证券代码：688018 证券简称：乐鑫科技 公告编号：2025-047 乐鑫信息科技（上海）股份有限公司 第三届董事会第七次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 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"） 第 三届董事会第七次会议（以下简称"本次会议"）于 2025 年 7 月 2 日在公司 304 会议室以现场方式召开。本次会议的通知于 2025 年 6 月 27 日通过电话及邮件方 式送达全体董事。会议应出席董事 7 人，实际到会董事 7 人，会议由公司董事长 TEO SWEE ANN 张瑞安主持。会议的召集和召开程序符合有关法律、行政法规、 部门规章、规范性文件和公司章程的规定，会议决议合法、有效。 二、董事会会议审议情况 本次会议由公司董事长 TEO SWEE ANN 张瑞安主持，经全体董事表决，形 成决议如下： （一）审议通过《关于变更公司注册资本并修订公司章程的议案》 董事会同意根据公司资本公积转增股本的实际情况，将公司的注册资本由 112 ...

Core Viewpoint - Foreign institutions are increasingly focusing on A-share companies, particularly in the electronics, machinery, computer, and automotive sectors, indicating a growing interest in the Chinese market despite short-term volatility [2][5][6]. Group 1: Foreign Institutional Research Trends - A total of 76 A-share companies have received foreign institutional research since June, with 30 companies hosting at least three foreign institutions [3]. - Notably, three A-share companies reported receiving over 50 foreign institutions for research activities [3]. - The highest attention from foreign institutions is on Huichuan Technology (300124.SZ), which has hosted over 100 foreign institutional research activities [3]. Group 2: Company-Specific Insights - Huichuan Technology highlighted that national equipment renewal plans are stimulating market demand in consumer-facing industries such as home appliances and automotive [3]. - Yihada (301029.SZ) received over 60 foreign institutions for research, focusing on automation components across various sectors including 3C, new energy lithium batteries, and semiconductors [4]. - Lexin Technology (688018.SH) also engaged over 60 foreign institutions, emphasizing its advancements in Wi-Fi technology and the growing demand for connectivity solutions across multiple industries [4]. Group 3: Industry Focus - The electronics sector has seen the highest engagement from foreign institutions, with companies like Lexin Technology and Hushan Co. (002463.SZ) attracting significant attention [5]. - Machinery and equipment sectors are also under scrutiny, with companies like Huichuan Technology and Yihada being key focus points [5]. - In the computer sector, companies such as Zhongke Chuangda (300496.SZ) are gaining foreign interest [5]. Group 4: Market Outlook - Foreign institutions generally maintain an optimistic long-term outlook for the Chinese stock market, despite anticipated short-term fluctuations [6][9]. - UBS forecasts a gradual recovery in A-share earnings, projecting a 6% year-on-year increase in earnings per share for the CSI 300 index by 2025 [7]. - Morgan Stanley suggests a balanced investment strategy in the face of short-term uncertainties, recommending a mix of technology/growth stocks and defensive assets [8].

Core Viewpoint - The 2025 New Fortune 500 Rich List reveals a significant increase in the total market value of listed entrepreneurs, reaching 13.7 trillion yuan, an 11% year-on-year growth, indicating a new wave of wealth creation driven by innovation and overseas expansion [3][14]. Group 1: Wealth Distribution and Rankings - The top ten wealthiest individuals are heavily influenced by AI, with Zhang Yiming of ByteDance topping the list with a holding value of 481.57 billion yuan, marking a 42% increase from the previous year [4][18]. - The list features a notable shift, with four individuals from Hangzhou, Zhejiang, highlighting the region's growing economic prominence [43]. - The average holding value of the 500 entrepreneurs is 273.8 million yuan, with a threshold of 66.2 million yuan to make the list [8]. Group 2: Industry Insights - The TMT (Technology, Media, and Telecommunications), pharmaceutical, and daily consumer goods sectors are the top three wealth-generating industries, contributing 110, 54, and 52 individuals respectively [51]. - The TMT sector saw a significant increase in wealth, with a total of 334.08 billion yuan, a 46% increase from the previous year [51]. - The pharmaceutical sector experienced a decline, with 54 individuals listed, down from 64, indicating ongoing valuation adjustments [51]. Group 3: AI and Technological Advancements - AI has emerged as a key driver of wealth creation, with companies like DeepSeek and ByteDance leading the charge in user engagement and valuation [4][21]. - The rise of AI has also led to a resurgence in the semiconductor industry, with China exporting 2.981 billion chips worth approximately 159.5 billion USD, marking a significant shift in the global market [56]. - The AI sector is still in its nascent stage, with notable entries like Liang Wenfeng of DeepSeek entering the top ten, reflecting the rapid growth and potential of AI applications [60]. Group 4: Regional Wealth Creation - Wealth creation is becoming more balanced across regions, with western provinces like Sichuan, Tibet, and Xinjiang seeing an increase in listed individuals, while traditional economic hubs like Zhejiang and Shanghai continue to grow [5][6]. - The shift from real estate to technology and AI reflects a broader transformation in China's economic landscape, with younger entrepreneurs increasingly dominating the wealth rankings [46][45]. Group 5: Future Outlook - The ongoing evolution of industries, particularly in AI and technology, suggests a promising future for innovation-driven wealth creation in China [60][62]. - The integration of AI into various sectors, including automotive and consumer electronics, is expected to further enhance China's competitive edge in the global market [62][63].

关于 2024 年年度权益分派实施后调整向特定对象 证券代码：688018 证券简称：乐鑫科技 公告编号：2025-046 乐鑫信息科技（上海）股份有限公司 发行 A 股股票发行数量上限的公告 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： 乐鑫信息科技（上海）股份有限公司（以下简称"公司"）2024 年年 度权益分派方案已经实施完毕，公司总股本由 112,200,431 股变更为 156,702,722 股，现将公司 2025 年度向特定对象发行 A 股股票（以下简称"本次向特定对象 发行股票"）的发行数量上限由不超过 11,220,043 股（含本数）调整为不超过 15,670,272 股（含本数）。除上述调整外，公司本次向特定对象发行股票的其他 事项未发生变化。 一、本次向特定对象发行 A 股股票发行数量上限的调整依据 公司于 2025 年 3 月 14 日召开第三届董事会第三次会议、第三届监事会第二 次会议，并于 2025 年 3 月 31 日召开公司 2025 年第二次临时股东大会，审议通 过《关于公 ...

Group 1 - Despite recent fluctuations in the A-share market, public fund institutions are actively conducting research to identify investment opportunities, with 125 institutions participating in A-share research activities last week, covering 117 stocks across 24 Shenwan primary industries, totaling 545 research instances [1] - A total of 32 stocks received intensive research from public fund institutions, with research instances not less than 5 times. Among these, 19 stocks were researched 5 to 9 times, while 13 stocks had research instances reaching or exceeding 10 times [1] - The leading focus of public fund research was on the electronic industry, particularly Lexin Technology, which attracted over 40% of public fund institutions, with a total of 66 research instances [1] Group 2 - Last week, 15 Shenwan primary industries received significant attention from public fund institutions, with research instances exceeding 5 times. The electronic industry was the most researched, with a total of 116 instances across 15 stocks, indicating strong interest from public fund institutions [2] - The mechanical equipment industry followed closely, with 83 research instances across 17 related stocks. The automotive and pharmaceutical industries also received considerable attention, with 71 and 57 research instances, respectively [2] - Current market conditions show a structural trend, with external factors causing volatility. Citic Securities suggests that the market is in a high emotional zone, while Zhongyin Securities believes that geopolitical risks have a controllable negative impact on A-share sentiment, and the market will return to a fundamental pricing model as long as conflicts do not escalate [2][3]

Market Performance - The A-share market indices collectively declined during the week from June 16 to June 20, with the Shanghai Composite Index down by 0.51%, the Shenzhen Component Index down by 1.16%, and the ChiNext Index down by 1.66% [1][2]. Stock Performance - A total of 20 stocks saw a weekly increase of over 30%, with 10 stocks increasing by more than 40%. Shandong Molong led with a weekly increase of 61.38% [3][4]. - On the downside, 21 stocks experienced a decline of over 20%, with Gongzhi Tui dropping 84.93%, followed by *ST Guangdao and Tuisan Haiyue with declines of 50.57% and 38.85% respectively [3][4]. Trading Activity - 99 stocks had a turnover rate exceeding 100% during the week, with Beifang Changlong leading at 335.03% and Keli Co. at 333.26% [5][6]. - The majority of stocks with high turnover rates belonged to the computer, basic chemicals, and electronics sectors [5]. Capital Flow - The computer sector faced significant net outflows, with nearly 14 billion yuan sold off, while sectors like coal, steel, and food and beverage saw net inflows [8]. - Lixun Precision received the highest net inflow of 917 million yuan, with a weekly increase of 6.27% [8][9]. Margin Trading - A total of 1,734 stocks received net margin purchases, with 687 stocks having net purchases exceeding 10 million yuan. Guizhou Moutai topped the list with a net purchase of 721 million yuan [11][12]. Institutional Research - A total of 208 listed companies were researched by institutions, with Lexin Technology receiving the most attention from 253 institutions [13][14]. - Institutions focused on sectors such as electronic components, industrial machinery, and automotive parts during their research activities [13].

Group 1 - The core viewpoint of the article is that 乐鑫科技 is transforming from an IoT chip provider to an IoT technology ecosystem enterprise, focusing on self-developed IP and autonomous design to avoid homogenization in competition [1] - The company has achieved a net profit of 339 million yuan in 2024, representing a year-on-year growth of 149.13%, with a chip gross margin of 51.49% and a comprehensive gross margin of 43.91% [1] - The company maintains a gross margin level above 40%, indicating an effective overall pricing strategy [1] Group 2 - In terms of revenue sources, modules and development boards account for about 60% of the company's revenue, benefiting from the increasing penetration of IoT across various industries [2] - Approximately 70% of the company's revenue comes from Chinese customers, with about half of these customers involved in overseas business [2] - The company typically bundles software services with modules to accommodate domestic customers' payment habits, which has contributed to the gradual increase in module gross margins [2] Group 3 - The company emphasizes building its own ecosystem, self-developed IP, and autonomous design to avoid homogenization due to consistent underlying IP [3] - The company has over 400 developers participating in the development of its ESP-IDF operating system, including many top global developers [3] - The company plans to issue 11.22 million shares to raise 1.778 billion yuan for various projects, including the development of Wi-Fi 7 router chips and AI edge chips based on RISC-V self-developed IP [3]

Group 1 - The core viewpoint of the article highlights the recent research conducted by Fengling Capital on Lexin Technology, emphasizing its developer ecosystem and standard development paths [1] - Lexin Technology has a global market share of approximately 30% in its sector, driven by a strong focus on hardware and software integration [1] - The company is not currently planning to train large models but supports users in building applications suitable for their business scenarios [1] Group 2 - Lexin's revenue is primarily derived from Chinese customers, with an estimated 50% of their business being international [1] - The company maintains a gross margin of over 40%, with a sales model that is predominantly direct sales, accounting for more than 70% of total sales [1] - Lexin is actively involved in educational events to promote ESP32 as a standard platform for engineering education [1]

Group 1: Lexin Technology - Lexin Technology focuses on building a developer ecosystem and providing standardized development paths, with a global market share of approximately 30% in the ESP32 segment, which has a higher search interest than STM32 [1] - The company has over 400 developers participating in the ESP-IDF operating system development and aims to become the "default option" in emerging applications by offering a complete development framework [1] - Lexin's revenue is 70% from Chinese customers, with an estimated half of their business going overseas, and they maintain a gross margin of over 40% [1] Group 2: Sightway Technology - Sightway Technology has become a leading supplier of CMOS image sensors in smart security, smartphones, and automotive electronics, ranking first in global security CIS shipments in 2024 [2] - The company's smartphone business generated revenue of 329.12 million yuan, accounting for 55.15% of total revenue, with a year-on-year growth of 269.05% [2] - Sightway plans to continue investing in R&D, with a budget of 44.74 million yuan in 2024, a 56.35% increase from the previous year [2] Group 3: Huitian Technology - Huitian Technology adopts a differentiated business model, dynamically adapting its technical capabilities and production capacity to meet long-term market demands [3] - The company expects to achieve approximately 10.09 billion yuan in revenue from the enterprise communications market in 2024, with PCB products for servers and HPC accounting for 29.48% and high-speed network products for switches and routers accounting for 38.56% [3] - Huitian's Thai factory has begun small-scale production, aiming to improve production efficiency and gradually release capacity [3] Group 4: Zhongmi Holdings - Zhongmi Holdings holds a market share of over 20% in the domestic petrochemical sector and 60%-70% in the incremental market [4] - The company faces higher requirements and longer construction cycles for overseas projects compared to domestic ones, with international market incremental business having slightly higher gross margins [4] - The domestic incremental business has low gross margins, with limited potential for further decline, indicating a market concentration towards leading enterprises [4]

Group 1 - The China Securities Regulatory Commission (CSRC) Chairman announced plans to enhance the STAR Market's demonstration effect, including the establishment of a STAR Market Growth Tier and the reintroduction of the fifth listing standard for unprofitable companies [1] - The STAR Market Growth ETF (588110) saw a strong increase of 1.20% as of June 18, 2025, with notable gains in constituent stocks such as Shengyi Electronics (688183) up 16.63% and Tiande Yu (688252) up 9.28% [1] - The STAR Market Growth ETF has experienced a significant increase in trading volume, with a turnover rate of 4.74% and a daily average transaction of 15.45 million yuan over the past week [1] Group 2 - The STAR Market Growth ETF has achieved a net value increase of 38.29% over the past year, ranking 185 out of 2854 index equity funds, placing it in the top 6.48% [2] - The ETF's highest monthly return since inception was 25.02%, with an average monthly return of 7.25% during the months it increased [2] Group 3 - The management fee for the STAR Market Growth ETF is 0.50%, and the custody fee is 0.10%, making it one of the lowest in its category [3] - The STAR Market Growth Index consists of 50 high-growth companies selected based on revenue and net profit growth rates, reflecting the overall performance of high-growth stocks on the STAR Market [3] - The top ten weighted stocks in the STAR Market Growth Index account for 53.67% of the index, including companies like Haiguang Information (688041) and Hengen Technology (688608) [3] Group 4 - The introduction of new indices in the STAR Market is positively impacting domestic index investment development by enriching the investment target pool and providing more diverse underlying assets for ETFs [4] - The emergence of thematic and industry indices is guiding investors to accurately allocate resources in emerging industries, enhancing the capital market's effectiveness in serving new productive forces [4]