Core Viewpoint - Juhua Technology is a leading provider of energy IoT solutions in China, focusing on smart metering and intelligent power terminals, with a strong technical and full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Juhua Technology achieved revenue of 1.25 billion yuan, ranking 4th in the industry, surpassing the industry average of 1.144 billion yuan and the median of 582 million yuan [2] - The main business segment, smart metering and collection systems, generated 710 million yuan, accounting for 80.26% of total revenue [2] - The net profit for the same period was 488 million yuan, also ranking 4th in the industry, exceeding the industry average of 230 million yuan and the median of 120 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 14.42%, down from 16.98% year-on-year and significantly lower than the industry average of 30.70%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 43.36%, a decrease from 47.96% year-on-year but still above the industry average of 34.67%, reflecting strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.74% to 28,200, while the average number of circulating A-shares held per shareholder increased by 0.74% to 17,700 [5] - The top ten circulating shareholders included Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable changes in their holdings [5] Group 4: Executive Compensation - The chairman of the company, Yang Guang, received a salary of 1.5062 million yuan in 2024, an increase of 545,300 yuan compared to 2023 [4]

Summary of the Conference Call for 聚华科技 Company Overview - The conference call discusses 聚华科技's performance in the third quarter of 2025, highlighting a 20% year-over-year decline in revenue and a nearly 50% decrease in operating cash flow due to structural changes in domestic power grid bidding rules [2][3]. Key Industry Insights - The State Grid's third batch of 2025 electric meter tenders will adopt new standards, resulting in a cost increase of 15% to 30% for new meters [2][5][6]. - The price adjustment for new meters will reflect the increased costs, along with company pricing strategies and profit margins [7]. - The expected growth in electric meter tenders for 2026 is approximately 10%, with potential for greater increases in 2027 [2][9]. Financial Performance - The company's gross profit margin is expected to hit a low point in the first quarter of 2026, with recovery dependent on the stability of bidding prices [19]. - The overall industry gross margin is projected to rebound in the first quarter of the following year, but the extent of recovery will depend on the outcomes of the current and upcoming tenders [11][19]. Strategic Focus - 聚华科技 is cautious about the gas meter market due to high market homogeneity but remains optimistic about the water meter market, planning to adjust strategies accordingly [2][13]. - The company aims to maintain revenue between 100 million to 200 million yuan, focusing on product quality and reasonable growth rather than aggressive expansion [14]. International Expansion Plans - 聚华科技 plans to significantly increase investments in overseas markets, potentially establishing subsidiaries or factories, particularly in South America and Southeast Asia [2][15][16]. - The North American market for charging stations has seen limited progress, with revenue contribution being negligible [17]. Market Dynamics - The competitive landscape in the distribution network sector has intensified, and new business expansions will depend on market opportunities [18]. - The company is observing significant investment demands in regions like Europe, the Middle East, and Africa, driven by the global upgrade of power grids and increasing electricity consumption [23][24]. Conclusion - The conference call highlights the challenges and opportunities facing 聚华科技 in the current market environment, emphasizing the need for strategic adjustments and careful monitoring of industry trends to navigate future growth effectively.

Core Viewpoint - Juhua Technology (300360.SZ) reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters was 1.25 billion yuan, a year-on-year decrease of 19.14% [1] - The net profit attributable to shareholders was 480 million yuan, down 11.45% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 410 million yuan, reflecting a year-on-year decrease of 27.08% [1] - Basic earnings per share stood at 0.93 yuan [1]

证券代码：300360 证券简称：炬华科技 公告编号：2025-037 杭州炬华科技股份有限公司 第五届监事会第十五次会议决议公告 本公司及监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。 一、监事会会议召开情况 杭州炬华科技股份有限公司（以下简称"公司"）第五届监事会第十五次会 议于 2025 年 10 月 20 日以书面及通讯方式发出通知，并于 2025 年 10 月 24 日以 现场表决的方式在公司会议室召开。会议由丁国茂先生主持，应出席监事 3 人， 实际出席监事 3 人，符合国家有关法律、法规及《公司章程》的规定。 二、监事会会议审议情况 经与会监事认真审议，形成以下决议： 1、审议通过《公司 2025 年第三季度报告》 经审核，公司监事会认为：本次董事会编制和审议杭州炬华科技股份有限公 司 2025 年第三季度报告的程序符合法律、行政法规及中国证监会的规定，报告内 容真实、准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误导 性陈述或者重大遗漏。 具体内容详见公司于 2025 年 10 月 25 日在巨潮资讯网（www.cninfo.com.cn） ...

证券代码：300360 证券简称：炬华科技 公告编号：2025-036 一、董事会会议召开情况 会议应到董事 9 人，参加现场表决的董事 6 人，参加通讯表决的董事 3 人。 本次会议由董事长杨光先生召集和主持，公司监事会成员及高级管理人员列席了 会议，符合《中华人民共和国公司法》及《杭州炬华科技股份有限公司章程》的 有关规定。 杭州炬华科技股份有限公司 二、董事会会议审议情况 第五届董事会第十九次会议决议公告 经与会董事认真审议，形成以下决议： 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。 杭州炬华科技股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日以现 场表决与通讯表决相结合的方式在公司会议室召开了第五届董事会第十九次会议。 会议通知已于 10 月 20 日以通讯方式发出。 以每 10 股派发现金红利 3.00 元（含税）为上限，向全体股东派发现金红利。公 司拟定 2025 年三季度利润分配方案如下： 为了增强分红稳定性、持续性和可预期性，推动一年多次分红，更好地回报 投资者分享公司成长红利，按照《上市公司监管指引第 3 号——上市公 ...

Financial Performance - The company's revenue for Q3 2025 was ¥366,166,719.50, a decrease of 31.09% compared to the same period last year[5] - Net profit attributable to shareholders was ¥135,180,746.88, down 32.61% year-over-year[5] - The basic earnings per share for the period was ¥0.26, reflecting a decline of 35.00% compared to the previous year[5] - Total operating revenue decreased to ¥1,250,239,562.54 from ¥1,546,171,660.26, representing a decline of approximately 19.1% year-over-year[20] - Net profit for the period was ¥488,417,997.40, down from ¥540,565,740.67, reflecting a decline of approximately 9.6% year-over-year[21] - Earnings per share decreased to ¥0.93 from ¥1.06, a decline of about 12.3% year-over-year[22] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥4,986,091,814.39, an increase of 3.73% from the end of the previous year[5] - Total assets increased to ¥4,986,091,814.39 from ¥4,806,884,880.38, reflecting a growth of approximately 3.74%[17] - Total current liabilities decreased to ¥678,263,317.09 from ¥777,730,820.51, a reduction of about 12.76%[17] - Total liabilities decreased to ¥719,077,483.99 from ¥818,613,854.82, a reduction of about 12.1% year-over-year[18] - Total equity attributable to shareholders increased to ¥4,223,612,036.13 from ¥3,947,782,682.37, an increase of approximately 7.0% year-over-year[18] Cash Flow - The net cash flow from operating activities was ¥245,114,093.43, a significant decrease of 49.66% year-to-date[5] - Cash flow from operating activities generated ¥245,114,093.43, down from ¥486,933,972.19, a decrease of approximately 49.6% year-over-year[23] - Cash inflow from investment activities totaled $133,954,700.08, an increase from $99,852,406.18 in the previous period, representing a growth of approximately 34%[24] - Cash outflow from investment activities was $195,313,904.60, down from $414,329,002.61, indicating a reduction of about 53%[24] - Net cash flow from investment activities was -$61,359,204.52, an improvement from -$314,476,596.43, showing a significant reduction in losses[24] - Cash inflow from financing activities amounted to $15,000,000.00, compared to $19,820,200.00 in the previous period, reflecting a decrease of approximately 24%[24] - Net cash flow from financing activities was -$212,688,328.53, an improvement from -$241,750,666.56, showing a reduction in losses[24] - The net increase in cash and cash equivalents was -$28,163,381.72, compared to -$68,590,805.40 in the previous period, indicating a significant improvement[24] - The ending balance of cash and cash equivalents was $642,786,047.62, up from $555,274,449.43, representing an increase of approximately 16%[24] Shareholder Information - Total number of common shareholders at the end of the reporting period is 28,221[12] - The largest shareholder, Hangzhou Juhua Group, holds 21.39% of shares, totaling 109,986,235 shares[12] - The company has no preferred shareholders as per the report[13] - The number of restricted shares at the end of the period is 245,752, down from 327,502, after 81,750 shares were released from restriction[14] - There are no changes in the participation of major shareholders in margin financing and securities lending[12] Other Financial Metrics - The company reported a 62.53% decline in investment income, totaling ¥4,137,540.10 for the first nine months of 2025[8] - The fair value change income increased by 190.58%, reaching ¥49,732,388.48, due to the valuation of financial assets[8] - The company experienced a 95.27% decrease in trading financial assets, which fell to ¥2,441,803.23[8] - The company received government subsidies amounting to ¥3,031,336.73 during the reporting period[6] - The company reported a 41.94% decrease in notes payable, totaling ¥137,935,000.00, due to reduced bank acceptance bill settlements[8] - Other income increased to ¥74,678,925.52 from ¥64,531,354.43, an increase of about 15.5% year-over-year[21] - Financial expenses showed a net income of -¥58,745,797.14 compared to -¥43,802,364.99, indicating an increase in financial costs[20] - Deferred income tax liabilities rose to ¥33,385,540.35 from ¥27,111,933.25, an increase of approximately 23.1% year-over-year[18] Accounting and Audit - The company’s third-quarter financial report was not audited[25] - The company will implement new accounting standards starting in 2025, but this does not apply to the current reporting period[26]

证券代码：300360 证券简称：炬华科技 公告编号：2025-039 杭州炬华科技股份有限公司 2025 年三季度利润分配方案 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。 杭州炬华科技股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召 开了第五届董事会第十九次会议、第五届监事会第十五次会议，审议通过了《关 于公司 2025 年三季度利润分配方案的议案》。公司于 2025 年 5 月 12 日召开的 2024 年度股东大会已授权董事会在满足条件及派发上限的情况下审议本次利润 分配方案，无需再次提交公司股东大会审议。现将具体情况公告如下： 1.2025 年 10 月 24 日，公司召开了第五届审计委员会第十二次会议，审议 通过了《关于公司 2025 年三季度利润分配方案的议案》，与会委员认为：公司 2025 年三季度利润分配方案符合相关法律、法规及《公司章程》的规定，该方 案体现的现金分红水平合理，同意将该议案提交董事会审议。 2.2025 年 10 月 24 日，公司召开了第五届董事会第十九次会议，审议通过 了《关于公司 2025 年三 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the industry, including Weisheng Information, Haixing Electric Power, and Juhua Technology [4]. Core Insights - The 2025 State Grid third batch of metering equipment bidding shows a clear trend of technological upgrades, with an increase in the number of high-end meter bids and a shift towards supporting international standards [3]. - Price adjustments in the bidding process are expected to alleviate previous price pressures in the industry, as the scoring criteria for price calculations have been modified [2]. - The overall bidding quantity for electric meters has improved on a month-on-month basis, indicating a potential recovery in both volume and profit for domestic smart meters [3]. Summary by Sections Bidding Overview - The third bidding round for metering equipment by the State Grid includes 10 sub-bids and 386 packages, with a total of 217 packages for electric meters, showing a month-on-month increase [1]. - The bidding for collection terminals and metering transformers has decreased compared to previous rounds, indicating a mixed demand landscape [1]. Price Adjustments - The scoring formula for price evaluation has been revised, which is expected to reduce the pressure of continuous price declines in the industry [2]. - The floating coefficient range has been adjusted, and extreme low-price bids have been excluded from the current bidding process [2]. Technological Trends - The bidding for A-level single-phase meters remains stable, with a significant increase in the proportion of low-power models [3]. - The demand for B/C-level three-phase meters has grown, particularly in provinces with strong renewable energy needs [3]. Investment Recommendations - The report suggests focusing on high-quality domestic electric meter companies such as Weisheng Information, Haixing Electric Power, and Juhua Technology, as they are well-positioned to benefit from the upcoming market changes [3].

Core Insights - On October 22, Juhua Technology's stock fell by 1.52% with a trading volume of 127 million yuan, indicating a decline in investor confidence [1] - The company reported a net financing outflow of 274,900 yuan on the same day, with a total financing and securities balance of 461 million yuan, which is high compared to historical levels [1] Financing Summary - On October 22, Juhua Technology had a financing buy-in amount of 22.72 million yuan, with a current financing balance of 461 million yuan, representing 5.78% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of leverage [1] Securities Lending Summary - On the same day, Juhua Technology repaid 800 shares in securities lending and sold 900 shares, with a selling amount of 14,000 yuan based on the closing price [1] - The remaining securities lending volume was 39,400 shares, with a balance of 611,100 yuan, also exceeding the 90th percentile of the past year [1] Company Overview - Juhua Technology, established on April 6, 2006, and listed on January 21, 2014, specializes in smart metering and collection systems, smart power terminals, IoT smart water meters, and related products [2] - The company's revenue composition includes 80.26% from smart metering systems, 9.11% from IoT communications and sensors, and smaller contributions from other segments [2] Financial Performance - For the first half of 2025, Juhua Technology reported a revenue of 884 million yuan, a year-on-year decrease of 12.88%, while net profit attributable to shareholders increased by 1.00% to 344 million yuan [2] Shareholder Information - As of October 20, 2025, the number of shareholders increased by 1.58% to 28,700, with an average of 17,451 circulating shares per person, a decrease of 1.56% [2] - The company has distributed a total of 1.157 billion yuan in dividends since its A-share listing, with 664 million yuan distributed in the last three years [3]

Core Viewpoint - The company, Juhua Technology, has confirmed its overseas business presence in regions beyond Europe, including Southeast Asia, Central Asia, and Africa, while currently lacking investments in overseas production bases [1] Group 1: Overseas Business - The company has expanded its overseas business to include Southeast Asia, Central Asia, and Africa, in addition to the European market [1] - There are no current investments in overseas production bases [1] Group 2: Product Standards - The company offers charging pile products that meet national standards, European standards, and American standards [1] - Specific data regarding product specifications can be found in the company's regular reports [1]