Core Viewpoint - Longqi Technology (龙旗科技) has submitted its application for listing on the Hong Kong Stock Exchange, with Citigroup, Haitong International, and Guotai Junan International acting as joint sponsors [1] Company Overview - Longqi Technology is a leading global provider of smart products and services, offering comprehensive solutions including product research, design, manufacturing, and support for well-known smart product brands and leading technology companies [3] - The company has a diversified product portfolio that includes smartphones, AI PCs, automotive electronics, tablets, smartwatches, and smart glasses, with key clients such as Xiaomi, Samsung Electronics, Lenovo, Honor, OPPO, and vivo [3] Business Model - The core of Longqi Technology's business model is integrated ODM services, which encompass hardware design, module customization, system-level software platform development, RF and antenna tuning, system-level testing and certification, supply chain management, component selection, and scalable manufacturing operations [4] - According to Frost & Sullivan, Longqi Technology is the second-largest consumer electronics ODM manufacturer globally based on ODM shipment volume in 2024, and it ranks first in smartphone ODM shipments [4] Financial Performance - The company's revenue decreased from RMB 29.34 billion in 2022 to RMB 27.19 billion in 2023, a decline of 7.4%, but is projected to increase by 70.6% to RMB 46.38 billion in 2024 [5] - The net profit for the company increased from approximately RMB 561.51 million in 2022 to approximately RMB 602.71 million in 2023, a growth of 7.3%, but is expected to decrease by 18.1% to RMB 493.35 million in 2024 [6]

Core Viewpoint - Longqi Technology Co., Ltd. has submitted its prospectus for a listing on the Hong Kong Stock Exchange, marking its transition to an "A+H" listed company after its initial public offering on the Shanghai Stock Exchange in March 2024 [1][3]. Company Overview - Longqi Technology was established in October 2004 and has a registered capital of approximately 465 million yuan. Major shareholders include Kunshan Longqi Investment Management Center and Chengmai Qihe Enterprise Management Partnership [3][4]. - The company is a leading provider of intelligent products and services, offering comprehensive solutions for smart product brands and technology companies, including product research, design, manufacturing, and support [4]. Market Position - According to Frost & Sullivan, Longqi Technology is the second-largest consumer electronics ODM manufacturer globally and the largest ODM manufacturer for smartphones in 2024 [4]. Financial Performance - Longqi Technology's revenue for 2022, 2023, and 2024 was approximately 29.34 billion yuan, 27.19 billion yuan, and 46.38 billion yuan, respectively. Gross profit for the same years was about 2.37 billion yuan, 2.59 billion yuan, and 2.71 billion yuan [5][6]. - The company's net profit for 2022, 2023, and 2024 was approximately 562 million yuan, 603 million yuan, and 493 million yuan, respectively, indicating a decline in net profit despite revenue growth in 2024 [5][6]. Revenue Breakdown - In 2023, Longqi Technology's revenue from smartphone sales was approximately 21.82 billion yuan, a decrease of 10.1% from 2022. However, revenue from AIoT and other products grew by 33.0% to about 2.51 billion yuan [8][9]. - In 2024, the company's revenue from smartphone sales increased by 65.6% to approximately 36.13 billion yuan, while revenue from AIoT and other products also saw significant growth [10][11]. Profitability Analysis - Despite increased sales and revenue in 2024, Longqi Technology's gross margin decreased from 9.5% in 2023 to 5.8% in 2024, attributed to rising average procurement prices of raw materials [11][12]. - The gross margin for smartphone sales dropped from 8.3% in 2023 to 4.7% in 2024, while the gross margin for AIoT and other products fell from 20.7% to 11.0% [12].

Core Viewpoint - Longqi Technology has submitted an application for H-share listing on the Hong Kong Stock Exchange, highlighting its position as a leading global provider of smart products and services, particularly in the ODM sector for consumer electronics and smartphones [2][3]. Group 1: Company Overview - Longqi Technology was established in 2004 and has developed a diverse product portfolio including smartphones, AIPC, automotive electronics, tablets, smartwatches, and smart glasses [3]. - The company has a strong client base, including major brands like Xiaomi, Samsung, Lenovo, Honor, OPPO, and vivo, supported by a professional team of approximately 4,000 R&D and engineering personnel [3]. - Longqi Technology has created a comprehensive smart product ecosystem compatible with popular platforms such as Android and Windows, structured around a "1+2+X" framework [3]. Group 2: Financial Performance - In 2024, Longqi Technology's smartphone revenue reached RMB 36,132.7 million, accounting for approximately 77.9% of total annual revenue [4]. - The company achieved a smartphone ODM shipment volume of 172.9 million units in 2024, ranking first globally in this category [4]. - The tablet computer business generated revenue of RMB 3,696.3 million in 2024, representing about 8% of total revenue, with ODM shipments of 12.3 million units [5]. - Longqi Technology's AIoT business saw significant growth, with revenue reaching RMB 5,573.1 million in 2024, a 122.0% increase from 2023, contributing approximately 12.0% to total revenue [5]. Group 3: Strategic Initiatives - Longqi Technology is strategically investing in new business areas such as AIPC and automotive electronics, having launched its first laptop featuring a Qualcomm Snapdragon processor in Q3 2024 [6]. - The company has established partnerships with multiple OEMs and tier-one clients in the automotive electronics sector, actively expanding into overseas markets [6].

Group 1 - The core point of the article is that Shanghai Longqi Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1] - The joint sponsors for the listing are Citigroup, Haitong International, and Guotai Junan International [1]

据港交所文件：上海龙旗科技（603341）股份有限公司向港交所提交上市申请书。 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - AI glasses are evolving from "fashion items" to essential tools for specialized scenarios, with the potential to become the next generation of independent AI smart terminals after incorporating display functions [3][7] - The global smart glasses market is expected to ship 12.05 million units in 2025, representing a year-on-year growth of 18.3%, with non-display audio glasses and audio shooting glasses expected to see shipments more than double [7] - Meta's collaboration with Oakley on new AI glasses focuses on sports scenarios, enhancing functionality and battery life, which is expected to drive market acceptance and further application in specialized fields [7] Summary by Sections Investment Suggestions and Targets - Focus on leading companies in the supply chain of AI glasses, including: 1. Complete machine and PCBA manufacturers: GoerTek (002241, Buy), Longqi Technology (603341, Not Rated), Lens Technology (300433, Buy), Luxshare Precision (002475, Buy), and Huaqin Technology (603296, Buy) [3] 2. SoC suppliers: Hengxuan Technology (688608, Buy) and Amlogic (688099, Buy) [3] 3. Component suppliers: Camera lens glass supplier Yutong Optical (300790, Not Rated), microphone and speaker supplier AAC Technologies (02018, Not Rated), and SiP module supplier Huanxu Electronics (601231, Buy) [3] 4. Waveguide manufacturers: Lantech Optical (688127, Buy), Crystal Optoelectronics (002273, Buy), and Sunny Optical Technology (02382, Buy) [3] Market Trends - The AI glasses market is experiencing rapid growth due to improved hardware and software capabilities, leading to increased value and potential upgrades in the traditional eyewear industry [7] - Major tech companies are expected to release new AI glasses products in the second half of the year, which will catalyze industry growth [7]

Core Viewpoint - Shanghai Longqi Technology Co., Ltd. announced a correction to its 2024 annual report, clarifying that the correction does not affect the financial statements or the operating performance for the year [1][2]. Group 1: Correction Details - The correction pertains to the section "Management Discussion and Analysis" under "Main Operating Conditions," specifically regarding the analysis of revenue and costs, focusing on major suppliers [1]. - The corrected figures for the top five suppliers indicate a procurement amount of 1,399,681.06 thousand yuan, which accounts for 32.21% of the total annual procurement, compared to the previously reported 1,039,671.71 thousand yuan at 43.61% [2]. - There are no related parties among the top five suppliers, and while there are new suppliers in the top five, there is no single supplier accounting for over 50% of total procurement [2]. Group 2: Additional Information - Other contents of the 2024 annual report remain unchanged, and the company expresses apologies for any inconvenience caused to investors, committing to enhance the quality of information disclosure in the future [2][3].

Core Viewpoint - The draft board diversity policy aims to enhance the governance structure of Shanghai Longqi Technology Co., Ltd. by ensuring diversity in gender, age, nationality, cultural background, education, professional skills, and industry experience among board members [1][2]. Group 1: Policy Objectives - The policy is designed to ensure a balanced and diverse representation on the board, which is seen as a key element for sustainable development and achieving strategic goals [1][2]. - The nomination committee is responsible for reviewing and assessing the composition of the board and making recommendations for new board members, emphasizing the importance of diversity [1][2]. Group 2: Measurable Goals - The identification of board candidates will consider various measurable diversity goals, including gender, age, nationality, cultural background, education, professional experience, skills, and other relevant factors [2]. - The policy outlines specific criteria for evaluating candidates, such as professional qualifications, time commitment, character, integrity, and expected contributions to the board [2]. Group 3: Monitoring and Reporting - The nomination committee will regularly evaluate the effectiveness of the policy and report on the progress of diversity goals, including gender representation on the board [2]. - The policy summary and measurable goals will be disclosed in the company's corporate governance report, with annual reviews of the implementation status [2].

Core Viewpoint - The announcement details a change in equity ownership for Shanghai Longqi Technology Co., Ltd., where major shareholders Tianjin Jinmi and Suzhou Shunwei have reduced their combined shareholding from 15.00% to 10.00% through the sale of shares, without triggering a mandatory bid or affecting the control of the company [1][2]. Summary by Sections 1. Basic Information of the Shareholders - Tianjin Jinmi Investment Partnership has a registered capital of 2.408 billion RMB and operates in venture capital and investment activities [1]. - Suzhou Shunwei Technology Venture Capital Partnership has a registered capital of 1 billion RMB and focuses on venture capital and management services [1]. 2. Details of the Equity Change - Tianjin Jinmi sold a total of 11,817,700 shares, reducing its ownership from 7.95% to 5.41% [2]. - Suzhou Shunwei sold a total of 11,437,150 shares, reducing its ownership from 7.05% to 4.59% [2]. - The combined shareholding of Tianjin Jinmi and Suzhou Shunwei decreased from 69,764,543 shares (15.00%) to 46,509,693 shares (10.00%) [2]. 3. Impact of the Equity Change - The equity change will not result in a change of the company's controlling shareholder or actual controller, nor will it significantly impact the company's governance structure or ongoing operations [2].

上海龙旗科技股份有限公司 简式权益变动报告书 上市公司：上海龙旗科技股份有限公司 股票上市地：上海证券交易所 股票简称：龙旗科技 股票代码 ：603341 信息披露义务人：天津金米投资合伙企业（有限合伙）、苏州工业园区顺为科 技创业投资合伙企业（有限合伙） 注册地址： 天津金米：天津自贸试验区（空港经济区）中心大道华盈大厦-904室 苏州顺为：苏州工业园区苏虹东路183号东沙湖股权投资中心19幢2层221室 通讯地址： 天津金米：北京市海淀区西二旗中路33号小米移动互联网产业园 苏州顺为：苏州工业园区苏虹东路183号东沙湖股权投资中心19幢2层221室 股份变动性质：股份减少 简式权益变动报告书签署日期：2025年6月17日 声 明 一、本报告书系信息披露义务人依据《中华人民共和国证券法》《上市公司收购管 理办法》《公开发行证券的公司信息披露内容与格式准则第15号——权益变动报告 书》等相关法律法规编制。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人合伙协议或内部规则中的任何条款，或与之冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已 ...