Group 1 - The core point of the news is that Lexin Technology's stock price dropped by 5.01% to 189.50 CNY per share, with a trading volume of 355 million CNY and a turnover rate of 1.16%, resulting in a total market capitalization of 29.695 billion CNY [1] - Lexin Technology, established on April 29, 2008, and listed on July 22, 2019, is primarily engaged in the research, design, and sales of integrated circuit products [1] - The main revenue composition of Lexin Technology includes modules and development kits at 60.47%, chips at 38.89%, and other sources at 0.64% [1] Group 2 - From the perspective of fund holdings, one fund under Shenwan Hongyuan has heavily invested in Lexin Technology, specifically the Shenwan Hongyuan CSI 1000 Index Enhanced A fund, which increased its holdings by 52 shares to a total of 8,582 shares, accounting for 0.89% of the fund's net value [2] - The Shenwan Hongyuan CSI 1000 Index Enhanced A fund was established on February 14, 2023, with a latest scale of 87.4876 million CNY, achieving a year-to-date return of 30.8% and a one-year return of 40.61% [2] - The fund manager Liu Dun has a tenure of 8 years and 6 days, with a total asset scale of 3.457 billion CNY, while the other manager Xia Xiangquan has a tenure of 4 years and 359 days, managing assets of 922 million CNY [2]

乐鑫信息科技（上海）股份有限公司 2025年度向特定对象发行A股股票 发行情况报告书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年九月 发行人董事、董事会审计委员会委员及高级管理人员声明 本公司董事、董事会审计委员会委员及高级管理人员承诺本发行情况报告书 不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担 相应的法律责任。 全体董事： TEO SWEE ANN 张瑞安 NG PEI CHI 黄佩琪 王 珏 TEO TECK LEONG 张德隆 CHEN MYN 陈敏 LEE KIAN SOON 李建顺 1 LEONG FOO LENG 梁富棱 乐鑫信息科技（上海）股份有限公司 年 月 日 发行人董事、董事会审计委员会委员及高级管理人员声明 本公司董事、董事会审计委员会委员及高级管理人员承诺本发行情况报告书 不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担 相应的法律责任。 董事会审计委员会委员： CHEN MYN 陈敏 NG PEI CHI 黄佩琪 LEE KIAN SOON 李建顺 乐鑫信息科技（上海）股份有限公司 年 ...

天 职 业 字 [2025]38944 号 目 录 验资报告- T l and the start of the states of the states of the see and the see and the see and the see and the see and the see and the see and the seat the see and the seat the seat th 2017 乐鑫信息科技（上海）股份有限公司 验 资 报 告 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（bttp://acc.mc.br.co）"进行查验。 一般行业 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（bttp://acc.mc.bgon.co）"进行查验。 早餐饮品数学 验资报告 天职业字[2025]38944 号 乐鑫信息科技(上海) 股份有限公司: 我们接受委托,审验了乐鑫信息科技(上海)股份有限公司(以下简称"贵公司")于 2025 年 9 月向特定对象发行 10,440,288.00 股人民币普通股 ("A股")所增加注册资本的实收情 况。按照法律法规以及 ...

上海市锦天城律师事务所 关于乐鑫信息科技（上海）股份有限公司 2025 年度向特定对象发行股票 发行过程和认购对象合规性的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于乐鑫信息科技（上海）股份有限公司 2025 年度向特定对象发行股票发行过程和认购对象合规性的 法律意见书 案号：01F20250095 致：乐鑫信息科技（上海）股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受乐鑫信息科技（上海） 股份有限公司（以下简称"发行人"或"公司"或"乐鑫科技"）的委托，并根 据发行人与本所签订的《法律服务委托协议》，担任发行人 2025 年度向特定对 象发行股票（以下简称"本次发行"）的特聘专项法律顾问。 根据《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》）、《上市公司证券发行注册管理办法》 （以下简称"《注册管理办法》"）、《证券发行与承销管理办法》（以下简称 "《发行承 ...

关于 2025 年度向特定对象发行 A 股股票 证券代码：688018 证券简称：乐鑫科技 公告编号：2025-068 乐鑫信息科技（上海）股份有限公司 乐鑫信息科技（上海）股份有限公司（以下简称"公司"）本次向特定对象 发行 A 股股票（以下简称"本次发行"）发行承销总结相关文件已经上海证券交 易所备案通过，公司将尽快办理本次发行新增股份的登记托管手续。 本次发行的具体情况详见公司同日在上海证券交易所网站(www.sse.com.cn) 披露的《乐鑫信息科技（上海）股份有限公司 2025 年度向特定对象发行 A 股股 票发行情况报告书》等相关文件。 特此公告。 乐鑫信息科技（上海）股份有限公司董事会 2025 年 10 月 1 日 发行情况报告书披露的提示性公告 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。 1 ...

中信证券股份有限公司 关于 乐鑫信息科技（上海）股份有限公司 向特定对象发行 A 股股票 发行过程和认购对象合规性的报告 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年九月 上海证券交易所： 乐鑫信息科技（上海）股份有限公司（以下简称"乐鑫科技""发行人"或 "公司"）向特定对象发行 A 股股票（以下简称"本次发行"）已获得中国证 券监督管理委员会（以下简称"中国证监会"）《关于同意乐鑫信息科技（上海） 股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕1854 号） 同意注册批复。 中信证券股份有限公司（以下简称"中信证券""保荐人（主承销商）"或 "主承销商"）作为乐鑫科技本次发行的保荐人（主承销商），根据《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》"）《证券发行与承销管理办法》（以下简称"《发行与承销 管理办法》"）《上市公司证券发行注册管理办法》（以下简称"《注册管理办 法》"）《上海证券交易所上市公司证券发行与承销业务实施细则》（以下简称 "《实施细则》"）等相关法律、法规和规范性文件的规定、发行人董事会、 ...

Core Viewpoint - The announcement indicates that the company has received approval from the Shanghai Stock Exchange for its 2025 A-share issuance to specific targets, ensuring the accuracy and truthfulness of the announcement content [1]. Group 1 - The company has completed the filing process for its 2025 A-share issuance with the Shanghai Stock Exchange [1]. - The board of directors and all directors of the company guarantee that the announcement content is free from false records and assume legal responsibility for the authenticity of the content [1]. - The company will expedite the registration and custody procedures for the newly issued shares [1]. Group 2 - Detailed information regarding the issuance can be found in the "2025 A-share Issuance Report" and other related documents disclosed on the Shanghai Stock Exchange website [1].

Group 1 - The A-share market saw a collective rise in the three major indices, with the Shanghai Stock Exchange's Sci-Tech Innovation Board Artificial Intelligence Index increasing by 3.09%, driven by significant gains in stocks like Lexin Technology, which rose over 7% [1] - The Sci-Tech Innovation Board Artificial Intelligence ETF (588930) opened high and rose by 3.12%, with a trading volume exceeding 29 million yuan, indicating strong investor interest [1] - The ETF has experienced a net inflow of over 290 million yuan in the past five days, reflecting a growing trend of investment in AI-related companies [1] Group 2 - According to Zhongyin International, the commercialization of AI applications is approaching a turning point, with the underlying technology system rapidly maturing [2] - Improvements in computing power efficiency and cost-effectiveness are being observed, as both U.S. tech firms and domestic cloud providers build AI computing support systems for large-scale model deployment [2] - The capabilities of general large models are reaching commercial standards, with advancements in multi-turn dialogue, long-term memory, multi-modal perception, and agent collaboration, exemplified by models like GPT-5 [2]

Summary of AIoT Industry Conference Call Industry Overview - The AIoT industry is experiencing significant advancements in edge AI, driven by reduced inference costs, improved model performance, and increased competition among models [2][4][5] - The IoT industry is on an upward trend, with companies like Tuya Smart and Xiaomi reporting substantial growth [8][9] Key Companies and Developments - **NVIDIA**: - Reduced AI inference costs and power consumption through hardware upgrades and architectural optimizations [2][4] - Launched the Robin CPX GPU to enhance efficiency for specific workloads [2][5] - **Deepseek**: - Innovated with sparse MOE architecture and attention mechanism MLA to lower model training and inference costs [2][5] - Released Deepseek R1, which uses distillation technology to reduce computational complexity while maintaining performance [2][5] - **Yuran**: - Launched AR toys like Bubble Popper and Coco Mate, achieving significant market response and sales [2][6] - **Espressif Systems (乐鑫科技)**: - A leading WiFi MCU supplier, with revenue growth exceeding expectations, projecting a 30% increase for the year [2][9] - Maintains a gross margin of approximately 40% and has a robust product matrix including core products like S3 [4][10][11] Market Trends and Insights - Edge AI is primarily being adopted in the AR toy sector due to lower hardware and model performance requirements [6] - The IoT connection landscape is dominated by short-range connections, with WiFi and Bluetooth accounting for over 70% of total connections [7] - The ALT industry, which is crucial for edge AI, shows promising growth potential [8] Financial Performance - Espressif Systems has consistently achieved revenue growth, with traditional smart home business growing at 10%-15% and new products contributing to overall revenue [9][10] - The company’s effective cost management has led to sustained profit margin improvements, with a projected 70% increase in net profit for 2025 [11] Developer Ecosystem - The company employs a to D to B business model, leveraging a developer ecosystem to expand its customer base [12] - Over 150,000 open-source projects have been developed, attracting partnerships with major firms like ByteDance and OpenAI [12][13] - The developer ecosystem is crucial for meeting the needs of emerging applications like AI toys, positioning the company as a key player in the edge AI market [14] Conclusion - The AIoT industry is poised for growth, with significant contributions from key players like NVIDIA, Deepseek, and Espressif Systems. The focus on edge AI applications, particularly in the AR toy market, alongside a strong developer ecosystem, positions these companies favorably for future opportunities.

Core Insights - The overall AI penetration rate in China remains relatively low, indicating significant growth potential for the industry as policies are implemented and model capabilities continue to evolve [5] - The current market focus is on AI-related hardware, with a lack of explosive products and clear business models in the downstream applications, leading to insufficient visibility in company performance [5] - The Sci-Tech Innovation AI ETF (588790) has shown significant growth in both scale and shares, reflecting strong investor interest in the AI sector [6][6] Event Updates - JD.com has entered the "mass production phase" of AI applications, launching three major AI products and showcasing four application scenarios at its global technology conference [4] - China has added three U.S. companies to its export control list and another three to its unreliable entity list, indicating ongoing regulatory tensions [4] ETF Performance - The Sci-Tech Innovation AI ETF has seen a recent decline of 1.72%, with a weekly increase of 4.19% as of September 25, 2025 [3] - The ETF has a turnover rate of 2.43% and a transaction volume of 171 million yuan, ranking first among comparable funds in terms of average monthly trading volume [3] Industry Developments - Over 70% of China's energy state-owned enterprises have integrated Alibaba's AI technology, covering a wide range of sectors including electricity, oil, and coal [4] - Intel showcased its next-generation Xeon processors at the 2025 Cloud Summit, utilizing new manufacturing processes and advanced packaging technologies to enhance performance and efficiency [4] Market Composition - The top ten weighted stocks in the Sci-Tech Innovation AI Index account for 71.66% of the index, with companies like Cambricon and Lanke Technology leading the list [7] - The ETF closely tracks the Sci-Tech Innovation AI Index, which includes 30 large-cap companies providing essential resources and technology for the AI industry [6]