钜泉科技前三季度营收4.08亿元同比降9.17%，归母净利润4453.66万元同比降37.71%，毛利率下降3.57个百分点

Core Viewpoint - Jiuquan Technology reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its business performance [1][2]. Financial Performance - The company's revenue for the first three quarters was 408 million yuan, a year-on-year decrease of 9.17% [1]. - The net profit attributable to shareholders was 44.54 million yuan, down 37.71% year-on-year [1]. - The net profit after deducting non-recurring items was 23.10 million yuan, a decline of 41.91% compared to the previous year [1]. - Basic earnings per share stood at 0.39 yuan [1]. Profitability Metrics - The gross profit margin for the first three quarters was 39.95%, down 3.57 percentage points year-on-year [2]. - The net profit margin was 10.91%, a decrease of 5.00 percentage points from the same period last year [2]. - In Q3 2025, the gross profit margin was 37.58%, down 4.94 percentage points year-on-year and 3.66 percentage points quarter-on-quarter [2]. - The net profit margin for Q3 was 5.18%, down 5.54 percentage points year-on-year and 13.76 percentage points quarter-on-quarter [2]. Expense Analysis - Total operating expenses for the period were 171 million yuan, an increase of 4.51 million yuan year-on-year [2]. - The expense ratio was 41.87%, up 4.84 percentage points from the previous year [2]. - Sales expenses increased by 0.16%, while management expenses decreased by 0.06% [2]. - R&D expenses rose by 3.28%, and financial expenses increased by 12.92% [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 7,277, an increase of 503 from the end of the previous half-year, representing a growth of 7.43% [2]. - The average market value per shareholder increased from 504,600 yuan to 525,500 yuan, a rise of 4.13% [2]. Company Overview - Jiuquan Technology, established on May 19, 2005, is located in the China (Shanghai) Pilot Free Trade Zone and specializes in the R&D, design, and sales of smart grid terminal device chips [3]. - The main business revenue composition includes 85.13% from smart meter chips, 14.61% from IoT and other chips, and 0.27% from other sources [3]. - The company is classified under the semiconductor industry, focusing on analog chip design and is involved in various concept sectors including specialized and innovative enterprises, SOC chips, and semiconductor financing [3].