核心观点： 铝型材挤压模具及挤压配套设备领先企业。公司主要从事铝型材挤压模具及配件、铝型材挤压配套设 备、精密机械零部件等产品的研发、设计、生产和销售。经过20 余年的行业深耕，公司已成为国内铝 型材挤压模具及挤压配套设备行业内的领先企业。 技术能力强，深受大客户认可。公司凭借可靠的产品质量和高品质的售后服务，成为国内少数能够为客 户提供一站式配套服务的企业之一；公司已与国内铝型材制造行业的知名企业如华建铝业、栋梁铝业、 鑫铂股份、豪美新材、敏实集团、旭升集团、兴发铝业，以及国外知名铝型材制造企业如WISPECO 建 立了长期、稳定的合作关系；在精密机械零部件方面，主要客户包括中车公司、布兰肯集团、滨海通 达、庞巴迪集团、Traktionssysteme Austria GmbH 等（参考公司招股说明书）。 应用领域广泛，可拓展性强。在铝型材挤压模具方面，公司产品覆盖了从直径50mm 的微通道模具至 1,200mm 的大规格模具，产品品类丰富，在散热方面具备应用潜力；铝型材挤压配套设备，公司产品 覆盖冷床、加热炉、牵引机、淬火系统等在内的挤压配套设备；在精密机械零部件方面，公司产品包括 不同规格型号及用途的轴 ...

5月14日，江顺科技（001400）(股票代码：001400)通过全景路演平台成功举办2025年第一季度业绩说 明会。公司董事长、总经理张理罡，董事、财务总监、董事会秘书陈锦红，独立董事刘云等高管出席活 动，就公司经营情况、业务布局及发展战略与投资者进行深入交流。 2025年第一季度，江顺科技业绩稳健增长，现金流状况大幅改善。公司实现营业收入2.74亿元，与上年 同期基本持平；归属于上市公司股东的净利润达3349.58万元，同比增长5.97%；经营活动产生的现金流 量净额为2644.51万元，同比大幅增长273.2%，充分展示了公司良好的盈利质量与资金管理能力。 此外，公司新建项目正有序推进，预计2025年下半年将陆续投产，这将进一步巩固公司在行业中的地 位。在市值管理方面，公司通过提升经营效益、加强投资者沟通等多重举措，促进产业资本与金融资本 的融合，以维护股东利益。 作为国内铝型材挤压配套产品领域的领先企业，江顺科技将持续深耕主业，并积极拓展精密机械零部件 业务，为客户提供定制化、一站式解决方案。未来，随着新产能的释放及下游应用领域的拓展，公司业 绩有望实现持续稳健增长。 在客户资源方面，江顺科技拥有优质 ...

Group 1 - Several private companies, including Zhongjie Automotive and Jiangshun Technology, successfully listed on the A-share market, raising over 45 billion yuan through various financing methods by April 27 [1] - The multi-level capital market in China is actively supporting the development of private enterprises, creating a vibrant and innovative environment for growth [3] - Approximately two-thirds of listed companies on the A-share market are private enterprises, with a significant presence in the ChiNext, Sci-Tech Innovation Board, and Beijing Stock Exchange [4] Group 2 - The private sector is showing resilience and vitality, with a number of leading companies reaching a market value of over 100 billion yuan, contributing to national economic growth and technological innovation [4] - The strategic emerging industries are favored by capital, with private enterprises in information technology and high-end equipment manufacturing accounting for 58% of the total financing [4] - The merger and acquisition market is becoming more active, with over 80 ongoing M&A cases in A-shares, of which more than 60% involve private enterprises [6] Group 3 - The bond market is expanding with various financing tools being introduced to support private enterprises, including the issuance of fixed-income products totaling 35.37 billion yuan in Shenzhen [7] - The Shanghai Stock Exchange has supported over 220 billion yuan in bond and asset-backed securities financing for more than 100 private enterprises in the past year [7] - The People's Bank of China and other regulatory bodies are expected to innovate and expand the issuance of private technology bonds [8] Group 4 - Regulatory bodies are focusing on enhancing the capital market to support technological innovation and the growth of private enterprises, with measures to improve market inclusivity and transparency [9] - In the first quarter of this year, private investment in China increased by 0.4%, with significant growth in manufacturing and infrastructure sectors [9] - Experts suggest further improvements in the multi-level capital market system to facilitate the listing of high-quality private enterprises and optimize the M&A process [10]

Core Viewpoint - Jiangshun Technology (001400.SZ) has officially disclosed its prospectus for an initial public offering (IPO), aiming to issue 15 million shares at a price of 37.36 yuan per share, with expected fundraising of 560 million yuan to expand production of precision aluminum extrusion molds, build production lines for aluminum extrusion equipment, and supplement working capital [2] Group 1: Company Overview - Jiangshun Technology is a leading enterprise in the field of aluminum extrusion molds and supporting equipment in China, with over 20 years of industry experience and significant advantages in technology research and product innovation [3] - The company has established itself as a one-stop service provider for aluminum extrusion molds and equipment, having drafted the first industry standard for aluminum extrusion molds in the non-ferrous metal sector [3] - As of the end of 2024, Jiangshun Technology and its subsidiaries hold a total of 277 patents, including 61 invention patents, showcasing its leading technical strength in the domestic market [3] Group 2: Market Demand and Growth - The demand for aluminum profiles is continuously growing due to the rapid development of emerging industries such as new energy vehicles, photovoltaics, and rail transit, which require higher precision, stability, and intelligence in extrusion molds and equipment [3] - Jiangshun Technology has successfully broken the monopoly of foreign companies in the high-end market, promoting the process of domestic substitution [3] - The domestic extrusion mold market is estimated to reach approximately 6.251 billion yuan in 2023, with Jiangshun Technology holding a market share of 5.87%, positioning it among the industry leaders [4] Group 3: Financial Performance - Jiangshun Technology's core business includes aluminum extrusion molds and accessories, extrusion supporting equipment, and precision mechanical components, with molds and extrusion equipment contributing the majority of revenue [4] - From 2022 to 2024, the company's operating income is projected to grow from 892 million yuan to 1.136 billion yuan, with a compound annual growth rate of 12.85%, while net profit attributable to shareholders is expected to increase from 139 million yuan to 155 million yuan, indicating robust profitability [4] Group 4: Strategic Partnerships and Market Position - Jiangshun Technology has established long-term stable partnerships with major aluminum profile manufacturers both domestically and internationally, including leading companies in the industry [5][6] - The company is positioned to accelerate the trend of import substitution in the high-end aluminum extrusion mold and equipment market, which has been historically dominated by European and American companies [6] Group 5: Future Outlook - The company aims to enhance its production capacity and technical level through the IPO fundraising projects, which focus on expanding precision aluminum mold production and building aluminum extrusion equipment production lines [7] - Jiangshun Technology's goal is to become a global leader in the manufacturing of aluminum extrusion molds and supporting equipment, driven by technological innovation and strict management practices [7] - The IPO represents a significant milestone in Jiangshun Technology's development and reflects the acceleration of domestic substitution in China's high-end equipment manufacturing industry [7]