Qiu Jianping, the “King of Hardware Tools” in Hangzhou, weathered a difficult year in 2025. On January 6th, Juxing Technology, which he effectively controls, released its performance forecast, projecting net profit of 2.42 billion to 2.76 billion yuan for 2025, representing a year-on-year increase of 5% to 20%.
In April 2025, Juxing Technology suffered a severe blow due to the tariff controversy, with its stock price experiencing three consecutive days of limit-down. Qiu Jianping’s business mainly sells hardware tools such as hammers, wrenches, electric drills, and iron cabinets, with revenue from the US market accounting for approximately 65%, which was significantly impacted. However, this Ningbo-born businessman quickly made adjustments.
The team increased R&D efforts, leading to increased sales of power tools and the release of new production capacity in Vietnam and Thailand, bringing revenue back to break-even. Simultaneously, they improved gross profit margins through direct sales via cross-border e-commerce. 2025 was a banner year for Qiu Jianping, with Juxing Technology experiencing a slow start but a strong finish, and its subsidiary, Zhongce Rubber, achieving a successful IPO. According to the latest Hurun Rich List, Qiu’s net worth rose to 33.5 billion yuan. The most challenging period for Qiu Jianping and Juxing Technology was the second quarter of 2025. At that time, the volatile trade environment disrupted existing production and delivery schedules, and “additional tariff costs pushed up average selling prices, resulting in a significant decline in industry sales.” Qiu Jianping’s team implemented three strategies: first, increasing investment in production bases in Vietnam and Thailand to stabilize production capacity; second, raising prices for their own brands to absorb the impact of tariffs and increase power tool sales; and third, expanding the proportion of direct sales through e-commerce platforms to improve gross profit margins. On US e-commerce platforms, the prices of some of Great Star Technology’s own-brand products have increased. For example, the price of its WORKPRO pliers set remained stable at around $20 in 2024, but fluctuated significantly in 2025, exceeding that price for most of the time. In terms of distribution channels, Great Star Technology utilizes Amazon’s supply chain services, with over 90% of its goods shipped through Amazon Global Services (AGL). Li Feng, Senior Vice President, explained that Amazon can distribute goods globally and help new products expand into emerging markets with a single click, increasing launch speed by 30%-50%. Leveraging cross-border direct sales channels, Great Star Technology’s own-brand sales have increased, accounting for nearly half of its revenue. Compared to OEM business, its own brands have higher gross margins and better profitability. Power tools have become a new growth driver. Qiu Jianping’s team has now developed a series of 20V cordless lithium battery power tools. While the overall market share is relatively small, it has significant growth potential. This segment achieved revenue of 740 million yuan in the first half of 2025, a year-on-year increase of 56%, contributing over 10% of total revenue. “The power tool segment has secured several large orders from Europe and the United States,” said Chi Xiaoheng, President of Great Star Technology, specifically mentioning this business in his New Year’s address. However, while profits increased, revenue remained flat compared to the previous year. Qiu Jianping’s team, holding large orders, has continuously optimized its production capacity structure over the years to reduce operational risks. Over 90% of Great Star Technology’s revenue comes from overseas, and management began implementing an internationalization strategy as early as 2018. After years of development, it now has 23 production bases, 12 of which are located overseas: 6 in Europe, 3 in Southeast Asia, and 3 in the United States, with overseas production capacity accounting for over half. This global production capacity layout breaks down geographical and capacity limitations, ensuring rapid response to market demands and timely delivery of large orders. Relying on a comprehensive warehousing and logistics distribution system across China, the United States, and Europe, Great Star Technology can achieve global procurement, global manufacturing, and global distribution. Taking power tools as an example, deliveries have been achieved in both China and Vietnam. Facing tariff challenges, Qiu Jianping’s team intensified its overseas expansion efforts in 2025. Management stated, “We will continue to seek manufacturing solutions globally to enhance our resilience.” In June 2025, the groundbreaking ceremony for the new Super Star project in Vietnam was held, attended by executives including Executive Vice President Li Zheng and Vice President of Procurement Wang Min, demonstrating the importance attached to the project. Financial reports show that the third phase of the hand tool factory in Vietnam saw an investment of 120 million yuan from January to June; the second phase of the cabinet factory in Jilong, Thailand, saw an investment of 150 million yuan during the same period. “Orders are full, but Southeast Asian production capacity is still insufficient,” management stated in April 2025, noting that Southeast Asia is a cost haven from a global production capacity perspective. Super Star Technology is also building new factories in China, including the new Jilong project in Xiaolan Town, which completed its main construction in November 2025, with a total investment of 500 million yuan. The project mainly produces metal toolboxes, tool cabinets, and workbenches; after production begins, the estimated annual output value is 920 million yuan. With projects under construction both domestically and internationally, as of September 2025, Great Star Technology’s investment in construction projects reached 340 million yuan, a year-on-year increase of 45.9%. Qiu Jianping was born into a rural family in Fenghua, Ningbo, and experienced hardship from a young age. After starting his business, he targeted the hand tool market, expanding his business through mergers and acquisitions and broadening the Great Star Group’s commercial empire. Currently, Qiu Jianping owns four listed companies: Great Star Technology, Hangcha Group, Xinchai Shares, and Zhongce Rubber, with a combined market capitalization exceeding 130 billion yuan as of the closing on the 6th. Skilled in investment, Qiu Jianping is showing a strong interest in chips and LiDAR. He is using his financial expertise to facilitate multiple transactions, adding technological content to tool products. In July 2025, he chaired a Great Star board meeting, with all nine directors present, and the “Proposal to Acquire Hangzhou Weina Equity” was unanimously approved. The target company primarily provides chips for the human-computer interaction, intelligent audio, and IoT fields. In this transaction, Great Star Technology spent 50.79 million yuan to acquire 18.47% of its equity. Upon completion of the share transfer, Juxing Technology’s stake in Hangzhou Weina will increase from 32.5% to 51%, achieving controlling ownership. According to its plan, “increasing investment in the chip field will enhance the core competitiveness of power tools and smart tools.” The package of transactions, including investments in Huada Kejie and Oulei Laser, also follows the logic of “supporting the main business.” Qiu Jianping recalled that during a visit to clients in Germany in 2015, he discovered that the local LiDAR technology was leading, and that Guozhi Robotics and Hangcha’s unmanned forklifts needed this technology for transformation and upgrading. He acquired Huada Kejie in 2016 to develop laser measurement business and later entered the LiDAR field. In 2024, Juxing Technology implemented a package of related-party transactions, increasing its capital in Huada Kejie by 330 million yuan. Simultaneously, Huada Kejie acquired 48% and 48% equity stakes in Oulei Laser held by Juxing Technology and Zhang Ou, respectively. “This transaction allows us to consolidate our multiple laser measurement business assets under one platform, reducing operating costs and further developing our business,” the announcement stated. “Today, our independently developed LiDAR has overcome a technological bottleneck and is widely used in industrial robots and logistics robots,” Qiu Jianping remarked. By adhering to their core business of tools, Qiu Jianping’s team weathered the 2025 tariff storm and achieved substantial profits. In the new year, however, they still need to address the issue of revenue growth.
