Market Overview - The ground equipment sector experienced a decline of 0.33% on October 31, with Jieqiang Equipment leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable stock performances included: - Galaxy Electronics (002519) rose by 0.87% to close at 4.63 with a trading volume of 98,400 shares and a turnover of 45.43 million yuan [1] - Jieqiang Equipment (300875) fell by 3.49% to close at 47.07 with a trading volume of 62,000 shares and a turnover of 292 million yuan [2] - Changcheng Military Industry (601606) decreased by 1.08% to close at 51.26 with a trading volume of 421,100 shares and a turnover of 2.175 billion yuan [2] Capital Flow - The ground equipment sector saw a net outflow of 460 million yuan from institutional investors, while retail investors contributed a net inflow of 551 million yuan [2] - The capital flow for individual stocks showed significant outflows for: - Jieqiang Equipment with a net outflow of 25.41 million yuan from institutional investors [3] - North Long Dragon (301357) with a net outflow of 39.18 million yuan from institutional investors [3] - Retail investors showed a net inflow in several stocks, including Galaxy Electronics and North Navigation [3]

Market Overview - The ground equipment sector experienced a decline of 0.95% on October 29, with Jieqiang Equipment leading the losses [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Individual Stock Performance - Notable performers in the ground equipment sector included: - Optoelectronics Co., Ltd. (600184) with a closing price of 18.25, up 1.45% and a trading volume of 145,400 shares [1] - Great Wall Military Industry (601606) closed at 55.47, up 0.89% with a trading volume of 1,253,300 shares [1] - Ganhua Science and Technology (000576) closed at 11.12, up 0.45% with a trading volume of 95,500 shares [1] - Conversely, Jieqiang Equipment (300875) saw a significant drop of 4.99%, closing at 47.81 with a trading volume of 108,500 shares [2] Capital Flow Analysis - The ground equipment sector experienced a net outflow of 1.157 billion yuan from institutional investors, while retail investors saw a net inflow of 999.2 million yuan [2] - The capital flow for individual stocks showed: - Great Wall Military Industry had a net outflow of 575 million yuan, accounting for 8.33% of its capital [3] - Jieqiang Equipment faced a net outflow of 428.76 million yuan, representing 8.20% of its capital [3] - North Navigation (600435) had a net outflow of 65.31 million yuan, which is 13.39% of its capital [3]

Market Overview - The ground equipment sector increased by 5.14% compared to the previous trading day, with North China Long Dragon leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Notable stock performances in the ground equipment sector include: - North China Long Dragon (301357) closed at 168.30, up 16.46% with a trading volume of 139,100 shares and a turnover of 2.202 billion [1] - Jieqiang Equipment (300875) closed at 50.32, up 10.64% with a trading volume of 151,300 shares and a turnover of 733 million [1] - Great Wall Military Industry (601606) closed at 54.98, up 10.00% with a trading volume of 1,121,000 shares and a turnover of 5.939 billion [1] - Inner Mongolia First Machinery (600967) closed at 19.80, up 6.45% with a trading volume of 959,100 shares and a turnover of 1.860 billion [1] Capital Flow - The ground equipment sector saw a net inflow of 1.528 billion from main funds, while retail funds experienced a net outflow of 898 million [1] - Detailed capital flow for key stocks includes: - Great Wall Military Industry had a main fund net inflow of 1.107 billion, with retail outflows of 584 million [2] - North China Long Dragon had a main fund net inflow of 101 million, with retail outflows of 541.8 million [2] - Jieqiang Equipment had a main fund net inflow of 68.26 million, with retail outflows of 69.42 million [2]

Core Viewpoint - The military industry is experiencing a strong performance, with significant stock price increases observed in various companies, indicating a transition from performance expectations to actual performance realization [1] Industry Summary - The military sector has seen a maximum increase of 50% since the "924" period, reflecting new cycle growth expectations, with a performance realization phase expected to begin in 2025 [1] - Structural and differentiated characteristics of the sector are anticipated to become more pronounced, as personnel adjustments and institutional reforms within the military gradually take effect [1] - The backlog of orders combined with new demand is expected to stabilize and rebound the industry's order volume and performance growth rate by 2025 [1] - The military industry is transitioning into a new cycle, moving from "volume and price increase" to "volume increase and price stability," and from "platform expansion" to "system building, addressing shortcomings, and international expansion" [1] Market Dynamics - Recent tensions in the Middle East and heightened expectations for military parades have increased risk appetite among investors, leading to a concentrated release of market sentiment in the military sector [1] - Multiple favorable factors are driving short-term increases in the military sector, which is currently at a dual bottom in terms of performance growth and capital allocation [1] - Domestic and international catalysts are expected to continue emerging, providing new momentum for the sector's growth, with ongoing developments in new domains and quality fields [1]

证券代码：300875 证券简称：捷强装备 公告编号：2025-046 天津捷强动力装备股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 天津捷强动力装备股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日和 2025 年 9 月 12 日召开了第四届董事会第五次会议和 2025 年第一次临时股 东会，审议通过了《关于调整经营范围并修订<公司章程>的议案》。具体内容 详见公司于 2025 年 8 月 27 日在中国证监会指定信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于调整经营范围并修订<公司章程>等部 分管理制度的公告》（公告编号：2025-037）。 一、工商变更登记情况 程和技术研究和试验发展；技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广；网络技术服务；安防设备制造；安防设备销售；紧急救援服务； 环保咨询服务；专用化学产品制造（不含危险化学品）；专用化学产品销售（不 含危险化学品）；润滑油加工、制造（不含危险化学品）；特种劳动防护 ...

Core Viewpoint - The company, Jieqiang Equipment, is facing significant challenges due to declining revenues in its core hydraulic transmission and control systems business, compounded by legal issues involving its former chairman and general manager, which have led to increased uncertainty regarding its future performance [1][4][5]. Group 1: Business Performance - Jieqiang Equipment was listed in August 2020, initially emphasizing its position as the "sole supplier" of hydraulic power systems for military decontamination vehicles, contributing 2.42 billion yuan in revenue, accounting for 90.62% of total revenue [2]. - The hydraulic transmission and control systems business experienced a drastic decline, with revenues dropping by 72.86% in 2021 to 66.03 million yuan, and continuing to fall to negative values by 2024, with revenues of -63.43 million yuan [2][3]. - The company has shifted its revenue reliance to the nuclear radiation monitoring equipment business, which generated 1.23 billion yuan in 2024, nearly 90% of total revenue [2]. Group 2: Legal Issues - The former chairman and general manager, Pan Feng, is embroiled in a bribery case, leading to his investigation and subsequent detention, which has negatively impacted the company's operations [4][5]. - The legal troubles have resulted in the inability to execute a 158 million yuan project awarded in March 2022, leading to an asset impairment loss of 43.82 million yuan by the end of 2024 [6]. Group 3: Acquisition Strategy - In response to declining performance, Jieqiang Equipment acquired 51% of Shandong Carbon Seeking New Materials for 46.9 million yuan, a transaction with a premium of over 16 times the assessed value [7][8]. - Shandong Carbon Seeking reported revenues of 17.65 million yuan and a net profit of 857,900 yuan in 2024, with a target of achieving a cumulative net profit of 55 million yuan from 2025 to 2027 [7]. - The acquisition poses high risks, including market uncertainty, integration challenges, and potential goodwill impairment, raising questions about the effectiveness of this strategy in stabilizing the company's financial performance [8].

Core Insights - Jieqiang Equipment (300875.SZ) released its Q3 2025 report on October 27, 2025, indicating a slight decrease in institutional ownership compared to the previous quarter [1] Institutional Ownership - As of October 26, 2025, there is one institutional investor holding shares in Jieqiang Equipment, with a total holding of 5.2085 million shares, representing 5.22% of the total share capital [1] - The institutional ownership percentage has decreased by 0.01 percentage points compared to the last quarter [1] Public Fund Participation - In this reporting period, five public funds were disclosed, which were not reported in the previous quarter. These include: - Southern CSI 2000 ETF - Huafu Guotai Min'an Flexible Allocation Mixed A - GF National Certificate 2000 ETF - Ping An National Certificate 2000 ETF - Huaxia National Certificate 2000 Index Enhanced Initiation A [1]

Core Viewpoint - The company reported a revenue increase of 8.07% year-on-year for the first three quarters of 2025, but also faced a net loss attributable to shareholders of 23.19 million yuan [1]. Financial Performance - The company's operating revenue for the first three quarters reached 169 million yuan [1]. - The net loss attributable to shareholders was 23.19 million yuan [1]. - The net loss after deducting non-recurring gains and losses amounted to 28.84 million yuan [1]. - The basic loss per share was 0.23 yuan [1].

Group 1 - The core viewpoint of the article is that Jieqiang Equipment has released its third-quarter report, indicating a revenue increase but a net loss [1] - The company's revenue for the first three quarters is 168,815,578.79 yuan, which represents a year-on-year increase of 8.07% [1] - The net profit attributable to shareholders of the listed company is -23,190,848.05 yuan [1] Group 2 - Among the top ten circulating shareholders, Li Tao is identified as a new circulating shareholder [2]

Financial Performance - The company's operating revenue for Q3 2025 was ¥62,208,767.34, representing a year-on-year increase of 21.71%[5] - The net profit attributable to shareholders was a loss of ¥14,504,288.91, a decrease of 36.03% compared to the same period last year[5] - The basic and diluted earnings per share were both -¥0.15, reflecting a decline of 36.36% year-on-year[5] - Total revenue for the current period reached ¥168,815,578.79, an increase of 8.3% compared to ¥156,206,480.29 in the previous period[26] - The company's net loss for the current period was ¥150,416,810.44, worsening from a loss of ¥127,225,962.39 in the previous period[25] - Operating profit was recorded at -¥19,693,368.35, worsening from -¥8,934,856.80 year-over-year[27] - The total comprehensive loss attributable to the parent company was ¥23,190,848.05, compared to ¥9,419,391.96 in the previous period[27] - Basic and diluted earnings per share were both reported at -¥0.23, worsening from -¥0.09 in the previous period[28] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,406,346,517.87, an increase of 7.52% from the end of the previous year[5] - The total assets of the company reached ¥1,406,346,517.87, up from ¥1,308,019,534.65, indicating a growth of 7.5%[25] - The company's total liabilities increased to ¥383,211,232.60 from ¥276,170,069.50, reflecting a rise of 38.7%[25] Cash Flow - The net cash flow from operating activities was -100,080,517.72, a decrease of 168.43% compared to the previous period due to increased cash payments for materials and goods[14] - Cash flow from operating activities showed a net outflow of -¥100,080,517.72, compared to -¥37,283,008.94 in the previous period, indicating a deterioration in cash flow[29] - The net cash flow from investing activities improved by 91.53%, amounting to -13,981,694.93, attributed to a reduction in cash management scale[14] - Investment activities resulted in a net cash outflow of -¥13,981,694.93, an improvement from -¥165,008,241.47 in the previous period[30] - The company’s financing activities generated a net cash outflow of -¥13,514,130.23, slightly better than -¥14,533,540.86 in the previous period[30] - The cash and cash equivalents at the end of the period stood at ¥74,371,585.41, down from ¥168,931,088.84 at the end of the previous period[30] - The company's cash and cash equivalents decreased significantly to ¥83,475,584.19 from ¥217,819,411.25, a decline of 61.7%[23] Inventory and Borrowings - The company reported a significant increase in inventory, which rose by 60.72% to ¥286,478,549.84 due to acquisitions[11] - Inventory increased to ¥286,478,549.84 from ¥178,249,714.55, representing a substantial growth of 60.8%[23] - The company's short-term borrowings increased by 299.55% to ¥34,000,000.00, attributed to new company acquisitions[11] - The company's short-term borrowings surged to ¥34,000,000.00 from ¥8,509,634.00, an increase of 299.5%[24] Shareholder Information - The total number of common shareholders at the end of the reporting period was 24,382, with no preferred shareholders having restored voting rights[16] - The largest shareholder, Pan Feng, holds 25.41% of the shares, totaling 25,369,500 shares[16] - The company has a significant shareholder relationship, with Pan Feng and Zhong Wangjun being spouses, and several shareholders acting in concert[16] - The total number of restricted shares at the beginning of the period was 39,564,711, with 27,521,629 shares released from restrictions during the period[19] - The company reported a total of 12,043,082 restricted shares remaining at the end of the period[19] Research and Development - Research and development expenses decreased by 35.87% to ¥15,000,174.01, due to reduced material inputs[13] - Research and development expenses decreased to ¥15,000,174.01 from ¥23,391,037.12, a reduction of 35.7%[26] Government Subsidies - The company received government subsidies amounting to ¥693,253.82 during the reporting period, contributing to its financial performance[7] Acquisitions - The company completed the acquisition of 51% of Shandong Carbon Seeking New Materials Co., Ltd. for RMB 46.90 million, with the transaction finalized on September 15, 2025[20] - The company’s goodwill increased by 70.25% to ¥82,300,840.08, reflecting the impact of recent acquisitions[11]