SINOLINK SECURITIES(SH:600109) Zheng Quan Zhi Xing·2025-09-03 16:19Core Viewpoint - The report outlines the continuous supervision and compliance status of Jiuquan Optoelectronics Technology (Shanghai) Co., Ltd. by Guojin Securities, emphasizing the company's adherence to regulations and the absence of significant violations during the supervision period [1][2][3]. Continuous Supervision Work - Guojin Securities has established and effectively implemented a continuous supervision system for Jiuquan Technology, including a corresponding work plan [1]. - A continuous supervision agreement was signed with Jiuquan Technology, clarifying the rights and obligations of both parties [1]. - The supervision activities included regular communication, site visits, and due diligence to ensure compliance with laws and regulations [1][2]. Compliance and Governance - Jiuquan Technology has not reported any violations or breaches of commitments during the supervision period [1][2]. - The company has been guided to establish and effectively execute corporate governance systems, including rules for shareholder meetings and board meetings [1][2]. - The internal control systems of Jiuquan Technology have been verified to meet regulatory requirements and are effectively implemented [1][2]. Financial Performance - For the first half of 2025, the company reported operating revenue of 27,207.86 million yuan, a decrease of 11.39% compared to the same period in 2024 [8]. - The net profit attributable to shareholders was approximately 3,748.52 million yuan, down 33.34% year-on-year [8]. - The total assets as of June 30, 2025, were 203,861.08 million yuan, reflecting a growth of 1.09% from the end of 2024 [8]. Risks and Challenges - The company faces risks related to product upgrades and technological advancements in the integrated circuit design industry, which is characterized by rapid changes and high technical barriers [3][4]. - There is a significant reliance on core technical personnel, and the risk of talent loss could impact the company's R&D capabilities [3][4]. - The business is concentrated in specific markets, primarily in smart grid applications, which could be affected by fluctuations in demand from major clients [4][5]. Research and Development - The company has increased its R&D expenditure to 9,075.79 million yuan in the first half of 2025, a year-on-year increase of 7.77% [12]. - Jiuquan Technology is actively developing new products in the battery management system (BMS) sector, achieving market breakthroughs and securing orders [12][13]. - The company has made significant progress in various chip technologies, including energy metering chips and communication chips, enhancing its competitive position in the market [12][13][14]. Use of Raised Funds - The company raised a total of 165,600.00 million yuan through its initial public offering, with a net amount of 149,237.03 million yuan after deducting issuance costs [17][18]. - The use of raised funds has complied with relevant regulations, and there are no indications of misappropriation or changes in the intended use of funds [17][18].