Core Viewpoint - The recent election of Tian Gangqiang as the chairman of Jifeng Technology marks a strategic shift towards strengthening the company's core agricultural machinery business while exploring new opportunities in the low-altitude economy through collaboration with United Aircraft [1][3]. Business Development Strategy - Jifeng Technology aims to solidify its business foundation by continuing its "one body, two wings" strategy, focusing on expanding its agricultural machinery segment and enhancing its technological and low-altitude capabilities [1][2][3]. - The company has undergone a change in controlling shareholder to Anhui Lanshi Enterprise Management Consulting Co., which holds 19.65% of voting rights, leading to increased market expectations for Jifeng Technology's future [1][2]. Financial Performance - Jifeng Technology's revenue has remained stable, with reported figures of 2.708 billion yuan in 2022, 2.650 billion yuan in 2023, 2.709 billion yuan in 2024, and 1.462 billion yuan in the first half of 2025. However, net profit has shown volatility, with figures of 8.1164 million yuan, 12.9537 million yuan, -20.7887 million yuan, and 2.9461 million yuan for the same periods [2]. Low-Altitude Business Expansion - The company plans to establish a wholly-owned subsidiary, Jifeng Aviation Technology (Sichuan) Co., with an investment of 50 million yuan to serve as a platform for low-altitude industry investment and operations, leveraging United Aircraft's strengths in the drone sector [3][4]. - Jifeng Aviation aims to explore various applications in low-altitude logistics, emergency services, and other sectors, indicating a significant growth potential in the low-altitude economy [4][5]. Collaboration with United Aircraft - The collaboration with United Aircraft is expected to enhance Jifeng Technology's agricultural machinery business and create synergies in the development of low-altitude services, particularly with the introduction of the Q100 agricultural drone [3][4]. - United Aircraft's revenue exceeded 400 million yuan last year and is projected to reach around 1 billion yuan this year, highlighting the growth potential in the low-altitude sector [4][5].

华西证券股份有限公司 2025 年半年度跟踪报告 | 保荐人名称：华西证券股份有限公司 | 被保荐公司简称：吉峰科技 | | --- | --- | | 保荐代表人姓名：陈国星 | 联系电话：028-8615 0039 | | 保荐代表人姓名：陈亮 | 联系电话：028-8615 0039 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 次 0 | | 2、督导公司建立健全并有效执行规章制度 | | | 的情况 | | | （1）是否督导公司建立健全规章制度（包 括但不限于防止关联方占用公司资源的制 | | | | 是 | | 度、募集资金管理制度、内控制度、内部审 | | | 计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 次（募集资金专户已于 年内注销） 0 2023 | | （2）公司募集资金项目进展是否与信息披 | 是 | | ...

Market Overview - The professional chain sector experienced a slight decline of 0.12% on September 10, with Kid King leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Individual Stock Performance - Doctor Glasses (300622) closed at 34.02, with an increase of 1.34% and a trading volume of 84,900 shares, totaling a transaction value of 287 million [1] - Aiying Room (603214) closed at 19.15, up 0.58%, with a trading volume of 34,400 shares and a transaction value of 65.78 million [1] - Tianyin Holdings (000829) closed at 9.62, down 0.10%, with a trading volume of 127,500 shares and a transaction value of 123 million [1] - Huazhi Wine (300755) closed at 17.78, down 0.11%, with a trading volume of 64,500 shares and a transaction value of 115 million [1] - Yanshida (002416) closed at 11.77, down 0.17%, with a trading volume of 149,500 shares and a transaction value of 177 million [1] - Jifeng Technology (300022) closed at 8.35, down 0.24%, with a trading volume of 71,200 shares and a transaction value of 59.42 million [1] - Kid King (301078) closed at 11.66, down 0.68%, with a trading volume of 297,700 shares and a transaction value of 349 million [1] Fund Flow Analysis - The professional chain sector saw a net outflow of 61.614 million from main funds, while retail funds experienced a net inflow of 34.6634 million [1] - The detailed fund flow for individual stocks indicates that Doctor Glasses had a main fund net outflow of 13.1373 million, while retail funds saw a net outflow of 26.6929 million [2] - Aiying Room had a main fund net inflow of 5.0797 million, with retail funds showing a net outflow of 1.3364 million [2] - Kid King experienced a significant main fund net outflow of 56.0553 million, while retail funds had a net inflow of 53.7775 million [2]

Group 1 - The core point of the article highlights the recent performance of Jifeng Technology, which saw a 5.11% increase in stock price, reaching 8.64 CNY per share, with a trading volume of 1.58 billion CNY and a market capitalization of 4.27 billion CNY [1] - Jifeng Technology, established on December 8, 1994, and listed on October 30, 2009, operates primarily in the sales and services of modern agricultural equipment, with 90.33% of its revenue coming from agricultural machinery distribution and 9.67% from manufacturing [1] Group 2 - Among the top shareholders of Jifeng Technology, Yongying Fund's low-carbon environmental mixed fund A (016386) entered the top ten in the second quarter, holding 4.9444 million shares, which is 1% of the circulating shares, with an estimated floating profit of approximately 2.0766 million CNY [2] - The Yongying low-carbon environmental mixed fund A was established on October 17, 2022, with a current size of 177 million CNY, yielding 2.39% this year, ranking 7209 out of 8178 in its category, and achieving a 51.58% return over the past year, ranking 1943 out of 7978 [2]

Core Insights - The professional chain sector experienced a slight decline of 0.12% on September 8, with Jifeng Technology leading the drop [1] - The Shanghai Composite Index closed at 3826.84, up 0.38%, while the Shenzhen Component Index closed at 12666.84, up 0.61% [1] Sector Performance - Notable performers in the professional chain sector included: - Huazhi Wine Industry: Closed at 17.99, up 2.04% with a trading volume of 93,400 shares and a turnover of 169 million yuan [1] - Aiyingshi: Closed at 66.81, up 0.37% with a trading volume of 55,600 shares and a turnover of 106 million yuan [1] - Boshiyanjing: Closed at 35.04, up 0.23% with a trading volume of 79,300 shares and a turnover of 276 million yuan [1] - Jifeng Technology: Closed at 8.36, down 1.99% with a trading volume of 140,600 shares and a turnover of 118 million yuan, leading the decline in the sector [1] Capital Flow Analysis - The professional chain sector saw a net outflow of 12.63 million yuan from institutional investors and 16.51 million yuan from retail investors, while individual investors contributed a net inflow of 29.14 million yuan [1] - Specific capital flows for key companies included: - Kids Wang: Net inflow of 5.52 million yuan from institutional investors, but a net outflow of 12.56 million yuan from retail investors [2] - Aiyingshi: Net inflow of 1.10 million yuan from institutional investors, with a significant net outflow of 13.23 million yuan from retail investors [2] - Jifeng Technology: Experienced a net outflow of 3.85 million yuan from institutional investors [2]

Core Viewpoint - After the change of actual controller, Jifeng Technology (300022.SZ) is undergoing significant transformations, including the establishment of a wholly-owned subsidiary, Jifeng Aviation, to focus on the low-altitude economy [1][2][9] Group 1: Company Developments - On September 5, Jifeng Technology announced the establishment of Jifeng Aviation with a capital of 50 million yuan, aimed at developing the low-altitude economy business [1][2] - The actual controller of Jifeng Technology changed to Tian Gangyin, with Tian Gangqiang appointed as the new chairman [1][3][8] - The company is leveraging the advantages of its new controlling shareholder, Anhui Lanshi, and its indirect controlling shareholder, Shenzhen United Aircraft Technology, to enhance its low-altitude business [4][9] Group 2: Financial Performance - In 2024, Jifeng Technology reported a revenue of 2.709 billion yuan, a year-on-year increase of 2.24%, but incurred a net loss of 30.81 million yuan [6] - In the first half of 2025, the company achieved a revenue of 1.462 billion yuan, a slight decrease of 0.45%, while net profit increased by 177.01% to 4.0473 million yuan [7]

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy sector, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [49]. Core Insights - The report emphasizes the progress of companies such as Wanfu, Zongshen, Sichuang, and Jifeng in the low-altitude sector, highlighting their innovative capabilities and strategic partnerships [4][5]. - The low-altitude economy is projected to thrive, driven by advancements in urban air mobility (UAM) and the development of eVTOL (electric Vertical Take-Off and Landing) aircraft, with Wanfu as a leading player [7][8]. - The report outlines the performance of the Huachuang Transportation Low-altitude 60 Index, which decreased by 4.5% this week but has increased by 18.1% year-to-date, outperforming the Shanghai and Shenzhen 300 Index [23][24]. Summary by Sections Industry Basic Data - The low-altitude economy sector comprises 121 listed companies with a total market capitalization of 32,786.20 billion and a circulating market value of 28,031.62 billion [2]. - The absolute performance over the last 1 month, 6 months, and 12 months is -0.7%, 4.8%, and 15.4%, respectively, while the relative performance is -9.4%, -9.5%, and -21.6% [2]. Company Developments - **Wanfu Aowei**: Showcased the VoloCity eVTOL model at the 2025 World Intelligent Industry Expo, emphasizing its role in urban air transportation and the strategic importance of acquiring Volocopter [5][7]. - **Zongshen Power**: Signed a strategic cooperation agreement with Shanhe Star Aviation to launch a light sport aircraft powered by Zongshen's CA500 engine, marking a significant step in the low-altitude economy [11][14]. - **Sichuang Electronics**: Presented its low-altitude safety solutions at the 2025 Fourth Low-altitude Economic Development Conference, focusing on urban safety monitoring [16][18]. - **Jifeng Technology**: Established Jifeng Aviation to enhance its low-altitude business, leveraging partnerships in the drone sector to create new revenue streams [21][22]. Investment Recommendations - The report suggests focusing on key segments within the low-altitude economy, including manufacturers like Wanfu Aowei and Xirui, supply chain players like Zongshen Power, and digital infrastructure companies like Lais Information [31][32]. - The report highlights the potential for growth in three main application scenarios for the low-altitude economy: cultural tourism, passenger transport, and cargo transportation [31].

Group 1 - Huaneng Power announced that its shareholder Hunan Energy Group plans to reduce its stake by up to 20.31 million shares, not exceeding 1% of the total share capital [1] - Ankai Bus reported a production of 1,012 buses in August, a year-on-year increase of 68.06%, with sales of 773 buses, up 46.95% year-on-year [1] - Lianhuan Pharmaceutical received a drug registration certificate for Famotidine injection, classified as a Class 3 chemical drug [1][2] Group 2 - Dongrui Co. reported sales of 94,800 pigs in August, generating revenue of 160 million yuan, a month-on-month decrease of 5.48% [3] - Tiancheng Control's subsidiary received a notification for a passenger car seat assembly project, expected to start production in April 2026 [5] - ST Huluwa obtained a drug registration certificate for Cefodizime capsules, a third-generation broad-spectrum cephalosporin [6] Group 3 - Jiulong Biotech announced the resignation of its Vice Chairman and General Manager Liang Hongjun due to work adjustments [8] - Guanhua High-tech's shareholder plans to reduce its stake by up to 17.50 million shares, not exceeding 1% of the total share capital [9] - Hebei Steel received approval to issue bonds totaling up to 10 billion yuan [10] Group 4 - Yunnan Energy Investment's subsidiaries received a total of 309 million yuan in renewable energy price subsidies [12] - Zhenghong Technology reported sales of 16,800 pigs in August, with a revenue of 22.87 million yuan, showing a year-on-year increase in sales volume of 63.31% [14] - Jilin Aodong's subsidiary received a drug registration certificate for a solution used in asthma treatment [16] Group 5 - Aonong Biological reported a 26.84% year-on-year increase in pig sales volume in August, reaching 150,100 pigs [18] - Xingdesheng announced a share repurchase plan with a budget of 15 to 30 million yuan [20] - Yueyang Lin Paper's Chairman Ye Meng resigned due to work adjustments [22] Group 6 - Kangchen Pharmaceutical's controlling shareholder plans to reduce its stake by up to 4.78 million shares, not exceeding 3% of the total share capital [23] - Changchun Yidong's General Manager Liu Xiaodong resigned due to work adjustments [25] - Zhongzai Resources' subsidiary received a government subsidy of 12.75 million yuan [26] Group 7 - Tianyu Biological reported a 41.89% month-on-month increase in sales revenue from pig sales in August [27] - Changfei Optical's shareholder Draka Comteq B.V. reduced its stake from 10% to 5% [27] - Zhongchuan Technology's Chairman Wu Xingwang resigned due to work adjustments [28] Group 8 - Huakang Clean announced a successful bid for a medical service construction project valued at 131 million yuan [29] - Yuegui Co. plans to establish a wholly-owned subsidiary with a registered capital of 100 million yuan [31] - Baisheng Intelligent's Vice General Manager and Board Secretary Huang Lijun resigned for personal reasons [32] Group 9 - Jiangsu Shuntian will change its stock name to "Suhao Fashion" starting September 10, 2025 [34] - Jiahe Meikang's shareholder plans to reduce its stake by up to 1.3759 million shares, not exceeding 1% of the total share capital [35] - Heng Rui Pharmaceutical received approval for clinical trials of HRS-4729 injection [37] Group 10 - Changfei Optical's shareholder plans to reduce its stake by up to 110,000 shares, not exceeding 0.15% of the total share capital [39] - Yutong Bus reported sales of 4,260 vehicles in August, a year-on-year increase of 16.78% [40] - JinkoSolar received 646 million yuan in renewable energy subsidies in August, a 248% increase year-on-year [41] Group 11 - Beijing Lier signed a strategic cooperation agreement with SenseTime and Xiwang Technology for AI collaboration [43] - Gongdong Medical's controlling shareholder plans to reduce its stake by up to 3% [44] - Zhonghuan Hailu terminated its control change plan and resumed trading [46] Group 12 - Longzi Co. reported a tax payment of 22.27 million yuan due to a tax audit [48] - Guoguang Chain's controlling shareholder plans to reduce its stake by up to 2.99% [49] - Guoxin Technology successfully tested a new high-performance chip for automotive electronics [50] Group 13 - GF Securities reported a cumulative increase in borrowings exceeding 20% of its net assets [51] - China Construction Bank's subsidiary plans to increase capital by 3 billion yuan [52] - Jifeng Technology plans to establish a wholly-owned subsidiary with a capital of 50 million yuan [53] Group 14 - Jiantou Energy received approval for a stock issuance plan to specific investors [54] - Shanghai Laishi's executives plan to collectively increase their holdings by at least 6 million yuan [55] - Wencan Co. reported a fire incident at its subsidiary, with no casualties reported [56]

Market Overview - On September 5, the professional chain sector increased by 1.46% compared to the previous trading day, with Jifeng Technology leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Performance - Jifeng Technology (300022) closed at 8.53, with a rise of 3.77% and a trading volume of 252,700 shares, amounting to a transaction value of 212 million yuan [1] - Yanshida (002416) closed at 12.06, up 2.81%, with a trading volume of 252,200 shares and a transaction value of 300 million yuan [1] - Doctor Glasses (300622) closed at 34.96, up 2.28%, with a trading volume of 109,600 shares and a transaction value of 378 million yuan [1] - Tianyin Holdings (000829) closed at 9.90, up 2.06%, with a trading volume of 165,800 shares and a transaction value of 162 million yuan [1] - Huazhi Wine (300755) closed at 17.63, up 1.32%, with a trading volume of 66,500 shares and a transaction value of 115 million yuan [1] - Aiyingshi (603214) closed at 18.92, up 0.16%, with a trading volume of 58,700 shares and a transaction value of 110 million yuan [1] - Kids Wang (301078) closed at 11.90, down 0.83%, with a trading volume of 514,700 shares and a transaction value of 605 million yuan [1] Capital Flow Analysis - The professional chain sector experienced a net outflow of 10.57 million yuan from institutional investors, while retail investors saw a net inflow of 17.32 million yuan [1] - Jifeng Technology had a net inflow of 19.79 million yuan from institutional investors, but a net outflow of 18.66 million yuan from retail investors [2] - Yanshida saw a net inflow of 6.99 million yuan from institutional investors, with a net outflow of 14.36 million yuan from speculative funds and a net inflow of 0.74 million yuan from retail investors [2] - Doctor Glasses had a net outflow of 6.52 million yuan from institutional investors, while retail investors contributed a net inflow of 10.97 million yuan [2] - Kids Wang experienced a significant net outflow of 30.06 million yuan from institutional investors, but retail investors contributed a net inflow of 26.58 million yuan [2]

Group 1 - The company, Jifeng Technology, announced the convening of its first extraordinary general meeting of shareholders for 2025 on September 4, 2025 [2] - The meeting will review and approve the proposal regarding the election of non-independent directors for the sixth board of directors [2]