Core Viewpoint - JiuLian Technology (688609.SH) plans to participate in a pre-IPO shareholder inquiry transfer, involving a total of 15,000,000 shares, which represents 3.00% of the company's total equity [1] Group 1 - The shareholders involved in the transfer are Zhan Qijun and Lin Rong [1] - The share transfer will not be conducted through centralized bidding or block trading, indicating it is not a secondary market reduction [1] - The shares acquired through the inquiry transfer cannot be transferred by the acquirer within six months after the acquisition [1]

格隆汇1月27日丨九联科技(688609.SH)公布，拟参与九联科技首发前股东询价转让（以下简称"本次询 价转让"）的股东为詹启军、林榕；出让方拟转让股份的总数为15,000,000股，占九联科技总股本的比例 为3.00%；本次询价转让不通过集中竞价交易或大宗交易方式进行，不属于通过二级市场减持。受让方 通过询价转让受让的股份，在受让后6个月内不得转让。 ...

出让方拟转让股份的总数为 15,000,000 股，占九联科技总股本的比例为 3.00%； 股东詹启军、林榕（以下合称"出让方"）保证向广东九联科技股份有限公司 （以下简称"九联科技"或"公司"）提供的信息内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其真实性、准确性和完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 拟参与九联科技首发前股东询价转让（以下简称"本次询价转让"）的股东 为詹启军、林榕； 本次询价转让不通过集中竞价交易或大宗交易方式进行，不属于通过二级 市场减持。受让方通过询价转让受让的股份，在受让后 6 个月内不得转让； 证券代码：688609 证券简称：九联科技 公告编号：2026-004 广东九联科技股份有限公司 股东询价转让计划书 （四）出让方关于有足额首发前股份可供转让，并严格履行有关义务的承 诺 本次询价转让的受让方为具备相应定价能力和风险承受能力的机构投资 者。 一、拟参与转让的股东情况 （一）出让方的名称、持股数量、持股比例 出让方委托中信证券股份有限公司（以下简称"中信证券"）组织实施本次询 价转让。截至 20 ...

中信证券股份有限公司 关于广东九联科技股份有限公司股东 向特定机构投资者询价转让股份 相关资格的核查意见 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 1 中信证券股份有限公司（以下简称"中信证券"）受广东九联科技股份有限 公司（以下简称"九联科技"）股东詹启军、林榕（以下合称"出让方"）委托， 组织实施本次九联科技首发前股东向特定机构投资者询价转让（以下简称"本次 询价转让"）。 根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》《科创 板上市公司持续监管办法（试行）》《上海证券交易所科创板股票上市规则（2025 年 4 月修订）》《上海证券交易所科创板上市公司自律监管指引第 4 号——询价 转让和配售（2025 年 3 月修订）》（以下简称"《询价转让和配售指引》"）等 相关规定，中信证券对参与本次询价转让股东的相关资格进行核查，并出具本核 查意见。 一、本次询价转让的委托 中信证券收到出让方关于本次询价转让的委托，委托中信证券组织实施本次 询价转让。 二、关于参与本次询价转让股东相关资格的核查情况 （一）核查过程 根据相关法规要求，中信证券对出让方的相关资格进行了核查。出让方已出 ...

Group 1 - The black home appliance sector experienced a decline of 3.02% on January 26, with Jiulian Technology leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Key stocks in the black home appliance sector showed varied performance, with *ST Gauss rising by 4.86% to a closing price of 12.73, while Jiulian Technology fell by 5.41% to 9.61 [1] Group 2 - The net outflow of main funds in the black home appliance sector was 744 million yuan, while retail investors saw a net inflow of 462 million yuan [1] - Detailed fund flow data indicates that major stocks like Sichuan Changhong and Sichuan Jiuzhou experienced significant net outflows of 530 million yuan and 747 million yuan, respectively [2] - Conversely, stocks like *ST Gauss and Sichuan Jiuzhou attracted retail inflows of 286.69 million yuan and 1130.30 million yuan, respectively [2]

Group 1 - The company forecasts a net loss attributable to shareholders of the parent company for the year 2025, estimated between -227 million and -190 million yuan [2] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between -210 million and -177 million yuan [2] - The previous year's net profit attributable to shareholders was -141.83 million yuan, with a total profit of -187.12 million yuan [4] Group 2 - The primary reasons for the anticipated loss include intense competition in the domestic operator bidding market for smart terminal products, rising procurement costs of raw materials, and a decrease in revenue from smart city projects compared to the previous year [6] - The company also noted an increase in management expenses and share-based payments contributing to the overall loss [6] - The performance forecast has not been audited by a registered accountant [3]

Core Viewpoint - Jiulian Technology (688609.SH) is expected to report a net loss attributable to shareholders of the parent company for the year 2025, with estimates ranging from -227 million to -190 million yuan [1] Financial Performance - The projected net profit attributable to shareholders after deducting non-recurring gains and losses for 2025 is estimated to be between -210 million and -177 million yuan [1] - The company anticipates a loss in operating performance for 2025 due to several factors, including increased competition in the domestic operator bidding market for smart terminal products [1] Cost and Revenue Factors - The rise in procurement prices of key raw materials and supply shortages have contributed to a low overall gross margin [1] - Revenue from delivered and accepted smart city projects has decreased compared to the previous year, alongside an increase in management expenses and share-based payments [1]

Financial Performance Expectations - The company expects a net loss attributable to shareholders of the parent company for 2025 to be between -227 million and -190 million yuan[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between -210 million and -177 million yuan[4]. - In the same period last year, the net profit attributable to shareholders was -141.83 million yuan, with a total profit of -187.12 million yuan[5]. Revenue Challenges - The decrease in revenue is attributed to intensified competition in the domestic bidding market for smart terminal products and rising raw material costs[6]. - The company has experienced a reduction in revenue from smart city projects compared to the previous year, alongside increased management and share-based payment expenses[6]. Audit and Investor Caution - The earnings forecast has not been audited by a registered accountant, and the figures are preliminary estimates[7]. - Investors are advised to be cautious as the final financial data will be disclosed in the audited annual report[8].

Group 1 - The core point of the news is that Jiulian Technology's stock price increased by 5.02% to 10.26 CNY per share, with a trading volume of 1.67 billion CNY and a turnover rate of 3.33%, resulting in a total market capitalization of 5.13 billion CNY [1] - Jiulian Technology, established on November 7, 2001, and listed on March 23, 2021, specializes in the research, production, sales, and service of home multimedia information terminals, smart home network communication devices, IoT communication modules, industry application solutions, and smart city solutions [1] - The revenue composition of Jiulian Technology includes smart terminals at 68.09%, communication modules and industry application solutions at 24.01%, operation services at 5.86%, and others at 2.03% [1] Group 2 - Dachen Fund has a significant holding in Jiulian Technology through its Dachen Dynamic Quantitative Allocation Strategy Mixed A Fund (003147), which held 105,000 shares, accounting for 1.11% of the fund's net value, making it the seventh-largest holding [2] - The Dachen Dynamic Quantitative Allocation Strategy Mixed A Fund has a total scale of 42.3969 million CNY and has achieved a year-to-date return of 10.17%, ranking 1522 out of 8847 in its category, with a one-year return of 72.36%, ranking 625 out of 8099 [2]

Core Insights - The report provides an analysis of the global and Chinese optical module industry, highlighting the product layout of representative companies and a comparative analysis of segmented products. Group 1: Product Layout of Representative Companies - Major Chinese optical module companies have product lines covering transmission rates up to 800G and below, including 10G, 25G, 40G, 50G, 100G, 200G, 400G, and 800G modules [1]. - The table outlines the specific products offered by companies such as Guangxun Technology, Zhongji Xuchuang, and others across various transmission rates, indicating a comprehensive coverage in the optical module market [1]. Group 2: 10G Optical Module Market - The 10G optical module market is mature, primarily featuring XFP and SFP+ modules, with SFP+ being favored for its lower cost, smaller size, and strong compatibility [3]. - 10G data center solutions typically involve 10G switches paired with SFP+ modules and LC fiber jumpers, emphasizing the importance of matching switch rates with corresponding optical modules [3]. Group 3: 40G Optical Module Demand - The 40G optical module, particularly the QSFP+ type, is widely used due to its compact design and ability to meet high-density, high-speed market demands [6]. - Transitioning from 10G to 40G is driven by the need for increased bandwidth and throughput in data centers, with 40G solutions often involving 40G switches and QSFP+ modules [6]. Group 4: 100G Optical Module Applications - The 100G optical module is primarily utilized in cloud data centers and high-speed networks, with QSFP28 emerging as the mainstream packaging method [7]. - Significant technological advancements in 100G modules include digital coherent receiver technology and advanced error correction coding, catering to evolving user demands [7]. Group 5: 400G Optical Module Commercialization - The 400G optical module is set to become commercially viable in 2023, driven by the increasing demand from AI model training and 5G network construction [10]. - Major Chinese telecom operators are expected to deploy 400G modules extensively, with significant market share anticipated by 2024-2025 [10]. Group 6: 800G Optical Module Projections - The 800G optical module is projected to become mainstream by 2025, primarily driven by the needs of AI data centers for large-scale GPU cluster interconnections [13]. - Different types of 800G modules are categorized based on transmission distance, catering to various applications from data center interconnections to long-distance transmission [15]. Group 7: 1.6T Optical Module Development - The 1.6T optical module is expected to see commercial rollout in 2025, with gradual scaling from initial small batch shipments to larger production volumes by year-end [16]. - Key players like Nvidia and Zhongji Xuchuang are leading the early adoption and certification processes for 1.6T modules [18].