答：公司前三季度累计实现营业收入77,492.44万元，同比增长34.21%；归属于母公司股东的净利润 12,125.70万元，同比增长175.35%；扣除非经常性损益的净利润11,585.37万元， 同比增长199.57% 。 其 中，第三季度单季营业收入32,130.63万元，同比增长47.40%；归属于母公司股东的净利润为5,411.50万 元，同比大幅增长227.15%，单季收入与利润均创历史新高。 泉果基金Q2 、请简要介绍公司营业收入同比增长较快的原因答：报告期内，公司营业收入实现增长， 主要系锡膏印刷设备验收金额同比增加所致。 近年，下游电子制造行业中电子装联设备需求主要受到以下因素影响: 根据披露的机构调研信息2025年11月13日至2025年11月17日，泉果基金对上市公司凯格精机进行了调 研。 基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为237.87亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果旭源三年持有期混合A （016709），近一年收益录得37.57%。 截至2025年11月17日，泉果基金近1年回报前9非货币基金 ...

南财智讯11月18日电，凯格精机在投资者关系活动中表示，公司锡膏印刷设备、点胶设备及柔性自动化 设备广泛应用于电子装联环节，客户涵盖富士康、立讯精密、华为、比亚迪、京东方、海康威视等行业 龙头企业，积累了优质客户资源并形成品牌优势。公司拥有全球注册商标"GKG"，产品销往五十多个 国家和地区，并通过新加坡子公司GKGASIA在马来西亚、越南、印度、墨西哥等电子产业集中区域设 立海外服务网点，强化本地技术支持能力。 ...

| 3、请问公司产品主要应用在哪些行业中？公司产品处于行 | | --- | | 业什么地位，技术壁垒如何？ | | 答：公司主要从事自动化精密装备的研发、生产、销售及技 | | 术支持服务，主要产品为锡膏印刷设备、点胶设备、封装设 | | 备和柔性自动化设备。其中，锡膏印刷设备、点胶设备及柔 | | 性自动化设备应用于电子工业制造领域的电子装联环节。电 | | 子装联下游以电子产品制造商为主，一般用到PCB、FPC和电 | | 子元器件的地方均会涉及到电子装联。 | | 公司是国家级高新技术企业，荣获国家制造业单项冠军企业 | | 、专精特新"小巨人"企业，公司的锡膏印刷设备技术能力 | | 已达到或超越国际顶尖厂商水平，固晶设备在芯片小型化趋 | | 势上设备效率及稳定性的具有竞争优势，点胶设备通过技术 | | 的积累及产品的迭代升级，产品竞争力不断提升。 | | 4、公司主要的客户优势是什么？ | | 答：锡膏印刷设备属于SMT及COB产线的关键核心设备,对 | | 产品的良率有重大影响，因此具有一定的客户粘性。公司产 | | 品性能已达到或超越国际顶尖厂商水平，获得了包括富士康 | | 、立讯精密、华 ...

11月12日，广东东莞市凯格精机（301338）股份有限公司（下文简称"凯格精机"）发布"关于收到高级管理人员被采取强制措施的公 告"称，公司收到总经理邓迪的通知，因涉嫌危险驾驶，邓迪可能判处管制、拘役或者独立适用附加刑，根据《中华人民共和国刑事诉 讼法》，东莞市公安局决定对其取保候审，邓迪目前可正常履职。 凯格精机表示，公司及邓迪就此事带来的不良影响，向广大投资者致以诚挚的歉意。目前，公司生产经营情况正常，各项工作有序开 展。 早前，凯格精机收到广东证监局下发的相关决定，公司存在违规行为，被证监会责令改正，并出具警示函。根据公告，凯格精机IPO募 资违规用于发放工资，共涉及金额合计约3214万元，该公司被监管追责，董事长等4人被警示。 凯格精机成立于2005年，是一家专注于高端精密自动化装备的研发、生产、销售及工艺方案的提供商。该公司产品主要涵盖表面贴装技 术（SMT）及系统级封装（SIP）两大领域，产品包含锡膏印刷设备、点胶设备、封装设备和柔性自动化设备，广泛应用于消费电子、 网络通信、高端显示、照明应用、新能源、航天军工以及半导体等多个行业。公司于2022年8月在深交所创业板上市。 业绩方面，凯格精机今 ...

11月12日，东莞市凯格精机股份有限公司 （凯格精机 ）发布公告称，公司收到总经理邓迪的通知， 因涉嫌危险驾驶， 邓迪可能判处管制、拘役或者独立 适用附加刑，根据《中华人民共和国刑事诉讼法》，东莞市公安局决定对其取保候审，邓迪目前可正常履职。 凯格精机表示，公司及邓迪就此事带来的不良影响，向广大投资者致以诚挚的歉意。目前，公司生产经营情况正常，各项工作有序开展。 邓迪。图源：凯格精机 值得一提的是，今年10月，凯格精机还因违规使用IPO募集资金收到监管措施决定书。早前，凯格精机收到广东证监局下发的相关决定，公司存在违规行 为，被证监会责令改正，并出具警示函。根据公告，凯格精机IPO募资违规用于发放工资，共涉及金额合计约3214万元，该公司被监管追责，董事长等4 人被警示。 凯格精机成立于2005年，是一家专注于高端精密自动化装备的研发、生产、销售及工艺方案的提供商。该公司产品主要涵盖表面贴装技术（SMT）及系 统级封装（SIP）两大领域，产品包含锡膏印刷设备、点胶设备、封装设备和柔性自动化设备，广泛应用于消费电子、网络通信、高端显示、照明应用、 新能源、航天军工以及半导体等多个行业。公司于2022年8月在深交 ...

Group 1 - The core point of the news is that Keg Precision Machinery has experienced a continuous decline in stock price, dropping 0.15% to 67.89 CNY per share, with a total market capitalization of 7.223 billion CNY and a cumulative decline of 9.9% over the last five days [1] - Keg Precision Machinery, established on May 8, 2005, specializes in the research, production, sales, and technical support of automated precision equipment, with its main revenue sources being solder paste printing equipment (64.37%), dispensing equipment (13.34%), packaging equipment (13.05%), flexible automation equipment (5.40%), and others (3.85%) [1] - The company has a trading volume of 208 million CNY and a turnover rate of 5.20% as of the report date [1] Group 2 - Longxin Fund's Longxin Jinli Trend Mixed A (519994) has entered the top ten circulating shareholders of Keg Precision Machinery, holding 300,000 shares, which is 0.51% of the circulating shares, with an estimated floating loss of about 30,000 CNY today and a total floating loss of 2.238 million CNY during the five-day decline [2] - Longxin Jinli Trend Mixed A has a total scale of 4.03 billion CNY and has achieved a return of 33.74% this year, ranking 2290 out of 8150 in its category [2] - The fund manager, Gao Yuan, has been in position for 8 years and 309 days, with the best fund return during his tenure being 216.38% and the worst being 16.68% [2]

Group 1 - The core point of the news is that Keg Precision Machinery experienced a decline of 5.02% in its stock price, reaching 71.56 CNY per share, with a trading volume of 254 million CNY and a turnover rate of 5.80%, resulting in a total market capitalization of 7.614 billion CNY [1] - Keg Precision Machinery, established on May 8, 2005, and listed on August 16, 2022, is located in Dongguan, Guangdong Province. The company specializes in the research, production, sales, and technical support services of automated precision equipment [1] - The main revenue composition of Keg Precision Machinery includes: solder paste printing equipment (64.37%), dispensing equipment (13.34%), packaging equipment (13.05%), flexible automation equipment (5.40%), and others (3.85%) [1] Group 2 - Among the top ten circulating shareholders of Keg Precision Machinery, a fund under China Europe Fund ranks first. The China Europe Prosperity Selected Mixed A Fund (020876) entered the top ten in the third quarter, holding 1.2493 million shares, accounting for 2.11% of the circulating shares [2] - The China Europe Prosperity Selected Mixed A Fund (020876) was established on April 23, 2024, with a latest scale of 1.052 billion CNY. It has achieved a return of 52.9% this year, ranking 1012 out of 8154 in its category; over the past year, it has returned 58.85%, ranking 657 out of 8046; and since its inception, it has returned 70.66% [2]

Core Viewpoint - 凯格精机 is a leading manufacturer of solder paste printing equipment with a strong technological foundation and advantages across the entire industry chain, focusing on automation precision equipment development, production, sales, and technical support services [1] Financial Performance - In Q3 2025, 凯格精机 reported revenue of 775 million yuan, ranking 37th among 89 companies in the industry, with the industry leader, 科达制造, generating 12.605 billion yuan [2] - The company's net profit for the same period was 123 million yuan, ranking 20th in the industry, while the top two competitors reported net profits of 1.832 billion yuan and 1.789 billion yuan respectively [2] - The main business revenue breakdown includes solder paste printing equipment at 292 million yuan (64.37%), dispensing equipment at 60.5 million yuan (13.34%), packaging equipment at 59.2 million yuan (13.05%), and flexible automation equipment at 24.5 million yuan (5.40%) [2] Financial Ratios - As of Q3 2025, 凯格精机's debt-to-asset ratio was 41.22%, an increase from 35.83% year-on-year, but still below the industry average of 42.80% [3] - The gross profit margin for the same period was 42.04%, up from 32.38% year-on-year, exceeding the industry average of 28.52% [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.28% to 10,900, with an average holding of 5,414.68 shares, a decrease of 4.10% [5] - New significant shareholders include 中欧景气精选混合A and 长信金利趋势混合A, holding 1.2493 million shares and 300,000 shares respectively [5] Management Compensation - The chairman, 邱国良, received a salary of 1.1658 million yuan in 2024, an increase of 159,000 yuan from 2023 [4] - The general manager, 邓迪, received a salary of 1.0503 million yuan in 2024, an increase of 51,400 yuan from 2023 [4] Future Outlook - 国泰海通证券 maintains an "add" rating for 凯格精机, raising the EPS forecast for 2025-2026 to 1.50/1.88 yuan and setting a target price of 82.5 yuan [5] - 甬兴证券 also initiates coverage with an "add" rating, projecting net profits of 138 million yuan, 185 million yuan, and 224 million yuan for 2025-2027 [6] - The company is expected to benefit from the rapid development of AI and the recovery of the 3C industry, with a focus on expanding its product lineup in advanced packaging [5][6]

Core Viewpoint - The article raises concerns about potential fundraising misconduct by Kaige Precision Machinery during its IPO, highlighting the slow progress of core projects and the complete utilization of raised funds, which may indicate a "money-grabbing" suspicion [1][2]. Group 1: Fundraising and Project Progress - Kaige Precision Machinery's IPO raised a total of 880.27 million yuan, with a net amount of 819.97 million yuan after deducting issuance costs, exceeding the original plan by 307.09 million yuan [1]. - The main fundraising project, the Precision Intelligent Manufacturing Equipment Production Base Construction Project, has only progressed to 5.92% as of the end of the first half of 2025 [1][2]. - The company has completely utilized its supplementary funds, raising questions about the efficiency and allocation of the raised capital [1]. Group 2: Violations of Fund Usage - The company has been found to have violated fundraising regulations by exceeding planned salary payments for personnel in the R&D and Testing Center Project, totaling 17.88 million yuan [3]. - Additionally, the company improperly allocated 204,000 yuan from the raised funds to pay temporary and intern staff unrelated to the Precision Intelligent Manufacturing Equipment Production Base Construction Project [3]. - The violations included failure to follow pre-approval procedures and disclosure obligations, indicating a lack of adherence to proper fundraising protocols [3]. Group 3: Role of Underwriters - Guosen Securities, the underwriting firm, did not report the violations until September 2025, despite the company experiencing a significant decline in net profit attributable to shareholders, down 67.53% year-on-year due to intensified industry competition [3]. - The regulatory framework for fundraising has been strengthened, emphasizing the responsibility of intermediary institutions to ensure compliance with fundraising regulations [4].

Core Viewpoint - Keg Precision Machinery's IPO fundraising has raised concerns about potential misuse of funds, as the company's core projects are progressing slowly while all raised funds have been utilized. The recent reduction in holdings by the actual controller shortly after the lifting of the lock-up period raises further questions about the company's intentions [1][2]. Group 1: Fundraising and Project Progress - Keg Precision Machinery raised a total of 880.27 million yuan, with a net amount of 819.97 million yuan after deducting issuance costs, exceeding the original plan by 307.09 million yuan [2]. - The main fundraising projects, particularly the precision intelligent manufacturing equipment production base construction project, have seen minimal progress, with only 5.92% completion reported by mid-2025 [2][3]. - All supplementary working capital raised has been fully utilized, raising concerns about the company's financial management [2]. Group 2: Misuse of Funds - The company has been found to have violated regulations by exceeding planned salary payments for the "Research and Testing Center Project" by 26.91 million yuan, without following required approval procedures [6][7]. - Additionally, the company improperly allocated 522.53 million yuan in salaries for temporary and intern staff to the "Precision Intelligent Manufacturing Equipment Production Base Construction Project," which were unrelated to the project [7][10]. Group 3: Regulatory Oversight - Guosen Securities, the sponsoring institution, failed to identify and address these violations during its ongoing supervision until just before regulatory penalties were imposed [1][9]. - The recent regulatory changes emphasize the responsibility of intermediary institutions to ensure compliance and report any irregularities in the use of raised funds [10].