9月11日上午，全球科技盛会「2025 Inclusion·外滩大会」在上海黄浦世博园区开幕，汇聚全球金融、科 技与产业领袖共同聚焦"重塑创新增长"的主题。 捷顺科技及旗下智慧停车一体化服务平台捷停车受邀参会，亮相科技展览智慧出行展区，向公众展示了 与支付宝联合打造的「停车助手」车载全链路服务解决方案，重新定义AI时代的停车交互范式。 从车外到车内，手机到车机 停车缴费的场景革命 2025年支付宝「停车助手」能力正式向手机厂商、主机厂等合作伙伴全面开放，共同为车主用户提供场 景化、智能化的伴随式服务体验。 如主动推荐能力，基于车主历史行为与实时位置，推送停车实时信息及个性化停车套餐；再如跨端互 联，支持手机、车机等多终端多平台的同步提醒；又如商业化延伸，停车行为可以与目的地消费挂钩， 整合支付宝平台拥有的在车场周边消费和优惠信息，可实现"停车+购物"流量转化，等等。 本次在外滩大会"未来出行"展区现场，理想i8车型的智能座舱吸引了众多体验者。 车主进入驾驶座后，座舱内的支付宝车载助手将自动推送停车行程提醒，如有停车费用产生，还支持车 机直接刷脸缴费，车主离场无须打开车窗扫码缴费，通过车载助手的智慧应用实现全链 ...

Summary of Jieshun Technology Conference Call Company Overview - **Company**: Jieshun Technology - **Industry**: Smart Parking and New Energy Solutions Key Points Financial Performance - In the first half of 2025, Jieshun Technology reported revenue of 744 million yuan, a year-on-year increase of 21.44% [2] - Net profit attributable to shareholders exceeded 40 million yuan, a significant increase of 143.75% year-on-year, driven by rapid growth in innovative business segments [2] - Innovative business revenue reached 410 million yuan, growing 40% year-on-year, surpassing traditional smart hardware revenue [2][5] - Traditional smart hardware business generated 290 million yuan, with a modest growth of 4% [5] - New signed orders amounted to 1.4 billion yuan, a year-on-year increase of 46.3%, with innovative business orders growing by 1,206.5% [6] Business Segments - **Innovative Business**: - Cloud hosting services contributed significantly, with the number of managed charging lanes reaching 16,600, a 2.75 times increase since 2020 [8] - Software and cloud services revenue was 125 million yuan, up 26% year-on-year [8] - **Smart Parking Operations**: - The "Jie Parking" brand reached 130 million online car owner users, with revenue of 80 million yuan, a nearly 40% increase [2][10] - Online transaction volume approached 7 billion yuan, with various monetization strategies including transaction fees and product sales [10] - **Parking Asset Operations**: - Revenue from this segment was 207 million yuan, a 50% increase, with new signed orders of 677 million yuan [12] - The company operates through two models: rights sales and contracted management [11] Industry Position - Jieshun Technology is a leading player in the smart parking industry, being the only listed company that provides integrated smart hardware production, platform development, and operational services [3] - The company has established a significant platform scale with over 50,000 offline parking lots covered [4] Future Outlook - The company aims to maintain high growth in innovative business segments, with projections for net profit of 180 million yuan, 233 million yuan, and 304 million yuan from 2025 to 2027, reflecting growth rates of 472.9%, 29.6%, and 30.6% respectively [4][16] - The innovative business now accounts for 55% of total revenue, indicating a shift in revenue structure [7] New Energy Initiatives - Jieshun Technology has entered the new energy sector, with over 1,000 charging stations and more than 10,000 charging piles operational, accumulating transaction amounts exceeding 10 million yuan [13] AI and Data Services - The company is developing AI services for both C-end (car owners) and B-end (parking operators), collaborating with major tech firms like Huawei [14][15] Valuation and Investment Recommendation - The company's valuation is at the average level compared to peers in the smart transportation and new energy sectors, with potential for higher premium due to its leading position and innovative business strategies [17][18] Additional Insights - The company has effectively managed costs, with a 6% decrease in expense ratio year-on-year, and has maintained a gross margin around 40% despite slight declines [6]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 14.00 CNY [2][7]. Core Views - The company is focusing on the "Increase Revenue + N" model, with innovative business orders showing significant growth. The new signed orders reached 1.403 billion CNY in the first half of 2025, a year-on-year increase of 46.30%, with innovative business orders growing by 126.50% [7][8]. - The company is strategically shifting towards "AI + Parking Operations," leveraging AI technology to enhance various parking-related services, including transaction settlements and asset management [7][8]. - The report highlights the growth in smart parking projects and data services, with the online user base exceeding 140 million and transaction volume reaching 6.895 billion CNY in the first half of 2025 [7][8]. Financial Summary - Total revenue is projected to grow from 1,579 million CNY in 2024 to 2,733 million CNY in 2027, with year-on-year growth rates of -4.0%, 21.1%, 20.0%, and 19.2% respectively [3][8]. - The net profit attributable to the parent company is expected to increase from 31 million CNY in 2024 to 289 million CNY in 2027, with growth rates of -72.0%, 430.8%, 33.3%, and 30.2% respectively [3][8]. - Earnings per share (EPS) is forecasted to rise from 0.05 CNY in 2024 to 0.45 CNY in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 233 to 25 [3][8]. Business Performance - In the first half of 2025, the company achieved a revenue of 744 million CNY, a year-on-year increase of 21.44%, and a net profit of 41 million CNY, up 143.75% [7][8]. - The company’s cloud hosting business has shown strong growth, with revenue from software and cloud services reaching 125 million CNY, a 26.11% increase year-on-year [7][8]. - The parking asset management business has also seen rapid growth, with new signed orders totaling 677 million CNY in the first half of 2025, leading to a cumulative order backlog of 1.586 billion CNY [7][8].

Core Viewpoint - The report highlights that Jieshun Technology (002609) has shown significant growth in its innovative business, with a strong performance in its semi-annual report for 2025, leading to a "buy" rating from Minsheng Securities [1][2]. Financial Performance - The company achieved a revenue of 744 million yuan in the first half of 2025, representing a year-on-year increase of 21.44% [2]. - The net profit attributable to shareholders reached 41.48 million yuan, up 143.75% year-on-year, while the net profit after deducting non-recurring items was 39.54 million yuan, marking a 241.01% increase [2]. Business Growth Drivers - Significant order growth was noted, with new signed orders totaling 1.403 billion yuan, a 46.30% increase year-on-year, providing a solid foundation for sustained performance [2]. - The innovative business segment generated 411 million yuan in revenue, a 39.85% increase, accounting for 55.29% of total revenue, thus becoming the core growth engine [2]. - Traditional business showed signs of recovery, with smart hardware revenue reaching 291 million yuan, a 4.02% increase, indicating progress in the company's "de-real estate" strategy [2]. Parking Business Model - The parking operation business is structured into three levels: transaction settlement, parking space operation, and self-operated business, leveraging vast data and AI capabilities [3]. - The parking asset operation business generated 207 million yuan in revenue, a 49.86% increase, with the order backlog growing to 1.586 billion yuan [3]. AI Integration - The integration of AI into the parking business enhances value for both B-end and C-end customers, providing tailored parking solutions and operational insights [4]. - Collaborations with major partners like Huawei and Baidu have begun to generate commercial revenue from data services [4]. Investment Outlook - Jieshun Technology is positioned as a leader in the smart parking sector, with ongoing innovation and AI integration expected to drive high growth and significant future potential [4]. - Profit forecasts for 2025, 2026, and 2027 are projected at 208 million, 281 million, and 371 million yuan, respectively, with corresponding price-to-earnings ratios of 35X, 26X, and 20X [4].

Summary of Jieshun Technology Conference Call Company Overview - **Company**: Jieshun Technology - **Period**: First half of 2025 Key Financial Metrics - Total revenue increased by 30% year-on-year, reaching 7.44 billion CNY [2][3] - Net profit exceeded 40 million CNY, with a year-on-year growth of over 100% [2][3] - Gross margin improved to nearly 38% [2][3] - Operating cash flow grew by 16% year-on-year, amounting to 1.2 billion CNY [3] Business Segments Innovation Business - Innovation business revenue accounted for 55% of total revenue, growing nearly 40% [2][3] - New orders reached 1.4 billion CNY, a 46% increase year-on-year, with innovation business orders growing by 126% [2][3] - Cloud hosting SaaS service revenue grew by 26%, managing 16,600 lanes with a gross margin close to 70% [2][4] - Customer renewal rate for cloud services exceeded 90%, indicating strong market competitiveness [2][4] - Smart parking operation "Jie Parking" saw a 40% revenue increase, with over 140 million users and transaction volume nearing 7 billion CNY [2][5] Traditional Business - Traditional business revenue grew approximately 4% year-on-year, stabilizing despite real estate market challenges [2][6] - Over 90% of equipment sales came from existing projects, with new projects accounting for less than 10% [2][12] Strategic Focus - Future strategy focuses on two main areas: cloud hosting SaaS services and parking operations, including transaction settlement and asset management [2][7] - Emphasis on technology innovation and service upgrades to enhance sustainable growth and profitability [2][7] AI Applications - Significant advancements in AI applications, particularly in parking scenarios [2][10] - Launched two advisory systems: one for car owners and another for parking operators, enhancing operational efficiency [2][10] Market Dynamics - The traditional business's stability is attributed to a shift from new projects to existing market development, leveraging innovation to attract clients [2][11] - Despite fluctuations in gross margin, the overall trend is expected to stabilize and improve due to the high margins from innovation business [2][12] Future Projections - Anticipated addition of 3,000 to 5,000 lanes annually in the parking management business, with a current management of over 4,000 lanes in Shenzhen [2][18] - The shared parking model is expected to alleviate urban parking issues and enhance resource utilization [2][15][16] Additional Insights - The company has successfully implemented a cross-brand e-commerce model, integrating both Jieshun and non-Jieshun devices to expand market reach [2][15] - Revenue generation from platform services is projected to grow, with significant contributions from various urban projects [2][17]

Summary of Jieshun Technology Conference Call Industry and Company Overview - **Company**: Jieshun Technology - **Industry**: Smart Parking and AI Integration Key Points and Arguments 1. **AI Strategy**: Jieshun Technology focuses on "AI plus parking operations," launching two advisory services: a car owner parking advisor and a parking operation advisor, leveraging big data and AI models to optimize parking solutions [2][4] 2. **RWA Collaboration**: The company is actively exploring the RWA sector, collaborating with Ant Financial on the charging pile industry chain, which is still in the exploratory phase but has shown progress [2][6] 3. **Smart City Initiatives**: Jieshun has established smart parking platforms in 50-60 cities and launched a shared parking platform to optimize space utilization, while also venturing into destination charging services [2][7] 4. **Partnership with Huawei**: The collaboration with Huawei's HarmonyOS is progressing well, integrating Jieshun's parking application into HarmonyOS devices, enhancing functionalities like parking space search and payment [2][8] 5. **Rapid Growth in Shared Parking**: The shared parking platform is the fastest-growing segment, targeting a revenue of 200 million yuan this year, with plans to support 10,000 parking lots for staggered parking [2][9] 6. **Financial Performance**: In the first half of 2025, Jieshun's non-recurring profit grew nearly 200% year-on-year, with innovative business orders increasing over 100% and revenue growth between 30% to 40% [3] 7. **AI Applications**: The company is developing AI applications for both C-end and B-end users, aiming to enhance efficiency through cloud hosting and SaaS services, and has invested significantly in visual AI technology [4][13] 8. **Charging Business Growth**: The charging business saw over 60% growth in orders and revenue in the first half of 2025, integrating charging services with parking operations [2][12] 9. **De-emphasizing Real Estate**: Jieshun is shifting focus from real estate to upgrading existing projects, with over 90% of equipment sales coming from existing project updates [4][10] 10. **Ecosystem Collaborations**: The company collaborates with major ecosystems, including Tencent Maps and Alipay, with plans for international expansion starting in Hong Kong [2][11] Other Important Insights - **Cash Flow**: The company reported strong cash flow growth, expecting to exceed last year's figures [3] - **Innovative Business Models**: Jieshun is transitioning to a SaaS model to enhance revenue scalability and maintain stable growth [4][10]

Core Viewpoint - The company is expected to achieve a net profit attributable to shareholders of 35 million to 50 million yuan, representing a year-on-year growth of 105.68% to 193.82% [1] - The company has turned profitable in Q1 2025 for the first time since 2018, with a revenue of 305 million yuan, a year-on-year increase of 27.52% [1] Group 1: Financial Performance - The company's net profit after deducting non-recurring items is projected to be between 33.45 million and 48.45 million yuan, with a year-on-year growth of 188.49% to 317.86% [1] - In Q1 2025, the company achieved a net profit of 1.58 million yuan, marking a turnaround from losses [1] - The company anticipates that the growth rate of new business will exceed the overall growth rate of new signed orders due to the slow growth of traditional business [1] Group 2: Business Segments - Cloud hosting business is in a rapid growth phase, with a revenue of 157 million yuan in 2025, a year-on-year increase of 23.29% [2] - The smart parking operation business has seen significant progress, with online transaction volume reaching 13.3 billion yuan, a year-on-year growth of 13% [2] - The parking asset operation business achieved a revenue of 305 million yuan, reflecting a year-on-year growth of 38.67% [2] Group 3: Strategic Developments - The company has entered the HarmonyOS ecosystem, enhancing its smart parking capabilities through collaboration with Huawei [3] - The integration of smart parking services into Huawei's ecosystem allows users to easily find parking spaces and make payments [3] - The company is expected to see substantial revenue growth, with projections of 2.039 billion, 2.474 billion, and 3.166 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 195 million, 304 million, and 471 million yuan [3]

Core Insights - The digital upgrade of parking infrastructure is crucial for the high-quality development of China's automotive industry, which is transitioning towards electrification and intelligence [1] - Traditional parking management faces challenges such as low resource utilization and information silos, hindering the implementation of autonomous driving technology and user experience [1] Group 1: Company Overview - Jie Parking, leveraging its parent company Jie Shun Technology's advantages in smart hardware, is becoming an indispensable partner for automotive and vehicle manufacturers in the smart parking sector [1] - Jie Parking has expanded its services to cover 400 cities nationwide, with over 140 million registered users, accumulating valuable private data for training dedicated AI models [1] Group 2: Competitive Advantage - Jie Parking's core competitiveness lies in its dynamic parking data, user behavior tags, and operational decision-making models, differentiating it from general platforms [1] - The company is collaborating with major tech firms to enhance smart and efficient travel services, transitioning parking services from "available" to "intelligent enjoyment" [2] Group 3: Strategic Collaborations - Partnerships with companies like Huawei, Alipay, and Tencent are enhancing Jie Parking's service capabilities, integrating features such as real-time billing and facial recognition payments into various platforms [2] - The collaboration with Huawei aims to develop optimized automatic parking solutions, showcasing the potential of parking data in the evolving automotive landscape [2] Group 4: Industry Impact - The value of parking data is accelerating, with Jie Parking driving a transformation in parking operations and providing critical support for the last mile of autonomous driving [2] - Analysts suggest that Jie Parking is well-positioned to lead the smart parking industry, supported by its data accumulation and collaborative ecosystem amid ongoing policy support for digital upgrades in parking facilities [2]

Core Viewpoint - The company has successfully transformed from a traditional parking equipment provider to a smart parking operator, with innovative business orders accounting for 64% of total new orders in 2024, despite a slight decline in overall revenue and profit due to traditional hardware sales drop [2][6]. Group 1: Financial Performance - In Q1 2025, the company reported a main revenue of 305 million, a year-on-year increase of 27.52%, and a net profit of 1.58 million, up 110.96% [8]. - The company experienced a slight decline in revenue by 0.1% and a net profit drop of 0.4% in 2024, primarily due to the decrease in traditional hardware sales and reduced non-operating income [2][6]. - R&D investment reached 5.4 billion in 2024, a 38% increase year-on-year, accounting for 77% of revenue [2]. Group 2: Business Transformation and Innovation - The company has shifted focus to innovative business areas, achieving new contract amounts of 7.9 billion in 2024, a 44% increase year-on-year, with growth in software, cloud services, and smart parking operations [3][6]. - The company aims to enhance its market presence by developing an open platform for parking operations, targeting a broader range of parking lots and users [3]. - The company is actively integrating AI technology into its services, providing real-time parking recommendations and operational insights for both car owners and parking lot operators [7]. Group 3: Market Strategy and Future Outlook - The company plans to expand its new energy business, focusing on destination charging, commercial energy storage, and energy-saving lighting solutions, which are expected to yield around 60% energy savings for users [5]. - The company is committed to attracting and nurturing talent in technology and operations to strengthen its competitive edge in the smart parking sector [6]. - The company anticipates maintaining high growth rates in its innovative business over the next three years, supported by a broad market space and ongoing optimization of its business strategies [2][6].

Group 1: Company Performance - In 2024, the company's innovative business new signed orders accounted for 53.64% of total new signed orders, indicating a successful transition from a traditional parking equipment provider to a smart parking operator [2][7] - The total new signed orders for innovative businesses reached 1.279 billion yuan, representing a year-on-year growth of 44.1% [2][7] - The company's operating revenue decreased by 4.01%, and net profit dropped by 72.04% due to several factors, including a decline in traditional hardware sales and reduced non-operating income [3][4] Group 2: Innovation and R&D - R&D investment in 2024 amounted to 154 million yuan, a year-on-year increase of 5.38%, accounting for 9.77% of operating revenue [3][4] - The company focuses its R&D on AI analysis technology, fee evasion recognition, and smart management platforms, enhancing the intelligence of the parking industry [3][4] - The innovative business is expected to maintain high growth rates over the next three years, driven by expanding market opportunities [2][7] Group 3: Market Strategy and Future Plans - The company is shifting from new project demands to existing market opportunities, having largely completed its de-real estate strategy [4][6] - Future growth in innovative business will be driven by a focus on "AI + parking operations," aiming to create an open industry platform [4][6] - The company plans to expand its renewable energy business, targeting existing parking customers with services like destination charging and energy-saving solutions [6][7] Group 4: Challenges and Responses - The traditional smart hardware business saw an 18% decline in revenue in 2024, prompting the company to adapt its strategy to focus on existing market needs [4][6] - The company is actively recruiting and training talent in technology and operations to enhance its competitive edge in the smart parking sector [8][9] - AI technology is being integrated into the parking business to improve customer experience and operational efficiency [8][9]