中信证券股份有限公司 关于 乐鑫信息科技（上海）股份有限公司 向特定对象发行 A 股股票 发行过程和认购对象合规性的报告 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 二〇二五年九月 上海证券交易所： 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"）向特定对象发行 A 股股票（以下简称"本次发行"）已获得中国证 券监督管理委员会（以下简称"中国证监会"）《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） 同意注册批复。 中信证券股份有限公司（以下简称"中信证券""保荐人（主承销商）"或 "主承销商"）作为乐鑫科技本次发行的保荐人（主承销商），根据《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》"）《证券发行与承销管理办法》（以下简称"《发行与承销 管理办法》"）《上市公司证券发行注册管理办法》（以下简称"《注册管理办 法》"）《上海证券交易所上市公司证券发行与承销业务实施细则》（以下简称 "《实施细则》"）等相关法律、法规和规范性文件的规定、发行人董事会、 ...

乐鑫信息科技（上海）股份有限公司发布公告，其2025年度向特定对象发行A股股票发行承销总结相关 文件已获上海证券交易所备案通过。公司董事会及全体董事保证公告内容无虚假记载等，并对内容真实 性等承担法律责任。公司将尽快办理本次发行新增股份的登记托管手续。本次发行具体情况可详见同日 在上海证券交易所网站披露的《乐鑫信息科技（上海）股份有限公司2025年度向特定对象发行A股股票 发行情况报告书》等相关文件。 ...

科创板人工智能ETF（588930）紧密跟踪上证科创板人工智能指数（950180.CSI）。该指数从科创板市 场中选取30只市值较大且业务涉及为人工智能提供基础资源、技术以及应用支持的上市公司证券作为指 数样本，以反映科创板市场代表性人工智能产业上市公司证券的整体表现。 消息面上，据央视新闻，记者从国家发展改革委举行的新闻发布会上了解到，我国将加大力度，支持各 类企业深度参与"人工智能+"行动。国家发展改革委新闻发言人李超介绍，为深入实施"人工智能+"行 动，我国将采取多个举措，支持包括民营企业在内的各类企业深度参与"人工智能+"行动。 9月30日，A 股三大指数集体高开，上证科创板人工智能指数截至发稿涨3.09%，成分股中，乐鑫科技 涨超7%，云天励飞-U、海天瑞声、寒武纪-U、福昕软件、复旦微电等跟涨。 相关ETF中，创板人工智能ETF（588930）高开，截至发稿涨3.12%，成交额超2900万元。 资金流向上，Wind金融终端数据显示，科创板人工智能ETF（588930）昨日获超2900万元资金净流 入，拉长时间线看，该ETF近5日持续获资金净流入，累计"吸金"超1.7亿元。 中银国际表示，AI应用商 ...

Summary of AIoT Industry Conference Call Industry Overview - The AIoT industry is experiencing significant advancements in edge AI, driven by reduced inference costs, improved model performance, and increased competition among models [2][4][5] - The IoT industry is on an upward trend, with companies like Tuya Smart and Xiaomi reporting substantial growth [8][9] Key Companies and Developments - **NVIDIA**: - Reduced AI inference costs and power consumption through hardware upgrades and architectural optimizations [2][4] - Launched the Robin CPX GPU to enhance efficiency for specific workloads [2][5] - **Deepseek**: - Innovated with sparse MOE architecture and attention mechanism MLA to lower model training and inference costs [2][5] - Released Deepseek R1, which uses distillation technology to reduce computational complexity while maintaining performance [2][5] - **Yuran**: - Launched AR toys like Bubble Popper and Coco Mate, achieving significant market response and sales [2][6] - **Espressif Systems (乐鑫科技)**: - A leading WiFi MCU supplier, with revenue growth exceeding expectations, projecting a 30% increase for the year [2][9] - Maintains a gross margin of approximately 40% and has a robust product matrix including core products like S3 [4][10][11] Market Trends and Insights - Edge AI is primarily being adopted in the AR toy sector due to lower hardware and model performance requirements [6] - The IoT connection landscape is dominated by short-range connections, with WiFi and Bluetooth accounting for over 70% of total connections [7] - The ALT industry, which is crucial for edge AI, shows promising growth potential [8] Financial Performance - Espressif Systems has consistently achieved revenue growth, with traditional smart home business growing at 10%-15% and new products contributing to overall revenue [9][10] - The company’s effective cost management has led to sustained profit margin improvements, with a projected 70% increase in net profit for 2025 [11] Developer Ecosystem - The company employs a to D to B business model, leveraging a developer ecosystem to expand its customer base [12] - Over 150,000 open-source projects have been developed, attracting partnerships with major firms like ByteDance and OpenAI [12][13] - The developer ecosystem is crucial for meeting the needs of emerging applications like AI toys, positioning the company as a key player in the edge AI market [14] Conclusion - The AIoT industry is poised for growth, with significant contributions from key players like NVIDIA, Deepseek, and Espressif Systems. The focus on edge AI applications, particularly in the AR toy market, alongside a strong developer ecosystem, positions these companies favorably for future opportunities.

Core Insights - The overall AI penetration rate in China remains relatively low, indicating significant growth potential for the industry as policies are implemented and model capabilities continue to evolve [5] - The current market focus is on AI-related hardware, with a lack of explosive products and clear business models in the downstream applications, leading to insufficient visibility in company performance [5] - The Sci-Tech Innovation AI ETF (588790) has shown significant growth in both scale and shares, reflecting strong investor interest in the AI sector [6][6] Event Updates - JD.com has entered the "mass production phase" of AI applications, launching three major AI products and showcasing four application scenarios at its global technology conference [4] - China has added three U.S. companies to its export control list and another three to its unreliable entity list, indicating ongoing regulatory tensions [4] ETF Performance - The Sci-Tech Innovation AI ETF has seen a recent decline of 1.72%, with a weekly increase of 4.19% as of September 25, 2025 [3] - The ETF has a turnover rate of 2.43% and a transaction volume of 171 million yuan, ranking first among comparable funds in terms of average monthly trading volume [3] Industry Developments - Over 70% of China's energy state-owned enterprises have integrated Alibaba's AI technology, covering a wide range of sectors including electricity, oil, and coal [4] - Intel showcased its next-generation Xeon processors at the 2025 Cloud Summit, utilizing new manufacturing processes and advanced packaging technologies to enhance performance and efficiency [4] Market Composition - The top ten weighted stocks in the Sci-Tech Innovation AI Index account for 71.66% of the index, with companies like Cambricon and Lanke Technology leading the list [7] - The ETF closely tracks the Sci-Tech Innovation AI Index, which includes 30 large-cap companies providing essential resources and technology for the AI industry [6]

Core Viewpoint - Lexin Technology's stock has shown significant performance with a year-to-date increase of 35.45%, and a recent surge of 14.38% over the last five trading days, indicating strong market interest and potential growth in the semiconductor sector [1][2]. Company Performance - As of June 30, 2025, Lexin Technology reported a revenue of 1.246 billion yuan, representing a year-on-year growth of 35.35%, and a net profit attributable to shareholders of 261 million yuan, which is a 72.29% increase compared to the previous year [2]. - The company has distributed a total of 384 million yuan in dividends since its A-share listing, with 145 million yuan distributed over the last three years [3]. Stock Market Activity - On September 26, 2023, Lexin Technology's stock price reached 210.85 yuan per share, with a trading volume of 171 million yuan and a market capitalization of 33.041 billion yuan [1]. - The stock has experienced a net outflow of 5.7616 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Lexin Technology was 16,100, a decrease of 0.47% from the previous period, while the average number of tradable shares per shareholder increased by 40.32% to 9,733 shares [2][3]. - Major shareholders include Hong Kong Central Clearing Limited and various investment funds, indicating a diversified ownership structure [3].

Group 1 - The core viewpoint of the news is that Lexin Technology has seen a significant increase in its stock price, rising 1.26% to 206.80 CNY per share, with a total market capitalization of 32.406 billion CNY and a cumulative increase of 12.18% over three consecutive days [1] - Lexin Technology, established on April 29, 2008, and listed on July 22, 2019, specializes in the research, design, and sales of integrated circuit products, with its main revenue sources being modules and development kits (60.47%), chips (38.89%), and others (0.64%) [1] - The trading volume for Lexin Technology reached 1.507 billion CNY, with a turnover rate of 4.71% [1] Group 2 - The Oriental Alpha Fund's Advantage Industry Mixed A (009644) has increased its holdings in Lexin Technology by 428,200 shares in the second quarter, bringing its total to 1.2175 million shares, which accounts for 0.78% of the circulating shares [2] - The fund has achieved a year-to-date return of 79.5% and a one-year return of 119.16%, ranking 228 out of 8173 and 338 out of 7996 respectively in its category [2] - The fund manager, Tang Lei, has a tenure of 9 years and 88 days, with the fund's total asset size at 2.819 billion CNY and a best return of 113.23% during his tenure [2] Group 3 - Lexin Technology is the fifth largest holding in the Oriental Alpha Fund's Advantage Industry Mixed A (009644), representing 6.31% of the fund's net value [3] - The fund has realized a floating profit of approximately 3.129 million CNY today and a total floating profit of 27.3453 million CNY during the three-day stock price increase [3]

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of significant growth in stock performance relative to the benchmark index [4]. Core Insights - The company is leveraging its capital increase to enhance its capabilities in Wi-Fi 7 and AI edge chips, driven by the growing demand for connectivity in the Internet of Things (IoT) sector. The total amount raised through the stock issuance is expected to be up to RMB 1.778 billion, which will fund various projects including the development of Wi-Fi 7 router chips and AI edge chips [2][4]. - The company's revenue reached a record high in Q2, achieving RMB 688 million, a year-on-year increase of 29.02% and a quarter-on-quarter increase of 23.28%. The net profit attributable to shareholders was RMB 168 million, reflecting a year-on-year growth of 71.45% and a quarter-on-quarter growth of 78.82% [2]. - The acquisition of a majority stake in M5Stack is expected to strengthen the company's influence in the developer ecosystem and accelerate product design processes, creating more business opportunities in the B-end market [3]. Financial Projections - Revenue projections for the company are estimated at RMB 2.68 billion, RMB 3.46 billion, and RMB 4.42 billion for the years 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is projected to be RMB 522 million, RMB 698 million, and RMB 910 million for the same years [4][8]. - The company is expected to maintain a strong growth trajectory, with revenue growth rates of 40.04%, 33.51%, 29.27%, and 27.47% for the years 2024 to 2027 [8]. Company Overview - The latest closing price of the company's stock is RMB 199.41, with a total market capitalization of RMB 31.2 billion. The company has a debt-to-asset ratio of 17.7% and a price-to-earnings ratio of 64.56 [6].

Group 1 - The core viewpoint of the news highlights the active performance of the Huabao AI ETF (589520), which focuses on the domestic AI industry chain, showing a price increase of 2.4% and a transaction volume of 10.36 million yuan, with a total fund size of 557 million yuan [1] - The Huabao AI ETF passively tracks the Sci-Tech AI Index (950180), which has seen a growth of 2.26%. The top ten weighted stocks in the index include Cambricon, Lattice Semiconductor, Chipone, Kingsoft, Roborock, Amlogic, Hengxuan Technology, Yitu Technology, Fudan Microelectronics, and Lexin Technology [3] - The semiconductor industry is experiencing a recovery, with global semiconductor sales projected to reach $179.7 billion in Q2 2025, reflecting a year-on-year growth of nearly 20% and a quarter-on-quarter increase of 7.8% [3] Group 2 - The demand for AI-driven applications is significantly boosting the demand for ASICs, with Nvidia's technology upgrades leading to increased prices and volumes in PCBs. AI-PCB companies are seeing full orders and are actively expanding production, indicating a strong growth outlook for the second half of the year [3] - The semiconductor industry is benefiting from rising prices of memory chips, increased wafer fab utilization rates, and domestic substitution trends, leading to growth in demand for semiconductor materials and equipment [3] - Notable stock performances include Lexin Technology, which saw a strong increase of 8.12%, followed by Hengxuan Technology and Amlogic with increases of 6.87% and 5.96%, respectively [2]

9月22日，乐鑫科技涨7.41%，截至发稿，报198.00元/股，成交3.33亿元，换手率1.09%，总市值310.27 亿元。 资料显示，乐鑫信息科技(上海)股份有限公司位于上海市浦东新区御北路235弄3号楼1-7层，成立日期 2008年4月29日，上市日期2019年7月22日，公司主营业务涉及集成电路产品的研发设计和销售。主营业 务收入构成为：模组及开发套件60.47%，芯片38.89%，其他0.64%。 从基金十大重仓股角度 数据显示，前海开源基金旗下1只基金重仓乐鑫科技。前海开源人工智能主题混合A（001986）二季度 持有股数29.04万股，占基金净值比例为7.04%，位居第三大重仓股。根据测算，今日浮盈赚取约396.74 万元。 前海开源人工智能主题混合A（001986）成立日期2016年5月4日，最新规模5.82亿。今年以来收益 0.56%，同类排名7997/8244；近一年收益33.24%，同类排名4797/8066；成立以来收益50.03%。 前海开源人工智能主题混合A（001986）基金经理为魏淳。 截至发稿，魏淳累计任职时间6年259天，现任基金资产总规模11.97亿元，任职期间最佳基金 ...