澜起科技股份有限公司 关于 2025 年回购 A 股股份方案回购股份进展的公告 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。 重要内容提示： | 回购方案首次披露日 | 2025/6/21 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 6 月 23 9 | 日~2025 | 年 | 月 | 19 | 日 | | 预计回购金额 | 2亿元~4亿元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 192万股 | | | | | | | 累计已回购股数占总股本比例 | 0.17% | | | | | | | 累计已回购金额 | 1.55亿元 | | | | | | | 实际回购价格区间 | 77.79元/股~87.18元/股 | ...

Group 1 - The company, Lanke Technology (688008.SH), announced the progress of its first share repurchase plan for 2025, stating that as of August 31, 2025, it had repurchased a total of 1.92 million A-shares, accounting for 0.17% of the total share capital [1] - The highest price for the repurchased shares was 87.18 yuan per share, while the lowest price was 77.79 yuan per share, with a total expenditure of approximately 155 million yuan (excluding commissions and transfer fees) [1] - The second share repurchase plan for 2025 has not yet commenced as the first plan has not been fully implemented [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 130 CNY per share, indicating an upside potential to 145 CNY per share [5][12][14]. Core Views - The company reported a significant revenue increase of 58.17% year-on-year for H1 2025, reaching 2.633 billion CNY, with a net profit growth of 95.41% to 1.159 billion CNY [1][7]. - The DDR5 penetration rate has improved from 50% to 80%, contributing to a revenue increase in DDR memory interface and supporting chips, which accounted for 93.5% of total revenue [2][8]. - The PCIe retimer segment has emerged as a key growth driver, with a revenue increase of 119% year-on-year, and the company is expected to increase its market share from 12% to 14% [2][9]. - The CXL MXC chip market is projected to grow at a CAGR of 169% from 2025 to 2030, with the company’s 3.x version expected to enter mass production in the second half of next year [2][10]. Financial Performance - For H1 2025, the company achieved a gross margin of 60.44% and a net margin of 42.24%, with gross profit margins expected to remain high due to the increasing proportion of second and third-generation products [1][7][8]. - The company forecasts net profits of 2.484 billion CNY and 2.966 billion CNY for 2025 and 2026, respectively, with corresponding P/E ratios of 57x and 48x [4][12]. - The projected revenue for 2025 is 5.803 billion CNY, reflecting a growth rate of 59.5% [4][12]. Market Potential - The CKD chip is anticipated to become a standard product in desktop memory platforms, with a projected market size of approximately 238 million USD by 2030 [3][11]. - The MRCD/MDB second-generation products are expected to gain support from Intel and AMD platforms, with significant market growth anticipated by 2027-2028 [10][11].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - ETFs are becoming a "super hub" connecting the market and investors, and their development is a major trend. Analyzing the penetration of ETF holdings and trading helps understand the interaction between ETFs and corresponding stocks [1]. - The impact of ETFs on the equity market can be divided into four quadrants based on ETF持仓占比 and ETF成交占比, which reflect the holding and trading influence of ETFs on stocks respectively [2][10]. - ETFs show strong configuration and trading willingness in traditional industries such as banking, coal, and non - bank finance. Market preference may be shifting towards low - valuation, high - dividend sectors [2][3]. Summary by Relevant Catalogs I. ETF's Influence Mechanism on the Equity Market - The influence of ETFs on the equity market is divided into four scenarios according to the low/high of ETF持仓占比 and ETF成交占比: weak influence, stable ballast, high - active trader, and strong influence [2]. II. Industry Perspective - ETFs are actively traded and have a high持仓占比 in traditional industries like banking, coal, and non - bank finance. In August, the banking sector had a 20.55%成交占比 and 10.48%持仓占比; the coal sector had a 16.81%成交占比 and 11.11%持仓占比; the non - bank finance sector had an 11.60%成交占比 and 11.76%持仓占比 [2]. - From July to August, the trading activity and持仓占比 of ETFs in cyclical industries such as coal, banking, and petroleum and petrochemicals increased significantly, while those in technology - growth sectors like electronics and computers decreased, possibly due to market style switching [3]. III. Individual Stock Perspective - Among the top 30 stocks in terms of ETF持仓, ETFs have a high degree of pricing power as the ETF持仓占 their free - float market value exceeds 10%, and stock price fluctuations are highly correlated with ETF redemptions and position adjustments [11]. - The stocks with high ETF持仓 are concentrated in industries, mainly in the semiconductor industry chain, followed by the pharmaceutical and biological industry, and also include some new energy, artificial intelligence, and software stocks [12]. - The market capitalization of stocks heavily held by ETFs varies widely, covering large - cap giants and medium - sized growth companies. These stocks are mostly leading companies in niche industries and are favored by ETFs, especially those from the Science and Technology Innovation Board [13].

Market Overview - The Shanghai Composite Index fell by 0.45% on September 2, with six industries experiencing gains, led by the banking and public utilities sectors, which rose by 1.95% and 0.99% respectively [1] - The total net outflow of funds from the two markets was 151.27 billion yuan, with only four industries seeing net inflows [1] Industry Performance - The banking sector had the highest net inflow of funds, totaling 3.417 billion yuan, contributing to its 1.95% increase [1] - The public utilities sector also saw a net inflow of 936 million yuan, with a daily increase of 0.99% [1] - The electronic industry experienced the largest net outflow of funds, amounting to 34.544 billion yuan, and was the third largest decline sector with a drop of 3.85% [2][1] Electronic Industry Analysis - Within the electronic industry, 467 stocks were tracked, with only 31 stocks rising and 432 stocks declining [2] - The top three stocks with the highest net inflow were Kosen Technology (2.58 billion yuan), Zhongrong Electric (1.63 billion yuan), and Yingshi Innovation (1.53 billion yuan) [2] - Conversely, the stocks with the largest net outflows included Lankai Technology (1.04 billion yuan), Haowei Group (1.036 billion yuan), and Lingyi Zhizao (1.012 billion yuan) [2] Fund Flow in Electronic Sector - The electronic sector's fund inflow list included Kosen Technology with a gain of 9.99% and a turnover rate of 29.43%, followed by Zhongrong Electric with a decline of 7.60% [2][4] - The outflow list was led by Lankai Technology, which fell by 7.10% with a significant outflow of over 1 billion yuan [4]

Market Performance - The ChiNext Index fell by 2.02%, closing at 2896.72, down by 59.66 points [2] - The STAR 50 Index decreased by 1.39%, ending at 1338.28, down by 18.86 points [2] - The Shanghai Composite Index dropped by 0.91%, closing at 3840.24, down by 35.29 points [2] - The Shenzhen Component Index declined by 1.91%, finishing at 12583.93, down by 245.02 points [2] - The CSI 300 Index fell by 0.78%, closing at 4488.63, down by 35.08 points [2] Individual Stock Performance - Siwei Technology (思特威) experienced a decline of over 7% [1] - Lanke Technology (澜起科技) dropped by more than 6% [1] - Daqo New Energy (大全能源) fell by over 5% [1]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company has significantly increased its operating performance in the first half of 2025, with revenue reaching 2.633 billion yuan, a year-on-year growth of 58.17%, and a net profit attributable to shareholders of 1.159 billion yuan, up 95.41% year-on-year [5][10] - The growth is attributed to strong demand in the AI industry, leading to increased sales of DDR5 memory interface and module supporting chips, as well as high-performance transport chips [9][10] - The company is positioned as a leading global player in interconnect chips, with expectations for stable growth driven by market demand and technological advancements [10] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 2.633 billion yuan, a 58.17% increase year-on-year, and a net profit of 1.159 billion yuan, reflecting a 95.41% increase [5][9] - The second quarter of 2025 saw revenue of 1.411 billion yuan, a 52.12% year-on-year increase, and a net profit of 634 million yuan, up 71.40% year-on-year [9][10] Revenue Breakdown - The interconnect chip product line generated revenue of 2.461 billion yuan, a 61.00% increase year-on-year, with a gross margin of 64.34% [9] - High-performance transport chips contributed 294 million yuan in sales, marking a significant increase compared to the previous year [9] Future Projections - The company forecasts net profits of 2.352 billion yuan for 2025, 3.127 billion yuan for 2026, and 3.664 billion yuan for 2027, with corresponding P/E ratios of 60.5X, 45.5X, and 38.8X [10][12] - Revenue projections for 2025 to 2027 are 5.752 billion yuan, 7.832 billion yuan, and 9.184 billion yuan, respectively [12] Financial Ratios - The gross margin is expected to improve to 59.8% in 2025, with a net margin of 40.9% [12] - Return on equity (ROE) is projected to reach 18.5% in 2025, increasing to 22.2% by 2027 [12] Cash Flow - The net cash flow from operating activities for 2025 is projected to be 1.849 billion yuan, with a net profit of 2.312 billion yuan [13]

Market Overview - The overseas AI chip index decreased by 1.44% this week, with Marvell down 13.88%, AMD down 3.06%, and Nvidia down 2.14%. MPS and TSMC experienced declines of less than 1% [1][2] - The domestic AI chip index increased by 11.3%, with companies like Rockchip, Loongson Technology, and Cambricon rising over 20%. Tongfu Microelectronics rose by 9.46%, SMIC by 8.06%, and GigaDevice by 5.37%. Aojie Technology saw a decline of 7.53% [1][2] - The Nvidia mapping index rose by 18.9%, with Changxin Technology up 39.07% and Megmeet up 29.09%. Other companies like Huadian Technology, Invec, Shenghong Technology, and Jianghai Technology also saw increases of over 20%, while Jingwang Electronics and Industrial Fulian rose around 17% [2] Industry Data - The expected compound annual growth rate (CAGR) for the semiconductor industry from 2024 to 2030 is 12.8%, with smartwatches showing competitive advantages in health data monitoring due to screen and sensor capabilities [3] - In Q2 2025, the DRAM revenues for SK Hynix, Samsung Electronics, and Micron are projected to be $12.2 billion, $9.6 billion, and $7.1 billion respectively, with SK Hynix expected to surpass Samsung in revenue starting Q4 2024 [3] - The European smartphone market is projected to see a 9% year-on-year decline in Q2 2025, with Samsung, Apple, and Xiaomi experiencing declines of 10%, 4%, and 4% respectively [3] Major Events - The Ministry of Industry and Information Technology issued guidelines aiming for over 10 million satellite communication users by 2030, promoting large-scale applications of mobile direct satellite services [4] - Tesla's humanoid robot, Optimus, is being trained using a pure vision approach, consistent with its autonomous driving technology strategy [4] - Horizon's revenue for the first half of 2025 reached 1.567 billion yuan, a year-on-year increase of 67.6%, with market shares for ADAS and autonomous driving solutions at 45.8% and 32.4% respectively [5]

澜起科技 摘要 蓝企科技上半年营收 26.33 亿元，同比增长 59%；利润 11.59 亿元， 同比增长 95%，剔除股份支付费用影响后归母净利润 13.33 亿元，同 比增长 116%。互联芯片产品线收入 24.61 亿元，同比增长 61%，毛 利率达 60.44%，提升 2.66 个百分点。 DDR5 内存接口芯片出货量大幅增长，第三子代 RCD 芯片出货攀升， MRCD、MDB 及 CKD 芯片开始规模应用。公司已规划六个子代 DDR5 产品，并引领行业新产品创新。 PCIe Retimer 芯片出货量同比大幅增长，受益于 AI 服务器需求，部分 国产 AI 服务器单 GPU box 配置 24 颗 Retimer 芯片。公司积极布局 PCIe Switch 芯片，目前处于研发阶段。 MXC 芯片入选 CXL 联盟首批 CXL2.0 合规供应商清单，并发布 six 二 3.0 MXC 芯片。随着 CXL 生态系统成熟，预计未来几年将迎来广阔发 展空间。 AI 服务器市场推动高速互联芯片需求增长，预计 2030 年 AI 服务器出货 量达 650 万台，年复合增长率约 22%。内存模组需求预计以 10% ...

目前，该芯片已进入客户送样阶段，多家公司客户与合作伙伴给出了相关评价和反馈。 三星电子内存产品规划副总裁Jangseok Choi表示："作为CXL技术联盟的核心成员，非常高兴看到澜起 科技推出符合最新CXL标准的内存扩展控制器。该芯片的高带宽与卓越内存池化能力，与三星的CXL内 存解决方案强强协同。期待双方更紧密合作，共同推动下一代内存解耦架构在AI计算领域的广泛应 用。" AMD数据中心生态系统与解决方案副总裁Raghu Nambiar认为，CXL内存扩展与分层是未来数据中心计 算的基础性技术，尤其有助于构建异构内存架构。澜起科技的CXL3.1技术方案与AMD降低数据中心 TCO的目标不谋而合。这一合作将加速内存分层与扩展技术在AI和云工作负载场景中的应用落地。 今日，澜起科技宣布，推出基于CXL3.1Type3标准设计的内存扩展控制器(MXC)芯片M88MX6852，并 已开始向主要客户送样测试。该芯片全面支持CXL.mem和CXL.io协议，致力于为下一代数据中心服务 器提供更高带宽、更低延迟的内存扩展和池化解决方案。 为提升系统智能化管理水平，该芯片还集成双RISC-V微处理器，分别作为应用处理单元 ...