证券代码：688018 股票简称：乐鑫科技 公告编号：2026-027 乐鑫信息科技（上海）股份有限公司 关于公司 2026 年限制性股票激励计划内幕信息知情 人买卖公司股票情况的自查报告 本公司及董事会全体成员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。 2026 年 3 月 10 日，乐鑫信息科技（上海）股份有限公司（以下简称"公司"） 召开第三届董事会第十四次会议、第三届董事会薪酬与考核委员会第七次会议， 审议通过了《关于审议<公司 2026 年限制性股票激励计划（草案）>及其摘要的 议案》等议案，并于 2026 年 3 月 11 日在上海证券交易所网站(www.sse.com.cn) 披露了相关公告。 按照《上市公司信息披露管理办法》、公司《信息披露管理制度》及相关内 部保密制度的规定，公司对 2026 年限制性股票激励计划（以下简称"激励计划"） 采取了充分必要的保密措施，同时对本次激励计划的内幕信息知情人进行了必要 登记。根据《上市公司股权激励管理办法》《上海证券交易所科创板股票上市规 则》、上海证券交易所《科创板上市公司自律监管 ...

乐鑫信息科技（上海）股份有限公司 董事会薪酬与考核委员会关于 2026 年限制性股票激励计划 首次授予激励对象名单的核查意见（截止首次授予日） 乐鑫信息科技（上海）股份有限公司（以下简称"公司"） 董事会薪酬与 考核委员会依据《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》"）、《上市公司股权激励管理办法》 （以下简称"《管理办法》"）、《上海证券交易所科创板股票上市规则》（以下 简称"《上市规则》"）、《科创板上市公司自律监管指南第 4 号——股权激励信 息披露》和其他有关法律、行政法规、规范性文件，以及《乐鑫信息科技（上海） 股份有限公司章程》（以下简称"《公司章程》"）等有关规定，对公司 2026 年限制性股票激励计划（以下简称"本次激励计划"）首次授予激励对象名单（截 止首次授予日）进行审核，发表核查意见如下： 1、本次激励计划的激励对象均不存在《管理办法》第八条规定的不得成为 激励对象的情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （5）法律法规规定不得参与上市公司股权激励的； （6）中国证监会认定的其他情形。 2、本次激励计划激 ...

3、预留部分的激励对象由本激励计划经股东会审议通过后 12 个月内确定，经董事会提出、董事会薪 酬与考核委员会发表明确意见、律师发表专业意见并出具法律意见书后，公司在指定网站按要求及时准确 披露激励对象相关信息。 乐鑫信息科技（上海）股份有限公司 2026 年限制性股票激励计划激励对象名单 （截止首次授予日） 一、 限制性股票激励计划的分配情况 | 序 | | | | 获授的限 | 占授予限制 | 占本激励计 划公告日公 | | --- | --- | --- | --- | --- | --- | --- | | 号 | 姓名 | 国籍 | 职务 | 制性股票 数量（股） | 性股票总数 的比例 | 司股本总额 | | | | | | | | 的比例 | | 一、董事、高级管理人员 | | | | | | | | 1 | 邵静博 | 中国 | 财务总监 | 23,712 | 0.8176% | 0.0142% | | 二、核心技术人员 | | | | | | | | 1 | 姜江建 | 中国 | 核心技术人员 | 32,908 | 1.1347% | 0.0197% | | 2 | 符运生 | 中国 | 核 ...

重要内容提示： 乐鑫信息科技（上海）股份有限公司（以下简称"公司"）《2026 年限制性 股票激励计划》（以下简称"《激励计划（草案）》"或"本激励计划"）规定的公 司 2026 年限制性股票授予条件已经成就，根据乐鑫信息科技（上海）股份有限 公司 2026 年第一次临时股东会授权，公司于 2026 年 3 月 26 日召开的第三届董 事会第十六次会议、第三届董事会薪酬与考核委员会第九次会议，审议通过了《关 于向 2026 年限制性股票激励计划激励对象首次授予限制性股票的议案》，确定 2026 年 3 月 26 日为首次授予日，以 110 元/股的授予价格向 271 名激励对象授予 2,320,020 股限制性股票。现将有关事项说明如下： 一、限制性股票授予情况 （一）本次限制性股票授予已履行的决策程序和信息披露情况 证券代码：688018 证券简称：乐鑫科技 公告编号：2026-029 乐鑫信息科技（上海）股份有限公司 关于向 2026 年限制性股票激励计划激励对象首次授 予限制性股票的公告 本公司及董事会全体成员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 ...

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 2026 年第一次临时股东会之 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 2026 年第一次临时股东会之 法律意见书 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"公司"）委托，根据《中华人民共和国公司法》（以 下简称"《公司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"） 等法律、行政法规和其他规范性文件（以下简称"法律、法规"）以及《乐鑫信 息科技（上海）股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 就公司召开 2026 年第一次临时股东会（以下简称"本次股东会"）的有关事宜 出具本法律意见书。 本法律意见书仅就本次股东会的召集和召开程序、出席本次股东会人员的资 格、召集人资格、会议表决程序是否符合法律、法规及《公司章 ...

Group 1: Key Recommendations - The report highlights the strong performance of Lexin Technology (688018), with continuous iterations of AIOT products and a maintained high gross margin. The company reported a total revenue of 2.565 billion yuan for 2025, representing a year-on-year increase of 27.82%, and a net profit of 498 million yuan, up 46.72% year-on-year [5][6][9]. Group 2: Company Performance - Lexin Technology's revenue for Q4 2025 was 653 million yuan, showing a year-on-year growth of 19.4% but a quarter-on-quarter decline of 2.05%. The net profit for the same quarter was 121 million yuan, reflecting a year-on-year increase of 37.26% and a quarter-on-quarter increase of 4.83% [5][6]. - The company achieved a product module sales volume of 131 million units in 2025, a year-on-year increase of 25.97%, and chip sales of 178 million units, up 19.00% year-on-year. The average prices of modules and chips showed a slight upward trend [6][7]. Group 3: Market Position and Strategy - Lexin Technology holds the largest market share in the Wi-Fi MCU segment and ranks fifth globally in the overall Wi-Fi market, showcasing strong international competitiveness [6][7]. - The company is focusing on a "processing + connectivity" product strategy, aiming to develop in new market areas such as high-speed data transmission, Bluetooth, Thread, and high-performance SoCs [6][7]. Group 4: Gross Margin and Cost Management - The gross margin for Lexin Technology's chips was 48.5%, while the gross margin for modules and development kits rose to 45.4%, contributing to an overall gross margin of 46.6% [7]. - The company has managed to limit the impact of rising storage costs on its gross margin, as the storage used is primarily Nor Flash, which constitutes about 10% of revenue [7]. Group 5: Future Outlook - The report projects Lexin Technology's revenues for 2026, 2027, and 2028 to be 3.363 billion yuan, 4.319 billion yuan, and 5.486 billion yuan, respectively, with year-on-year growth rates of 31.09%, 28.43%, and 27.02% [9]. - The net profits for the same years are expected to be 696 million yuan, 922 million yuan, and 1.221 billion yuan, with growth rates of 39.87%, 32.44%, and 32.35% [9].

证券代码：688018 证券简称：乐鑫科技 公告编号：2026-025 乐鑫信息科技（上海）股份有限公司 2022 年限制性股票激励计划首次授予部分 第三个归属期归属结果公告 重要内容提示： 本次归属股票数量为 1,505 股，来源于公司从二级市场回购的公司 A 股普通 股股票，由回购专用证券账户过户登记。 一、2022 年限制性股票归属的决策程序及相关信息披露情况 （1）2022 年 3 月 10 日，公司召开第二届董事会第二次会议，会议审议通 过了《关于公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于 公司<2022 年限制性股票激励计划实施考核管理办法>的议案》以及《关于提请 股东大会授权董事会办理股权激励相关事宜的议案》等议案。公司独立董事就本 激励计划相关议案发表了独立意见。 同日，公司召开第二届监事会第二次会议，审议通过了《关于公司<2022 年 限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2022 年限制性股票 激励计划实施考核管理办法>的议案》以及《关于核实公司<2022 年限制性股票 激励计划激励对象名单>的议案》，公司监事会对本激励计划的相关事项进行核实 并 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's revenue for 2025 reached 2.565 billion yuan, representing a year-over-year increase of 27.82%, while the net profit attributable to shareholders was 498 million yuan, up 46.72% year-over-year. The gross profit margin was 46.63%, an increase of 2.72 percentage points year-over-year [6] - The growth in performance is driven by a significant increase in sales volume, with module sales reaching 131 million units (up 25.97% year-over-year) and chip sales at 178 million units (up 19.00% year-over-year). The company plans to continue focusing on the AIoT sector for product iteration [6] - The company's gross margin has improved due to the integration of hardware and software solutions, enhancing competitiveness. The gross margin for chips is 48.5%, while the margin for modules and development kits has risen to 45.4% [6] - The company has initiated the development of Wi-Fi 7 chips, with its current Wi-Fi 6 technology supporting large-scale IoT applications. The gap with leading international manufacturers is only one generation [6] - The company is expected to achieve revenues of 3.363 billion yuan, 4.319 billion yuan, and 5.486 billion yuan for 2026, 2027, and 2028, respectively, with year-over-year growth rates of 31.09%, 28.43%, and 27.02% [6] Summary by Relevant Sections Financial Performance - In Q4 2025, the company reported revenue of 653 million yuan (up 19.4% year-over-year, down 2.05% quarter-over-quarter) and a net profit of 121 million yuan (up 37.26% year-over-year, up 4.83% quarter-over-quarter) [6] - The company's revenue structure remains stable, with chip revenue accounting for 38.2% and module and development kit revenue at 61.2% [6] Market Position - The company holds the largest market share in the Wi-Fi MCU segment and ranks fifth globally in the overall Wi-Fi market, indicating strong international competitiveness [6] Future Outlook - The company is expected to maintain a high gross margin and a stable long-term development trend, benefiting from the accelerated growth of AI in the AIoT sector [6]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights the clear trend of "Scale up" inter-cabinet optical interconnection, suggesting a focus on the optical module and copper cable supply chain [4][9] - NVIDIA's GTC 2026 event confirmed the dual-track approach of optical and copper technologies, with significant increases in interconnection bandwidth driven by the demand for inference [4][9] - China Unicom's 2025 annual report showed a revenue of 392.22 billion yuan, a year-on-year increase of 0.68%, and a net profit of 9.13 billion yuan, a year-on-year increase of 1.07% [10] - Lexin Technology's 2025 annual report indicated a revenue of 2.57 billion yuan, a year-on-year increase of 27.82%, and a net profit of 498 million yuan, a year-on-year increase of 46.72% [11] Summary by Sections Weekly Investment Insights - The report emphasizes the importance of the optical module and copper cable supply chain in the context of the GTC 2026 event, where NVIDIA outlined the trends in optical and copper technology [4][9] Industry Dynamics - The successful launch of the Kuaizhou-11 rocket and the price adjustments of AI computing and storage products by Alibaba Cloud were noted, reflecting the growing demand in the AI sector [13][14] Major Events Reminder - Key upcoming events include earnings announcements from various companies, including China Telecom and Lexin Technology, which are expected to provide further insights into the industry [15][16]

Summary of the Conference Call for 乐鑫科技 (Lexin Technology) Company Overview - **Company**: 乐鑫科技 (Lexin Technology) - **Date of Call**: March 23, 2026 Key Points Industry and Business Performance - **Revenue Growth**: In 2025, the company achieved a revenue of 2.565 billion yuan, a year-on-year increase of 27.8% [3] - **Net Profit**: The net profit attributable to shareholders was 498 million yuan, reflecting a growth of approximately 46.7% [3] - **Gross Margin**: The gross margin improved to 46.6%, up by 2.7 percentage points year-on-year, driven by optimized sales structure and a shift in the IoT industry from price competition to functionality-driven growth [3][2] - **Gross Profit**: The gross profit reached 1.195 billion yuan, with a per capita gross profit contribution of 1.33 million yuan [2] Business Structure and Diversification - **Decentralization of Business Structure**: The share of smart home products decreased to about 60%, while non-home sectors like photovoltaics, energy storage, and industrial applications grew over 40% [2] - **International Revenue**: Overseas revenue accounted for 29.8% of total revenue, also growing over 40% [2][5] - **Product Matrix Evolution**: New product lines such as H2/H4 ultra-low power series and Wi-Fi 6E are set for mass production in 2026, with Wi-Fi 7 expected to be released in 2027 [2][6] Technological Advancements - **AI Integration**: The S3 chip continues to see increased shipments, enhancing average selling price (ASP) and supporting cloud AI collaboration [2][7] - **RISC-V Architecture**: All new products are transitioning to self-developed RISC-V architecture, enhancing autonomy and reducing reliance on third-party IP [4][26] Supply Chain and Cost Management - **Strategic Inventory**: The company has strategically stocked up on memory chips to mitigate the impact of price increases, with a historical record of successfully passing costs to downstream customers [8] - **Cash Flow Improvement**: The net cash flow ratio improved to 1.05 in 2025, indicating enhanced profitability quality [11] Market Position and Future Outlook - **Market Resilience**: The company’s diversified application base reduces reliance on any single industry, enhancing its resilience against market fluctuations [5] - **Future Growth Areas**: The company anticipates growth in energy-related sectors, including energy storage and photovoltaic applications, due to ongoing digital transformation [25] Corporate Governance and Shareholder Engagement - **Management Changes**: The company abolished the vice president position to streamline operations and enhance decision-making efficiency [14] - **Share Buyback and Dividends**: A share buyback plan of 50 million to 100 million yuan was initiated to signal value recovery, alongside a dividend distribution plan [13][12] Challenges and Risks - **Supply Chain Risks**: The company acknowledges systemic risks in the semiconductor industry but emphasizes its robust supply chain management capabilities [16] - **Market Competition**: The competitive landscape for Wi-Fi 7 is still developing, with the company focusing on gradual product rollout based on market maturity [22] Conclusion - **Long-term Vision**: The company aims to democratize technology and support global developers, focusing on providing necessary tools for innovation [33] - **Sustainable Growth**: The company remains committed to long-term sustainable growth, believing that market pressures will eventually stabilize [24]