Jiaokong Technology Co., Ltd. (688015)

Individual Stock Analysis Report　|　Industry: Rail Transit Signaling Systems　|　Report Date: September 13, 2026　|　As of the close on September 11, 2026 (Friday); September 11, 2026 was the most recent trading day

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

Jiaokong Technology reported operating revenue of RMB 956 million in the first half of 2026, up 0.37% year on year, and net profit attributable to shareholders of RMB 54.0731 million, up 6.16% year on year. Revenue was broadly flat while profit grew moderately; however, net cash flow from operating activities was negative RMB 156 million during the same period and remained a net outflow. The company’s current share price is RMB 16.18, corresponding to a static PE of approximately 19x and PB of approximately 1.15–1.18x. Valuation is relatively low, but any subsequent valuation recovery will still depend on improvements in order delivery, gross margin and accounts receivable collection.

The company’s core competitiveness comes from its proprietary CBTC technology, FAO, I-CBTC and PB-TACS products, as well as its capabilities in system integration, engineering delivery, existing-line upgrading and maintenance. In 2025, signaling-system turnkey revenue was RMB 2.011 billion, accounting for approximately 79.58% of revenue from principal operations, with a gross margin of 36.30%. Urban rail transit upgrading revenue increased 780.06% year on year, while maintenance revenue increased 18.26%, indicating that business growth is extending from new-line construction toward existing-line upgrading and full-lifecycle services. However, low-altitude business revenue remains small.

In 2025, the company generated revenue of RMB 2.530 billion, up 15.76% year on year, and net profit attributable to shareholders of RMB 156 million, up 87.18% year on year. The increase was mainly attributable to the concentrated delivery of projects with relatively high gross margins, maintenance services, low-altitude business and growth in miscellaneous sales. Gross margin was approximately 38.79% in the first half of 2026, while R&D spending accounted for 12.19% of revenue. However, profit growth slowed significantly from 2025, and performance growth was concentrated mainly in the second quarter, with sustainability requiring further observation.

Technically, the share price rebounded from RMB 15.41 on August 19 to RMB 16.98 on September 8 before retreating for several consecutive sessions. It closed at RMB 16.18 on September 11, below the MA5 and MA10 and slightly below the MA20 and the Bollinger middle band. RSI6 was approximately 29, indicating conditions for a technical rebound. However, the latest complete MACD data are unavailable and trading value has contracted for consecutive sessions, so the stock remains in a weak consolidation phase following the rebound in the short term.

2. Company Overview

2.1 Basic Information

2.2 Principal Businesses and Product Portfolio

• Signaling-system turnkey business: revenue of RMB 2.011 billion in 2025, accounting for approximately 79.58% of revenue from principal operations, with a gross margin of 36.30%;
• Miscellaneous sales: revenue of RMB 278 million in 2025, with a gross margin of 31.49%;
• Maintenance services: revenue of RMB 225 million in 2025, with a gross margin of 33.58%;
• Low-altitude business: revenue of RMB 12.4890 million in 2025, with a gross margin of 53.06%; revenue remains small;
• Core products include basic CBTC systems, I-CBTC systems, FAO systems and PB-TACS systems, with extensions into urban rail cloud platforms, intelligent operations and maintenance, and intelligent sensing for rail transit;
• In 2025, FAO-system revenue was RMB 916 million, making it the largest product by revenue within the company’s current signaling-system turnkey business; I-CBTC-system revenue was RMB 365 million, with a gross margin of 41.58%; basic CBTC-system revenue was RMB 77.2560 million, while PB-TACS-system revenue was RMB 94.8687 million;
• In 2025, urban rail transit upgrading revenue was RMB 549 million, up 780.06% year on year; maintenance revenue increased 18.26% year on year, while low-altitude business revenue increased 1,351.52%.

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

Jiaokong Technology operates in the relatively high-value-added midstream segment of the rail transit industry chain, encompassing signaling-system R&D, system integration and full-lifecycle services. The company is neither an upstream resource-based enterprise nor a pure low-end equipment manufacturer. Its business value primarily derives from proprietary core technologies, system integration and engineering delivery capabilities, project experience, product mix and maintenance capabilities.

• The company’s upstream suppliers mainly include electronic components, integrated circuits, circuit boards, communications equipment, signaling cabinets, onboard equipment, wayside equipment, computer-based interlocking systems, automatic train supervision, automatic train protection and other signaling subsystems, as well as electrical wiring, engineering installation, construction commissioning services, outsourced software and hardware, and system integration services.
• The company develops certain core equipment in-house, procures certain subsystems from subcontractors, and then performs overall integration and customized development. Suppliers with relatively old outstanding payables at the end of 2025 included Beijing Jiaoda Weilian, Shenzhen K एanda, China Railway Signal & Communication Shanghai Engineering Bureau, Beijing Jiaoda Sino, Tianjin Kaifa Electric, Beijing Huatie Information, CASCO and others.
• The company disclosed that it has established supplier admission, price comparison, cooperation and performance evaluation mechanisms, and that ordinary procurement processes generally involve a degree of competition. However, core subsystems with high safety requirements, industry certifications and project-specific supporting requirements are relatively difficult to replace.
• The company’s bargaining power over ordinary electronic components may be average, making it difficult to fully pass upstream cost increases through to customers. Its bargaining position with certain specialized signaling-subsystem suppliers is also not entirely strong. In-house development of core subsystems and procurement from multiple suppliers help reduce dependence on any single supplier.
• The research notes did not disclose a specific supplier concentration ratio, making it impossible to quantify upstream procurement concentration risk on this basis.
• Downstream customers mainly include urban rail transit construction entities, metro companies, railway operators and rail transit project companies established with investment from local governments. Customers generally have state-owned backgrounds.
• Projects are generally secured through public tendering. Individual projects are large and have long construction cycles, with high requirements for safety standards, engineering delivery, continuing maintenance and project experience.
• Downstream customers are relatively limited in number and generally have strong bargaining power in tenders. Project gross margins are significantly affected by contractual technical standards, customized requirements, project implementation schedules and market competition.
• In 2025, the company won 4 projects in the urban rail signaling-system market, ranking third by number of awarded lines and second by contract value. This statistic combines the market shares of CASCO and Tonghao Urban Rail under China Railway Signal & Communication.
• The company’s main competitors include the China Railway Signal & Communication system, Zhejiang United Tech, CRRC Times Electric, Shanghai Electric Thales Transportation Automation Systems, as well as Huatie Technology, Nanjing Enrit, Fuxin Intelligent Control, Hollysys and Jiaoda Weilian.
• As of December 31, 2025, the company had accounts receivable of RMB 1.950 billion, equivalent to approximately 77.08% of full-year revenue of RMB 2.530 billion and approximately 12.47x its net profit attributable to shareholders for the year; accounts payable were RMB 1.811 billion, contract liabilities were RMB 1.008 billion, and prepayments were RMB 52.2221 million. Net cash flow from operating activities in 2025 was RMB 22.1708 million, down 95% year on year. These figures indicate significant working-capital occupation by engineering projects: downstream customers generally pay according to project progress and acceptance milestones, while the company must first pay certain amounts to suppliers and subcontractors. Contract liabilities provide some support for cash flow.
• The company’s 2025 annual report did not disclose sales to its five largest customers or their proportion of revenue from principal operations. Therefore, customer concentration cannot be accurately assessed. This data is unavailable and should not be replaced with unverified online data; the latest annual report disclosure should be used. The specific supplier concentration ratio was likewise not disclosed in the research notes.

The company operates in the relatively high-value-added midstream segment of the rail transit industry chain, between specialized technology R&D and engineering system integration. Overall, it is neither an upstream resource-based company nor a downstream brand-driven, high-margin enterprise. Further margin improvement will mainly depend on increasing the share of proprietary core subsystems and software revenue, engineering commercialization of FAO/I-CBTC/PB-TACS and other high-technology products, growth in existing-line upgrading and maintenance, standardized product reuse and scaled delivery, as well as improved accounts receivable collection. Profitability will remain affected by project bidding, customized requirements, delivery schedules and downstream collections.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest disclosed periodic report is the 2026 interim report, dated August 29, 2026, which was unaudited. Second-quarter 2026 figures were calculated backward from the interim-report data. In the first half of 2026, non-GAAP net profit attributable to shareholders was RMB 40.0991 million, up 2.91% year on year; in the first quarter of 2026, non-GAAP net profit attributable to shareholders was RMB 10.1429 million, down 8.17% year on year; for full-year 2025, non-GAAP net profit attributable to shareholders was RMB 124.02 million, up 161.63% year on year.

In the first half of 2026, the company recorded broadly stable revenue and moderate profit growth, with operating revenue up 0.37% year on year and net profit attributable to shareholders up 6.16% year on year. Operating costs were RMB 584.97 million, down 4.79% year on year, implying a gross margin of approximately 38.79%. R&D spending was RMB 116.54 million, accounting for 12.19% of operating revenue. Profit growth was mainly driven by a higher proportion of high-margin project deliveries and increased earnings contributions from controlled subsidiaries. Net cash flow generated from operating activities was negative RMB 156 million, improving from negative RMB 331 million in the same period last year but remaining a net outflow. Revenue and profit growth in the second quarter exceeded the cumulative first-half growth rates, with performance growth concentrated mainly in the second quarter. The sharp increase in 2025 profit mainly resulted from concentrated delivery of relatively high-margin projects, growth in maintenance, low-altitude business and miscellaneous sales, as well as a reduction in losses attributable to minority shareholders.

3.2 Earnings Forecast

The public earnings-forecast page of 10jqka did not provide verifiable multi-institution consensus forecasts for 2026–2027, and no valid number of buy, overweight or other ratings was displayed during the most recent six months. The more clearly identifiable forecasts mainly came from third-party reproductions of views attributed to CICC. The full original CICC research report could not be located for direct verification, so data reliability is limited. The reproduced CICC forecast estimated 2025 net profit attributable to shareholders at approximately RMB 116 million, below the company’s ultimately disclosed actual 2025 net profit attributable to shareholders of RMB 156.43 million. This may reflect a lag in the forecast date or differences in methodology, and should not be used as the current market consensus.

3.3 Valuation and Institutional Ratings

At the September 11, 2026 close, the share price was RMB 16.18, and the 52-week range was approximately RMB 14.38–27.62. Based on approximately 188.68 million total shares, total market capitalization was approximately RMB 3.05 billion. Certain valuation websites calculated market capitalization of approximately RMB 3.113 billion based on the September 10 closing price of RMB 16.50, reflecting differences in trading dates and data-update times. As of September 10, 2026, Lixinger showed a PE-TTM of approximately 19.51x, a PE-TTM historical percentile of approximately 11.02%, PB of approximately 1.18x and a dividend yield of approximately 2.55%. Another market-data source showed a PE-TTM of approximately 19.13x and PB of approximately 1.15x as of September 11, 2026. Overall, the company’s current static valuation is approximately 19x PE and 1.15–1.18x PB. Based on the EPS estimates reproduced from CICC, forecast 2025 EPS was approximately RMB 0.61, corresponding to a forecast PE of approximately 26.3x at a share price of RMB 16.18; forecast 2026 EPS was approximately RMB 0.72, corresponding to a forecast PE of approximately 22.6x. However, these forecasts may already be materially outdated and cannot simply be treated as an effective current market consensus. Based on actual 2025 EPS of RMB 0.83, the current share price corresponds to a static 2025 PE of approximately 19.5x, broadly consistent with the approximately 19x PE-TTM disclosed by market-data platforms. The potential upside from the RMB 25.00 target price relative to the RMB 16.18 closing price is approximately 54.5%, but the target is supported by only one or a very limited number of institutional samples and should be used cautiously. Current valuation is relatively low, but with first-half 2026 revenue growth low and operating cash flow still negative, valuation recovery depends on subsequent improvements in order delivery, gross margin and cash collections.

4. Recent News and Announcements

4.1 2026 Interim Results: Net Profit Up 6.16% Year on Year

Jiaokong Technology disclosed its 2026 interim report on August 29, 2026. In the first half of 2026, it generated operating revenue of approximately RMB 956 million and net profit attributable to shareholders of approximately RMB 54.0731 million, up 6.16% year on year. Basic EPS was RMB 0.29. The interim profit-distribution plan was to make no distribution and issue no bonus shares or capitalization shares. These figures are formally disclosed unaudited interim financial data.

4.2 2026 Full-Year Earnings Guidance: Not Yet Disclosed

As of September 12, 2026, no new earnings guidance or preliminary earnings-growth announcement for full-year 2026 had been located. The company’s January 27, 2026 preliminary earnings-growth announcement estimated 2025 net profit attributable to shareholders at approximately RMB 155.8113 million, up approximately 86.44% year on year. That announcement does not constitute a 2026 earnings forecast.

4.3 Use of Proceeds: No Project Changes or Management Violations

The 2026 interim report disclosed that there were no changes to proceeds-investment projects and no violations involving proceeds management during the reporting period. On August 28, 2026, the company convened the tenth meeting of the fourth Board of Directors and approved the relevant interim report and special report on proceeds.

4.4 Arbitration Relating to Guiyang Rail Transit Line 1: Claim Provisionally Set at RMB 90.4649 Million

On July 21, 2026, Jiaokong Technology disclosed the Announcement on the Company Initiating Arbitration. In relation to payment disputes under the signaling-system project contract and supplemental contract for Guiyang Rail Transit Line 1, the company initiated arbitration before the Guiyang Arbitration Commission, requesting that Guiyang Public Transportation Investment and Operation Group Co., Ltd. pay the remaining contract price, overdue-payment interest and related expenses. The provisional total claim was RMB 90,464,900.50, comprising RMB 73,512,165.14 in remaining contract price, RMB 16,739,735.36 in overdue-payment interest provisionally calculated through June 30, 2026, RMB 180,000 in legal fees, RMB 5,000 in property-preservation fees and RMB 28,000 in property-preservation guarantee fees. As of the announcement date, the case had been accepted but had not yet been heard. The ultimate impact on the company’s profit depends on the arbitration result and subsequent enforcement.

4.5 External Donation and Related-Party Transaction: Remaining RMB 6.97 Million Donation Period Extended to the End of 2027

On August 29, 2026, the company disclosed the Announcement on External Donation and Related-Party Transaction. Under the company’s existing donation arrangement with the Beijing Jiaotong University Education Foundation, it had originally planned to donate RMB 20 million annually from 2021 through 2025. By the end of 2025, cumulative donations totaled RMB 13.03 million, and the donation period for the remaining RMB 6.97 million was extended by agreement to the end of 2027. The remaining amount will be paid in cash or by check during 2026–2027 for industry-academia-research cooperation, including research-project cooperation, technology development, project research, talent development, discipline construction and academic exchanges. The company stated that the matter had been included in the annual financial budget and would not have a material adverse impact on current financial condition or operating results, nor affect operating independence.

4.6 New Routine Related-Party Transactions: Amount and Counterparties Subject to the Formal Announcement

On August 29, 2026, the company disclosed the Announcement on New Routine Related-Party Transactions. The matter was approved at the tenth meeting of the fourth Board of Directors, with related directors abstaining from voting. The independent directors’ special meeting issued its consent. The company stated that the new routine related-party transactions were required for normal production and operations, that transaction prices would be determined according to market-fairness principles, and that the transactions would not create significant dependence on related parties or affect the company’s independence. The announcement did not indicate that the matter constituted a material asset restructuring or change in control. The specific transaction amounts and counterparties should be based on the company’s formal announcement; the research notes did not provide verifiable specific amounts.

4.7 Share Repurchases and Shareholder Purchases or Sales: No Relevant Recent Plans or Announcements Identified

As of September 12, 2026, no share-repurchase plan, repurchase-progress announcement or announcement on the cancellation of repurchased shares issued by Jiaokong Technology from July through September 2026 had been located. No new block or centralized-bidding disposal, purchase or inquiry-transfer plans had been disclosed by the controlling shareholder, shareholders holding more than 5% or directors, supervisors and senior executives. In an April 23, 2026 interactive response, the company stated that whether shareholders would increase their holdings would depend on their own funding arrangements and market conditions, with the final decision left to the shareholders. The response did not constitute a specific commitment to increase holdings or conduct a repurchase.

4.8 Major Mergers, Acquisitions and Investments: No Relevant Recent Announcements Identified

As of September 12, 2026, no announcements had been located concerning a material asset restructuring, issuance of shares to purchase assets, change in control or major equity acquisition disclosed by Jiaokong Technology from July through September 2026. In April 2026, the company stated on its investor-interaction platform that, if material investment or acquisition matters arose, it would strictly comply with information-disclosure rules and make timely disclosures through statutory channels. This response does not indicate that the company currently has a confirmed acquisition project.

4.9 Low-Altitude Economy Alliance Matter: The Company Says It Is Unrelated to the Matter

On September 9, 2026, the company responded on its investor-interaction platform that Jiaokong Technology had previously been a vice-chairman unit of the China Low-Altitude Economy Alliance. According to an announcement by the Beijing Municipal Civil Affairs Bureau, the alliance was legally banned in August 2025 for conducting activities in the name of a social organization without registration. The company stated that the matter concerned the organization’s own registration and compliance issues and was unrelated to the company, and that it had not caused any material adverse impact on the company’s production and operations, financial condition or low-altitude economy-related business. As of September 12, 2026, no regulatory penalties or measures imposed on Jiaokong Technology in relation to the alliance had been identified.

4.10 Investor Relations Activities: Record Form Disclosed on September 4, 2026

As of September 12, 2026, publicly disclosed information showed that Jiaokong Technology disclosed an investor-relations activity record form on September 4, 2026. The research notes did not provide the specific content of the discussions.

5. Share-Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

Jiaokong Technology’s share price rebounded after falling to RMB 15.41 on August 19 and reached a closing price of RMB 16.98 on September 8, before retreating for three consecutive trading days and closing at RMB 16.18 on September 11. The current closing price is below MA5 and MA10 and slightly below MA20 and the Bollinger middle band, indicating a weak short-term structure. At the same time, RSI6 of approximately 29 indicates conditions for a technical oversold rebound. Overall, the stock is showing a “pullback after a rebound and renewed test of the high-volume trading zone” pattern. Key areas to monitor are the RMB 15.90–16.20 support zone and the RMB 16.60–16.70 moving-average recovery zone. The latest complete MACD data are unavailable, so relevant judgments should retain a degree of uncertainty.

5.3 Short-Term Outlook (Next Week, Scenario Analysis for Reference Only)

⚠️ Risk warning: The following is only a subjective scenario analysis based on the September 11, 2026 closing data and publicly available technical indicators. It does not constitute investment advice or a buy/sell instruction. The scenario weights are subjective judgments based on the current technical picture and liquidity conditions, not statistical probabilities.

① Key Technical Levels

② Scenarios for the Next Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher weight, approximately 60%; a subjective judgment based on the current technical picture and liquidity conditions, not a statistical probability): The price observation range is RMB 15.90~16.80. The trigger condition is support around RMB 15.90 without a high-volume breakout above RMB 16.80~17.00, while trading value remains approximately RMB 15 million~25 million. The current price is close to MA20 and the Bollinger middle band. RSI6 is low, but MACD lacks the latest clear strengthening signal, so the stock may continue to fluctuate repeatedly at lower levels in the short term.
• Weak downward movement (medium weight; a subjective judgment based on the current technical picture and liquidity conditions, not a statistical probability): The price observation range is RMB 15.30~15.90. Trigger conditions include the closing price falling below RMB 15.90 for consecutive sessions with increased volume and trading value clearly above recent levels, or simultaneous weakness in the STAR Market, rail transit and related growth sectors. After the first support is broken, the Bollinger lower band near RMB 15.29 will become the next observation point; if RMB 15.30 is also lost, the RMB 14.60~15.00 area should be monitored.
• Strengthening rebound (low to medium weight; a subjective judgment based on the current technical picture and liquidity conditions, not a statistical probability): The price observation range is RMB 16.70~17.30. Trigger conditions include the price regaining RMB 16.60~16.70 with continued volume expansion, daily trading value reaching approximately RMB 25 million or more and remaining at that level for at least two consecutive trading days. If MA5 and MA10 are recovered, the short-term weak structure may be repaired. The previous high of RMB 16.98 and the Bollinger upper band around RMB 17.2 would then be monitored; after a further high-volume breakout above RMB 17.3, confirmation around RMB 17.48 would be observed.

③ Capital and Liquidity Background

As of September 11, 2026, turnover was approximately 0.56%, recent trading value was approximately RMB 15.50 million~25.60 million, and trading volume remained low from September 9 to September 11. The top ten circulating shareholders held approximately 115 million shares as of June 30, 2026, accounting for 60.68% of the free float. Institutional holdings totaled approximately 74.9968 million shares, accounting for 39.75% of the free float, of which funds held approximately 2.5999 million shares, accounting for 1.33% of the free float. Institutional holdings mainly comprised other institutions, industrial shareholders, state-owned shareholders and industrial investment funds. These shareholder data are quarterly and lagged, so it cannot be confirmed that the structure had not changed as of September 11, 2026. High ownership concentration combined with low trading value means that liquidity shortages, wider bid-ask spreads and amplified price volatility may occur near key price levels. The latest reliable static disclosure of major-fund net flows on September 11, 2026, was unavailable. Net margin purchases of approximately RMB 1.103 million as of September 7 only reflect marginal changes in margin accounts and cannot replace major-fund flow indicators.

Observable volume-confirmation signal: If daily trading value reaches approximately RMB 25 million or more during the next week and remains at that level for two consecutive trading days while the share price regains RMB 16.70, this could serve as an observation signal for improved short-term capital participation. If the volume surge occurs after a break below RMB 15.90, it should instead be interpreted as the release of selling pressure rather than fund entry.

④ Points to Monitor (Observation Framework Only, Not Operating Instructions)

• Observe whether the RMB 15.90~16.20 support zone can hold; this is an observation framework, not an operating instruction.
• Observe whether RMB 16.60~16.70 can be regained and converted into short-term support; this is an observation framework, not an operating instruction.
• Observe whether a breakout of the RMB 16.83~17.31 resistance zone is accompanied by increased trading value; this is an observation framework, not an operating instruction.
• Observe whether daily trading value reaches approximately RMB 25 million or more and remains at that level for two consecutive trading days, while noting that reliable static disclosure of the latest major-fund data is currently unavailable; this is an observation framework, not an operating instruction.

The above scenario analysis is based on the September 11, 2026 closing data and calculations using historical prices and technical indicators. Short-term share prices may also be affected by news, capital flows, broader market conditions and other factors. Technical indicators themselves have lagging effects and limitations. This analysis does not guarantee actual future price movements and does not constitute a trading recommendation. Investors should make independent judgments based on the latest market information and bear investment risks themselves.

6. Industry Structure and Competitor Analysis

6.1 Industry Conditions

China’s urban rail transit signaling-system industry has relatively high barriers in technology, certification and engineering experience, with a limited number of competitors and relatively high market concentration. Industry competition is reflected not only in equipment pricing but also in core capabilities involving CBTC, FAO and TACS technologies, SIL4 safety certification and product certification, long-cycle engineering delivery, relationships with local metro owners, existing-line upgrading, maintenance-service networks and interoperability among lines using different standards.

6.2 Competitive Landscape

• As of December 2024, 58 cities in China had opened urban rail transit services, with total operating mileage exceeding 13,000 kilometers.
• Some lines have entered operating periods of 10 to 20 years or more, increasing demand for equipment renewal, signaling-system upgrading and intelligent operations and maintenance for existing lines.
• Local fiscal pressure, slower urban rail transit investment and fewer new-line projects are shifting the industry from a new-line-construction-driven model toward a balanced focus on new-line construction, existing-line upgrading and operations and maintenance.
• According to the 2025 industry statistics cited by the company, 35 signaling-system projects were awarded across 15 cities during the year, with total awarded value of RMB 7.820 billion. Jiaokong Technology won 4 projects and ranked second by awarded value. This statistic uses a project-award methodology and does not equal the share of existing operating lines or the company’s full-year revenue market share.
• The company’s 2025 disclosed urban rail market ranking combined CASCO and Tonghao Urban Rail under China Railway Signal & Communication. The ranking should not be directly equated with the market share of a single legal entity.

6.3 Major Competitors

Jiaokong Technology is centered on proprietary CBTC technology and positioned in urban rail signaling-system R&D, system integration, engineering turnkey contracting and maintenance services. It ranked second by awarded value in urban rail signaling systems in 2025 and is in the industry’s first tier. Compared with the China Railway Signal & Communication system, the company remains smaller in scale and has weaker railway operations and overall project resources. Compared with specialized urban rail signaling companies such as Zhejiang United Tech, its competitive focus is concentrated on FAO, I-CBTC, PB-TACS, existing-line upgrading, system integration and full-lifecycle services. Future industry profit improvement will depend more on engineering commercialization of high-technology products, existing-line upgrading, maintenance services, standardized delivery and collection management than on expanding traditional hardware production.

7. Risk Factors

• Engineering project collection risk: Accounts receivable totaled RMB 1.950 billion at the end of 2025, equivalent to approximately 77.08% of full-year revenue. Net cash flow from operating activities was negative RMB 156 million in the first half of 2026. If project acceptance or payment milestones are delayed, working-capital occupation may continue and cash flow may be affected.
• Single-business structure and gross-margin volatility risk: Signaling-system turnkey revenue was RMB 2.011 billion in 2025, accounting for approximately 79.58% of revenue from principal operations. Gross margin for this business is affected by contractual technical standards, customized requirements, market bidding and delivery schedules. The recovery in gross margin in 2025 was partly attributable to the concentrated delivery of high-margin projects and may not represent a sustained improvement in long-term bargaining power.
• Guiyang project arbitration risk: The company initiated arbitration regarding the signaling-system project for Guiyang Rail Transit Line 1, with a provisional claim of RMB 90.4649 million. Although the case has been accepted, it has not yet been heard, and the final arbitration result, collection timing and enforcement remain uncertain.
• Industry competition and order risk: The company mainly competes with the China Railway Signal & Communication system, Zhejiang United Tech, CRRC Times Electric and Shanghai Electric Thales Transportation Automation Systems. Local fiscal pressure, slower new urban rail construction and tender competition may affect new-line order volumes, project prices and the timing of revenue recognition.
• Customer bargaining power and unclear customer concentration: Downstream customers mainly include urban rail transit construction entities, metro companies, railway operators and local rail transit project companies, which generally have strong bargaining power in tenders. The company’s 2025 annual report did not disclose sales to its five largest customers or their proportion of revenue, so customer concentration cannot be accurately quantified.
• Supply-chain and core-subsystem procurement risk: The company relies on external suppliers for certain subsystems. Core subsystems with high safety requirements, industry certifications and project-specific supporting requirements are relatively difficult to replace. The company’s bargaining power over ordinary electronic components and certain specialized signaling-subsystem suppliers may be average, and the specific supplier concentration ratio was not disclosed.
• Performance sustainability risk: Net profit attributable to shareholders increased 87.18% year on year in 2025, affected by concentrated delivery of high-margin projects and changes in business mix. In the first half of 2026, revenue increased only 0.37% year on year and non-GAAP net profit attributable to shareholders increased 2.91% year on year. If delivery of high-margin projects decreases, profit growth may slow.
• Low-liquidity and technical-volatility risk: As of September 11, 2026, turnover was approximately 0.56%, recent trading value was approximately RMB 15.50 million to RMB 25.60 million, and volume had contracted for consecutive sessions. The top ten circulating shareholders held approximately 60.68% of the free float. With ownership concentrated and trading activity low, bid-ask spreads may widen and price volatility may increase at key levels.

8. Conclusion and Outlook

The company operates in the relatively high-value-added midstream segment of urban rail signaling systems, where barriers to technology, certification, engineering experience and customer access are high. It ranked second by awarded value in urban rail signaling systems in 2025. Future growth drivers mainly include increasing demand for existing-line upgrading, engineering commercialization of high-technology products such as FAO/I-CBTC/PB-TACS, expansion of maintenance services, standardized product reuse and cultivation of new businesses such as low-altitude applications. The company’s 1,340 valid patents and multiple national-, provincial- and ministerial-level R&D platforms provide some support for continued technology iteration.

At the same time, the company’s revenue remains highly dependent on signaling-system turnkey business. Project customization, tender competition and delivery schedules may cause gross-margin volatility. Accounts receivable totaled RMB 1.950 billion, equivalent to 77.08% of 2025 revenue, while operating cash flow in 2025 was only RMB 22.1708 million. Operating cash flow turned further negative in the first half of 2026, indicating that the conversion of profit into cash remains a key area to monitor. The Guiyang Rail Transit Line 1 project involves a provisional arbitration claim of RMB 90.4649 million, and the final collection and enforcement results remain undetermined.

From a technical and valuation perspective, the current share price is near the RMB 15.90–16.20 support observation zone, RMB 16.60–16.70 is the moving-average recovery zone, and RMB 16.83–17.31 is the phase resistance zone. However, trading volume is low and ownership concentration is high, so liquidity shortages and amplified volatility may occur at key price levels. Going forward, fundamental monitoring should focus on orders and project delivery, gross-margin stability, operating cash flow and accounts receivable collection, while technical analysis should incorporate changes in trading volume and be interpreted cautiously.

Data Sources

• Jiaokong Technology Co., Ltd. 2025 Annual Report
• Jiaokong Technology (688015)_Company Announcements_Jiaokong Technology: 2023 Annual Report_Sina Finance_Sina.com
• Jiaokong Technology Co., Ltd. 2024 Annual Report
• China Railway Signal & Communication (688009)_Company Announcements_China Railway Signal & Communication: 2025 Annual Report_Sina Finance_Sina.com
• Zhejiang United Tech Co., Ltd. 2024 Annual Report
• CRRC Times Electric (688187)_Company Announcements: 2025 Annual Report of Zhuzhou CRRC Times Electric Co., Ltd._Sina Finance_Sina.com
• Jiaokong Technology Passes Listing Review “With Injuries” | Five-Step Diagnosis of STAR Market ⑤ | Jiemian News
• Jiaokong Technology (688015)_Company Announcements_Jiaokong Technology: 2026 Interim Report_Sina Finance_Sina.com
• Jiaokong Technology: 2026 Interim Report of Jiaokong Technology Co., Ltd._Stock Channel_Securities Star
• Jiaokong Technology (688015) 2026 Interim Report Analysis: Revenue and Net Profit Both Increased Year on Year, Profitability Improved_Stock Channel_Securities Star
• Jiaokong Technology (688015)_Company Announcements_Jiaokong Technology: 2026 First-Quarter Report_Sina Finance_Sina.com
• Jiaokong Technology (688015)_Company Announcements_Jiaokong Technology: 2025 Annual Report_Sina Finance_Sina.com
• Jiaokong Technology (688015) Earnings Forecast_F10_10jqka Financial Services
• The Past and Present of Jiaokong Technology: 2025 Q3 Revenue of RMB 1.49 Billion, Ranked 11th in the Industry; Net Profit of RMB 121 Million Exceeded the Industry Median | Jiaokong Technology_Sina Finance_Sina.com
• Jiaokong Technology (688015) Latest Stock Price, Real-Time Chart, Stock Analysis and Forecast_Investing.com
• Jiaokong Technology (688015) PE Ratio | Valuation | Fundamentals - Lixinger
• Jiaokong Technology (688015) Announcements (All) - Lixinger
• Jiaokong Technology (688015)_Company Announcements_Jiaokong Technology: 2026 Interim Report Summary_Sina Finance_Sina.com
• Jiaokong Technology Co., Ltd. 2026 Interim Report Summary | Shanghai Securities Journal
• Securities Code: 688015
• Jiaokong Technology: Whether Shareholders Increase Their Holdings Depends on Their Own Funding Arrangements
• Jiaokong Technology (688015) Latest Developments_F10_10jqka Financial Services
• Jiaokong Technology (688015) Regulatory Violation Records_Sina Finance_Sina.com
• Jiaokong Technology Co., Ltd. Announcement on the Company Initiating Arbitration | Shanghai Securities Journal
• Jiaokong Technology (688015)_Company Announcements_Jiaokong Technology: Announcement on External Donation and Related-Party Transaction_Sina Finance_Sina.com
• Jiaokong Technology: China Low-Altitude Economy Alliance Legally Banned_Stock Channel_Securities Star
• https://sns.sseinfo.com/ajax/userfeeds.do?page=2&pageSize=10&type=11&typeCode=company&uid=145870&utm_source=openai
• Jiaokong Technology
• Jiaokong Technology (688015) Historical Stock Data: Historical Prices, Quotes and Charts_Investing.com
• Single-Stock Research
• Jiaokong Technology (688015) Stock Trend and Technical Analysis_Future Forecast_Buy/Sell Operation Suggestions_Investing.com
• Jiaokong Technology (688015) Fund Flows_Individual Stock Market Data_10jqka Finance

This report was automatically retrieved, compiled and generated by AI based on publicly available information. The information is current as of the close on September 11, 2026 (Friday); September 11, 2026 was the most recent trading day. Timing differences may exist. Specific data should be based on the company’s formal announcements and authoritative data terminals. This report is intended solely for information compilation and research reference and does not constitute investment advice of any kind. Investors should make independent judgments and bear investment risks themselves.