Core Insights - The semiconductor sector experienced a rise of 1.15% on November 24, with notable gains from companies like 电科芯片, which surged by 8.08% [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Semiconductor Sector Performance - The top performers in the semiconductor sector included: - 电科芯片: Closed at 15.51, up 8.08%, with a trading volume of 781,900 shares and a transaction value of 1.195 billion [1] - 锯墙科技: Closed at 60.66, up 7.92%, with a trading volume of 131,000 shares and a transaction value of 780 million [1] - 北方华创: Closed at 416.24, up 7.59%, with a trading volume of 155,800 shares and a transaction value of 6.33 billion [1] - Other notable gainers included 峰启科技, 至正股份, and 神工股份, all showing significant percentage increases [1] Decliners in the Semiconductor Sector - The semiconductor sector also saw declines, with: - 大为股份: Closed at 29.68, down 10.01%, with a trading volume of 180,200 shares and a transaction value of 544 million [2] - 中科雷讯: Closed at 127.48, down 8.50%, with a trading volume of 42,700 shares and a transaction value of 560 million [2] - 大港股份: Closed at 15.86, down 5.54%, with a trading volume of 542,300 shares and a transaction value of 859 million [2] Capital Flow Analysis - On the same day, the semiconductor sector saw a net outflow of 3.141 billion from institutional investors, while retail investors contributed a net inflow of 3.043 billion [2] - The capital flow for specific stocks indicated that: - 晶晨股份 had a net inflow of 260 million from institutional investors [3] - 中微公司 saw a net inflow of 189 million from institutional investors [3] - 电科芯片 experienced a net inflow of 92.94 million from institutional investors [3]

Group 1 - Zhongke Lanyun experienced a decline of 5.48% on November 24, with a stock price of 131.68 CNY per share and a trading volume of 182 million CNY, resulting in a turnover rate of 3.04% and a total market capitalization of 15.88 billion CNY [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 - Among the top ten circulating shareholders of Zhongke Lanyun, a fund under Southern Fund ranks first. The Southern CSI 1000 ETF (512100) entered the top ten shareholders in the third quarter, holding 440,300 shares, which represents 0.99% of the circulating shares. The estimated floating loss today is approximately 3.36 million CNY [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion CNY. Year-to-date returns are 20.09%, ranking 2058 out of 4208 in its category; the one-year return is 14.36%, ranking 2432 out of 3981; and since inception, the return is 6.27% [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 7 years and 19 days, managing total assets of 122.76 billion CNY. The best fund return during the tenure is 164.23%, while the worst return is -16.8% [2]

Group 1 - Zhongke Lanyun's stock price dropped by 5.15% to 139.10 CNY per share, with a trading volume of 398 million CNY and a turnover rate of 6.21%, resulting in a total market capitalization of 16.775 billion CNY [1] - The company, established on December 19, 2016, and listed on July 15, 2022, specializes in the research, design, and sales of wireless audio chips, with 99.83% of its revenue coming from chip sales [1] Group 2 - Zhonghang Fund has a significant holding in Zhongke Lanyun, with its flagship fund increasing its stake by 272,000 shares to a total of 301,500 shares, representing 10.14% of the fund's net value, making it the largest holding [2] - The fund, Zhonghang Vision Leading Mixed Initiation A (021491), has a current scale of 137 million CNY and has reported a year-to-date return of 11.41%, ranking 5389 out of 8136 in its category [2] Group 3 - The fund manager, Wang Sen, has been in charge for 2 years and 57 days, overseeing assets totaling 2.85 billion CNY, with the best fund return during his tenure being 132.1% and the worst being -0.6% [3]

Group 1 - Zhongke Lanyun experienced a decline of 5.15% on November 21, with a stock price of 139.10 CNY per share, a trading volume of 398 million CNY, a turnover rate of 6.21%, and a total market capitalization of 16.775 billion CNY [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 - From the perspective of fund holdings, one fund under Dongcai has Zhongke Lanyun as a significant investment. The Dongcai Economic Driven Mixed Fund A (019143) held 5,356 shares in the third quarter, representing 5.9% of the fund's net value, making it the second-largest holding [2] - The Dongcai Economic Driven Mixed Fund A (019143) was established on January 23, 2024, with a latest scale of 14.1929 million CNY. Year-to-date returns are 16.93%, ranking 4,471 out of 8,136 in its category, while the one-year return is 18.82%, ranking 3,818 out of 8,056 [2] - The fund manager, Fang Yihang, has been in the position for 4 years and 77 days, with a total asset scale of 14.8917 million CNY. The best return during his tenure is 30.45%, while the worst is -47.46% [2]

Market Overview - The semiconductor sector experienced a decline of 1.24% on November 20, with Aisen Co. leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Top Gainers in Semiconductor Sector - Dawi Co. (002213) saw a significant increase of 10.00%, closing at 36.64 with a trading volume of 556,200 shares and a transaction value of 1.96 billion [1] - Tianyue Advanced (688234) rose by 5.77%, closing at 79.98 with a trading volume of 154,400 shares and a transaction value of 1.24 billion [1] - Hongwei Technology (688711) increased by 5.12%, closing at 23.59 with a trading volume of 125,700 shares [1] Top Decliners in Semiconductor Sector - Vincent Co. (688720) fell by 6.29%, closing at 54.65 with a trading volume of 65,400 shares and a transaction value of 368 million [2] - Demingli (001309) decreased by 6.16%, closing at 247.46 with a trading volume of 173,700 shares and a transaction value of 4.37 billion [2] - Kewai (300672) dropped by 6.12%, closing at 103.75 with a trading volume of 134,300 shares and a transaction value of 1.41 billion [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 5.54 billion from major funds, while retail investors saw a net inflow of 3.53 billion [2] - Major funds showed a net inflow in stocks like Dagang Co. (002077) with 93.35 million, while retail investors had a net outflow of 44.89 million [3] - Tianyue Advanced (688234) had a net inflow of 68.41 million from major funds, but a net outflow of 23.02 million from retail investors [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a steady growth in Q3 2025, with revenue reaching 1.3 billion yuan, a year-on-year increase of 4.3%. The net profit attributable to the parent company was 210 million yuan, up 2.2% year-on-year, while the net profit excluding non-recurring items was 180 million yuan, reflecting a 3.9% increase year-on-year. The overall gross margin was 22.6%, a decrease of 0.3 percentage points year-on-year [4][6] - In Q3 2025, the company achieved revenue of 490 million yuan, representing a year-on-year growth of 7.2% and a quarter-on-quarter increase of 10.2%. The net profit attributable to the parent company was 80 million yuan, up 11.1% year-on-year but down 7.1% quarter-on-quarter. The net profit excluding non-recurring items was 70 million yuan, a year-on-year increase of 8.6% but a quarter-on-quarter decrease of 4.4%. The gross margin for the quarter was 22.0%, down 2.5 percentage points year-on-year and 1.0 percentage point quarter-on-quarter [4][6] Financial Performance - The company effectively controlled its expenses, with sales expense ratio, management expense ratio, and R&D expense ratio for the first three quarters of 2025 at 0.49%, 1.89%, and 8.77%, respectively, showing year-on-year increases of 0.04 percentage points, 0.08 percentage points, and 0.44 percentage points [5] - For Q3 2025, the sales expense ratio was 0.48%, up 0.05 percentage points year-on-year and 0.2 percentage points quarter-on-quarter. The management expense ratio was 1.29%, down 0.24 percentage points year-on-year and 0.65 percentage points quarter-on-quarter. The R&D expense ratio was 7.95%, down 0.8 percentage points year-on-year but up 1.33 percentage points quarter-on-quarter [5] Business Development - The company has been deepening its layout in the edge AI field. Since November 2024, the third-generation chip platform BT895X has been integrated with the Volcano Ark MaaS platform, providing users with software and hardware solutions compatible with the Doubao large model. The company is continuously collaborating with Volcano Engine in phases [6] - The company showcased an AI toy solution based on the AB6003G Wi-Fi chip at the 2025 Volcano Engine FORCE conference. The AB6003G is a high-performance SoC that integrates Wi-Fi, Bluetooth, and audio, aimed at enhancing performance and user experience in IoT scenarios [6] - Recently, the company launched the OC3 AI clip-on Bluetooth earphone, which is equipped with the BT8951H chip and supports AI intelligent Q&A, indicating a continued focus on AI edge products [6] Financial Forecast - The company is expected to achieve revenues of 2.16 billion yuan, 2.81 billion yuan, and 3.41 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 360 million yuan, 460 million yuan, and 580 million yuan for the same years. The corresponding EPS is estimated to be 2.99 yuan, 3.77 yuan, and 4.83 yuan, with PE ratios of 44.26x, 35.08x, and 27.40x [7][10]

Group 1 - The company has completed the cancellation procedures for a special settlement account for raised funds used for financial products [1][2] - The establishment of the special account was approved during the board and supervisory board meetings held on July 17, 2023, to manage temporarily idle raised funds [1] - All financial products in the special account have matured and been redeemed, with no plans for further use of the account [2] Group 2 - The company continues to use other special accounts for raised funds, with further details to be disclosed in a report on August 29, 2025 [2]

证券代码：688332 证券简称：中科蓝讯 公告编号：2025-038 深圳市中科蓝讯科技股份有限公司 关于注销部分募集资金理财产品专用结算账户的公告 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。 深圳市中科蓝讯科技股份有限公司（以下简称"公司"）于近日办理完成部分募 集资金理财产品专用结算账户（以下简称"募集资金理财专户"）的注销手续，现将 相关事项公告如下： （原"安信证券股份有限公司深圳安信金融大厦证券营业部"）及光大证券股份有限 公司深圳深湾一路证券营业部（原"光大证券股份有限公司深圳深南大道证券营业部"） 开立了募集资金理财专户。具体内容详见公司于 2023 年 7 月 29 日在指定信息披露媒 体《上海证券报》《中国证券报》《证券时报》《证券日报》及上海证券交易所网站 （http://www.sse.com.cn）披露的《关于开立募集资金理财产品专用结算账户的公告》 （公告编号：2023-046）。 一、募集资金理财专户的设立情况 公司于 2023 年 7 月 17 日召开第二届董事会第七次会议和第二届监事会第七 ...

Core Viewpoint - Zhongke Lanyun's stock price has experienced fluctuations, with a recent decline of 2.01% and a year-to-date decrease of 0.46%, while showing a significant increase of 32.88% over the past 60 days [1] Financial Performance - For the period from January to September 2025, Zhongke Lanyun achieved a revenue of 1.302 billion yuan, representing a year-on-year growth of 4.29%, and a net profit attributable to shareholders of 211 million yuan, reflecting a growth of 2.17% [2] - The company has distributed a total of 340 million yuan in dividends since its A-share listing, with 274 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, Zhongke Lanyun had 18,900 shareholders, an increase of 44.27% from the previous period, with an average of 2,343 circulating shares per shareholder, a decrease of 30.69% [2] - The largest circulating shareholder is the Harvest SSE STAR Chip ETF, holding 1.0926 million shares, which decreased by 49,700 shares compared to the previous period [3] - Other notable shareholders include Hong Kong Central Clearing Limited and Minsheng Jianyin, with varying changes in their holdings [3] Market Activity - Zhongke Lanyun's stock has been active on the market, appearing on the "Dragon and Tiger List" twice this year, with the most recent instance on September 23, where it recorded a net buy of -38.1397 million yuan [1]

Group 1 - Zhongke Lanyun's stock price decreased by 2.26% on November 7, with a trading volume of 186 million yuan. The margin trading data indicated a net margin buy of -7.15 million yuan for the day, with a total margin balance of 698 million yuan [1] - The company achieved a revenue of 1.302 billion yuan from January to September 2025, representing a year-on-year growth of 4.29%. The net profit attributable to shareholders was 211 million yuan, with a year-on-year increase of 2.17% [2] - As of September 30, 2025, the number of shareholders increased by 44.27% to 18,900, while the average circulating shares per person decreased by 30.69% to 2,343 shares [2] Group 2 - The top ten circulating shareholders include the largest shareholder, Harvest CSI Chip ETF, holding 1.0926 million shares, a decrease of 49,700 shares from the previous period. Hong Kong Central Clearing Limited increased its holdings by 506,800 shares to 1.0652 million shares [3] - The company has distributed a total of 340 million yuan in dividends since its A-share listing, with 274 million yuan distributed over the past three years [2]