Core Viewpoint - JuJiao Co., Ltd. is a leading supplier of hot melt adhesives for absorbent hygiene products, showcasing strong R&D capabilities and production technology [1] Group 1: Business Performance - In Q3 2025, JuJiao's revenue reached 1.539 billion yuan, ranking third in the industry, with the top competitor, Yongguan New Materials, at 5.003 billion yuan [2] - The net profit for the same period was 141 million yuan, placing JuJiao first in the industry, while the second-ranked Yongguan New Materials reported 112 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, JuJiao's debt-to-asset ratio was 34.26%, significantly lower than the industry average of 48.98% [3] - The gross profit margin for the same period was 19.74%, higher than the industry average of 13.88% [3] Group 3: Executive Compensation - Chairman Chen Shuguang's compensation for 2024 was 3.0751 million yuan, a decrease of 65,000 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 19.47% to 6,404 [5] - The average number of circulating A-shares held per shareholder increased by 24.11% to 7,155.82 [5] Group 5: Future Outlook - JuJiao's Q3 2025 performance set a new record with revenue of 545 million yuan, a year-on-year increase of 7.78% and a quarter-on-quarter increase of 11.24% [5] - The company is expected to see net profits of 220 million, 280 million, and 330 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 18, 14, and 12 [5]

Core Insights - The company reported a revenue of 545 million yuan for Q3 2025, representing a year-on-year increase of 7.78% and a quarter-on-quarter increase of 11.24%, with a net profit attributable to shareholders of 61 million yuan, up 531.22% year-on-year and 33.09% quarter-on-quarter [1] Financial Performance - The gross margin for Q3 2025 was 22.85%, reflecting a quarter-on-quarter increase of 3.48 percentage points and a year-on-year increase of 12.55 percentage points [2] - The recovery in product profitability is attributed to the company's strategic shift in sales and cost control measures, alongside a decrease in raw material and shipping costs [2] Market Trends - The sanitary hot melt adhesive industry is experiencing a trend towards product upgrades, driven by increasing performance and quality requirements in hygiene products, leading to opportunities in functional, personalized, and specialized applications [2] - New product segments such as soft adhesives, urine-visible adhesives, biodegradable hot melt adhesives, low VOC hot melt adhesives, core adhesives, hydrophilic hot melt adhesives, odorless adhesives, colored adhesives, antibacterial adhesives, and mosquito-repellent adhesives are emerging [2] Global Expansion - The company's factory in Malaysia is set to enter the commissioning phase in Q4 2025, targeting North American customers, which will help reduce overall costs and increase the share of high-value markets [2] - Future plans include leveraging the advantages of the Chinese supply chain and the company's management and R&D capabilities through global layouts in Guangzhou, Poland, and Malaysia [2] Investment Outlook - The competitive landscape for sanitary hot melt adhesives is favorable, with a gradual recovery in product profitability. The introduction of childcare subsidies may further enhance the recovery of the sanitary industry [3] - Projected net profits attributable to shareholders for 2025-2027 are estimated at 220 million, 280 million, and 330 million yuan, corresponding to PE ratios of 18, 14, and 12 times respectively [3]

Investment Rating - The report maintains a "Buy-B" rating for the company [1][6] Core Views - The company achieved a record high performance in Q3 2025, with revenue of 545 million yuan, a year-on-year increase of 7.78% and a quarter-on-quarter increase of 11.24%. The net profit attributable to the parent company reached 61 million yuan, up 531.22% year-on-year and 33.09% quarter-on-quarter, primarily due to the continuous expansion of high-value-added products and strategic sales initiatives targeting major customers in the hygiene materials sector [2][4] - The gross profit margin for Q3 2025 was 22.85%, reflecting a recovery in product profitability after three years of market competition in the hygiene hot melt adhesive industry. The company has optimized its sales strategy and deepened partnerships, leading to improved cost control and efficiency [4] - The company is set to ramp up production at its Malaysian factory in Q4 2025, targeting North American customers, which will further reduce overall costs and enhance its market share in high-value-added products [4] Financial Performance and Projections - The company’s projected net profits for 2025, 2026, and 2027 are 220 million yuan, 280 million yuan, and 330 million yuan, respectively, corresponding to P/E ratios of 18, 14, and 12 times [6] - Revenue forecasts for the years 2023 to 2027 are as follows: 1,628 million yuan in 2023, 2,006 million yuan in 2024, 2,350 million yuan in 2025, 2,760 million yuan in 2026, and 3,230 million yuan in 2027 [9][18]

Market Overview - On October 27, the Shanghai Composite Index rose by 1.18%, with the total margin financing balance reaching 24,820.12 billion yuan, an increase of 248.22 billion yuan compared to the previous trading day [1] - The margin financing balance in the Shanghai market was 12,586.00 billion yuan, up by 117.06 billion yuan; in the Shenzhen market, it was 12,157.92 billion yuan, increasing by 130.17 billion yuan; and in the Beijing Stock Exchange, it was 76.20 billion yuan, up by 0.99 billion yuan [1] Industry Analysis - Among the industries tracked by Shenwan, 23 sectors saw an increase in financing balance, with the electronics sector leading, increasing by 95.64 billion yuan; followed by the communication and power equipment sectors, which increased by 33.81 billion yuan and 21.99 billion yuan, respectively [1] Individual Stock Performance - A total of 2,131 stocks experienced an increase in financing balance, accounting for 57.04% of the market, with 413 stocks seeing an increase of over 5% [1] - The stock with the largest increase in financing balance was Huatai Medical, with a latest financing balance of 22.55 million yuan, up by 90.44%, although its stock price fell by 13.44% on the same day [1] - Other notable stocks with significant increases in financing balance included Changjiang Nengke and Anyang Steel, with increases of 85.13% and 79.16%, respectively [1] Top Gainers and Losers - Among the top 20 stocks with the largest increase in financing balance, the average increase was 1.29%, with notable gainers including Dingtai High-Tech, Xinbang Intelligent, and Shengyi Technology, which rose by 14.70%, 12.94%, and 10.00%, respectively [2] - Conversely, the largest declines were seen in Huatai Medical, Haibo Sichuang, and Xugong Machinery, with declines of 13.44%, 11.67%, and 6.24%, respectively [2] Margin Financing Decrease - In contrast, 1,605 stocks saw a decrease in financing balance, with 189 stocks experiencing a decline of over 5% [4] - The stock with the largest decrease was Guanzhong Ecology, with a financing balance of 73.50 million yuan, down by 39.22% [5] - Other stocks with significant declines included Haomai Technology and JuJiao Co., with decreases of 35.72% and 29.87%, respectively [5]

Market Overview - As of October 27, the Shanghai Composite Index closed at 3996.94 points, with an increase of 1.18% [1] - The Shenzhen Component Index closed at 13489.40 points, up by 1.51% [1] - The ChiNext Index closed at 3234.45 points, rising by 1.98% [1] Trading Activity - A total of 2530 stocks saw an increase in average transaction volume, with 78 stocks experiencing a growth of over 50% [1] - 2034 stocks reported a decrease in average transaction volume [1] - Notable stocks with significant increases in transaction volume include Xinri Co., Haomai Technology, and Changbao Co. [1] Individual Stock Performance - Xinri Co. reported a daily increase of 10.02% with an average transaction volume of 1456 shares, showing a 253.73% increase [1] - Haomai Technology increased by 10.01% with an average transaction volume of 784 shares, reflecting a 206.77% increase [1] - Changbao Co. rose by 9.95% with an average transaction volume of 2716 shares, marking a 197.17% increase [1] - Tianyi Medical saw a significant increase of 20.00% with an average transaction volume of 575 shares, up by 153.85% [1] Active Stocks by Transaction Count - Geer Software had a notable increase in transaction count, rising by 3312.09% with 106,389 transactions [2] - Huajian Group experienced a decrease of 9.99% but had a transaction count increase of 1338.50% with 220,091 transactions [2] - Shanghai Port Bay reported a 1.59% increase with 41,109 transactions, reflecting a 723.50% increase [2] Summary of Notable Stocks - Tianyi Medical, Wanlang Magnetic Plastic, and Jialan Technology all reported significant increases in both transaction volume and count, indicating heightened trading activity [1][2] - Stocks like Xinyuan Co. and Juzhu Co. also showed substantial increases in transaction metrics, suggesting potential investment interest [1][2]

Core Insights - A total of 224 companies released their Q3 2025 financial reports on October 27, with 126 companies reporting year-on-year profit growth and 98 reporting declines [1] - Among these, 86 companies experienced simultaneous growth in both net profit and revenue, while 58 companies saw declines in both metrics [1] - Notably, 30 companies reported a doubling of their performance, with Shen Shen Fang A showing the highest increase in net profit at 2791.57% [1] Summary by Category Net Profit Growth - 126 companies reported a year-on-year increase in net profit, while 98 companies reported a decrease [1] - Shen Shen Fang A had a net profit of 145.12 million yuan, marking a 2791.57% increase [1] - Other notable performers include: - Xian Lei Co. with a net profit increase of 963.10% [1] - Wei Ce Technology with a 226.41% increase [1] Revenue Growth - 126 companies reported revenue growth, while 98 companies reported a decline [1] - Shen Shen Fang A also led in revenue growth with an increase of 331.66%, totaling 898.85 million yuan [1] - Other companies with significant revenue growth include: - Xin Lei Co. with a revenue of 582.74 million yuan, down 11.72% [1] - Wei Ce Technology with a revenue increase of 46.22% [1] Performance Highlights - Companies with notable performance increases include: - Shen Shen Fang A with the highest net profit growth [1] - Xian Lei Co. and Wei Ce Technology also showed significant growth in both net profit and revenue [1] - Conversely, companies like Mei Li Yun and Lian Jian Guang Dian reported substantial declines in revenue, with decreases of 63.03% and 18.73% respectively [1]

Core Viewpoint - JuJiao Co., Ltd. (301283.SZ) reported a decline in institutional ownership in its Q3 2025 financial report, with a total of 21.64 million shares held by three institutional investors, representing 26.91% of the total share capital, down by 3.15 percentage points from the previous quarter [1] Institutional Ownership - As of October 26, 2025, three institutional investors disclosed their holdings in JuJiao Co., Ltd., totaling 21.64 million shares, which accounts for 26.91% of the company's total share capital [1] - The institutional investors include Guangzhou JuJiao Enterprise Management Co., Ltd., Zibo Fufeng Hongjin Investment Partnership (Limited Partnership), and China Merchants Bank Co., Ltd. - Penghua Hongjia Flexible Allocation Mixed Securities Investment Fund [1] - Compared to the previous quarter, the total institutional ownership percentage decreased by 3.15 percentage points [1] Public Fund Holdings - In this reporting period, one public fund, Penghua Hongjia Mixed A, reduced its holdings, with a decrease of 0.16% [1] - A total of 54 public funds that did not disclose their holdings in this period include notable funds such as Southern Big Data 100 Index A, Baoying Emerging Industry Mixed A, and Nu'an Balanced Mixed A [1]

Financial Performance - Revenue for Q3 2025 reached ¥545,291,896.22, an increase of 7.78% year-over-year, while year-to-date revenue totaled ¥1,538,527,191.68, up 6.28% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2025 was ¥60,700,081.40, a significant increase of 531.22% year-over-year, with year-to-date net profit reaching ¥141,824,234.94, up 111.68%[5] - Basic earnings per share for Q3 2025 was ¥0.7548, reflecting a 523.29% increase year-over-year, while diluted earnings per share was ¥0.7505, up 521.27%[5] - Total operating revenue for the period reached ¥1,538,527,191.68, an increase of 6.3% compared to ¥1,447,646,729.79 in the previous period[21] - Net profit for the period was ¥140,660,444.11, up from ¥67,121,706.60, representing a growth of 109.5%[22] - The total comprehensive income attributable to the parent company was CNY 176,836,238.29, compared to CNY 59,459,653.26 in the previous period, indicating a significant increase[23] - Basic earnings per share rose to CNY 1.7877 from CNY 0.8441, reflecting strong profitability growth[23] Assets and Liabilities - The company's total assets as of September 30, 2025, were ¥2,488,606,227.70, representing a 29.06% increase from the end of the previous year[5] - Current assets totaled ¥1,975,542,617.55, up from ¥1,487,098,885.02, indicating a 32.8% increase[18] - The total liabilities increased to ¥852,701,845.64 from ¥429,367,641.14, indicating a rise of 98.3%[19] - The equity attributable to shareholders of the parent company rose to ¥1,636,905,952.03 from ¥1,498,818,924.72, an increase of 9.2%[19] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥728,462,954.17, a remarkable increase of 674.72% compared to the same period last year[9] - Net cash flow from operating activities was CNY 728,462,954.17, a turnaround from a negative cash flow of CNY -126,750,624.78 in the previous period[24] - Cash inflow from investment activities totaled CNY 1,848,026,826.17, up from CNY 1,433,589,833.60 year-over-year[24] - The net cash flow from investment activities was CNY -406,371,848.02, compared to a positive CNY 152,051,437.68 in the previous period, indicating increased investment outflows[24] - The company’s financing activities resulted in a net cash flow of CNY -305,328,942.08, worsening from CNY -39,474,333.85 in the previous period[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 6,404[10] - The largest shareholder, Guangzhou JuJiao Enterprise Management Co., Ltd., holds 16.11% of shares, totaling 12,956,907 shares[10] - The top three shareholders, Chen Shuguang, Liu Qingsheng, and Fan Peijun, are also the company's controlling shareholders and act in concert[10] - The total number of restricted shares at the end of the reporting period is 34,591,946 shares, with 1,575 shares released during the period[12] - The company has no preferred shareholders or changes in preferred shareholder structure to report[11] - The company has not reported any changes in the top 10 shareholders due to margin trading activities[11] Investments and Expansion - The company is actively expanding its production capabilities, with significant investments in the construction of its Malaysia production base[8] - The construction and equipment installation for the Malaysia production base project are mostly completed, with expected completion and production start in Q4 2025[14] - The Mexico production base project has been suspended due to geopolitical uncertainties and trade barriers[15] Expenses - The company experienced a 522.86% increase in income tax expenses, totaling ¥31,274,155.66, due to higher profits[8] - Research and development expenses were ¥41,076,284.49, compared to ¥34,082,426.52 in the previous period, showing a 20.5% increase[22] - Total operating costs decreased to ¥1,369,890,684.27 from ¥1,375,619,275.40, reflecting a slight reduction in expenses[21] Dividends - The company plans to distribute a cash dividend of RMB 2.00 per 10 shares, amounting to a total of RMB 15.91 million, based on a total share count of 79,566,522 shares after excluding repurchased shares[13] - The company emphasizes its commitment to cash dividends and social responsibility[13]

Core Insights - On October 10, JuJiao Co., Ltd. experienced a decline of 0.53% in stock price, with a trading volume of 50.94 million yuan [1] - The company reported a financing buy-in of 4.08 million yuan and a financing repayment of 5.65 million yuan, resulting in a net financing outflow of 1.57 million yuan on the same day [1] - As of October 10, the total margin balance for JuJiao Co. was 74.49 million yuan, accounting for 3.53% of its market capitalization, indicating a high level of financing activity [1] Financing and Margin Data - On October 10, JuJiao Co. had a financing buy-in of 4.08 million yuan, with a total financing balance of 74.49 million yuan, which is above the 90th percentile of the past year [1] - The company had no short-selling activity on the same day, with a short-selling balance of 0 yuan, also indicating a high level of inactivity in this area [1] Company Overview - JuJiao New Materials Co., Ltd. is located in Guangzhou, Guangdong Province, and was established on October 19, 2012, with its stock listed on September 2, 2022 [1] - The company's main business focuses on the research, production, and sales of hot melt adhesives specifically for absorbent hygiene products, with 99.31% of its revenue derived from hot melt pressure-sensitive adhesives [1] Financial Performance - For the first half of 2025, JuJiao Co. reported a revenue of 999.3 million yuan, representing a year-on-year growth of 5.47% [2] - The net profit attributable to the parent company for the same period was 81.12 million yuan, showing a significant year-on-year increase of 41.38% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for JuJiao Co. increased to 7,952, a rise of 11.75% from the previous period [2] - The average number of circulating shares per shareholder decreased by 9.75% to 5,765 shares [2] Dividend Information - Since its A-share listing, JuJiao Co. has distributed a total of 187 million yuan in dividends [3] Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders, Penghua Hongjia Mixed A (003165) held 877,200 shares, with no change in the number of shares held compared to the previous period [3]

Core Viewpoint - Zheng Chaoyang, a shareholder of JuJiao Co., plans to reduce his stake in the company due to personal financial arrangements, with a total reduction of up to 2,412,534 shares, representing 3.00% of the company's total share capital [1][2]. Shareholding and Reduction Plan - As of the announcement date, Zheng Chaoyang holds 3,442,222 shares, accounting for 4.28% of JuJiao Co.'s total share capital [1]. - The reduction plan includes selling up to 804,178 shares through centralized bidding and up to 1,608,356 shares through block trading within specified time frames [1]. - The estimated monetary value of the planned reduction is approximately 99.90 million yuan, based on the closing price of 41.41 yuan per share on September 24 [2]. Historical Shareholding and Transactions - Zheng Chaoyang initially held 5,848,100 shares, which was 7.31% of the total share capital [2]. - Since December 26, 2023, he has cumulatively reduced his holdings by 2,405,900 shares, realizing approximately 68.02 million yuan [2]. - A detailed table of past reductions shows various dates, average selling prices, and amounts realized, with a total of 240.59 thousand shares sold for 68.01 million yuan [3]. Company Background - JuJiao Co. was listed on the Shenzhen Stock Exchange's ChiNext board on September 2, 2022, with an initial public offering of 20 million shares at a price of 52.69 yuan per share [3]. - The company raised a total of 1,053.80 million yuan, with a net amount of 962.20 million yuan after expenses, exceeding the original fundraising plan by 48.15 million yuan [4]. - The total issuance costs amounted to approximately 91.60 million yuan, with underwriting fees of 76.27 million yuan [5].