国浩律师（上海）事务所 股东大会法律意见书 国浩律师（上海）事务所 关于澜起科技股份有限公司 2024 年年度股东大会之法律意见书 致：澜起科技股份有限公司 澜起科技股份有限公司（以下简称"公司"）2024 年年度股东大会定于 2025 年 5 月 6 日召开，国浩律师（上海）事务所（以下简称"本所"）接受公司的委 托，指派陈晓纯律师、张美华律师（以下简称"本所律师"）出席会议，并依据 《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、中国证券监督管理委员会发布的《上市公司股东会规 则》及其他现行有效的法律、法规及规范性文件规定及《澜起科技股份有限公司 章程》（以下简称"《公司章程》"）出具本法律意见书。 本所律师按照中华人民共和国（以下简称"中国"，仅为本法律意见书之目 的，不包括香港特别行政区、澳门特别行政区和台湾地区）现行法律、法规的规 定对本次股东大会的召集、召开程序是否合法及是否符合《公司章程》规定、出 席会议人员资格和股东大会表决程序的合法有效性发表法律意见。 国浩律师（上海）事务所 股东大会法律意见书 一、本次股东大会的召集、召开程序 本法 ...

Group 1 - Major shareholders of *ST WanFang plan to reduce their holdings by up to 9,341,596 shares, accounting for 3% of the company's total share capital from May 27 to August 25, 2025 [1] - Shareholders of Airo Energy intend to reduce their holdings by up to 800,000 shares, 800,000 shares, and 1,600,000 shares, representing 0.50%, 0.50%, and 1% of the company's total share capital respectively during the same period [1] - Anner plans to reduce its holdings by up to 3,186,159 shares, which is 1.5% of the company's total share capital, from May 27 to August 26, 2025 [1] Group 2 - Shareholders of Chuhuan Technology plan to reduce their holdings by up to 2,395,605 shares, accounting for 3% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [1] - Major shareholder of Dalian Technology intends to reduce their holdings by up to 4,189,336 shares, which is 0.99% of the company's total share capital from May 27 to August 26, 2025 [2] - Dongwei Technology's board members plan to reduce their holdings by a total of 2,574,857 shares, representing 0.8629% of the company's total share capital during the same period [2] Group 3 - Gann Li Pharmaceutical's shareholder has completed a reduction of 6,010,622 shares, which is 1% of the company's total share capital from April 22 to April 30, 2025 [2] - Guanshi Technology's board members plan to reduce their holdings by up to 359,375 shares, accounting for 0.4891% of the company's total share capital from May 27 to August 26, 2025 [2] - Guoguang Electric's shareholder has completed a reduction of 1,625,751 shares, which is 1.5% of the company's total share capital from April 25 to April 30, 2025 [2] Group 4 - Haili Biological's major shareholder has completed a reduction of 13,113,244 shares, representing 2% of the company's total share capital from April 15 to April 22, 2025 [3] - Hengfeng Information's board member has completed a reduction of 198,717 shares, which is 0.1207% of the company's total share capital on April 28, 2025 [3] - Hongwei Technology's shareholder plans to reduce their holdings by up to 820,000 shares, accounting for 0.39% of the company's total share capital from May 12 to August 11, 2025 [3] Group 5 - Huatai Medical's vice president has completed a reduction of 29,943 shares, which is 0.0308% of the company's total share capital from April 28 to April 29, 2025 [4] - Jilin Carbon Valley's major shareholder has completed a reduction of 4,989,160 shares, representing 0.8490% of the company's total share capital from April 25 to April 29, 2025 [4] - Jiahua Technology's shareholder plans to reduce their holdings by up to 1,160,000 shares, accounting for 1.50% of the company's total share capital from May 28 to August 25, 2025 [4] Group 6 - Jiangbo Long's shareholder plans to reduce their holdings by up to 4,159,815 shares, which is 1% of the company's total share capital from May 27 to August 26, 2025 [5] - Jiangshan Co. plans to reduce its holdings in Jiangtian Chemical by 4,330,800 shares, accounting for 3% of its total share capital from May 27 to August 26, 2025 [5] - Kairun Co.'s major shareholder plans to reduce their holdings by up to 9,000,000 shares, representing 2.43% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [5] Group 7 - Lianqi Technology's shareholders plan to reduce their holdings by a total of 18,717,374 shares, which is 2.96% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [9] - Zhongke Information's board members have completed a reduction of 698,914 shares, representing 0.2358% of the company's total share capital [9] - Zhongshi Co.'s major shareholder plans to reduce their holdings by up to 1,800,000 shares, accounting for 1.1527% of the company's total share capital from May 27 to August 26, 2025 [10]

Core Insights - The article highlights the increasing focus of institutional investors on high-performing stocks, with 2,534 listed companies receiving attention from various institutions in the first four months of the year [1][5]. Group 1: Institutional Research Focus - High-performing stocks remain the primary target for institutional research, with 69 companies receiving over 200 institutional visits, and 36 of these companies showing year-on-year net profit growth [2]. - For instance, Lanke Technology reported a 59.20% year-on-year increase in revenue for 2024, reaching 3.639 billion yuan, and a 213.10% increase in net profit to 1.412 billion yuan [2]. - In April alone, Lanke Technology attracted 332 institutional visits, driven by its strong financial performance [2]. Group 2: Value Discovery - Institutions are exploring companies from multiple dimensions, including product offerings and future growth prospects [4]. - Lixun Precision, a leader in precision manufacturing, reported a nearly 50% increase in automotive sales for 2024, amounting to 13.7 billion yuan, with first-quarter sales also showing over 50% growth [4]. - The company anticipates that its wiring harness business will contribute significantly to its revenue, potentially making it the top player in China's wiring harness market [4]. Group 3: Market Dynamics - The extensive institutional research reflects a growing emphasis on the development capabilities of listed companies amid a complex global economic environment [5]. - Future research directions may shift based on market conditions and policy changes, indicating the need for investors to stay informed [5].

Core Viewpoint - The company is experiencing significant growth in its interconnect chip sales, driven by the demand for DDR5 memory interface chips and high-performance interconnect chips, with a strong outlook for 2025 and beyond [2][4]. Group 1: Sales Performance - In Q1 2025, the company's interconnect chip sales revenue reached 1.139 billion yuan, marking a year-on-year increase of 63.92% and a quarter-on-quarter increase of 17.19% [2]. - The total order amount for interconnect chips expected to be delivered in Q2 2025 exceeds 1.29 billion yuan, indicating continued demand growth [2]. Group 2: Profitability - The gross margin for the interconnect chip product line in Q1 2025 was 64.50%, reflecting a year-on-year increase of 3.57 percentage points and a quarter-on-quarter increase of 1.08 percentage points [3]. Group 3: Long-term Strategy - The company aims to become a leading global interconnect chip design company over the next five to ten years, focusing on the interconnect chip sector and enhancing its product offerings through continuous R&D innovation [4][6]. - The company plans to expand its business in three key areas: memory interconnect, PCIe/CXL interconnect, and Ethernet/optical interconnect [4][5]. Group 4: Market Potential - The interconnect chip market is seen as a blue ocean with significant growth potential, driven by the increasing complexity of intelligent computing systems that require high bandwidth and low latency [6][7]. - The company has a strong technical foundation and has been involved in setting industry standards, which positions it well for future growth in the interconnect chip market [7]. Group 5: Product Development - In Q1 2025, the sales revenue from three high-performance interconnect chips (PCIe Retimer, MRCD/MDB, and CKD) totaled 135 million yuan, representing a year-on-year growth of 155% [8]. - The MRCD/MDB chip is expected to see increased adoption with the launch of supporting server CPUs, while the PCIe Retimer chip demand is anticipated to rise due to the growth of AI servers [9][10]. Group 6: Competitive Advantages - The company has successfully developed key technologies for PCIe Switch chips, leveraging its experience with PCIe Retimer chips and a strong customer base [11][12]. - The MXC chip is positioned as a leading product in the CXL space, with significant market potential as applications for memory pooling mature [13]. Group 7: Financial Performance - In Q1 2025, after excluding stock payment expenses, the company's net profit attributable to shareholders was approximately 602 million yuan, reflecting a year-on-year growth of 155.42% [14].

澜起科技股份有限公司 股东集中竞价减持股份结果公告 证券代码：688008 证券简称：澜起科技 公告编号：2025-015 中国电子投资控股有限公司、嘉兴芯电投资合伙企业（有限合伙）、珠海融 英股权投资合伙企业（有限合伙）、WLT Partners, L.P.保证向澜起科技股份有限 公司（以下简称"澜起科技"或"公司"）提供的信息不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其真实性、准确性和完整性依法承担法律责任。 本公司董事会及全体董事保证公告内容与上述股东提供的信息一致。 重要内容提示： 大股东持股的基本情况 本次集中竞价减持计划实施前，股东中国电子投资控股有限公司（以下简称 "中电投控"）及其一致行动人嘉兴芯电投资合伙企业（有限合伙）（以下简称"嘉 兴芯电"，与中电投控合称"中电投控及其一致行动人"）合计持有公司股份 75,662,171 股，占公司总股本的 6.61%。股份来源为公司首次公开发行股票并上 市前持有的股份。 股东珠海融英股权投资合伙企业（有限合伙）（以下简称"珠海融英"）及其 一致行动人 WLT Partners, L.P.（以下简称"WLT"，与珠海融英合称"珠海融英 及其一致行 ...

证券代码：688008 证券简称：澜起科技 公告编号：2025-016 澜起科技股份有限公司 关于持股 5%以上股东权益变动触及 1%的提示性公告 中国电子投资控股有限公司及其一致行动人嘉兴芯电投资合伙企业（有限合 伙）保证向澜起科技股份有限公司提供的信息真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与上述股东提供的信息一致。 重要内容提示： 截至 2025 年 4 月 29 日，中国电子投资控股有限公司及其一致行动人嘉兴芯 电投资合伙企业（有限合伙）（以下简称"中电投控及其一致行动人"或"信息 披露义务人"）权益变动触及 1%刻度，具体情况如下： 一、信息披露义务人及其一致行动人的基本信息 | 中国电子投资控股有限公司 | 名称 | 中国电子投资控股有限公司 | | | --- | --- | --- | --- | | | 住所 | 北京市北京经济技术开发区 | | | | | 景园北街2号57幢18层1801 | | | | | （北京自贸试验区高端产业 | | | | | 片区亦庄组团） | | | | 权益变动时间 | 2025 年 月 29 日 | 4 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage due to its leading position in interconnect chip solutions and strong growth prospects driven by industry trends and new product breakthroughs [5][6]. Core Views - The company is a global leader in data processing and interconnect chip design, with a comprehensive product matrix. It focuses on providing high-performance, low-power chip solutions for cloud computing and AI, maintaining a solid market position [5][10]. - In 2024, the company experienced significant business expansion, with a notable recovery in demand for its main products, particularly DDR5 memory interface chips, which surpassed DDR4 in shipment volume. The company achieved a revenue of 3.639 billion yuan, a year-on-year increase of 59.2%, and a net profit of 1.412 billion yuan, up 213.1% [5][40]. - The company is expected to benefit from the rapid growth of the AI server market, with predictions indicating that the AI server market value could reach 298 billion USD by 2025. The company is a key supplier of DDR5 memory interface chips and PCIe Retimer chips, which are crucial for this market [5][60]. Summary by Sections Market Performance - As of April 29, 2025, the company's closing price was 74.31 yuan, with a total market capitalization of 85,069.29 million yuan and a debt-to-asset ratio of 5.72% [3]. Financial Performance - The company reported a revenue of 12.22 billion yuan in Q1 2025, a year-on-year increase of approximately 65.78%, with a net profit of 5.25 billion yuan, up 135.14% [45]. - The revenue for 2024 was 36.39 billion yuan, with interconnect chip revenue reaching 33.49 billion yuan, a year-on-year growth of 53.31% [40]. Product Lines - The company has two main product lines: interconnect chips and the Zindai® server platform. The interconnect chip line includes memory interface chips, PCIe Retimer chips, and clock chips, while the server platform includes Zindai® CPUs and memory modules [5][14]. - The company has successfully launched several high-performance chips, including MRCD/MDB and CKD chips, which are expected to drive future revenue growth [26][40]. Growth Drivers - The company is actively expanding its business layout and investing in technology innovation, with a focus on high-level R&D investment. It aims to enhance its core technology and product applications, which are expected to drive long-term revenue and profit growth [5][10]. - The global server market is projected to grow significantly, with the AI server market expected to reach 298 billion USD by 2025, providing a favorable environment for the company's product demand [60][64]. Profit Forecast - The company is projected to achieve net profits of 21.01 billion yuan, 29.53 billion yuan, and 38.31 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding growth rates of 48.82%, 40.55%, and 29.74% [8][10].

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 1.259 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 912 million yuan [1] - A total of 418 stocks on the Sci-Tech Innovation Board rose, with one stock, Jingjin Electric, hitting the daily limit, while 163 stocks declined [1] Fund Flow Analysis - There were 223 stocks with net inflows, and 361 stocks with net outflows on the Sci-Tech Innovation Board [1] - The stocks with the highest net inflows included: - Lanke Technology with a net inflow of 125 million yuan - Shijia Photon with a net inflow of 115 million yuan - Zhuhai Guanyu with a net inflow of approximately 65 million yuan [2] - The stocks with the highest net outflows included: - Cambrian with a net outflow of 111 million yuan - SMIC with a net outflow of 100 million yuan - Purun shares with a net outflow of approximately 87 million yuan [1] Continuous Fund Flow - A total of 46 stocks saw continuous net inflows for more than three trading days, with Hangzhou Kelin leading at eight consecutive days of inflow [2] - Conversely, 143 stocks experienced continuous net outflows, with Zhuoyue New Energy and Aiko Optoelectronics both seeing 13 consecutive days of outflow [2] Top Stocks by Fund Inflow - The top stocks by net inflow included: - Lanke Technology: 125 million yuan, 8.94% inflow rate, 2.38% increase - Shijia Photon: 115 million yuan, 8.75% inflow rate, 4.19% increase - Zhuhai Guanyu: 65 million yuan, 10.97% inflow rate, 7.83% decrease [2][3] Stocks with Significant Outflows - Cambrian led the outflows with 111 million yuan, a 0.82% decrease - SMIC followed with 100 million yuan outflow, and Purun shares with approximately 87 million yuan outflow [1][2]

Group 1 - The resilience of Chinese assets has attracted significant attention from foreign institutions, with 236 A-share companies being investigated by foreign entities since April [1] - The top ten companies receiving the most foreign institution inquiries include Huaming Equipment, Hongfa Technology, Luxshare Precision, Anker Innovation, and others, focusing on sectors such as consumer electronics, pet economy, and technology innovation [1] - Notable foreign institutions conducting research include Morgan Stanley, Franklin Templeton, and UBS Asset Management, indicating strong interest in companies like Huaming Equipment and Hongfa Technology [1][2] Group 2 - The domestic demand sector has gained market attention, with companies like Guibao Pet and Baiya Co. experiencing significant stock price increases since April [1] - In the technology sector, companies such as Luxshare Precision and Anker Innovation have also been the focus of over ten foreign institution inquiries, highlighting their growth potential [2] - Blue Glass Technology has expanded into new fields such as humanoid robots and AI glasses, indicating diversification beyond traditional consumer electronics [2] Group 3 - Many foreign institutions are optimistic about Chinese assets, with Franklin Templeton noting that A-shares have a lower dependency on foreign investment compared to other Asian markets, enhancing market resilience [3] - The low holding ratio of overseas investors in Chinese stocks suggests potential for growth, with expectations of positive surprises in the Chinese economy and corporate performance [3] - Morgan Stanley emphasizes the stability of China's economic and policy environment, suggesting that global investors will reassess investment opportunities in Chinese assets [3]

Core Viewpoint - The semiconductor storage market is experiencing uneven performance among manufacturers, with some companies benefiting from AI-related demand while others struggle due to slow recovery in consumer electronics [1][3]. Group 1: Company Performance - Jiangbolong reported a revenue of 4.256 billion yuan in Q1, a year-on-year decline of 4.41%, and a net loss of 152 million yuan [2][3]. - Langke Technology recorded a revenue of 234 million yuan in Q1, a year-on-year increase of 5.19%, but also reported a net loss of 13 million yuan, which widened compared to the previous year [2]. - Companies like Lanke Technology and Jiangbolong are facing challenges due to weak consumer demand and inventory issues, leading to a decline in revenue and profit margins [7][6]. Group 2: Growth Companies - Companies such as Lankai Technology, Zhaoyi Innovation, and Demingli reported significant growth in Q1, with Lankai's net profit increasing by 65.78% to 1.222 billion yuan, and Zhaoyi's revenue growing by 17.32% to 1.909 billion yuan [2][3]. - Demingli's revenue surged by 168.74% to 4.773 billion yuan, with a net profit increase of 1302.3% [3]. Group 3: Market Demand and Trends - The demand for NAND Flash and DRAM is showing signs of recovery, particularly in data centers, while consumer electronics remain sluggish [8][9]. - The global smartphone shipment in Q1 was 304.9 million units, a year-on-year increase of 1.5%, which is lower than the previous year's growth rate [8]. - Companies are adjusting production to stabilize prices, with Micron announcing a 10% reduction in NAND wafer production [9]. Group 4: Future Outlook - Companies expect a gradual recovery in the semiconductor storage market starting from late Q1, driven by inventory digestion and production adjustments by major manufacturers [9][10]. - TrendForce predicts that NAND Flash prices will stabilize in Q2, with expected price increases of 3% to 8% due to a procurement surge [10].