Group 1 - The company, Jiuquan Technology, indicated on November 14 that investors should pay attention to the upcoming 2025 annual report to understand its specific operational situation [1]

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 58.897 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 3.887 billion yuan [1] - A total of 232 stocks saw net inflows, while 360 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 188 stocks rose while 396 stocks fell [1] - The stocks with the highest net inflows included Shengyi Electronics with 237 million yuan, followed by Shijia Photon and BeiGene-U with 188 million yuan and 178 million yuan respectively [1] Continuous Fund Flow Analysis - There are 49 stocks with continuous net inflows for more than three trading days, with Hangzhou Kelin leading at 11 consecutive days [2] - 137 stocks have seen continuous net outflows, with Aerospace Hongtu experiencing the longest streak at 13 days [2] Top Net Inflow Stocks - The top stocks by net inflow include: - Shengyi Electronics: 236.96 million yuan, 13.68% inflow rate, 2.06% increase [2] - Shijia Photon: 187.59 million yuan, 5.69% inflow rate, 2.19% increase [2] - BeiGene-U: 177.93 million yuan, 9.92% inflow rate, 5.62% increase [2] Notable Outflow Stocks - The stocks with the highest net outflows include: - Trina Solar: 444.5 million yuan, 6.43% decrease [1] - Western Superconducting: 333 million yuan [1] - Lanke Technology: 291 million yuan [1]

证券代码：688391 证券简称：钜泉科技 钜泉光电科技（上海）股份有限公司 2025 年第一次临时股东会 会议材料 2025 年 11 月 18 日 | 变更登记的议案 7 | | --- | 钜泉光电科技（上海）股份有限公司 2025 年第一次临时股东会会议材料 钜泉光电科技（上海）股份有限公司 重大信息，会议主持人或相关负责人有权拒绝回答。 六、出席股东会的股东及股东代理人，应当对提交表决的议案发表如下意见 之一：同意、反对或弃权。现场出席的股东或股东代理人请务必在表决票上签署 股东名称或姓名。未填、错填、字迹无法辨认的表决票、未投的表决票均视为投 票人放弃表决权利，其所持股份的表决结果计为"弃权"。 三、为保证股东会的严肃性和正常秩序，切实维护与会股东的合法权益，除 出席会议的股东及股东代理人、公司董事、监事、高级管理人员、见证律师及董 事会邀请的人员外，公司有权拒绝其他人员进入会场。 2025 年第一次临时股东会会议须知 四、开会期间参会人员应注意维护会场秩序，不要随意走动，手机调整为静 音状态，谢绝个人录音、录像及拍照，对干扰会议正常程序、寻衅滋事或侵犯其 他股东合法权益的行为，会议工作人员有权予 ...

Core Viewpoint - The decision by Jiuquan Technology to terminate the "Lingang R&D Center Construction Project" highlights concerns regarding the efficiency of fundraising projects in the semiconductor industry, particularly in the context of changing market demands and internal strategic shifts [1][2][5]. Group 1: Project Termination Reasons - The termination of the project is attributed to three main factors: external changes leading to cost overruns, a lack of demand for new office space, and the existing R&D team's capabilities being sufficient to support ongoing projects without additional investment [2]. - As of September 30, 2025, only 6.66% of the planned investment had been utilized, with 87.24 million yuan remaining idle, indicating a need for improved capital efficiency [2]. Group 2: Financial Pressure - Jiuquan Technology reported a total revenue of 408 million yuan for the first three quarters of 2025, a year-on-year decline of 9.17%, with net profit dropping by 37.71% to 44.54 million yuan [3]. - The company experienced a significant cash flow issue, with operating cash flow at -102 million yuan, a decrease of 219.30% year-on-year, and accounts receivable increasing by 54.93%, indicating potential collection risks [3]. Group 3: Strategic Adjustments - Despite the project termination, Jiuquan Technology is pursuing new capital operations, including a 150 million yuan investment in an industrial fund focused on the semiconductor and integrated circuit sectors [4]. - The company emphasizes that the termination aligns with regulatory guidelines and aims to optimize resource allocation in line with future strategic goals [4]. Group 4: Market Implications - The case of Jiuquan Technology serves as a warning for the semiconductor industry, where many fundraising projects may suffer from misalignment with actual market needs, leading to inefficiencies [5]. - Investors are advised to focus on the feasibility of fundraising projects, progress management, and synergies with core business operations rather than solely relying on financial metrics [5].

Core Insights - The article highlights the increasing importance of capital in driving technological breakthroughs and upgrading the semiconductor supply chain amid intensifying global competition and accelerated domestic production processes [1] Group 1: Major Investments - The National Big Fund Phase III has invested 100 million RMB in Nantong Crystal, increasing its registered capital from 300 million RMB to 400 million RMB, with a 25% stake [2] - China Life Insurance has announced a 2 billion RMB investment in a new fund focusing on semiconductors and smart electric vehicles, reflecting a strategic shift towards high-tech sectors [5][6] - Juyuan Technology plans to invest 150 million RMB through its wholly-owned subsidiary in a fund targeting the semiconductor and integrated circuit sectors [8][12] - Fulede Technology is participating in a private investment fund focused on the semiconductor industry, contributing 30 million RMB, which represents about 2.4% of the fund's total size [13][15] Group 2: Industry Focus - Nantong Crystal specializes in high-performance synthetic quartz materials, essential for semiconductor manufacturing, particularly in producing photomask substrates [4] - The investments from China Life Insurance are part of a broader strategy to support key emerging industries, including semiconductors, digital energy, and smart electric vehicles [6][7] - Juyuan Technology aims to enhance its influence in the upstream materials and technology sectors of semiconductors through its investment [12] - Fulede Technology's investment strategy includes targeting upstream materials and chip design, as well as emerging hard-tech fields like artificial intelligence and robotics [15] Group 3: Strategic Implications - The investments from the National Big Fund, China Life, Juyuan Technology, and Fulede Technology demonstrate a strong confidence and long-term strategy in the semiconductor sector, focusing on critical pain points such as materials and design [16] - The establishment and operation of these funds are expected to facilitate breakthroughs in the domestic production of key materials like photomasks, contributing to a more complete ecosystem for chip design, manufacturing, and packaging [16]

Core Viewpoint - The company announced the termination of the "Lingang R&D Center Construction Project," which was part of the excess fundraising from its initial public offering, due to changes in project feasibility and alignment with current strategic needs [2][3] Group 1: Project Termination Details - The total investment for the terminated project was 292.85 million yuan, with only 19.51 million yuan (6.66%) of the raised funds utilized as of September 30, 2025 [2] - The decision to terminate the project was made during the third meetings of the sixth board of directors and supervisors, and it will be submitted for shareholder approval [2] Group 2: Reasons for Termination - Significant external changes in project construction have led to costs exceeding initial budgets, and there is currently no necessity for a new office building [2] - The company's current product R&D strategy and human resource planning do not require large-scale hiring, making the original project plans misaligned with actual needs [2] - The existing R&D team's expertise and capabilities are sufficient to support ongoing projects without the need for additional investments in new facilities or equipment [2] Group 3: Future Plans - The company aims to enhance the efficiency of fund usage and avoid long-term idleness of funds by terminating the project after careful research and comprehensive evaluation [3] - Remaining raised funds will be managed in a dedicated account, and the company will actively seek new projects with strong profitability and good development prospects [3]

Core Insights - Jiuquan Technology (688391.SH) reported its Q3 2025 results on October 31, 2025, highlighting significant institutional investor activity [1] Institutional Holdings - As of October 30, 2025, seven institutional investors disclosed holdings in Jiuquan Technology A-shares, totaling 53.9583 million shares, which represents 46.85% of the company's total equity [1] - The institutional investor group includes Jiuquan Technology (Hong Kong) Co., Ltd., Dongsheng Investment Co., Ltd., GaoHua Investment Co., Ltd., Juchuang Integrated Circuit Design Co., Ltd., Wanjun Industrial Co., Ltd., Guojin 300 Index Enhanced A, and China Merchants National Certificate 2000 Index Enhanced A [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 2.20 percentage points [1] Public Fund Activity - In this reporting period, two public funds increased their holdings compared to the previous period, namely Guojin 300 Index Enhanced A and China Merchants National Certificate 2000 Index Enhanced A, with a slight increase in holding percentage [1] - A total of 65 public funds that were previously disclosed did not report their holdings this quarter, including notable funds such as Baodao Growth Zhihang Stock A, Baodao Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Index Enhanced A, and others [1]

Core Viewpoint - Jiuquan Technology is a significant player in the domestic smart grid terminal device chip sector, focusing on chip research and development, design, and sales, with strong technical capabilities and product support services [1] Group 1: Business Performance - In Q3 2025, Jiuquan Technology reported revenue of 408 million yuan, ranking 28th in the industry, below the industry average of 1.135 billion yuan and median of 608 million yuan [2] - The main business composition includes smart meter chips generating 232 million yuan, accounting for 85.13%, and IoT and other chips at 39.74 million yuan, making up 14.61% [2] - The net profit for the same period was 44.54 million yuan, ranking 12th in the industry, exceeding the industry average of 29.66 million yuan and median of 10.13 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 5.83%, down from 6.78% year-on-year, significantly lower than the industry average of 16.92%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 39.95%, a decrease from 43.51% year-on-year but still above the industry average of 36.44% [3] Group 3: Executive Compensation - The chairman, Yang Shicong, received a salary of 910,000 yuan in 2024, a decrease of 40,000 yuan from 2023 [4] - The general manager, Zheng Wenchang, earned 1.638 million yuan in 2024, an increase of 250,000 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 7.43% to 7,277, with an average holding of 15,800 circulating A-shares, up 87.10% [5]

Core Viewpoint - Jiuquan Technology reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its business performance [1][2]. Financial Performance - The company's revenue for the first three quarters was 408 million yuan, a year-on-year decrease of 9.17% [1]. - The net profit attributable to shareholders was 44.54 million yuan, down 37.71% year-on-year [1]. - The net profit after deducting non-recurring items was 23.10 million yuan, a decline of 41.91% compared to the previous year [1]. - Basic earnings per share stood at 0.39 yuan [1]. Profitability Metrics - The gross profit margin for the first three quarters was 39.95%, down 3.57 percentage points year-on-year [2]. - The net profit margin was 10.91%, a decrease of 5.00 percentage points from the same period last year [2]. - In Q3 2025, the gross profit margin was 37.58%, down 4.94 percentage points year-on-year and 3.66 percentage points quarter-on-quarter [2]. - The net profit margin for Q3 was 5.18%, down 5.54 percentage points year-on-year and 13.76 percentage points quarter-on-quarter [2]. Expense Analysis - Total operating expenses for the period were 171 million yuan, an increase of 4.51 million yuan year-on-year [2]. - The expense ratio was 41.87%, up 4.84 percentage points from the previous year [2]. - Sales expenses increased by 0.16%, while management expenses decreased by 0.06% [2]. - R&D expenses rose by 3.28%, and financial expenses increased by 12.92% [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 7,277, an increase of 503 from the end of the previous half-year, representing a growth of 7.43% [2]. - The average market value per shareholder increased from 504,600 yuan to 525,500 yuan, a rise of 4.13% [2]. Company Overview - Jiuquan Technology, established on May 19, 2005, is located in the China (Shanghai) Pilot Free Trade Zone and specializes in the R&D, design, and sales of smart grid terminal device chips [3]. - The main business revenue composition includes 85.13% from smart meter chips, 14.61% from IoT and other chips, and 0.27% from other sources [3]. - The company is classified under the semiconductor industry, focusing on analog chip design and is involved in various concept sectors including specialized and innovative enterprises, SOC chips, and semiconductor financing [3].

证券代码：688391 证券简称：钜泉科技 公告编号：2025-045 钜泉光电科技（上海）股份有限公司 关于使用募集资金向全资子公司增资以实施募集资金投资项目 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。 钜泉光电科技（上海）股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开第六届董事会第三次会议和第六届监事会第三次会议，审议通过了《关于使 用募集资金向全资子公司增资以实施募集资金投资项目的议案》，同意使用募集资金 向全资子公司钜泉微电子（上海）有限公司（以下简称"钜泉微电子"）增资人民 币 3,000.00 万元，其中分别使用 1,500.00 万元实施募集资金投资项目"双芯模组化 智能电表之计量芯研发及产业化项目"和"智能电网双模通信 SoC 芯片研发及产业 化项目"。本次增资完成后，钜泉微电子的注册资本将由人民币 22,000.00 万元增至 人民币 25,000.00 万元，公司仍持有其 100%股权。 本次增资事宜不构成关联交易和《上市公司重大资产重组管理办法》规定的重 大资产重 ...