Group 1: Communication Industry Insights - The communication industry is experiencing a positive spillover effect from AI computing power, with both domestic and international demand resonating [5][7]. - In H1 2025, 226 listed companies in the communication sector reported a total revenue of 1,969.54 billion, a year-on-year increase of 11.2% [5]. - The overall gross margin for the communication industry in Q2 2025 was 25.2%, with a slight year-on-year decrease of 1.3 percentage points [5]. Group 2: Individual Company Performance - China Resources Beer - China Resources Beer is positioned as a leader in the Chinese beer industry, with a focus on high-end product strategies driving revenue per ton and profit margin improvements [9][10]. - The company’s revenue forecasts for 2025-2027 are 38.87 billion, 40.65 billion, and 42.20 billion respectively, with net profits expected to be 5.89 billion, 6.29 billion, and 6.79 billion [10]. - The implementation of a "three precision management" strategy has led to an increase in gross margin to 48.9% and net profit margin to 24.0% in H1 2025 [9][10]. Group 3: Company Performance - Peak Technology - Peak Technology achieved a revenue of 375 million in H1 2025, representing a year-on-year growth of 32.84% [13][14]. - The company is expanding into automotive and robotics sectors, with revenue forecasts for 2025-2027 set at 760 million, 949 million, and 1.212 billion respectively [14]. - The decline in net profit by 4.52% in H1 2025 was attributed to increased stock incentive expenses, but excluding this, net profit would have grown by 18.69% [14]. Group 4: Company Performance - Longxun Co., Ltd. - Longxun Co., Ltd. reported a revenue of 247 million in H1 2025, with a year-on-year increase of 11.35% [17][18]. - The company is focusing on automotive electronics, with expectations for revenue growth driven by the SerDes product line, which is entering full market promotion [18][19]. - Revenue forecasts for Longxun Co., Ltd. for 2025-2027 are 705 million, 1.119 billion, and 1.450 billion respectively [19]. Group 5: Company Performance - Fuzhijun Technology - Fuzhijun Technology achieved a revenue of 519 million in H1 2025, with a year-on-year increase of 18.10% [21][22]. - The company is focusing on the ultra-precision optical field, with significant growth in its subsidiary, achieving a revenue of 76.1 million in 2024, a year-on-year increase of 180.08% [23]. - Revenue forecasts for Fuzhijun Technology for 2025-2027 are 1.031 billion, 1.165 billion, and 1.306 billion respectively [23]. Group 6: Company Performance - Meixinsheng - Meixinsheng reported a revenue of 265 million in H1 2025, reflecting a year-on-year growth of 36.83% [25][26]. - The optical sensor business saw a significant increase in revenue, driven by demand from leading smartwatch brands [26]. - Revenue forecasts for Meixinsheng for 2025-2027 are 653 million, 1.043 billion, and 1.417 billion respectively [27].

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown continuous improvement in supply chain stability and robust growth in automotive electronics business. In H1 2025, the company achieved revenue of 247 million yuan, a year-on-year increase of 11.35%, and a net profit of 72 million yuan, up 15.16% year-on-year [1][5] - The automotive electronics segment, particularly the SerDes products, is progressing well, with expectations for the market size in mainland China to reach 1.088 billion USD by 2025. The company is expanding its product applications into various fields, including eBikes and drones [2][3] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 138 million yuan, a year-on-year increase of 17.42% and a quarter-on-quarter increase of 26.56%. The net profit for the same period was 43 million yuan, reflecting a year-on-year growth of 38.32% and a quarter-on-quarter growth of 50.87% [1][5] Automotive Electronics - The company’s SerDes products are entering full market promotion, with successful mass production in areas such as electric two-wheeled vehicle dashboards and industrial welding 3D cameras. The company is also expanding into new fields, which is expected to drive future growth [2] - The market share of the company's bridging chips in automotive head-up displays and infotainment systems has significantly increased since 2024, with multiple products passing AEC-Q100 testing certification [2] Traditional Bridging - The company has expanded its production capacity and added new wafer and packaging plants to enhance supply chain stability. New products, including low-power, low-latency video bridging chips for AI applications, are expected to be launched in H2 2025 [3] - The company is actively researching various protocols, with some projects already in the tape-out stage, which will further expand its product line and growth potential [3] Financial Projections - Revenue projections for the company are 705 million yuan in 2025, 1.119 billion yuan in 2026, and 1.450 billion yuan in 2027, with corresponding net profits of 206 million yuan, 342 million yuan, and 428 million yuan respectively [4][10]

中国国际金融股份有限公司 关于龙迅半导体（合肥）股份有限公司 2025 年半年度持续督导跟踪报告 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》 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关规定，中国 国际金融股份有限公司（以下简称"保荐机构"）作为龙迅半导体（合肥）股份有限公 司（以下简称"龙迅股份"、"公司"）持续督导工作的保荐机构，负责龙迅股份的持续 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 | 保荐机构已建立并有效执行了持 续督导制度，并制定了相应的工 | | | 体的持续督导工作制定相应的工作计划 | | | | | 作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始 | 保荐机构已与龙迅股份签订《保 荐协议》，该协议明确了双方在持 | | | 前，与上市公司或相关当事人签署持续督导协议， | | | | 明确双方在持续督导期间的权利义务，并报上海证 | 续督导期间的权利和义务，并报 | | | ...

Core Points - Longxin Semiconductor (Hefei) Co., Ltd. experienced a 5% drop in stock price, trading at 67.60 CNY per share with a total market capitalization of 9.013 billion CNY [1] - The company specializes in the research, design, and sales of high-definition video signal processing and high-speed signal transmission chips, with 94.23% of its revenue coming from video bridging and processing chips [1] Fund Holdings - Huiquan Fund has a significant position in Longxin shares, with its Huiquan Zhenxin Zhiyuan Mixed A Fund increasing its holdings by 18,000 shares in Q2, totaling 78,000 shares, which represents 3.72% of the fund's net value [2] - The fund has reported a floating loss of approximately 277,700 CNY as of the latest data [2] Fund Manager Performance - The fund manager Liang Yongqiang has a tenure of 16 years and 351 days, with a total fund size of 990 million CNY, achieving a best return of 97.1% during his tenure [3] - Co-manager Liu Yuan has been in position for 5 years and 4 days, managing a fund size of 194 million CNY, with a best return of 38.73% [3]

Core Viewpoint - The company, Longxun Co., Ltd. (688486.SH), is experiencing significant growth in demand for its chips due to the deep application of AI technology across various industries, particularly in high-speed data transmission and video processing [1] Group 1: Company Developments - The company's chips have become essential components for Edge AI intelligent perception and high-performance transmission, supporting the enhancement of computing power and scene expansion in AI systems [1] - Longxun's chips have been integrated into reference design platforms of leading global chip manufacturers such as Qualcomm, Samsung, and Intel, showcasing their strong performance and compatibility [1] Group 2: Industry Trends - The rapid development of the robotics industry is driving demand for the company's video bridging and processing chips, which can convert visual information into inputs understandable by language models [1] - The company's technology meets the perception needs of AI in complex application scenarios within video-language multimodal systems [1]

Core Viewpoint - The demand for high-speed data transmission, video processing, and display driver technology has significantly increased due to the deep application of AI technology across various industries. The company's chips have become essential components for Edge AI intelligent perception and high-performance transmission, supporting the computational power enhancement and scenario expansion of AI systems [1] Group 1: Company Developments - The company has multiple chips included in reference design platforms of leading global chip manufacturers such as Qualcomm, Samsung, and Intel, thanks to their excellent performance and compatibility [1] - The company's video bridging and processing chips can convert visual information into inputs understandable by language models, addressing the perception needs of AI in complex application scenarios within video-language multimodal systems [1] Group 2: Industry Trends - The rapid development of the robotics industry is driving the demand for the company's video processing technology, which plays a crucial role in AI applications [1]

Core Insights - Syngenta Group reported a stable revenue of $14.5 billion for the first half of 2025, with a 2% increase when adjusted for constant currency [1] - The company's EBITDA reached $2.5 billion, marking a 24% year-over-year increase, and a 29% increase when adjusted for constant currency, with an EBITDA margin of 17.5%, up by 3.4 percentage points from the previous year [1] Financial Performance - Revenue remained flat at $14.5 billion compared to the same period last year [1] - EBITDA increased to $2.5 billion, reflecting a significant growth of 24% year-over-year [1] - EBITDA margin improved to 17.5%, an increase of 3.4 percentage points from the previous year [1] R&D and Innovation - The company intensified its investment in research and innovation, with over 800 new crop protection products approved globally during the reporting period [1] Operational Efficiency - Syngenta Group implemented cost control measures and enhanced productivity and operational efficiency, which contributed to the recovery of profit margins and improved cash flow [1] - The company leveraged its flexible manufacturing processes and global production network to adapt to market conditions and tariff changes, optimizing supply chain competitiveness [1]

Core Points - The company has completed the registration change and obtained a new business license from the Anhui Provincial Market Supervision Administration [1] - The company held its fourth board meeting on August 22, 2025, where it approved the proposal to change the registered capital and amend the Articles of Association [1] - The registered capital of the company is now 133,279,680 RMB [1] Company Information - Company Name: Longxun Semiconductor (Hefei) Co., Ltd [1] - Unified Social Credit Code: 913400007950924118 [1] - Type: Joint-stock company (foreign investment, listed) [1] - Legal Representative: Chen Feng [1] - Establishment Date: November 29, 2006 [1] - Address: No. 3963, Susong Road, Economic and Technological Development Zone, Hefei, Anhui Province, Intelligent Equipment Technology Park, Building B3 [1] - Business Scope: Research and development, design, production, and sales of integrated circuits and electronic products; development, production, and sales of computer software and hardware; import and export of various goods and technologies [1]

Core Points - The company has completed the registration change and obtained a new business license from the Anhui Provincial Market Supervision Administration [1] - The board of directors approved the change in registered capital and amendments to the company's articles of association during the fourth board meeting on August 22, 2025 [1] - The registered capital is now 133,327,968 RMB, and the company is classified as a foreign-invested, publicly listed joint-stock company [1] Company Information - Company Name: Longxun Semiconductor (Hefei) Co., Ltd [1] - Unified Social Credit Code: 913400007950924118 [1] - Legal Representative: Chen Feng [1] - Established Date: November 29, 2006 [1] - Address: No. 3963, Susong Road, Economic and Technological Development Zone, Hefei, Anhui Province, Intelligent Equipment Technology Park, Building B3 [1] - Business Scope: Research and design, production, and sales of integrated circuits and electronic products; development, production, and sales of computer software and hardware; import and export of various goods and technologies [1]

（文章来源：证券日报） 证券日报网讯 9月2日晚间，龙迅股份发布公告称，近日，公司已完成工商变更登记，并取得了安徽省 市场监督管理局换发的《营业执照》。 ...