Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported strong resilience in Q2 performance, with AI and sewing intelligence opening up growth opportunities [2] - The company achieved revenue of 3.373 billion yuan in H1 2025, a year-on-year increase of 4%, with Q2 revenue at 1.580 billion yuan, down 2% year-on-year [3] - The domestic sales were weak, with a year-on-year decline of approximately 30-35% in the sewing equipment market, while the company’s domestic revenue decreased by 11%, outperforming the industry benchmark [3] - The overseas market saw a 20% increase in industrial sewing machine exports, with the company’s overseas revenue rising by 23% year-on-year [3] - The gross profit margin is on a rapid upward trend, with a sales gross margin of 34.07% in H1 2025, up 2.26 percentage points year-on-year [4] - The company is focusing on high-end AI sewing machines and humanoid robots, with plans to launch its high-end AI sewing machine in the second half of 2025 [5] - Revenue forecasts for 2025-2027 have been adjusted to 6.709 billion, 7.659 billion, and 9.041 billion yuan, respectively, with net profit forecasts adjusted to 972 million, 1.142 billion, and 1.392 billion yuan [6]

证券代码：603337 证券简称：杰克股份 公告编号：2025-056 杰克科技股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 变更后的股票证券简称：杰克科技， 股票证券代码"603337"保持不变 ? 证券简称变更日期：2025 年 9 月 10 日 杰克科技股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开第六届 董事会第二十三次会议，审议通过了《关于拟变更证券简称的议案》，同意将公司 证券简称由"杰克股份"变更为"杰克科技"，公司证券代码"603337"保持不变。 具体详见公司于 2025 年 8 月 28 日在上海证券交易所网站（www.sse.com.cn）披 露的《关于拟变更证券简称的公告》（公告编号：2025-053）。 二、 公司证券简称变更的原因 近年来，公司坚定不移地推进数字化、智能化转型，已从单一的缝制设备制 造商成功转型为一家集 PDM、APS、MES、WMS、人工智能融合一体的智能制造软件 系统，以及服装面辅料智能仓储、智能裁剪、AI 排产吊挂、智 ...

杰克股份公告，公司将于2025年9月10日变更证券简称，由"杰克股份"变更为"杰克科技"，股票证券代 码"603337"保持不变。此次变更旨在更好地反映公司发展战略和业务布局，公司已从单一的缝制设备制 造商转型为智能制造软件系统和服务商，推出智能化高端产品，如计划在2025年下半年发布的高端AI 缝纫机。 ...

Group 1 - The core viewpoint of the report is that Jack Shares (603337.SH) is rated as a "buy" due to its significant achievements in innovation-driven strategies and leading industry transformation with core products [1] - The company is accelerating its global layout and enhancing local operations to increase its international market share [1] - There are notable advancements in the integration of AI, humanoid robots, and the apparel industry, with expectations to launch a high-end AI sewing machine in the second half of 2025 and humanoid robot products in the second half of 2026, which could open new growth opportunities [1] - The company's profitability is expected to reach new highs due to product structure optimization and regional structural changes, with profit margins projected to continue increasing year-on-year by the second quarter of 2025 [1]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company has demonstrated steady revenue growth, with a revenue of 3.373 billion yuan in H1 2025, up 4.27% year-on-year, and a net profit of 477 million yuan, up 14.57% year-on-year [1]. - The company achieved a record high gross margin in Q2, reaching 35.52%, driven by an increase in sales of high-margin products [7]. - The company is expected to continue its growth trajectory, with projected revenues of 6.788 billion yuan in 2025, 7.322 billion yuan in 2026, and 8.399 billion yuan in 2027, reflecting year-on-year growth rates of 11%, 8%, and 15% respectively [2][7]. Financial Performance - In Q2 2025, the company reported a revenue of 1.58 billion yuan, a decrease of 1.61% year-on-year and 11.86% quarter-on-quarter, while the net profit was 232 million yuan, an increase of 1.28% year-on-year [1]. - The company’s gross margin for H1 2025 was 34.07%, an increase of 2.25 percentage points year-on-year, with a net margin of 14.44%, up 1.47 percentage points year-on-year [7]. - The company’s operating profit is projected to grow significantly, with estimates of 1.041 billion yuan in 2025, 1.170 billion yuan in 2026, and 1.379 billion yuan in 2027, reflecting growth rates of 15%, 12%, and 18% respectively [2][14]. Market Position and Strategy - The company has successfully entered multiple major clients with its high-end AI sewing machines, which are expected to be launched in the market in the second half of 2025, supporting future revenue growth [7]. - The company has made advancements in core technologies, including intelligent fabric handling and autonomous processing centers, which are expected to enhance its competitive position in the market [7]. Valuation Metrics - The company’s projected PE ratios are 25x for 2025, 22x for 2026, and 19x for 2027, indicating a favorable valuation outlook as earnings grow [7][14].

Core Viewpoint - The company reported its 2025 semi-annual results, showing stable revenue growth despite challenges from international trade protectionism and geopolitical conflicts, with a focus on strategic transformation and product innovation [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.373 billion yuan, a year-on-year increase of 4.27%, and a net profit attributable to shareholders of 477 million yuan, up 14.57% [1]. - In Q2 2025, the company recorded operating revenue of 1.580 billion yuan, a year-on-year decrease of 1.61%, while net profit was 232 million yuan, an increase of 1.28% [1][2]. - The gross profit margin for the first half of 2025 was 34.07%, up 2.26 percentage points year-on-year, and the net profit margin was 14.44%, an increase of 1.48 percentage points [2]. Operational Efficiency - The company's inventory turnover days decreased to 59.74 days, down 1.16 days year-on-year, and accounts receivable turnover days decreased to 53.48 days, down 2.75 days [3]. - The net cash flow from operating activities was 532 million yuan, a year-on-year decrease of 16.31% due to high base effects from previous years [3]. Research and Development - R&D expenses for the first half of 2025 were 257 million yuan, a year-on-year increase of 22.94%, with an R&D expense ratio of 7.62%, up 1.16 percentage points [3]. - The company applied for a total of 334 patents in the first half of 2025, with 148 patents granted, maintaining a leading position in patent applications in the industry for 12 consecutive years [3]. Industry Overview - The sewing machinery industry showed overall stability in production, with external demand increasing while internal demand faced challenges, particularly due to U.S. tariff policies [4]. - In the first half of 2025, China's sewing machinery product exports reached 1.999 billion USD, a year-on-year increase of 24.31%, marking a historical high for the same period [4]. - Domestic sales of sewing equipment saw a decline of approximately 30-35% due to various adverse factors [4]. Company Positioning - The company is a leading player in the global sewing equipment industry, with a strong marketing network covering over 170 countries and regions [5]. - In the first half of 2025, the company's intelligent industrial sewing machines generated revenue of 2.930 billion yuan, a year-on-year increase of 4.57% [6]. - The company is focusing on integrating AI and robotics into the garment industry, achieving significant breakthroughs in high-end AI sewing machines and automation technologies [6].

Group 1 - In July, profits of medium and small enterprises in the industrial sector improved, with medium-sized enterprises' profits growing by 1.8% and small enterprises' profits growing by 0.5%, reversing declines of 7.8% and 9.7% in June respectively [2] - Private enterprises saw a profit increase of 2.6% in July, outperforming the average profit growth of all large-scale industrial enterprises by 4.1 percentage points [2] - High-tech manufacturing profits experienced rapid growth in July, indicating a significant leading role in the industrial sector [2] Group 2 - The Ministry of Commerce announced upcoming policies to promote service exports and expand service consumption [2] - The Ministry of Industry and Information Technology issued guidelines to optimize business access and promote the development of the satellite communication industry, aiming for over 10 million satellite communication users by 2030 [2] - Jilin Province will implement a tax refund policy for overseas travelers starting September 1, 2025 [2] Group 3 - The Jiangsu Provincial Government and the Ministry of Commerce released a plan to support the biopharmaceutical industry, emphasizing financial support for innovative enterprises through various financing methods [3] - The plan encourages the establishment of investment funds for the biopharmaceutical sector and supports the issuance of real estate investment trusts (REITs) for qualifying projects [3] - Shanghai's government issued opinions to accelerate the renovation of urban villages, prioritizing areas with urgent community needs and safety concerns [3] Group 4 - Meituan reported a revenue of 91.8 billion yuan for the second quarter, reflecting a year-on-year growth of 11.7% [5] - Cambridge Technology's major shareholder reduced their stake by 1.8 million shares through block trading [5] - Jack Shares plans to change its stock name to "Jack Technology" and is expected to release a high-end AI sewing machine in the second half of the year [5] - Debang Lighting intends to acquire at least 51% of Jiali Shares, which is expected to constitute a major asset restructuring [5] - Honghe Technology reported a net profit of 87.3751 million yuan for the first half of the year, marking a year-on-year increase of 10,587.74% [5] - Wens Foodstuff Group achieved a net profit of 3.475 billion yuan in the first half of the year, a year-on-year increase of 159.12% [5] - Five Grains Liquid reported a net profit of 19.492 billion yuan for the first half of the year, reflecting a year-on-year growth of 2.28% [5]

人民财讯8月27日电，杰克股份（603337）8月27日晚间公告，公司业务范畴早已超越传统的"制造"概 念，深度融入了工业互联网、人工智能等前沿科技领域。为全面、准确地配合公司战略发展布局，公司 拟将证券简称由"杰克股份"变更为"杰克科技"，公司证券代码"603337"保持不变。另外，公司预计2025 年下半年发布高端AI缝纫机。 ...

一周解一惑系列： 具身智能的落地性-以杰克股份与纺织服装场景为例 2025 年 07 月 29 日 ➢ 本周关注：巨星科技、浙江鼎力、杰克股份、欧圣电气 ➢ 无人纺织服装行业存在可行性： 1）传统纺织业面临劳动力资源不足与人工 成本高昂的双重难题。成本压力上，2023 年中国纺织业成本结构中，直接人工 占比超过 5％，居各种成本的第二位。根据中国棉纺织行业协会调研了解，企业 不断提高工资仍无法招到可持续工作的年轻工人，缺工问题已影响到企业正常运 营；00 后求职者中，仅 0.7%愿考虑纺织岗位，年轻劳动力断层现象明显。2） 传统纺织业的流程工序主要分为裁剪、缝制、后整理，其中缝制工人占比约 90%。 缝纫工序中，平缝以直线缝制为主，动作轨迹规则，无需复杂三维操作，适合机 器人编程实现，目前平缝机器人（如杰克 "快反王"）已能自动调整针距、线张 力，提供了案例支撑。3）杰克为代表的公司已经开始在无人纺织服装布局。2024 年，高端 AI 缝纫机原型样机成功落地，"杰克 1 号"人形机器人、无人模板机 等"机器人+AI 人工智能+缝制机械"多技术融合的智能高端产品初具雏杰克股 份顺应 AI 人工智能及人形机器人技 ...

Investment Rating - The report maintains a "Buy" rating for the company, considering its overseas expansion prospects and active layout in the robotics sector [5]. Core Viewpoints - The company reported a revenue of 1.793 billion RMB in Q1 2025, representing a year-on-year growth of 10.06%. The net profit attributable to shareholders was 246 million RMB, up 30.76% year-on-year, while the net profit excluding non-recurring items reached 226 million RMB, growing by 37.35% year-on-year [2]. - The significant increase in gross margin to 32.79% in Q1 2025, up 2.73 percentage points year-on-year, and a net profit margin of 14.01%, up 2.15 percentage points year-on-year, indicates a notable improvement in profitability [3]. - The company is actively developing AI applications in garment manufacturing, with successful prototypes of high-end AI sewing machines and humanoid robots, positioning itself advantageously in the industry [4]. Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 1.793 billion RMB, a 10.06% increase year-on-year. The net profit attributable to shareholders was 246 million RMB, reflecting a 30.76% increase, while the net profit excluding non-recurring items was 226 million RMB, up 37.35% year-on-year [2]. Operational Analysis - The gross margin improved to 32.79%, a rise of 2.73 percentage points year-on-year, and the net profit margin reached 14.01%, an increase of 2.15 percentage points year-on-year. This improvement in profitability is attributed to product structure optimization and increased overseas market presence, with export gross margins at 37.27%, up 3.88 percentage points year-on-year [3]. Robotics Business Outlook - The company is focusing on the integration of AI and robotics in garment manufacturing, with successful prototypes of high-end AI sewing machines and humanoid robots. This strategic move is expected to enhance product value and address industry challenges, thereby improving operational efficiency for clients [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 964 million RMB, 1.139 billion RMB, and 1.343 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 16X, 13X, and 11X [5].