Core Viewpoint - The company plans to raise up to 1.778 billion yuan through a private placement to fund the development and industrialization of Wi-Fi 7 router chips, smart terminal chips, AI edge chips based on RISC-V architecture, and the construction of a research and development center in Shanghai [2][3]. Group 1: Funding Allocation - The raised funds will be allocated to Wi-Fi 7 router chip and smart terminal chip development projects, focusing on enhancing product performance and expanding product synergy to improve competitive strength [2]. - The company aims to leverage the growing market for Wi-Fi 7 technology, with commercial deployment expected between 2026 and 2027, driven by demands for 8K/VR transmission and low-latency industrial IoT [3]. Group 2: R&D Focus - The RISC-V self-developed IP AI edge chip project is another key focus, aiming to enhance algorithm processing capabilities and energy efficiency in AI chip products [3]. - The company plans to use 598 million yuan for the construction of a new R&D center in Shanghai, with a significant portion allocated for purchasing a new R&D building to expand its research and office space [4]. Group 3: Competitive Positioning - The strategic investment in Wi-Fi 7 and AI chips reflects the company's intent to capture future technological leadership amid global upgrades in communication and smart hardware industries [4]. - By increasing R&D space and personnel, the company aims to align its R&D capacity with industry standards, enhancing its competitiveness in the global IoT chip market [4].

Core Insights - The company, 乐鑫信息科技, has announced that its ESP32-C61 has entered full-scale production to meet the dual demands of high-speed connectivity and low power consumption for the next generation of smart devices [1] Group 1 - The ESP32-C61 is specifically designed to cater to the needs of new smart devices [1]

Investment Rating - The report maintains a "Recommended" rating for key companies in the smart glasses industry, including GoerTek, Lante Optics, Sunny Optical Technology, Espressif Technology, and others [5][6]. Core Insights - Smart glasses are identified as one of the most promising carriers for AI large models, with the potential for significant transformation in human-computer interaction due to advancements in AI capabilities [1][11]. - The market consensus on AI glasses has evolved, particularly with the launch of RayBan Meta, which combines hardware, AI functionality, and user-friendly features, achieving sales of over 1.4 million units in 2024 [2][20]. - The integration of optical display modules is crucial for the evolution of smart glasses towards augmented reality (AR) applications, with a focus on lightweight and high-performance optical components [3][23]. Summary by Sections Smart Glasses: AI First, Exploring AR - The report discusses the transition of AI from research to application, highlighting the increasing importance of multi-modal interactions, including text, images, and voice [11][13]. - Smart glasses are positioned as a suitable platform for AI applications due to their proximity to key sensory organs, enabling seamless interaction with AI [16][19]. Optical Waveguide and Micro LED as Core Bottlenecks - The report identifies the challenges in optical module manufacturing, emphasizing the need for lightweight and high-performance solutions to facilitate mass production of AR glasses [3][34]. - The combination of diffraction waveguides and Micro LED technology is seen as a potential solution for enhancing the display and user experience of AR glasses [3][39]. Investment Recommendations - The report suggests focusing on various segments within the smart glasses industry, including brands, solution providers, and optical component manufacturers, highlighting companies like Xiaomi, GoerTek, and Lante Optics as key players [4][5]. - The report emphasizes the importance of SoC processors for AI glasses and optical components for AR glasses, indicating a clear distinction in hardware requirements between the two types [26][28].

Core Viewpoint - Company is focusing on the development and industrialization of Wi-Fi 7 router chips, emphasizing the necessity of this investment despite the early stage of the Wi-Fi 7 market [1][2]. Group 1: Investment Projects - The fundraising project includes Wi-Fi 7 router chip R&D, Wi-Fi 7 smart terminal chip R&D, the construction of a Shanghai R&D center, and supplementary working capital [2]. - Wi-Fi 7 is expected to support throughput of up to 30 Gbps, approximately three times that of Wi-Fi 6, highlighting the performance improvements [2][3]. Group 2: Competitive Landscape - Competitors like MediaTek have already established a relatively mature layout in Wi-Fi 7 technology, prompting the company to accelerate its own development to close the gap [2][3]. Group 3: R&D Challenges - The company acknowledges potential R&D challenges, such as increased signal processing requirements and design complexity due to the upgrade of maximum channel width from 160 MHz to 320 MHz [3]. - The support for multi-link operation (MLO) necessitates stronger chip coordination capabilities, adding to the design complexity [3]. Group 4: Market Application - Currently, Wi-Fi 7 is primarily applied in high-end devices, but it is expected to become more widespread from 2026 to 2027, potentially becoming the main Wi-Fi application by 2030 [3]. Group 5: Real Estate Investment - The company plans to allocate 598 million yuan for real estate acquisition, specifically for a new R&D building in Shanghai, which will cover an area of 13,000 square meters [4]. - The current average R&D area per employee is 17.67 square meters, which is below the level of comparable companies, necessitating the new facility to support ongoing and future projects [5]. Group 6: Future Workforce and Space - After the completion of the new R&D center, the average R&D area per employee is projected to increase to 25.36 square meters, aligning with industry standards [5].

证券代码：688018 证券简称：乐鑫科技 关于 乐鑫信息科技（上海）股份有限公司 申请向特定对象发行股票的审核问询函 之 回复报告 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 二〇二五年六月 上海证券交易所： 贵所于 2025 年 5 月 9 日印发的《关于乐鑫信息科技（上海）股份有限公司 向特定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕49 号）（以下简称"审核问询函"）已收悉。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"）与中信证券股份有限公司（以 下简称"中信证券"、"保荐人"）、天职国际会计师事务所（特殊普通合伙） （以下简称"会计师"、"申报会计师"）等相关方对审核问询函所列示问题进 行了逐项落实、核查。现就本次审核问询函提出的问题书面回复如下，请予审核。 如无特别说明，本审核问询函回复所使用的简称与募集说明书中的释义相同； 以下回复中若出现各分项数值之和与总数尾数不符的情况，均为四舍五入原因造 成。 问题 1.关于本次募投项目 根据申报材料，（1）本次募投项目包括 Wi-Fi 7 路由器芯片研发及产业化 ...

7-2-1 关于乐鑫信息科技（上海）股份有限公司 申请向特定对象发行股票审核问询函的回复报告 天职业字[2025]29618 号 上海证券交易所： 根据贵所出具的《关于乐鑫信息科技（上海）股份有限公司向特定对象发行股票申请 文件的审核问询函》（上证科审（再融资）〔2025〕49 号）（以下简称"审核问询函"） 的要求，天职国际会计师事务所（特殊普通合伙）（以下简称"我们"或"申报会计师"） 作为乐鑫信息科技（上海）股份有限公司（以下简称"乐鑫科技"、"发行人"或"公 司"）的申报会计师，对审核问询函中涉及申报会计师的相关问题进行了逐项核实，现回 复如下，请予审核。 如无特别说明，本问询函回复中使用的简称与《关于乐鑫信息科技（上海）股份有限 公司向特定对象发行股票申请文件的审核问询函》中释义一致。 本回复所引用的财务数据和财务指标，如无特殊说明，均为合并报表口径的财务数据 和根据该类财务数据计算的财务指标。 在本问询函回复中，若合计数与各分项数值相加之和在尾数上存在差异，均为四舍五 入原因所致。 7-2-2 问题 2.关于融资规模与效益测算 根据申报材料，（1）公司本次拟募集资金不超过 177,787.67 万 ...

证券代码：688018 证券简称：乐鑫科技 关于 乐鑫信息科技（上海）股份有限公司 申请向特定对象发行股票的审核问询函 之 回复报告 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 二〇二五年六月 上海证券交易所： 贵所于 2025 年 5 月 9 日印发的《关于乐鑫信息科技（上海）股份有限公司 向特定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕49 号）（以下简称"审核问询函"）已收悉。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"）与中信证券股份有限公司（以 下简称"中信证券"、"保荐人"）、天职国际会计师事务所（特殊普通合伙） （以下简称"会计师"、"申报会计师"）等相关方对审核问询函所列示问题进 行了逐项落实、核查。现就本次审核问询函提出的问题书面回复如下，请予审核。 如无特别说明，本审核问询函回复所使用的简称与募集说明书中的释义相同； 以下回复中若出现各分项数值之和与总数尾数不符的情况，均为四舍五入原因造 成。 7-1-1 | | | 问题 1.关于本次募投项目 根据申报材料，（1）本次募投项目包括 Wi-Fi 7 ...

Industry Rating - The industry rating is maintained at "Outperform" [1] Core Insights - The report suggests that the years 2025-2026 are expected to mark the commercialization of AI Agents, driven by advancements in large model capabilities and the introduction of key players like OpenAI, Anthropic, Microsoft, and Google [2][3] - The total addressable market (TAM) for AI Agents is estimated at approximately 3.61 trillion yuan, with significant opportunities in vertical industries such as IT and finance [2][3] - AI Agents are projected to replace specific standardized roles in various sectors, with a focus on enhancing productivity and ROI for businesses [3][48] Summary by Sections Investment Rating - The report maintains a rating of "Outperform" for the industry [1] Market Potential - The total addressable market (TAM) for AI Agents is estimated at 3.61 trillion yuan, calculated based on total salary levels, replacement rates, and efficiency optimization [50][54] - The report highlights six core scenarios where AI Agents are expected to penetrate first, including coding, banking, human resources, legal, cybersecurity, and customer service [61][62] Key Industry Insights - AI Agents are anticipated to significantly impact the banking sector, with 54% of jobs having a high potential for automation, leading to an estimated TAM of 1774.32 billion yuan in this field [71][77] - In the coding sector, AI is expected to automate up to 99% of coding tasks by the end of 2025, with a TAM of approximately 4357.84 billion yuan [63][68] - The report emphasizes that AI Agents will first replace roles in high-salary, white-collar industries such as finance, IT, and law, where the ROI for AI implementation is more favorable [55][57] Company Recommendations - The report suggests monitoring companies involved in general office applications and enterprise SaaS, as well as those in vertical markets like banking, human resources, and cybersecurity [3][4]

Core Viewpoint - Lexin Technology (688018) has shown significant growth in revenue and net profit, indicating strong financial performance and investor interest [1][3]. Financial Performance - As of the first quarter of 2025, Lexin Technology reported total revenue of 558 million yuan, a year-on-year increase of 44.08% [1]. - The net profit attributable to shareholders reached 93.70 million yuan, reflecting a year-on-year growth of 73.80% [1]. - The company's non-recurring net profit was 89.07 million yuan, marking an 85.91% increase compared to the previous year [1]. - Key financial ratios include a current ratio of 3.71, a quick ratio of 2.87, and a debt-to-asset ratio of 23.09% [1]. Market Activity - On June 9, 2025, Lexin Technology's stock closed at 151.08 yuan, up 5.23%, with a turnover rate of 5.01% and a trading volume of 78,500 lots, amounting to 1.176 billion yuan [1]. - The net inflow of main funds was 124 million yuan, accounting for 10.53% of the total transaction amount [1]. - Large orders contributed to the net inflow of 81.77 million yuan, representing 6.95% of the transaction amount [1]. Company Background - Lexin Technology (Shanghai) Co., Ltd. was established in 2008 and is primarily engaged in software and information technology services [2]. - The company has a registered capital of 1.122 billion yuan and has made investments in 8 enterprises, participated in 6 bidding projects, and holds 204 patents and 130 trademarks [2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is experiencing continuous improvement in profitability, with Q1 2025 revenue reaching 558 million yuan, a year-on-year increase of 44.08%, and net profit attributable to shareholders of 94 million yuan, up 73.80% year-on-year [4] - The gross margin stands at 43.37%, supported by low-cost inputs and sales growth in non-smart home sectors [4] - The company is expanding its product matrix and customer base, driven by increasing digital penetration and a robust developer ecosystem [5] - The company is also enhancing its software application solutions, including an AIoT cloud platform and Matter solutions, to support new customer development [5] Financial Summary - The latest closing price is 141.18 yuan, with a total market capitalization of 22.1 billion yuan [3] - The company is projected to achieve revenues of 2.61 billion, 3.50 billion, and 4.60 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 450 million, 630 million, and 841 million yuan for the same years [6][8] - The company’s earnings per share (EPS) are expected to grow from 2.17 yuan in 2024 to 5.37 yuan in 2027 [8] - The projected net profit growth rates are 149.13%, 32.77%, and 40.46% for 2025, 2026, and 2027 respectively [8]