Group 1 - The establishment of Jiaxing Juyuan Kaixin Equity Investment Partnership (Limited Partnership) has been recently reported, with a capital contribution of approximately 1 billion yuan [1] - The business scope of the newly established enterprise includes equity investment [1] - The enterprise is co-funded by Zhongke Lanyun and others [1]

中国国际金融股份有限公司关于 深圳市中科蓝讯科技股份有限公司 2025 年半年度持续督导跟踪报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《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（2025 年 4 月修订）》《上市公 司募集资金监管规则》《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（2025 年 5 月修订）》等有关法律、法规的规定，中国国际金融股份有限公司（以 下简称"中金公司"或"保荐机构"）作为深圳市中科蓝讯科技股份有限公司（以下简 称"中科蓝讯"或"公司"）持续督导工作的保荐机构，负责中科蓝讯上市后的持续督 导工作，并出具本持续督导跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具 体的持续督导工作制定相应的工作计划 | 保荐机构已建立并有效执行了持续督导 工作制度，并针对具体的持续督导工作制 | | | 根据中国证监会相关规定，在持续督导工作开始前， | 定相应的工作计划 | | 2 | 与上市公司或相关当事人签署持续督导协议，明确 双 ...

Group 1 - Guorong Fund recently conducted research on two listed companies: Lanke Technology and Zhongke Lanyun [1] - Lanke Technology's main products include memory interface chips, server platforms, and consumer electronics chips, primarily used in data centers and servers [1] - Zhongke Lanyun achieved a sales revenue of 444.45 million yuan in Q2, a 21% quarter-on-quarter increase, and a net profit of 86.23 million yuan, a 92.10% quarter-on-quarter increase [1] - Zhongke Lanyun launched new products such as BT897X and BT891X, which have been adopted by brands like OnePlus, realme, and Honor [1] - Zhongke Lanyun's B6003G chip, which integrates Wi-Fi, Bluetooth, and audio, is showcased for applications in smart speakers and toys [1] - Zhongke Lanyun holds 0.50% of Moer Technology and 0.24% of Muxi, with plans to expand to ten product lines focusing on AI empowerment and global layout [1] Group 2 - Guorong Fund was established in 2017, with a total asset management scale of 2.798 billion yuan, ranking 165 out of 210 [2] - The fund's non-monetary public fund asset management scale is also 2.798 billion yuan, ranking 143 out of 210 [2] - Guorong Fund manages 19 public funds, ranking 138 out of 210, with 5 fund managers, ranking 142 out of 210 [2] - The best-performing public fund product in the past year is Guorong Rongsheng Longtou Selected Mixed A, with a latest net value of 1.87 and a growth of 49.28% in the past year [2]

Core Insights - Tongyuan Investment, a well-known private equity firm, recently conducted research on a listed company, Zhongke Lanyun, revealing significant financial growth in Q2 [1] Group 1: Financial Performance - In Q2, Zhongke Lanyun achieved a sales revenue of 444.45 million yuan, representing a quarter-on-quarter increase of 21% [1] - The net profit for the same period was 86.23 million yuan, showing a remarkable quarter-on-quarter growth of 92.10% [1] Group 2: Product Development - The company launched new products such as BT897X and BT891X, which have been adopted by brands like OnePlus, realme, and Honor [1] - The Wi-Fi + Bluetooth + audio tri-mode chip B6003G has been showcased, targeting applications in smart speakers and toys [1] Group 3: Strategic Holdings and Future Plans - Zhongke Lanyun holds a 0.50% stake in Moer Thread and a 0.24% stake in Muxi [1] - The company plans to expand to ten product lines, focusing on AI empowerment and global layout, while maintaining a reasonable gross margin through high-margin products and a stable supply chain [1]

Group 1 - The core viewpoint of the news is that YuDe Investment has conducted research on a listed company, Zhongke Lanyun, which has shown significant growth in sales and net profit in the second quarter [1] - Zhongke Lanyun achieved a sales revenue of 444.45 million yuan in Q2, representing a quarter-on-quarter increase of 21% [1] - The company's net profit reached 86.23 million yuan, with a remarkable quarter-on-quarter growth of 92.10% [1] Group 2 - Zhongke Lanyun has launched new products such as BT897X and BT891X, which have been adopted by brands like OnePlus, realme, and Honor [1] - The company showcased its Wi-Fi + Bluetooth + audio integrated chip B6003G, which is applicable in smart speakers and toys [1] - Zhongke Lanyun holds a 0.50% stake in Moer Thread and a 0.24% stake in Muxi, indicating its investment diversification [1] Group 3 - The company plans to expand into ten product lines, focusing on AI empowerment and global layout [1] - Zhongke Lanyun aims to maintain a reasonable gross margin through high-margin products and a stable supply chain [1]

Group 1: Company Insights - Panjing Investment recently conducted research on two listed companies: Lanke Technology and Zhongke Lanyun [1] - Lanke Technology's main products include memory interface chips, server platforms, and consumer electronics chips, primarily used in data centers and servers [1] - Zhongke Lanyun achieved a sales revenue of 444.45 million yuan in Q2, a quarter-on-quarter increase of 21%, and a net profit of 86.23 million yuan, a quarter-on-quarter increase of 92.10% [1] - Zhongke Lanyun has launched new products such as BT897X and BT891X, which have been adopted by brands like OnePlus, realme, and Honor [1] - The company is expanding its product lines to ten and focusing on AI empowerment and global layout while maintaining a reasonable gross margin through high-margin products and a stable supply chain [1] Group 2: Institutional Overview - Panjing Investment, established in 2016, is recognized as one of China's leading private equity investment fund managers [2] - The company operates on a partnership system and focuses on investment opportunities in Chinese listed companies while also having a broad layout in overseas markets, especially in Chinese concept stocks [2] - The firm emphasizes deep industry and company research as the sole basis for investment decisions and has built a leading internal research team [2]

Group 1 - Zhongke Lanyun experienced a 5% decline on September 2, with a stock price of 117.51 yuan per share, a trading volume of 141 million yuan, a turnover rate of 2.66%, and a total market capitalization of 14.171 billion yuan [1] - The company, Shenzhen Zhongke Lanyun Technology Co., Ltd., was established on December 19, 2016, and went public on July 15, 2022. Its main business involves the research, design, and sales of wireless audio chips, with chip sales accounting for 99.83% of its revenue [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Southern Fund holds Zhongke Lanyun as its largest position. The Southern SSE STAR Market Chip ETF (021607) held 26 shares in the second quarter, resulting in an estimated floating loss of approximately 160.94 yuan today [2] - The Southern SSE STAR Market Chip ETF (021607) was established on July 8, 2024, with a latest scale of 639.105 million yuan. Year-to-date returns are 48.72%, ranking 375 out of 4222 in its category; one-year returns are 124.89%, ranking 82 out of 3781; and since inception returns are 127.54% [2] Group 3 - The fund manager of the Southern SSE STAR Market Chip ETF (021607) is Li Jialiang, who has a cumulative tenure of 9 years and 31 days. The total asset scale of the fund is 5.328 billion yuan, with the best fund return during his tenure being 148.64% and the worst being -29.58% [3]

Summary of Zhongke Lanyun's Conference Call Company Overview - **Company**: Zhongke Lanyun - **Industry**: Consumer Electronics, specifically focusing on Bluetooth audio products, smart wearables, and AI technology Key Financial Performance - **Q2 2025 Revenue**: 440 million CNY, up 3.83% YoY and 21% QoQ [1] - **Net Profit**: 86 million CNY, up 8.13% YoY and 92.10% QoQ [1] - **Net Profit Margin**: Close to 20%, up 7.18 percentage points QoQ [1][4] - **Non-GAAP Net Profit**: 74 million CNY, up 16.31% YoY and 101% QoQ [1][4] - **H1 2025 Revenue**: 810 million CNY, up 2.63% YoY [2] - **H1 2025 Net Profit**: 130 million CNY, down 2.61% YoY [2] - **R&D Expenses**: 75 million CNY, up 17.49% YoY [2] Product Performance - **Product Revenue Breakdown**: - Bluetooth Headphones: 60% of total revenue - Bluetooth Speakers: 18% - Smart Wearables: ~8%, up 40% YoY [1][5] - **High-End Products**: New BT897X and BT891X chips launched in June, contributing 14% to total revenue with a gross margin of 30-40% [1][6] - **Overall Gross Margin**: Improved across all product lines, with Bluetooth headphones at ~20%, speakers at 30%, and smart wearables also at 30% [7] Market Dynamics - **Market Challenges**: Slower growth in H1 2025 attributed to global consumer electronics market downturn and unfavorable consumption environment [1][8] - **Future Outlook**: Anticipation of a global consumption peak in H2 2025, with plans to launch new products and expand distribution channels [1][8] New Product Launches - **Upcoming Products**: AI glasses using the latest 896 chip, supporting real-time dialogue, translation, and voice recognition, expected to launch in September 2025 [10][17] - **Smart Toy Market**: Introduction of AI chips for smart toys, with expected launches in September 2025 [9] Strategic Investments - **Investments in GPU Companies**: Stake in domestic GPU firms, aiming for collaboration and potential investment returns from their IPOs [3][25] Technology and R&D - **RISC-V Architecture**: Full adoption of RISC-V architecture, offering advantages over ARM in terms of cost and optimization for IoT applications [3][22] - **Future R&D Plans**: Continuous product iteration and development across ten product lines, targeting high, mid, and low-end markets [26] M&A Strategy - **Acquisition Plans**: Focus on acquiring quality teams in the industry to enhance technological capabilities and performance growth [27] Conclusion - **Growth Expectations**: Zhongke Lanyun expects to maintain a growth trend into Q3 2025, driven by high-margin product launches and strategic market positioning [24]

Core Points - The STAR 50 Index will undergo sample adjustments effective after the market closes on September 12, 2025, as announced by the Shanghai Stock Exchange and China Securities Index Company [1] - Benefiting from the adjustments, the STAR 50 Index's total market capitalization will reach 3.1 trillion yuan, with a coverage ratio of 38.9%, while the STAR 100 Index will have a total market capitalization of 1.9 trillion yuan and a coverage ratio of 24.4% [3] - The combined market capitalization coverage ratio of the STAR 50, STAR 100, and STAR 200 indices will increase to 84.6%, reflecting a 0.5% improvement from before the adjustments [3] - The top five constituent stocks of the STAR 50 and STAR 100 indices remain largely unchanged, indicating a stable market capitalization structure within the STAR market [3] - The STAR 50 Index has seen a remarkable increase of 27.78% over just 14 trading days since August 12 [4] - The total scale of STAR index products has surpassed 320 billion yuan, with the flagship STAR 50 product exceeding 190 billion yuan, making it the fifth largest broad-based index product in the domestic market [4]

Group 1 - The board of directors of Shenzhen Zhongke Lanyun Technology Co., Ltd. held its 20th meeting on August 27, 2025, to discuss various agenda items, ensuring compliance with relevant laws and regulations [1][2][3] - The board approved the 2025 semi-annual report, which accurately reflects the company's financial status and operational results for the first half of 2025, confirming the report's authenticity and completeness [2][3] - The board also approved the special report on the use of raised funds, adhering to regulatory guidelines and internal management rules [3][4] Group 2 - The board agreed to conclude the IoT chip product R&D project and permanently supplement the remaining raised funds and interest income into working capital to improve fund utilization efficiency [4][5] - The timeline for the Wi-Fi and Bluetooth integrated chip R&D project and the Zhongke Lanyun R&D center construction project has been extended from August 2025 to August 2026 [5] - The board approved the temporary use of up to RMB 600 million of idle raised funds for working capital, with a validity period of 12 months, ensuring that these funds will not be used for stock trading or other non-compliant activities [6][7] Group 3 - The company is committed to enhancing quality and efficiency while providing returns to investors, as reflected in the semi-annual evaluation report of the "Quality Improvement and Efficiency Enhancement Return" action plan [7][8] - The board approved the reappointment of Tianjian Accounting Firm as the company's auditor for 2025, with the management authorized to negotiate audit fees based on actual business conditions [7][8]