Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company is making significant progress in the automotive sector with its self-developed ADP protocol-based SerDes chips, having developed 14 automotive-grade chips certified by AEC-Q100 as of September 30, 2025 [1] - The AI chip market is projected to grow from RMB 128.9 billion in 2025 to RMB 273.9 billion in 2029, with a compound annual growth rate of 20.7%, and the company is expanding its product offerings in the AI & HPC fields [2] - The company expects revenue growth from RMB 604 million in 2025 to RMB 1.279 billion in 2027, with net profit projected to increase from RMB 181 million to RMB 429 million during the same period [3] Summary by Relevant Sections Automotive Sector - The company has successfully developed automotive-grade chips for various applications, including cockpit and driving domains, and is in the market promotion phase for its SerDes chipsets [1] - The automotive SerDes chipsets have already achieved mass production in new business areas like eBikes, and validation tests with automotive manufacturers are ongoing [1] AI Sector - The company is leveraging its high-bandwidth SerDes technology to develop solutions for AI and HPC, with revenue from this sector reaching RMB 7.48 million in the first three quarters of 2025, accounting for 1.9% of total revenue [2] - Key products include a PCIe to SATA bridge chip for AI PCs and servers, and ongoing development of PCIe/CXL/USB Retimer and Switch products [2] Financial Projections - Revenue and net profit forecasts for 2025-2027 are as follows: - Revenue: RMB 604 million (2025), RMB 904 million (2026), RMB 1.279 billion (2027) - Net Profit: RMB 181 million (2025), RMB 319 million (2026), RMB 429 million (2027) - The company anticipates continued contributions from new products like SerDes and PCIe, with a steady progress in its Hong Kong listing [3][4]

责任编辑：江钰涵 当日，蔚来公司还与奇瑞汽车、江淮汽车共同签署《关于共建汽车产业发展协同创新平台的框架协 议》，与龙迅半导体完成车芯协同产业化合作项目签约。蔚来将与产业伙伴携手推动安徽企业之间的技 术共享，进一步推动安徽和合肥开放协同、互利共赢的产业生态。 新浪科技讯 1月6日上午消息，在今日的蔚来公司第100万台量产车下线仪式上，蔚来创始人、董事长、 CEO李斌发表演讲。 他宣布，蔚来公司第100万台量产车正式下线，第100万台量产车为全新蔚来ES8。 ...

Group 1 - The core viewpoint of the news is that Longxin Co., Ltd. has shown significant financial performance with a notable increase in revenue and net profit, while also experiencing changes in shareholder structure and financing activities [2][3]. Group 2 - As of December 31, Longxin's stock price decreased by 1.35%, with a trading volume of 109 million yuan. The financing buy-in amount was 12.24 million yuan, while the financing repayment was 12.88 million yuan, resulting in a net financing buy of -0.64 million yuan. The total financing and securities balance reached 249 million yuan [1]. - The financing balance of Longxin accounts for 4.51% of its circulating market value, which is above the 70th percentile level over the past year, indicating a high level of financing activity [1]. - The company has a total of 10,700 shareholders as of September 30, with an increase of 79.14% compared to the previous period. The average circulating shares per person decreased by 44.18% [2]. - For the period from January to September 2025, Longxin achieved an operating income of 389 million yuan, representing a year-on-year growth of 16.67%, and a net profit attributable to the parent company of 125 million yuan, which is a 32.47% increase year-on-year [2]. - Longxin has distributed a total of 188 million yuan in dividends since its A-share listing [3]. - Among the top ten circulating shareholders, the third-largest shareholder, Fortune New Emerging Industries Stock A, increased its holdings by 2.16 million shares, while other funds like Taixin Small and Medium Cap Selected Mixed Fund reduced their holdings [3].

Core Viewpoint - Longxin Semiconductor, a fabless chip design company, has initiated its H-share IPO process to expand its international capital channels amidst a wave of A-share technology companies seeking secondary listings in Hong Kong [1][2]. Company Overview - Longxin Semiconductor focuses on the research and sales of integrated circuits, particularly in the high-growth sectors of smart video chips and high-speed interconnect chips [2]. - The company ranks fifth globally in the video bridging chip market by revenue and first among mainland Chinese manufacturers, according to a report by Frost & Sullivan [2]. Financial Performance - Revenue growth from 2022 to 2024 is projected at RMB 2.41 billion, RMB 3.23 billion, and RMB 4.66 billion, with a compound annual growth rate (CAGR) of 39.1% [3]. - For the first nine months of 2025, revenue reached RMB 3.89 billion, a 16.7% increase compared to the same period in 2024 [3]. - Net profit for the same period in 2025 grew by 32.5% to RMB 1.25 billion [3]. - Gross margins for 2022, 2023, and 2024 were 58.8%, 53.6%, and 54.3%, respectively, reflecting strong profitability due to optimized product mix and core technology control [3]. Market Position and Competitive Advantage - Longxin Semiconductor has established a significant lead in the mixed-signal chip market, ranking first in mainland China and among the top five globally in the video bridging chip sector [4]. - The proprietary ClearEdge technology platform integrates high-bandwidth SerDes, high-speed protocol processing, and video processing, supporting transmission rates of up to 20Gbps, with advancements towards 32Gbps [4]. - The company has developed a diverse product matrix with over 200 chip models, enabling rapid reuse and expansion across various applications, thus shortening development cycles and reducing costs [4]. Application and Growth Areas - The smart visual terminal segment contributed 79.3% of total revenue in the first nine months of 2025, with applications in drones, robots, commercial displays, and video conferencing systems [5]. - The smart automotive sector has emerged as a strong growth driver, with revenue share increasing from 8.0% in 2022 to 18.0% in 2024, reflecting a CAGR of 109.2% [5]. - The company has 14 chip models certified for automotive applications, enhancing its integration into high-end automotive displays and autonomous driving systems [5]. Strategic Initiatives - The dual listing strategy (A+H) aims to address future uncertainties and leverage capital markets for growth [6]. - The global semiconductor market is projected to grow from RMB 3 trillion in 2020 to RMB 4.2 trillion in 2024, with expectations to reach RMB 7.1 trillion by 2029 [7]. - The Chinese government has elevated the integrated circuit industry to a national strategic level, providing unprecedented opportunities for domestic chip design companies like Longxin Semiconductor [10]. - The funds raised from the IPO will be directed towards enhancing R&D capabilities, expanding overseas business networks, and strategic acquisitions in the global semiconductor industry [10]. Future Outlook - Longxin Semiconductor aims to define new standards in high-speed data transmission through next-generation technologies, addressing the evolving demands of smart cockpits and spatial computing devices [11]. - The company's ability to balance technological iteration and global supply chain dynamics will be crucial for its success in the competitive landscape [11].

Core Viewpoint - Longxin Semiconductor, a fabless chip design company, has initiated its H-share IPO process to expand its international capital channels amidst a wave of A-share technology companies seeking secondary listings in Hong Kong [1][2]. Company Overview - Longxin Semiconductor focuses on the research and sales of integrated circuits, particularly in the high-growth sectors of smart video chips and high-speed interconnect chips [2]. - The company ranks fifth globally in the video bridging chip market by revenue in 2024 and leads among mainland Chinese manufacturers [2][4]. Financial Performance - Revenue growth from 2022 to 2024 is projected at RMB 2.41 billion, RMB 3.23 billion, and RMB 4.66 billion, with a compound annual growth rate (CAGR) of 39.1% [3]. - For the first nine months of 2025, revenue reached RMB 3.89 billion, a 16.7% increase compared to the same period in 2024 [3]. - Net profit for the same period is expected to grow by 32.5% to RMB 1.25 billion [3]. Market Position and Competitive Advantage - Longxin Semiconductor has established a significant lead in the mixed-signal chip market, ranking first in mainland China and among the top five globally in video bridging chips [4]. - The proprietary ClearEdge technology platform integrates high-bandwidth SerDes, high-speed protocol processing, and video processing, supporting transmission rates of up to 20Gbps, with advancements towards 32Gbps [4]. Product Categories - The company’s products are divided into two main categories: smart video chips and interconnect chips, with smart video chips being the core business [3][5]. - The smart visual terminal segment contributed 79.3% of total revenue in the first nine months of 2025, while the automotive sector has seen rapid growth, with a CAGR of 109.2% [5]. Strategic Initiatives - The company is pursuing a dual capital platform strategy (A+H) to address future uncertainties and enhance its market position [6]. - Longxin Semiconductor aims to leverage the IPO proceeds for increased R&D investment, expansion of overseas business networks, and strategic acquisitions in the global semiconductor industry [10]. Industry Context - The global semiconductor market is expected to grow from RMB 3 trillion in 2020 to RMB 4.2 trillion in 2024, with projections to reach RMB 7.1 trillion by 2029 [7]. - The Chinese government has elevated the integrated circuit industry to a national strategic level, providing significant support for domestic chip design companies like Longxin Semiconductor [10].

Core Viewpoint - The semiconductor industry is experiencing a surge in "A+H" listings, with companies like Longxin Co., Ltd. and others pursuing dual listings to capitalize on market opportunities and enhance capital resources [2][3]. Company Overview - Longxin Co., Ltd. is a leading domestic high-speed mixed-signal chip designer, focusing on efficient and reliable data transmission for smart terminals and AI applications [4][6]. - The company has established a strong market position, ranking first in China and among the top five globally in the video bridge chip market [6]. Financial Performance - Longxin Co., Ltd. has demonstrated impressive financial metrics, with a gross margin exceeding 53% and a net profit margin around 30%, outperforming peers [7]. - The company reported a revenue of 389 million RMB for the first three quarters of 2025, reflecting a year-on-year growth of 16.67%, and a net profit of 125 million RMB, up 32.47% [6][7]. Revenue Breakdown - The company's revenue is primarily derived from smart visual terminals, which accounted for 79.3% of total revenue in the first three quarters of 2025 [8]. - The smart vehicle segment has shown significant growth but is currently facing challenges, while the AI & HPC segment remains small but is expected to grow due to ongoing investments in high-speed transmission protocols [8]. Market Opportunities - The high-speed mixed-signal chip sector presents substantial growth potential, with a current domestic localization rate below 5%, indicating significant room for domestic manufacturers to capture market share [9]. - The market for smart video and interconnect chips is projected to reach a scale of hundreds of billions by 2024, providing ample opportunities for domestic firms [9]. Industry Dynamics - The semiconductor industry is benefiting from supportive domestic policies and technological advancements, which are accelerating development and creating opportunities for local companies [11]. - Longxin Co., Ltd. faces intense competition in technology, particularly in core areas like vehicle SerDes, where it must invest heavily in R&D to keep pace with international leaders [12].

Core Viewpoint - Longxin Semiconductor Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as the exclusive sponsor [2]. Group 1: Company Overview - Longxin Semiconductor was established in 2006 and is a leading designer of high-speed mixed-signal chips, focusing on building efficient and reliable "data highways" for smart terminals, devices, and AI applications [3]. - As of December 23, 2023, Longxin Semiconductor's total market capitalization is approximately 9.793 billion RMB [3]. Group 2: Market Position - According to Frost & Sullivan, Longxin Semiconductor ranks first in the domestic video bridging chip market and is among the top five fabless design companies globally by revenue in 2024 [3]. Group 3: Financial Performance - For the fiscal years ending December 31, 2022, and 2023, Longxin Semiconductor reported revenues of 240.938 million RMB and 323.147 million RMB, respectively, with corresponding net profits of 69.206 million RMB and 102.696 million RMB [4]. - In the first nine months of 2025, the company achieved revenues of 389.203 million RMB and net profits of 124.508 million RMB, reflecting a year-on-year revenue growth of 16.47% and a net profit growth of 32.98% [6]. Group 4: Product Offering - Longxin Semiconductor provides end-to-end solutions that include capabilities for data collection, connectivity, processing, and display, with a product portfolio comprising 151 types of smart video chips and 110 types of interconnect chips as of September 30, 2025 [5].

Core Viewpoint - Longxin Semiconductor Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor [2]. Group 1: Company Overview - Longxin Semiconductor was established in 2006 and is a leading designer of high-speed mixed-signal chips, focusing on building efficient and reliable "data highways" for smart terminals, devices, and AI applications [3]. - As of December 23, 2023, Longxin Semiconductor's total market capitalization is approximately 9.793 billion RMB [3]. Group 2: Market Position - According to Frost & Sullivan, Longxin Semiconductor ranks first in the mainland China video bridging chip market and is among the top five fabless design companies globally by revenue in 2024 [3]. Group 3: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first nine months of 2025 are reported as 240.938 million RMB, 323.147 million RMB, 466.003 million RMB, and 389.203 million RMB respectively [4]. - The corresponding net profits for the same periods are 69.206 million RMB, 102.696 million RMB, 144.412 million RMB, and 124.508 million RMB [4]. Group 4: Dividend Distribution - Longxin Semiconductor has distributed dividends of 29.6 million RMB, 20.8 million RMB, 96.5 million RMB, and 71 million RMB for the years 2022, 2023, 2024, and the first nine months of 2025, totaling 217.9 million RMB [5]. Group 5: Shareholding Structure - Prior to the IPO, Feng Chen directly held 37.53% of the shares and controlled an additional 3.31% through Chip Wealth, along with 3.45% voting rights through an irrevocable proxy from his mother, totaling approximately 44.29% control [7].

Group 1: New Listings on Hong Kong Stock Exchange - Nobikang (HK02635) and Qingsong Health (HK02661) had a strong debut, with Nobikang closing at HKD 371 per share, up 363.75%, achieving a total market capitalization of HKD 14.049 billion; Qingsong Health closed at HKD 58.7 per share, up 158.82%, with a total market capitalization of HKD 12.114 billion [1] - Hansai Aitai-B (HK03378) experienced a decline, closing at HKD 17.2 per share, down 46.25%, with a total market capitalization of HKD 2.343 billion [1] - The contrasting performances of these three new stocks reflect investor preferences and the misalignment of fundamentals and valuations, indicating a more rational investment approach [1] Group 2: Upcoming IPOs - Haizhi Technology has submitted a listing application to the Hong Kong Stock Exchange, ranking fifth among industrial-grade AI providers in China by projected 2024 revenue, and first among image-centric AI providers [2] - Longxun Co., Ltd. has also filed for a listing, focusing on high-speed mixed-signal chip design for smart visual terminals and AI applications, leading the domestic video bridging chip market and ranking among the top five globally in the fabless design sector [3] - Weichai Lovol has submitted its listing application, recognized as a leading provider of smart agricultural solutions in China, aiming to enhance agricultural sustainability through intelligent machinery and technology [4] Group 3: Market Performance - On December 23, the Hong Kong stock market index closed at 25,774.14, down 0.11%, with the old biotechnology sector index at 5,488.89, down 0.69%, and the technology sector index at 8,913.83, down 0.29% [5]

Group 1 - The core point of the article is that Longxun Co., which is already listed on the A-share Sci-Tech Innovation Board, has submitted a listing application to the Hong Kong Stock Exchange, highlighting the growing interest in technology stocks, particularly in the semiconductor sector [1] - Longxun Co. specializes in high-speed mixed-signal chips, with business coverage in popular sectors such as smart vision, automotive, AR/VR, and AI computing, showing impressive growth, especially in automotive business with a compound annual growth rate exceeding 100% [1] - The company’s revenue projections for 2022, 2023, and 2024 indicate significant growth across various segments, with total revenue expected to rise from RMB 240.94 million in 2022 to RMB 466.00 million in 2024 [3] Group 2 - The article discusses the anxiety of missing investment opportunities during bullish market trends, emphasizing that the fear of "missing out" can prevent investors from making timely decisions [4] - It highlights the importance of understanding market consensus and the role of institutional investors in driving stock price movements, suggesting that recognizing the true nature of market trends is crucial for avoiding missed opportunities [4] - The article explains that analyzing trading data can reveal the behavior of different capital groups, allowing investors to understand the underlying dynamics of market movements and make more informed decisions [5][10] Group 3 - Longxun Co.'s move to list in Hong Kong is seen as a positive signal for the entire chip design sector, but the actual impact on stock prices will depend on the attitude of institutional investors [13] - The article suggests that observing the trading behavior of institutional investors can help assess the quality of investment opportunities, distinguishing between short-term speculative trading and sustained institutional participation [13] - It emphasizes the need for investors to utilize quantitative tools to analyze market data, which can help filter out noise and enhance confidence in holding stocks amidst market volatility [13]