Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [26]. Core Insights - The humanoid robot concept index increased by 6.57% from June 22 to June 27, 2025, outperforming the CSI 300 index by 4.61 percentage points. Year-to-date, the humanoid robot index has risen by 36.88%, surpassing the CSI 300 index by 34.22 percentage points [2][11]. - Key companies in the humanoid robot sector are actively pursuing technological advancements and strategic partnerships, with significant investments being made to enhance product capabilities and market reach [4][5][22]. Weekly Market Review - The humanoid robot index saw a weekly increase of 6.57%, with notable performers including Liyuanheng, which rose by 30.89%, while Jack Co. experienced a decline of 7.67% [11][12]. - The report highlights the growth of the humanoid robot industry, with various companies announcing new product developments and strategic initiatives aimed at enhancing their market positions [3][4]. Weekly Hotspots Review Policy Developments - Shandong aims to exceed a robot manufacturing industry scale of 50 billion yuan by 2027, fostering the growth of leading enterprises [3]. - Zhengzhou's AI innovation plan targets the establishment of 100 high-growth AI companies by the end of 2025, with a core industry scale exceeding 35 billion yuan [3][17]. Product and Technology Iteration - Innovations include the development of soft gel materials for robot skin that can sense pressure and temperature, and a high-resolution tactile sensing robotic hand [3][19]. - Google DeepMind introduced the Gemini Robotics On-Device model, enabling local operation of robots without internet connectivity [20]. Investment and Financing - Galaxy General completed a new round of financing amounting to 1.1 billion yuan, with total financing exceeding 2.4 billion yuan over two years [21]. - CASBOT secured nearly 100 million yuan in angel financing, while Feixi Technology completed a C round of financing in the hundreds of millions of dollars [21]. Key Company Announcements - Haier has established a robotics division focusing on both industrial and domestic service robots, with plans to evolve towards humanoid robots [4][24]. - Aon Electric has formed a robotics subsidiary, developing products applicable to service and humanoid robots [22].

Core Viewpoint - The legal opinion letter confirms that Grandway Law Offices has conducted a thorough review of the procedures and compliance related to the repurchase and cancellation of certain restricted stocks by Jack Technology Co., Ltd. under its 2023 stock incentive plan, affirming that all actions taken are in accordance with relevant laws and regulations [1][6]. Summary by Sections Legal Basis and Procedures - The legal opinion is based on various laws and regulations, including the Company Law and Securities Law, ensuring that the procedures for the repurchase and cancellation of restricted stocks have been properly followed [1][2]. - The company has completed the necessary procedures for the repurchase and cancellation of restricted stocks, as outlined in the relevant management regulations and the stock incentive plan [3][4]. Reasons for Repurchase - The repurchase of restricted stocks is justified as one of the incentive recipients has left the company for personal reasons, and thus the company is entitled to repurchase the unvested restricted stocks [4][5]. - The stock incentive plan stipulates that if an incentive recipient's contract expires or they leave voluntarily or involuntarily without performance issues, the unvested restricted stocks cannot be released and must be repurchased by the company at the grant price [4][6]. Quantity and Price of Repurchase - The total number of restricted stocks to be repurchased is 18,600 shares, with the repurchase price adjusted to 9.82 yuan per share [5][6]. - The repurchase price is subject to adjustments based on company actions such as dividend distributions, ensuring compliance with the stock incentive plan [4][5].

证券代码：603337 证券简称：杰克股份 公告编号：2025-047 杰克科技股份有限公司 关于股权激励限制性股票回购注销实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、本次限制性股票回购注销的决策与信息披露 1、2025 年 4 月 13 日，公司召开第六届董事会第二十一次会议和第六届监 事会第十四次会议，审议通过了《关于回购注销部分限制性股票及调整回购价格 的公告》，监事会对相关事项发布了意见。具体内容详见公司于 2025 年 4 月 15 日在上海证券交易所网站（www.sse.com.cn）披露的《关于回购注销部分限制性 股票及调整回购价格的公告》（公告编号：2025-028）。 2、2025 年 5 月 6 日，公司在上海证券交易所网站（www.sse.com.cn）及《上 海证券报》披露了《关于回购注销部分限制性股票及注销回购股份暨通知债权人 的公告》（公告编号：2025-038），至今公示期已满 45 天，期间并未收到任何 债权人对此次议案提出异议的情况，也未收到任何公司债权人向公司提出清偿债 务 ...

北京国枫律师事务所 关于杰克科技股份有限公司 2022 年股票期权与限制性股票激励计划之 注销部分股票期权及回购注销部分限制性股票 相关事项的法律意见书 国枫律证字[2022] AN011-7 号 GRANDWAY 北京国枫律师事务所 关于杰克科技股份有限公司 2022 年股票期权与限制性股票激励计划之 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编: 100005 电话（Tel）: 010-88004488/66090088 传真(Fax）: 010-66090016 释 义 本法律意见书中,除非文义另有所指,下列词语或简称具有如下含义: | 杰克股份/公司 | 블 | 杰克科技股份有限公司 | | --- | --- | --- | | 《股权激励计划》/本次股 权激励计划/本激励计划/ | 불 | 《杰克科技股份有限公司 2022年股票期权与限制性股票激 | | 本计划 | | 励计划(草案修订稿)》 | | 股票期权 | 指 | 公司授予激励对象在未来一定期限内以预先确定的价格和条 | | | | 件购买公司一定数量股票的权利 | ...

证券代码：603337 证券简称：杰克股份 公告编号：2025-046 杰克科技股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/8 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 7,500万元~15,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 4,872,678股 | | 累计已回购股数占总股本比例 | 1.0198% | | 累计已回购金额 | 131,061,568.56元 | | 实际回购价格区间 | 24.60元/股~31.94元/股 | 一、回购股份的基本情况 杰克科技股份有限公司（以下简称"公司"）于 2025 年 4 月 7 日召开第六届 董事会第二十次会议，审议通过了《关于以集中竞价交易方式回购公司股份的议 案》，同意公司使用 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China's Manufacturing Sector - **Key Themes**: Transition driven by domestic consumption shifts, global trade dynamics, and technology innovation [1][2] Core Insights - **Demand Recovery**: Recovery in demand remains uneven and fragile, with weak performance reported in Q2, particularly from April to May due to deteriorating consumer sentiment and tariff-related uncertainties [2][3] - **Bright Spots**: Industrial robots and painting sectors show signs of demand bottoming out, while exports have emerged as a relative bright spot for several companies [2][3] - **Manufacturing Evolution**: China's manufacturing is evolving through differentiation, globalization, localization, and new economies, rather than losing competitiveness [3][4] Company-Specific Insights Skshu (603737 CH) - **Performance**: Retail sales growth remained in single digits due to a high base in Q2 2024, with a full-year target near 10% [13][16] - **New Retail Strategy**: Aims to increase new retail's revenue contribution from 23% to 40% by 2025, targeting 15% market penetration in 3-5 years [13][16] - **Profitability Goals**: Long-term profit margin target above 10%, with a focus on reducing expense ratios and increasing gross margins [16][19] Shuanghuan (002472 CH) - **Demand Momentum**: NEV gear sales estimated to grow over 30% YoY in Q2, with strong demand from major clients like Xiaomi and XPeng [11][8] - **Expansion Plans**: Adding capacity in Hungary due to strong local demand, with a focus on maintaining competitive pricing despite cost inflation [4][11] Jack Technology (603337 CH) - **Sales Growth**: Management targets around 20% YoY sales growth in 2025, with strong overseas sales expected to outperform domestic growth [20][24] - **Product Differentiation**: Focus on hardware-software integration and innovative product offerings to compete with Japanese brands [24][25] Weixing (002003 CH) - **Market Challenges**: Domestic demand is weak, particularly in mid-to-high-end apparel accessories, with a cautious outlook for 2025 [29][30] - **Overseas Opportunities**: Gaining share in Adidas and Nike's supply chains, despite overall U.S. consumer sentiment weakening [29][30] Vasen New Building Materials (002372 CH) - **Weak Domestic Demand**: Q2 performance worse than Q1, with shipment volumes declining over 10% YoY [31][33] - **Market Position**: Holds a 20% national market share in China's PPR pipes market, with ambitions to reach 40% over the next decade [33] Yinlun (002126 CH) - **Customer Base**: Serves a diversified customer base across passenger vehicles, commercial vehicles, and digital energy, with Tesla as the largest customer [37][36] - **Growth Projections**: Targets a CAGR of 20% over the next five years, driven by overseas expansion [37][36] Additional Insights - **Tariff Impact**: The indirect impact of tariffs has led to cautious order behavior among clients, affecting overall demand [2][29] - **Investment Trends**: Companies are increasingly focusing on product innovation and customization to differentiate themselves in a competitive landscape [4][20] - **Market Dynamics**: The global valve market is projected to grow significantly, with Neway aiming for Rmb10 billion in revenue by 2028 [59][62] Conclusion The conference call highlighted the complexities and challenges facing China's manufacturing sector, with a focus on evolving strategies for differentiation and globalization. Companies are navigating a fragile recovery landscape while seeking to capitalize on emerging opportunities both domestically and internationally.

证券代码：603337 证券简称：杰克股份 公告编号：2025-045 杰克科技股份有限公司 关于实施回购股份注销暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司分别于 2025 年 4 月 13 日、2025 年 5 月 6 日召开第六届董事会第二 十一次会议、2024 年年度股东大会，审议通过了《关于注销回购股份并减少注 册资本的议案》，拟对回购专用证券账户中尚未使用的 1,936,500 股股份予以注 销。本次注销完成后，公司总股本将由 479,741,591 股变更为 477,805,091 股。 股份注销日期：2025 年 6 月 25 日 一、回购股份情况概述 截至 2022 年 7 月 5 日，公司完成回购事项，实际回购公司股份 1,936,500 股，占公司总股本的 0.4308%，回购最高价 22.19 元/股，回购最低价 21.22 元/ 股，回购均价为 21.651 元/股，交易总金额 41,927,729.00 元（不含交易费用）。 具体详见公司于 2022 年 7 ...

内容概要：台州市是浙江省下辖的地级市，位于浙江省中部沿海。近年来，台州市围绕打造"5+5+6"台 州特色现代化产业体系，一手抓传统产业、优势产业的巩固和优化，瞄准链主型企业、专精特新"小巨 人"企业等开展靶向招引，提升平台首位产业辨识度；一手抓新兴产业、未来产业的培育和壮大，聚焦 算力、氢能、低空经济、合成生物、机器人、泛半导体等六大未来产业，加快发展新质生产 力。"5+5+6"产业发展不断实现新突破，竞争力持续增强，产业生态日益完善，现代产业基础不断夯 实，助力经济稳步增长。 上市企业：水晶光电（002273）、航天彩虹（002389）、海正药业（600267）、海翔药业（002099）、 九洲药业（603456）、杰克股份（603337）、信质集团（002664）、百达精工（603331）、海正生材 （688203）、夜光明（873527）、华海药业（600521）、浙江永强（002489）、伟星股份（002003）、 伟星新材（002372）、永太科技（002326）、万盛股份（603010）、奥翔药业（603229）、本立科技 （301065）、联盛化学（301212）、浙江正特（001238）、天山 ...

Core Insights - Jack Technology Co., Ltd. successfully launched the "Fast Response King 2" intelligent sewing machine at a global event, showcasing advancements in China's garment intelligent manufacturing equipment sector [2] - The event attracted over 1,000 garment enterprises and 6 million global viewers, with more than 180,000 units of the new product ordered to date [2] - The Fast Response King 2 is a collaborative innovation involving over 200 experts from various fields and prestigious universities [2][3] Product Features - The Fast Response King 2 is equipped with the AMH2 fabric adaptive system, utilizing a dual-core AI chip and advanced algorithms to quickly identify complex fabric and stitch variations [3] - It features a powerful dual-engine that enhances its performance with rapid response and robust torque capabilities [3] - The machine set a world record for the longest uninterrupted stitching of 338 meters during a live demonstration [3] Strategic Partnerships - Jack Technology signed strategic cooperation agreements with multiple companies during the launch event, indicating a commitment to advancing the sewing and textile industry [3]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][9]. Core Insights - The company is focusing on humanoid robots and high-end AI sewing machines, aiming to create new growth opportunities in the intelligent sewing space [6]. - The sewing machinery industry is experiencing a recovery, with both domestic sales and exports showing steady growth, supported by demand from developed economies and emerging markets [5]. - The company's overseas business is transitioning towards high-end products, leading to an increase in gross margin, which is a key driver of growth [7]. Summary by Sections Market Performance - The sewing machinery industry saw a total domestic sales volume of 2.35 million units in 2024, a year-on-year increase of 27% [5]. - Export value reached 3.424 billion USD, reflecting an 18.39% year-on-year growth, indicating a recovery to 2022 levels [5]. Company Strategy - The company plans to launch a high-end AI intelligent sewing machine in the second half of 2025 and a humanoid robot for garment manufacturing in the second half of 2026 [6]. - The humanoid robot is expected to be a strategic product that integrates automation technology, providing solutions for customer scenarios [6]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 69.4 billion, 78.25 billion, and 87.32 billion CNY respectively, with corresponding EPS of 2.10, 2.56, and 2.99 CNY [9][11]. - The overseas gross margin improved by 3.88 percentage points to 37.27% in 2024, significantly higher than the domestic gross margin of 28.15% [7].