Core Viewpoint - Keg Precision Machinery's IPO fundraising has raised concerns about potential misuse of funds, as the company's core projects are progressing slowly while all raised funds have been utilized. The recent reduction in holdings by the actual controller shortly after the lifting of the lock-up period raises further questions about the company's intentions [1][2]. Group 1: Fundraising and Project Progress - Keg Precision Machinery raised a total of 880.27 million yuan, with a net amount of 819.97 million yuan after deducting issuance costs, exceeding the original plan by 307.09 million yuan [2]. - The main fundraising projects, particularly the precision intelligent manufacturing equipment production base construction project, have seen minimal progress, with only 5.92% completion reported by mid-2025 [2][3]. - All supplementary working capital raised has been fully utilized, raising concerns about the company's financial management [2]. Group 2: Misuse of Funds - The company has been found to have violated regulations by exceeding planned salary payments for the "Research and Testing Center Project" by 26.91 million yuan, without following required approval procedures [6][7]. - Additionally, the company improperly allocated 522.53 million yuan in salaries for temporary and intern staff to the "Precision Intelligent Manufacturing Equipment Production Base Construction Project," which were unrelated to the project [7][10]. Group 3: Regulatory Oversight - Guosen Securities, the sponsoring institution, failed to identify and address these violations during its ongoing supervision until just before regulatory penalties were imposed [1][9]. - The recent regulatory changes emphasize the responsibility of intermediary institutions to ensure compliance and report any irregularities in the use of raised funds [10].

Core Insights - The company continues its growth trajectory, with a reported revenue of 77,492.44 million yuan for the first three quarters of 2025, representing a year-on-year increase of 34.21% [1] - Net profit attributable to shareholders reached 12,125.70 million yuan, up 175.35% year-on-year, with a net profit of 5,411.50 million yuan in the third quarter alone, reflecting a 227.15% increase [1] - The growth in revenue is primarily driven by an increase in acceptance amounts for solder paste printing equipment, alongside rising demand for AI servers and consumer electronics [1] Financial Performance - The net profit excluding non-recurring gains and losses was 11,585.37 million yuan, showing a significant year-on-year growth of 199.57% [1] - The company has achieved a historical high in contract liabilities by the end of the third quarter, indicating a robust order backlog and resilience in future performance [1] Research and Development - The company adheres to the philosophy that "good products are designed," increasing investment in its R&D center, with R&D expenditures as a percentage of revenue at 10.06%, 9.12%, and 9.15% for 2023, 2024, and the first half of 2025, respectively [2] - As of June 30, 2025, the company holds 285 patents, including 104 invention patents, 176 utility model patents, and 5 design patents, along with 30 software copyrights [2] Incentive Mechanisms - In August 2023, the company launched a restricted stock incentive plan for 69 core technical personnel, granting 586,500 shares, aimed at stabilizing the core team to sustain excellent performance [2] - This incentive mechanism is seen as a key driver for unlocking team potential and securing future growth, reflecting the company's commitment to long-term development through institutional building [2]

根据《东莞市凯格精机股份有限公司首次公开发行股票并在创业板上市招股 说明书》披露的募集资金投资项目及募集资金使用计划，并经公司第二届董事会 第十一次会议、第二届监事会第十次会议和 2024 年第一次临时股东大会审议通 过《关于调整部分募投项目投资规模、内部结构并永久补充流动资金的议案》， 同意公司根据募投项目实施的实际情况，对"研发及测试中心项目"投资规模及 国信证券股份有限公司 关于东莞市凯格精机股份有限公司 变更部分募投项目实施地点、实施方式及延期的核查意见 国信证券股份有限公司（以下简称"国信证券"或"保荐人"）作为东莞市 凯格精机股份有限公司（以下简称"凯格精机"或"公司"）首次公开发行股票 并在创业板上市的保荐人，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》《上市公司募集资金监管规则》和《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》等有关法律法规 和规范性文件的要求，对凯格精机"精密智能制造装备生产基地建设项目"实施 地点和实施方式进行调整、对"工艺及产品展示中心项目"进行延期的事项进行 了核查，发表核查意见如下： 一、募集资金基本情况 （ ...

证券代码：301338 证券简称：凯格精机 公告编号：2025-051 东莞市凯格精机股份有限公司 关于变更部分募投项目实施地点、实施方式及延期的公告 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。 东莞市凯格精机股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日 召开第三届董事会第三次会议，审议通过《关于变更部分募投项目实施地点、实 施方式及延期的议案》，同意公司根据募投项目实施的实际情况，对"精密智能 制造装备生产基地建设项目"实施地点和实施方式进行调整，对"工艺及产品展 示中心项目"进行延期，该事项尚需提交公司股东会审议，现将具体情况公告如 下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账情况 经中国证券监督管理委员会证监许可〔2022〕796 号文核准，并经深圳证券 交易所同意，公司向社会公众公开发行人民币普通股（A 股）1,900 万股，每股 面值为人民币 1.00 元，发行价为人民币 46.33 元/股，共计募集资金人民币 880,270,000.00 元 ， 扣 除 发 行 费 用 后 ， 公 司 本 次 募 集 资 ...

名称：信永中和会计师事务所（特殊普通合伙） 证券代码：301338 证券简称：凯格精机 公告编号：2025-052 东莞市凯格精机股份有限公司 关于续聘 2025 年度会计师事务所的公告 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。 东莞市凯格精机股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日 召开第三届董事会第三次会议，审议通过《关于续聘 2025 年度会计师事务所的 议案》。公司拟聘请信永中和会计师事务所（特殊普通合伙）（以下简称"信永 中和"）为公司 2025 年度的财务审计机构，该议案尚需提交公司 2025 年第三次 临时股东会审议。具体如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1. 基本信息 2. 投资者保护能力 信永中和已按照有关法律法规要求投保职业保险，职业保险累计赔偿限额和 职业风险基金之和超过 2 亿元，职业风险基金计提或职业保险购买符合相关规定。 除乐视网证券虚假陈述责任纠纷一案之外，信永中和近三年无因执业行为在相关 民事诉讼中承担民事责任的情况。 成立日期：2012 年 3 月 2 日 组织形式：特 ...

证券代码：301338 证券简称：凯格精机 公告编号：2025-053 东莞市凯格精机股份有限公司 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。 东莞市凯格精机股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日 召开第三届董事会第三次会议，审议通过《关于召开 2025 年第三次临时股东会 的议案》，就本次股东会的相关事项通知如下： 一、召开会议的基本情况 1、股东会届次：2025 年第三次临时股东会 2、股东会的召集人：公司第三届董事会 3、会议召开的合法、合规性：本次股东会的召开符合有关法律、行政法规、 部门规章、规范性文件、深圳证券交易所业务规则等规定。 4、会议时间： （1）现场会议时间：2025 年 11 月 17 日 15:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 17 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互 联网投票系统投票的具体时间为 2025 年 11 月 17 日 9:15 至 15:00 的任意时间。 关于召开 2 ...

Core Insights - The company reported a third-quarter revenue of 321 million yuan, representing a year-on-year increase of 47.40% [1] - The net profit for the third quarter was 54.115 million yuan, showing a significant year-on-year growth of 227.15% [1] - For the first three quarters, the total revenue reached 775 million yuan, which is a year-on-year increase of 34.21% [1] - The net profit for the first three quarters amounted to 121 million yuan, reflecting a year-on-year growth of 175.35% [1]

证券代码：301338 证券简称：凯格精机 公告编号：2025-049 东莞市凯格精机股份有限公司 第三届董事会第三次会议决议公告 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。 东莞市凯格精机股份有限公司（以下简称"公司"）第三届董事会第三次会 议于 2025 年 10 月 28 日在公司会议室以现场结合通讯方式召开。本次会议通知 于 2025 年 10 月 23 日以电子邮件方式送达全体董事。会议应出席董事 5 人，实 际出席董事 5 人，其中谢园保先生、严义先生以通讯方式表决。会议由董事长邱 国良先生召集并主持，公司高级管理人员列席本次会议。本次会议的召集、召开 符合《公司法》和《公司章程》的有关规定，会议合法有效。 一、董事会会议审议情况 经过各位董事认真审议，本次会议形成如下决议： 1、审议通过《关于<2025 年三季度报告>的议案》 经审议，董事会认为：公司《2025 年三季度报告》的编制程序、季报内容、 格式符合相关文件的规定，所包含的信息真实、准确、完整地反映了公司 2025 年第三季度的经营状况，不存在虚假记载、误导性陈述或重大遗漏。 本议案 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥321,306,299.53, representing a 47.40% increase year-over-year[5] - Net profit attributable to shareholders was ¥54,114,972.71, a significant increase of 227.15% compared to the same period last year[5] - The basic earnings per share (EPS) for Q3 2025 was ¥0.5100, reflecting a 240.00% increase year-over-year[5] - The company reported a 34.21% increase in total revenue for the first nine months of 2025, totaling ¥774,924,360.12[10] - Total operating revenue for the period reached ¥774,924,360.12, an increase of 34.2% compared to ¥577,377,439.70 in the previous period[23] - Net profit for the period was ¥122,989,510.30, representing a significant increase of 170.5% compared to ¥45,505,610.66 in the previous period[24] - The net profit attributable to the parent company's shareholders for the current period is ¥121,256,990.94, compared to ¥44,037,861.53 in the previous period[25] - The total comprehensive income for the current period is ¥122,987,677.05, up from ¥45,408,334.21 in the previous period[25] - Basic and diluted earnings per share for the current period are both ¥1.14, compared to ¥0.41 in the previous period[25] Assets and Liabilities - Total assets as of September 30, 2025, amounted to ¥2,696,039,074.33, up 16.46% from the end of the previous year[5] - The company's total assets increased to ¥2,696,039,074.33 from ¥2,315,057,020.67, reflecting a growth of 16.5%[22] - The total liabilities increased to ¥1,111,283,588.25 from ¥828,504,011.64, marking a rise of 34.1%[21] - The company's equity attributable to shareholders reached ¥1,565,797,489.16, an increase of 6.8% from ¥1,465,852,252.61[22] Cash Flow - The cash flow from operating activities for the first nine months of 2025 was ¥84,999,407.88, a 171.09% increase compared to the same period in 2024[11] - Cash flow from operating activities for the current period is ¥84,999,407.88, a significant improvement from a net cash outflow of ¥119,573,350.24 in the previous period[27] - Cash inflow from investment activities is ¥633,314,518.33, down from ¥935,727,557.75 in the previous period[28] - Cash outflow from investment activities is ¥730,262,156.81, compared to ¥1,043,294,963.11 in the previous period[28] - The net cash flow from financing activities is -¥1,387,984.61, an improvement from -¥15,402,205.10 in the previous period[28] - The ending balance of cash and cash equivalents is ¥784,860,550.38, compared to ¥705,729,788.59 in the previous period[29] - Cash and cash equivalents at the end of the period amount to ¥820,068,831.42, down from ¥856,270,478.52 at the beginning[18] Shareholder Information - Total number of common shareholders at the end of the reporting period is 10,924[13] - The largest shareholder, Qiu Guoliang, holds 36.18% of shares, totaling 38,500,000 shares[13] - The second-largest shareholder, Peng Xiaoyun, holds 23.03% of shares, totaling 24,500,000 shares[13] - The company has a total of 72,100,000 restricted shares, with 24,850,000 shares released during the period[16] - The total number of shares held by the top 10 unrestricted shareholders is 47,250,000[16] - The company has no preferred shareholders or significant changes in the top 10 shareholders due to margin trading[15] Inventory and Receivables - Inventory increased to ¥672,501,743.63, a rise of 43.64% due to increased sales orders and stock preparation[10] - Accounts receivable rose to ¥161,829,322.14, up 28.4% from ¥126,120,837.88 at the beginning of the period[19] - Long-term receivables grew to ¥446,879,936.98, up 16.6% from ¥383,459,379.08[20] Research and Development - Research and development expenses for the period were ¥67,121,056.49, up 24.4% from ¥53,997,499.88 in the previous period[24] Other Information - The company has not disclosed any new product developments or market expansion strategies in the current report[15] - The company has not undergone an audit for the third quarter financial report[30] - The financial report is prepared under the new accounting standards effective from 2025[30]

Core Insights - Keg Precision Machinery has seen a stock price increase of 5.07% on October 29, reaching 73.58 CNY per share, with a trading volume of 273 million CNY and a turnover rate of 6.44%, resulting in a total market capitalization of 7.829 billion CNY [1] - The stock has experienced a cumulative increase of 9.15% over the past four days [1] Company Overview - Keg Precision Machinery Co., Ltd. is located in Dongguan, Guangdong Province, established on May 8, 2005, and listed on August 16, 2022 [1] - The company specializes in the research, production, sales, and technical support services of automated precision equipment [1] - Revenue composition includes: solder paste printing equipment (64.37%), dispensing equipment (13.34%), packaging equipment (13.05%), flexible automation equipment (5.40%), and others (3.85%) [1] Fund Holdings - Huatai-PB Fund has a significant holding in Keg Precision Machinery, with the Huatai-PB CSI 2000 Index Enhanced A Fund (019923) holding 153,300 shares, representing 0.63% of the fund's net value, making it the sixth-largest holding [2] - The fund has realized a floating profit of approximately 544,200 CNY today and 899,900 CNY during the four-day increase [2] Fund Performance - The Huatai-PB CSI 2000 Index Enhanced A Fund was established on January 12, 2024, with a current size of 312 million CNY [2] - Year-to-date return is 49.62%, ranking 716 out of 4216 in its category; the one-year return is 60.45%, ranking 248 out of 3877; and since inception, the return is 74.65% [2]