of 38.04 million yuan [2]. - The block trades included various buyers, such as: - 16,000 shares traded by China Merchants Securities for 3.01 million yuan - 10,700 shares traded by Huatai Securities for 2.01 million yuan - 15,000 shares traded by China International Capital Corporation for 2.82 million yuan - Multiple transactions by institutional investors, with varying volumes and values [2].

Core Viewpoint - The company has established a wholly-owned subsidiary in Hong Kong to create a cross-border technology collaboration platform aimed at serving a diverse client base including banks, securities firms, and funds [1] Group 1: Business Development - The company has signed business cooperation agreements with multiple overseas institutions to accelerate its overseas expansion strategy [1] - The company plans to fully expand the application of AI Agents in various financial business scenarios such as marketing, risk control, and operations [1] Group 2: Technological Exploration - The company is exploring business opportunities in digital asset management, cross-border payments, and supply chain finance by leveraging blockchain, smart contracts, privacy computing, and quantum technology for encryption [1] - The goal is to build a secure and efficient financial infrastructure ecosystem [1]

Summary of the Conference Call for Jingwei Technology Company Overview - **Company**: Jingwei Technology - **Industry**: AI and Financial Technology Solutions Key Points Financial Performance - In Q3 2025, Jingwei Technology achieved revenue of 1.252 billion yuan, a year-on-year increase of 5.01% [3] - The software and IT solutions segment generated revenue of 855 million yuan, up 9.9% year-on-year, contributing to 68.32% of total revenue [3] - The smart customer service and consumer finance precision marketing product line generated 248 million yuan in revenue, growing by 11.21% [2][3] - The company’s net profit increased by nearly 18% year-on-year, indicating a significant acceleration in growth [2][5] Profitability and Margins - The gross margin for the software and IT solutions business improved both year-on-year and quarter-on-quarter, particularly in AI and big data product lines [2][5] - Cost control measures and operational improvements contributed to the increase in overall gross margin [5] - The expected net profit margin is projected to stabilize between 8% and 12% in a steady industry environment [16] R&D and Innovation - The company is increasing its patents and software copyrights in blockchain and AI, with significant results in R&D transformation [2][6] - A wholly-owned subsidiary in Hong Kong was established to enhance R&D capabilities in AI and blockchain-driven fintech solutions and to expand overseas market operations [2][10] Globalization Strategy - The global strategy involves leveraging existing client relationships and collaborating with local financial institutions to meet diverse IT needs [11][12] - The Hong Kong subsidiary is a key step in the internationalization strategy, with agreements signed with several overseas institutions [10][11] Future Development Plans - The company plans to continue investing in cutting-edge technologies such as AI, big data, blockchain, privacy computing, and quantum technology [7][8] - Focus areas include banking transformation, product marketing, service efficiency enhancement, and risk control [7][8] AI and Big Data Applications - AI is being applied in marketing and customer service systems within the banking sector, enhancing operational efficiency and customer analysis [20][21] - The company has seen over 50% revenue growth in AI and big data product lines, exceeding expectations by 20% [14] - Successful pilot projects with major banks have accelerated the adoption of AI applications across the industry [14][17] Challenges and Responses - AI applications face challenges such as gaps between foundational model capabilities and professional handling of business needs [20][21] - The company addresses these challenges by selecting appropriate models, targeted data governance, and utilizing a combination of tools for optimal results [21] Market Outlook - The future of AI in banking is expected to see explosive growth, with an increase in application scenarios and personnel demand [22][23] - Jingwei Technology positions itself as a crucial player in the AI industry chain, focusing on delivering effective solutions and maintaining strong partnerships with upstream providers [24] Long-term Vision - The company aims to leverage its competitive edge in the IT sector and expand its customer base and product offerings, ensuring sustained performance and market recognition [25]

Group 1 - High-speed Electric achieved a revenue of 810 million yuan, a year-on-year increase of 30.33%, and a net profit of 36.33 million yuan, up 54.32% year-on-year for the first three quarters [1] - Huaguang Bio reported a revenue of 868 million yuan, a year-on-year increase of 17.98%, and a net profit of 16.33 million yuan, up 146.55% year-on-year for the first three quarters [2] - North Navigation turned a profit with a net profit of 125 million yuan for the first three quarters, compared to a loss in the previous year, with a revenue of 2.468 billion yuan, up 210.01% year-on-year [3] Group 2 - Wukuang New Energy reported a revenue of 5.054 billion yuan, a year-on-year increase of 33.96%, but a net loss of 20.1 million yuan for the first three quarters [4] - Century Rui Er achieved a revenue of 5.110 billion yuan, a year-on-year increase of 5.21%, and a net profit of 41.64 million yuan, up 27.23% year-on-year for the first three quarters [5] - Jiejie Micro reported a revenue of 2.502 billion yuan, a year-on-year increase of 24.70%, and a net profit of 34.7 million yuan, up 4.30% year-on-year for the first three quarters [6] Group 3 - Zhejiang Huaye achieved a revenue of 739 million yuan, a year-on-year increase of 11.08%, and a net profit of 181 million yuan, up 143.68% year-on-year for the first three quarters [7] - Lege Co. reported a revenue of 4.846 billion yuan, a year-on-year increase of 21.92%, but a net profit of 16.9 million yuan, down 36.33% year-on-year for the first three quarters [8] - Huichuan Technology achieved a revenue of 31.663 billion yuan, a year-on-year increase of 24.67%, and a net profit of 4.254 billion yuan, up 26.84% year-on-year for the first three quarters [9] Group 4 - Jieya Co. reported a revenue of 565 million yuan, a year-on-year increase of 38.44%, and a net profit of 67.9 million yuan, up 95.78% year-on-year for the first three quarters [10] - Hengtian Hailong reported a revenue of 829 million yuan, a year-on-year increase of 0.89%, but a net profit of 274,780 yuan, down 93% year-on-year for the first three quarters [11] - Baolidi achieved a revenue of 1.058 billion yuan, a year-on-year increase of 4.57%, and a net profit of 106 million yuan, up 31.25% year-on-year for the first three quarters [12] Group 5 - Feitian Chengxin reported a revenue of 520 million yuan, a year-on-year increase of 3.10%, and a net profit of 10.38 million yuan, up 146.05% year-on-year for the first three quarters [13] - Xiangqiang Co. reported a revenue of 1.237 billion yuan, a year-on-year increase of 9.19%, but a net profit of 171 million yuan, down 5.90% year-on-year for the first three quarters [14] - Guangzheng Eye Care reported a revenue of 663 million yuan, a year-on-year decrease of 5.05%, but a net profit of 17,340 yuan, turning from loss to profit for the first three quarters [15] Group 6 - Sand Technology achieved a revenue of 430 million yuan, a year-on-year increase of 26.94%, and a net profit of 115 million yuan, up 47.52% year-on-year for the first three quarters [16] - Tianhao Energy reported a revenue of 1.941 billion yuan, a year-on-year decrease of 36.05%, and a net profit of 95.74 million yuan, down 27.25% year-on-year for the first three quarters [17] - Yiyuan Communication achieved a revenue of 17.877 billion yuan, a year-on-year increase of 34.96%, and a net profit of 733 million yuan, up 105.65% year-on-year for the first three quarters [18] Group 7 - Zhenhai Co. reported a revenue of 295 million yuan, a year-on-year decrease of 9.96%, and a net profit of 51.69 million yuan, down 8% year-on-year for the first three quarters [19] - Xinda Securities received approval to issue up to 10 billion yuan in corporate bonds for technology innovation [20] - Jingong Steel Structure signed a contract worth 1.23 billion yuan for an overseas project [21] Group 8 - Chuanfa Longmang plans to invest 366 million yuan in a lithium dihydrogen phosphate project [22] - Ningbo Energy plans to invest 58.5 million yuan to establish a joint venture [23] - China Unicom plans to spin off its subsidiary for listing on the Growth Enterprise Market [24] Group 9 - China Unicom reported a revenue of 292.985 billion yuan, a year-on-year increase of 1%, and a net profit of 8.772 billion yuan, up 5.2% year-on-year for the first three quarters [25] - Haigang Co. announced a plan to reduce its shareholding by 0.9965% [26] - Jintongling's subsidiary is facing bankruptcy liquidation [27] Group 10 - Lanshi Heavy Industry plans to transfer 51.02% of its environmental company shares for 14.39 million yuan [28] - Lanshi Heavy Industry's shareholder plans to reduce its stake by 1% [29] - Dongtian Micro reported a revenue of 637 million yuan, a year-on-year increase of 53.91%, and a net profit of 80.03 million yuan, up 99.20% year-on-year for the first three quarters [30] Group 11 - Siling Co. reported a revenue of 581 million yuan, a year-on-year increase of 4.38%, and a net profit of 14 million yuan, up 2.17% year-on-year for the first three quarters [31] - Hanrui Cobalt achieved a revenue of 4.871 billion yuan, a year-on-year increase of 16.49%, and a net profit of 238 million yuan, up 42.57% year-on-year for the first three quarters [32] - Ganfeng Lithium's vice president plans to reduce his stake by 40,000 shares [33] Group 12 - Kaile Co. plans to acquire at least 50% of Kesheng Machinery [34] - Huace Navigation achieved a revenue of 2.618 billion yuan, a year-on-year increase of 15.47%, and a net profit of 493 million yuan, up 26.41% year-on-year for the first three quarters [35] - Jingbeifang reported a revenue of 3.613 billion yuan, a year-on-year increase of 5.14%, and a net profit of 243 million yuan, up 7.94% year-on-year for the first three quarters [36] Group 13 - Weiergao achieved a revenue of 1.122 billion yuan, a year-on-year increase of 51.93%, and a net profit of 69.79 million yuan, up 48.11% year-on-year for the first three quarters [37] - Hanyi Co. reported a revenue of 139 million yuan, a year-on-year increase of 1.10%, and a net profit of 904,470 yuan, up 78.52% year-on-year for the first three quarters [38] - Boya Precision achieved a revenue of 387 million yuan, a year-on-year increase of 47.27%, and a net profit of 66.11 million yuan, up 82.87% year-on-year for the first three quarters [39] Group 14 - Qianfang Technology achieved a revenue of 5.256 billion yuan, a year-on-year decrease of 2.82%, and a net profit of 189 million yuan, up 1098.97% year-on-year for the first three quarters [40] - Binhua Co. submitted an application for H-share listing [41] - Chengde Lulu reported a revenue of 1.956 billion yuan, a year-on-year decrease of 9.42%, and a net profit of 384 million yuan, down 8.47% year-on-year for the first three quarters [42] Group 15 - Beifang Changlong reported a revenue of 122 million yuan, a year-on-year increase of 159.21%, but a net profit of 11.29 million yuan, turning from profit to loss for the first three quarters [43]

Group 1: Company Overview - The company is a leading provider of digital transformation services in China, focusing on self-controlled information technology and emerging technologies like artificial intelligence [4] - In Q3 2025, the company achieved revenue of CNY 1.252 billion, a year-on-year increase of 5.01%, and a net profit of CNY 125 million, up 17.98% [4] - For the first three quarters of 2025, total revenue reached CNY 3.613 billion, growing by 5.14%, with net profit at CNY 243 million, a 7.94% increase [4] Group 2: Business Performance - The software and IT solutions segment generated CNY 855 million in Q3 2025, a 9.90% increase, accounting for 68.32% of total revenue [4] - The company holds 36 patents and 309 software copyrights, with 18 national-level certifications completed [4] - In Q3 2025, the company added 2 patents and 26 software copyrights, indicating significant R&D output [4] Group 3: Future Development Plans - The company established a wholly-owned subsidiary in Hong Kong to create a cross-border technology collaboration platform [4] - Plans to expand AI applications in marketing, risk control, and operations across various financial business scenarios [4] - The company aims to explore opportunities in blockchain and smart contracts, focusing on digital asset management and cross-border payments [4] Group 4: Q&A Highlights - The increase in net profit is attributed to business transformation and technology iteration, enhancing delivery efficiency and project profitability [4][5] - The Hong Kong subsidiary is progressing with pre-sales communication and has signed agreements with several overseas institutions [4][5] - AI and big data product lines are experiencing rapid growth, with revenue growth in Q3 surpassing that of the first half of the year [5] - Challenges in AI application penetration in banking include the need for model iteration, complex data governance, and cross-domain collaboration [5]

Core Viewpoint - The stock of Jingbeifang has experienced fluctuations, with a year-to-date increase of 105.39%, but recent declines in the last five, twenty, and sixty trading days indicate potential volatility in investor sentiment [1][2]. Company Overview - Jingbeifang Information Technology Co., Ltd. was established on December 16, 2009, and went public on May 7, 2020. The company primarily provides information technology services and business process outsourcing to financial institutions, mainly banks [2]. - The revenue composition of Jingbeifang includes: software development and services (33.73%), financial technology solutions (30.03%), smart customer service and precise marketing in consumer finance (19.58%), digital operation and services (13.95%), and AI and big data innovative products (2.71%) [2]. Financial Performance - For the period from January to September 2025, Jingbeifang achieved a revenue of 3.613 billion yuan, representing a year-on-year growth of 5.14%. The net profit attributable to shareholders was 243 million yuan, with a year-on-year increase of 7.94% [2]. - Since its A-share listing, Jingbeifang has distributed a total of 318 million yuan in dividends, with 261 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders of Jingbeifang was 98,800, a decrease of 1.73% from the previous period. The average circulating shares per person increased by 1.76% to 8,538 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 5.8378 million shares, an increase of 1.6881 million shares from the previous period. Other notable shareholders include HuaBao CSI Financial Technology Theme ETF and Southern CSI 1000 ETF, with varying changes in their holdings [3].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - In Q3 2025, the company achieved revenue of 1.25 billion RMB, a year-on-year increase of 5.0%, with gross profit rising by 9.8%. The net profit attributable to shareholders after deducting non-recurring items was 120 million RMB, reflecting a growth of 17.5% year-on-year [2] - The software and IT solutions segment generated revenue of 860 million RMB in Q3, up 9.9% year-on-year, while the digital operations segment saw revenue decline by 4.2% to 400 million RMB. The smart customer service and consumer finance marketing business grew by 11.2% to 250 million RMB, whereas the intelligent operations and services segment fell by 22.1% to 150 million RMB [3] - The company has established a wholly-owned subsidiary in Hong Kong to create a cross-border technology collaboration platform, targeting diverse clients in banking, securities, and funds. It has signed cooperation agreements with several overseas institutions to accelerate its international expansion strategy [3] Summary by Sections Performance Review - Q3 2025 revenue: 1.25 billion RMB, up 5.0% YoY - Gross profit: increased by 9.8% - Net profit attributable to shareholders: 120 million RMB, up 17.5% YoY [2] Business Analysis - Software and IT solutions revenue: 860 million RMB, up 9.9% YoY - Digital operations revenue: 400 million RMB, down 4.2% - Smart customer service revenue: 250 million RMB, up 11.2% - Intelligent operations revenue: 150 million RMB, down 22.1% - Sales expenses decreased by 16.4%, while management expenses increased by 7.9% [3] Profit Forecast, Valuation, and Rating - Projected revenues for 2025-2027: 4.87 billion RMB, 5.21 billion RMB, and 5.65 billion RMB, with growth rates of 5.0%, 7.1%, and 8.3% respectively - Projected net profits for the same period: 340 million RMB, 400 million RMB, and 460 million RMB, with growth rates of 9.9%, 17.0%, and 14.6% respectively - Corresponding PE ratios: 37.9, 32.3, and 28.2 [4]

Core Insights - As of October 22, 2025, a total of 6 institutional investors hold shares in Jingbeifang (002987.SZ), with a combined holding of 510 million shares, representing 58.85% of the total share capital [1] - The institutional holding ratio decreased by 1.55 percentage points compared to the previous quarter [1] - Among public funds, only one fund, Huabao CSI Financial Technology Theme ETF, increased its holdings, with an increase ratio of 0.31% [1] - Two public funds, Southern CSI 1000 ETF and Huaxia CSI 1000 ETF, reported a slight decrease in holdings compared to the previous quarter [1] - A total of 73 public funds did not disclose their holdings this period, including notable funds such as GF CSI 1000 ETF and China Ocean Quality Growth Mixed Fund [1] - From the foreign investment perspective, one foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.19% [2] - Barclays Bank PLC is noted as a foreign institution that did not disclose its holdings this period [2]

Core Insights - The company reported a revenue of 3.613 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 5.14% [1] - The net profit attributable to shareholders reached 243 million yuan, showing a year-on-year increase of 7.94% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 231 million yuan, reflecting a year-on-year growth of 4.58% [1]

Core Viewpoint - The company reported a revenue of 1.252 billion yuan for Q3 2025, marking a year-on-year growth of 5.01%, and a net profit attributable to shareholders of 125 million yuan, reflecting a 17.98% increase [1] Financial Performance - For the first three quarters, the company achieved a total revenue of 3.613 billion yuan, which is a 5.14% increase year-on-year [1] - The net profit attributable to shareholders for the same period was 243 million yuan, showing a year-on-year growth of 7.94% [1] - Basic earnings per share stood at 0.14 yuan [1] Business Segment Performance - The software and IT solutions segment generated revenue of 855 million yuan, with a year-on-year growth rate of 9.90%, accounting for 68.32% of the company's total revenue [1] - The company's AI and big data innovative product line continued to experience rapid growth, driven by the ongoing implementation of AI applications in the banking and financial sectors [1]