Core Viewpoint - On November 27, 2023, Lianyun Technology's stock increased by 0.47%, with a trading volume of 164 million yuan, indicating positive market sentiment towards the company [1]. Financing Summary - On the same day, Lianyun Technology had a financing buy-in amount of 26.28 million yuan, with a net financing buy of 5.16 million yuan after 21.12 million yuan in financing repayments [1][2]. - The total financing and securities balance for Lianyun Technology reached 477 million yuan, accounting for 14.51% of its circulating market value [2]. Company Profile - Lianyun Technology, established on November 7, 2014, is located in Hangzhou, Zhejiang Province, and specializes in platform chip design, focusing on data storage main control chips and AIoT signal processing and transmission chips [2]. - The revenue composition of Lianyun Technology includes 85.68% from data storage main control chips, 11.77% from AIoT signal processing and transmission chips, and 2.55% from other sources [2]. Financial Performance - For the period from January to September 2025, Lianyun Technology reported a revenue of 921 million yuan, representing a year-on-year growth of 11.59%, and a net profit attributable to shareholders of 90.06 million yuan, which is a 23.05% increase compared to the previous year [2]. Shareholder Information - As of September 30, 2025, Lianyun Technology's top ten circulating shareholders included several new institutional investors, such as the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF and Nuon An Active Return Mixed A, indicating growing institutional interest [3].

Core Viewpoint - Lianyun Technology announced a significant unlock of 223 million restricted shares, representing 48.52% of its total share capital, scheduled for December 1, which may impact the stock price due to the large volume of shares entering circulation [1][2]. Group 1: Share Unlock Details - The unlock includes 197 million shares from the initial public offering held by 11 shareholders and 26 million shares from strategic placements held by 7 shareholders, both with a lock-up period of 12 months from the company's listing date on November 29, 2023 [1]. - Two shareholders from Hikvision hold a combined 135 million shares, accounting for 60.48% of the total unlocked shares, with all 18 shareholders having no remaining restricted shares post-unlock [1]. - The proportion of unrestricted shares will increase from 14.15% at the time of listing to 62.67% after the unlock, significantly enhancing market liquidity [1]. Group 2: Financial Performance - For the first three quarters of 2025, Lianyun Technology reported total revenue of 921 million yuan, a year-on-year increase of 11.59%, and a net profit attributable to shareholders of 90.06 million yuan, up 23.05% [2]. - The company's net profit excluding non-recurring items surged by 141.76% to 62.14 million yuan, with net cash flow from operating activities reaching 109 million yuan, compared to a negative 93.45 million yuan in the same period last year [2]. Group 3: Market Analysis - As of November 21, Lianyun Technology's closing price was 46.35 yuan per share, with the market value of the unlocked shares estimated at approximately 10.3 billion yuan, raising concerns about potential stock price impacts [2]. - Analysts note that the company's high price-to-earnings ratio and the weak overall market conditions may lead to stock price volatility due to the large unlock, although strong fundamentals and significant holdings by long-term investors may mitigate panic selling [2].

Core Points - The announcement details the listing and circulation of restricted shares for Lianyun Technology (Hangzhou) Co., Ltd, including both strategic placement and initial public offering (IPO) shares [1][2][3] Group 1: Listing Details - The total number of shares to be listed for circulation is 223,204,135 shares, which includes 26,000,000 shares from strategic placement and 197,204,135 shares from the IPO [2][3][14] - The listing date for these shares is set for December 1, 2025, due to the preceding non-trading day on November 29, 2025 [4][15] - The restricted shares represent 48.52% of the company's total share capital, with IPO restricted shares accounting for 42.87% and strategic placement shares for 5.65% [6][14] Group 2: Shareholder Commitments - Shareholders holding restricted shares have committed not to transfer or manage their shares for a lock-up period of 12 months from the listing date [9][10][11] - The commitments include provisions for potential share reductions after the lock-up period, with specific disclosure requirements [9][10][11] - The commitments are in compliance with relevant laws and regulations, ensuring that shareholders adhere to the agreed terms [12][13] Group 3: Regulatory Compliance - The underwriting institution, CITIC Securities Co., Ltd, has verified that all shareholders have complied with their commitments regarding the restricted shares [12][13] - The listing and circulation of the restricted shares meet the requirements set forth by the Company Law, Securities Law, and relevant regulations of the Shanghai Stock Exchange [12][13]

截至发稿，联芸科技市值为213亿元。 每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 2024年1至12月份，联芸科技的营业收入构成为：集成电路占比99.77%，其他业务占比0.23%。 （记者 曾健辉） 每经AI快讯，联芸科技（SH 688449，收盘价：46.35元）11月21日晚间发布公告称，公司限售股份约 2.23亿股将于2025年12月1日解禁并上市流通，占公司总股本比例为48.52%。 ...

Core Viewpoint - Lianyun Technology reported a decrease in the number of shareholders and a decline in stock price, indicating potential challenges in investor sentiment and market performance [2] Shareholder Information - As of November 20, the number of shareholders for Lianyun Technology was 15,291, a decrease of 822 from the previous period (November 10), representing a decline of 5.10% [2] Stock Performance - The closing price of Lianyun Technology on the reporting date was 46.35 yuan, down 4.22%, with a cumulative decline of 18.20% since the concentration of shares began [2] - The stock experienced 1 increase and 8 decreases over the trading days during this period [2] Margin Trading Data - As of November 20, the latest margin trading balance for the stock was 475 million yuan, with the financing balance also at 475 million yuan [2] - The total increase in financing balance since the concentration of shares began was 26.88 million yuan, reflecting a growth of 6.00% [2] Financial Performance - In the first three quarters, Lianyun Technology achieved operating revenue of 921 million yuan, representing a year-on-year growth of 11.59% [2] - The net profit for the same period was 90.06 million yuan, with a year-on-year increase of 23.05% [2] - The basic earnings per share were 0.2000 yuan, and the weighted average return on equity was 5.07% [2]

证券代码：688449 证券简称：联芸科技 公告编号：2025-034 联芸科技（杭州）股份有限公司 首次公开发行部分限售股及部分战略配售限售股 上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发战略配售股份（限售期 12 个月）；股票认购方 式为网下，上市股数为26,000,000股。本公司确认，上市流通数量等于该限售期的 全部战略配售股份数量。 除首发战略配售股份外，本次其他股票上市类型为首发限售股份；股票认 购方式为网下，上市股数为197,204,135股。 本次股票上市流通总数为223,204,135股。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2024 年 6 月 7 日出具的《关于同意联芸科技 （杭州）股份有限公司首次公开发行股票注册的批复》（证监许可〔2024〕906 号）， 联芸科技（杭州）股份有限公司（以下简称"联芸科技"或"公司"）获准首次向社会 公开发行人民币普通股（A 股）10,000.00 万股，并于 2024 年 11 月 2 ...

中信建投证券股份有限公司 关于联芸科技（杭州）股份有限公司 首次公开发行部分限售股及部分战略配售限售股 上市流通的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为联芸科技（杭州）股份有限公司（以下简称"联芸科技"或"公司"）首次 公开发行股票并在科创板上市的保荐机构，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，对联芸科技首次公开 发行部分限售股及部分战略配售限售股上市流通事项进行了审慎核查，具体情况 如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于2024年6月7日出具的《关于同意联芸科技 （杭州）股份有限公司首次公开发行股票注册的批复》（证监许可〔2024〕906 号），联芸科技（杭州）股份有限公司获准首次向社会公开发行人民币普通股（A 股）10,000.00万股，并于2024年11月29日在上海证券交易所科创板上市。公司首 次公开发行股票前总股本为36,000.00万股，首次公开发行股票后总股本为 46,000.00万股，其中有限售条件流通股394,902,503股，占公司发行后总股本的 85.85%，无限售条件 ...

Core Viewpoint - 联芸科技 has shown significant stock performance and growth in revenue and profit, indicating a positive outlook for the company in the semiconductor industry [1][2][3]. Group 1: Stock Performance - On November 11, 联芸科技's stock rose by 3.90%, reaching 58.87 CNY per share, with a total market capitalization of 27.08 billion CNY [1]. - Year-to-date, the stock price has increased by 44.18%, with a 6.90% rise in the last five trading days and a 27.56% increase over the past 60 days [1]. - The company has appeared on the龙虎榜 once this year, with a net buy of 163 million CNY on February 25 [1]. Group 2: Company Overview - 联芸科技, established on November 7, 2014, is located in Hangzhou, Zhejiang Province, and specializes in data storage control chips and AIoT signal processing and transmission chips [2]. - The revenue composition includes 85.68% from data storage control chips, 11.77% from AIoT signal processing and transmission chips, and 2.55% from other products [2]. - The company is classified under the electronic-semiconductor-digital chip design industry and is involved in several concept sectors, including integrated circuits and storage concepts [2]. Group 3: Financial Performance - For the period from January to September 2025, 联芸科技 reported a revenue of 921 million CNY, reflecting a year-on-year growth of 11.59%, and a net profit of 90.06 million CNY, up 23.05% year-on-year [2]. - As of October 31, 2025, the number of shareholders increased by 5.78% to 16,000, while the average circulating shares per person decreased by 5.47% to 4,374 shares [2]. Group 4: Institutional Holdings - As of September 30, 2025, notable new institutional shareholders include 嘉实上证科创板芯片ETF, holding 1.5658 million shares, and several other funds entering the top ten shareholders list [3].

Core Viewpoint - Lianyun Technology, a leading domestic data storage main control chip and AIoT signal processing chip design company, is set to be listed on the Shanghai Stock Exchange on November 29, 2024, with a focus on consumer electronics, industrial control, and smart IoT sectors [1] Financial Performance - In Q3 2025, Lianyun Technology reported revenue of 921 million yuan, ranking 29th among 48 companies in the industry, significantly lower than the top competitor, Haowei Group, which had revenue of 21.783 billion yuan [2] - The main business revenue composition includes data storage main control chip revenue of 522 million yuan (85.68%), AIoT signal processing and transmission chip revenue of 71.75 million yuan (11.77%), and other income of 15.57 million yuan (2.55%) [2] - The net profit for the same period was 90.06 million yuan, ranking 25th in the industry, with a substantial gap compared to Haowei Group's net profit of 3.199 billion yuan [2] Financial Ratios - As of Q3 2025, Lianyun Technology's debt-to-asset ratio was 19.02%, lower than the industry average of 24.46%, indicating strong solvency [3] - The gross profit margin was 51.40%, higher than the industry average of 36.52%, reflecting robust profitability [3] Management Compensation - The chairman, Fang Xiaoling, received a salary of 1.1704 million yuan in 2024, a decrease of 30,400 yuan from 2023 [4] - The general manager, Li Guoyang, earned 1.0076 million yuan in 2024, an increase of 10,700 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.58% to 15,500, with an average holding of 4,514.09 shares, a decrease of 1.55% [5] - New major shareholders include various mutual funds, with specific holdings detailed [5] Business Highlights - Tianfeng Securities noted that Lianyun Technology is a leader in China's storage main control sector, with a 141.76% year-on-year increase in non-recurring net profit for the first three quarters of 2025 [6] - Key product developments include the upcoming MAP1606 main control chip and advancements in UFS series embedded storage main control chips [6] - Revenue forecasts for 2025, 2026, and 2027 have been adjusted upward, with expected revenues of 1.38 billion, 1.696 billion, and 2.08 billion yuan respectively [6]

Core Insights - On October 29, Lianyun Technology experienced a decline of 3.66% with a trading volume of 600 million yuan [1] - The company reported a financing buy-in amount of 86.91 million yuan and a net financing buy-in of 31.52 million yuan on the same day [1] - As of October 29, the total financing and securities lending balance for Lianyun Technology was 455 million yuan, accounting for 10.55% of its market capitalization [1] Financial Performance - For the period from January to September 2025, Lianyun Technology achieved a revenue of 921 million yuan, representing a year-on-year growth of 11.59% [2] - The net profit attributable to the parent company was 90.06 million yuan, reflecting a year-on-year increase of 23.05% [2] Shareholder Information - As of October 20, the number of shareholders for Lianyun Technology reached 15,100, an increase of 3.02% from the previous period [2] - The average number of circulating shares per shareholder decreased by 2.94% to 4,627 shares [2] - Notable new institutional shareholders include the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF and several mixed funds [2]