Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - In the first half of 2025, the company's revenue increased, but net profit and non - recurring profit after deduction decreased significantly. The company faced challenges such as low capacity utilization and increased financial expenses, but also showed positive signs in overseas production and 3D printing cooperation [24]. 3. Summary by Directory 01. Research Basic Situation - Research object: Jialian Technology [16] - Industry: Plastics [16] - Reception time: August 29, 2025 [16] - Company reception staff: General Manager Ma Henghui, Board Secretary Wang Bo, and Financial Controller Qian Miaoxian [16] 02. Detailed Research Institutions - Investment companies: Beijing Zhikai Investment, Kaifeng Investment, Qingli Investment, Shanghai Jisheng Investment [17][18] - Fund management companies: Caitong Fund, Chunhou Fund, Donghai Fund, etc. [17][18] - Securities companies: Debang Securities, Northeast Securities, Guohai Securities, etc. [17][18] - Other types: Hongluo Private Securities Fund, Shanghai Genxi Private Fund, Shanghai Zhurun Investment [17][18] - Insurance asset management company: Taikang Asset [18] 03. Research Institution Proportion No information provided. 04. Main Content Data - 2025 semi - annual operation: The company achieved a cumulative revenue of 1.123 billion yuan, a year - on - year increase of 5.26%. Net profit attributable to shareholders was - 64.6698 million yuan, a year - on - year decrease of 204.81%. Non - recurring profit after deduction was - 67.1622 million yuan, a year - on - year decrease of 431.31%. Domestic sales revenue was 627 million yuan, a year - on - year increase of 35.07%, and overseas sales revenue was 496 million yuan, a year - on - year decrease of 17.68% [24]. - Reasons for net profit loss: Affected by Sino - US trade, subsidiaries were in the initial production stage, with low capacity utilization, increased manufacturing and management expenses, and increased financial expenses due to interest on convertible bonds [24]. - Thailand factory situation: The first - phase capacity of the Thailand production base has been released, orders have been transferred for production and shipped, and overseas production personnel have arrived. Future capacity can meet market demand [24]. - 3D printing cooperation: The company has cooperated with some leading 3D printing companies, and its 3D printing consumables have a wide range of application prospects [26]. - Own brand plan: The company will consider launching its own brand based on product characteristics, market demand, and strategic planning [26]. - Thailand factory personnel layout: Currently, the Thailand production base has sufficient personnel reserves, and in the future, personnel will be optimized with the improvement of automation technology [26].
家联科技分析师会议-20250829