Core Insights - The CNC lathe industry in China is experiencing rapid growth, driven by the demand for high-precision and reliable equipment in emerging sectors such as new energy vehicles, aerospace, and high-end molds, with the market size projected to increase from 45.64 billion yuan in 2020 to 60.55 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 7.32% [2] - The market size is expected to reach 63.17 billion yuan by 2025, indicating a shift towards efficient, flexible, and integrated solutions in CNC lathes as downstream industries continue to demand higher precision and complexity [2] Industry Overview - CNC lathes are a major type of CNC machine tool, which have significantly improved labor productivity, ensured processing quality, shortened production cycles, and reduced technical requirements for workers since their introduction in the 1950s [2][4] - The classification of CNC machine tools includes CNC lathes, CNC milling machines, and machining centers, categorized by processing function, axis count, and structural form [4][5] Industry Policies - The Chinese government has implemented various policies to promote the development of the CNC machine tool industry, recognizing it as a critical component of modern manufacturing [10] - Key policies include the "Implementation Plan for Equipment Renewal in the Industrial Sector" issued in April 2024, which focuses on upgrading CNC machine tools alongside other intelligent manufacturing equipment [10][12] Industry Chain - The CNC lathe industry chain consists of upstream raw materials (such as steel and cast iron), functional components, and systems; midstream production and manufacturing; and downstream applications in sectors like automotive manufacturing, aerospace, and consumer electronics [13] Market Trends - The CNC system market in China reached a peak of 15.93 billion yuan in 2021, driven by demand from sectors like new energy vehicles and consumer electronics, but saw a temporary decline in 2022 due to inventory adjustments [16] - As of 2023, the CNC system market is recovering, with a projected size of 15.7 billion yuan in 2024, indicating significant growth potential as the domestic CNC penetration rate remains lower than that of developed countries [16]

Core Viewpoint - The company is focusing on opportunities in emerging sectors such as liquid cooling heat dissipation, robotics, and aerospace, driven by the increasing demand for efficient cooling solutions in AI servers and electric vehicles [1] Group 1: Liquid Cooling Heat Dissipation - The demand for liquid cooling solutions is rapidly increasing due to the rising computational density and power consumption in AI servers [1] - Electric vehicles also require liquid cooling technology to enhance battery thermal management [1] Group 2: Core Components and Manufacturing - Core components for liquid cooling, such as liquid cooling plates and connectors, require CNC machining with high precision and efficiency [1] - The company is adjusting equipment parameters using high-speed drilling and tapping centers, vertical machining centers, and CNC lathes to better meet the precise machining needs of customers in the liquid cooling sector [1]

Group 1: Industry Performance and Growth - In the first three quarters of 2025, the company's sales in key sectors such as consumer electronics (approximately 25% share), molds (approximately 6%), and engineering machinery (approximately 5%) experienced over 100% growth [2] - Automotive parts (approximately 16% share, mainly related to new energy vehicles) grew by about 80% [2] - The largest segment, general equipment (approximately 32% share), reversed a slight decline in 2024, achieving a year-on-year growth of over 10% [2] Group 2: Competitive Advantages - High self-manufacturing rate of core components reduces procurement costs and supply chain risks, enhancing production efficiency [3] - The company has established a comprehensive product line in metal cutting machine tools, significantly improving brand recognition and market presence [3] - A flexible sales model combining direct sales and distribution enhances market coverage and reduces sales costs [3] - A well-established service team with 37 permanent locations nationwide ensures high-quality customer service [3] Group 3: 3C Electronics Sector Outlook - The 3C electronics industry is currently experiencing high demand, supported by structural adjustments in orders and a shift towards domestic alternatives [4][5] - The replacement cycle of existing equipment and the increasing competitiveness of domestic machine tools are driving demand [4] - Innovations in end products and materials, along with the rapid integration of AI technologies, are accelerating the need for new processing equipment [4][5] Group 4: Core Component Manufacturing - The company has achieved self-manufacturing of key components such as spindles, power tool towers, and turntables, which enhances product quality and reduces costs [6] - External procurement of components like CNC systems and linear guides is based on performance requirements and market preferences, with partnerships established with both international and domestic brands [6] Group 5: Emerging Opportunities in Liquid Cooling - The company is focusing on opportunities in liquid cooling for sectors like new energy vehicles and AI servers, where demand for high-efficiency cooling solutions is rapidly increasing [7] - Core components for liquid cooling, such as cooling plates and connectors, require precise machining, which the company is equipped to provide through its advanced machining centers [7]

证券代码：301603 证券简称：乔锋智能 公告编号：2025051 乔锋智能装备股份有限公司 2025年前三季度权益分派实施公告 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。 乔锋智能装备股份有限公司（以下简称"公司"）2025 年前三季度利润分配 方案已获 2025 年 12 月 24 日召开的 2025 年第三次临时股东会审议通过，现将利 润分配事宜公告如下： 一、股东会审议通过利润分配方案的情况 1、公司2025年第三次临时股东会审议通过了《关于2025年前三季度利润分 配预案的议案》，利润分配方案为：以公司现有总股本120,760,000股为基数，向 全体股东每10股派发现金股利人民币1.00元（含税），合计派发现金股利人民币 12,076,000.00元（含税），不送红股，不进行资本公积金转增股本。如公司在实 施权益分派的股权登记日前公司总股本发生变动，将按照"现金分红总额"固定不 变的原则对分配比例进行相应调整。 2、自上述2025年前三季度利润分配方案披露至实施期间，公司股本总额未 发生变化。 3、本次实施的分配方案与股东会审议通过的分配 ...

Group 1 - On December 30, Qiaofeng Intelligent saw a stock price increase of 2.00% with a trading volume of 192 million yuan, and a net financing purchase of 8.04 million yuan for the day [1] - As of December 30, the total financing and securities lending balance for Qiaofeng Intelligent was 230 million yuan, which accounts for 7.91% of its circulating market value, indicating a high level compared to the past year [1] - The company specializes in the research, production, and sales of CNC machine tools, with its main revenue sources being vertical machining centers (83.81%), followed by other categories [1] Group 2 - As of September 30, Qiaofeng Intelligent had 12,900 shareholders, an increase of 21.90% from the previous period, with an average of 2,921 circulating shares per person, up by 28.16% [2] - For the period from January to September 2025, Qiaofeng Intelligent reported a revenue of 1.871 billion yuan, representing a year-on-year growth of 56.71%, and a net profit attributable to shareholders of 277 million yuan, which is an 83.55% increase year-on-year [2] - Since its A-share listing, Qiaofeng Intelligent has distributed a total of 109 million yuan in dividends [3]

Group 1 - The core announcement is that Qiao Feng Intelligent held its first meeting of the third board of directors on December 24, where multiple resolutions were approved, including the election of the chairman of the board [2]

证券日报网讯 12月24日，乔锋智能发布公告称，公司12月24日召开2025年第三次临时股东大会，审议 通过《关于2025年前三季度利润分配预案的议案》《关于公司董事会换届选举暨提名第三届董事会非独 立董事候选人的议案》《关于公司董事会换届选举暨提名第三届董事会独立董事候选人的议案》等多项 议案。 （文章来源：证券日报） ...

Group 1 - The company, Qiao Feng Intelligent, announced the convening of its third extraordinary shareholders' meeting and employee representative meeting on December 24, 2025, to elect the third board of directors [2] - Jiang Xiuhua will serve as the chairman of the board, with Yang Ziwen, Zheng Zhaobo, Wang Weishi, and Ou Yi as directors [2] - The board appointed Jiang Xiuhua as the general manager, Chen Dijian as the deputy general manager and board secretary, Bu Xiumei as the financial head, Wang Lu as the securities affairs representative, and Zhang Hong as the internal audit head, with a term of three years [2] Group 2 - The second independent directors Liu Chong and Lü Dun will complete their terms and leave office, while deputy general manager Xia Zhichang will resign from executive positions but continue to serve [2]

证券代码：301603 证券简称：乔锋智能 公告编号：2025049 乔锋智能装备股份有限公司 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"）第三届董事会第一次会议于2025 年12月24日以现场方式在公司会议室召开。本次会议在公司2025年第三次临时股东会、 2025年第二次职工代表大会选举产生了公司第三届董事会成员后，经全体与会董事一 致同意豁免会议通知期限，以电话、口头方式向全体董事送达会议通知。会议由全体 董事共同推举的蒋修华先生主持，应出席董事5人，实出席董事5人。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《关于选举公司第三届董事会董事长的议案》 经审议，公司董事会同意选举蒋修华先生为公司第三届董事会董事长，任期三 年，自本次董事会审议通过之日起至公司第三届董事会届满之日止。 表决结果：5票同意，0票反对，0票弃权。 具体内容详见公司同日刊 ...

北京市君泽君（深圳）律师事务所 关于乔锋智能装备股份有限公司 2025 年第三次临时股东会的 法律意见书 北京市君泽君（深圳）律师事务所 广东省深圳市福田区金田路 4028 号荣超经贸中心 28 层、29 层 邮编：518035 电话：0755-33988188 传真：0755-33988199 北京市君泽君（深圳）律师事务所 关于乔锋智能装备股份有限公司 2025 年第三次临时股东会的 法律意见书 （2025）君深意字第 542 号 致：乔锋智能装备股份有限公司 本所律师认为，本次股东会的召集和召开履行了法定程序，符合《公司法》《股 东会规则》和《公司章程》的相关规定。 二、本次股东会的召集人资格 本次股东会的召集人为公司董事会，公司董事会具备召集本次股东会的资格。 三、本次股东会出席、列席人员的资格 出席本次股东会的股东及股东代理人共 90 人，代表公司有表决权的股份 90,014,548 股，占公司有表决权股份总数的 74.5400%。其中，出席现场会议的股东 及股东代理人共 4 人，代表公司有表决权的股份 83,451,300 股，占公司有表决权股 份总数的 69.1051%。 根据深圳证券信息有限公 ...