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]

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]