证券代码：688486 证券简称：龙迅股份 公告编号：2025-024 龙迅半导体（合肥）股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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。 重要内容提示： ? 会议召开时间：2025 年 5 月 20 日（星期二）上午 09:00-10:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 ? 会议问题征集：投资者可于 2025 年 5 月 13 日（星期二）至 5 月 19 日（星 期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司 邮箱 yzhao@lontium.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 龙迅半导体（合肥）股份有限公司（以下简称"公司"）已于 2025 年 4 月 季度报告》。为便于广大投资者更全面深入地了解公司 2025 年第一季度经营成 果、财务状况，公司计划于 2025 年 5 ...

证券代码：688486 证券简称：龙迅股份 公告编号：2025-024 龙迅半导体（合肥）股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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。 重要内容提示： 会议问题征集：投资者可于 2025 年 5 月 13 日（星期二）至 5 月 19 日（星 期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司 邮箱 yzhao@lontium.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 龙迅半导体（合肥）股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日在上海证券交易所网站（www.sse.com.cn）披露了《龙迅股份 2025 年第一 季度报告》。为便于广大投资者更全面深入地了解公司 2025 年第一季度经营成 果、财务状况，公司计划于 2025 年 5 月 20 日（星期二）上午 09:00-10:00 举行 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 1 会议召开时 ...

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 [1]. Financial Performance - In Q1 2025, the company's revenue was 109 million yuan, representing a year-on-year increase of 4.5% but a quarter-on-quarter decrease of 17.7%. The decline was primarily due to supply constraints, although overall order and demand trends remain positive [1]. - The gross margin for Q1 2025 was 54.43%, showing a year-on-year increase of 0.33 percentage points and a quarter-on-quarter increase of 0.2 percentage points, indicating relative stability [1]. - The net profit margin was 26.15%, reflecting a year-on-year decrease of 3.58 percentage points and a quarter-on-quarter decrease of 11.93 percentage points. Total expenses for Q1 2025 were nearly 40 million yuan, with an expense ratio of approximately 36.59% [1]. Supply Chain Strategy - The company is optimizing its supply chain system to create a dual-cycle model, enhancing supply security while achieving cost reductions. A new domestic wafer foundry is set to be added in 2024, and measures such as introducing new suppliers and negotiating prices with existing suppliers are being implemented to effectively control procurement costs [1]. R&D Focus Areas - Future R&D efforts will concentrate on automotive electronics, micro-displays, AR/VR, and HPC. The company has successfully integrated multiple video bridging and processing chips into automotive head-up display systems and infotainment systems, with nine chips passing AEC-Q100 testing and entering production for several well-known domestic and international automakers [2]. - The company is also producing 4K/8K ultra-high-definition video signal bridging chips that meet the demands of the new wave of commercial displays and VR/AR micro-display markets. Additionally, a general-purpose high-speed signal extension chip based on 12.5Gbps SERDES technology has been domestically applied in the 5G communication sector [2]. - The company is developing a vehicle-mounted SerDes chip set aimed at the high-end automotive market, which has successfully entered the trial production phase. Furthermore, R&D is ongoing for data transmission and processing chips targeting AI, HPC, and next-generation communication fields [2]. Investment Outlook - Longxin Co., Ltd. is deeply engaged in high-speed mixed-signal chips, with expectations for gradual volume growth in vehicle-mounted SerDes chips. The company is also expanding into AR/VR and server sectors. Short-term focus should be on resolving supply chain constraints and monitoring changes in customer demand. Revenue projections for 2025-2027 are anticipated to be in the billions, with corresponding net profit estimates and PE ratios provided [3].

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a slight year-on-year revenue increase of 4.5% in Q1 2025, with revenue of 109 million yuan, but faced a quarter-on-quarter decline of 17.7% due to supply constraints [6] - The company is focusing on improving its supply chain capabilities and has plans to establish a dual-cycle supply system to enhance stability and cost efficiency [6] - Key areas for future research and development include automotive electronics, micro-displays, AR/VR, and high-performance computing (HPC) [6] - The company expects revenue growth to reach 693 million yuan in 2025, with a net profit of 199 million yuan, corresponding to a PE ratio of 49.3 [6] Financial Data and Valuation - Total revenue is projected to grow from 323 million yuan in 2023 to 1.31 billion yuan in 2027, with a compound annual growth rate (CAGR) of 34% to 31% [2][12] - Operating profit is expected to increase from 103 million yuan in 2023 to 391 million yuan in 2027, with a CAGR of 48% to 33% [2][12] - The company's net profit attributable to shareholders is forecasted to rise from 103 million yuan in 2023 to 372 million yuan in 2027, with a CAGR of 48% to 32% [2][12] - The company maintains a healthy balance sheet with a debt ratio of 9.0% and a return on equity (ROE) of 10.2% [3][12] Stock Performance - The company's stock has shown strong performance, with a 1-month absolute return of 31%, a 6-month return of 173%, and a 12-month return of 114% [5]

Core Viewpoint - The company reported a slight increase in revenue for Q1 2025, but a decrease in net profit, primarily due to rising expenses. The company is also investing in a new R&D base to enhance its operational environment [1][2]. Revenue and Profit Summary - In Q1 2025, the company achieved revenue of 1.09 billion, a year-on-year increase of 4.52%. However, the net profit attributable to shareholders was 0.29 billion, reflecting a year-on-year decrease of 8.06%. The non-recurring net profit was 0.21 billion, down 8.93% year-on-year. The gross profit margin was 54.43%, up 0.32 percentage points year-on-year [1][2]. Expense Analysis - The company has been increasing its R&D investment, with R&D expenses in Q1 2025 amounting to 0.28 billion, a year-on-year increase of 23.24%, resulting in an R&D expense ratio of 25.31%. Additionally, sales, management, and financial expenses for the quarter were 11.28%, up 2.19 percentage points year-on-year [2]. Market Opportunities - The company is poised to benefit from the growing demand for automotive SerDes chips, with the market in mainland China expected to reach 1.088 billion by 2025. The average value per vehicle for SerDes is projected to be 44.35. Currently, the market is dominated by foreign manufacturers, with limited domestic competition [3]. - The company’s automotive bridge chip business is also expanding, with significant market share growth in head-up displays and in-car entertainment systems. By the end of Q3 2024, revenue from automotive electronics accounted for approximately 20% of total revenue [3]. Future Projections - Revenue projections for the company from 2025 to 2027 are estimated at 7.05 billion, 11.19 billion, and 14.50 billion, respectively. Net profit attributable to shareholders is projected to be 2.09 billion, 3.48 billion, and 4.34 billion for the same period. The company is well-positioned in the domestic market for video bridge chips and is actively expanding in the automotive sector [4].

Summary of Key Points Core Viewpoint - The financing balance of the Sci-Tech Innovation Board has decreased for three consecutive trading days, indicating a potential shift in investor sentiment and market dynamics [1][2]. Financing Balance - As of April 28, the total financing balance on the Sci-Tech Innovation Board is 149.40 billion yuan, down by 523.46 million yuan from the previous trading day [1]. - The highest financing balance is held by SMIC at 7.25 billion yuan, followed by Cambrian and Haiguang Information with 5.38 billion yuan and 3.34 billion yuan respectively [1]. - A total of 279 stocks saw an increase in financing balance, while 305 stocks experienced a decrease [1]. Margin Trading Balance - The total margin trading balance is 5.22 billion yuan, which is a decrease of 1.73 million yuan from the previous trading day [1]. - The highest margin trading balance is also held by SMIC at 26 million yuan, followed by Haiguang Information and Cambrian with 22 million yuan and 20 million yuan respectively [2]. - 103 stocks saw an increase in margin trading balance, while 152 stocks experienced a decrease [2]. Notable Changes in Financing and Margin Trading - Significant increases in financing balance were observed in Warner Pharmaceuticals (31.90%), Longxin Technology (14.02%), and Yubang Power (14.01%) [2]. - The largest decreases in financing balance were seen in Zhenhua Wind Power (-15.51%), Jushi Chemical (-15.30%), and Tianwei Electronics (-12.50%) [1]. - In margin trading, notable increases were recorded for Kesi Technology (406.67%), China Electric Research (160.27%), and Yaokang Bio (124.94%) [2]. - The largest decreases in margin trading were noted for Fangyuan Co. (-77.74%), Aerospace Huanyu (-51.43%), and Gai Lun Electronics (-47.06%) [2].

证券代码：688486 证券简称：龙迅股份 公告编号：2025-022 本次会议由监事会主席王瑞鹍先生主持召开，全体与会监事经认真审议和表决， 形成以下决议： 二、监事会会议审议情况 （一）审议通过《关于2025年第一季度报告的议案》 公司《2025年第一季度报告》真实、准确、完整地反映了公司2025年第一季度 的财务状况和经营成果，不存在虚假记载、误导性陈述或重大遗漏。公司2025年第 一季度报告的编制和审议程序符合法律、法规、《公司章程》的各项规定。因此， 监事会一致同意本议案。 表决结果：同意3票，反对0票，弃权0票，回避0票。 具体内容详见公司同日在上海证券交易所网站(www.sse.com.cn)披露的《龙迅 股份2025年第一季度报告》。 1 龙迅半导体（合肥）股份有限公司 第四届监事会第四次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 龙迅半导体（合肥）股份有限公司（以下简称"公司"或"龙迅股份"）第四 届监事会第四次会议于2025年4月25日在公司会议室以现场与通讯相 ...

前十大流通股东累计持有： 2443.59万股，累计占流通股比： 42.92%，较上期变化： -235.24万股。 | 名称 持有数量(万股) | | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 合肥赛富合元创业投资中心(有限合伙) | 534.10 | 9.38 | 不变 | | 安徽红土创业投资有限公司 | 439.89 | 7.73 | -71.51 | | 合肥海恒控股集团有限公司 | 298.53 | 5.24 | 不变 | | 合肥中安海创创业投资合伙企业(有限合伙) | 246.59 | 4.33 | -71.45 | | 全国社保基金一一四组合 | 241.37 | 4.24 | 不变 | | 富国新兴产业股票A/B | 220.01 | 3.86 | 16.09 | | 泰信中小盘精选混合 | 160.00 | 2.81 | 18.00 | | 华富瑞兴投资管理有限公司 | 114.19 | 2.01 | -78.81 | | 滁州中安创投新兴产业基金合伙企业(有限合伙) | 101.91 | 1.79 | -29.39 | | 泰信鑫 ...

龙迅半导体（合肥）股份有限公司 舆情管理制度 第一章 总则 第一条 为了提高龙迅半导体（合肥）股份有限公司（以下简称"公司"）应对各 类舆情的能力，建立快速反应和应急处置机制，及时妥善处理各类舆情对公司股 价、商业信誉及正常生产经营活动造成的影响，切实保护投资者合法权益，根据相 关法律法规、规范性文件和《龙迅半导体（合肥）股份有限公司章程》（以下简称 "《公司章程》"）等规定，制定本制度。 第二条 本制度所称的"舆情"是指： 第三条 舆情信息的分类： （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活动，使 公司已经或可能遭受损失，已经或可能造成公司股票及其衍生品交易价格异常波动 的负面舆情； （二）一般舆情：指除重大舆情之外的其他舆情。 第四条 本制度适用于公司及合并报表范围内的下属子公司。 第二章 舆情管理的组织体系及其工作职责 第五条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同应对。 第六条 公司成立应对舆情管理工作领导小组（以下简称"舆情工作组"），由公 司董事长担任组长，董事会秘书担任副组长，成员由公司其他高级管理人员及相关 职能部门负责人组成。 （一）报刊、电视、网络等媒 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 109,010,800.10, representing a 4.52% increase compared to CNY 104,301,247.18 in the same period last year[2]. - Net profit attributable to shareholders decreased by 8.06% to CNY 28,509,151.76 from CNY 31,009,984.93 year-on-year[2]. - Total operating revenue for Q1 2025 was CNY 109,010,800.10, an increase of 4.3% compared to CNY 104,301,247.18 in Q1 2024[18]. - Net profit for Q1 2025 was CNY 28,509,151.76, a decrease of 8.1% from CNY 31,009,984.93 in Q1 2024[20]. - Basic and diluted earnings per share for Q1 2025 were both CNY 0.28, compared to CNY 0.30 in Q1 2024[20]. - The company reported a profit before tax of CNY 29,014,650.96, down from CNY 32,378,347.62 in the previous year[20]. Cash Flow - The net cash flow from operating activities improved significantly to CNY 18,013,653.10, compared to a negative CNY 35,524,658.04 in the previous year[2]. - In Q1 2025, the net cash flow from operating activities was ¥18,013,653.10, a significant improvement compared to a net outflow of ¥35,524,658.04 in Q1 2024[23]. - Total cash inflow from operating activities in Q1 2025 was ¥130,246,315.51, up from ¥102,172,876.05 in Q1 2024, representing an increase of approximately 27.5%[23]. - Cash outflow from operating activities decreased to ¥112,232,662.40 in Q1 2025 from ¥137,697,534.09 in Q1 2024, a reduction of about 18.6%[23]. - The net cash flow from investing activities was negative at -¥297,309,747.51 in Q1 2025, compared to a positive net cash flow of ¥65,423,433.27 in Q1 2024[24]. - Cash inflow from investing activities totaled ¥621,083,531.09 in Q1 2025, down from ¥802,755,487.96 in Q1 2024, indicating a decrease of approximately 22.6%[24]. - Cash outflow from investing activities increased to ¥918,393,278.60 in Q1 2025 from ¥737,332,054.69 in Q1 2024, an increase of about 24.6%[24]. - The net cash flow from financing activities was -¥146,475.00 in Q1 2025, compared to -¥29,760,770.04 in Q1 2024, indicating a slight improvement[24]. - The ending balance of cash and cash equivalents was ¥80,451,583.79 in Q1 2025, down from ¥112,449,746.20 in Q1 2024[24]. - The company experienced a net decrease in cash and cash equivalents of -¥279,471,083.73 in Q1 2025, contrasting with a net increase of ¥116,933.86 in Q1 2024[24]. - The company reported a cash inflow from sales of goods and services of ¥125,397,212.82 in Q1 2025, compared to ¥90,871,638.85 in Q1 2024, reflecting a growth of approximately 38.0%[23]. Research and Development - R&D investment totaled CNY 27,591,362.19, an increase of 23.24% from CNY 22,388,803.05, accounting for 25.31% of operating revenue, up from 21.47%[2][3]. - R&D expenses in Q1 2025 amounted to CNY 27,591,362.19, an increase of 23.8% compared to CNY 22,388,803.05 in Q1 2024[18]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,530,067,670.07, a 1.84% increase from CNY 1,502,359,846.45 at the end of the previous year[3]. - Total liabilities increased to CNY 137,327,607.34 from CNY 70,560,367.90 year-over-year[15]. - The company's equity attributable to shareholders was CNY 1,392,740,062.73, down from CNY 1,431,799,478.55 in the previous year[15]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 4,750[8]. - The largest shareholder, Feng Chen, holds 37.64% of the shares, totaling 38,495,035 shares[8]. - The total number of unrestricted circulating shares held by the top ten shareholders includes significant holdings from various investment partnerships and funds[9]. - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[10]. - The company has not disclosed any related party transactions among the shareholders listed[10]. Other Comprehensive Income - The company reported non-recurring gains of CNY 7,380,805.76, after accounting for tax effects[6]. - Other comprehensive income after tax for Q1 2025 was CNY 2,978.99, reflecting a slight increase compared to the previous year[20].