Market Overview - The Shanghai Composite Index rose by 0.37% on August 29, with 17 out of the 28 sectors experiencing gains, led by the comprehensive and electric equipment sectors, which increased by 3.86% and 3.12% respectively [1] - The defense and military industry saw an increase of 0.76% [1] - The sectors with the largest declines were household appliances and transportation, which fell by 1.82% and 1.69% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 69.47 billion yuan across the two markets, with 7 sectors experiencing net inflows [1] - The electric equipment sector led the net inflow with 3.12% increase and a total inflow of 3.13 billion yuan, followed by the food and beverage sector with a 2.42% increase and an inflow of 1.63 billion yuan [1] - The computer sector had the largest net outflow, totaling 17.30 billion yuan, followed by the electronics sector with a net outflow of 13.11 billion yuan [1] Defense and Military Industry Performance - The defense and military industry had a net inflow of 919 million yuan, with 76 out of 139 stocks in the sector rising [2] - The top three stocks with the highest net inflow were China Satellite Communications with 916 million yuan, Great Wall Military with 301 million yuan, and North Navigation with 261 million yuan [2] - The sector also had 6 stocks with net outflows exceeding 100 million yuan, led by Guangqi Technology with a net outflow of 754 million yuan [4] Top Gainers in Defense and Military Industry - The top gainers in the defense and military sector included: - China Satellite Communications: +8.82%, turnover rate 5.38%, net inflow 915.68 million yuan - Great Wall Military: +10.00%, turnover rate 15.52%, net inflow 301.08 million yuan - North Navigation: +5.79%, turnover rate 9.31%, net inflow 261.12 million yuan [2] Top Losers in Defense and Military Industry - The top losers in the defense and military sector included: - Guangqi Technology: -1.50%, turnover rate 2.66%, net outflow 754.39 million yuan - Jingjia Micro: -3.30%, turnover rate 6.56%, net outflow 271.68 million yuan - China Satellite: +1.90%, turnover rate 11.46%, net outflow 126.12 million yuan [4]

Group 1 - The company plans to invest 10 million RMB as a limited partner, accounting for 2.00% of the total investment in the Changsha Qianqian Qilin Venture Capital Fund Partnership [1] - The total subscription scale of the industrial fund is intended to increase from 300 million RMB to 500 million RMB [1] - The investment focus will be on the new generation information technology sector, aligning with national strategies for cybersecurity and digital economy development [1]

证券代码：300474 证券简称：景嘉微 公告编号：2025-043 长沙景嘉微电子股份有限公司 关于与专业投资机构共同参与投资产业基金的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、投资标的：长沙奇安麒麟创业投资基金合伙企业（有限合伙）（以下简 称"产业基金"）。 2、投资金额：产业基金拟将认缴规模增至人民币 50,000.00 万元，长沙景嘉 微电子股份有限公司（以下简称"公司"、"景嘉微"）拟作为有限合伙人以自 有资金认缴出资额人民币 1,000.00 万元，占总出资比例的 2.00%。 3、本次投资产业基金事项不涉及关联交易，也不构成《上市公司重大资产 重组管理办法》规定的重大资产重组。 4、本次投资产业基金事项无需提交公司董事会、股东大会审议。 5、由于产业基金具有投资周期长，流动性较低的特点，本次投资将面临较 长的投资回报期、且产业基金运行过程中将受宏观政策、经济环境、行业周期、 投资标的公司经营周期、交易方案等多种因素影响，可能面临短期内无合适标的、 投资效益不达预期等风险，公司郑重提示广大投资者关注本公告"五、（二） ...

Core Viewpoint - The article discusses the recent response from Muxi Co., Ltd. regarding the inquiry letter for its initial public offering and listing on the Sci-Tech Innovation Board, focusing on its product offerings, market competition, and financial performance. Product and Market Competition - Muxi's products are categorized into training and inference integrated series (GPU boards, GPU servers), intelligent computing inference series (GPU boards), IP licensing, and others, with significant revenue fluctuations across different product types [1][3] - The company has delivered nine intelligent computing clusters, catering to various customer needs, including integrated servers and workstations [1] - The global GPU market is dominated by Nvidia and AMD, with domestic competitors including Huawei HiSilicon, Suiruan Technology, and Kunlun Core, which focus on specialized computing architecture [1] - Muxi's competitive position against international and domestic leaders is not sufficiently detailed in the prospectus [1] Financial Performance and Product Structure - Muxi's revenue from the training and inference integrated series has significantly increased, with the revenue share rising from 30.09% in 2023 to 97.87% in Q1 2025, while the intelligent computing inference series has dropped from 100% to 1.25% during the same period [12][14] - The main revenue sources are the Xiyun C500 series products, which have gained substantial market recognition due to their performance and alignment with industry needs [15][16] - The company has focused its resources on flagship products, which is a common strategy among industry peers like Nvidia, where flagship products dominate revenue streams [18] Product Development and Market Trends - Muxi was established in 2020 with a clear focus on AI training and inference chips, aligning with the growing market demand for such products [10][14] - The company has successfully launched the Xiyun C500 series, which competes with Nvidia's A100 in performance, and has been well-received in various industry applications [15][16] - The GPU chip development cycle is long and capital-intensive, making the concentration on flagship products a strategic choice for Muxi [17] Competitive Landscape and Challenges - The domestic GPU market faces challenges such as competition from international giants, high customer service standards, and a relatively weak software ecosystem [22][23][24] - Muxi's products are positioned to meet the increasing demand for high-performance GPUs in AI applications, particularly in the context of geopolitical tensions and the push for domestic alternatives [15][26] - The company has established partnerships with various sectors, enhancing its market presence and brand recognition [27][28]

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company is firmly investing in GPU research and development, aiming to enter the edge AI chip market. The growth of the domestic ecosystem and the increasing demand for computing power driven by AI technology are expected to accelerate the company's chip business growth [6][10]. - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue of 193 million yuan, down 44.78% year-on-year, and a net loss of 88 million yuan, down 356.51% year-on-year. The gross margin was 45.03%, a decrease of 7.9 percentage points [2][4]. Financial Performance Summary - In 2025H1, the company achieved revenue of 193 million yuan, a year-on-year decrease of 44.78%. The net profit attributable to the parent company was -88 million yuan, a decrease of 356.51%. The net profit after deducting non-recurring items was -96 million yuan, down 550.44%. The gross margin was 45.03%, down 7.9 percentage points [2][4]. - In Q2 2025, the company reported revenue of 91 million yuan, a year-on-year decrease of 62.42%, with a net profit of -33 million yuan, down 171.70%. The gross margin increased to 59.31%, up 10.8 percentage points [2][4]. Business Development Insights - The company's core business in graphics control is developing steadily, with a solid competitive landscape. The introduction of high-performance intelligent computing modules and products targeting AI training and inference is expected to drive growth in the chip business [6][10]. - The company is making a strategic investment of 220 million yuan in Chengheng Microelectronics to gain control over the company, which specializes in edge AI chip design and development [6][10].

第1笔成交价格为73.00元，成交5.64万股，成交金额411.72万元，溢价率为-16.92%，买方营业部为天风 证券股份有限公司浙江分公司，卖方营业部为海通证券股份有限公司广州琶洲证券营业部。 8月26日，景嘉微收跌3.29%，收盘价为87.87元，发生1笔大宗交易，合计成交量5.64万股，成交金额 411.72万元。 责任编辑：小浪快报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为1377.02万元。该股近5个交易日累 计上涨5.52%，主力资金合计净流出10.15亿元。 ...

8月26日，景嘉微大宗交易成交5.64万股，成交额411.72万元，占当日总成交额的0.15%，成交价73元，较市场收盘价87.87元 折价16.92%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交星 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-08-26 | 300474 | 景嘉微 | 73.00 | 5.64 | 411.72 | 天风证券股份有限 | 海通证券股份有限 | | | | | | | | 公司浙江分公司 | 公司广州琶洲证券 | | | | | | | | | 营业部 | ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [4][18]. Core Insights - The company reported a significant decline in revenue and profit for the first half of 2025, with total revenue of 193 million yuan, down 44.78% year-on-year, and a net loss of 88 million yuan, down 356.51% year-on-year. The second quarter alone saw revenue of 91 million yuan, a 62.40% decline year-on-year [1][8]. - Despite the revenue decline, the company's chip business showed resilience, with a slight revenue drop of 3.39%, now accounting for 33.25% of total revenue. The small specialized radar segment also experienced a reduced decline of 18.84%, indicating improved stability [8]. - The company is focusing on technological advancements, with R&D investment increasing by 21.76% to 153 million yuan, representing 79.40% of revenue. This investment supports the development of proprietary GPUs, expanding applications from graphics rendering to computing [8]. - A strategic shift is underway as the company plans to invest 220 million yuan in Chengheng Micro, aiming to enter the edge AI chip market. This move is expected to create a dual-driven model of "GPU + edge AI chips," enhancing domestic computing power applications [8]. - The company anticipates a recovery in performance, projecting revenues of 791 million yuan, 1.234 billion yuan, and 1.9 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 69.6%, 56.1%, and 53.9% [8]. Financial Summary - The company’s total revenue for 2024 is projected at 466 million yuan, with a year-on-year decline of 34.6%. The net profit is expected to improve to 0 million yuan in 2025, with a staggering growth rate of 99.8% in 2026 [3][9]. - The earnings per share (EPS) is forecasted to be -0.32 yuan in 2024, transitioning to 0.00 yuan in 2025 and reaching 0.16 yuan in 2026 [3][9]. - The company’s price-to-sales (P/S) ratio is estimated at 45x for 2026, leading to a target market capitalization of 55.5 billion yuan and a target price of approximately 106 yuan per share [8].

Group 1 - The article highlights the support from the Ministry of Industry and Information Technology for domestic GPU development, indicating a competitive landscape among local companies in the GPU sector [1] - Moores Threads is developing the MTT S80, a full-featured GPU capable of running major games, with a Pre-IPO valuation of 25.5 billion [1] - Jingjia Micro is positioned as a key player with its JM9 GPU nearing the performance of GTX 1050, and a significant market share in government and financial sectors [1] - Birran Technology's BR100 GPU boasts three times the computing power of international flagship products, positioning it as a leader in domestic alternatives despite being listed by the US [2] - Muxi Integration has successfully delivered the Xiyun C500 GPU, with plans for the C600 to support FP8 and CUDA compatibility, marking it as a major player in domestic scaling [3] - Lishuan Technology is set to launch a 6nm GPU in 2025 that will outperform RTX 4060, focusing on digital twins and out-of-order rendering [4] - Haiguang Information stands out as the only company with both CPU and GPU capabilities, forming a unique ecosystem with products widely used in various sectors [5] Group 2 - The article notes that while domestic GPUs may struggle to catch up with established players like NVIDIA, AMD, and Intel in the short term, there is potential for significant growth in the long term, similar to the evolution seen in the home appliance and automotive industries [5]

证券代码：300474 证券简称：景嘉微 公告编号：2025-042 长沙景嘉微电子股份有限公司 关于公司高级管理人员减持计划实施完成的公告 公司高级管理人员刘培福先生保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 长沙景嘉微电子股份有限公司（以下简称"公司"）于 2025 年 6 月 12 日披 露了《关于高级管理人员减持股份的预披露公告》（公告编号：2025-031），公 司高级管理人员刘培福先生计划自上述公告披露之日起 15 个交易日后的三个月 内（窗口期不减持）以集中竞价方式减持本公司股份不超过 7,400 股（占公司总 股本比例为 0.0014%）。 近日，公司收到刘培福先生出具的《关于股份减持计划实施完成的告知函》， 截至本公告披露日，刘培福先生的减持计划已全部实施完成，现将具体情况公告 如下： 一、股东减持情况 | 股东名称 | 股份性质 | 本次减持前持有股份 | | 本次减持后持有股份 | | | --- | --- | --- | --- | --- | --- | | | | 股数（股 ...