（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》。 ...

名称：龙迅半导体（合肥）股份有限公司 统一社会信用代码：913400007950924118 证券代码：688486 证券简称：龙迅股份 公告编号：2025-042 龙迅半导体（合肥）股份有限公司 关于完成工商变更登记并换发营业执照的公告 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、准确性和完整性依法承担法律责任。 类型：股份有限公司（外商投资、上市） 龙迅半导体（合肥）股份有限公司（以下简称"公司"）于2025年8月22日召开 第四届董事会第六次会议，审议通过了《关于变更公司注册资本、修订<公司章程> 并办理工商变更登记的议案》。具体内容详见公司于2025年8月23日披露于上海证券 交易所网站（www.sse.com.cn）的《龙迅股份关于变更公司注册资本、修订<公司章 程>并办理工商变更登记的公告》（公告编号：2025-041）。 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》，现将本次工商变更登记相关情况公告如下： 龙迅半导体（合肥）股份有限公司董事会 2025 年 9 月 3 日 2 注册资本：壹亿叁仟叁佰叁拾贰 ...

Core Viewpoint - Longxin Co., Ltd. focuses on high-definition video bridging and processing chips, as well as high-speed signal transmission chips, with applications in various fields including PC peripherals, displays, video conferencing systems, and AR/VR. The company is expanding into automotive and HPC sectors in the future [1]. Financial Performance - In H1 2025, the company reported revenue of 250 million yuan, a year-on-year increase of 11.4%, with a net profit attributable to shareholders of 72 million yuan, up 15.2% year-on-year. The gross margin was 54.88%, slightly up, and the net margin was 29%, an increase of 1 percentage point year-on-year [1]. - In Q2 2025, revenue reached 138 million yuan, a year-on-year increase of 17.4% and a quarter-on-quarter increase of 26.6%. The net profit attributable to shareholders was 43 million yuan, up 38.3% year-on-year and 50.9% quarter-on-quarter. The gross margin was 55.2%, up 0.8 percentage points quarter-on-quarter, primarily due to better profitability from new products [1]. Business Expansion - The company is successfully expanding into new business areas such as AI edge computing, supercomputing, and data centers. The automotive SerDes chips are currently in a full promotion phase, having entered new fields like eBikes, photography gimbals, and drones. In H1, two new products passed AEC-Q100 Grade 2 certification [2]. - The company is actively developing high-speed data transmission chips for AI and edge computing, with ongoing research in PCIe and SATA protocols, and some projects have entered the tape-out stage. These developments have significant market potential in supercomputing, AI, data centers, and consumer electronics [2]. Supply Chain and R&D - In H1 2025, the company added two new wafer fabs to enhance supply stability, with R&D investment amounting to 57.06 million yuan, a year-on-year increase of 23%, representing 23.1% of revenue. The company has initiated a multi-location backup mode for supply stability and cost optimization [3]. - The company is advancing in the development of mixed-signal chips at 28nm and 22nm processes, with products achieving a maximum transmission rate of 20Gbps, marking a significant step in process iteration and upgrade [3]. Investment Outlook - Longxin Co., Ltd. is deeply engaged in the high-speed mixed-signal chip market, with the automotive SerDes chips expected to gradually ramp up production. The company is also positioning itself in AI edge and server sectors, with adjusted revenue expectations for 2025-2027 [3].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company achieved a record high revenue of 247 million yuan in Q2 2025, representing a year-on-year growth of 11.35%, and a net profit of 72 million yuan, up 15.16% year-on-year [4][8] - The company is focusing on expanding its product lines in the automotive electronics sector, particularly in high-definition video bridging and processing chips, which remain the core revenue driver [8][9] - The company has made significant advancements in its technology, particularly in AI and edge computing, and is actively developing high-speed data transmission chips [9] Financial Summary - Revenue projections for 2025-2027 are as follows: 636 million yuan in 2025, 905 million yuan in 2026, and 1.27 billion yuan in 2027, with respective year-on-year growth rates of 36.5%, 42.3%, and 40.5% [6][12] - Net profit projections for the same period are 197 million yuan in 2025, 282 million yuan in 2026, and 402 million yuan in 2027, with year-on-year growth rates of 36.3%, 43.3%, and 42.4% [6][12] - The company's gross margin is expected to remain stable around 55.5% from 2025 to 2027, while the net margin is projected to be around 30.9% to 31.6% [12] Product and Market Focus - The company has successfully passed AEC-Q100 testing for 11 bridge chips, with 5 achieving Grade 2 certification, indicating a strong foothold in the automotive electronics market [9] - The company is expanding its applications in the automotive sector, including video transmission and ultra-high-definition display needs, and is also entering new business areas such as eBikes and drones [9]

Core Viewpoint - Longxun Co., Ltd. (688486) reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit compared to the previous year. Financial Performance Summary - Total revenue reached 247 million yuan, an increase of 11.35% year-on-year [1] - Net profit attributable to shareholders was 71.52 million yuan, up 15.16% year-on-year [1] - In Q2 alone, total revenue was 138 million yuan, reflecting a 17.42% increase year-on-year, while net profit for the quarter was 43.01 million yuan, a 38.32% increase [1] - Gross margin improved to 54.88%, up 0.4% year-on-year, and net margin increased to 28.96%, up 3.42% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 24.30 million yuan, accounting for 9.84% of revenue, a 29.05% increase year-on-year [1] - Earnings per share rose to 0.54 yuan, a 14.89% increase year-on-year, while operating cash flow per share surged to 0.39 yuan, a remarkable increase of 7507.23% [1] Key Financial Changes - Cash and cash equivalents decreased by 65.16% to 22.30 million yuan due to investment in financial products [1] - Accounts receivable increased by 17.21% to 32.97 million yuan [1] - Interest-bearing liabilities decreased by 46.78% to 266,000 yuan [1] - Prepayments increased significantly by 152.62%, attributed to advance payments for wafer procurement [2] - Other current assets increased due to prepaid corporate income tax [3] - Intangible assets surged by 479.82% due to land and EDA purchases [4] - Deferred tax assets rose by 37.31% due to increased share-based payments [5] - Accounts payable increased by 156.81% due to higher material payables [6] - Employee compensation payables decreased by 33.69% due to differences in bonus accruals [7] - Taxes payable decreased by 71.42% due to reduced corporate income tax [8] - Other payables increased by 39.7% due to agent deposits [9] - Management expenses rose by 32.31% due to changes in employee compensation and increased depreciation [10] - Financial expenses increased by 141.94% due to reduced interest income compared to the previous year [11] Investment Insights - The company's return on invested capital (ROIC) was 10.02%, indicating average capital returns, while the net profit margin was high at 30.99%, suggesting strong product or service value [11] - Analysts expect the company's 2025 performance to reach 206 million yuan, with an average earnings per share forecast of 1.55 yuan [11] - The company is held by a prominent fund manager, Dong Jizhou from Taixin Fund, who has recently increased his stake [12] - The largest fund holding Longxun shares is Taixin Small and Medium Cap Selected Mixed Fund, with a scale of 1.836 billion yuan and a recent net value increase of 2.94% [15]

Core Viewpoint - The report highlights the financial performance and growth prospects of Lontium Semiconductor, emphasizing its focus on high-speed mixed-signal chip development and sales, as well as the overall recovery of the semiconductor industry driven by AI and other technologies [3][5][6]. Company Overview and Financial Indicators - Lontium Semiconductor is a fabless integrated circuit design company based in Hefei, specializing in high-speed mixed-signal chips [6][7]. - For the first half of 2025, the company reported revenue of approximately 246.98 million yuan, a year-on-year increase of 11.35% [6][13]. - The net profit attributable to shareholders was approximately 71.52 million yuan, reflecting a 15.16% increase compared to the same period last year [6][13]. - The company's total assets reached approximately 1.54 billion yuan, with net assets attributable to shareholders at approximately 1.46 billion yuan, marking increases of 2.49% and 2.05% respectively [6][13]. Industry Development - The global semiconductor industry is expected to recover in 2024, with sales projected to exceed $627.6 billion, driven by demand in AI, edge computing, and 5G technologies [5][6]. - In China, the semiconductor industry is experiencing significant growth, with sales reaching $17.2 billion in June 2025, a year-on-year increase of 13.1% [6][7]. - The domestic integrated circuit exports amounted to $90.47 billion in the first half of 2025, reflecting an 18.9% year-on-year growth [6][7]. Business Development - Lontium focuses on developing high-speed mixed-signal chips for applications in display technology, automotive electronics, and AI [6][7][12]. - The company has established partnerships with major global chip manufacturers, integrating its products into their reference design platforms [7][12]. - The company has invested heavily in R&D, with expenditures amounting to approximately 57.06 million yuan in the first half of 2025, representing 23.10% of its revenue [13][21]. Product Lines - The company's product offerings include high-definition video bridging and processing chips, as well as high-speed signal transmission chips [9][10]. - The video bridging chips are designed for protocol conversion and function processing of various high-definition video signals, while the signal transmission chips facilitate high-speed data transfer [9][10][12]. - Recent product developments include chips that support high refresh rates and variable refresh rates, aimed at enhancing performance in commercial display and security applications [14][16]. Competitive Advantages - Lontium has built a strong competitive edge through continuous innovation and a focus on high-quality product development [21]. - The company maintains a high level of R&D investment, ensuring its ability to adapt to market demands and technological advancements [21]. - The firm has established a robust intellectual property portfolio, with 114 domestic patents and 44 international patents, enhancing its market position [18][21].

Core Viewpoint - Longxin Semiconductor (Hefei) Co., Ltd. reported a positive financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1]. Financial Performance - Total assets at the end of the reporting period reached approximately 1.54 billion RMB, an increase of 2.49% from the previous year [1]. - The net assets attributable to shareholders of the listed company were approximately 1.46 billion RMB, reflecting a growth of 2.05% year-on-year [1]. - Operating revenue for the period was approximately 247 million RMB, marking an increase of 11.35% compared to the same period last year [1]. - Total profit amounted to approximately 68.58 million RMB, which is a 3.16% increase from the previous year [1]. - The net profit attributable to shareholders was approximately 71.52 million RMB, representing a significant increase of 15.16% year-on-year [1]. - The net cash flow from operating activities was approximately 51.48 million RMB [1]. Profitability Metrics - The weighted average return on net assets was 5.00%, an increase of 0.69 percentage points from the previous year [2]. - Basic earnings per share were reported at 0.54 RMB, up 14.89% from 0.47 RMB in the previous year [2]. Research and Development - Research and development expenses accounted for 23.10% of operating revenue, an increase of 2.16 percentage points compared to the previous year [2].

Group 1 - The fourth meeting of the supervisory board of Longxun Semiconductor (Hefei) Co., Ltd. was held on August 22, 2025, with a legal and valid resolution [1][2] - The supervisory 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 supervisory board also approved the special report on the storage and actual use of raised funds for the first half of 2025, stating that the management of the funds complies with relevant laws and regulations [2]

Core Viewpoint - The report outlines the progress and effectiveness of the "Quality Improvement and Efficiency Enhancement Return" action plan for the first half of 2025, highlighting the company's focus on high-quality development and shareholder returns. Group 1: Business Performance - The company achieved total revenue of 246.98 million yuan, an increase of 11.35% year-on-year, and a net profit attributable to shareholders of 71.52 million yuan, up 15.16% year-on-year [1] - The net profit after excluding non-recurring gains and losses was 56.90 million yuan, reflecting a growth of 17.56% compared to the previous year [1] Group 2: Research and Development - The company invested 57.06 million yuan in R&D during the first half of 2025, a 22.87% increase year-on-year, representing 23.10% of total revenue [2] - The company successfully developed a chip for commercial display and security applications that supports high refresh rates and can switch between multiple input signals, significantly reducing design complexity and production costs [3] Group 3: Product Development and Market Expansion - The company is expanding its product line in high-definition video bridging and processing chips, leveraging AI technology to meet the growing demand for edge computing and advanced communication [4][5] - The company has made significant progress in automotive electronics, with new products being promoted in the market, including a vehicle-mounted SerDes chip group [5] Group 4: Talent Development and Incentives - The company emphasizes talent development, with 72.84% of employees in R&D roles, and 54.24% of R&D personnel holding master's degrees or higher [6] - The implementation of the 2024 restricted stock incentive plan aims to attract and retain talent while enhancing team stability and creativity [7] Group 5: Supply Chain and Production Capacity - The company is optimizing its supply chain management and has expanded its production capacity by adding two wafer fabs and one packaging plant [8] - The company is conducting R&D on mixed-signal chips with advanced manufacturing processes, achieving transmission rates of up to 20 Gbps [8] Group 6: Shareholder Returns - The company has implemented cash dividends and capital reserve transfers to enhance shareholder returns, distributing 7.00 yuan per 10 shares, totaling approximately 70.99 million yuan [9] - The capital reserve transfer increased the total share capital from 102,280,590 shares to 132,704,525 shares [9] Group 7: Corporate Governance and Transparency - The company has established a public opinion management system to enhance its response capabilities and protect investor interests [10] - The company has improved its information disclosure practices, holding 21 investor communication events in the first half of 2025 to enhance transparency [10]

Summary of Key Points Core Viewpoint The report provides a detailed account of the fundraising activities and the actual usage of the raised funds by Longxun Semiconductor (Hefei) Co., Ltd. for the first half of 2025, ensuring compliance with relevant regulations and highlighting the management of the funds. Fundraising Overview - The company raised a total of RMB 1,121,301,008.16 through the issuance of 17,314,716 shares at a price of RMB 64.76 per share, with net proceeds amounting to RMB 1,030,280,987.25 after deducting issuance costs of RMB 91,020,020.91 [1][2] - As of June 30, 2025, the balance in the fundraising account was RMB 54,652,144.00, which includes interest income after deducting fees [2][3] Fund Management - The company has established a fundraising management system to ensure proper storage and usage of the funds, adhering to various legal and regulatory requirements [2][4] - A tripartite supervision agreement was signed with the underwriter and banks to clarify the rights and obligations of all parties involved in managing the funds [2][4] Actual Usage of Funds - The company has directly invested RMB 213,822,073.62 in fundraising projects, with RMB 52,888,175.13 being invested during the reporting period [2][7] - There were no changes in the implementation locations or methods for the fundraising projects during the reporting period [3][6] - The company did not use idle funds to temporarily supplement working capital during the reporting period [5][8] Cash Management of Idle Funds - The company approved the use of idle funds for cash management, with a maximum amount of RMB 90,000,000.00 allocated for safe and liquid investment products [5][6] - Specific cash management activities included investments in structured deposits and other financial products, ensuring that these activities do not affect the implementation of fundraising projects [5][6] Project Status and Adjustments - The company has postponed the expected completion dates for certain fundraising projects, including the "HD Video Bridge and Processing Chip Development and Industrialization Project" and the "High-Speed Signal Transmission Chip Development and Industrialization Project" [6][8] - The total amount of funds invested in these projects as of the reporting period was RMB 28,432.36 million, with a completion rate of 27.60% [7][8]