华鑫证券研报指出，捷邦科技预计2025年全年归母净利润亏损4000-5500万元，扣非归母净利润预计亏 损4500-6000万元。受消费电子行业竞争加剧及客户降价压力影响，公司部分精密功能件及结构件产品 单价有所下降，导致相关业务毛利下滑；同时公司持续加强产业布局，拓展新业务及新产品，期间费用 投入明显增加，叠加2025年上半年实施限制性股票与期权激励计划确认约2,039万元股权激励费用，同 比增加约1,320万元，对当期利润形成阶段性压力。然而随着散热等新业务投入加速，公司未来成长值 得期待。考虑到公司均热板业务进入放量期，液冷模组导入北美大客户中，盈利具备向上潜能，给 予"买入"投资评级。 ...

Core Viewpoint - The company, Jieban Technology, has shown significant growth in revenue and is heavily reliant on major clients like Foxconn and Apple, with a notable increase in stock price and trading volume recently [1][2][3]. Company Overview - Jieban Technology, established on June 28, 2007, is located in Dongguan, Guangdong Province, and specializes in customized precision components and structural parts [7]. - The company's main business revenue composition includes precision manufacturing products (92.70%), new materials (5.79%), and others (1.51%) [7]. - As of September 30, 2025, Jieban Technology had 7,464 shareholders, an increase of 12.82%, with an average of 3,646 circulating shares per shareholder, a decrease of 10.24% [7]. Financial Performance - For the period from January to September 2025, Jieban Technology achieved a revenue of 962 million yuan, representing a year-on-year growth of 62.04% [7]. - The net profit attributable to the parent company was -12.58 million yuan, a significant decrease of 1,762.51% year-on-year [7]. - The company has distributed a total of 43.24 million yuan in dividends since its A-share listing [8]. Client Dependency - The company's primary clients include Foxconn, Quanta Computer, Compal Electronics, and BYD, with sales to Foxconn accounting for 35.58%, 36.85%, and 39.52% of revenue in recent years [2]. - A significant portion of the company's products is used in Apple's laptops and tablets, with sales to Apple products making up 85.22%, 77.95%, and 81.27% of revenue [2]. Market Trends - The company benefits from the depreciation of the RMB, with overseas revenue accounting for 67.79% of total revenue as of the 2024 annual report [3]. - The stock price increased by 6.58% recently, with a trading volume of 464 million yuan and a turnover rate of 13.66%, leading to a total market capitalization of 9.439 billion yuan [1]. Institutional Holdings - As of September 30, 2025, several new institutional investors have entered the top ten shareholders, including various funds from the Fortune group [9].

Investment Rating - The report maintains a "Buy" investment rating for the company [4][8] Core Insights - The company is experiencing short-term pressure on performance due to intensified competition in the consumer electronics sector and price reductions from clients, leading to a decline in gross margins for certain precision components [4] - Despite the current challenges, the company is accelerating investments in new businesses, particularly in the cooling solutions sector, which is expected to drive future growth [5] - The acquisition of Sainogao has strengthened the company's position in the cooling business, with significant production capacity and new client engagements in North America [5] - The introduction of high surface area carbon black products for lithium battery applications is anticipated to contribute additional revenue, as these products have already secured production approvals from major clients [6] Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 12.7 billion, 23.1 billion, and 36.6 billion yuan respectively, with corresponding EPS of -0.57, 2.62, and 4.67 yuan [8][10] - The company is expected to achieve a significant revenue growth rate of 60.5% in 2025 and 81.2% in 2026, with a net profit margin turning positive by 2026 [10]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is expected to face short-term pressure on performance due to intensified competition in the consumer electronics sector and pricing pressures from clients, leading to a decline in gross margins for certain precision components and structural parts [2] - Despite the current challenges, the company is accelerating investments in new businesses and products, particularly in the cooling solutions segment, which is anticipated to drive future growth [2][3] - The acquisition of Sainogao has strengthened the company's position in the cooling business, with significant production capacity and established relationships with major North American clients, indicating promising future developments [3] - The introduction of high surface area carbon black products for lithium battery applications is expected to contribute incremental revenue, as these products have already secured mass production approvals from notable clients [4] Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 12.7 billion, 23.1 billion, and 36.6 billion respectively, with corresponding EPS of -0.57, 2.62, and 4.67 [9] - The company is expected to experience significant revenue growth rates of 60.5% in 2025 and 81.2% in 2026, with a projected net profit margin turning positive by 2026 [11]

Summary of Conference Call Notes Industry Overview - The focus is on the AI industry, particularly the token consumption related to AI models and applications, which is deemed essential for the entire AI ecosystem's sustainability [1][2]. Key Points 1. **Token Consumption as a Lifeline**: - AI large model companies and related application firms are currently unable to achieve positive operating cash flow. OpenAI is projected to reach positive cash flow around 2030. Thus, both AI model and application layers rely on fundraising cash flow to subsidize investment and operating cash flows. This dependency on external capital is expected to continue for over three years [1][2]. 2. **Token as a Deflationary Asset**: - Since the launch of ChatGPT by OpenAI in 2022, the cost of tokens has decreased by 99%. The rapid increase in token usage is crucial to offset the deflation in token prices, thereby maintaining high revenue growth, which is essential for attracting continuous external investment in AI [1][2]. 3. **Historical Context of Investment Cycles**: - Drawing parallels with the dot-com bubble, the early 2000s saw internet usage and bandwidth consumption still growing despite the bubble's burst. The collapse was not due to a significant valuation drop but rather a loss of investor confidence, leading to the failure of companies unable to achieve positive cash flow. The Dow Jones Internet Index experienced a maximum decline of over 95% [2]. 4. **Recent Token Consumption Data**: - In the past week, token consumption reached 7.5 trillion, a slight decrease of 2% week-over-week but a significant increase of 987% year-over-year. Google remains dominant with consumption rising from 1.67 trillion to 1.92 trillion, capturing over 25% market share. Anthropic holds the second position, while x-ai has surged to third place with a consumption of 996 billion, surpassing OpenAI [2][3]. 5. **Emerging Players**: - Xiaomi entered the top ranks with a consumption of 587 billion, while MistralAI also made it into the top ten. Other companies like DeepSeek, Tongyi Qianwen, and Z-AI maintained stable rankings [3]. Investment Recommendations - The team continues to recommend investments in the following sectors based on anticipated growth in token consumption and the performance of the AIDC industry chain: - **Energy Supply Chain**: Companies such as Jerry Holdings, Yingliu Co., Wanzhe Co., Liande Co., Boying Special Welding, Longda Co., and Changbao Co. [3]. - **Liquid Cooling Industry**: Companies including Invec, Hongsheng Co., World Co., Jieban Technology, Hanzhong Precision, and Ice Wheel Environment [3].

格隆汇1月27日丨捷邦科技(301326.SZ)公布，1、捷邦精密科技股份有限公司股东广州君成投资发展有 限公司（以下简称"君成投资"）、安义致远新程股权投资合伙企业（有限合伙）（曾用名：共青城捷邦 投资合伙企业(有限合伙)，以下简称"致远新程"）和公司副董事长、副总经理林琼珊女士具有一致行动 关系，合计持有公司股份4,639,175股（占公司总股本比例6.38%，占剔除回购股份后的公司总股本比例 6.43%），计划自本次减持公告披露之日起15个交易日后的三个月内（即2026年2月26日至2026年5月25 日）通过集中竞价、大宗交易方式减持公司股份合计不超过1,080,000股（占公司总股本比例不超过 1.49%，占剔除回购股份后的公司总股本比例不超过1.50%），其中君成投资计划通过集中竞价、大宗 交易方式减持公司股份不超过634,500股（占公司总股本比例不超过0.87%，占剔除回购股份后的公司总 股本比例不超过0.88%）；致远新程计划通过集中竞价、大宗交易方式减持公司股份不超过436,500股 （占公司总股本比例不超过0.60%，占剔除回购股份后的公司总股本比例不超过0.61%）；公司副董事 长、副 ...

Core Viewpoint - The company announced a share reduction plan involving major shareholders and executives, indicating a potential shift in ownership dynamics and investor sentiment [1][2]. Group 1: Shareholder Actions - Major shareholders, including Guangzhou Jun Cheng Investment and An Yi Zhi Yuan New Journey, plan to reduce their holdings by a total of up to 1.08 million shares, representing no more than 1.49% of the total share capital [2]. - The reduction period is set from February 26, 2026, to May 25, 2026, with the method of reduction being through centralized bidding and block trading [2]. Group 2: Individual Executive Plans - Vice Chairman and Deputy General Manager Lin Qiongshan plans to reduce her holdings by up to 9,000 shares, which is approximately 0.01% of the total share capital [2]. - Secretary of the Board and Deputy General Manager Li Tonglong intends to reduce his holdings by up to 8,200 shares, also around 0.01% of the total share capital [3]. - Financial Director Pan Xin plans to reduce her holdings by up to 83,400 shares, which is about 0.11% of the total share capital [3]. - Deputy General Manager Feng Mingzhen plans to reduce her holdings by up to 10,000 shares, approximately 0.01% of the total share capital [4]. - Deputy General Manager Hu Zongwei plans to reduce his holdings by up to 4,000 shares, which is about 0.01% of the total share capital [4].

证券代码：301326 证券简称：捷邦科技 公告编号：2026-007 捷邦精密科技股份有限公司 关于合计持股 5%以上股东及部分高级管理人员 减持股份的预披露公告 公司合计持股 5%以上股东广州君成投资发展有限公司及其一致行动人安义 致远新程股权投资合伙企业（有限合伙）和公司副董事长、副总经理林琼珊女士， 公司董事会秘书、副总经理李统龙先生，公司财务总监潘昕女士，公司副总经理 冯明珍女士，公司副总经理胡宗维先生保证向本公司提供的信息内容真实、准确 和完整，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公告内容与信息披露义务人提供的信息一致。 特别提示： 1、捷邦精密科技股份有限公司（以下简称"公司"）股东广州君成投资发 展有限公司（以下简称"君成投资"）、安义致远新程股权投资合伙企业（有限 合伙）（曾用名：共青城捷邦投资合伙企业(有限合伙)，以下简称"致远新程"） 和公司副董事长、副总经理林琼珊女士具有一致行动关系，合计持有公司股份 4,639,175 股（占公司总股本比例 6.38%，占剔除回购股份后的公司总股本比例 6.43%），计划自本次减持公告披露之日起 15 个交易日后的三个月内 ...

起点研究院 SPIR统计，2025 年 中国锂电池碳纳米管导电浆料出货超23 万吨，同比增长34.2 %，增长原因主要 为 全球电动车渗透率进一步 提升，特别是 高镍三元、磷酸锰铁锂和硅基负极 等新一代电池材料对导电剂的性能要求更高；锂电池碳纳米管 导电剂国产化率不断提升，逐 步替代海外企业产品，进一步释放国内碳纳米管导电剂产能与需求， 实现 规模化量产，推动产品成本持续下探，提升性价比竞争力。 起点研究院SPIR统计2025 年 出货量 TOP10企业分别为： 天奈科技、三顺纳米、曲靖飞墨、道氏技术、集越纳米、无锡东恒、金百纳、格瑞 芬、纳米港和捷邦科技。 起点研究院 SPIR 简介： 起点研究院 SPIR 是一家专注于新能源及新材料产业链的研究机构和产业智库，总部位于深圳， SPIR 研究团队在新能源产业领域有超过 15 年的深厚研究经验、数据报告和前沿成果积累，主要研究覆盖领域： 锂电池、钠电池、固态电池、储能材料及设备、电动车、充换电、新能源 材料和新能源设备等 ，服务过三星、 LG 、奔驰、松下、宁德时代（ CATL ）、 ATL 、巴斯夫、亿纬锂能、海辰储能等全球领先的新能源企 业。 公司主要产品 ...

Core Viewpoint - The company, Jiebang Technology (301326.SZ), expects a loss of 40 million to 55 million yuan in 2025, with a non-recurring loss projected between 45 million to 60 million yuan, primarily due to increased competition in the consumer electronics industry and rising costs associated with new business expansions [1]. Group 1: Financial Performance - The company's net profit attributable to shareholders is expected to decline year-on-year due to intensified competition and pricing pressures in the consumer electronics sector, leading to a decrease in sales gross margin for certain precision components and structural parts [1]. - The company anticipates an increase in costs and expenses related to strengthening its industrial layout and expanding into new businesses and products during the reporting period [1]. Group 2: Cost and Impairment - In the first half of 2025, the company plans to grant part of the restricted stock and stock option incentive plan for 2024, resulting in an estimated cost of approximately 20.39 million yuan, which is an increase of about 13.2 million yuan compared to the same period last year [1]. - The company is conducting impairment tests on assets showing signs of impairment for 2025, with the final impairment provision amount to be determined after audit by a qualified securities and futures auditing firm [1].