Core Viewpoint - On November 17, 2023, Jiachi Technology's stock increased by 1.20%, with a trading volume of 84.34 million yuan, indicating positive market sentiment despite a net financing outflow [1] Financing Summary - On November 17, Jiachi Technology had a financing buy-in amount of 3.30 million yuan and a financing repayment of 5.77 million yuan, resulting in a net financing outflow of 2.47 million yuan [1] - As of November 17, the total financing and securities lending balance for Jiachi Technology was 131 million yuan, which represents 5.24% of its market capitalization [1] - There were no shares sold or repaid in the securities lending segment on November 17, with a remaining balance of 0.00 yuan [1] Company Overview - Chengdu Jiachi Electronic Technology Co., Ltd. was established on July 18, 2008, and is located in the Chengdu Modern Industrial Port [2] - The company focuses on the EMMS industry, emphasizing independent innovation and breaking foreign technology monopolies, with products including stealth functional coating materials and electromagnetic compatibility materials [2] - The revenue composition for Jiachi Technology includes 71.46% from electromagnetic functional structural components, 25.71% from electromagnetic functional coating materials, 2.58% from electromagnetic compatibility materials, and 0.24% from technical services [2] Financial Performance - For the period from January to September 2025, Jiachi Technology reported a revenue of 619 million yuan, reflecting a year-on-year growth of 5.21%, while the net profit attributable to shareholders decreased by 22.39% to 249 million yuan [2] Shareholder Information - As of September 30, 2025, Jiachi Technology had 5,446 shareholders, a decrease of 40.76% from the previous period, with an average of 7,052 circulating shares per shareholder, an increase of 68.80% [2] - The top ten circulating shareholders include several new institutional investors, with the largest being Southern Military Industry Reform Flexible Allocation Mixed A, holding 2.17 million shares [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][10]. Core Insights - The company has shown significant growth in its performance, particularly in the third quarter, with a notable increase in revenue from stealth function structural components [6][7]. - The company is focusing on three main business areas: new stealth function structural components, next-generation electromagnetic anechoic chambers, and stealth maintenance products, with substantial R&D investment [6][10]. - The company’s revenue for the first three quarters of 2025 reached 619 million yuan, a year-on-year increase of 5.21%, while the net profit attributable to the parent company was 249 million yuan, a decrease of 22.39% [5][6]. Financial Performance Summary - In Q3 2025, the company achieved a revenue of 341 million yuan, representing a year-on-year increase of 54.53% and a quarter-on-quarter increase of 59.82% [7]. - The net profit attributable to the parent company for Q3 2025 was 135 million yuan, up 24.38% year-on-year and 52.90% quarter-on-quarter [7]. - The company’s gross profit margin for Q3 2025 was 70.16%, showing a decline compared to the previous year [7][9]. Revenue and Profit Forecast - The company is projected to achieve revenues of 1.028 billion yuan, 1.434 billion yuan, and 1.789 billion yuan for the years 2025, 2026, and 2027, respectively [10][12]. - The net profit attributable to the parent company is expected to be 491 million yuan in 2025, increasing to 739 million yuan in 2026 and 955 million yuan in 2027 [10][12].

Core Insights - On October 27, Jiachi Technology's stock rose by 2.46%, with a trading volume of 115 million yuan [1] - The company experienced a net financing outflow of 20.91 million yuan on the same day, with a total financing balance of 91.79 million yuan, accounting for 3.15% of its market capitalization [1][2] Company Overview - Chengdu Jiachi Electronic Technology Co., Ltd. was established on July 18, 2008, and is located in the Chengdu Modern Industrial Port [2] - The company focuses on the EMMS industry, emphasizing independent innovation and breaking foreign technology monopolies, covering stealth functional coating materials, stealth functional structural components, and electromagnetic compatibility materials [2] - The revenue composition includes 71.46% from electromagnetic functional structural components, 25.71% from electromagnetic functional coating materials, 2.58% from electromagnetic compatibility materials, and 0.24% from technical services [2] Financial Performance - For the period from January to September 2025, Jiachi Technology reported a revenue of 619 million yuan, representing a year-on-year growth of 5.21%, while the net profit attributable to shareholders decreased by 22.39% to 249 million yuan [2] - Cumulative cash dividends since the A-share listing amount to 160 million yuan [3] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 40.76% to 5,446, while the average circulating shares per person increased by 68.80% to 7,052 shares [2] - New institutional shareholders include Southern Military Industry Reform Flexible Allocation Mixed A, which is the largest shareholder with 2.1658 million shares, and several other funds that have entered the top ten circulating shareholders list [3]

Core Viewpoint - Jiach Technology's stock increased by 2.77% on October 15, with a trading volume of 75.09 million yuan, indicating a positive market response despite a net financing outflow of 457,700 yuan on the same day [1]. Financing and Trading Data - On October 15, Jiach Technology had a financing buy amount of 4.61 million yuan and a financing repayment of 5.06 million yuan, resulting in a net financing buy of -457,700 yuan [1]. - As of October 15, the total balance of margin trading for Jiach Technology was 146 million yuan, which accounts for 5.38% of its circulating market value [1]. - There were no shares sold or repaid in the securities lending market on the same day, with a total securities lending balance of 0 yuan [1]. Company Overview - Jiach Technology, established on July 18, 2008, is located in Chengdu, Sichuan Province, and is set to be listed on December 5, 2024 [1]. - The company focuses on the EMMS industry, emphasizing independent innovation and breaking foreign technology monopolies, with products including stealth functional coating materials and electromagnetic compatibility materials [1]. - The revenue composition of Jiach Technology includes 71.46% from electromagnetic functional structural components, 25.71% from electromagnetic functional coating materials, 2.58% from electromagnetic compatibility materials, 0.24% from technical services, and 0.02% from other sources [1]. Financial Performance - For the first half of 2025, Jiach Technology reported a revenue of 279 million yuan, a year-on-year decrease of 24.33%, and a net profit attributable to shareholders of 113 million yuan, down 46.47% year-on-year [2]. Shareholder Information - As of June 30, 2025, Jiach Technology had 9,193 shareholders, a decrease of 29.96% from the previous period, with an average of 4,178 circulating shares per person, an increase of 53.56% [2]. - The top ten circulating shareholders include new entrants such as the Fu Guo Balanced Preferred Mixed Fund and the Jia Shi Competitive Advantage Preferred Mixed Fund, indicating a shift in institutional holdings [3].

Core Viewpoint - Jiachi Technology's stock experienced a slight increase of 0.24% on September 26, with a trading volume of 61.73 million yuan, indicating a stable market interest in the company [1]. Financing Summary - On September 26, Jiachi Technology had a financing purchase amount of 11.45 million yuan, with a net financing purchase of 2.85 million yuan after repayments [1][2]. - The current financing balance stands at 129 million yuan, accounting for 4.81% of the circulating market value [2]. Company Overview - Chengdu Jiachi Electronic Technology Co., Ltd. was established on July 18, 2008, and is located in the Chengdu Modern Industrial Port [2]. - The company focuses on the EMMS industry, emphasizing independent innovation and breaking foreign technology monopolies, with products including stealth functional coating materials and electromagnetic compatibility materials [2]. Revenue and Profitability - For the first half of 2025, Jiachi Technology reported a revenue of 279 million yuan, a year-on-year decrease of 24.33%, and a net profit of 113 million yuan, down 46.47% compared to the previous year [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 29.96% to 9,193, while the average circulating shares per person increased by 53.56% to 4,178 shares [3]. - The company has distributed a total of 160 million yuan in dividends since its A-share listing [4]. Institutional Holdings - As of June 30, 2025, the top circulating shareholders include new entrants such as Fu Guo Balanced Preferred Mixed Fund and Jia Shi Competitive Advantage Preferred Mixed Fund, indicating a shift in institutional interest [4].

Group 1 - The core viewpoint of the news is that Jiach Technology has experienced a decline in stock performance and financial metrics, indicating potential challenges ahead for the company [1][2]. - On September 10, Jiach Technology's stock fell by 1.19%, with a trading volume of 51.67 million yuan. The net financing buy was -5.49 million yuan, with a total financing and securities balance of 119 million yuan [1]. - As of June 30, the number of shareholders decreased by 29.96% to 9,193, while the average circulating shares per person increased by 53.56% to 4,178 shares [2]. Group 2 - For the first half of 2025, Jiach Technology reported a revenue of 279 million yuan, a year-on-year decrease of 24.33%, and a net profit attributable to shareholders of 113 million yuan, down 46.47% year-on-year [2]. - The company has distributed a total of 160 million yuan in dividends since its A-share listing [3]. - The top ten circulating shareholders as of June 30, 2025, include several new institutional investors, with the largest being the Fu Guo Balanced Preferred Mixed Fund, holding 1.0679 million shares [3].

Core Viewpoint - Jiach Technology's stock performance shows a slight increase, but financing data indicates a net outflow, suggesting potential investor caution [1][2]. Financing Summary - On September 4, Jiach Technology's stock rose by 1.03% with a trading volume of 195 million yuan - The financing buy-in amount was 11.40 million yuan, while the financing repayment was 15.72 million yuan, resulting in a net financing outflow of 4.32 million yuan - As of September 4, the total financing and securities lending balance was 130 million yuan, with the current financing balance accounting for 4.53% of the circulating market value [1]. Business Performance Summary - As of June 30, the number of shareholders for Jiach Technology was 9,193, a decrease of 29.96% from the previous period - The average circulating shares per person increased by 53.56% to 4,178 shares - For the first half of 2025, Jiach Technology reported revenue of 279 million yuan, a year-on-year decrease of 24.33%, and a net profit attributable to shareholders of 113 million yuan, down 46.47% year-on-year [2]. Dividend and Shareholding Summary - Jiach Technology has distributed a total of 160 million yuan in dividends since its A-share listing - As of June 30, 2025, the top ten circulating shareholders included several new entrants, with the largest being the Fortune Balanced Preferred Mixed Fund, holding 1.0679 million shares - Other notable new shareholders include the Harvest Competitive Advantage Preferred Mixed Fund and the Fortune Growth Navigation Mixed Fund, holding 1.0574 million and 1.0436 million shares respectively [3].

Group 1 - The core viewpoint of the news is that Jiachi Technology's stock has experienced a decline of 5.02%, with a current price of 75.70 yuan per share and a total market capitalization of 30.281 billion yuan [1] - Jiachi Technology, established on July 18, 2008, focuses on the EMMS industry, emphasizing independent innovation and breaking foreign technology monopolies. The company offers products including stealth functional coating materials (61.66% of revenue), stealth functional structural components (35.81%), electromagnetic compatibility materials (1.51%), technical services (0.98%), and others (0.04%) [1] - The company is located in Chengdu, Sichuan Province, and is set to be listed on December 5, 2024 [1] Group 2 - From the perspective of fund holdings, one fund under Guotai Fund has a significant position in Jiachi Technology, with the Guotai Jinfu three-month regular open mixed fund (010446) holding 780 shares, accounting for 0.04% of the fund's net value [2] - The Guotai Jinfu fund has a current scale of 118 million yuan and has achieved a return of 13.64% this year, ranking 846 out of 8247 in its category [2] - The fund has a one-year return of 25.46%, ranking 760 out of 7907, but has experienced a loss of 18.1% since its inception on January 7, 2021 [2]

Core Viewpoint - Jiach Technology experienced a 4.67% decline in stock price on September 2, with a trading volume of 180 million yuan, indicating potential market volatility and investor sentiment concerns [1] Financing Summary - On September 2, Jiach Technology had a financing buy amount of 11.6982 million yuan, with a net financing buy of 687,300 yuan after repaying 11.0109 million yuan [1][2] - The current financing balance stands at 133 million yuan, accounting for 4.34% of the circulating market value [2] Company Overview - Jiach Technology, established on July 18, 2008, is located in Chengdu, Sichuan Province, and focuses on the EMMS industry, emphasizing independent innovation and breaking foreign technology monopolies [2] - The company's main business revenue composition includes stealth coating materials (61.66%), stealth structural components (35.81%), electromagnetic compatibility materials (1.51%), technical services (0.98%), and others (0.04%) [2] Financial Performance - For the first half of 2025, Jiach Technology reported a revenue of 279 million yuan, a year-on-year decrease of 24.33%, and a net profit attributable to shareholders of 113 million yuan, down 46.47% year-on-year [3] Shareholder and Dividend Information - Since its A-share listing, Jiach Technology has distributed a total of 160 million yuan in dividends [4] - As of June 30, 2025, the number of shareholders decreased by 29.96% to 9,193, while the average circulating shares per person increased by 53.56% to 4,178 shares [3]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but anticipates growth in the second half due to a strong order backlog and increased production capacity [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 279 million yuan, a year-on-year decrease of 24.33%, and a net profit of 113 million yuan, down 46.47% [1][2]. - The second quarter of 2025 saw a recovery in product delivery, with revenue reaching 213 million yuan, showing a quarter-on-quarter increase of 225.98% [3]. - The sales revenue from stealth structural components grew significantly, reaching 199 million yuan, accounting for 71.46% of total sales [3]. Research and Development - The company increased R&D investment, with H1 2025 R&D expenses amounting to 71 million yuan, an increase of 88.78% year-on-year, representing 25.47% of H1 revenue [2][4]. - Key R&D projects include new stealth structural components and next-generation electromagnetic measurement and control technologies [2]. Profitability - The gross profit margin for H1 2025 was 73.80%, a decrease of 4.49 percentage points, while the net profit margin was 40.63%, down 16.80 percentage points [4]. - The company's expense ratios included a period expense ratio of 36.92%, with R&D expenses constituting 25.47% of revenue [4]. Incentives and Growth Strategy - The company announced a stock incentive plan to grant 1.48375 million restricted shares, aimed at attracting and retaining talent, which is crucial for future performance [5]. - The company is advancing its fundraising projects, including the construction of a manufacturing base for electromagnetic functional materials, with a total planned investment of 618 million yuan [6]. Future Outlook - The company is transitioning into a comprehensive development phase, with projected net profits of 622 million yuan, 823 million yuan, and 1.059 billion yuan for 2025-2027, corresponding to EPS of 1.56, 2.06, and 2.65 yuan [6].