联芸科技（杭州）股份有限公司 外汇套期保值业务管理制度 第二条 本制度所称的外汇套期保值业务是指为满足公司正常生产经营需要， 在金融机构办理的规避和防范汇率或利率风险的各项外汇套期保值业务，包括但不 限于外汇远期、外汇掉期、外汇期权、利率掉期等业务。 第三条 本制度适用于公司合并报表范围内的子公司（以下简称"子公司"）。 未经公司同意，子公司不得从事外汇套期保值业务。子公司开展外汇套期保值业务， 应当参照本制度相关规定，履行相关审批和信息披露义务。 第四条 公司外汇套期保值业务除遵守国家相关法律、法规及规范性文件的 规定外，还应遵守本制度的相关规定。 第二章 外汇套期保值业务的基本原则 第五条 公司从事外汇套期保值业务遵循合法、审慎、安全、有效的原则， 所有外汇套期保值业务均以正常生产经营为基础，以具体经营业务为依托，且衍生 品品种仅限于与公司生产经营相关的外汇，以规避和防范汇率或利率风险为目的。 第六条 公司进行外汇套期保值业务只允许与经国家外汇管理局和中国人民 银行批准、具有外汇套期保值业务经营资格的金融机构进行交易，不得与前述金融 机构之外的其他组织或个人进行交易，不得进行非法投机与套利交易。 第七条 ...

Core Viewpoint - The company, 联芸科技, is actively advancing its product offerings in the data storage controller chip sector, with significant developments in PCIe5.0 and UFS3.1 technologies, while also managing inventory levels to respond to market demands effectively [2][3][5]. Group 1: Product Development - The new generation PCIe5.0 8-channel controller chip has achieved scale shipments, indicating strong market acceptance [5]. - The latest PCIe5.0 4-channel controller chip is in the critical customer validation phase, having gained recognition and cooperation intentions from several well-known storage manufacturers [2]. - The UFS3.1 controller chip is currently undergoing customer-side validation, aimed at applications in smartphones and tablets [2][5]. Group 2: Market Strategy - The company is strategically increasing inventory levels as a proactive measure to address long delivery cycles in the chip industry and to seize high-value market opportunities [3][5]. - The company is focusing on continuous innovation in key technologies related to data storage controller chips and IoT signal processing and transmission chips [3][6]. Group 3: Financial Performance - The company has seen a significant improvement in operating cash flow year-on-year, although it has not yet turned positive, primarily due to proactive inventory buildup [3]. - Management expenses have increased year-on-year, mainly due to rising share-based payment costs, while financial expenses have also risen due to foreign currency fluctuations related to overseas wafer procurement and IP licensing fees [4]. Group 4: Competitive Positioning - The company is committed to enhancing its core competitiveness by increasing R&D investment and launching competitive new products to solidify its industry position [4][6]. - The revenue share of higher-margin PCIe Gen4 SSD controller chips is continuously increasing, contributing to the overall improvement in the company's gross margin [6].

Core Viewpoint - The company has successfully achieved large-scale shipments of its next-generation PCIe 5.0 8-channel controller chip, which is characterized by high performance and low power consumption [1] Group 1 - The latest generation PCIe 5.0 4-channel controller chip is currently in a critical stage of customer validation [1]

Core Viewpoint - 联芸科技's 2025 semi-annual report indicates significant growth in revenue and profit, driven by increased demand in the data storage market and advancements in AI technology [1][3]. Financial Performance - The company achieved a revenue of 609.7 million yuan, a year-on-year increase of 15.68% [1] - The overall gross margin was 51.66%, up by 2.93 percentage points from the previous year [1] - Net profit attributable to shareholders reached 56.135 million yuan, a 36.38% increase year-on-year [1] - The net profit excluding non-recurring items was 35.0934 million yuan, reflecting a 99.18% increase year-on-year [1] Market Dynamics - The growth in revenue and profit is attributed to three main factors: recovery in downstream demand, continuous development of AI technology increasing data storage needs, and a higher proportion of revenue from PCIe Gen4 SSD controllers [1][3][7]. - The global memory market is projected to grow at a compound annual growth rate (CAGR) of 11.6% from 2024 to 2028, reaching a market size of 319.3 billion USD by 2028 [1]. Product Innovation and Market Position - 联芸科技 has maintained growth in SSD controller shipments and market share by leveraging the booming AI technology and the recovering global data storage market [3]. - The company offers a comprehensive product line including SATA, PCIe3.0, PCIe4.0, and PCIe5.0, catering to diverse market needs [3]. - In the consumer SSD sector, the company has established stable partnerships with leading storage module manufacturers, enhancing product penetration and market share [3][5]. Competitive Edge - The company's product competitiveness and brand influence have significantly improved, driven by technological innovations and strong partnerships with major NAND manufacturers [5][6]. - The SSD controller market share for independent third-party manufacturers is approximately 50%, with 联芸科技 accounting for about 25% of the global SSD controller shipments [6]. Future Growth Potential - The PCIe Gen4 SSD controller has been pivotal in enhancing gross margins and profits, with a year-on-year shipment increase of 42.85% [7]. - The company is advancing its technology with the new PCIe5.0 controllers, which have already begun large-scale shipments and are expected to become a significant growth driver [8]. - As PCIe4.0 products gain traction and PCIe5.0 technology is implemented, the company is well-positioned to meet the increasing market demand for higher transmission speeds and lower latency [8].

Group 1 - The company announced that its wholly-owned subsidiary, Chengdu Lianyi Technology Co., Ltd., has completed the registration change of its address and registered capital due to business development needs [1][3] - The new registered capital of Chengdu Lianyi is 25 million RMB [3] - The business scope of Chengdu Lianyi includes technology services, development, consulting, import and export of goods, software development, and integrated circuit sales and design [1][3] Group 2 - The new registration details include the name, unified social credit code, type as a wholly foreign-owned enterprise, legal representative, and the address in the China (Sichuan) Pilot Free Trade Zone [3]

答：投资者您好！在数据存储主控芯片领域，2025年公司新一代PCIe5.08通道主控芯片凭其高性能、低 功耗的表现，已实现规模出货，最新一代的PCIe5.04通道主控芯片已进入客户验证的关键阶段，该产品 凭借卓越的性能表现，已获得多家知名存储厂商的认可并达成合作意向；同时，公司UFS3.1主控芯片 正在客户侧进行验证工作，目前各项工作进展顺利。搭载着数据存储主控芯片的SSD、嵌入式存储器可 最终应用于包括PC、智能手机、可穿戴设备在内的消费电子、服务器等领域。在IoT信号处理与传输芯 片领域，新一代车载感知信号处理芯片已完成流片，正在推进后续推广工作。该类车载感知信号处理芯 片主要应用于汽车电子等行业。感谢您的关注！ 问：方董事长您好！请贵司芯片什么时候可以用于手机！ 具体内容如下： 问：方总您好！贵司今年会推出哪些新产品，具体用途是什么？ 证券之星消息，2025年8月27日联芸科技(688449)发布公告称公司于2025年8月26日召开业绩说明会。 答：尊敬的投资者，您好！未来，我们会始终围绕数据存储主控芯片、IoT信号处理及传输芯片两大领 域的关键核心技术持续创新，为客户提供"传输-处理-存储"的解决方案 ...

证券代码：688449 证券简称：联芸科技 公告编号：2025-031 联芸科技（杭州）股份有限公司 关于全资子公司完成注册地址、注册资本变更登记的 公告 一、变更内容 二、变更后的登记信息 1、名称：成都联屹科技有限公司 2、统一社会信用代码：91510100MA7FBKGXXL 3、类型：有限责任公司（外商投资企业法人独资） 4、法定代表人：陈炳军 5、注册资本：2,500 万元人民币 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、准确性和完整性依法承担法律责任。 联芸科技（杭州）股份有限公司全资子公司成都联屹科技有限公司（以下简 称"成都联屹"）因经营发展需要，于近日对其注册地址、注册资本进行变更，工 商变更登记手续已办理完毕，并取得了成都高新技术产业开发区市场监督管理局 换发的《营业执照》，具体变更情况如下： | 变更事项 | 变更前 | | | | 变更后 | | | --- | --- | --- | --- | --- | --- | --- | | 注册地址 | 中国（四川）自由贸易试验区成都 市天府新区兴隆街道湖畔路北段 | | | | ...

Financial Performance - Company reported total revenue of 610 million yuan for the first half of 2025, an increase of 15.68% year-on-year [1] - Net profit attributable to shareholders reached 56.14 million yuan, up 36.38% year-on-year [1] - In Q2 2025, total revenue was 369 million yuan, reflecting an 18.82% increase year-on-year, while net profit was 80.93 million yuan, a significant rise of 161.56% [1] - Gross margin improved to 51.66%, up 6.01% year-on-year, and net margin increased to 9.21%, up 17.89% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) rose to 0.12 yuan, a 9.09% increase year-on-year [1] - Cash flow from operations per share was -0.04 yuan, improving by 89.8% year-on-year [1] - Total assets per share increased to 3.90 yuan, a substantial rise of 145.17% year-on-year [1] Changes in Financial Items - Cash and cash equivalents decreased by 33.86% due to investments in financial products and large deposits [3] - Accounts receivable decreased by 12.06% as collections improved [3] - Prepayments increased significantly by 1805.69% due to higher advance payments to wafer suppliers [4] - Inventory rose by 46.92% as the company increased safety stock and inventory levels [5] - Other current assets surged by 671.87% due to increased input tax credits from higher inventory [6] Cost and Expense Analysis - Operating costs increased by 9.07% in line with revenue growth [14] - Sales expenses rose by 20.67% due to market expansion efforts and increased sales personnel [14] - Management expenses increased by 27.18% due to organizational optimization and business expansion [14] - Financial expenses saw a dramatic rise of 237.4% due to significant foreign exchange losses [15] - R&D expenses grew by 25.53% as the company invested more in new product development [16] Cash Flow and Financing - Net cash flow from operating activities increased by 86.97% due to improved sales collections [17] - Net cash flow from investing activities decreased significantly by 4079.56% as the company focused on cash management [18] - Net cash flow from financing activities increased by 81.8% due to additional short-term borrowings to meet operational needs [19] Business Model and Market Position - Company relies heavily on R&D for performance, with a historical return on invested capital (ROIC) of 9.87%, indicating average capital returns [20] - The company has experienced fluctuations in financial performance, with two years of losses since its establishment [20] - The business model appears fragile, necessitating careful examination of underlying drivers [21]

Group 1 - The core viewpoint of the news is that 联芸科技 (688449.SH) has reported its semi-annual results for 2025, highlighting significant institutional ownership and changes in shareholding among public funds [1][2] Group 2 - As of August 22, 2025, a total of 14 institutional investors hold shares in 联芸科技, with a combined holding of 325 million shares, representing 70.69% of the total share capital [1] - The top ten institutional investors account for 70.56% of the total shares, with a slight decrease of 0.29 percentage points compared to the previous quarter [1] Group 3 - In the public fund sector, one fund, 浦银安盛先进制造混合A, has increased its holdings, while one new fund, 招商丰盈积极配置混合A, has been disclosed [2] - A total of 198 public funds have not disclosed their holdings compared to the previous quarter, including various ETFs and mutual funds focused on innovation and carbon neutrality [2]

Core Viewpoint - The report highlights the financial performance and operational status of Maxio Technology (Hangzhou) Co., Ltd. for the first half of 2025, showcasing significant growth in revenue and profit, alongside a focus on innovation in data storage and AIoT chip sectors. Financial Performance - Revenue for the first half of 2025 reached approximately 609.72 million yuan, representing a year-on-year increase of 15.68% compared to 527.08 million yuan in the same period of the previous year [3] - Total profit amounted to approximately 56.13 million yuan, marking a 36.38% increase from 41.16 million yuan in the same period last year [3] - The net profit attributable to shareholders was also 56.13 million yuan, reflecting the same growth rate of 36.38% [3] - The net cash flow from operating activities was negative at approximately -17.97 million yuan, compared to -137.93 million yuan in the previous year, indicating an improvement [3] - The net assets attributable to shareholders increased by 4.84% to approximately 1.79 billion yuan from 1.71 billion yuan at the end of the previous year [3] Business Overview - The company specializes in the design and development of data storage control chips and AIoT signal processing and transmission chips, establishing a comprehensive platform for chip R&D and industrialization [4][5] - It has become one of the leading independent SSD controller chip manufacturers globally, focusing on core technology in data storage [4][10] - The company’s AIoT chips are designed for various applications, including consumer electronics, industrial control, and data communication [4][5] Product Development - The company has developed a range of SSD controller chips, including the MAS090X series (2017), MAP120X series (2021), MAP160X series (2022), and MAP180X series (2025), covering SATA and PCIe interfaces [5][10] - The first UFS controller chip, MAU320X, was completed in the first half of 2025 and is currently undergoing customer validation [5] - AIoT chips include perception signal processing chips and wired communication chips, with applications in smart homes, industrial IoT, and automotive electronics [5][11] Industry Context - The global semiconductor market is projected to grow significantly, with the integrated circuit industry expected to reach a market size of approximately 700.9 billion USD by 2025, driven by demand for logic chips and memory [8][10] - The SSD market is anticipated to grow at a compound annual growth rate (CAGR) of 11.6%, reaching approximately 55 billion USD by 2028, indicating strong demand for SSD controller chips [10][12] - The AIoT chip market is also expanding, with the global high-definition video chip market expected to reach approximately 189.72 billion yuan by 2025 [11]