香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不作任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 1 單位：人民幣萬元 Montage Technology Co., Ltd. 瀾起科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6809） 內幕消息 2025年度業績快報公告 瀾起科技股份有限公司（「本公司」或「公司」，連同其附屬公司統稱「本集團」）根 據《香港聯合交易所有限公司證券上市規則》（「上市規則」）第13.09、第13.10B條 及香港法例第571章《證券及期貨條例》第XIVA部項下之內幕消息條文（按上市規 則定義）作出本公告。 本公告所載本集團2025年度主要財務數據乃根據《中國企業會計準則》編製，且僅 為初步核算數據，未經會計師事務所審計，經審計的數據以本公司2025年年度報 告中披露的數據為準，提請本公司投資者注意投資風險。 一、 2025年度主要財務數據和指標 單位：人民幣萬元 | | | | | 增減 | | --- | --- | --- | --- | ...

格隆汇2月25日丨根据联交所最新权益披露资料显示，2026年2月20日，澜起科技(06809.HK)遭JPMorgan Chase & Co.以每股均价215.6235港元减持好仓27.69 万股，涉资约5971.35万港元。 | 最后来说 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 三大 | 股份到 | | | ( 語參閱 · · · · · · | 有投票權股(日/月/年) 樓 | | | | | | | | | 份自分比 | | CS20260225E00104 | JPMorgan Chase & Co. | 1201(L) | | 276,934(L | HKD 215.6235 | 7.456.731(L) | 9.84(L)20/02/2026 | | | | | | | | 139.900(S) | 0.18(S) | | | | | | | | 677.431(P ...

香港联交所最新资料显示，2月20日，摩根大通减持澜起科技(06809)27.6934万股，每股均价215.6235港 元，总金额约为5971.35万港元。减持后最新持股数目约为745.67万股，最新持股比例为9.84%。 ...

智通财经APP获悉，香港联交所最新资料显示，2月20日，摩根大通减持澜起科技(06809)27.6934万股， 每股均价215.6235港元，总金额约为5971.35万港元。减持后最新持股数目约为745.67万股，最新持股比 例为9.84%。 ...

Market Overview - The Hong Kong stock market experienced a mixed performance, with the Hang Seng Index rising by 0.66% to 26,765.72, while the Hang Seng Tech Index fell by 0.19% to 5,260.50 [1][2] - The overall market showed signs of recovery after a significant drop the previous day, with the Hang Seng Index and the National Enterprises Index both posting gains of 0.66% and 0.30%, respectively [1] Sector Performance - Technology stocks showed a rebound, with Meituan rising by 1.6%, while Alibaba, Tencent, and JD.com also saw slight increases [4] - Real estate stocks surged following the announcement of new housing policy adjustments in Shanghai, with Country Garden and CIFI Holdings both gaining over 6% [5][6] - The construction materials sector also performed well, with Conch Cement rising over 5% [6][7] - Steel stocks experienced broad gains, with New Mining Resources up by 20% and Chongqing Steel rising over 8% [8] - Copper and aluminum stocks saw collective increases, with WanGuo Gold Group rising by 6.91% and China Gold International up by over 4% [9][10] - The gold and precious metals sector was active, with Long Resources increasing by over 13% [11] - The sportswear sector saw gains, with Tmall rising by 6.53% and Anta Sports up by 2.48% [13] - The restaurant sector collectively rose, with Haidilao increasing by 6.19% due to strong consumer demand during the Spring Festival [15] Weak Performers - Semiconductor stocks faced declines, with companies like Lattice Semiconductor and Aisino falling over 7% [16][17] - Paper stocks dropped, with Nine Dragons Paper down by 4.29% [18] - The electricity sector showed weakness, with Datang New Energy falling over 4% [19] - Automotive stocks declined, with Li Auto down by 3.71% and NIO down by 2.64% [20] - Education stocks performed poorly, with Chuanglian Holdings dropping over 5% [21] Capital Flow - Southbound funds recorded a net sell of HKD 4.057 billion, with the Shanghai-Hong Kong Stock Connect seeing a net sell of HKD 5.495 billion [23] Market Outlook - Huatai Securities noted increased market differentiation during the Spring Festival, with AI and internet giants showing diverging trends, while consumer data remained strong but did not significantly boost sector performance [23]

Core Viewpoint - The stock price of SanDisk, a leading storage chip company, experienced significant volatility after Citron Research announced a short position and released a bearish report, causing the stock to drop nearly 8% intraday [1] Group 1: Market Reaction - The negative news about SanDisk triggered a chain reaction affecting Hong Kong storage concept stocks, with Lianqi Technology and Zhaoyi Innovation dropping 6.38% and 4.77% respectively, indicating growing market concerns about cyclical risks in the storage industry [2][3] - Lianqi Technology's stock price fell to 193.6, down 13.2, while Zhaoyi Innovation's stock price reached 411.6, down 20.6 [4] Group 2: Citron Research's Analysis - Citron Research highlighted that West Digital, a significant long-term shareholder of SanDisk, recently sold a large portion of its shares at a 25% discount to the current market price, signaling a warning that internal investors are cashing out as the storage cycle may be peaking [4] - The report refuted the common belief that AI demand would help NAND flash memory escape cyclical fluctuations, citing historical patterns from 2008, 2012, and 2018 where similar expectations did not alter the cyclical nature of the market [5] Group 3: Competitive Landscape - Citron emphasized the competitive threat from Samsung Electronics, which historically prioritizes market share over profit during storage cycles, potentially leading to aggressive pricing strategies that could undermine SanDisk's market position [5] - Samsung's current strategy includes not selling products with a gross margin below 50% and pushing advanced chips into the high-end SSD market, directly encroaching on SanDisk's core territory [5] - The report concluded that the current supply constraints are merely temporary, and once resolved, Samsung's lower pricing and advanced technology could further pressure SanDisk's market share [5] Group 4: Impact on Related Companies - The declines in SanDisk's stock affected Lianqi Technology and Zhaoyi Innovation due to their core positions in the storage industry supply chain, with Lianqi being a leading supplier of memory interface chips and Zhaoyi being a major player in the semiconductor design space [6] - Lianqi Technology's performance is closely tied to server memory module shipments and technology iterations, while Zhaoyi Innovation's product pricing and inventory levels are directly linked to global storage cycles [6]

Group 1 - The storage concept stocks experienced a decline, with 澜起科技 (Lianqi Technology) down 4.21% to HKD 198.1 and 兆易创新 (Zhaoyi Innovation) down 3.7% to HKD 416.2 [1] - Citron Research posted on social media, claiming that the market's pricing logic for SanDisk is fundamentally flawed, suggesting that the current tight supply of storage chips is merely an "illusion" and that the peak of the cycle is near [1] - Following Citron's intervention, SanDisk's stock price dropped significantly, with a decline of up to 5.7% during early trading on Tuesday, raising concerns about the sustainability of this strong stock and investor worries regarding the storage chip industry's economic cycle [1]

Group 1 - The stock prices of Lanke Technology (06809.HK) and Zhiyu Innovation (03986.HK) have decreased by 5.22% and 5.14% respectively [1]

存储概念股今早走低，截至发稿，澜起科技(06809)跌4.21%，报198.1港元；兆易创新（603986） (03986)跌3.7%，报416.2港元。 消息面上，美东时间24日周二，香橼在社交媒体发帖称，市场对闪迪的定价逻辑存在根本性错误，当前 的存储芯片供应紧张不过是"海市蜃楼"，周期顶部已近在咫尺。帖子发出后，闪迪股价周二早盘随即跳 水，跌幅一度扩大至5.7%%。香橼的介入令市场对这一强势标的的持续性产生质疑，并再度引发投资者 对存储芯片行业景气周期的担忧。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the electronic industry [4][9]. Core Insights - The report highlights the ongoing competition in AI model development, with significant advancements from both international and domestic companies, particularly in computational power [6]. - It emphasizes the importance of computational power as a key investment theme, focusing on overseas computational power, domestic computational power, and storage as three main lines of investment [6][9]. - The report notes that domestic AI models are reaching a dual inflection point in technology and commercialization, with a shift from parameter competition to efficiency and agent-based innovations [6]. Summary by Sections Overseas Computational Power - Google launched its Gemini 3.1 Pro model, achieving a significant increase in reasoning and coding capabilities, with test scores surpassing previous models [6]. - Companies like Lumentum and Coherent saw stock increases of 19.90% and 14.57% respectively, driven by better-than-expected orders [6]. - Nvidia's stock rose by 4.78% as it prepares to unveil a revolutionary AI chip at the upcoming GTC 2026 conference [6]. Domestic Computational Power - Domestic AI model companies performed well during the holiday period, with notable stock increases for companies like Zhizhu and MiniMax [6]. - The report mentions the successful launch of several new AI models by domestic companies, indicating a shift towards efficiency and commercialization [6]. - Key domestic chips have been adapted for new models, with significant support from various domestic computational platforms [6]. Storage Chips - The report notes stock increases for companies like SanDisk and Micron, driven by growing AI demand [6]. - Micron is investing $50 billion to expand its production capacity in response to increasing AI infrastructure needs [6]. - The report highlights the significant price increase for HBM4 chips, reflecting the inflationary effects of AI demand [6].