Core Viewpoint - The company primarily focuses on the sales of metering chips, MCU chips, and power line communication chips, with stable sales proportions among these core products [1] Product Sales Composition - Metering chips account for nearly 50% of the company's sales [1] - MCU chips represent 32% of the sales [1] - Power line communication chips make up approximately 20% of the sales [1] Market Performance - The sales volume of power line communication chips is expected to see a significant increase in 2025 due to improved market share in the Southern Power Grid [1]

Group 1 - The core viewpoint of the article is that Jiuquan Technology has developed BMS chips that are applied in various fields, indicating the company's focus on diverse market segments [1] Group 2 - The BMS chips are primarily used in battery management systems for 3C digital applications, including smartphones, tablets, wearables, POS machines, and power banks [1] - The industrial-grade AFE chips target small power BMS applications, such as outdoor power supplies, lead-to-lithium BMS, clean appliances, electric tools, and gardening tools [1] - The energy storage and automotive-grade AFE chips are aimed at commercial energy storage, power station storage, and the new energy vehicle sector [1]

Group 1 - The core viewpoint of the article is that the company, Jiuquan Technology, has established a subsidiary, Xinjunquan Microelectronics (Shanghai) Co., Ltd., in January 2025, focusing on integrated circuit design and external investment activities [1] - The subsidiary has already set up an industrial fund that is being utilized for investments through its platform [1] - The company plans to increase investments in upstream and downstream of the industry chain and emerging sectors, which is expected to positively impact its technological collaboration, business expansion, and long-term returns [1]

Core Viewpoint - Jiuquan Technology expects a significant decline in net profit for 2025, forecasting a decrease of 46.58% to 59.40% compared to the previous year, primarily due to market challenges in the semiconductor sector and increased competition [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 38 million to 50 million yuan for 2025 [1] - The expected net profit excluding non-recurring gains and losses is projected to be between 10 million and 20 million yuan, reflecting a year-on-year decrease of 61.94% to 80.97% [1] Group 2: Business Impact - Despite rapid growth in the Chinese semiconductor market, the company's shipment volumes of metering chips and MCU chips have declined due to project cycle adjustments in the smart meter sector and industry destocking [1] - Increased market competition has pressured chip sales prices, leading to a decrease in both revenue and gross margin compared to the previous year [1] Group 3: Strategic Response - In response to market changes, the company is increasing its R&D investment in chips for the smart grid sector and actively developing battery management chips, with R&D expenses expected to rise by approximately 5 million yuan compared to the previous year [1] - A reduction in the company's financial scale has resulted in decreased returns from financial products offered by banks and other institutions, with a decline of about 8 million yuan in financial management income compared to the previous year [1]

Financial Projections - The company expects 2025 annual revenue to be between 530 million and 550 million CNY, a decrease of 41.87 million to 61.87 million CNY, representing a year-on-year decline of 7.07% to 10.45%[3] - The projected net profit attributable to shareholders for 2025 is estimated to be between 38 million and 50 million CNY, down by 43.59 million to 55.59 million CNY, reflecting a year-on-year decrease of 46.58% to 59.40%[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 10 million and 20 million CNY, a reduction of 32.55 million to 42.55 million CNY, indicating a year-on-year decline of 61.94% to 80.97%[3] - The 2024 annual revenue was reported at 591.87 million CNY, with a net profit of 93.59 million CNY and a net profit after deducting non-recurring gains and losses of 52.55 million CNY[4] Performance Decline Factors - The decline in performance is attributed to a decrease in shipment volumes of metering chips and MCU chips due to project cycle adjustments in the smart meter sector and industry destocking[5] - Financial income from wealth management products has decreased by about 8 million CNY due to a reduction in the company's capital scale[5] R&D Investment - The company has increased R&D investment in smart grid chips by approximately 5 million CNY compared to the previous year to adapt to market changes[5] Forecast and Risks - The performance forecast has not been audited by registered accountants, and the company has not identified any significant uncertainties affecting the accuracy of the forecast[6] - Investors are advised to pay attention to investment risks as the forecast data is preliminary and subject to change upon the release of the audited annual report[7] Announcement Details - The announcement was made by the board of directors of the company on January 31, 2026[9]

Group 1 - The core viewpoint of the news is that Jiuquan Technology has shown a decline in stock performance and financial metrics, with significant changes in financing activities and shareholder structure [1][2]. Group 2 - On December 31, Jiuquan Technology's stock price fell by 0.21%, with a trading volume of 22.2568 million yuan. The financing buy-in amount was 2.4834 million yuan, while the financing repayment was 1.7192 million yuan, resulting in a net financing buy of 0.7642 million yuan. The total financing and securities balance reached 148 million yuan [1]. - The financing balance of Jiuquan Technology is 148 million yuan, accounting for 4.55% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level [1]. - As of December 31, there were no shares sold or repaid in the securities lending market, with a securities lending balance of 0 yuan, also indicating a high level compared to the past year [1]. Group 3 - As of September 30, the number of shareholders for Jiuquan Technology increased to 7,277, a rise of 7.43%. The average circulating shares per person increased by 87.10% to 15,828 shares [2]. - For the period from January to September 2025, Jiuquan Technology reported an operating income of 408 million yuan, a year-on-year decrease of 9.17%. The net profit attributable to the parent company was 44.5366 million yuan, down 37.71% year-on-year [2]. Group 4 - Since its A-share listing, Jiuquan Technology has distributed a total of 224 million yuan in dividends [3].

Group 1 - The core viewpoint of the article is that Jiuquan Technology's products are primarily used in the smart grid terminal equipment sector, with export destinations determined by downstream customer orders and market strategies [1] Group 2 - The company engages in exporting products through partnerships with downstream meter clients, indicating a reliance on customer demand for its export activities [1]

Core Points - The company announced that its wholly-owned subsidiary, Xinjunquan Microelectronics, has completed the registration of an industrial fund, significantly increasing its total subscribed capital from RMB 150.1 million to RMB 250.1 million [1][3] - The introduction of a new limited partner, Huafu Growth Investment Co., Ltd., which has committed RMB 100 million, diversifies the funding structure of the partnership, enhancing flexibility in funding sources and resource collaboration [3] - The fund will be managed by Shanghai Daohua Long-term Investment Management Co., Ltd., which will oversee daily operations and risk control, ensuring compliance with legal and regulatory requirements [3] Summary by Sections Fund Registration and Capital Increase - The industrial fund has received its business license from the Zhangjiagang Data Bureau and has been registered with the Asset Management Association of China, obtaining the private investment fund registration certificate [1] - The total subscribed capital of the partnership has increased significantly, with the company's contribution remaining at RMB 66 million, resulting in a change in its ownership percentage from 99.93% to 59.98% [1][3] New Limited Partner and Structural Changes - The new limited partner, Huafu Growth Investment Co., Ltd., contributes RMB 100 million, which corresponds to a 39.98% stake in the partnership [3] - This change shifts the partnership from a predominantly company-controlled structure to a more diversified model involving external institutions, enhancing the fund's investment capacity and project support capabilities [3] Management and Operational Impact - The fund's daily management and risk control will continue to be handled by Shanghai Daohua Long-term Investment Management Co., Ltd., ensuring that the operational framework remains intact [3] - The company asserts that the addition of new partners and the capital increase will not adversely affect its financial status or operational activities, nor will it harm the legal rights of the company and its shareholders [3]

截至目前，产业基金完成了工商登记并取得江苏张家港市数据局颁发的《营业执 照》，并在中国证券投资基金业协会完成了备案手续，取得《私募投资基金备案证明》， 基金编码：SBJS24。 二、产业基金进展情况 近日，公司收到基金管理人的通知，合伙企业拟新增有限合伙人，同时变更认缴出 资总额并对《合伙协议》内容做了部分修订，具体情况如下： 证券代码：688391 证券简称：钜泉科技 公告编号：2025-051 钜泉光电科技（上海）股份有限公司 关于与专业投资机构共同投资设立产业基金的进展公告 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、准确性和完整性依法承担法律责任。 近日，钜泉光电科技（上海）股份有限公司（以下简称"公司"）收到上海道禾长 期投资管理有限公司（以下简称"基金管理人"）的通知，合伙企业拟新增 1 位有限合 伙人，同时变更认缴出资总额并对《合伙协议》内容做了部分修订，具体情况如下： 一、与专业投资机构共同投资设立产业基金概述 公司于 2025 年 10 月 29 日在上海证券交易所网站（www.sse.com.cn）披露了《钜泉 光电科技（上海）股份 ...

Core Viewpoint - The company announced an increase in the total subscribed capital of a joint investment partnership, indicating a strategic move to enhance investment in high-growth sectors such as chips and integrated circuits [1] Group 1: Investment Details - The total subscribed capital of the joint investment partnership, Juhua Hefeng Equity Investment (Zhangjiagang) Partnership, has been increased from 150 million yuan to 250 million yuan [1] - The subsidiary, Xinjupian, maintains its subscribed capital at 150 million yuan, with its ownership percentage adjusted from 99.93% to 59.98% [1] - A new limited partner, Huafu Growth Investment Co., Ltd., has subscribed 100 million yuan, representing a 39.98% stake in the partnership [1] Group 2: Investment Focus - The industrial fund primarily targets investments in sectors such as chips, integrated circuits, and other emerging, high-growth industry chains [1]