Core Viewpoint - The company reported strong revenue growth in the first three quarters of 2025, but profit growth has slowed significantly due to fair value changes and declining gross margins [1][2][3]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 235 million, a year-on-year increase of 42.78%, and a net profit attributable to shareholders of 32 million, up 133.25% year-on-year [1]. - In Q3 alone, revenue was 74 million, reflecting a year-on-year growth of 26.73%, while net profit attributable to shareholders was 9 million, up 47.82% year-on-year [1]. - The gross margin for the first three quarters was 41.78%, down 2.42 percentage points year-on-year, with Q3 gross margin at 44.82%, showing a quarter-on-quarter increase but a year-on-year decline of 2.76 percentage points [1]. Expense Analysis - The company's expense ratio for the first three quarters was 32.30%, a decrease of 10.59 percentage points year-on-year, with specific rates for sales, management, R&D, and financial expenses [2]. - In Q3, the expense ratio rose to 38.99%, a year-on-year decrease of 4.93% but an increase of 13.39% quarter-on-quarter, primarily due to higher interest expenses from convertible bonds and costs associated with the Zhizhi Port Center building [2]. Growth Drivers - The company achieved significant breakthroughs in high-end domestic substitution and its "Diti" business, with the successful validation of the "DG3 High-Speed Balancing and Overspeed Testing Equipment" marking a major step in domestic technology [3]. - A strategic cooperation framework agreement was signed with an undisclosed entity to collaborate on underwater acoustic signal processing technology, indicating progress towards commercialization of new growth areas [3]. Profit Forecast - The company forecasts net profits attributable to shareholders of 53 million, 97 million, and 170 million for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 78, 43, and 24 [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing high growth rates, driven by "domestic substitution + deep-sea technology" advancements [5] - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 235 million yuan, up 42.78% year-on-year, and net profit of 32 million yuan, up 133.25% year-on-year [7] - The company has made breakthroughs in high-end domestic substitution and its "Diting" business, indicating potential for further growth [7] Financial Summary - Revenue projections for 2025 are estimated at 410 million yuan, with a year-on-year growth rate of 52.47% [6] - The projected net profit for 2025 is 53 million yuan, reflecting a significant increase of 179.47% compared to the previous year [6] - The company's earnings per share (EPS) is expected to be 0.48 yuan in 2025, with a price-to-earnings (P/E) ratio of 78.20 [6] - The company's gross margin for the first three quarters of 2025 was 41.78%, showing a year-on-year decrease of 2.42 percentage points [7]

Core Viewpoint - The company reported continuous growth in Q3 2025, with a significant increase in net profit margin [2] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 235 million, a year-over-year increase of 42.78%, and a net profit attributable to shareholders of 32 million, a year-over-year increase of 133.25% [1] - For Q3 2025, the company reported operating revenue and net profit attributable to shareholders of 7.4 million and 0.9 million respectively, with year-over-year increases of 26.73% and 47.82% [2] - The gross margin and net margin for the first three quarters of 2025 were 41.78% and 14.91%, with changes of -2.43 and +11.93 percentage points respectively [2] - The overall period expense ratio significantly decreased, indicating effective cost control [2] Business Development - The company is positioned to benefit from the rapid development of the robotics industry, being a leading domestic enterprise in balancing machines [2] - The company has undertaken its first hollow cup motor rotor production line and is actively developing balancing equipment, straightening equipment, and automated production lines for micro-motors [2] - The company's intelligent listening technology has entered the industrialization phase, having won a bid for a specific model's underwater acoustic signal intelligent processing system project [2] Investment Outlook - The company is expected to continue benefiting from the humanoid robot market and deep-sea sector development [3] - Projected net profits attributable to shareholders for 2025-2027 are 48 million, 90 million, and 148 million respectively, with corresponding EPS of 0.43, 0.81, and 1.33 [3] - The price-to-earnings ratios for the same period are projected to be 85.01, 45.17, and 27.47 [3]

Core Viewpoint - The company has decided not to exercise the early redemption rights for its "Jizhi Convertible Bonds" during the specified period, indicating a strategic choice to maintain its current financing structure [1] Summary by Sections Company Decision - The company announced that it will not exercise the early redemption rights for the "Jizhi Convertible Bonds" at the upcoming board meeting scheduled for October 29, 2025 [1] - The board resolution includes a commitment not to exercise these rights for a three-month period from October 30, 2025, to January 29, 2026 [1] Future Considerations - After January 29, 2026, if the "Jizhi Convertible Bonds" trigger the conditional redemption clauses again, the board will convene to decide on the exercise of early redemption rights [1]

| 证券代码：300553 | 证券简称：集智股份 | 公告编号：2025-066 | | --- | --- | --- | | 债券代码：123245 | 债券简称：集智转债 | | 杭州集智机电股份有限公司 关于不提前赎回"集智转债"的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 1、自 2025 年 10 月 9 日至 2025 年 10 月 29 日，公司股票价格已满足任意连 续 30 个交易日中至少 15 个交易日的收盘价格不低于"集智转债"当期转股价格 （18.11 元/股）的 130%（含 130%，即 23.54 元/股），根据《杭州集智机电股份 有限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说 明书》"），已触发"集智转债"有条件赎回条款。 2、公司于 2025 年 10 月 29 日召开第五届董事会第十五次会议，审议通过了 《关于不提前赎回"集智转债"的议案》，公司董事会决议本次不行使"集智转 债"的提前赎回权利。同时，在未来 3 个月内（即 2025 年 10 月 30 日至 2026 年 1 月 2 ...

长江证券承销保荐有限公司关于杭州集智机电股份有限公司 不提前赎回"集智转债"的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐机构"）作为 杭州集智机电股份有限公司（以下简称"集智股份"或"公司"）向不特定对象 发行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《深 圳证券交易所创业板股票上市规则（2025 年修订）》《深圳证券交易所上市公司 自律监管指引第 2 号——创业板上市公司规范运作》《可转换公司债券管理办法》 《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券》等有关 规定，经审慎核查，就集智股份不行使"集智转债"的提前赎回权利，发表如下 核查意见： 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会《关于同意杭州集智机电股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2023〕2345 号）同意注册， 公司于 2024 年 8 月 14 日向不特定对象发行可转换公司债券（以下简称"可转债"） 254.60 万张，每张面值为人民币 100 元，发行总额为人民币 25,460.00 万元，扣 除发行费用 ...

杭州集智机电股份有限公司 经与会董事充分讨论，一致通过了如下决议： 一、审议通过《关于不提前赎回"集智转债"的议案》 自 2025 年 10 月 9 日至 2025 年 10 月 29 日收盘，公司的股票价格已满足在 任意连续 30 个交易日中至少 15 个交易日的收盘价格不低于"集智转债"当期转 股价格（18.11 元/股）的 130%（含 130%，即 23.54 元/股），已触发"集智转 债"有条件赎回条款。结合当前市场情况及公司自身实际情况综合考虑，同时从 维护广大可转换公司债券投资者的利益角度出发，公司董事会决定本次不行使 "集智转债"的提前赎回权利，不提前赎回"集智转债"，且在未来 3 个月内（即 2025 年 10 月 30 日至 2026 年 1 月 29 日），如再次触发"集智转债"上述有条 件赎回条款时，公司均不行使提前赎回权利。自 2026 年 1 月 29 日后首个交易日 重新计算，若"集智转债"再次触发上述有条件赎回条款，届时公司董事会将另 行召开会议决定是否行使"集智转债"的提前赎回权利。 保荐机构长江证券承销保荐有限公司就该事项出具了核查意见。 | 证券代码：300553 | 证 ...

Core Insights - The company reported a revenue of 74,249,922.72 yuan for Q3 2025, representing a year-on-year growth of 26.73% [2] - The net profit attributable to shareholders for the same period was 8,775,364.75 yuan, showing a year-on-year increase of 47.82% [2] Financial Performance - Revenue for Q3 2025: 74.25 million yuan, up 26.73% year-on-year [2] - Net profit for Q3 2025: 8.78 million yuan, up 47.82% year-on-year [2]

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 235 million yuan, a year-on-year growth of 42.78%, and net profit attributable to shareholders amounting to 31.77 million yuan, up 133.25% [1][2]. Financial Performance - Basic earnings per share for the reporting period were 0.29 yuan, with a weighted average return on equity of 3.96% [2]. - The company's gross margin for the first three quarters was 41.78%, a decrease of 2.42 percentage points year-on-year, while the net margin improved to 14.91%, an increase of 11.93 percentage points compared to the same period last year [2]. - In Q3 2025, the gross margin was 44.82%, down 6.18 percentage points year-on-year but up 1.66 percentage points quarter-on-quarter; the net margin was 13.49%, up 7.75 percentage points year-on-year but down 4.67 percentage points from the previous quarter [2]. Expense Analysis - Total operating expenses for Q3 2025 were 75.86 million yuan, an increase of 5.32 million yuan year-on-year, with an expense ratio of 32.30%, down 10.59 percentage points from the previous year [2]. - Sales expenses decreased by 7.67% year-on-year, while management expenses increased by 21.07%, R&D expenses grew by 1.22%, and financial expenses rose by 39.04% [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 11,100, an increase of 2,700 from the end of the previous half-year, representing a growth of 32.32% [3]. - The average market value held per shareholder decreased from 550,500 yuan to 388,100 yuan, a decline of 29.51% [3]. Company Overview - Hangzhou Jizhi Electromechanical Co., Ltd. was established on June 2, 2004, and went public on October 21, 2016. The company specializes in the R&D, design, production, and sales of fully automatic balancing machines, testing machines, and automation equipment [3]. - The main business revenue composition includes balancing machines and accessories (65.02%), automation equipment and accessories (23.79%), and software information systems (11.20%) [3]. - The company is classified under the machinery equipment sector, specifically general equipment and instruments, and is associated with concepts such as new industrialization, small-cap stocks, artificial intelligence, and robotics [3].

Core Insights - The company reported a revenue of 235 million yuan for the first three quarters of 2025, representing a year-on-year growth of 42.78% [1] - The net profit attributable to shareholders reached 31.77 million yuan, showing a significant year-on-year increase of 133.25% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 19.79 million yuan, reflecting a year-on-year growth of 49.47% [1] - The basic earnings per share stood at 0.29 yuan [1]