9月17日，佳力奇跌0.08%，成交额5605.26万元。两融数据显示，当日佳力奇获融资买入额489.28万 元，融资偿还666.88万元，融资净买入-177.60万元。截至9月17日，佳力奇融资融券余额合计1.20亿 元。 截至6月30日，佳力奇股东户数1.07万，较上期增加11.61%；人均流通股1931股，较上期减少10.40%。 2025年1月-6月，佳力奇实现营业收入4.32亿元，同比增长60.02%；归母净利润3773.17万元，同比减少 38.69%。 分红方面，佳力奇A股上市后累计派现3982.82万元。 机构持仓方面，截止2025年6月30日，佳力奇十大流通股东中，易方达国防军工混合A（001475）位居 第一大流通股东，持股131.56万股，相比上期增加17.62万股。长城行业轮动混合A（002296）位居第三 大流通股东，持股28.91万股，为新进股东。国投瑞银国家安全混合A（001838）位居第五大流通股东， 持股20.00万股，持股数量较上期不变。 责任编辑：小浪快报 融资方面，佳力奇当日融资买入489.28万元。当前融资余额1.20亿元，占流通市值的4.48%，融资余额 超过近一年 ...

Core Viewpoint - The company Jialiqi has shown significant growth in revenue but a decline in net profit, indicating potential challenges in profitability despite strong sales growth [2]. Group 1: Financial Performance - As of June 30, Jialiqi achieved operating revenue of 432 million yuan, representing a year-on-year increase of 60.02% [2]. - The net profit attributable to shareholders was 37.73 million yuan, which reflects a year-on-year decrease of 38.69% [2]. - Cumulative cash dividends distributed by Jialiqi since its A-share listing amount to 39.83 million yuan [3]. Group 2: Shareholder and Market Activity - As of September 11, Jialiqi's financing balance reached 125 million yuan, accounting for 4.67% of its market capitalization, indicating a high level of financing activity [1]. - The number of shareholders increased to 10,700, up by 11.61% compared to the previous period, while the average number of circulating shares per person decreased by 10.40% to 1,931 shares [2]. - The top circulating shareholder, E Fund Defense Industry Mixed A, holds 1.32 million shares, an increase of 176,200 shares from the previous period [3]. Group 3: Business Overview - Jialiqi, established on March 30, 2004, specializes in the research, production, and sales of advanced composite materials for aviation, with core products including aircraft and missile composite components [1]. - The revenue composition of Jialiqi's main business includes 95.89% from aircraft composite components, 4.05% from manufacturing and technical services, and 0.05% from missile composite components [1].

Core Viewpoint - The company, Jialiqi, is experiencing significant fluctuations in its financial metrics, with a notable increase in revenue but a decrease in net profit, indicating potential challenges in profitability despite growth in sales [2][3]. Financial Performance - As of June 30, Jialiqi reported a revenue of 432 million yuan, representing a year-on-year growth of 60.02% [2]. - The net profit attributable to shareholders was 37.73 million yuan, which reflects a year-on-year decrease of 38.69% [2]. - Cumulative cash dividends distributed by Jialiqi since its A-share listing amount to 39.83 million yuan [3]. Shareholder and Market Activity - As of June 30, the number of Jialiqi shareholders increased to 10,700, marking an 11.61% rise compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 10.40% to 1,931 shares [2]. - On September 10, Jialiqi's financing buy-in amounted to 2.19 million yuan, with a net buy of 160,400 yuan, while the total financing balance reached 124 million yuan, accounting for 4.65% of the circulating market value [1]. Institutional Holdings - As of June 30, the largest circulating shareholder is E Fund Defense Industry Mixed A, holding 1.32 million shares, an increase of 176,200 shares from the previous period [3]. - Changcheng Industry Rotation Mixed A is a new entrant among the top ten circulating shareholders, holding 289,100 shares [3]. - Guotou Ruijin National Security Mixed A remains stable in its holdings with 200,000 shares [3]. Business Overview - Jialiqi, established on March 30, 2004, specializes in the research, development, production, and sales of advanced composite materials for aviation, with core products including aircraft and missile composite components [1]. - The revenue composition indicates that 95.89% comes from aircraft composite components, while manufacturing and technical services contribute 4.05%, and missile composite components account for 0.05% [1].

中信建投证券股份有限公司 二、保荐人发现公司存在的问题及采取的措施 | 事 项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 不适用 | | 2.公司内部制度的建立和执行 | 无 | 不适用 | | 3."股东会、董事会"运作 | 无 | 不适用 | | 4.控股股东及实际控制人变动 | 无 | 不适用 | | 5.募集资金存放及使用 | 无 | 不适用 | | 6.关联交易 | 无 | 不适用 | | 7.对外担保 | 无 | 不适用 | | 8.收购、出售资产 | 无 | 不适用 | | 9.其他业务类别重要事项（包括 | 无 | 不适用 | | 对外投资、风险投资、委托理财、 | | | | 财务资助、套期保值等） | | | | 10.发行人或者其聘请的中介机 | 无 | 不适用 | | 构配合保荐工作的情况 | | | | 11.其他（包括经营环境、业务发 | 无 | 不适用 | | 展、财务状况、管理状况、核心 | | | 关于安徽佳力奇先进复合材料科技股份公司 2025 年半年度跟踪报告 | 保荐人名称：中信建投证券股份有限公司 | 上 ...

资金流向方面，主力资金净流出160.45万元，大单买入236.61万元，占比8.58%，卖出397.06万元，占比 14.40%。 9月9日，佳力奇盘中下跌2.04%，截至13:14，报50.01元/股，成交2757.42万元，换手率1.03%，总市值 41.50亿元。 截至6月30日，佳力奇股东户数1.07万，较上期增加11.61%；人均流通股1931股，较上期减少10.40%。 2025年1月-6月，佳力奇实现营业收入4.32亿元，同比增长60.02%；归母净利润3773.17万元，同比减少 38.69%。 分红方面，佳力奇A股上市后累计派现3982.82万元。 机构持仓方面，截止2025年6月30日，佳力奇十大流通股东中，易方达国防军工混合A（001475）位居 第一大流通股东，持股131.56万股，相比上期增加17.62万股。长城行业轮动混合A（002296）位居第三 大流通股东，持股28.91万股，为新进股东。国投瑞银国家安全混合A（001838）位居第五大流通股东， 持股20.00万股，持股数量较上期不变。 责任编辑：小浪快报 佳力奇今年以来股价跌11.69%，近5个交易日跌6.44%，近20日跌 ...

截至6月30日，佳力奇股东户数1.07万，较上期增加11.61%；人均流通股1931股，较上期减少10.40%。 2025年1月-6月，佳力奇实现营业收入4.32亿元，同比增长60.02%；归母净利润3773.17万元，同比减少 38.69%。 分红方面，佳力奇A股上市后累计派现3982.82万元。 机构持仓方面，截止2025年6月30日，佳力奇十大流通股东中，易方达国防军工混合A（001475）位居 第一大流通股东，持股131.56万股，相比上期增加17.62万股。长城行业轮动混合A（002296）位居第三 大流通股东，持股28.91万股，为新进股东。国投瑞银国家安全混合A（001838）位居第五大流通股东， 持股20.00万股，持股数量较上期不变。 责任编辑：小浪快报 9月8日，佳力奇涨0.69%，成交额5818.38万元。两融数据显示，当日佳力奇获融资买入额750.02万元， 融资偿还768.91万元，融资净买入-18.89万元。截至9月8日，佳力奇融资融券余额合计1.24亿元。 融资方面，佳力奇当日融资买入750.02万元。当前融资余额1.24亿元，占流通市值的4.56%，融资余额 超过近一年80%分 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price compared to the benchmark index [9][10]. Core Insights - In H1 2025, the company achieved a revenue of 432 million yuan, representing a year-on-year growth of 60%, driven by increased market demand and customer orders [5][6]. - The gross profit margin decreased to 21.86%, down 14.67 percentage points year-on-year, due to pricing adjustments from main aircraft manufacturers and lower margins on new projects [7]. - R&D investment grew by 57% to 27.55 million yuan, with successful validation of self-developed materials, indicating a strong focus on innovation [8]. - The company has sufficient production capacity and is expanding into multiple markets, including civil aviation and aerospace, enhancing its growth potential [8]. Financial Summary - The company forecasts net profits for 2025-2027 to be 126 million yuan, 159 million yuan, and 201 million yuan, respectively, with corresponding P/E ratios of 35, 28, and 22 [10][12]. - Revenue projections for 2024-2027 are 627 million yuan, 861 million yuan, 1.064 billion yuan, and 1.318 billion yuan, with growth rates of 35.41%, 37.33%, 23.62%, and 23.85% [12][15]. - The company’s asset-liability ratio is projected to increase from 20.6% in 2024 to 29.9% in 2027, indicating a potential rise in financial leverage [15].

Company Overview - Company Name: Anhui Jialiqi Advanced Composite Materials Technology Co., Ltd [1] - Abbreviation: Jialiqi [1] - Stock Code: 301586.SZ [1] - IPO Application Date: May 31, 2022 [1] - Listing Date: August 28, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Manufacturing of railway, ship, aerospace, and other transportation equipment [1] - IPO Sponsor: CITIC Jianzhong Securities [1] - IPO Underwriters: CITIC Jianzhong Securities [1] - IPO Legal Advisor: Shanghai Jintiancheng Law Firm [1] - IPO Audit Firm: Lixin Certified Public Accountants (Special General Partnership) [1] IPO Performance - IPO Cycle: Jialiqi's listing cycle is 820 days, exceeding the average of 629.45 days for A-share companies listed in 2024 [1] - Underwriting and Sponsorship Fees: Total fees amount to 17.7008 million yuan, with a commission rate of 4.72%, lower than the average of 7.71% [1] - First Day Performance: Stock price increased by 244.33% on the first day compared to the issue price [1] - Three-Month Performance: Stock price increased by 210.56% over the first three months compared to the issue price [1] - Issuance Price-Earnings Ratio: Jialiqi's issuance P/E ratio is 19.15 times, which is 57.51% of the industry average of 33.30 times [1] - Actual Fundraising: Expected fundraising of 1.166 billion yuan, with actual fundraising of 375 million yuan, a decrease of 67.82% [1] Financial Performance - Revenue Growth: In 2024, the company's revenue increased by 35.41% year-on-year [1] - Net Profit: The net profit attributable to the parent company decreased by 2.05% year-on-year [1] - Non-recurring Net Profit: The non-recurring net profit attributable to the parent company increased by 1.24% year-on-year [1] Subscription and Scoring - Abandonment Rate: The abandonment rate is 0.43% [1] - Total Score: Jialiqi's IPO project score is 82 points, classified as B-level [1] - Negative Factors Affecting Score: Issues include the need for improved information disclosure quality, a listing cycle exceeding two years, significant reduction in actual fundraising, decline in net profit in the first accounting year, and abandonment rate [1]

Company Overview - Company Name: Anhui Jialiqi Advanced Composite Materials Technology Co., Ltd [1] - Stock Code: 301586.SZ [1] - IPO Application Date: May 31, 2022 [1] - Listing Date: August 28, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Manufacturing of railway, ship, aerospace, and other transportation equipment [1] - IPO Sponsor: CITIC Jianan Securities [1] - IPO Underwriter: CITIC Jianan Securities [1] - IPO Legal Advisor: Shanghai Jintiancheng Law Firm [1] - IPO Audit Firm: Lixin Certified Public Accountants [1] Performance Evaluation - Disclosure Issues: Required to clarify compliance and accuracy of revenue recognition with client B, adequacy of risk disclosures, and evidence supporting conclusions regarding fund usage [1] - Regulatory Penalties: No deductions [2] - Public Supervision: No deductions [2] - Listing Cycle: 820 days, exceeding the average of 629.45 days for 2024 A-share listings [2] - Multiple Applications: Not applicable, no deductions [3] - Issuance Costs: Underwriting and sponsorship fees of 17.7008 million yuan, commission rate of 4.72%, below the average of 7.71% [4] Market Performance - First Day Performance: Stock price increased by 244.33% on the first day of listing [5] - Three-Month Performance: Stock price increased by 210.56% within three months post-listing [6] - Issuance Price-Earnings Ratio: 19.15 times, significantly lower than the industry average of 33.30 times, representing 57.51% of the industry average [7] - Actual Fundraising: Expected fundraising of 1.166 billion yuan, actual fundraising of 375 million yuan, a decrease of 67.82% [8] Short-term Financial Performance - Revenue Growth: 35.41% year-on-year increase in revenue for 2024 [9] - Net Profit: 2.05% year-on-year decrease in net profit attributable to the parent company [9] - Non-recurring Net Profit: 1.24% year-on-year increase in non-recurring net profit attributable to the parent company [9] - Abandonment Rate: 0.43% [9] Overall Score - Total Score: 82 points, classified as Grade B [9] - Negative Factors: Disclosure quality needs improvement, listing cycle exceeds two years, significant reduction in actual fundraising, decline in net profit for the first accounting year, abandonment rate of 0.43% [9]

Group 1 - The core viewpoint of the news highlights the recent performance and financial metrics of Jialiqi, including stock price changes and trading volumes [1][2] - On September 2, Jialiqi's stock price fell by 1.15%, with a trading volume of 89.4653 million yuan, and a net financing buy of -2.5827 million yuan [1] - As of September 2, the total margin balance for Jialiqi was 130 million yuan, accounting for 4.56% of its market capitalization [1] Group 2 - For the first half of 2025, Jialiqi reported a revenue of 432 million yuan, representing a year-on-year growth of 60.02%, while the net profit attributable to shareholders decreased by 38.69% to 37.7317 million yuan [2] - The number of shareholders increased by 11.61% to 10,700 as of June 30, with an average of 1,931 circulating shares per person, a decrease of 10.40% [2] - The largest circulating shareholder is E Fund National Defense and Military Industry Mixed A, holding 1.3156 million shares, an increase of 176,200 shares from the previous period [2]