Core Insights - Jiebang Technology has obtained a temporary supplier code from a major North American client, allowing the company to qualify for sample submissions of liquid cooling module products and continue the related product introduction work [2] Industry Summary - The demand for liquid cooling products is increasing due to the rising need for AI servers and the transition of liquid cooling technology becoming the mainstream thermal management solution, presenting development opportunities for domestic manufacturers [2] - However, domestic liquid cooling manufacturers will face significant challenges as established suppliers, particularly from Taiwan, have strong capabilities and substantial investments in liquid cooling solutions [2]

Core Viewpoint - The company, Jiebang Technology, has announced its strategic expansion in structural component production capacity in mainland China and Vietnam, with a focus on heat dissipation business development [2]. Group 1: Production Capacity and Expansion - The company has established production capacity bases for structural components in both mainland China and Vietnam [2]. - The company is currently evaluating the construction and expansion of production lines for its heat dissipation business, which is still in the project introduction and development stage [2]. - There will be no large-scale mass production within this year, as the company plans to complete capacity planning and implementation based on project progress [2]. Group 2: Strategic Partnerships - The company does not rule out the possibility of rapidly implementing capacity through the utilization of existing mature capacities and external collaborations [2].

Core Viewpoint - The company emphasizes the importance of developing and servicing overseas major clients, with Meta being a new client added last year [2] Group 1: Overseas Business Development - The company plans to increase investment in its Vietnam base to enhance overseas production capacity and service capabilities [2] - The company will continue to leverage its existing domestic team to support overseas clients [2] Group 2: Domestic Client Expansion - The company is focusing on innovative products such as new conductive materials and next-generation battery connection system integration busbars to expand its domestic client base, including major clients like CATL [2] Group 3: Business Strategy - The company aims to maintain a synchronized approach to both overseas and domestic business development, driving sustainable growth through a dual-engine strategy [2]

证券日报网讯捷邦科技11月3日发布公告，在公司回答调研者提问时表示，随着公司第三季度营业收入 增加导致第三季度末应收账款金额亦相应增加，进而导致公司根据会计政策对应收账款余额计提坏账准 备亦相应增加。公司客户主要为消费电子及新能源电池行业龙头企业，具备较强的资金实力和较高的信 誉度，应收账款的回收有较好的保障，后续收回相关款项后，公司将会对前期计提的减值进行相应转 回。 （文章来源：证券日报） ...

Core Viewpoint - The company experienced a decline in stock price and trading volume, indicating potential market concerns regarding its performance and reliance on key clients [1][4]. Business Overview - The company, Jieban Technology, specializes in customized precision components and structural parts, providing a range of services including product design, material selection, mold design, prototyping, testing, and mass production [7]. - The main revenue sources are precision manufacturing products (92.70%), new materials (5.79%), and other services (1.51%) [7]. Client Dependency - The company’s liquid cooling server business is progressing as planned, but specific project details are confidential due to non-disclosure agreements with clients [2]. - Major clients include Foxconn, Quanta Computer, Compal Electronics, Catcher Technology, and BYD, with sales to Foxconn accounting for 35.58%, 36.85%, and 39.52% of revenue in recent periods [2]. - A significant portion of the company’s products is used in Apple’s laptops and tablets, with sales to Apple-related products making up 85.22%, 77.95%, and 81.27% of revenue [2]. Product Applications - The company’s carbon nanotube products, primarily conductive pastes, are used in power lithium batteries and consumer and storage lithium batteries, with supply agreements in place with several new energy manufacturers, including CATL and BYD [2]. Financial Performance - For the period from January to September 2025, the company reported revenue of 9.62 billion, a year-on-year increase of 62.04%, while the net profit attributable to shareholders was -125.76 million, a significant decrease of 1762.51% [7]. - The company’s overseas revenue accounted for 67.79% of total revenue, benefiting from the depreciation of the RMB [3]. Shareholder Information - As of September 30, 2025, the company had 7464 shareholders, an increase of 12.82%, with an average of 3646 circulating shares per shareholder, a decrease of 10.24% [7]. - New institutional shareholders include several funds from the Fortune group, indicating growing interest in the company [9].

Financial Performance - In Q3 2025, the company achieved revenue of 524 million CNY, a year-on-year increase of 109.33%, and a net profit of 25.45 million CNY, up 297.06% [2] - For the first three quarters of 2025, total revenue reached 962 million CNY, a 62.04% increase year-on-year, with a net profit of -12.58 million CNY, which, after excluding share-based payment impacts, resulted in a net profit of 0.0634 million CNY [2] Accounts Receivable and Financial Health - The increase in accounts receivable provisions was due to higher revenue in Q3, leading to a corresponding increase in accounts receivable [3] - The company primarily serves leading firms in the consumer electronics and new energy battery sectors, ensuring a strong recovery of accounts receivable [3] Business Development and Client Engagement - The company has obtained a temporary supplier code from a North American client for liquid cooling products and is actively working on product integration [3] - The demand for liquid cooling products is increasing due to the rise of AI servers and the transition from air cooling to liquid cooling technologies [3] Production Capacity and Future Planning - The company has established production bases in mainland China and Vietnam, focusing on the development and expansion of cooling product lines [4] - Large-scale production is not expected within the current year, with capacity planning to be adjusted based on project progress [4] Technological Advancements - The company is exploring microchannel liquid cooling technology (MLCP) and has significant technical reserves in etching processes [5] - The adoption of MLCP is still in the early stages, with further development and technical maturity expected to take time [5] Client Projects and Future Outlook - The company is committed to developing and servicing overseas clients, with Meta being a new addition to its client roster [5] - Future efforts will focus on enhancing overseas production capacity and service capabilities while expanding innovative products for domestic clients like CATL [5]

Core Viewpoint - Jiebang Technology, established in June 2007 and listed on the Shenzhen Stock Exchange in September 2022, specializes in customized precision functional and structural components, showcasing significant investment value in the consumer electronics sector [1] Group 1: Business Performance - In Q3 2025, Jiebang Technology achieved a revenue of 962 million yuan, ranking 61st among 88 companies in the industry, with the industry leader, Foxconn, generating 603.93 billion yuan [2] - The net profit for the same period was 25.37 million yuan, placing the company 57th in the industry, while the top performer, Foxconn, reported a net profit of 22.52 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Jiebang Technology's debt-to-asset ratio was 46.93%, an increase from 22.29% year-on-year, surpassing the industry average of 44.84% [3] - The gross profit margin for Q3 2025 was 32.74%, up from 25.67% year-on-year, exceeding the industry average of 19.47% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 12.82% to 7,464, while the average number of circulating A-shares held per shareholder decreased by 10.24% to 3,646.32 [5] Group 4: Management and Compensation - The chairman and general manager, Yang Wei, received a salary of 626,600 yuan in 2024, a decrease of 99,300 yuan from 2023 [4] Group 5: Future Outlook - China Galaxy Securities noted that the company's performance met expectations, with a significant 43.06% year-on-year increase in R&D expenses, focusing on innovative business areas [6] - The firm anticipates revenues of 1.12 billion, 1.84 billion, and 2.27 billion yuan for 2025 to 2027, with corresponding net profits of 113 million, 219 million, and 270 million yuan [6] - Expected revenue growth rates for 2025 to 2027 are 41.14%, 64.61%, and 23.29% respectively [6]

Core Insights - The company reported significant growth in revenue and profit for Q3 2025, with a year-on-year increase in net profit of 297.06% and a remarkable 801.37% rise in non-recurring net profit, indicating strong core business performance [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 962 million yuan, a 62.04% increase year-on-year. In Q3 alone, revenue reached 524 million yuan, marking a 109.33% increase, attributed mainly to the acquisition of Sainogao [2]. - The company's gross profit margin for the first three quarters was 32.74%, up 7.07 percentage points from the previous year, while the net profit margin increased by 2.42 percentage points, reflecting improved product competitiveness and cost control [2]. R&D and Growth Strategy - The company invested 67.67 million yuan in R&D in the first three quarters, a 63.57% increase year-on-year, representing 7.03% of its revenue, highlighting its commitment to technological innovation [3]. - The company is strategically positioned in high-growth sectors such as liquid cooling and advanced new materials, leveraging its strong R&D capabilities to support industry upgrades [3][4]. Market Opportunities - With the rise of AI computing demands, the company is focusing on liquid cooling technologies, having secured a temporary supplier code from a major North American client for its liquid cooling module products [3]. - In the new energy sector, the company is capitalizing on the demand for next-generation battery technologies, including solid-state batteries and carbon nanotube conductive pastes, with successful product testing and initial production deliveries to major domestic clients [4][5]. Future Outlook - The company is expected to continue its growth trajectory by advancing its CCS module development for battery connection systems, aiming for breakthroughs that could open new growth avenues [5]. - The overall improvement in performance is driven by industry recovery and strategic investments in new energy and liquid cooling sectors, positioning the company for long-term growth [6].

Core Viewpoint - The company, Jieban Technology, is experiencing a decline in stock price and has a significant reliance on major clients like Foxconn and Apple, while also benefiting from the depreciation of the RMB. Group 1: Company Performance - Jieban Technology's stock price fell by 2.23% on October 31, with a trading volume of 267 million yuan and a market capitalization of 9.546 billion yuan [1] - For the period from January to September 2025, the company achieved a revenue of 962 million yuan, representing a year-on-year growth of 62.04%, while the net profit attributable to shareholders was -12.5763 million yuan, a decrease of 1762.51% year-on-year [7] - The company's average trading cost is 131.41 yuan, and the stock is approaching a resistance level of 134.50 yuan, indicating potential for a price correction if it fails to break through this level [6] Group 2: Client and Revenue Dependency - The company's liquid cooling server business is progressing as planned, but specific project details are confidential due to non-disclosure agreements with clients [2] - Major clients include Foxconn, Quanta Computer, Compal Electronics, and BYD, with sales to Foxconn accounting for 35.58%, 36.85%, and 39.52% of revenue in recent periods [2] - A significant portion of the company's products is used in Apple laptops and tablets, with sales to Apple products constituting 85.22%, 77.95%, and 81.27% of total revenue [2] Group 3: Market and Financial Analysis - The company's overseas revenue accounted for 67.79% of total revenue, benefiting from the depreciation of the RMB [3] - The stock has seen a net outflow of 22.13 million yuan from major investors today, with no clear trend in major holdings [4][5] - The company has distributed a total of 43.2365 million yuan in dividends since its A-share listing [8] Group 4: Institutional Holdings - As of September 30, 2025, several new institutional investors have entered the top ten shareholders, including multiple funds from the Fortune group [9]

Core Insights - Jebon Precision Technology Co., Ltd. reported a strong performance in Q3 2025, with a revenue of 524 million yuan, marking a year-on-year increase of 109.33% [1] - The company's net profit attributable to shareholders reached 25.45 million yuan, a staggering increase of 297.06% year-on-year, with a non-recurring profit of 22.57 million yuan, up 801.37% [1] - The significant growth is attributed to the acquisition of Dongguan Sainuo Gaode Etching Technology Co., Ltd., which enhanced Jebon's production capacity and market resources [1] Financial Performance - For the first three quarters of 2025, Jebon achieved a total revenue of 962 million yuan, reflecting a year-on-year growth of 62.04% [1] - The third quarter alone contributed 524 million yuan to the revenue, indicating a strong acceleration in growth [1] Research and Development - Jebon increased its R&D investment to 67.67 million yuan in the first three quarters of 2025, a growth of 63.57% compared to the previous year, surpassing the revenue growth rate [2] Market Positioning - The company is strategically positioning itself in key sectors such as liquid cooling technology, capitalizing on the growth of AI computing power [3] - Jebon has secured a temporary supplier code from a major North American client for its liquid cooling module products, indicating a successful market entry [3] Product Development - In the new energy sector, Jebon has expanded its product line to include high specific surface area carbon black, enhancing its offerings for lithium battery clients [3] - The company is also developing a new generation battery connection system (CCS module), which is critical for electric vehicle battery packs, to meet the growing demand in the EV and energy storage markets [4]