钜泉科技半年报：营收净利双降现金流承压，BMS业务尚未形成规模收入

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]