Core Viewpoint - Jinfeng Technology, established in 2004 and listed in 2010, is a leading manufacturer in the optoelectronic display film and electronic functional devices sector in China, with a comprehensive industry chain layout and differentiated advantages [1] Group 1: Business Performance - In Q3 2025, Jinfeng Technology achieved a revenue of 1.594 billion yuan, ranking 6th among 20 companies in the industry, with the industry leader, Sian Intelligent, generating 10.439 billion yuan [2] - The main business composition includes liquid crystal display modules and complete machines at 308 million yuan (31.67% of revenue) and lithium battery components at 245 million yuan (25.16% of revenue) [2] - The net profit for the same period was -192 million yuan, placing the company 19th in the industry, while the industry leader reported a net profit of 1.161 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Jinfeng Technology's debt-to-asset ratio was 78.16%, an increase from 64.64% in the previous year, exceeding the industry average of 57.48% [3] - The gross profit margin for the same period was 6.31%, down from 12.45% year-on-year, and below the industry average of 25.79% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 33.46% to 40,100, while the average number of circulating A-shares held per account decreased by 25.09% to 32,300 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the sixth largest, holding 13.175 million shares as a new shareholder [5] Group 4: Executive Compensation - The chairman and general manager, Gu Qing, saw a reduction in salary from 1.3246 million yuan in 2023 to 775,000 yuan in 2024, a decrease of 549,600 yuan [4]

Group 1 - The company, Jinfu Technology, has approved an investment agreement for the construction of the "JF New Materials Phase I Eastern Production Base" project in Shanghai's Carbon Valley Green Bay Industrial Park [1][2] - The total investment for the project is 1.014 billion yuan, with the land area approximately 70 acres, currently vacant [2] - The project aims to achieve an annual output value of no less than 800,000 yuan per acre starting from the project's peak year in 2030, with tax payments to be made to the local tax authority [3] Group 2 - Jinfu Technology is focusing on transforming its main business towards the consumer electronics and new energy sectors, particularly in high-performance materials [4] - The investment agreement is part of the company's strategic development plan to expand production capacity and accelerate its transition into the new materials field [4]

Financial Performance - In 2024, the company achieved operating revenue of 1.8 billion yuan, a year-on-year increase of 3.13% compared to 1.74 billion yuan in 2023 [1] - The net loss attributable to shareholders was 267.17 million yuan, a decrease of 19.27% from a loss of 224.01 million yuan in 2023 [1] - The net cash flow from operating activities was -323.72 million yuan, representing a decline of 78.48% compared to -181.38 million yuan in 2023 [1] Business Segments - The company executed a "consumer electronics + new energy" dual-drive strategy, with consumer electronics revenue stabilizing and increasing by 70.32% to 466 million yuan [2] - New energy business revenue accounted for 30% of total revenue, growing by 25.73%, with lithium battery components making up 27.99% of this segment [2] Production and R&D - The subsidiary Jiangsu Jiashe's new production lines for PC displays and modules commenced operations in April 2024, with a monthly capacity of 50,000 units for displays and 80,000 units for modules [2] - The company invested 75.62 million yuan in R&D in 2024, representing 4.21% of operating revenue, and holds a total of 422 patents [2] Future Outlook - The company aims to transform into a new materials-focused listed company over the next 3 to 5 years, emphasizing high-performance materials in thermal management, high-end bonding, and electrochemical applications [5] - The ongoing dual-drive strategy is expected to enhance production efficiency and market share through resource integration, process innovation, and cost reduction [5]