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].

Core Points - Company participated in the "2025 Guangdong District Investor Collective Reception Day" on September 19, 2025, engaging with investors through an online platform [1] Financial Performance - As of June 30, 2025, the company's contract liabilities amounted to 129.63 million, representing a 30.72% increase from the end of 2024 and a 60.94% year-on-year increase [2] - For the first half of 2025, the company achieved operating revenue of 1.214 billion, a year-on-year increase of 50.36%, and a net profit attributable to shareholders of 179 million, up 56.43% year-on-year [2] Business Strategy - The company has no current plans to acquire or invest in CNC system companies but has stakes in "Shanghai Kepler Robot Co., Ltd." and "Yinchuang One Robot Co., Ltd." [2] - The management emphasizes ongoing operational management and effective communication with investors to reflect the company's value [2] Market Outlook - The company believes the CNC machine tool industry has significant growth potential due to manufacturing recovery, accelerated domestic substitution, and increased CNC rate [2] - The company’s products are widely used in various industries, with the top three revenue-generating sectors being general equipment, consumer electronics, and new energy vehicles [2] Production Capacity - New production capacities in Dongguan and Nanjing have been gradually put into use, alleviating short-term capacity constraints [2] - The overall capacity utilization rate is reasonable, and the company does not foresee capacity as a bottleneck in the short to medium term [2] Sales and Profitability - The sales strategy focuses on direct sales complemented by distribution, with limited impact from major customer expansion on gross margins [2] - Different CNC machine products cater to various processing needs, with no significant competition among them [2]

Group 1: Financial Performance - As of June 30, 2025, the company's contract liabilities amounted to 129.63 million CNY, representing a 30.72% increase from the end of 2024 and a 60.94% increase year-on-year from June 2024 [3][4] - For the first half of 2025, the company achieved revenue of 1.214 billion CNY, a year-on-year growth of 50.36%, and a net profit attributable to shareholders of 179 million CNY, up 56.43% year-on-year [14][16][21] - The company has not disclosed specific forecasts for the full-year 2025 revenue or net profit, but will provide updates in the quarterly reports [15][21] Group 2: Market and Industry Insights - The company anticipates continued growth in the CNC machine tool industry due to strong demand for machine upgrades, accelerated domestic substitution, and increasing CNC rates [6][7] - The main application sectors for the company's CNC machine tools include general equipment, consumer electronics, and the new energy vehicle industry, which are the top three revenue-generating sectors [8][9] Group 3: Strategic Plans and Operations - The company has no current plans to acquire or hold shares in CNC system companies, but will disclose any such developments in accordance with information disclosure regulations [4][5] - The company has established partnerships with robot companies, such as Shanghai Kepler Robot Co., Ltd., but does not have plans for controlling acquisitions in the robotics sector [5][9] - New production capacities in Dongguan and Nanjing have been gradually put into operation, alleviating previous capacity constraints and supporting market expansion [13][20] Group 4: Investor Relations and Communication - The company emphasizes ongoing communication with investors and aims to enhance stock price reflection of its value through improved operational management and transparency [5][11] - The company will disclose its third-quarter performance in October 2025, with expectations of maintaining good operational conditions [16][17]

Company Overview - JiaoFeng Intelligent Equipment Co., Ltd. is located in Dongguan, Guangdong Province, established on May 5, 2009, and listed on July 10, 2024. The company specializes in the research, production, and sales of CNC machine tools [1][2]. Financial Performance - For the first half of 2025, JiaoFeng Intelligent achieved operating revenue of 1.214 billion yuan, representing a year-on-year growth of 50.36%. The net profit attributable to the parent company was 179 million yuan, up 56.43% year-on-year [2]. - The company has distributed a total of 109 million yuan in dividends since its A-share listing [3]. Stock Performance - As of September 22, JiaoFeng Intelligent's stock price was 78.86 yuan per share, with a market capitalization of 9.523 billion yuan. The stock has increased by 85.03% year-to-date, but has seen a decline of 5.77% over the last five trading days [1]. - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on March 12, where it recorded a net purchase of 23.8215 million yuan [1]. Shareholder Information - As of June 30, the number of shareholders for JiaoFeng Intelligent was 10,600, an increase of 4.34% from the previous period. The average number of circulating shares per person decreased by 4.16% to 2,279 shares [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 344,100 shares, which is a decrease of 176,800 shares from the previous period [3]. Industry Context - JiaoFeng Intelligent operates within the mechanical equipment sector, specifically in general equipment and machine tools. The company is associated with concepts such as new energy vehicles, Industry 4.0, new industrialization, margin financing, and robotics [2].

Industry Trends - The machine tool industry is experiencing accelerated domestic substitution and internationalization, with imports slowing and exports growing rapidly. Domestic companies are achieving breakthroughs in sectors like new energy vehicles and consumer electronics, supported by policies that enhance market share and open overseas markets [2][3]. - The demand for machine tools is bolstered by policy support and a strong recovery in manufacturing, with significant growth in metal cutting machine tool production expected from 2023 to 2024 [3]. - The CNC (Computer Numerical Control) rate is increasing, presenting growth opportunities for CNC machine tool companies, as China's CNC rate is currently lower than that of developed countries [3][4]. - Market competition is intensifying, with market share concentrating among leading companies due to their advantages in capacity expansion, high-end technology development, and brand strength [3][4]. Company Performance - In the first half of 2025, the company reported strong sales performance, with the general equipment sector contributing approximately 36% to total revenue, showing a nearly 10% year-on-year growth [3][4]. - The consumer electronics sector has seen a dramatic increase, with revenue share rising from about 5% two years ago to over 20% in the first half of 2025, reflecting a growth of approximately 190% [3][4]. - The automotive parts sector, primarily driven by new energy vehicles, accounted for around 14% of revenue, with a year-on-year growth of about 60% [3][4]. - The mold industry contributed approximately 8% to revenue, with a significant year-on-year growth of around 160% [3][4]. - The engineering machinery sector, after several years of decline, has rebounded with a year-on-year growth of about 170%, contributing around 5% to total revenue [3][4]. Seasonal Characteristics - The machine tool industry does not exhibit strict seasonal characteristics, with the company's performance showing minor fluctuations across quarters. This stability is attributed to diverse downstream sectors and effective capacity planning [4][5]. Competitive Strategy - The concentration of market share among leading firms is a natural outcome of industry upgrades. The company leverages its platform advantages, product reputation, and technological expertise to build a differentiated competitive edge [5][6]. - The company has established a comprehensive product lineup in metal cutting machine tools and possesses a strong R&D team of over 250 personnel, enabling rapid responses to market demands [6][7]. - A robust sales service system with over 300 personnel ensures efficient customer service and tailored solutions, enhancing operational efficiency through integrated R&D, design, and production processes [6][7]. Liquid Cooling Market - The demand for liquid cooling plates, essential for AI servers and new energy vehicles, is rapidly increasing. The company's products, such as high-speed drilling and vertical machining centers, meet the high precision and efficiency requirements for liquid cooling plate processing [6][7]. - The company is actively enhancing its sales team to address the liquid cooling market needs and is optimizing equipment performance to align with technological advancements in liquid cooling processing [7].