证券代码：688018 证券简称：乐鑫科技 公告编号：2025-060 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 重要内容提示： ? 大股东及高级管理人员持有股份的基本情况 本次减持计划实施前，乐鑫（香港）投资有限公司（以下简称"乐鑫香港"） 持有乐鑫信息科技（上海）股份有限公司（以下简称"乐鑫科技"或"公司"） 持有公司 24,118 股，占当时公司总股本的比例为 0.0215%。乐鑫香港持有股份为 其在公司首次公开发行前取得及以资本公积金转增股本方式取得的股份，邵静博 女士持有的股份为其通过股权激励取得、集中竞价交易及以资本公积金转增股本 方式取得的股份，上述股份均已上市流通。 增 4 股，乐鑫香港持有公司股份调整为 63,022,599 股，占调整后总股本的比例为 例为 0.0215%。上述股份均已上市流通。 乐鑫信息科技（上海）股份有限公司 股东及高级管理人员提前终止减持计划 暨减持股份结果公告 ? 减持计划的实施结果情况 公司于 2025 年 5 月 9 日在上海证券交易所网站 (www.sse ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2025-060 乐鑫信息科技（上海）股份有限公司 股东及高级管理人员提前终止减持计划 大股东及高级管理人员持有股份的基本情况 本次减持计划实施前，乐鑫（香港）投资有限公司（以下简称"乐鑫香港"） 持有乐鑫信息科技（上海）股份有限公司（以下简称"乐鑫科技"或"公司"） 45,016,142 股，占当时公司总股本的比例为 40.1212%；高级管理人员邵静博女士 持有公司 24,118 股，占当时公司总股本的比例为 0.0215%。乐鑫香港持有股份为 其在公司首次公开发行前取得及以资本公积金转增股本方式取得的股份，邵静博 女士持有的股份为其通过股权激励取得、集中竞价交易及以资本公积金转增股本 方式取得的股份，上述股份均已上市流通。 2025 年 6 月 3 日，因公司实施 2024 年度权益分派，以资本公积每 10 股转 增 4 股，乐鑫香港持有公司股份调整为 63,022,599 股，占调整后总股本的比例为 40.2179%；高级管理人员邵静博女士持有公司 33,765 股，占调整后总股本的比 例为 0.0215%。上述股份均已上市流通。 减持计划的实施结 ...

Core Viewpoint - The rapid growth of AI applications in China is reflected in the significant increase in daily Token consumption, which has surged over 300 times in a year and a half, indicating a strong market demand for AI technologies [2] Group 1: Market Performance - As of August 14, 2025, the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) rose by 0.57%, with notable increases in constituent stocks such as Cambricon (688256) up 11.87% and Aerospace Dongfang (688066) up 1.34% [2] - The Sci-Tech AI ETF (588790) has seen a 2.00% increase over the past week, ranking 2nd among comparable funds [2] - The Sci-Tech AI ETF's trading volume reached 4.46 billion yuan, with a turnover rate of 6.46% [2] Group 2: Fund Growth and Performance - The Sci-Tech AI ETF experienced a significant scale increase of 53.88 million yuan over the past week, ranking 3rd among comparable funds [3] - The fund's share count grew by 999 million shares in the last two weeks, placing it 1st among comparable funds [3] - The fund has seen a net inflow of 669 million yuan over the past 10 trading days, with 8 days of net inflow [3] Group 3: Historical Returns and Risk Metrics - As of August 13, 2025, the Sci-Tech AI ETF's net value increased by 9.54% over the past six months, ranking 1st among comparable funds [4] - The fund's highest single-month return since inception was 15.59%, with an average monthly return of 9.25% [4] - The fund's Sharpe ratio for the past month was 1.21, indicating strong risk-adjusted returns [5] Group 4: Fee Structure and Tracking Accuracy - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, which are relatively low compared to comparable funds [6] - The fund's tracking error over the past month was 0.008%, the highest tracking precision among comparable funds [6] - The index tracks 30 major companies in the AI sector, with the top ten stocks accounting for 67.36% of the index [6]

乐鑫信息科技（上海）股份有限公司 会议材料 乐鑫科技 2025 年第四次临时股东大会 股东大会须知 为保障乐鑫信息科技（上海）股份有限公司全体股东的合法权益，维护股东 大会的正常秩序，保证股东大会的议事效率，确保本次股东大会如期、顺利召开， 根据《中华人民共和国公司法》《乐鑫信息科技（上海）股份有限公司章程》《乐 鑫信息科技（上海）股份有限公司股东大会议事规则》及中国证监会、上交所的 有关规定，特制定本须知。 股东大会会议议程 一、 股东大会设会务组，由公司董事会秘书负责会议的程序安排和会务工作。 二、 为保证股东大会的严肃性和正常秩序，切实维护与会股东（或股东代表）的 合法权益，除出席会议的股东（或股东代表）、公司董事、监事、高级管理 人员、见证律师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会 场。 三、 出席会议的股东（或股东代表）须在会议召开前 20 分钟到会议现场办理签到 手续，并请按规定出示证券账户卡、身份证或法人单位证明、授权委托书以 及参会回执等，经验证后领取会议资料，方可出席会议。 四、 股东（或股东代表）依法享有发言权、咨询权和表决权等各项权益。如股东 （或股东代表）欲在本次股东大会 ...

乐鑫信息科技（上海）股份有限公司 2025 年第四次临时股东大会 会议材料 股东大会须知 为保障乐鑫信息科技（上海）股份有限公司全体股东的合法权益，维护股东 大会的正常秩序，保证股东大会的议事效率，确保本次股东大会如期、顺利召开， 根据《中华人民共和国公司法》《乐鑫信息科技（上海）股份有限公司章程》《乐 鑫信息科技（上海）股份有限公司股东大会议事规则》及中国证监会、上交所的 有关规定，特制定本须知。 2 一、 股东大会设会务组，由公司董事会秘书负责会议的程序安排和会务工作。 二、 为保证股东大会的严肃性和正常秩序，切实维护与会股东（或股东代表）的 合法权益，除出席会议的股东（或股东代表）、公司董事、监事、高级管理 人员、见证律师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会 场。 三、 出席会议的股东（或股东代表）须在会议召开前 20 分钟到会议现场办理签到 手续，并请按规定出示证券账户卡、身份证或法人单位证明、授权委托书以 及参会回执等，经验证后领取会议资料，方可出席会议。 四、 股东（或股东代表）依法享有发言权、咨询权和表决权等各项权益。如股东 （或股东代表）欲在本次股东大会上发言，可在签到时先向大 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering its unique position as one of the few SoC companies with a developer ecosystem and the expected benefits from the expansion of the edge AI hardware market [3][5]. Core Insights - The company is positioned to benefit from the trend of edge intelligence, having developed a robust developer ecosystem over the years, which has created a competitive moat [1][2]. - The B2D2B business model is central to the company's growth strategy, focusing on reducing developers' learning and time costs, thereby locking in application ecosystems and enhancing customer stickiness [2][19]. - The company has entered a high growth phase, with revenue expected to increase significantly due to the rising demand for AI terminal products starting in 2024 [1][10]. Summary by Sections Developer Ecosystem and Market Position - The company has established itself as an AIoT ecosystem player, benefiting from the long-tail market's demand for intelligent solutions, with revenue entering a high growth phase from 2024 [1][10]. - The development of the ecosystem can be divided into two phases: the construction phase from 2016Q1 to 2023Q1, and the harvesting phase from 2023Q1 to 2025Q2, where the daily project growth on GitHub increased from 45 to 123 [1][14][15]. Business Model and Competitive Advantage - The B2D2B model allows the company to sell a complete set of development tools rather than just chips, creating a strong competitive advantage through developer engagement and community support [2][19]. - The brand value and technical advantages underpin the company's open ecosystem, with the ESP32 brand recognized for reliability and performance, attracting more developers and customers [2][29]. Financial Forecast and Performance Metrics - The company is projected to achieve net profits of 5.59 billion, 7.18 billion, and 9.00 billion yuan for the years 2025 to 2027, with corresponding PE ratios of 43, 34, and 27 [3][4][51]. - Revenue is expected to grow from 2,007 million yuan in 2024 to 4,298 million yuan in 2027, reflecting a compound annual growth rate of approximately 23.4% [4][53].

Market Overview - The semiconductor sector increased by 1.04% on August 13, with Zhongchuan Special Gas leading the gains [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Top Gainers in Semiconductor Sector - Zhongchuan Special Gas (688146) closed at 44.86, up 20.01% with a trading volume of 310,400 shares and a transaction value of 1.376 billion [1] - Sawing Wall Technology (688270) closed at 68.51, up 15.63% with a trading volume of 262,800 shares [1] - Shanghai HePin (688584) closed at 26.18, up 14.52% with a trading volume of 431,000 shares [1] - Liyang Chip (688135) closed at 24.40, up 14.23% with a trading volume of 183,600 shares [1] Decliners in Semiconductor Sector - Juguang Technology (688167) closed at 100.20, down 3.65% with a trading volume of 62,400 shares [2] - Xindao Technology (688230) closed at 72.71, down 2.56% with a trading volume of 32,900 shares [2] - Jinghua Micro (688130) closed at 25.52, down 2.48% with a trading volume of 52,800 shares [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 2.551 billion from institutional investors, while retail investors saw a net inflow of 2.53 billion [2] - The net inflow from speculative funds was 20.592 million [2] Individual Stock Capital Flow - Haowei Group (603501) had a net inflow of 476 million from institutional investors, while it faced a net outflow of 240 million from speculative funds [3] - Ziguang Guowei (002049) saw a net inflow of 199 million from institutional investors, with a net outflow of 85.01 million from speculative funds [3] - Long Electric Technology (600584) had a net inflow of 169 million from institutional investors, with a net outflow of 39.93 million from speculative funds [3]

Market Overview - The market continues its upward trend with all three major indices reaching new highs for the year, with the Shanghai Composite Index achieving a seven-day winning streak and peaking at 3669.04 points [1] - A-shares saw a total trading volume of 1.91 trillion yuan, marking a significant increase in market activity over the past two days [1] Technology Sector - The technology growth sector is thriving, with significant gains in various ETFs, particularly those focused on AI and hard technology [1] - The AI sector is highlighted as a key focus, with stocks like Cambricon Technologies hitting the daily limit and achieving historical highs in trading volume and price [1] - The Huabao Entrepreneurial AI ETF (159363) surged by 3.03%, reaching a new listing high, reflecting strong investor interest [1][4] Financial Sector - The financial sector is also performing well, with brokerage stocks leading the charge, as evidenced by Guosheng Financial Holdings hitting the daily limit [2] - The top-performing brokerage ETF (512000) experienced high-frequency premiums, indicating strong market confidence [2] - Bank stocks are recovering, with Agricultural Bank of China achieving new highs for six consecutive days [2] AI and Cloud Computing - Positive news in the AI sector includes Huawei's announcement of a breakthrough in AI inference technology, which is expected to accelerate AI application growth [6][13] - The capital expenditure of major cloud companies is projected to exceed $330 billion by 2025, indicating robust growth in the AI and cloud computing sectors [6] - The entrepreneurial AI index has seen a cumulative increase of nearly 35% this year, outperforming other AI indices [6] Investment Opportunities - Analysts recommend focusing on the "AI main line" investment opportunities, particularly in the AI application and computing power sectors [8] - The domestic semiconductor industry is expected to benefit from increased demand for AI chips, driven by the need for domestic alternatives amid rising geopolitical tensions [13][14] - The medical sector is also gaining traction, with significant interest in brain-computer interface technologies and related stocks [15][17] ETF Performance - The Huabao Entrepreneurial AI ETF (159363) has become the largest in its category, with a trading volume of 2.67 billion yuan, reflecting high market activity [4][18] - The Huabao Sci-Tech AI ETF (589520) also performed well, with a peak increase of 3.12% during trading [9][14] Key Developments - The upcoming release of DeepSeek-R2 is generating excitement in the market, with expectations of significant advancements in AI capabilities [11] - The Ministry of Industry and Information Technology has outlined plans to promote the development of brain-computer interface technologies, indicating a growing focus on this innovative sector [17]

Group 1 - Public fund research enthusiasm has increased in the second half of the year, with 178 public funds conducting research on 463 listed companies as of August 6 [1] - The telecommunications equipment industry has become a focal point for public funds, with DingTong Technology, ZhongJi XuChuang, and XinYiSheng receiving attention from 75, 71, and 63 public funds respectively, ranking as the top three [3] - Other notable companies in the top ten for public fund research include Jianghe Group from the construction decoration industry and ShiJia GuangZi from the telecommunications equipment sector, with over 40 public funds researching them [3] Group 2 - Notable fund managers participated in the research activities, such as Zhu Hongyu from China Merchants Fund, who focused on GuoJi JingGong's main business and future acquisition plans [3] - Xie ZhiYu from XingZheng Global Fund researched AiEr Eye Hospital, discussing the company's overseas business layout and strategies against industry competition [4] - Zhu ShaoXing from FuGuo Fund and Fu PengBo from RuiYuan Fund also conducted research on QiLu Bank and YiYuan Communication respectively, indicating a diverse interest in various sectors [4]

Core Viewpoint - The article highlights the performance and growth potential of the AI sector in China, particularly focusing on the performance of the Sci-Tech Innovation Board AI Index and the related ETF, indicating a positive trend in investments and market interest in AI technologies [3][4][5]. Group 1: Market Performance - As of August 5, 2025, the Sci-Tech Innovation Board AI Index (950180) increased by 0.09%, with notable gains from constituent stocks such as Zhongke Xingtai (688568) up 4.29% and Aerospace Hongtu (688066) up 3.62% [3]. - The latest size of the Sci-Tech AI ETF reached 6.203 billion yuan, marking a new high since its inception and ranking first among comparable funds [4]. - The Sci-Tech AI ETF has seen a net inflow of 1.042 billion yuan in financing, with a total financing balance of 6.43 billion yuan as of the previous trading day [5]. Group 2: Investment Trends - The AI sector is experiencing rapid growth, driven by increasing demand for computing power and ongoing investments in large models, indicating a robust market environment [4]. - The Sci-Tech AI ETF has recorded a 16.89% increase in net value over the past six months, ranking first among comparable funds [5]. - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are relatively low compared to similar funds [5]. Group 3: Tracking and Composition - The Sci-Tech AI ETF closely tracks the Sci-Tech Innovation Board AI Index, which includes 30 large-cap companies that provide foundational resources, technology, and application support for the AI industry [6]. - As of July 31, 2025, the top ten weighted stocks in the index accounted for 67.36% of the total index weight, indicating concentrated investment in key players within the AI sector [7].