??公司近日收到了股东员工战略配售资管计划管理人出具的《关于乔锋智能装备 股份有限公司股份减持计划实施情况说明》，获悉股东员工战略配售资管计划本次 减持计划已实施完成，现将有关情况公告如下： ??一、股东减持股份基本情况 证券代码：301603 证券简称：乔锋智能 公告编号：2025034 乔锋智能装备股份有限公司 ??公司股东国证资管－兴业银行－安信资管乔锋智能高管参与创业板战略配售集 合资产管理计划保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 ??本公司及董事会全体成员保证信息披露的内容与信息披露义务人提供的信息一 致。 乔锋智能装备股份有限公司（以下简称"公司"）于2025年7月28日披露了《关于 员工战略配售资管计划减持股份预披露的公告》（公告编号：2025027），公司股东 国证资管－兴业银行－安信资管乔锋智能高管参与创业板战略配售集合资产管理计 划（以下简称"员工战略配售资管计划"）计划自该公告披露之日起15个交易日后的3 个月内，通过大宗交易方式或集中竞价交易方式减持本公司股份不超过2,583,018股 （占公司总股本比例2.14%）。 | | | 减持均价 ...

乔锋智能装备股份有限公司 关于员工战略配售资管计划股份减持完毕的公告 证券代码：301603 证券简称：乔锋智能 公告编号：2025034 | | | 三、其他相关说明 公司股东国证资管－兴业银行－安信资管乔锋智能高管参与创业板战略配售集 合资产管理计划保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露的内容与信息披露义务人提供的信息一 致。 乔锋智能装备股份有限公司（以下简称"公司"）于2025年7月28日披露了《关于 员工战略配售资管计划减持股份预披露的公告》（公告编号：2025027），公司股东 国证资管－兴业银行－安信资管乔锋智能高管参与创业板战略配售集合资产管理计 划（以下简称"员工战略配售资管计划"）计划自该公告披露之日起15个交易日后的3 个月内，通过大宗交易方式或集中竞价交易方式减持本公司股份不超过2,583,018股 （占公司总股本比例2.14%）。 公司近日收到了股东员工战略配售资管计划管理人出具的《关于乔锋智能装备 股份有限公司股份减持计划实施情况说明》，获悉股东员工战略配售资管计划本次 减持计划已实施完成，现将有关情况 ...

Core Viewpoint - The company has experienced rapid growth in performance, exceeding expectations in the first half of 2025, with significant increases in revenue and net profit [1] Group 1: Financial Performance - In the first half of 2025, the company reported revenue of 1.21 billion yuan, a year-on-year increase of 50%, and a net profit attributable to shareholders of 180 million yuan, up 56% year-on-year [1] - For Q2 2025, the company achieved revenue of 740 million yuan, a year-on-year increase of 67% and a quarter-on-quarter increase of 54% [1] - The gross profit margin for the first half of 2025 was 30%, reflecting a year-on-year increase of 0.4 percentage points [1] Group 2: Product Development and Market Competitiveness - The company has significantly increased its product variety compared to 2024, launching new products in various categories, including vertical machining centers and gantry machining centers [2] - New products include the high-speed drilling and tapping machine T-5F, five-axis vertical machining center VHU-650, and lightweight general-purpose vertical machining center VDM-255, targeting sectors such as 3C electronics and aerospace [2] Group 3: Industry Opportunities and Capacity Expansion - The company is capitalizing on the improving industry landscape, with sales in CNC machine tools growing rapidly due to the development of sectors like consumer electronics and new energy vehicles [3] - New production bases in Dongguan and Nanjing are gradually coming online, significantly enhancing production capacity and delivery efficiency [3] - Investments in key sectors such as new energy vehicles and aerospace are beginning to yield benefits, particularly in high-margin industries [3] Group 4: Profit Forecast and Valuation - Revenue projections for 2025-2027 are 2.55 billion, 3.04 billion, and 3.51 billion yuan, with year-on-year growth rates of 45%, 19%, and 15% respectively [4] - Net profit forecasts for the same period are 340 million, 450 million, and 550 million yuan, with compound annual growth rates of 26% over three years [4]

Market Performance - The general equipment sector increased by 0.8% on August 28, with Yinghuate leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Top Gainers in General Equipment Sector - Yinghuate (301272) closed at 46.68, up 14.64% with a trading volume of 89,600 shares and a transaction value of 388 million [1] - Qiaofeng Intelligent (301603) closed at 80.25, up 12.77% with a trading volume of 120,900 shares and a transaction value of 960 million [1] - Meichang Co. (300861) closed at 16.71, up 12.68% with a trading volume of 441,000 shares and a transaction value of 713 million [1] - Shenling Environment (301018) closed at 77.88, up 12.28% with a trading volume of 123,820 shares and a transaction value of 1.733 billion [1] Market Capital Flow - The general equipment sector experienced a net outflow of 3.551 billion from institutional investors, while retail investors saw a net inflow of 3.342 billion [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - New Lai Materials (300260) had a net inflow of 81.51 million from institutional investors, while retail investors experienced a net outflow of 42.42 million [3] - Shenling Environment (301018) saw a net inflow of 66.31 million from institutional investors, with retail investors facing a net outflow of 55.83 million [3] - Ding Tai High-Tech (301377) had a net inflow of 36.87 million from institutional investors, while retail investors faced a significant net outflow of 81.52 million [3]

Summary of Key Points Core Viewpoint - As of August 27, a total of 332 stocks received buy ratings from brokerages, with 83 stocks announcing target prices, indicating a positive sentiment in the market towards these stocks [1]. Group 1: Stock Performance - The stocks with the highest target price increases are Qiaofeng Intelligent, Hanwang Technology, and Nanjing E-commerce, with target price increases of 69.9%, 67.78%, and 62.6% respectively [1]. Group 2: Rating Adjustments - Out of the 332 stocks, 321 maintained their ratings, 1 stock had its rating upgraded, and 10 stocks received their first ratings [1]. Group 3: Brokerage Attention - A total of 52 stocks received attention from multiple brokerages, with Chengdu Bank, Qingdao Beer, and China Ping An leading in the number of ratings, receiving 8, 7, and 6 ratings respectively [1]. Group 4: Industry Distribution - The sectors with the most stocks receiving buy ratings are Capital Goods, Materials II, and Food, Beverage & Tobacco, with 68, 50, and 32 stocks respectively [1].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 120.90 CNY for the next six months [4]. Core Views - The company reported significantly better-than-expected performance in H1 2025, achieving revenue of 1.214 billion CNY, a year-on-year increase of 50.36%, and a net profit of 179 million CNY, up 56.43% year-on-year [1]. - The growth in revenue and profit is attributed to the development in downstream industries such as consumer electronics, new energy vehicles, molds, engineering machinery, medical devices, and aerospace, alongside a significant increase in production capacity [1][2]. - The company is actively expanding into the robotics sector, with established solutions and customer applications in the processing of components for humanoid robots, which is expected to open new growth avenues [2]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 736 million CNY, a year-on-year increase of 67.47%, and a net profit of 104 million CNY, up 65.79% year-on-year [1]. - The company anticipates an upward revision of its full-year performance forecast to 360 million CNY, exceeding the previous market consensus of 260 million CNY [1]. Industry Outlook - The machine tool industry in China is entering a period of strong equipment replacement demand, supported by manufacturing recovery and domestic substitution trends [2]. - The production of metal cutting machine tools in China is projected to increase by 6.4% and 10.5% in 2023 and 2024, respectively, with H1 2025 showing a 13.5% year-on-year increase [2]. Product Development - Since 2020, the company has developed new products including CNC lathes, CNC grinders, high-end vertical lathes, and five-axis machining centers, which have started contributing to revenue [3]. - The company has made significant investments in the new energy vehicle and 3C sectors, leading to improved customer structure and breakthroughs in major client acquisition [3]. Earnings Forecast - The company’s revenue is projected to reach 2.604 billion CNY in 2025, 3.362 billion CNY in 2026, and 4.319 billion CNY in 2027, with net profits expected to be 355 million CNY, 476 million CNY, and 635 million CNY for the respective years [3].

Group 1: AI Medical - Ping An Good Doctor's stock surged by 6.99% on August 26, with its price doubling in the past month. The company reported an AI product system "7+N+1" with an accuracy rate of approximately 98% for AI-assisted consultations and nearly 80% for complex disease treatment plans [4] - The average service cost for family doctors decreased by about 52% due to AI assistance, and operational efficiency improved by around 50% [4] Group 2: Artificial Intelligence Policy - The State Council released an opinion on August 26 to implement the "Artificial Intelligence+" initiative, aiming for over 70% application penetration of new intelligent terminals and agents by 2027, and over 90% by 2030 [5] - The initiative includes building national AI application pilot bases and promoting the transformation of software and information service companies [5] Group 3: 5.5G Development - The Ministry of Industry and Information Technology is expected to issue the second batch of millimeter-wave private network frequency licenses, with more companies anticipated to receive licenses by the end of the year [6] - This issuance indicates the maturity of the domestic millimeter-wave 5G industry chain and is expected to initiate a wave of innovation in the sector [7] Group 4: Gaming Industry - The National Press and Publication Administration approved 173 games in August 2025, setting a new record for the year, including 166 domestic and 7 imported games [9] - The gaming market is projected to maintain long-term optimistic growth, with the 3A game market expected to reach 13.3 billion yuan in 2025 and 16.9 billion yuan in 2026, with a CAGR of 35% anticipated from 2027 to 2028 [9] Group 5: Company Earnings - Cambrian reported a net profit of 1.038 billion yuan in the first half of 2025, compared to a loss of 530 million yuan in the same period last year [12] - North Rare Earth's net profit surged by 1951.52% year-on-year to 931 million yuan in the first half of 2025 [12] - Light Media's net profit increased by 371.55% year-on-year to 2.229 billion yuan in the first half of 2025 [12]

Core Insights - Qiao Feng Intelligent (301603) reported a total revenue of 1.214 billion yuan for the first half of 2025, representing a year-on-year increase of 50.36% [1] - The net profit attributable to shareholders reached 179 million yuan, up 56.43% year-on-year [1] - The company experienced a significant increase in accounts receivable, which rose by 35.79% [1] Financial Performance - Total revenue for Q2 2025 was 736 million yuan, showing a year-on-year growth of 67.47% [1] - Q2 net profit attributable to shareholders was 104 million yuan, reflecting a 65.79% increase year-on-year [1] - Gross margin improved to 30.0%, up 1.34 percentage points, while net margin increased to 14.64%, up 4.06 percentage points [1] - Total operating expenses (selling, administrative, and financial) amounted to 88.92 million yuan, accounting for 7.33% of revenue, a decrease of 17.89% year-on-year [1] Key Ratios and Metrics - Earnings per share (EPS) for 2025 was 1.48 yuan, a 17.46% increase from the previous year [1] - The company's return on invested capital (ROIC) for the previous year was 11.75%, indicating average capital returns [3] - The average cash flow from operating activities over the past three years has been negative, raising concerns about cash flow sustainability [4] Product Performance - Vertical machining centers remain the core product, generating 1.404 billion yuan in revenue, which is 79.81% of total revenue, with a year-on-year growth of 23.42% [5] - Horizontal machining centers generated 61.065 million yuan, a 42.24% increase, but with a decline in gross margin due to initial production inefficiencies [5] - The company faced a 39.30% decline in revenue from gantry machining centers, attributed to low demand in downstream industries [5]

Group 1 - The company does not plan to distribute cash dividends, issue bonus shares, or increase capital from reserves during the reporting period [3] - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [5] - The company has invested in Shanghai Kepler Robot Co., Ltd., holding 1.1099% of its total registered capital, indicating a strategic move into the humanoid robot industry [5]

公司最新毛利率为30.00%，较去年同期毛利率增加0.40个百分点，实现2年连续上涨。最新ROE为 8.02%。 公司摊薄每股收益为1.48元，较去年同报告期摊薄每股收益增加0.22元，实现2年连续上涨，同比较去年 同期上涨17.46%。 2025年8月26日，乔锋智能(301603.SZ)发布2025年中报。 公司营业总收入为12.14亿元，较去年同报告期营业总收入增加4.06亿元，实现2年连续上涨，同比较去 年同期上涨50.36%。归母净利润为1.79亿元，较去年同报告期归母净利润增加6456.31万元，实现2年连 续上涨，同比较去年同期上涨56.43%。经营活动现金净流入为-1.69亿元。 公司最新资产负债率为37.61%，较上季度资产负债率减少1.14个百分点，较去年同期资产负债率减少 6.42个百分点。 公司最新总资产周转率为0.35次，较去年同期总资产周转率持平，同比较去年同期上涨0.86%。最新存 货周转率为0.93次。 公司股东户数为1.06万户，前十大股东持股数量为9735.03万股，占总股本比例为80.61%，前十大股东 持股情况如下： | 序号 | 股东名称 | 持股比例 | | --- ...