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 ...

证券代码：301603 证券简称：乔锋智能 公告编号：2025038 乔锋智能装备股份有限公司（以下简称"公司"）于2025年10月24日召开第二 届董事会第十五次会议，以5票同意、0票反对、0票弃权的表决结果审议通过《关 于公司2025年前三季度利润分配预案的议案》，本议案在提交董事会审议前已经公 司董事会独立董事专门会议及董事会审计委员会审议通过，本议案尚需提交公司股 东会审议。 二、利润分配预案基本情况 根据公司2025年第三季度财务报表（未经审计），2025年前三季度实现归属于 上市公司股东的净利润为276,651,867.18元，母公司实现净利润为284,396,152.81元。 截至2025年9月30日，公司合并报表累计未分配利润为1,050,051,691.24元，其中母 公司累计未分配利润为976,401,491.79元。按照母公司与合并数据孰低原则，截至 2025年9月30日，公司可供股东分配的利润为976,401,491.79元。 根据《上市公司监管指引第3号——上市公司现金分红》《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》等有关规定及《公司章 程》的相关规定， ...

Financial Performance - The company's revenue for Q3 2025 reached ¥657,312,817.82, representing a 69.98% increase year-over-year[5] - Net profit attributable to shareholders was ¥97,675,591.17, a significant increase of 182.23% compared to the same period last year[5] - The basic earnings per share (EPS) for the period was ¥0.87, reflecting a 165.24% increase year-over-year[5] - Total operating revenue for the current period reached ¥1,870,830,331.29, a significant increase from ¥1,193,784,347.32 in the previous period, representing a growth of approximately 56.7%[21] - Net profit for the current period was ¥277,140,401.86, compared to ¥150,393,952.76 in the previous period, reflecting an increase of approximately 84.2%[22] - Basic and diluted earnings per share were both ¥2.29, up from ¥1.55 in the previous period, marking an increase of approximately 47.7%[23] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥3,703,557,508.63, an increase of 11.48% from the end of the previous year[5] - Total assets increased to ¥3,703,557,508.63 from ¥3,322,239,767.10, showing a growth of about 11.5%[20] - Total liabilities rose to ¥1,366,245,180.56, compared to ¥1,252,001,239.15, which is an increase of approximately 9.1%[20] Cash Flow - Cash flow from operating activities showed a net outflow of ¥109,035,947.15, a decline of 85.48% compared to the previous year[11] - Operating cash inflow for the current period reached ¥1,614,544,777.64, a 48.5% increase from ¥1,085,596,508.44 in the previous period[24] - Net cash outflow from operating activities was ¥109,035,947.15, compared to a net outflow of ¥58,784,949.95 in the previous period[24] - Investment cash inflow totaled ¥314,508,167.45, significantly up from ¥54,461,375.88 in the previous period[25] - Net cash flow from investment activities was ¥16,789,518.08, recovering from a net outflow of ¥47,854,145.53 in the previous period[25] - Financing cash inflow was ¥14,961,176.83, down from ¥772,898,731.34 in the previous period[25] - Net cash outflow from financing activities was ¥27,722,898.69, compared to a net inflow of ¥715,411,557.24 in the previous period[25] - The ending cash and cash equivalents balance was ¥172,349,189.09, a decrease from ¥696,917,203.36 in the previous period[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 12,914[12] - The largest shareholder, Jiang Xiuhua, holds 39.75% of shares, totaling 48,000,000 shares[12] - The second-largest shareholder, Wang Haiyan, holds 26.50% of shares, totaling 32,000,000 shares[12] - The company has a total of 96,608,000 restricted shares, with 13,580,500 shares released during the period[16] - The company has no preferred shareholders as of the reporting period[14] - The company has no changes in the top 10 shareholders due to margin trading or securities lending[13] Operational Metrics - The company reported a 40.27% increase in accounts receivable, totaling ¥394,471,002.82, driven by increased sales orders[8] - The company’s contract liabilities increased by 34.84% to ¥133,714,127.63, reflecting growth in sales orders and advance payments received[8] - The company experienced a 121.46% increase in income tax expenses, amounting to ¥37,954,389.74, due to higher sales and profit levels[10] - Accounts receivable increased to ¥394,471,002.82 from ¥301,610,549.10, representing a growth of approximately 30.7%[18] - Inventory at the end of the period is ¥951,897,969.43, up from ¥848,317,518.82, indicating an increase of about 12.2%[18] - Research and development expenses for the current period were ¥72,617,776.00, up from ¥61,697,298.14, indicating a growth of approximately 17.5%[21] Investment and Future Outlook - The company’s investment income rose by 58.53% to ¥7,520,583.08, attributed to increased returns from financial products[10] - The company reported an investment income of ¥7,520,583.08, compared to ¥4,744,051.78 in the previous period, reflecting an increase of about 58.9%[22] - The company plans to expand its market presence and invest in new technologies to drive future growth[20] Audit and Reporting - The third quarter financial report was not audited[26]

Core Insights - The company reported over 50% growth in both revenue and net profit for the first half of the year [1] - The company has a stable order situation and normal production operations [1] Group 1: Industry Applications - The company's CNC machine tools are widely applicable in various industries including general equipment, consumer electronics, automotive parts, molds, engineering machinery, military, energy, medical devices, aerospace, and communications [1] - The top three application industries for machine tool sales revenue are general equipment, consumer electronics, and the new energy vehicle sector [1] Group 2: Partnerships and Orders - The company did not disclose specific details about partnerships with leading enterprises due to confidentiality requirements [1] - The current order situation is stable, which supports the company's potential for sustained growth [1]

Core Viewpoint - Qiaofeng Intelligent experienced a decline of 3.08% on October 17, with a trading volume of 130 million yuan, indicating potential market volatility and investor sentiment concerns [1]. Financing Summary - On October 17, Qiaofeng Intelligent had a financing buy-in amount of 18.87 million yuan and a financing repayment of 23.19 million yuan, resulting in a net financing outflow of 4.32 million yuan [1]. - The total financing and securities balance for Qiaofeng Intelligent as of October 17 is 224 million yuan, which accounts for 8.57% of its circulating market value, indicating a high level of financing activity compared to the past year [1]. - The company had no short-selling activity on October 17, with a short-selling balance of 0 yuan, also reflecting a high level of inactivity in this area over the past year [1]. Business Performance - As of June 30, Qiaofeng Intelligent reported a total of 10,600 shareholders, an increase of 4.34% from the previous period, with an average of 2,279 circulating shares per shareholder, a decrease of 4.16% [2]. - For the first half of 2025, Qiaofeng Intelligent achieved a revenue of 1.214 billion yuan, representing a year-on-year growth of 50.36%, and a net profit attributable to shareholders of 179 million yuan, reflecting a growth of 56.43% [2]. Dividend and Shareholding - Since its A-share listing, Qiaofeng Intelligent has distributed a total of 109 million yuan in dividends [3]. - As of June 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 344,100 shares, which is a decrease of 176,800 shares compared to the previous period [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.56 yuan per share, based on a 29 times PE valuation for 2026E [5][7]. Core Insights - The company, Qiaofeng Intelligent, is a leading enterprise in the metal cutting machine tool sector, focusing on high-end CNC machine tools and benefiting from the domestic substitution process in China [2][3]. - The company has shown significant revenue growth, with a projected revenue of 1.76 billion yuan in 2024, up 21.02% year-on-year, and a net profit of 205 million yuan, up 21.33% year-on-year [2][3]. - The company is expanding into the robotics processing equipment field, which is expected to further enhance its growth potential [4]. Summary by Sections Company Overview - Qiaofeng Intelligent, established in 2009, specializes in the R&D, production, sales, and service of mid-to-high-end CNC machine tools, recognized as a national-level specialized "little giant" enterprise [2][21]. - The company has a comprehensive product range, including vertical machining centers, gantry machining centers, and horizontal machining centers, serving various industries such as general equipment, consumer electronics, automotive parts, and aerospace [2][3][21]. Market Opportunity - The high-end machine tool market in China is vast, with domestic enterprises still underperforming compared to global standards, indicating a strong need for domestic substitution [3][4]. - The company is well-positioned to benefit from this trend due to its strong product quality, complete product layout, and self-sufficient key components [3][4]. Growth Potential - The company plans to enhance its production capacity through new projects and is actively pursuing overseas expansion opportunities [4]. - It is also developing new products in key sectors such as new energy vehicles and aerospace, which are expected to contribute significantly to revenue [4][5]. Financial Performance - The company has demonstrated robust financial growth, with a projected revenue increase to 2.52 billion yuan in 2025, representing a 43.02% year-on-year growth, and a net profit of 325 million yuan, up 58.37% [5][6]. - The revenue from the vertical machining center segment has been a major contributor, accounting for 83.8% of total revenue in the first half of 2025 [33][34]. Profitability - The company maintains a strong profitability profile, with a gross margin around 30%, which is higher than many peers in the industry [46][49]. - The net profit margin has also improved, reaching 15% in the first half of 2025, reflecting effective cost control and product quality [46][49].

Core Viewpoint - Qiaofeng Intelligent experienced a slight decline of 0.73% on September 22, with a trading volume of 228 million yuan, indicating a high level of financing activity and a significant presence in the market [1]. Financing Summary - On September 22, Qiaofeng Intelligent had a financing buy-in amount of 22.68 million yuan and a financing repayment of 30.94 million yuan, resulting in a net financing outflow of 8.26 million yuan [1]. - The total financing and securities balance for Qiaofeng Intelligent reached 239 million yuan, accounting for 7.93% of its circulating market value, which is above the 90th percentile level over the past year [1]. - The company had no short-selling activity on September 22, with a short-selling balance of 0 shares, indicating a lack of bearish sentiment in the market [1]. Business Performance - As of June 30, Qiaofeng Intelligent reported a total of 10,600 shareholders, an increase of 4.34% from the previous period, with an average of 2,279 circulating shares per person, a decrease of 4.16% [2]. - For the first half of 2025, Qiaofeng Intelligent achieved a revenue of 1.214 billion yuan, representing a year-on-year growth of 50.36%, and a net profit attributable to shareholders of 179 million yuan, up 56.43% year-on-year [2]. Dividend and Shareholding - Since its A-share listing, Qiaofeng Intelligent has distributed a total of 109 million yuan in dividends [3]. - As of June 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 344,100 shares, which is a decrease of 176,800 shares compared to the previous period [3].