JJE(SH:688280) Shang Hai Zheng Quan Bao·2026-02-12 18:46Core Viewpoint - The company, Jingjin Electric Technology Co., Ltd., has responded to an inquiry from the Shanghai Stock Exchange regarding its 2025 annual performance forecast, highlighting significant revenue growth driven by electric drive system sales to domestic automakers [2][3]. Group 1: Revenue Growth and Client Relationships - The company's revenue growth in 2025 is primarily attributed to the sales of electric drive systems to domestic automakers, which have increased due to the launch of new vehicle models [5][8]. - The top five clients accounted for approximately 79% of the total revenue in 2025, with the largest client contributing over 50% of the total revenue, marking a 458% increase compared to the previous year [5][6]. - The company has maintained a long-term business relationship with its largest client since 2012, with sales to this client consistently increasing since the company went public in 2021 [5][6]. Group 2: Fourth Quarter Performance - In the fourth quarter of 2025, the company achieved approximately 34% of its total annual revenue, with electric drive system sales and technical development services contributing 29% and 74% to their respective annual totals [9][10]. - The fourth quarter net profit accounted for about 50% of the annual net profit, primarily due to a higher concentration of technical development service revenue [9][10]. Group 3: Non-Recurring Gains - The non-recurring gains for 2025 mainly consisted of government subsidies and non-current asset disposal gains, with a government subsidy of 1.21 billion yuan recognized, amounting to 84.5 million yuan in the current period [28][31]. - The accounting treatment for government subsidies aligns with the company's established policies, ensuring consistency with previous years [29][31].