上海兰迪律师事务所 关于澜起科技股份有限公司 2023 年限制性股票激励计划预留授予部分第二个归属期及 2024 年限制性股票激励计划首次授予部分第一个归属期 归属条件成就的 法 律 意 见 书 中国上海市虹口区东大名路 1089 号北外滩来福士广场东塔 16 楼（200082） 16th Floor, East Tower, Raffles City, No.1089, Dongdaming Road, Hongkou District, 200082, Shanghai, China Tel: 8621-66529952 Fax: 8621-66522252 上海兰迪律师事务所 关于澜起科技股份有限公司 2023 年限制性股票激励计划预留授予部分第二个归属期 及 2024 年限制性股票激励计划首次授予部分第一个归属期 归属条件成就的法律意见书 致:澜起科技股份有限公司 上海兰迪律师事务所接受澜起科技股份有限公司(以下简称"澜起科技"或 "公司",证券代码为688008）的委托,为公司实施限制性股票激励计划所涉及 的相关事宜出具法律意见书。 本所律师根据《中华人民共和国公司法》(以下简称"《公司法》")、《 ...

Core Viewpoint - 澜起科技 reported strong financial performance in Q3 2025, with significant year-on-year growth in both revenue and net profit, indicating robust business momentum and market demand [1] Financial Performance - In Q3 2025, the company achieved operating revenue of 1.424 billion yuan, representing a year-on-year increase of 57.22% [1] - The net profit for Q3 2025 was 473 million yuan, showing a year-on-year growth of 22.94% [1] - For the first three quarters of 2025, the total operating revenue reached 4.058 billion yuan, up 57.83% compared to the same period last year [1] - The net profit for the first three quarters was 1.632 billion yuan, reflecting a year-on-year increase of 66.89% [1] - The basic earnings per share for the company stood at 1.44 yuan [1] Product Line Performance - The sales revenue from the interconnect chip product line reached a historical high in Q3 2025, contributing to the overall revenue growth [1] - Both the sales revenue from interconnect chip products and the net profit attributable to the parent company, excluding share-based payment expenses, have achieved growth for ten consecutive quarters [1]

Financial Performance - In Q3 2025, the company achieved revenue of RMB 1.42 billion, a year-on-year increase of 57.22%[5] - The net profit attributable to shareholders reached RMB 473.21 million, up 22.94% year-on-year, while the net profit excluding share-based payment expenses was RMB 811 million, reflecting a 105.78% increase[7][8] - For the first three quarters of 2025, total revenue was RMB 4.06 billion, a 57.83% increase compared to the same period last year, and net profit attributable to shareholders was RMB 1.63 billion, up 66.89%[12] - Total revenue for the first three quarters of 2025 reached ¥4,057,688,490.81, a significant increase of 58.0% compared to ¥2,570,870,287.06 in the same period of 2024[28] - Operating profit for the first three quarters of 2025 was ¥1,693,766,552.21, up 62.6% from ¥1,041,797,863.09 in 2024[28] - Net profit attributable to shareholders for the first three quarters of 2025 was ¥1,632,283,985.93, compared to ¥978,077,107.79 in 2024, reflecting a growth of 66.9%[29] Product Development - The company launched several new products in Q3 2025, including the CXL® MXC chip and a series of clock chips, aimed at enhancing data center performance and providing reliable clock signals for various applications[10][11] - As of October 27, 2025, the company has over RMB 140 million in orders for DDR5 second-generation MRCD/MDB chips expected to be delivered in the next six months[13] - The company has plans for market expansion and new product development to sustain growth momentum in the upcoming quarters[30] Research and Development - Research and development expenses totaled RMB 176.09 million in Q3 2025, accounting for 12.36% of revenue, a decrease of 8.12 percentage points year-on-year[6] - The R&D expenditure as a percentage of revenue decreased by 8.34 percentage points, attributed to the significant growth in revenue[18] - Research and development expenses for the first three quarters of 2025 were ¥533,160,918.77, slightly down from ¥552,281,595.88 in 2024[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 92,901[20] - The largest shareholder, Hong Kong Central Clearing Limited, holds 12.66% of the shares, totaling 144,982,812 shares[20] Cash Flow and Assets - The total assets of the company reached RMB 13.75 billion, a 12.54% increase compared to the end of the previous year[6] - The company's total assets increased to ¥13,751,628,992.45 in 2025 from ¥12,218,911,386.38 in 2024, marking a growth of 12.6%[25] - The total equity attributable to shareholders increased to ¥12,259,642,629.50 in 2025 from ¥11,403,438,067.08 in 2024, representing a growth of 7.5%[25] - Cash flow from operating activities for the first three quarters of 2025 showed a positive trend, reflecting the company's strong operational performance[30] - The cash inflow from operating activities in 2025 was ¥4,212,427,369.54, a significant increase of 46.7% compared to ¥2,869,644,994.30 in the same period of 2024[31] - The net cash flow from operating activities for the first three quarters of 2025 was ¥1,600,671,441.66, up from ¥1,260,711,853.37 in 2024, reflecting a growth of 27%[31] - The total cash and cash equivalents at the end of Q3 2025 amounted to ¥8,771,933,900.78, an increase from ¥6,140,159,908.59 in Q3 2024, representing a growth of 42.5%[32] Liabilities and Financial Health - The total liabilities rose to ¥1,494,538,352.76 in 2025, up from ¥822,405,821.47 in 2024, indicating a growth of 81.9%[25] - The cash outflow from financing activities in the first three quarters of 2025 was ¥673,916,754.09, a decrease of 11.9% from ¥764,742,250.27 in 2024[32] - The cash outflow for purchasing goods and services in 2025 was ¥1,878,367,807.46, which is an increase of 92.5% compared to ¥974,880,788.68 in 2024[31] Profitability Metrics - The weighted average return on equity was 3.88%, an increase of 0.15 percentage points compared to the previous year[5] - Basic earnings per share increased by 65.52% as a result of substantial net profit growth[17] - The net profit from recurring operations rose by 67.93%, reflecting a 66.91% increase in overall gross profit compared to the previous year[17] - The weighted average return on equity increased by 4.14 percentage points year-to-date[18]

Core Viewpoint - The company, Lanke Technology (688008.SH), has announced an adjustment to its share repurchase plan, increasing the maximum repurchase price from 117.80 yuan per share to 200 yuan per share [1]. Group 1: Share Repurchase Plan - The adjustment to the maximum repurchase price has been approved by the company's third board of directors' eleventh meeting [1]. - Other details of the 2025 second share repurchase plan remain unchanged despite the price adjustment [1]. - The decision does not require submission for shareholder approval [1].

Core Insights - The company reported a significant increase in revenue and net profit for the third quarter of 2025, with revenue reaching 1.424 billion yuan, a year-on-year growth of 57.22% [1] - The net profit attributable to shareholders for the third quarter was 473 million yuan, reflecting a year-on-year increase of 22.94% [1] - For the first three quarters of 2025, the company achieved a total revenue of 4.058 billion yuan, marking a year-on-year growth of 57.83% [1] - The net profit attributable to shareholders for the first three quarters was 1.632 billion yuan, showing a year-on-year increase of 66.89% [1]

证券代码：688008 证券简称：澜起科技 公告编号：2025-061 澜起科技股份有限公司 关于向控股子公司提供财务资助的公告 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： 澜起科技股份有限公司（以下简称"公司"）拟以自有资金向控股子公司 澜起电子科技（珠海横琴）有限公司（以下简称"横琴公司"）提供不超过人民 币 2 亿元的财务资助。横琴公司根据签订的财务资助协议在借款额度内基于实际 业务需求提取借款，提款期限为自股东会审议通过之日起 12 个月，每笔借款期 限自提款之日起不超过 36 个月（含）。 借款利率：年息 2.35%。利息按照借款对象实际借款占用天数计算。 履行的审议程序：本次财务资助事项已经公司第三届董事会第十一次会 议审议通过，尚需提交股东会审议。本次财务资助对象属于公司合并报表范围内 子公司，不构成关联交易。 特别风险提示：公司本次提供财务资助对象为合并报表范围内的控股子 公司，公司可以掌握资助资金的使用情况，风险可控。本次借款资金为公司自有 资金，不影响公司正常业务开展及资金使用，不属于《 ...

Core Insights - The rapid development of AI technology has significantly increased the demand for storage chips, driven by the massive data requirements of AI applications [1][2][3] - The global data generation is projected to grow from 33ZB in 2018 to 175ZB by 2025, necessitating advancements in storage chip capacity and performance [2] - The storage chip market is experiencing a price surge, with DDR4 and DDR5 chip prices increasing dramatically due to strong AI demand [3][4] Market Demand - AI server deployment is a major driver of storage chip demand, with AI servers requiring significantly more storage than traditional servers [4] - The demand for storage chips is also growing in smartphones and smart vehicles, as higher camera resolutions and advanced features require increased storage capacity [4] Supply Dynamics - Major manufacturers like Samsung, SK Hynix, and Micron are shifting production towards higher-margin products like DDR5 and HBM, leading to reduced supply of traditional DDR4 chips [5] - This shift in production focus has exacerbated the supply-demand imbalance, contributing to rising prices [5] Market Structure - The global storage chip market is dominated by a few key players, with Samsung, SK Hynix, and Micron holding significant market shares [6][8] - Domestic companies like Changxin Storage and Yangtze Memory Technologies are emerging, gradually increasing their market presence and competing with established international brands [7][8] Stock Performance - The A-share storage chip sector has seen remarkable stock performance, with companies like Shannon Chip and Jiangbolong achieving significant price increases due to the AI-driven demand [9][10] - The overall sector has attracted substantial capital inflow, indicating strong market confidence [11] Financial Performance - A-share listed companies in the storage chip sector have reported substantial revenue and profit growth in 2024, driven by increased demand and rising prices [12][13][14] - Companies like Changxin Storage and Zhaoyi Innovation have shown impressive financial results, reflecting the sector's robust performance [15][16] Future Outlook - The ongoing growth of AI technology is expected to sustain the demand for storage chips, with projections indicating a continued upward trend in the coming years [17][18] - Government policies supporting domestic semiconductor development are likely to bolster the growth of the A-share storage chip sector [18] Challenges - Despite the positive outlook, the sector faces challenges such as international competition and technological gaps compared to leading global firms [20][21] - The cyclical nature of the storage chip industry poses risks, as market demand and prices can fluctuate significantly [20][21]

Core Insights - The article highlights the diverse investment strategies of fund managers as they disclose their third-quarter reports for 2025, focusing on their portfolio adjustments and sector allocations [1][3]. Fund Manager Strategies - Fund managers are adopting varied investment strategies, with some focusing on long-term investments in the consumer market, while others are capitalizing on opportunities in the pharmaceutical and artificial intelligence sectors [3]. - The top three sectors with the highest allocation weights in the third-quarter reports are electronics (23.93%), power equipment and new energy (10.27%), and pharmaceuticals (9.81%) [3]. Notable Fund Performance - Zhang Kun's funds, including E Fund Blue Chip Select Mixed and E Fund Quality Select Mixed, saw net asset growth, with respective net growth rates of 16.37% and 17.58% in the third quarter [4][5]. - The largest fund managed by Zhang Kun, E Fund Blue Chip Select Mixed, replaced SF Express with Focus Media in its top ten holdings and increased positions in Kweichow Moutai and Baisheng China [4][5]. Pharmaceutical Sector Insights - Guo Lan, recognized as a leading figure in the medical sector, reported a net growth rate of 59.1% for her fund, with significant holdings in companies like Kanglong Chemical and Bai Li Tianheng [6][7]. - Guo Lan emphasized that quality and innovation are crucial trends in the pharmaceutical industry, with a focus on the synergy between enterprise innovation and supportive policies [7]. AI and Technology Focus - Xie Zhiyu's fund, Xingquan He Run, increased its investments in AI-related companies, adding four new top holdings in sectors like optical modules and PCB [8][9]. - The fund's net growth rate reached 36.16%, reflecting a strong performance amid a focus on AI and semiconductor investments [9]. Future Outlook - The article suggests that the global cloud computing industry remains a key area of focus, with AI models gaining value and driving new market opportunities [12][13]. - The anticipated growth in the AI computing sector is expected to create more opportunities across the industry chain, particularly in optical communication and PCB sectors [13].

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 2.79% and a transaction volume of 1.193 billion yuan [3] - The latest scale of the Sci-Tech Chip ETF reached 43.045 billion yuan, marking a new high since its establishment and ranking first among comparable funds [3] - In the past week, the ETF's shares increased by 17.4 million, leading in new share growth among comparable funds [3] - The ETF has seen a net inflow of 908 million yuan recently [3] - As of October 29, the net value of the ETF has risen by 137.22% over the past three years, ranking 27th out of 1903 index equity funds, placing it in the top 1.42% [3] - The highest monthly return since inception was 35.07%, with the longest consecutive monthly gains being 4 months and a maximum cumulative increase of 74.17% [3] - The average return during the months of increase is 9.90% [3] Group 2: Top Holdings - As of September 30, 2025, the top ten weighted stocks in the Sci-Tech Chip Index include Haiguang Information, Lanke Technology, SMIC, Cambricon, Zhongwei Company, Chipone, Huahong Group, Hushi Silicon Industry, Huahai Qingke, and Amlogic, collectively accounting for 59.69% of the index [3] Group 3: Industry Insights - The recent IEEE International ASIC Conference highlighted that Changxin Storage announced the mass production of LPDDR5X, marking a significant advancement in the domestic high-end mobile storage industry [3] - Longcheng Securities emphasized the need to accelerate high-level technological self-reliance and innovation, aiming to enhance the overall effectiveness of the national innovation system and seize the high ground in technological development [4] - The semiconductor sector has become a market focus, driven by price increase expectations and policy catalysts, with the dual impetus of AI computing demand and accelerated domestic substitution highlighting the value of the semiconductor industry chain [4] Group 4: Stock Performance - The performance of key stocks in the Sci-Tech Chip Index shows varied changes, with Haiguang Information down by 2.86% and holding an 11.09% weight, while Zhongwei Company increased by 2.58% with a 7.35% weight [6] - Other notable stocks include Lanke Technology down by 0.16% (9.96% weight), SMIC down by 1.71% (9.58% weight), and Amlogic down by 7.33% (2.11% weight) [6] - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [6]

Group 1 - Nvidia announced that its Blackwell/Rubin chip platform will exceed $500 billion in business by the end of 2026, indicating a revenue forecast of $350-400 billion for the data center business over the next five quarters, which is a 20%+ upward revision from market consensus of $318 billion [1] - The surge in chip shipments and rapid capacity expansion confirmed the performance certainty of optical modules by 2026, with optical modules leading the semiconductor sector in the current AI market [1] - If the results of the US-China talks on November 1 are favorable, the global market may experience a honeymoon period similar to May-August of this year, with semiconductors expected to catch up with optical modules [1] Group 2 - The domestic AI industry chain-focused ETF (589520) showed a slight increase of 0.16% today, with a peak intraday gain of 0.63%, indicating strong buying interest [2] - Key stocks in the ETF, such as Lanke Technology and Yingxi Network, saw gains of over 2%, while other stocks like Stone Technology and Weisheng Information rose by more than 1% [2] Group 3 - The three highlights of the domestic AI ETF (589520) include: 1. Policy support driving AI growth, with core trends in AI development focusing on end-cloud integration, benefiting companies with the largest revenue in their segments [4] 2. The urgency for domestic alternatives in the context of technology friction, emphasizing the importance of information and industrial security [4] 3. The ETF's high elasticity and strong offensive potential, with over 70% of the top ten holdings concentrated in the semiconductor sector [4] - The ETF has outperformed the broader market, with a cumulative increase of 65.84% since its low on April 8, surpassing other indices like the Sci-Tech Innovation Index and Sci-Tech 50 [4][5]