Group 1 - The core point of the article is that Longxin Zhongke plans to release its 3C6000 series server chips in the second quarter of this year [1] - The productization cycle for server chips is significantly longer than that for PC products, indicating a more complex development process [1]

Core Viewpoint - The financial data and capital market trends are revealing the vulnerabilities of Longxin Zhongke, despite its narrative of "self-controllable" domestic chips, leading to a collective retreat of institutional investors [1][9]. Shareholder Reduction - Longxin Zhongke announced a shareholder reduction plan on May 9, with the third, fourth, fifth, and tenth largest shareholders planning to reduce their stakes, totaling approximately 3% of the company's total share capital [1][2]. - Seven out of the top ten shareholders have reduced their holdings, with specific plans to sell up to 3.88 million shares (0.97%), 3.58 million shares (0.89%), and 2.50 million shares (0.62%) among others [2]. Stock Performance - Following the reduction announcement, Longxin Zhongke's stock price dropped significantly, with the five-day average falling to 122.14 yuan [5]. - In the five trading days after the announcement, there was a substantial outflow of main funds totaling 98.17 million yuan [5]. Financial Performance - Longxin Zhongke reported a net loss of 625 million yuan for the full year of 2024, a year-on-year increase of 89.8%, and a first-quarter loss of 151 million yuan in 2025, worsening by 102.2% [9][12]. - The company has experienced negative operating cash flow for three consecutive years, with a net outflow of 335 million yuan in 2024 and further deterioration to -144 million yuan in the first quarter of 2025 [13][17]. Research and Development - The R&D expense ratio for Longxin Zhongke reached 105.3% in 2024, but the capitalization rate was only 19%, indicating ineffective output from the 980 million yuan R&D investment [12][13]. - The company faces significant inventory depreciation, with an inventory turnover period of 974 days, far exceeding the industry average of 300 days, leading to asset impairment losses of 249 million yuan [12]. Market Position and Challenges - Longxin Zhongke's revenue heavily relies on government procurement, which accounted for 53% of its income in 2024, but the collection period exceeds 270 days, resulting in a low accounts receivable turnover rate of 0.25 times [20]. - The company struggles with commercializing its technology, as its self-developed instruction set remains isolated, and the software ecosystem is underdeveloped, with only a few thousand compatible applications [19][20]. Future Outlook - Analysts suggest that the current market valuation of 492 billion yuan is inflated by 88% due to the "self-controllable" theme, with the actual hardware business valued at only 5.62 billion yuan [9]. - If the expected government procurement does not materialize in 2025, the price-to-sales ratio may need to be halved to below 50 times to align with the fundamentals, indicating a potential valuation bubble [9][20].

中信证券股份有限公司 关于龙芯中科技术股份有限公司 2024 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为龙芯中 科技术股份有限公司（以下简称"龙芯中科"或"公司"或"上市公司"）首次 公开发行股票并在科创板上市的保荐人。根据《证券发行上市保荐业务管理办 法》、《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续 督导职责，并出具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 5 月 12 日对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度，查阅公司 2024 年度内部控制自我评价报告、2 ...

中信证券股份有限公司 关于龙芯中科技术股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对龙芯中科技术股份有限公司（以下简称"龙芯中科"、"公司"、 "上市公司"）进行持续督导工作的保荐人，对 2024 年度（以下简称"本持续督 导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 陈熙颖、何洋 （三）现场检查人员 陈熙颖、刘昊 （六）现场检查手段 1 本次现场检查的手段主要包括资料查阅、访谈、现场查看等，具体检查手段 详见"二、本次现场检查主要事项及意见"。 （四）现场检查时间 二、本次现场检查主要事项及意见 2025 年 5 月 12 日 （一）公司治理和内部控制情况 （五）现场检查内容 现场检查人员对本持续督导期内公司治理和内部控制情况、信息披露情况、 公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、募集资 金使用情况、关联交易 ...

Group 1 - The core viewpoint of the articles indicates that Longxin Zhongke is entering a new growth cycle from 2025 to 2027, driven by increased competitiveness and market demand for its products [2] - Longxin Zhongke announced that several shareholders plan to reduce their holdings by up to 3% of the company's shares, with specific plans from individual shareholders detailed [1] - The company expects a revenue increase in the second half of 2024, projecting 2.85 billion yuan, which represents a 44% year-on-year growth and a 30% quarter-on-quarter growth [2] Group 2 - The company reported a significant growth in its information technology sector, with a year-on-year increase of 193.7% expected in 2024 [2] - Longxin Zhongke's CPU products are becoming competitive in the open market, with successful development of key chips enhancing their market position [2] - The company is gradually reducing its reliance on policy-driven markets as its product cost-performance ratio improves and software ecosystem develops [2]

Summary of Key Points Core Viewpoint The announcement details the share reduction plans of major shareholders of Longxin Zhongke Technology Co., Ltd., indicating a strategic move to liquidate portions of their holdings for personal financial needs while adhering to regulatory requirements. Shareholder Holdings - Zhongke Baifu holds 28,005,100 shares, representing 6.98% of the total share capital [1] - Hengqin Lihebo holds 18,044,900 shares, representing 4.50% of the total share capital [1] - Dinghui Qixian and Dinghui Huayun, as acting in concert, hold a combined total of 14,816,749 shares, representing 3.69% of the total share capital [1] Reduction Plans - Zhongke Baifu plans to reduce up to 3,886,160 shares, not exceeding 0.97% of the total share capital, with the reduction period starting 15 trading days after the announcement [2] - Hengqin Lihebo plans to reduce up to 2,504,022 shares, not exceeding 0.62% of the total share capital, during the same reduction period [8] - Dinghui Qixian plans to reduce up to 1,183,022 shares, not exceeding 0.30% of the total share capital, also within the same timeframe [8] - Dinghui Huayun plans to reduce up to 873,042 shares, not exceeding 0.22% of the total share capital, within the same reduction period [8] Compliance and Regulations - All shareholders have obtained necessary approvals from the China Securities Investment Fund Industry Association and comply with relevant regulations regarding share reductions [2][5] - The reduction methods include centralized bidding and block trading, with no restrictions on the total number of shares to be reduced for Zhongke Baifu and Hengqin Lihebo due to their investment duration exceeding 60 months [2][5] Historical Context - The shares being reduced were acquired prior to the company's IPO, indicating a long-term investment strategy prior to the current liquidity needs [2][8] - Previous reductions by these shareholders have been documented, with specific quantities and price ranges noted [7][8]

证券代码：688047 证券简称：龙芯中科 公告编号：2025-014 龙芯中科技术股份有限公司 股东减持股份计划公告 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： 股东持股的基本情况 截至本公告披露日，本次拟减持龙芯中科技术股份有限公司（以下简称"公 司"）股份的股东及其一致行动人的持股情况如下： 1、林芝鼎孚创业投资管理有限公司－宁波中科百孚创业投资基金合伙企业 （有限合伙）（以下简称"中科百孚"）持有公司股份 28,005,100 股，占公司总 股本比例为 6.98%。 2、北京工业发展投资管理有限公司（以下简称"北工投资"）持有公司股份 25,825,846 股，占上市公司总股本比例为 6.44%。 3、利河伯资本管理（横琴）有限公司－横琴利禾博股权投资基金（有限合 伙）（以下简称"横琴利禾博"）持有公司股份 18,044,900 股，占公司总股本比 例为 4.50%。 4、上海鼎晖百孚投资管理有限公司－宁波鼎晖祁贤股权投资合伙企业（有 限合伙）（以下简称"鼎晖祁贤"）和上海鼎晖百孚投 ...

Core Viewpoint - Longxin Zhongke announced plans for significant share reductions by several stakeholders due to funding needs or operational requirements [1] Group 1: Shareholder Reductions - Zhongke Baifu plans to reduce holdings by up to 3.8862 million shares, representing 0.97% of the total share capital [1] - Beigong Investment intends to reduce holdings by up to 3.5838 million shares, accounting for 0.89% of the total share capital [1] - Hengqin Lihebo plans to reduce holdings by up to 2.504 million shares, which is 0.62% of the total share capital [1] - Dinghui Qixian and Dinghui Huayun combined plan to reduce holdings by up to 2.0561 million shares, making up 0.51% of the total share capital [1] Group 2: Reduction Methods and Timeline - The reduction methods include centralized bidding and/or block trading [1] - The reduction period is set for three months from the date of the announcement [1]

龙芯中科技术股份有限公司 2024 年度独立董事述职报告 本人马贵翔作为龙芯中科技术股份有限公司（以下简称"公司"）的独立董 事，在 2024 年度，严格按照《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》）《上市公司治理准则》《上市公 司独立董事管理办法》《上海证券交易所科创板股票上市规则》（以下简称《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指引第 1 号——规 范运作》（以下简称《规范运作》）等相关法律法规、规范性文件的规定及《公司 章程》和公司《独立董事工作规则》的要求，在董事会日常工作及重要决策中忠 实、勤勉地履行职责，并对公司重要事项发表了独立意见，促进了董事会规范运 作和公司治理水平提升，切实维护了公司和全体股东特别是中小股东的合法权益。 现将 2024 年度工作情况汇报如下： 一、 基本情况 （一）个人情况 本人马贵翔，男，1964 年 11 月出生，中国国籍，无永久境外居留权。1986 年获山西大学学士学位；1989 年获西南政法学院硕士学位；2005 年获中国政法 大学博士学位。1989 年 7 月至 1996 年 9 月，历 ...

龙芯中科技术股份有限公司 2024 年度独立董事述职报告 本人吴晖作为龙芯中科技术股份有限公司（以下简称"公司"）的独立董事， 在 2024 年度，严格按照《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》）《上市公司治理准则》《上市公司独立 董事管理办法》《上海证券交易所科创板股票上市规则》（以下简称《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指引第 1 号——规范运作》 （以下简称《规范运作》）等相关法律法规、规范性文件的规定及《公司章程》 和公司《独立董事工作规则》的要求，在董事会日常工作及重要决策中忠实、勤 勉地履行职责，并对公司重要事项发表了独立意见，促进了董事会规范运作和公 司治理水平提升，切实维护了公司和全体股东特别是中小股东的合法权益。现将 2024 年度工作情况汇报如下： 一、 基本情况 （一）个人情况 本人吴晖，男，1960 年 4 月出生，中国国籍，无永久境外居留权。1986 年 获安徽财贸大学学士学位；2007 年获加拿大魁北克大学项目管理专业毕业硕士 学位。1986 年 7 月至今，历任杭州商学院会计系(现浙江工商大学会计 ...