Core Viewpoint - The company, Longxin Co., is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy and operational capabilities [2] Group 1: Company Strategy - The move aims to deepen the company's international strategic layout and attract outstanding talent [2] - The company is currently in discussions with relevant intermediaries regarding the specific progress of the H-share listing [2] Group 2: Regulatory Process - The specific details of the H-share listing have not yet been determined and will require approval from the board of directors and shareholders [2] - The listing must also obtain approvals from regulatory bodies including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [2] - There is significant uncertainty regarding whether the H-share listing will pass the necessary reviews and approvals [2]

格隆汇9月19日丨龙迅股份(688486.SH)公布，公司为深化国际化战略布局，增强境外投融资及运营能 力，持续吸引并聚集优秀人才，进一步提升公司综合竞争实力，正在筹划境外发行股份(H股)并申请在 香港联合交易所有限公司(以下简称"香港联交所")上市(以下简称"本次H股上市")的相关工作。截至目 前，公司正计划与相关中介机构就本次H股上市的具体推进工作进行商讨，关于本次H股上市的具体细 节尚未确定。 ...

证券代码：688486 证券简称：龙迅股份 公告编号：2025-043 龙迅半导体（合肥）股份有限公司 关于筹划境外发行股份（H 股）并在香港联合交易所有限公司 上市相关事项的提示性公告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 科创板股票上市规则》《境内企业境外发行证券和上市管理试行办法》以及中国香 港法律对在中国境内注册成立的发行人在香港发行股票并上市的有关规定等法律、 法规和规范性文件的要求，待确定具体方案后，本次H股上市尚需提交公司董事会和 股东大会审议，并需取得中国证券监督管理委员会、香港联交所和香港证券及期货 事务监察委员会等相关政府机构、监管机构备案、批准或核准。本次H股上市能否通 过审议、备案和审核程序并最终实施具有较大不确定性。 公司将依据相关法律、法规及规范性文件的规定，根据本次H股上市的后续进展 情况及时履行信息披露义务，切实保障公司及全体股东的合法权益。敬请广大投资 者关注后续公告，注意投资风险。 特此公告。 1 龙迅半导体（合肥）股份有限公司董事会 2025 年 9 月 20 日 2 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 ...

Core Viewpoint - The company is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange, with discussions ongoing with relevant intermediaries for the specific progress of this initiative [1] Group 1: H-Share Issuance - The company is in the process of planning an overseas issuance of shares (H-shares) [1] - The specific details of the H-share listing are yet to be determined as discussions with intermediaries are ongoing [1] - The H-share listing requires approval from the company's board of directors, shareholders' meeting, and relevant regulatory bodies including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [1] Group 2: Regulatory Approval - The progress and outcome of the H-share listing are subject to significant uncertainty due to the need for various approvals and regulatory filings [1]

Group 1 - The company, Longxun Co., Ltd. (688486.SH), is planning to issue shares overseas (H-shares) and apply for listing on the Hong Kong Stock Exchange [1] - Currently, the company is in discussions with relevant intermediaries regarding the specific progress of the H-share listing [1] - The specific details of the H-share listing have not yet been determined [1]

智通财经APP讯，龙迅股份(688486.SH)公告，公司正在筹划境外发行股份(H股)并申请在中国香港联交 所上市的相关工作。截至目前，公司正计划与相关中介机构就本次H股上市的具体推进工作进行商讨， 关于本次H股上市的具体细节尚未确定。 ...

Market Overview - The Shanghai Composite Index closed at 3870.60 points, slightly above the six-month moving average, with a change of -0.12% [1] - The total trading volume of A-shares reached 25,483.12 billion yuan [1] Stocks Breaking the Six-Month Line - A total of 50 A-shares have surpassed the six-month moving average today, with notable stocks including Shanghai Construction, Yihualu, and Runjian Shares, showing divergence rates of 9.89%, 9.08%, and 9.07% respectively [1] - Stocks with smaller divergence rates that just crossed the six-month line include Zhuhai Port, Zhongzhou Special Materials, and Nanjing Chemical Fiber [1] Top Performers - Shanghai Construction (600170) saw a price increase of 9.96% with a turnover rate of 6.20% and a divergence rate of 9.89% [1] - Yihualu (300212) increased by 10.90% with a turnover rate of 12.71% and a divergence rate of 9.08% [1] - Runjian Shares (002929) rose by 9.99% with a turnover rate of 10.76% and a divergence rate of 9.07% [1] Additional Notable Stocks - Other significant gainers include Huafu Times (600169) with a 10.08% increase and a divergence rate of 7.82%, and Shang (002042) with a 10.06% increase and a divergence rate of 7.70% [1] - The stock of Fule New Materials (605488) rose by 10.01% with a divergence rate of 6.93% [1] Stocks with Lower Divergence Rates - Stocks like Zhonghuan Hailu (301040) and Baitong Energy (001376) showed increases of 1.91% and 1.55% respectively, with divergence rates of 1.09% and 1.00% [2] - Longyuan Construction (600491) increased by 1.91% with a divergence rate of 0.97% [2]

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 | | | ...