Company Overview - Lexin Technology, established on April 29, 2008, is located in Shanghai and specializes in the research, design, and sales of integrated circuit products [1] - The company's main revenue sources are modules and development kits (60.47%), chips (38.89%), and others (0.64%) [1] Stock Performance - As of September 3, Lexin Technology's stock price was 187.30 CNY per share, with a market capitalization of 29.35 billion CNY [1] - The stock has increased by 20.32% year-to-date, but has seen a decline of 14.86% over the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of 92.51 million CNY on August 27 [1] Financial Performance - For the first half of 2025, Lexin Technology reported a revenue of 1.246 billion CNY, representing a year-on-year growth of 35.35% [2] - The net profit attributable to shareholders for the same period was 261 million CNY, showing a significant increase of 72.29% year-on-year [2] Shareholder Information - As of June 30, 2025, the number of shareholders was 16,100, a decrease of 0.47% from the previous period [2] - The average number of tradable shares per shareholder increased by 40.32% to 9,733 shares [2] - Major shareholders include Hong Kong Central Clearing Limited and various investment funds, with notable increases in their holdings [3]

Core Viewpoint - The company demonstrated strong revenue and profit growth in the first half of 2025, driven by high demand in the AIoT sector and successful expansion into new markets [1][2]. Group 1: Financial Performance - In 1H25, the company achieved revenue of 1.246 billion yuan, a year-over-year increase of 35.35%, and a net profit of 261 million yuan, up 72.29% year-over-year [1]. - In Q2 2025, revenue reached 688 million yuan, reflecting a year-over-year growth of 29.02% and a quarter-over-quarter increase of 23.28% [1]. - The gross margin in Q2 2025 improved to 46.69%, up 2.58 percentage points year-over-year and 3.3 percentage points quarter-over-quarter [1]. Group 2: Market Trends and Product Development - The IoT demand remains strong, with the company seeing increased penetration across various industries and a growing number of potential customers [2]. - The company reported revenue from chips/modules and development kits of 484 million yuan and 753 million yuan, respectively, with year-over-year growth rates of 27.18% and 41.68% [2]. - The company is investing in the development of Wi-Fi 7 and multi-core RISC-V technologies, with R&D expenses in 1H25 amounting to 268 million yuan, a year-over-year increase of 22.66% [2]. Group 3: Future Outlook - The company is advancing projects in high-speed data transmission Wi-Fi and high-performance SoC, with strong demand for consumer AIoT applications [3]. - The first Wi-Fi 6E wireless communication chip has completed engineering sample testing and is planned for mass production in the second half of 2025, marking a significant breakthrough in the high-performance wireless communication chip sector [3]. - The company aims to leverage open-source resources and an active community to provide efficient smart IoT product solutions, capitalizing on new opportunities in the edge AI era [3]. Group 4: Profit Forecast and Valuation - The company has adjusted its gross margin forecasts for 2025, 2026, and 2027 to 44.94%, 43.10%, and 41.98%, respectively, reflecting cost optimization from scale effects [4]. - The net profit forecasts for 2025, 2026, and 2027 have been raised to 556 million yuan, 718 million yuan, and 970 million yuan, respectively [4]. - The target price has been set at 237.1 yuan, corresponding to a 55x 2026 PE ratio, maintaining an "overweight" rating [4].

证券代码：688018 证券简称：乐鑫科技 公告编号：2025-066 乐鑫信息科技（上海）股份有限公司 关于向特定对象发行股票申请获得中国证监会 同意注册批复的公告 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。 乐鑫信息科技（上海）股份有限公司（以下简称"公司"）于近日收到中国 证券监督管理委员会出具的《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）。批复文件内容如下： "一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案 实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告上海证券交易所并按有关规定处理。" 公司董事会将按照上述批复文件和相关法律法规的要求以及公司股东会的 授权，在规定期限内办理本次向特定对象发行股票的相关事项，并及时履行信息 披露义务，敬请广大投资者注意投资风险。 本次向特定对象发行股票的发行人和保荐人的 ...

乐鑫科技(688018.SH)发布公告，公司于近日收到中国证券监督管理委员会出具的《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)，同意公司向特 定对象发行股票的注册申请。 ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2025-066 乐鑫信息科技（上海）股份有限公司 关于向特定对象发行股票申请获得中国证监会 同意注册批复的公告 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。 乐鑫信息科技（上海）股份有限公司（以下简称"公司"）于近日收到中国 证券监督管理委员会出具的《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）。批复文件内容如下： "一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案 实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告上海证券交易所并按有关规定处理。" 公司董事会将按照上述批复文件和相关法律法规的要求以及公司股东会的 授权，在规定期限内办理本次向特定对象发行股票的相关事项，并及时履行信息 披露义务，敬请广大投资者注意投资风险。 本次向特定对象发行股票的发行人和保荐人的联 ...

智通财经APP讯，乐鑫科技(688018.SH)发布公告，公司于近日收到中国证券监督管理委员会出具的 《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)，同意公司向特定对象发行股票的注册申请。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688018 | 乐整科技 | 191.15 | -12.39% | 9.97万 | 20.01亿 | | 688702 | 盛科通信 | 111.00 | -11.82% | 10.26万 | 11.86亿 | | 688347 | 华虹公司 | 76.80 | -10.40% | 61.97万 | 48.73 乙 | | 603375 | 盛景微 | 40.08 | -9.77% | 10.09万 | 4.15亿 | | 688048 | 长光华芯 | 76.27 | -9.43% | 16.58万 | 13.18亿 | | 688729 | 吃唐股份 | 28.82 | -9.20% | 37.00万 | 11.00亿 | | 688691 | 灿芯股份 | 76.46 | -9.17% | 10.95万 | 8.51亿 | | 603893 | 瑞芯微 | 212.99 | -8.97% | 24.74万 | 54.27 乙 | | 688 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6][4]. Core Views - The company achieved a revenue of 1.246 billion RMB in 1H25, representing a year-over-year growth of 35.35%, with a net profit of 261 million RMB, up 72.29% year-over-year [1][2]. - The demand for AIoT remains strong, contributing to revenue growth from new markets such as 3D printing, AI toys, and medical devices [1][3]. - The company is expanding its product offerings in high-performance SoC and high-speed data transmission markets, leveraging its existing ecosystem advantages [1][4]. Summary by Sections Financial Performance - In 2Q25, the company reported a revenue of 688 million RMB, a year-over-year increase of 29.02% and a quarter-over-quarter increase of 23.28% [1]. - The gross margin improved to 46.69%, up 2.58 percentage points year-over-year, while the net margin increased to 24.52%, up 5.98 percentage points year-over-year [1][2]. Product Development - The company is actively investing in the development of Wi-Fi 7 and multi-core RISC-V technologies, with R&D expenses reaching 268 million RMB in 1H25, a year-over-year increase of 22.66% [2]. - The first Wi-Fi 6E wireless communication chip is expected to enter mass production in the second half of 2025, marking a significant advancement in the high-performance wireless communication chip sector [3]. Profit Forecast and Valuation - The report revises the gross margin forecasts for 2025, 2026, and 2027 to 44.94%, 43.10%, and 41.98%, respectively, and raises the net profit estimates for the same years to 556 million RMB, 718 million RMB, and 970 million RMB [4][10]. - The target price is set at 237.10 RMB, reflecting a 55x PE ratio for 2026, with the previous target price being 173.7 RMB [4][7].

Group 1 - Dekoli's stock dropped over 14% [1] - Huicheng Vacuum, Tianfu Communication, Dingtong Technology, and Taicheng Light all fell over 11% [1] - Lexin Technology and Oulu Tong experienced declines of over 10% [1]

Group 1 - Dekoli's stock dropped over 13% [1] - Huicheng Vacuum, Tianfu Communication, and Dingtong Technology each fell over 11% [1] - Taicheng Light's stock decreased by over 10% [1] - Lexin Technology and Oulu Tong both experienced declines of over 9% [1]