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 ...

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].