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]

Core Viewpoint - Company is focused on innovation in data storage control chips and IoT signal processing and transmission chips, aiming to enhance market competitiveness and achieve significant growth in these sectors [2][3][4]. Product Development - In the data storage control chip sector, the company has successfully launched the new generation PCIe 5.08 channel control chip, which has achieved scale shipments. The latest PCIe 5.04 channel control chip is in the critical customer validation stage [2]. - The UFS 3.1 control chip is currently undergoing customer validation and is intended for use in consumer electronics such as smartphones and tablets [2]. - The company has also completed the tape-out of a new generation of automotive perception signal processing chips, which are primarily aimed at the automotive electronics industry [2]. Financial Performance - For the first half of 2025, the company reported a main revenue of 610 million yuan, a year-on-year increase of 15.68%. The net profit attributable to shareholders was 56.135 million yuan, up 36.38% year-on-year [5]. - In Q2 2025, the company achieved a single-quarter main revenue of 369 million yuan, an increase of 18.82% year-on-year, and a net profit of 80.929 million yuan, reflecting a significant increase of 161.56% year-on-year [5]. - The company’s gross profit margin stood at 51.66% [5]. Inventory and Cash Flow Management - The company’s inventory increased by 92% compared to the beginning of the period, which is higher than the revenue growth of 68% and cost of goods sold growth of 7%. This increase is attributed to proactive stocking strategies to respond to market demand [2]. - The company has acknowledged that its operating cash flow remains negative at -940,000 yuan, despite a year-on-year improvement, primarily due to increased inventory levels [2]. Strategic Planning - The company plans to continue focusing on key technologies in data storage control chips and IoT signal processing, aiming to enhance its market share and become a core player in the storage market [3][4]. - The company is also exploring opportunities in the AI sector, indicating a strategic interest in developing AI-related control chip solutions [4]. R&D Investment - The company’s R&D investment has reached 89% of its revenue, a 53% increase year-on-year, focusing on SSD control chip upgrades, embedded control chips, and automotive signal processing chips [4]. - The company expects that the large-scale commercialization of PCIe 5.0 technology and the introduction of UFS will become new growth points for its control chip business [4]. Market Trends - The company is optimistic about the future development of the IoT market and plans to expand its applications in smart home and automotive electronics sectors [4].

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]

Group 1 - The board of directors of Lianyun Technology (Hangzhou) Co., Ltd. held its second meeting on August 22, 2025, with all seven directors present, complying with legal and regulatory requirements [1][2] - The board approved the "2025 Semi-Annual Report" and its summary, confirming that the report accurately reflects the company's financial status and operational results for the first half of 2025 [1][2] - The board also approved a special report on the storage, management, and actual use of raised funds for the first half of 2025, affirming compliance with relevant regulations and proper use of funds [2][4] Group 2 - The board agreed to establish a "Foreign Exchange Hedging Business Management System" to regulate foreign exchange hedging activities and mitigate currency and interest rate risks [3][4] - All resolutions were passed unanimously with seven votes in favor, indicating strong board consensus on the matters discussed [2][4]

公司；海康科技系海康威视的全资子公司。除上述情况外， 明 公司未知上述其他股东之间是否存在关联关系或者属于一 致行动人。 表决权恢复的优先股股东及持股数 联芸科技（杭州）股份有限公司2025 年半年度报告摘要 公司代码：688449 公司简称：联芸科技 联芸科技（杭州）股份有限公司 联芸科技（杭州）股份有限公司2025 年半年度报告摘要 第一节 重要提示 规划，投资者应当到 https://www.sse.com.cn 网站仔细阅读半年度报告全文。 报告期内，不存在对公司生产经营构成实质性影响的重大风险。公司已在本报告中详细描述了可 能存在的相关风险，敬请查阅本报告"第三节 管理层讨论与分析"之"四、风险因素"。 假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 不适用 □适用 √不适用 第二节 公司基本情况 公司股票简况 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称 A股 上海证券交易所科创板 联芸科技 688449 不适用 公司存托凭证简况 □适用 √不适用 联系人和联系方式 联系人和联系方式 董事会秘书（信息披露境内代表） 证券事务代表 姓名 钱晓飞 尤文韵 电话 ...

| 为 400,000,000.00 元。具体情况如下： | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：人民币元 | | | | | | | | | | | 截至报告期 | | | | | | | | | | | 购买银行 产品类型 | | 金额 | | | | | | | | | 末是否到期 | | | | | | | | | | | 中信银行股份有限公司杭州分行 35,000,000.00 | | 结构性存款 | | 否 | | | | | | | 中信银行股份有限公司杭州分行 65,000,000.00 | | 结构性存款 | | 否 | | | | | | | 100,000,000.00 招商银行股份有限公司杭州湖墅支行 | | 结构性存款 | | 否 | | | | | | | 杭州银行股份有限公司科技支行 30,000,000.00 否 | | 大额存单 | | | | | | | | | 杭州银行股份有限公司科技支行 100,000,000.00 | | 结构性存款 ...