Group 1 - The National Bureau of Statistics will hold a press conference to introduce the national economic operation situation for August 2025 [1] - The National Bureau of Statistics will release data on the sales price changes of commercial residential properties in 70 large and medium-sized cities for August 2025 [2] - The third Guangdong-Hong Kong-Macao Greater Bay Area Development Business Conference will be held, focusing on promoting supply chain openness and cooperation [3] Group 2 - A total of 14 companies will have their restricted shares unlocked today, with a total unlock volume of 309 million shares, amounting to a market value of 8.932 billion yuan [4] - Six companies will have unlock volumes exceeding 10 million shares, with Yonghe Co., Weiman Sealing, and Jiquan Technology leading in unlock volume [4] - The People's Bank of China will have 191.5 billion yuan of 7-day reverse repos maturing today [5]

Core Viewpoint - On September 15, a total of 16 listed companies had their restricted shares unlocked, with a total market value of approximately 17.991 billion yuan [1] Group 1: Companies and Their Restricted Shares - Shaanxi Guo Power (陕鼓动力) unlocked 435,600 shares under equity incentive restrictions [1] - Chuangli Group (创力集团) unlocked 3.936 million shares under equity incentive restrictions [1] - Shengquan Group (圣泉集团) unlocked 478,500 shares under equity incentive restrictions [1] - Yingke Medical (英科医疗) unlocked 995,400 shares under equity incentive restrictions [1] - Ruixin Microelectronics (瑞芯微) unlocked 4,500 shares under equity incentive restrictions [1] - Tongcheng New Materials (彤程新材) unlocked 1.5893 million shares under equity incentive restrictions [1] - Softcom Power (软通动力) unlocked 27.3 million shares with an extended lock-up period [1] - Weiman Sealing (唯万密封) unlocked 66.672 million shares prior to issuance restrictions [1] - Wuxi Zhenhua (无锡振华) unlocked 1.005 million shares under equity incentive restrictions [1] - Hangyu Technology (航宇科技) unlocked 798,600 shares [1] - Gaoling Information (高凌信息) unlocked 40 million shares [1] - Weijie Chuangxin (唯捷创芯) unlocked 8.5394 million shares [1] - Silin Jie (思林杰) unlocked 24.5305 million shares [1] - Kejie Intelligent (科捷智能) unlocked 20 million shares [1] - Juquan Technology (钜泉科技) unlocked 39.8841 million shares [1] - Shengke Communication (盛科通信) unlocked 1.5 million shares [1]

Group 1 - The core point of the article is that Jiuquan Technology announced the listing of its shares, which will be a first-time public offering with restricted shares [2] - The total number of shares to be listed is 57,831,996 [2] - The shares will be available for trading starting from September 15, 2025 [2] Group 2 - The method of share subscription is offline [2] - The total number of shares available for circulation upon listing is also 57,831,996 [2]

Core Viewpoint - The announcement details the upcoming listing and circulation of restricted shares for Jiuquan Technology, with a total of 57,831,996 shares set to be released on September 15, 2025, representing 50.23% of the company's total share capital [1][2][8]. Summary by Sections 1. Listing of Restricted Shares - The restricted shares being listed are part of the company's initial public offering (IPO), with a total of 57,831,996 shares to be released [1][2]. - The shares will be available for circulation starting on September 15, 2025 [1][8]. 2. Share Capital Changes - The company has undergone several changes in its share capital since the initial public offering, including cash dividends totaling 89.28 million yuan and a capital increase of 25.92 million shares through a capital reserve [2]. - Following these changes, the total share capital increased to 120,461,142 shares after additional capital increases and share repurchases [2]. 3. Commitments from Shareholders - Shareholders holding restricted shares have made commitments regarding the transfer and management of their shares, including a 36-month lock-up period post-IPO [3][4]. - If the stock price falls below the IPO price within the first six months, the lock-up period will be extended by at least six months [4][5]. 4. Compliance and Verification - The underwriter, Guojin Securities, has confirmed that the shareholders have adhered to their commitments regarding the restricted shares, and the listing complies with relevant regulations [7][8]. - The announcement includes a detailed list of shareholders and the number of restricted shares they hold, confirming that all shares will be released simultaneously [8].

证券代码：688391 证券简称：钜泉科技 公告编号：2025-037 钜泉光电科技（上海）股份有限公司 首次公开发行限售股上市流通公告 本次股票上市流通日期为2025 年 9 月 15 日。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 7 月 15 日出具的《关于同意钜泉光 电科技（上海）股份有限公司首次公开发行股票注册的批复》（证监许可[2022]1523 号），同意钜泉光电科技（上海）股份有限公司（以下简称"公司"、"钜泉科技" 或"发行人"）首次公开发行股票的注册申请。公司首次向社会公众公开发行人民 币普通股（A 股）股票 14,400,000 股，并于 2022 年 9 月 13 日在上海证券交易所 科创板上市，发行完成后总股本为57,600,000股，其中有限售条件流通股45,392,030 股，无限售条件流通股 12,207,970 股。具体情况详见公司于 2022 年 9 月 9 日在上 海证券交易所网站（www.sse.com.cn）披露的《钜泉光电科技（上海）股份有限公 司首次公开发行股票科创板上市公告书》。 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 ...

国金证券股份有限公司 一、本次上市流通的限售股类型 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2022 年 7 月 15 日出具的《关于同意钜泉光电科技（上海）股份有限公司首次公开发行股票注册 的批复》（证监许可[2022]1523 号），同意公司首次公开发行股票的注册申请。公 司首次向社会公众公开发行人民币普通股（A 股）股票 14,400,000 股，并于 2022 年 9 月 13 日在上海证券交易所科创板上市，发行完成后总股本为 57,600,000 股， 其中有限售条件流通股 45,392,030 股，无限售条件流通股 12,207,970 股。具体情 况详见公司于 2022 年 9 月 9 日在上海证券交易所网站（www.sse.com.cn）披露 的《钜泉光电科技（上海）股份有限公司首次公开发行股票科创板上市公告书》。 本次上市流通的限售股为公司首次公开发行限售股，具体情况如下： 公司本次解除限售的首次公开发行部分限售股涉及股东数量为 6 名，对应股 票数量 57,831,996 股，占公司目前总股本 115,139,220 的 50.23%。限售期均为自 公司股票上市之日起 36 ...

二、保荐机构和保荐代表人发现的问题及整改情况 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 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》、《上海证券交易所科创板股票上市 规则》、《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关 法律、法规的规定，国金证券股份有限公司（以下简称"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"、"公司"）持续督导工作的 保荐机构，负责钜泉科技上市后的持续督导工作，并出具本持续督导跟踪报告。 序号 工作内容 持续督导情况 1 建立健全并有效执行持续督导工作制度，并针对具 体的持续督导工作制定相应的工作计划 保荐机构已建立并有效执行了持续督导制 度，并制定了相应的工作计划 2 根据中国证监会相关规定，在持续督导工作开始 前，与上市公司或相关当事人签署持续督导协议， 明确双方在持续督导期间的权利义务，并报上海证 券交易所备案 保荐机构已与钜泉科技签订《保荐协议》， 该协议明确了双方在持续督导期间的权利 和义务，并报上海证券交易所备案 3 通过日常沟通、定期回访、现场走访、尽职调查等 方式开展持续督导 ...

Group 1 - The core viewpoint of the news is that Jiuquan Technology's stock performance and financial metrics indicate a decline in revenue and profit, alongside low financing activity and a stable shareholder base [1][2]. Group 2 - On September 1, Jiuquan Technology's stock rose by 2.97%, with a trading volume of 86.5888 million yuan. The financing buy-in amount was 8.6828 million yuan, while the financing repayment was 9.0489 million yuan, resulting in a net financing buy of -0.3662 million yuan. The total financing and securities balance reached 12.2 million yuan [1]. - The current financing balance of 122 million yuan accounts for 6.60% of the circulating market value, which is below the 40th percentile level over the past year, indicating a low position [1]. - As of September 1, there were no shares repaid or sold in the securities lending market, with a lending balance of 0.00 yuan, which is above the 70th percentile level over the past year, indicating a high position [1]. - As of June 30, the number of shareholders for Jiuquan Technology was 6,774, a decrease of 7.21% from the previous period, while the average circulating shares per person increased by 8.82% to 8,459 shares [2]. - For the first half of 2025, Jiuquan Technology reported operating revenue of 272 million yuan, a year-on-year decrease of 11.39%, and a net profit attributable to shareholders of 37.4852 million yuan, down 33.34% year-on-year [2]. - Since its A-share listing, Jiuquan Technology has distributed a total of 224 million yuan in dividends [3].

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]

Core Insights - The company reported a decline in total revenue and net profit for the first half of 2025 compared to the same period in 2024, indicating financial challenges [1] - The company's accounts receivable is significantly high, raising concerns about cash flow and collection efficiency [5] Financial Performance - Total revenue for the first half of 2025 was 272 million yuan, a decrease of 11.39% year-on-year [1] - Net profit attributable to shareholders was 37.49 million yuan, down 33.34% from the previous year [1] - The gross margin was 41.13%, reflecting a decline of 6.47% year-on-year [1] - The net profit margin decreased to 13.78%, down 24.77% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 21.43 million yuan, which is 7.88% of revenue, an increase of 19.31% year-on-year [1] Cash Flow and Assets - The company reported a negative operating cash flow per share of -0.63 yuan, a significant decrease of 237.43% year-on-year [1] - Cash and cash equivalents increased to 573 million yuan, up 2.57% year-on-year [1] - Accounts receivable rose to 812.94 million yuan, a substantial increase of 73.90% year-on-year, representing 86.86% of net profit [1][5] Return on Investment - The company's return on invested capital (ROIC) was 4.69% last year, indicating weak capital returns [3] - Historical data shows a median ROIC of 16.99% since the company went public, suggesting better investment returns in previous years [3] Business Model and Strategy - The company's performance is primarily driven by research and development, necessitating a thorough examination of the underlying factors supporting this growth [4]