Core Viewpoint - Longqi Technology (603341) announced the completion of changes to its registered capital and the revision of its Articles of Association, following the authorization from the third extraordinary general meeting of shareholders in 2025 [1] Group 1 - The fourth meeting of the fourth board of directors was held on August 28, 2025, where the proposal for changing registered capital and revising the Articles of Association was approved [1] - The company has completed the necessary business registration changes and the filing procedures for the revised Articles of Association [1] - Longqi Technology has obtained a new business license from the Shanghai Municipal Market Supervision Administration [1]

证券代码：603341 证券简称：龙旗科技 公告编号：2025-094 上海龙旗科技股份有限公司 关于完成工商变更登记并换发《营业执照》的公告 成立日期：2004 年 10 月 27 日 法定代表人：杜军红 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海龙旗科技股份有限公司（以下简称"公司"）根据 2025 年第三次临时股东 大会授权，于 2025 年 8 月 28 日召开第四届董事会第九次会议，审议通过了《关于 变更注册资本、修订<公司章程>并办理工商变更登记的议案》，同意公司变更公司 注册资本、修订《公司章程》并办理工商变更登记等事宜。具体内容详见公司于 2025 年 8 月 29 日在指定信息披露媒体及上海证券交易所网站（www.sse.com.cn） 披露的《关于变更注册资本、修订<公司章程>并办理工商变更登记的公告》（公告 编号：2025-090）。 近日，公司已完成上述工商变更登记以及变更后《公司章程》的备案手续，并 取得上海市市场监督管理局换发新的《营业执照》，变更后的《营业执照》登记的 相关信息如下： 名 ...

Group 1 - The core point of the news is that Longqi Technology's stock has increased by 5.28%, reaching a price of 44.03 CNY per share, with a total market capitalization of 20.67 billion CNY [1] - Longqi Technology, established on October 27, 2004, specializes in the research, design, production, and comprehensive services of smart products, with its main revenue sources being smartphones (77.90%), AIoT products (12.02%), tablets (7.97%), and others (2.11%) [1] Group 2 - According to data, Penghua Fund has a significant holding in Longqi Technology, with the Penghua Zengrui Mixed Fund (LOF) A (160642) holding 35,300 shares, accounting for 1.82% of the fund's net value, ranking as the ninth largest holding [2] - The Penghua Zengrui Mixed Fund (LOF) A has achieved a return of 36.67% this year, ranking 1423 out of 8248 in its category, and a return of 42.17% over the past year, ranking 3301 out of 8051 [2]

Group 1 - The core stock price of Longqi Technology fell by 2.01% to 42.98 CNY per share, with a total market capitalization of 20.174 billion CNY [1] - The company experienced a net inflow of main funds amounting to 2.529 million CNY, with significant buying and selling activities recorded [1] - Year-to-date, Longqi Technology's stock price has decreased by 7.09%, but it has shown a slight increase over the past 5, 20, and 60 trading days [1] Group 2 - As of June 30, the number of shareholders for Longqi Technology increased by 22.55% to 23,400, while the average circulating shares per person decreased by 18.40% [2] - For the first half of 2025, Longqi Technology reported a revenue of 19.908 billion CNY, a year-on-year decrease of 10.65%, while the net profit attributable to shareholders grew by 5.01% to 356 million CNY [2] Group 3 - Longqi Technology has distributed a total of 461 million CNY in dividends since its A-share listing [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown improvement in gross margin in Q2, with a focus on its "1+2+X" strategy, positioning itself as a leader in smart hardware [2][5] - The company is expected to benefit from the AI wave at the edge, with growth opportunities in smart devices, AIoT, AI PCs, and automotive electronics [5][6] Financial Performance Summary - In H1 2025, the company achieved revenue of 19.908 billion, a year-on-year decrease of 10.65%, while net profit attributable to shareholders was 356 million, an increase of 5.01% [5] - In Q2 2025, revenue was 10.529 billion, down 11.85%, with a net profit of 201 million, down 4.31% [5] - The gross margin for H1 2025 was 8.14%, up 1.64 percentage points year-on-year, and for Q2 2025, it was 8.76%, up 2.70 percentage points year-on-year [5] Business Segment Performance - The smartphone business saw revenue of 14.022 billion in H1 2025, down 22.28%, but with an improved gross margin of 6.85%, up 1.79 percentage points [5] - The AIoT business grew rapidly, achieving revenue of 3.321 billion, up 45.26%, although its gross margin decreased to 12.81%, down 2.58 percentage points [5] - The tablet business generated revenue of 1.900 billion, up 14.57%, with a gross margin of 6.58%, down 2.15 percentage points [5] Future Projections - Revenue projections for 2025-2027 are 46.810 billion, 53.430 billion, and 66.691 billion, representing year-on-year growth rates of 1%, 14%, and 25% respectively [6][7] - Net profit projections for the same period are 651 million, 951 million, and 1.302 billion, with growth rates of 30%, 46%, and 37% respectively [6][7] - The expected P/E ratios for 2025, 2026, and 2027 are 30, 21, and 15 times respectively [6][7]

Core Insights - Longqi Technology's stock price increased by 2.01% on September 8, reaching 42.66 CNY per share, with a total market capitalization of 20.024 billion CNY [1] - The company has experienced a year-to-date stock price decline of 7.78%, with a 5-day drop of 7.10%, but a 20-day increase of 5.67% and a 60-day increase of 10.75% [1] - Longqi Technology's main business revenue composition includes 77.90% from smartphones, 12.02% from AIoT products, 7.97% from tablets, and 2.11% from other sources [1] Financial Performance - As of June 30, Longqi Technology had 23,400 shareholders, an increase of 22.55% from the previous period, with an average of 11,388 circulating shares per shareholder, a decrease of 18.40% [2] - For the first half of 2025, the company reported a revenue of 19.908 billion CNY, a year-on-year decrease of 10.65%, while the net profit attributable to shareholders was 356 million CNY, reflecting a year-on-year growth of 5.01% [2] Dividend Information - Longqi Technology has distributed a total of 461 million CNY in dividends since its A-share listing [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 19.908 billion yuan in H1 2025, a year-on-year decline of 10.65%. However, the net profit attributable to shareholders increased by 5.01% to 356 million yuan. The gross margin improved to 8.14%, up 1.64 percentage points year-on-year, while the net profit margin rose to 1.79%, an increase of 0.27 percentage points [2][7]. Summary by Sections Financial Performance - In H1 2025, the company's mobile phone business revenue was 14.022 billion yuan, down 22.28% year-on-year, but the gross margin for this segment improved to 6.85%, up 1.79 percentage points. The overall gross margin has been on a recovery path since Q3 2024, and further improvements are expected in the second half of 2025 as the product mix shifts towards higher-margin offerings [12]. Strategic Developments - The company is benefiting from the rising demand for AI glasses, with a 110% year-on-year increase in shipments in H1 2025. The company has established deep collaborations with major clients and is expanding its manufacturing capabilities in this area. The AI glasses segment is expected to contribute significantly to revenue growth in the coming quarters [12]. Market Trends - The company is positioned to capitalize on the trends in AIPC (Artificial Intelligence Personal Computer) and automotive electronics. The global PC shipments increased by 5.8% in H1 2025, driven by government subsidies and the rapid penetration of AIPC. The automotive electronics sector is also evolving with the integration of traditional components and innovative technologies [12]. Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 654 million yuan, 932 million yuan, and 1.3 billion yuan for the years 2025, 2026, and 2027, respectively, maintaining the "Buy" rating [12].

Group 1 - On September 2, Longqi Technology experienced a decline of 8.28% with a trading volume of 578 million yuan [1] - The financing data on that day showed a financing purchase amount of 58.72 million yuan and a financing repayment of 79.69 million yuan, resulting in a net financing outflow of 20.97 million yuan [1] - As of September 2, the total balance of margin trading for Longqi Technology was 309 million yuan, with the financing balance accounting for 2.73% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of June 30, the number of shareholders for Longqi Technology reached 23,400, an increase of 22.55% from the previous period [2] - The average circulating shares per person decreased by 18.40% to 11,388 shares [2] - For the first half of 2025, Longqi Technology reported operating revenue of 19.908 billion yuan, a year-on-year decrease of 10.65%, while the net profit attributable to shareholders increased by 5.01% to 356 million yuan [2] Group 3 - Longqi Technology has distributed a total of 461 million yuan in dividends since its A-share listing [3]

Group 1 - The core viewpoint is that Longqi Technology's smartphone business revenue is expected to grow with the increase in ODM penetration rate, and gross margins are gradually improving [1] - AI glasses are driving a 45% year-on-year growth in the IoT business, with mass production projects secured from leading domestic and international clients [1] - R&D expenses are increasing due to investments in new businesses such as AI PCs and automotive electronics, but long-term expense ratios are expected to decline [1] Group 2 - The target for AI PCs is to account for 30% of total revenue by 2030, while automotive electronics have already begun mass production and delivery [1] - By 2030, non-mobile business revenue is projected to account for 60% of total revenue [1] - The manufacturing base in Vietnam is performing well, and local partnerships in India are being evaluated for potential factories in North America and Europe [1] Group 3 - The company is focusing on key markets in North America, Europe, Japan, and South Korea [1] - An investment has been made in Zhiyuan Robotics to advance the application of "robotics + AI" production lines [1] - Shareholder reductions are due to fund expirations and do not affect ongoing collaborations [1]

Core Viewpoint - Longqi Technology (603341) demonstrated strong resilience and vitality in its 2025 semi-annual report, with a revenue decline of 10.65% year-on-year to 19.908 billion yuan, while net profit attributable to shareholders increased by 5.01% to 356 million yuan, driven by a significant improvement in gross margin [1] Group 1: Financial Performance - Despite a decline in revenue, the company achieved a gross margin increase of 1.64 percentage points to 8.14% year-on-year [1] - In Q2, the gross margin rose by 1.31 percentage points to 8.76%, marking three consecutive quarters of sequential growth in profitability [1] - The smartphone business saw an increase in both gross margin and gross profit, with gross margin up 1.79 percentage points and gross profit growing by 5% year-on-year [3] Group 2: Environmental Initiatives - Longqi Technology actively implements green initiatives, targeting a 3%-5% annual reduction in energy consumption as part of the national "14th Five-Year" energy-saving plan [2] - The company set a "30/50" carbon target, aiming for carbon emission compliance by 2030 and carbon neutrality by 2050 [2] - The recycling rate of waste materials reached 96%, showcasing the company's commitment to a circular economy [2] Group 3: Social Responsibility - The company prioritizes employee welfare, providing a safe and healthy work environment and promoting diversity and inclusion [3] - Longqi Technology has invested in community development through education support and environmental donations [3] - The company completed audits of 209 suppliers in 2024, achieving a zero CSR violation rate [3] Group 4: Corporate Governance - Longqi Technology maintains high standards of governance, with a business ethics training coverage rate of 74.24% in 2024 [4] - The company achieved zero major information security breaches, with 100% of operational sites certified under ISO27001 [4] - The "1+2+X" product strategy has led to successful new business developments in AI PCs, automotive electronics, and smart glasses, with significant orders from leading global brands [4] Group 5: ESG Recognition - Longqi Technology received an AA rating in the latest ESG assessment for the first half of 2025, maintaining its position among the leading companies in sustainable development in China [5] - The company aims to continue creating new value for society through technology, focusing on high-quality growth and innovation driven by ESG principles [5]