证券日报网讯乔锋智能（301603）11月5日在互动平台回答投资者提问时表示，公司为下游领域提供设 备包括立式加工中心、卧式加工中心、龙门加工中心、五轴加工中心和数控车床等。出于保护客户商业 信息及商业秘密的需要，暂无法披露具体客户信息，敬请理解。 ...

每经AI快讯，有投资者在投资者互动平台提问：请问贵公司有五轴机床吗？分别给哪些客户供货？ 乔锋智能（301603.SZ）11月5日在投资者互动平台表示，公司为下游领域提供设备包括立式加工中心、 卧式加工中心、龙门加工中心、五轴加工中心和数控车床等。出于保护客户商业信息及商业秘密的需 要，暂无法披露具体客户信息，敬请理解。 （文章来源：每日经济新闻） ...

Group 1: Company Overview - Jiao Feng Intelligent Equipment Co., Ltd. specializes in metal cutting CNC machine tools, primarily serving industries such as consumer electronics, automotive, and aerospace [2][3] - The company was listed in July 2024, with over 80% of its sales through direct sales channels [2][3] Group 2: Financial Performance - In the first three quarters of 2025, the company achieved revenue of 1.871 billion CNY, a year-on-year increase of 56.71% [3] - Net profit reached 277 million CNY, up 83.55% year-on-year, with a non-recurring net profit of 270 million CNY, also reflecting an 83.12% increase [3] - The third quarter alone saw revenue of 657 million CNY, a 69.98% increase compared to the same period last year, and net profit of approximately 97.68 million CNY, up 182.23% [3] Group 3: Growth Drivers - Increased demand from downstream industries, particularly in consumer electronics, engineering machinery, and automotive parts, significantly boosted order volumes [4][5] - Production capacity has been enhanced through the launch of expansion projects, allowing for improved quality and faster output [4][5] - Market share is increasingly consolidating among leading companies, benefiting Jiao Feng due to its strong brand reputation and product quality [4][5] Group 4: Product Development - The company has expanded its product line since 2020, introducing new CNC lathes, grinding machines, and high-end machining centers, which have contributed to revenue growth [5][6] - Core components developed in-house have improved product competitiveness and reduced production costs [5][6] Group 5: Market Position and Strategy - The company maintains a direct sales model, which accounts for over 80% of sales, allowing for reduced costs and better market responsiveness [11] - Focus on high-demand sectors such as consumer electronics and new energy vehicles has positioned the company for sustained growth [11] - The company has established a robust production management system, enabling efficient capacity adjustments based on market needs [10][11]

Core Insights - The company reported strong revenue growth and profit increases for the first three quarters of 2025, with a revenue of 1.87 billion and a net profit of 280 million, reflecting year-on-year increases of 56.7% and 83.6% respectively [1] - The company benefits from the expansion in new industries such as 3C consumer electronics, new energy vehicles, aerospace, and military, contributing to sustained high revenue growth [2] - The gross margin remains stable while the net margin has improved, indicating effective cost management and operational efficiency [3] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.87 billion, up 56.7% year-on-year, and a net profit of 280 million, up 83.6% year-on-year [1] - In Q3 alone, the company reported a revenue of 660 million, a 70.0% increase year-on-year, but a 10.7% decrease quarter-on-quarter, with a net profit of 100 million, reflecting a 169.0% year-on-year increase [1] - The comprehensive gross margin for the first three quarters was 29.5%, a slight decrease of 0.4 percentage points year-on-year, while the net margin improved to 14.8%, an increase of 2.2 percentage points year-on-year [3] Industry Trends - The company is experiencing robust demand in the liquid cooling sector, particularly for AI servers in the robotics field, which is driving growth in this area [3] - The company has made strategic investments in robotics, including a stake in Kepler Robotics, to enhance its equipment development and collaboration efforts in this sector [3] Investment Outlook - The revenue and profit forecasts for 2025-2027 have been revised upwards, with projected revenues of 2.79 billion, 3.62 billion, and 4.71 billion for the respective years, and net profits of 400 million, 530 million, and 690 million [4] - The earnings per share (EPS) estimates have also been adjusted to 3.31, 4.35, and 5.71 for 2025-2027, with a current closing price of 82.53, resulting in price-to-earnings (PE) ratios of 25, 19, and 14 [4]

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company reported a revenue of 1.87 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 56.7%, and a net profit attributable to shareholders of 280 million yuan, up 83.6% year-on-year [1] - In Q3 alone, the company achieved a revenue of 660 million yuan, a 70.0% increase year-on-year, but a 10.7% decrease quarter-on-quarter, with a net profit of 100 million yuan, reflecting a significant year-on-year growth of 169.0% [1] - The company's contract liabilities reached 130 million yuan by the end of September 2025, marking a 32% year-on-year increase, indicating strong order growth and sustainability of performance [2] Financial Performance - The comprehensive gross margin for the first three quarters of 2025 was 29.5%, a slight decrease of 0.4 percentage points year-on-year, while the net profit margin improved to 14.8%, an increase of 2.2 percentage points year-on-year [3] - For Q3, the comprehensive gross margin was 28.4%, down 2.1 percentage points year-on-year, but the net profit margin increased to 15.1%, up 5.6 percentage points year-on-year [3] Industry Trends and Strategic Focus - The demand in the liquid cooling sector is rapidly increasing, driven by the need for AI servers to manage higher computing densities. The company has strategically positioned itself in this area with products that meet specific requirements [4] - The company is also focusing on the robotics sector, having formed a project team of experts to enhance collaboration with clients and develop core equipment tailored to current and future robotics industry needs [4] Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been adjusted, with projected revenues increased from 2.62 billion, 3.41 billion, and 4.43 billion yuan to 2.79 billion, 3.62 billion, and 4.71 billion yuan respectively. The net profit estimates have also been raised accordingly [5] - The earnings per share (EPS) estimates for 2025-2027 have been revised from 2.99, 3.88, and 5.08 yuan to 3.31, 4.35, and 5.71 yuan respectively, with a closing price of 82.53 yuan on October 29, 2025, corresponding to price-to-earnings (PE) ratios of 25, 19, and 14 times for the respective years [5]

Core Insights - The stock of Qiaofeng Intelligent increased by 1.08% on October 28, with a trading volume of 527 million yuan [1] - The company reported a significant increase in revenue and net profit for the first nine months of 2025, indicating strong financial performance [2] Financing and Trading Activity - On October 28, Qiaofeng Intelligent had a financing buy-in amount of 62.05 million yuan, with a net financing buy of 11.68 million yuan [1] - The total financing and securities balance for Qiaofeng Intelligent reached 252 million yuan, accounting for 8.13% of its market capitalization, which is above the 90th percentile of the past year [1] - There were no short sales or repayments on the same day, indicating a lack of short selling activity [1] Financial Performance - For the period from January to September 2025, Qiaofeng Intelligent achieved a revenue of 1.871 billion yuan, representing a year-on-year growth of 56.71% [2] - The net profit attributable to the parent company was 277 million yuan, reflecting an 83.55% increase compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 21.90% to 12,900, with an average of 2,921 circulating shares per person, up by 28.16% [2] - The company has distributed a total of 109 million yuan in dividends since its A-share listing [3] - Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, increasing its holdings by 49.34% to 837,500 shares [3]

Core Viewpoint - Qiao Feng Intelligent (301603.SZ) reported a decline in institutional ownership in its third-quarter report for 2025, with a total of 7 institutional investors holding 10.91 million shares, representing 9.04% of the total share capital, down 5.22 percentage points from the previous quarter [1] Institutional Ownership - As of October 27, 2025, institutional investors include Nanjing Qiaoze Venture Capital Partnership, Nanjing Qiaorong Venture Capital Partnership, Shenzhen Tongfang Huixin Venture Capital, Hong Kong Central Clearing Limited, China Construction Bank - CICC New Star Equity Fund, Shanghai Fushen Investment, and Ping An CSI Photovoltaic Industry Index A [1] - The total institutional ownership decreased by 5.22 percentage points compared to the previous quarter [1] Public Fund Activity - One new public fund disclosed this quarter, namely CICC New Star Equity A [1] - A total of 117 public funds were not disclosed this quarter, including major funds like Morgan Stanley Emerging Industries Equity, Southern Prosperity Forward Mixed A, and others [1] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.41% compared to the previous period [1]

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance [1] Financial Performance - The company's operating revenue for the first three quarters reached 1.871 billion yuan, representing a year-on-year growth of 56.71% [1] - The net profit attributable to shareholders was 277 million yuan, showing an increase of 83.55% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 270 million yuan, reflecting a year-on-year growth of 83.12% [1] - The basic earnings per share stood at 2.29 yuan [1]

Core Viewpoint - Qiaofeng Intelligent reported significant growth in its third-quarter performance, indicating strong operational momentum and financial health [1] Financial Performance - For the first three quarters of 2025, Qiaofeng Intelligent achieved revenue of approximately 1.871 billion yuan, representing a year-on-year increase of 56.71% [1] - The net profit attributable to shareholders was around 277 million yuan, marking an 83.55% year-on-year increase [1] - Basic earnings per share reached 2.29 yuan, which is a 47.74% increase compared to the previous year [1] Market Position - As of the report date, Qiaofeng Intelligent has a market capitalization of 9.8 billion yuan [1]

乔锋智能装备股份有限公司 第二届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，不存在虚假记 载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 乔锋智能装备股份有限公司（以下简称"公司"）第二届董事会第十五次会议于 2025年10月24日以现场和通讯相结合的方式在公司会议室召开，会议通知于2025年10 月20日以电子邮件方式送达。本次会议由董事长蒋修华先生主持，应到董事5人，实 到董事5人，公司高级管理人员列席了会议。本次董事会的召集、召开和表决程序符 合《中华人民共和国公司法》等有关法律、法规及《公司章程》的规定。 二、董事会会议审议情况 经全体董事逐项审议，会议表决情况如下： （一）审议通过《关于公司<2025年第三季度报告>的议案》 证券代码：301603 证券简称：乔锋智能 公告编号：2025039 本议案已经独立董事专门会议及董事会审计委员会会议审议通过。 表决结果：5票同意、0票反对、0票弃权。 本议案具体内容详见公司同日刊登在巨潮资讯网（www.cninfo.com.cn）上的 《关于公司2025年前三季度利润分配预案的公告》。 本议案尚需提交公司股东 ...