Core Viewpoint - Jiuquan Technology (688391.SH) reported a decline in revenue and net profit for the first half of 2025, primarily due to pressures on smart electric meter chips from both volume and price [1] Financial Performance - Revenue for the first half of the year was 272 million yuan, a year-on-year decrease of 11.39% [1] - Net profit attributable to shareholders was 37.4852 million yuan, down 33.34% year-on-year [1] - Operating cash flow turned negative at -72.72 million yuan, compared to a positive 55.36 million yuan in the same period last year, mainly due to reduced sales and increased raw material procurement costs [1] Business Challenges - The decline in performance is attributed to adjustments in customer project cycles and inventory reduction, leading to decreased sales [1] - Despite a global semiconductor industry recovery, the company's core business is significantly affected by fluctuations in demand from specific customers in the power grid sector [1] Cost and Margin Analysis - Gross margin for the first half was 41.13%, a decrease of 2.85 percentage points year-on-year, primarily due to price reductions and increased R&D investments [1] - R&D expense ratio was 33.36%, an increase of 5.93 percentage points year-on-year [1] Future Prospects - The company has received bulk orders for BMS chips from clean appliance customers, but these have not yet generated significant revenue [1] - The company remains heavily reliant on smart electric meter chips, which accounted for 85.1% of total revenue [1]

业务评价：公司去年的ROIC为4.69%，资本回报率不强。然而去年的净利率为15.81%，算上全部成本 后，公司产品或服务的附加值高。从历史年报数据统计来看，公司上市以来中位数ROIC为16.99%，投 资回报也很好，其中最惨年份2024年的ROIC为4.69%，投资回报一般。公司历史上的财报较为好看 （注：公司上市时间不满10年，上市时间越长财务均分参考意义越大。）。 偿债能力：公司现金资产非常健康。 商业模式：公司业绩主要依靠研发驱动。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示： 建议关注公司应收账款状况（应收账款/利润已达86.86%） 据证券之星公开数据整理，近期钜泉科技（688391）发布2025年中报。截至本报告期末，公司营业总收 入2.72亿元，同比下降11.39%，归母净利润3748.52万元，同比下降33.34%。按单季度数据看，第二季 度营业总收入1.51亿元，同比下降16.65%，第二季度归母净利润2854.76万元，同比下降22.92%。本报 告期钜泉科技公司应收账款体量较大，当期应收账款占最新年报归母净利润比达86.86%。 本次财报公布的各项数据指标表现不尽如人意。其 ...

Group 1 - The core viewpoint of the article is that Jiuquan Technology (688391.SH) reported a decline in both revenue and net profit for the first half of 2025 compared to the previous year [1] Group 2 - The total operating revenue for the first half of 2025 was 272 million yuan, representing a year-on-year decrease of 11.39% [1] - The net profit attributable to shareholders of the parent company was 37.4852 million yuan, which is a year-on-year decline of 33.34% [1] - The basic earnings per share were 0.3266 yuan [1]

Core Points - The company, Jiuquan Optoelectronics Technology (Shanghai) Co., Ltd., was established as a joint-stock company from a limited liability company, with its registration completed on May 19, 2010 [1] - The company received approval from the China Securities Regulatory Commission to publicly issue 14.4 million shares of RMB ordinary stock (A shares) on July 15, 2022, and was listed on the Shanghai Stock Exchange on September 13, 2022 [1] - The registered capital of the company is RMB 115.18156 million [1] Chapter Summaries Chapter 1: General Provisions - The company aims to protect the legal rights of shareholders and creditors, and to regulate its organization and behavior according to relevant laws and regulations [1] - The company is a permanent entity and its shares are divided into equal portions, with shareholders liable only to the extent of their subscribed shares [1] Chapter 2: Business Objectives and Scope - The company's business objective is to achieve satisfactory economic benefits for the company and its shareholders through technological advancement and innovation [1] - The business scope includes the development, design, production, and sales of optoelectronic technology products, integrated circuit research and design, and related technical consulting and services [1] Chapter 3: Shares Section 1: Share Issuance - Shares are issued in the form of stocks, with each share having a par value of RMB 1 [1] - The issuance of shares must adhere to principles of openness, fairness, and justice, ensuring equal rights for all shares of the same type [1] Section 2: Share Increase, Decrease, and Repurchase - The company can increase capital through various methods, including public issuance and bonus shares, as decided by the shareholders' meeting [3] - The company may repurchase its shares under specific circumstances, such as reducing registered capital or for employee stock ownership plans [4] Section 3: Share Transfer - Shares can be transferred in accordance with the law, and the company does not accept its own shares as collateral [5] Chapter 4: Shareholders and Shareholders' Meeting Section 1: Shareholders - The company maintains a shareholder register based on records from the securities registration agency, which serves as proof of share ownership [7] - Shareholders have rights to dividends, attend meetings, supervise operations, and access company documents [7] Section 2: Shareholders' Meeting General Provisions - The shareholders' meeting is the company's decision-making body, responsible for major decisions such as business direction, capital changes, and financial reports [12] - The annual shareholders' meeting must be held within six months after the end of the previous fiscal year [12] Section 3: Proposals and Notifications for Shareholders' Meetings - Proposals for the shareholders' meeting must be within the scope of the meeting's authority and clearly defined [16] - Shareholders holding more than 1% of shares can propose temporary motions [16] Chapter 5: Voting and Resolutions of Shareholders' Meetings - Resolutions can be ordinary or special, with ordinary resolutions requiring a simple majority and special resolutions requiring two-thirds approval [76][78] - Voting must be conducted in a transparent manner, with results announced immediately [88]

Core Points - The company announced the first vesting period of the reserved portion of the 2024 restricted stock incentive plan, with a total of 42,340 shares eligible for vesting [1][19][22] - The incentive plan includes a total of 1,050,000 shares, with adjustments leading to an initial grant of 959,000 shares and a reserved first grant of 79,000 shares [1][12] - The vesting price for the shares is set at 23.40 yuan per share, adjusted to 14.99 yuan per share [1][12] Incentive Plan Approval and Implementation - The incentive plan was approved by the board of directors and involves a two-class restricted stock method [1][2] - The first grant involves 136 individuals, with 15 for the reserved first grant and 6 for the reserved second grant [2][12] - The vesting schedule includes three periods: 40% after 12 months, 30% after 24 months, and 30% after 36 months from the grant date [3][5] Performance Assessment Requirements - Company-level performance targets for the years 2024 to 2026 are established, with specific sales volume targets for chips [6][16] - Individual performance assessments will determine the actual number of shares vested, based on company performance and individual evaluations [6][16] - If the company fails to meet the lowest performance target, all shares planned for vesting in that year will be forfeited [6] Vesting Conditions and Results - The first vesting period for the reserved portion is from August 27, 2025, to August 26, 2026, with conditions met for 14 individuals [13][17] - The board and supervisory committee confirmed that the vesting conditions were achieved, allowing for the vesting of 42,340 shares [17][23] - One individual lost eligibility due to resignation, resulting in 8,700 shares being forfeited [17][22] Legal and Compliance - The legal opinion confirms that all necessary approvals and authorizations for the vesting conditions have been obtained, ensuring compliance with relevant laws and regulations [23]

Core Viewpoint - The report highlights the financial performance and operational challenges faced by Jiuquan Optoelectronics Technology (Shanghai) Co., Ltd. in the first half of 2025, including a significant decline in revenue and profit due to market pressures and increased R&D investments in response to industry demands [4][10]. Company Overview and Financial Indicators - Jiuquan Optoelectronics is engaged in the research, design, and sales of chips for smart grid terminal devices, classified under the integrated circuit design industry [3][10]. - The company reported a revenue of approximately 272 million yuan, a decrease of 11.39% compared to the same period last year [4]. - The total profit for the period was approximately 29.83 million yuan, down 43.90% year-on-year, with a net profit attributable to shareholders of about 37.49 million yuan, reflecting a 33.34% decline [4][10]. Industry Context - The integrated circuit industry in China is undergoing a transformation, with a focus on domestic innovation and the development of strategic industries, particularly in response to external pressures and market demands [10]. - The smart grid market is experiencing rapid growth driven by policy support and technological advancements, with significant demand for smart meters expected to continue through 2026 [10][11]. Main Business and Product Lines - The company specializes in core chip solutions for smart grid applications, including energy metering chips, smart meter MCU chips, and communication chips, which are widely used in smart grid, industrial control, and renewable energy sectors [10][11]. - The product lineup includes three-phase and single-phase energy metering chips, smart meter MCUs, and various communication chips, all designed to meet the specific needs of the smart grid market [10][11]. Research and Development Focus - The company has increased its R&D investment to 90.76 million yuan, a year-on-year increase of 7.77%, emphasizing its commitment to innovation and maintaining a competitive edge in the market [10][11]. - The R&D team comprises 79.30% of the total workforce, reflecting the company's focus on technological advancement and product development [10][11]. Operational Strategy - The company operates under a Fabless model, outsourcing manufacturing and packaging while focusing on chip design and sales [8][9]. - It has established rigorous management processes for product development, ensuring effective control over the entire R&D process [8][9].

| 研发投入占营业收入的比例（%） 33.36 | | | | | 27.43 | | 增加5.93 | | --- | --- | --- | --- | --- | --- | --- | --- | | 个百分点 | | | | | | | | | | | | | | | | 单位: 股 | | 截至报告期末股东总数 | | | | | | | | | （户） | | | | | | 6,774 | | | 截至报告期末表决权恢复的优先股股东总数 | | | | | | | | | （户） | | | | | 不适用 | | | | 截至报告期末持有特别表决权股份的股东总数 | | | | | | | | | （户） | | | | | 不适用 | | | | 名股东持股情况 | 前 10 | | | | | | | | 包含转融 | | | | | | | | | 持股 | | | 持有有限 | | | | | | 持股 | | | | | 通借出股 | | 质押、标记 | | 或冻 | | | | | | | | | 股东名称 比例 | 股东性质 | | | 售条件的 | | | | | 数量 | ...

Core Points - The company held its sixth board meeting on August 28, 2025, where several key resolutions were passed regarding financial and operational reports for Q2 2025 [1][2][3] Financial Reports - The board approved the financial report for Q2 2025 with a unanimous vote of 7 in favor [1] - The operational report for Q2 2025 was also approved with the same voting outcome [1] Internal Audit and Compliance - The internal audit report for Q2 2025 was reviewed and deemed to align with the company's actual operations, confirming effective internal control systems [2] - The board affirmed that the half-year report for 2025 accurately reflects the company's financial status and operational results, ensuring compliance with legal requirements [2] Fund Management - The board approved a special report on the management and actual use of raised funds for the first half of 2025, confirming compliance with relevant laws and regulations [3] - The company has maintained dedicated accounts for raised funds and has not misused them, ensuring transparency in fund usage [3] Stock Incentive Plans - Adjustments to the restricted stock incentive plan for 2023 and 2024 were approved, with the board confirming that the adjustments are in accordance with relevant regulations [4] - The first vesting period of the reserved portion of the 2024 restricted stock incentive plan was confirmed to meet the vesting conditions [5] Capital Changes - The board approved changes to the registered capital and amendments to the company's articles of association, reflecting an increase in total shares from 114,585,900 to 115,181,560 [6]

Core Points - The company held its sixth supervisory board meeting on August 28, 2025, where all resolutions were passed unanimously by the three attending supervisors [1][2][3] Financial Reports - The supervisory board approved the financial report for Q2 2025, stating that it accurately reflects the company's financial status and operational results [1][2] - The internal audit report for Q2 2025 was also approved, confirming that the company maintained effective internal control systems [2] Half-Year Report - The supervisory board approved the half-year report for 2025, ensuring compliance with legal regulations and confirming the accuracy and completeness of the disclosed information [2][3] Fund Usage - The board approved a special report on the storage and actual use of raised funds for the first half of 2025, confirming compliance with relevant laws and regulations [2][3] Stock Incentive Plans - The supervisory board approved adjustments to the restricted stock incentive plan based on previous shareholder meetings, confirming that the adjustments do not harm the interests of the company or its shareholders [2][3][4] - The board also approved the first vesting period of the 2024 restricted stock incentive plan, confirming that the conditions for vesting have been met [4]

Core Points - The Supervisory Board of Jiuquan Optoelectronics Technology (Shanghai) Co., Ltd. has verified the first vesting list of the reserved first grant under the 2024 restricted stock incentive plan [1] - A total of 15 individuals were identified as incentive objects, with 14 meeting the eligibility criteria after one individual lost qualification due to resignation [1][2] - The total number of restricted shares that can be vested for the eligible 14 individuals is 42,340 shares, which complies with relevant laws and regulations [2]