Group 1 - The core point of the report is the disclosure of equity changes by Xiamen Runke Xin Investment Management Partnership (Limited Partnership) in relation to its holdings in Ruixin Microelectronics Co., Ltd. [1][5] - The equity change is primarily due to the company's need for funds and the impact of the company's stock incentive plan, which has led to a decrease in the shareholding ratio of the disclosing party [5][6] - As of the report date, the disclosing party has reduced its shareholding in Ruixin Microelectronics from 8.0992% to 5.0000% [7] Group 2 - The disclosing party has cumulatively reduced its shares by 12,364,000 shares, accounting for 2.9387% of the total shares from June 23, 2021, to July 30, 2025 [6] - The disclosing party plans to further reduce its holdings by up to 8,378,000 shares, which is not more than 2% of the total shares, within three months following the announcement of the reduction plan [5][6] - There are no restrictions on the rights of the shares held by the disclosing party as of the report date [8]

瑞芯微电子股份有限公司 上市公司名称： 瑞芯微电子股份有限公司 股票上市地点： 上海证券交易所 股票简称： 瑞芯微 股票代码： 603893 信息披露义务人： 厦门市润科欣投资管理合伙企业（有限合伙） 住所及通讯地址： 厦门市湖里区金钟路3号804单元 股份变动性质： 减持，持股比例触及5%刻度 签署日期：2025年7月30日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《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格式准则第 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 反信息披露义务人内部规则中的任何条款，或与之相冲突。 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 报告书已全面披露了信息披露义务人在瑞芯微电子股份有限公司拥有权益的股 份变动情况。 四、截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没 有通过任何其他方式增加或减少在瑞芯微电子股份有限公司拥有权益的股份。 五、本次权益变动是根据本报告书所载明的资料进行的。除本报告书披露的 信息外，信息披露义务人没有委托或者授权其他任何人提供未 ...

Wind数据显示，按变动截止日期为基准，7月30日，1股获重要股东增持，博亚精工获重要股东增持 10.51万股，增持金额为170.66万元。15家上市公司股票遭重要股东减持，瑞芯微遭重要股东减持394.11 万股，减持金额为6.13亿元。 ...

Summary of Key Points Core Viewpoint - On July 30, a total of 17 A-share listed companies disclosed share reduction plans, with no companies announcing share increases on the same day [1]. Group 1: Companies and Their Share Reduction Plans - Rongda Photoelectric plans to reduce no more than 2% of its shares by controlling shareholders and their concerted actions [2]. - Panda Dairy's shareholders holding over 5% intend to reduce no more than 0.2823% of their shares [2]. - Gaolun Electronics' shareholder, Jinqiu Investment and its concerted parties, plan to reduce no more than 3% of the company's shares [2]. - Jiangnan Yifan's shareholders plan to reduce their holdings [2]. - Shenghong Co., Ltd. plans to reduce no more than 0.9969% of its shares by shareholder Sheng Jianming [2]. - Wanjitech's director Gao Xin plans to reduce no more than 21,000 shares [2]. - Jida Zhengyuan plans to reduce no more than 1.88 million shares by Beijing Zhongruan Alliance Technology Development Co., Ltd. [2]. - Desheng Technology's controlling shareholder and actual controller plan to reduce no more than 3% of the company's shares [2]. - KRAST's DrakaComteq B.V. plans to reduce 5.00% of its H-shares through block trading [2]. - Ruixinwei's shareholder Run Kexin plans to reduce holdings to 5% [2]. - Jiahuan Technology's controlling shareholder and actual controller's concerted party plans to reduce no more than 3% of shares [2]. - Guangwei Composites' controlling shareholder Guangwei Group plans to reduce no more than 1.21% of shares [2]. - Hengwei Technology's Tiancheng Fund plans to reduce no more than 1.8738% of shares [2]. - Beifang Co., Ltd.'s shareholder Tewo Shanghai plans to reduce no more than 3% of shares [2]. - Bohai Ferry's director and general manager, along with the board secretary, plan to reduce their shares [2]. - Hatou Co., Ltd.'s Dazheng Group plans to reduce no more than 1% of shares [2]. - Wansheng Co., Ltd.'s shareholder Gao Yuanxia plans to reduce no more than 0.08% of shares [2].

Core Viewpoint - On July 30, no A-share listed companies disclosed any increase in shareholding, while 17 companies announced share reductions, indicating a trend of shareholder divestment in the market [1]. Summary by Category Share Reduction Details - Rongda Photoelectric plans to reduce its shareholding by up to 2% [2] - Nengmao Dairy intends to reduce its stake by up to 0.2823% [2] - Gai Lun Electronics' shareholder, Jinqiu Investment, plans to reduce its holdings by no more than 3% [2] - Jiangnan Yifan's shareholders are set to reduce their shares [2] - Lei Hong Co., Ltd. plans to reduce its shares by up to 0.9969% [2] - Wanjie Technology's director, Gao Xin, plans to reduce up to 21,000 shares [2] - Jida Zhengyuan plans to reduce up to 1.88 million shares [2] - Desheng Technology's controlling shareholder intends to reduce up to 3% [2] - Changfei Optical Fiber's shareholder, DrakaComteq B.V., will reduce 5% of H-shares through block trading [2] - Ruixin Micro's shareholder, Runkexin, will reduce its stake to 5% [2] - Jiahuai Technology's controlling shareholder plans to reduce up to 3% [2] - Guangwei Composite's controlling shareholder, Guangwei Group, intends to reduce up to 1.21% [2] - Hengwei Technology's Tiancheng Fund plans to reduce up to 1.8738% [2] - Beifang Co., Ltd.'s shareholder, Tewo Shanghai, plans to reduce up to 3% [2] - Bohai Ferry's directors and general manager plan to reduce their shares [2] - Hatou Co., Ltd.'s Dazheng Group intends to reduce up to 1% [2] - Wansheng Co., Ltd.'s shareholder, Gao Yuanxia, plans to reduce up to 0.08% [2]

瑞芯微电子股份有限公司 简式权益变动报告书 | 上市公司名称： | 瑞芯微电子股份有限公司 | | --- | --- | | 股票上市地点： | 上海证券交易所 | | 股票简称： | 瑞芯微 | | 股票代码： | 603893 | 信息披露义务人： 厦门市润科欣投资管理合伙企业（有限合伙） 住所及通讯地址： 厦门市湖里区金钟路3号804单元 股份变动性质： 减持，持股比例触及5%刻度 签署日期：2025年7月30日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《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格式准则第 15 号——权益变动报告书》等相关法律、法规和规范性文件编写本报告书。 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 反信息披露义务人内部规则中的任何条款，或与之相冲突。 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 报告书已全面披露了信息披露义务人在瑞芯微电子股份有限公司拥有权益的股 份变动情况。 四、截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没 有通过任何其他方式增 ...

Core Viewpoint - The report highlights the launch of Rockchip's AI co-processor RK1820/RK1828, designed specifically for edge AI large models, featuring high computing power and bandwidth [1] Group 1: Product Launch - Rockchip has introduced the RK1820/RK1828, the first edge AI large model co-processor, which integrates ultra-high bandwidth on-chip DRAM and multi-core NPU tailored for 3B/7B-LLM/VLM [1] - The co-processor supports mainstream model frameworks and provides a general API for easy development [1] Group 2: Industry Transition - The AIoT industry is transitioning from version 1.0 to 2.0, driven by the emergence of large models and significant intellectual resource investment [1] Group 3: Application and Market Potential - The RK1820, when paired with main control chips like RK3588, creates a powerful AI computing platform capable of handling multimodal AI tasks, including speech recognition, video analysis, and long-context dialogue [1] - The product is applicable in various edge scenarios such as security, robotics, automotive, consumer electronics, office, education, home, and industrial sectors [1] Group 4: Future Outlook - As new products are launched and the automotive roadmap is further refined, the company plans to expand its deep service offerings to Tier 1 and IDH [1] - The report maintains a "buy" rating for the company [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Viewpoints - Telecom operators are increasing their layout in AI terminals, which is expected to open up growth space for the industry. The focus should be on AI terminal SoC manufacturers such as Amlogic and Rockchip [4][22] - The market is currently more focused on smart hardware and internet companies' layouts in AI terminals, while the role of telecom operators in this area has been overlooked. Telecom operators have strong channel advantages and brand effects in the smart home sector [8][9] - The growth momentum of mobile smart screens is strong, with a projected retail volume of 254,000 units in 2024, representing a year-on-year increase of 65%. The online market accounts for 86.5% of total retail volume [12][20] Summary by Sections Investment Suggestions and Targets - It is recommended to pay attention to Amlogic (688099, Buy) and Rockchip (603893, Not Rated) as potential investment targets in the AI terminal SoC sector [4][22] Industry Trends - Major telecom operators are launching innovative AI smart home terminal products, enhancing their competitive advantage in the smart home business. The integration of mobile smart screens with 5G and broadband services is expected to promote the application of AI terminals in home scenarios [8][9] - Telecom operators are investing in AI large models to enhance the intelligence of AI terminals. For instance, China Mobile showcased its AI technologies at the 2025 World Artificial Intelligence Conference, while China Telecom introduced its self-developed star model system [15][20] Market Growth Projections - The mobile smart screen market is expected to maintain rapid growth, with total retail volume projected to reach 470,000 units in 2025, reflecting an 85% year-on-year increase [12][20]

Summary of Key Points Core Viewpoint - The recent bulk trading activity of Ruixin Microelectronics indicates strong institutional interest, with significant net buying observed despite a discount to the market price [2][3]. Trading Activity - On July 29, Ruixin Microelectronics recorded 21 bulk trades totaling 1.3972 million shares, with a total transaction value of 205 million yuan [2]. - The average transaction price was 146.55 yuan, reflecting a discount of 12.25% compared to the closing price of 167.00 yuan on the same day [2]. - Over the past three months, the stock has seen a total of 50 bulk trades amounting to 447 million yuan [2]. Institutional Participation - Institutional proprietary seats were involved in 14 of the trades, contributing a total of 169 million yuan in net buying [2]. - The stock's recent performance includes a 2.56% increase in closing price and a 5.43% rise over the past five days, with a net inflow of 432 million yuan during that period [2][3]. Margin Financing - The latest margin financing balance for the stock stands at 1.469 billion yuan, with an increase of 74.89 million yuan over the past five days, representing a growth of 5.37% [3]. Analyst Ratings - Three institutions have provided ratings for the stock in the past five days, with Huatai Securities setting the highest target price at 181.60 yuan [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has launched its first edge AI co-processor, RK1820/RK1828, designed for edge AI applications, featuring high computing power and bandwidth [5][6] - The AIoT industry is transitioning from version 1.0 to 2.0, benefiting from the emergence of large models and significant intellectual resources [6] - The RK1820 co-processor integrates high-bandwidth on-chip DRAM and multi-core NPU, supporting mainstream model frameworks and providing a universal API for easy development [6] - The company is expanding its automotive electronics segment with the RK-M series automotive-grade SoCs, covering various applications in intelligent vehicles [7] Financial Projections - The projected revenues for the company are 4.35 billion, 5.54 billion, and 6.89 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 1.08 billion, 1.41 billion, and 1.79 billion yuan for the same years [7] - The revenue growth rates are expected to be 38.52%, 27.43%, and 24.52% for the years 2025, 2026, and 2027 respectively [10] - The earnings per share (EPS) are projected to be 2.57, 3.34, and 4.26 yuan for the years 2025, 2026, and 2027 respectively [10] Company Overview - The latest closing price of the company's stock is 162.83 yuan, with a total market capitalization of 68.5 billion yuan [4] - The company has a debt-to-asset ratio of 16.9% and a price-to-earnings (P/E) ratio of 114.67 [4]