Core Viewpoint - The company Jingjiawei (300474) announced that senior management personnel Liu Peifu plans to reduce his holdings by no more than 7,400 shares, which represents 0.0014% of the company's total share capital, due to personal financial needs [1] Summary by Relevant Categories Management Changes - Liu Peifu currently holds 29,925 shares, accounting for 0.0057% of the company's total share capital [1] Share Reduction Details - The share reduction will be executed through centralized bidding within three months after the announcement, starting 15 trading days from the date of disclosure [1] - The reduction price will be determined based on market conditions [1] Impact on Company - The planned reduction will not lead to a change in the company's control and will not significantly affect the company's governance structure or ongoing operations [1]

证券代码：300474 证券简称：景嘉微 公告编号：2025-031 长沙景嘉微电子股份有限公司 关于高级管理人员减持股份的预披露公告 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。 特别提示： 直接持有长沙景嘉微电子股份有限公司（以下简称"公司"或"本公司"） 股份 29,925 股（占公司总股本比例为 0.0057%）的公司高级管理人员刘培福先生 拟自本公告披露之日起 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%）。 公司于近日收到上述股东出具的《股份减持计划告知函》，现将告知函具体 内容公告如下： 一、股东基本情况 1、股东名称：刘培福先生 5、减持期间：拟自本公告披露之日起 15 个交易日后的三个月内（窗口期不 减持）。 6、减持价格：根据减持时的市场价格确定。 7、本次拟减持事项与刘培福先生此前已披露的持股意向、承诺一致。 8、刘培福先生不存在《深圳证券交易所上市公司自律监管指引第 18 ...

一、股东大会通过权益分派方案的情况 2024 年年度权益分派实施公告 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。 长沙景嘉微电子股份有限公司（以下简称"公司"或"本公司"）2024 年 年度权益分派方案已获2025年5月15日召开的2024年年度股东大会审议通过， 现将权益分派事宜公告如下： 1、公司 2024 年年度股东大会审议通过的 2024 年年度权益分派方案为：以 公司现有总股本 522,619,223 股为基数，向全体股东每 10 股派发现金红利 0.600000 元（含税），本次分配不实施资本公积转增股本、不分红股。 证券代码：300474 证券简称：景嘉微 公告编号：2025-030 长沙景嘉微电子股份有限公司 二、权益分派方案 本公司 2024 年年度权益分派方案为：以实施 2024 年年度权益分派时股权登 记日（2025 年 5 月 23 日）的总股本 522,619,223 股为基数，向全体股东每 10 股 派 0.600000 元人民币现金（含税；扣税后，通过深股通持有股份的香港市场投 资者、境外机构（含 QFII、RQFII）以及持 ...

证券代码：300474 证券简称：景嘉微 公告编号：2025-029 长沙景嘉微电子股份有限公司 2024 年年度股东大会决议公告 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。 特别提示 1、本次股东大会不存在否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 2、会议地点：长沙市岳麓区梅溪湖路 1 号公司 5 楼会议室 3、股东大会的召集人：长沙景嘉微电子股份有限公司（以下简称"公司"） 第五届董事会 4、股东大会的主持人：公司董事长曾万辉 5、本次股东大会会议的召集、召开程序符合有关法律、行政法规、部门规 章、规范性文件和《公司章程》等规定。 （二）会议出席情况 1、股东总体出席情况 参加本次股东大会现场会议和网络投票表决的股东及股东代理人共 561 人， 代表有表决权的公司股份数合计为 204,834,452 股，占公司有表决权股份总数的 39.1938%。 1、会议召开的日期、时间 （1）现场会议召开时间：2025 年 5 月 15 日下午 14:30。 （2）网络投票时间：2025 年 ...

国浩律师（长沙）事务所 关于 长沙景嘉微电子股份有限公司 2024 年年度股东大会 之 法律意见书 长沙市湘江中路保利国际广场 B3 栋 17 楼 邮编：410000 17/F, Building B3, Poly International Plaza, Middle Xiangjiang Road, Changsha 410000, China 电话/Tel: +86 731 8868 1999 传真/Fax: +86 731 8868 1999 网址/Website: http://www.grandall.com.cn 2025 年 5 月 国浩律师（长沙）事务所 法律意见书 国浩律师（长沙）事务所 关于长沙景嘉微电子股份有限公司 2024 年年度股东大会之 法律意见书 致：长沙景嘉微电子股份有限公司 国浩律师（长沙）事务所（以下简称"本所"）接受长沙景嘉微电子股份有限 公司（以下简称"公司"）的委托，指派本所律师出席并见证了公司 2024 年年度 股东大会，并根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以 下简 ...

Core Viewpoint - The ChiNext 50 Index has shown strong performance, with significant gains in constituent stocks, indicating a favorable environment for technology growth and investment opportunities in the ChiNext market [1][2]. Group 1: Index Performance - As of May 12, 2025, the ChiNext 50 Index (399673) rose by 2.34%, with stocks like AVIC Chengfei (302132) hitting a 20% limit up and currently up by 17.80% [1]. - The ChiNext 50 ETF (159681) increased by 2.06%, with the latest price at 0.89 yuan [1]. - The latest scale of the ChiNext 50 ETF reached 1.531 billion yuan, ranking it among the top comparable funds [1]. Group 2: Fund Growth and Fees - The ChiNext 50 ETF has seen a significant increase in shares, with a growth of 216 million shares over the past six months, placing it at the top among comparable funds [1]. - The management fee for the ChiNext 50 ETF is 0.15%, and the custody fee is 0.05%, making it the lowest in its category [1]. Group 3: Market Sentiment and Valuation - According to Kaiyuan Securities, the technology growth style is worth focusing on, with a resurgence in mergers and acquisitions and continued domestic policy support for the technology sector [1]. - Guotai Junan Securities suggests that the risk premium in the Chinese stock market is likely to decrease systematically, with the ChiNext 50 Index's price-to-book ratio (PB) at 4.56 times, significantly lower than 84.1% of the time over the past five years, indicating strong valuation attractiveness [1][2]. Group 4: Composition of the Index - The ChiNext 50 Index consists of 50 stocks with high average daily trading volumes, primarily representing well-known, large-cap, and liquid companies in the ChiNext market [2]. - As of April 30, 2025, the top ten weighted stocks in the ChiNext 50 Index accounted for 64.53% of the index, including companies like Ningde Times (300750) and Mindray Medical (300760) [2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 466 million yuan in 2024, a decrease of 34.62% year-on-year, and a net profit attributable to shareholders of -165 million yuan, a decrease of 376.67% year-on-year. In Q1 2025, the revenue was 102 million yuan, down 5.46% year-on-year, with a net profit of -55 million yuan, a decrease of 375.50% year-on-year [2][4] - The company is committed to high-level R&D in GPU technology, with significant investments in the field, which accounted for 60.2% of revenue in 2024 and 68.2% in Q1 2025. This high R&D expenditure has impacted profitability but is aimed at transitioning from "specialized" to "specialized + general-purpose" strategies [10] - New products are entering the promotion and application phase, filling gaps in computing power. The JM11 series is currently being promoted for various cloud applications, while the Jinghong series of high-performance computing modules and systems addresses the company's previous product gaps in AI training and scientific computing [10] - The company's foundational business remains robust, with a solid competitive position in the graphics control field. The growth of the domestic ecosystem and the increasing demand for computing power driven by AI technology are expected to accelerate growth in the chip business [10] Financial Summary - In 2024, the company is projected to achieve a net profit of 42 million yuan in 2025, 126 million yuan in 2026, and 235 million yuan in 2027, with corresponding price-to-earnings ratios of 856x, 287x, and 154x [10]

Core Insights - The demand for AI inference is driving significant growth in the performance of domestic AI chip companies, with notable improvements in financial results for key players like Cambrian and Haiguang [1][2][11] - Cambrian has ended six consecutive years of losses, achieving profitability in Q4 2024 and continuing this trend into Q1 2025, with a substantial revenue increase [2][6] - Haiguang's performance remains stable, with a strong revenue growth driven by innovations in general computing products [11][14] Cambrian's Performance - Cambrian reported a revenue of 1.174 billion yuan in 2024, a year-on-year increase of 65.56%, and a net loss of 452 million yuan, which is a 46.69% reduction in losses compared to the previous year [2] - In Q1 2025, Cambrian's revenue surged to 1.111 billion yuan, a 40-fold increase year-on-year, although the quarter-on-quarter growth showed a decline [6] - The company achieved a net profit of 355 million yuan in Q1 2025, marking a 256.39% increase compared to a loss of 227 million yuan in the same quarter of the previous year [7] Haiguang's Stability - Haiguang achieved a revenue of 9.162 billion yuan in 2024, a 52.4% increase year-on-year, with a net profit of 1.931 billion yuan, up 52.87% [11] - In Q1 2025, Haiguang's revenue was 2.4 billion yuan, a 50.76% increase year-on-year, and a net profit of 506 million yuan, reflecting a 75.33% increase [11][14] - The growth is attributed to continuous technological innovation and an expanding market share in general computing products [11][15] Challenges in Specialized Markets - Companies focusing on specialized markets, such as Jingjiawei and Loongson Zhongke, are facing performance pressures, with Jingjiawei's revenue declining by 34.62% in 2024 [17] - Loongson Zhongke reported a slight revenue decrease of 0.28% in 2024, with a net loss of 625 million yuan, indicating challenges in building its ecosystem [20] - Both companies are attempting to transition from specialized to more general market applications to enhance growth [17][20] Industry Trends and Innovations - The rapid adaptation of AI chip manufacturers to DeepSeek's models is seen as a significant step towards internationalization and enhancing the domestic AI chip ecosystem [22][23] - The introduction of integrated computing products is gaining traction, with over a hundred models available, although there are concerns about their performance consistency [24] - Innovations in computing efficiency and transmission rates are being pursued, exemplified by Huawei's new CloudMatrix architecture, which significantly enhances resource interconnect bandwidth [26]

Group 1: Macroeconomic Data - The National Bureau of Statistics will release foreign exchange reserve data on May 7, CPI and PPI reports on May 10, and customs will publish April import and export data on May 9 [1] - In March, China's CPI decreased by 0.1% year-on-year, while PPI continued to decline, with some industries showing positive price changes. Exports in March increased by 12.4% year-on-year in USD terms, while imports fell by 4.3% [1] Group 2: Government Bonds - The Ministry of Finance plans to issue the second phase of ultra-long-term government bonds, with a total face value of 71 billion yuan and a fixed interest rate of 1.88% [2] Group 3: Stock Market Developments - The Beijing Stock Exchange will switch to new securities codes for trial stocks starting May 6, 2025, affecting trading orders and market operations [3] - Multiple companies will remove risk warnings and change their stock names starting May 6, including *ST Hengyu to Hengyu Xintong and ST Tianbang to Tianbang Food [13][15] Group 4: Retail Sector Updates - Walmart has notified some Chinese suppliers to resume shipments, indicating that tariff costs will be borne by American customers. In 2023, Walmart's purchases from China were valued at approximately $30 billion [10][11] Group 5: Corporate Events - Lenovo's 2025 Innovation Technology Conference will take place on May 7, showcasing the Tianxi personal super-intelligent system, which aims to break barriers between different operating systems [6] - The 27th China Beijing International Science and Technology Industry Expo will be held from May 8 to 11, featuring six major exhibition areas [9] Group 6: Stock Unlocking Events - From May 6 to May 9, a total of 40 companies will unlock 6.567 billion shares, with a market value of 48.733 billion yuan, an increase of 10.079 billion yuan from the previous period [17] - The top three companies by unlocking market value are Tianshan Shares (25.86 billion yuan), Jingjiawei (4.43 billion yuan), and Jiahuan Technology (3.5778 billion yuan) [17] Group 7: New Stock Issuance - Three new stocks will be issued this week: Hanbang Technology on May 7, and Weigao Blood Purification and Taili Technology on May 8 [21] Group 8: Market Outlook - Huajin Securities indicates that the A-share market is likely to experience a rebound in May, with structural opportunities in consumption, technology, and dividend stocks [24][25]

证券代码：300474 证券简称：景嘉微 公告编号：2025-027 长沙景嘉微电子股份有限公司 关于向特定对象发行股票解除限售上市流通 的提示性公告 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。 特别提示： 1、本次解除限售股数为公司向特定对象发行的股份，解除限售的股份数量 为 63,986,969 股，占目前公司总股本 522,619,223 股的 12.24%。 2、本次限售股份可上市流通日为 2025 年 5 月 7 日（星期三）。 3、本次申请解除限售的股东共 20 名，共对应 225 个证券账户。 一、公司向特定对象发行股票情况及公司股本情况 经中国证券监督管理委员会《关于同意长沙景嘉微电子股份有限公司向特 定对象发行股票注册的批复》（证监许可〔2024〕841 号）同意注册，长沙景 嘉微电子股份有限公司（以下简称"公司"）向特定对象发行人民币普通股 （A 股）共计 63,986,969 股，本次向特定对象发行股票新增股份于 2024 年 11 月 7 日上市，限售期为新增股份上市之日起 6 个月。本次发行后，公司总股本 增加至 522,619, ...