Core Viewpoint - Jiuquan Technology (688391.SH) is facing significant challenges with its three fundraising projects, all of which reported negative returns in 2024, prompting inquiries from the Shanghai Stock Exchange regarding the reasons for these losses [2][3]. Group 1: Financial Performance - In 2024, Jiuquan Technology's three key fundraising projects reported losses of approximately -29.27 million yuan for the metering chip project, -6.90 million yuan for the management chip project, and -39.68 million yuan for the SoC chip project [2][3]. - The company’s stock price is currently at 27.37 yuan, with a market capitalization of 3.151 billion yuan [2]. Group 2: Market Demand and Procurement - The demand for smart IoT meters has significantly decreased, with the State Grid's procurement of smart IoT meters dropping from approximately 1.38 million units in 2022 to only 310,000 units in 2024 [5][6]. - The State Grid's procurement of smart meters has shown a consistent increase in previous years, but the 2024 figures indicate a drastic decline [5]. Group 3: Project Development and Standards - The IR46 standard smart IoT meters are still in a small-scale pilot phase, suggesting that the State Grid is evaluating the performance and reliability of these meters before large-scale deployment [4][8]. - Jiuquan Technology had previously expressed optimism about the smart IoT meter market, anticipating a significant increase in procurement demand following the implementation of the IR46 standard [3].

Core Viewpoint - The company, Jiuquan Optoelectronics Technology (Shanghai) Co., Ltd., has experienced a decline in both revenue and net profit for the fiscal year 2024 and the first quarter of 2025, attributed primarily to a decrease in product sales prices and rising operational costs [1][4][5]. Revenue and Profit Analysis - In 2024, the company reported revenue of 591.87 million yuan, a year-on-year decrease of 1.85%, and a net profit of 93.59 million yuan, down 28.79% year-on-year [1][5]. - For the first quarter of 2025, revenue was 121.39 million yuan, reflecting a 3.86% decline year-on-year, while net profit fell to 8.94 million yuan, a 53.45% decrease year-on-year [1][5]. - The top five customers accounted for 94.15% of total sales, indicating a high customer concentration risk [1][5]. Product Sales Structure - The company's main revenue sources include metering chips, MCU chips, and carrier-related chips, with metering chips contributing 54.60% of total sales in 2024 [3][12]. - The sales revenue from the top five customers remained stable, with 557.25 million yuan in 2024 and 115.36 million yuan in Q1 2025, primarily affected by a decrease in product sales prices [2][3]. Cost and Expense Analysis - The company's operating expenses have increased, with total expenses for 2024 reaching 226.97 million yuan, an 18.58% increase year-on-year [4][5]. - Significant increases in R&D expenses, driven by a focus on new product development and a stock incentive plan, have contributed to the rise in operational costs [4][5]. Market Position and Competitive Landscape - The company operates in a competitive semiconductor market, with stable demand for smart grid products supported by consistent procurement from major clients like the State Grid and Southern Grid [6][8]. - The company has developed new products, such as BMS chips, which have begun mass production and are expected to drive future growth [7][8]. Future Outlook - Despite short-term pressures on revenue and profitability, the company aims to enhance cost control and product competitiveness through lean management and supplier negotiations [7][8]. - The long-term growth prospects remain positive, supported by the company's market position in smart grid technology and ongoing product development initiatives [6][8].

国金证券股份有限公司 关于钜泉光电科技（上海）股份有限公司 国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为钜泉 光电科技（上海）股份有限公司（以下简称"钜泉科技"或"公司"）首次公开 发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》 《科创板上市公司自律监管指引第 1 号——规范运作》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所科创板股票 上市规则》等有关法律法规和规范性文件的要求，对部分募集资金投资项目相关 事项进行了审慎核查和回复，并发表核查意见如下： 一、部分募集资金投资项目的相关问题及回复 年报显示，截至 2024 年底，公司"双芯模组化智能电表之计量芯研发及产 业化项目"、"双芯模组化智能电表之管理芯研发及产业化项目"、"智能电网双模 通信 SoC 芯片研发及产业化项目"投入进度分别为 29.71%、15.60%、29.01%， 达到预定可使用状态日期分别为 2025 年 12 月、2025 年 12 月、2026 年 12 月， 已实现的效益分别为-2,926.71 万元、-689.91 万元、-3,968.15 万元 ...

专项说明 2024 年年报问询函中有关财务会计问题的 关于钜泉光电科技（上海）股份有限公司 容诚专字[2025]200Z0701号 中国·北京 ) 容诚会计师事务所(特殊普通合伙 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 关于钜泉光电科技（上海）股份有限公司 2024 年年报问询函中有关财务会计问题的专项说明 容诚专字[2025]200Z0701号 上海证券交易所科创板公司管理部 ： 根据贵部下发的《关于钜泉光电科技（上海）股份有限公司 2024 年年度报 告的信息披露监管问询函》（上证科创公函【2025】0111 号）（以下简称"问询 函"）的相关要求，容诚会计师事务所（特殊普通合伙）（以下简称"我们"、"年 审会计师"）对问询函中提到的需要年审会计师说明或发表意见的问题进行了认 真核查。现做专项说明如下： （回复中部分合计 ...

●业绩下滑的风险 受半导体行业周期性波动影响，近年来行业整体需求复苏不及预期，叠加市 场竞争持续加剧，钜泉光电科技（上海）股份有限公司（以下简称"公司"）主 营产品面临较大的价格下行压力，导致销售收入规模受到显著影响。与此同时， 公司为提升市场竞争力，积极布局 BMS 芯片等新业务领域，持续加大研发投入 力度，以及加大研发人员招聘力度，致使研发费用大幅增加，进一步挤压了公司 利润空间。 证券代码：688391 证券简称：钜泉科技 公告编号：2025-022 钜泉光电科技（上海）股份有限公司 关于 2024 年年度报告的信息披露监管问询函的回复公告 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。 重要风险提示： 一、公司说明 若未来产品销售价格进一步下调，产品技术迭代导致研发费用进一步上升， 或者新产品研发进度或市场推广不及预期，均会面临短期内营业收入和盈利能力 的双重压力，会存在业绩持续下滑的风险。 ●毛利率下滑的风险 2022 年，受全球半导体行业产能紧张及市场需求旺盛的影响，上游晶圆及 封装成本显著上升，带动芯片价格整 ...

证券代码：688391 证券简称：钜泉科技 公告编号：2025-021 钜泉光电科技（上海）股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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。 重要内容提示： 钜泉光电科技（上海）股份有限公司（以下简称"公司"）已于 2025 年 4 月 17 日发布公司 2024 年年度报告和 2025 年第一季度报告，为便于广大投资者更全 面深入地了解公司 2024 年度暨 2025 年第一季度经营成果及财务状况，公司计划 于 2025 年 6 月 11 日（星期三）下午 14:00-15:00 举行 2024 年度暨 2025 年第一季 度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年度暨 2025 年第一 季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披 露允许的范围内就投资者普遍关注的问题进行回答。 会议召开时间：2025 年 6 月 11 日（星期三）下午 14 ...

证券代码：688391 证券简称：钜泉科技 公告编号：2025-020 钜泉光电科技（上海）股份有限公司 结果暨股份上市公告 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。 重要内容提示： ? 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 本次股票上市流通总数为553,320股。 ? 本次股票上市流通日期为2025 年 5 月 16 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司相关业务规定，钜泉光电科技（上海）股份有限公司（以下简 称"公司"）于近日收到中国证券登记结算有限责任公司上海分公司出具的《证券 变更登记证明》，公司完成了 2024 年限制性股票激励计划首次授予部分第一个归 属期的股份登记工作。现将有关情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 了《关于 <钜泉光电科技 ensp="ensp" 上海="上海" 年限制性股票激励计划="年限制性股票激励计划" 股 份有限公司="股份有限公司" 草="草"> 案）>及其摘要的议案》《关于 ...

证券代码：688391 证券简称：钜泉科技 公告编号：2025-020 钜泉光电科技（上海）股份有限公司 2024 年限制性股票激励计划首次授予部分第一个归属期归属 结果暨股份上市公告 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。 重要内容提示： 本次股票上市流通总数为553,320股。 本次股票上市流通日期为2025 年 5 月 16 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司相关业务规定，钜泉光电科技（上海）股份有限公司（以下简 称"公司"）于近日收到中国证券登记结算有限责任公司上海分公司出具的《证券 变更登记证明》，公司完成了 2024 年限制性股票激励计划首次授予部分第一个归 属期的股份登记工作。现将有关情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 1、2024 年 3 月 21 日，公司召开了第五届董事会第十次会议，会议审议通过 了《关于<钜泉光电科技（上海）股份有限公司 2024 年限制性股票激励计划（草 案）>及其摘要的议案》《关于<钜泉光电 ...

Group 1 - The core viewpoint of the news is the strategic collaboration between Jiuquan Technology and Taihu Xingyun to enhance commercial satellite systems through the development of advanced low-power, high-reliability MCU chips that support AI applications [1][2] - Jiuquan Technology has established itself as a leading high-tech enterprise in the domestic smart grid terminal device chip market since its inception in 2005, achieving significant results in energy metering chips, MCU chips, and carrier communication chips [1] - Taihu Xingyun focuses on the "satellite brain" technology, utilizing heterogeneous architecture designs that integrate various processing units to enable AI capabilities in satellite operations, thereby providing a new technological pathway for satellite intelligence applications [1] Group 2 - The collaboration aims to integrate the technical, talent, and market resources of both companies to develop a new generation of high-end MCU chips that meet the stringent requirements of commercial satellite systems [2] - The new MCU chip is expected to achieve breakthroughs in low-power design, enhanced reliability, and support for AI applications, creating high-end MCU solutions tailored for space scenarios [2] - This strategic partnership marks a significant step forward in technological innovation and industrial development for both companies, with plans for deeper collaboration and exploration of more application scenarios in the commercial aerospace industry [2]

Core Viewpoint - The financial report of Jiuquan Technology for 2024 indicates a decline in both revenue and profit, highlighting the pressure the company faces in a changing market environment [4][8]. Revenue and Profit Decline - In 2024, the total revenue of the company was 592 million yuan, a year-on-year decrease of 1.85% [4]. - The net profit attributable to the company was 94 million yuan, down 28.79% year-on-year, while the non-recurring net profit saw a significant drop of 42.00% to 52.55 million yuan [4][8]. - This performance contrasts sharply with the company's previous years of rapid growth, where in 2022, total revenue increased by 42.17% and net profit surged by 97.29% [4]. Market Position and Competition - Despite maintaining a leading position in the smart electric meter chip market, the company faces intensified competition and changing customer demands, which negatively impact profitability [4][5]. - The significant decline in gross profit by 12.71% indicates weakened cost control capabilities [4]. BMS Chip Development - In 2024, the company achieved its first order in the BMS chip sector, marking a significant step in expanding into new markets [5]. - The BMS chips are utilized in battery management systems for electric two-wheelers, vacuum cleaners, and outdoor power sources, with the HT3310X and HT32F106 chips offering high precision and low power consumption [5][6]. - However, the BMS chip market is highly competitive, and the company must enhance product performance and cost-effectiveness to secure a foothold [6]. R&D Investment and Innovation - The company increased its R&D expenditure to 181 million yuan in 2024, reflecting a year-on-year growth of 18.02% [7]. - A high proportion of R&D personnel, at 79%, underscores the company's commitment to technological innovation [7]. - The company applied for 12 patents during the reporting period, with a focus on energy metering chips, smart electric meter MCU chips, and BMS chips [7]. - New products launched include a new generation of three-phase metering chips and advancements in smart electric meter MCU chips based on RISC-V architecture [7]. Future Outlook - The company's ability to reverse its declining trend through technological innovation and market expansion remains to be seen [8].