Core Viewpoint - The recent performance forecast for Jinbai Ze (301041) indicates a decline in net profit attributable to shareholders, which is seen as a temporary phase during the company's business upgrade process rather than a long-term trend [1][3] Group 1: Market Environment and Cost Factors - The increase in key raw material prices during the 2025 reporting period is a common industry issue, significantly impacting the cost structure of Jinbai Ze's mid-to-high-end products [1] - International precious metal prices have remained high, leading to increased costs for major raw materials such as gold salt, copper balls, and tin bars, which complicates the cost structure due to the demand for diverse, small-batch, and specialty materials [1] Group 2: Company Strategy and Investment - The profit fluctuations are attributed to proactive capability investments, with Jinbai Ze focusing on building its new business structure, including innovation services and digital platforms, which are currently in a ramp-up phase [2] - The company is enhancing its engineering capabilities from a "manufacturing experience-driven" model to a "manufacturing + service + platform" model, aiming to shorten the cycle from R&D validation to engineering delivery [2] - This shift in business model requires upfront investment, with benefits expected to materialize in the long term as demand in sectors like AI hardware and low-altitude economy grows [2] Group 3: Long-term Outlook - Market analysts believe that the current performance pressure on Jinbai Ze reflects the transitional phase of business model migration and capability upgrades, with expectations for improved operational performance and scalability in future industry cycles [3]
新业务投入持续加大 金百泽“制造+服务+平台”夯实服务产业发展能力基础