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, ...

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，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 522,619,223 股。具体发行情况如下： | 序号 | 发行对象 | 获配股数（股） | 限售期（月） | | --- | --- | --- | --- | | 1 | 财通基金管理有限公司 | 7,363,544 | 6 | | 2 | 董易 | 934,735 | 6 | | 3 | 葛卫东 | 10,015,022 | 6 | | 4 | 郭伟松 | 3,505,257 | 6 | | 5 | 国泰基金管理有限公司 | 500,751 | 6 | | 6 | 华安证券资产管理有限公司 | 500,751 | 6 | | 7 | 华泰资产管理有限公司（华泰优颐股票专项型养老金 | 500,751 | 6 | | | 产品-中国农业银行股份有限公司） | ...

长沙景嘉微电子股份有限公司 关于参与投资设立的产业投资基金进展公告 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。 一、参与投资设立产业投资基金事项概述 长沙景嘉微电子股份有限公司（以下简称"公司"）于 2023 年 4 月 26 日在 巨潮资讯网披露了《关于拟参与设立产业投资基金暨关联交易的公告》、《关于 拟参与设立产业投资基金暨关联交易的补充公告》，公司作为有限合伙人拟使用 自有资金不超过 20,000.00 万元与专业机构湖南钧矽高创私募股权基金管理有限 公司（以下简称"基金管理公司"）、上海钧犀实业有限公司（以下简称"钧犀 资本"）及其他合格投资者发起成立湖南钧犀高创二期科技产业基金合伙企业（有 限合伙）（以下简称"产业投资基金"）。 产业投资基金已于 2024 年 4 月完成了工商注册登记手续，取得了湖南湘江 新区管理委员会行政审批服务局颁发的《营业执照》，并于 2024 年 5 月在中国 证券投资基金业协会完成产业投资基金的备案手续，取得《私募投资基金备案证 明》。 2024 年 11 月 29 日，公司第五届董事会第六次会议、第五届监事会第六次 ...

Group 1: Company Performance and Financials - The company achieved a revenue of 46,634.24 million CNY in 2024 and 10,245.83 million CNY in the first quarter of 2025 [3] - R&D investment over the last three fiscal years totaled 92,725.91 million CNY, accounting for 39.74% of the cumulative revenue during the same period [5] - In Q1 2025, R&D expenditure was 6,984.74 million CNY, representing 68.17% of the company's revenue [5] Group 2: Product Development and Market Strategy - The JM11 series products are being promoted for applications in servers, workstations, desktops, and laptops, but market demand and user experience may affect business outcomes [3] - The company focuses on innovation and product iteration to enhance market competitiveness and optimize product structure based on market needs [2] - The company is committed to developing high-performance GPU chips for various applications, including gaming, AI, and autonomous driving [5] Group 3: Industry Outlook and Competitive Position - The company emphasizes the importance of R&D management and efficiency to maintain competitiveness against peers [6] - There is a focus on attracting high-end R&D talent to strengthen the core development team and enhance product innovation capabilities [6] - The company is optimistic about the future of the GPU market, particularly in AI applications, and plans to continue investing in R&D [5]

Financial Performance - The company's revenue for Q1 2025 was ¥102,458,287.79, a decrease of 5.46% compared to ¥108,379,019.23 in the same period last year[4] - The net profit attributable to shareholders was -¥54,850,234.44, representing a decline of 375.50% from -¥11,535,163.86 year-over-year[4] - Total operating revenue decreased to ¥102,458,287.79 from ¥108,379,019.23, a decline of approximately 7.5% year-over-year[24] - Net profit for the period was a loss of ¥54,850,234.44, compared to a loss of ¥11,535,163.86 in the previous period, indicating a significant deterioration in profitability[25] - Basic and diluted earnings per share were both -¥0.10, compared to -¥0.03 in the previous period[26] Cash Flow - The net cash flow from operating activities improved by 53.22%, reaching -¥42,224,330.36 compared to -¥90,256,846.22 in Q1 2024[4] - Operating cash inflow totaled $135,219,127.13, down 22% from $173,257,050.20 in the previous period[28] - Operating cash outflow reached $177,443,457.49, a decrease of 32.6% compared to $263,513,896.42 last period[29] - Net cash flow from operating activities was -$42,224,330.36, an improvement from -$90,256,846.22 in the prior period[29] - Investment cash outflow amounted to $313,512,531.00, significantly higher than $22,552,680.35 in the previous period[29] - Net cash flow from investment activities was -$313,512,531.00, compared to -$5,877,564.67 last period[29] - Financing cash inflow was $25,429,360.16, down from the previous period[29] - Financing cash outflow totaled $548,771.17, a decrease from $3,110,777.27 in the prior period[29] - Net cash flow from financing activities was -$548,771.17, contrasting with a positive $22,318,582.89 last period[29] - The ending cash and cash equivalents balance was $3,899,471,591.75, compared to $1,007,960,238.69 in the previous period[29] - The company’s cash flow situation reflects a significant decrease in both operating and investment activities, indicating potential challenges ahead[29] Assets and Liabilities - The company's total assets decreased by 0.88% to ¥7,498,246,975.16 from ¥7,564,814,255.72 at the end of the previous year[4] - Total assets decreased to ¥7,498,246,975.16 from ¥7,564,814,255.72, a reduction of approximately 0.9%[22] - Total liabilities decreased to ¥477,238,162.59 from ¥494,494,399.24, a decline of about 3.5%[22] - Non-current liabilities increased to ¥107,981,300.47 from ¥84,271,263.75, an increase of approximately 28.2%[22] Operating Costs and Expenses - The company's operating costs increased by 69.18% to ¥69,293,154.54, primarily due to rising material costs[12] - Total operating costs increased to ¥168,747,701.75 from ¥144,205,418.99, representing an increase of about 17.0% year-over-year[24] - Research and development expenses were ¥69,847,399.29, slightly down from ¥70,286,523.55, indicating a stable investment in innovation[25] - Other income decreased significantly to ¥5,132,271.95 from ¥18,581,265.83, reflecting challenges in generating additional revenue streams[25] - The company reported a significant increase in credit impairment losses, amounting to -¥3,750,117.02 compared to a gain of ¥8,714,643.25 in the previous period[25] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 98,115, with the largest shareholder holding 25.54% of the shares[14] Research and Development - In Q1 2025, the company invested CNY 69.8474 million in R&D, accounting for 68.17% of its operating revenue[18] - The company is focusing on GPU development, targeting applications in artificial intelligence, and has successfully developed the Jinghong series of high-performance intelligent computing modules and systems[17] - The JM11 series graphics processing chips are designed for cloud applications and high-performance rendering scenarios, supporting various operating systems and enhancing virtualization capabilities[17] - The company aims to expand its market presence by continuously investing in R&D and optimizing its product and technology layout[16] Strategic Initiatives - The company is undergoing internal management reforms to improve efficiency and strengthen internal controls, implementing a low-cost strategy to enhance product competitiveness[18] - The company has established a strong commitment to customer-centric development and continuous improvement in its operational strategies[16] - The company is actively pursuing external technical collaborations to enhance its product offerings and strengthen its industry position[17] Prepaid Accounts - The company reported a significant increase in prepaid accounts by 63.21%, totaling ¥29,836,031.98, due to increased advance payments during the reporting period[10]

长沙景嘉微电子股份有限公司 2024 年度独立董事述职报告 赖湘军（已离任） （二）独立性情况说明 本人作为公司独立董事，严格遵循《上市公司独立董事管理办法》对独立性 的要求。在履行职务过程中，不受公司控股股东、实际控制人或其他与公司存在 利益关系的单位或个人的影响，确保在董事会决策中的独立性与客观性。董事会 对本人作为独立董事的独立性进行了全面评估，未发现任何可能影响本人独立性、 妨碍其履行职责的情形。本人将继续秉持独立、公正、客观的原则，履行独立董 事职责，保障公司股东特别是中小股东的合法权益，助力公司实现长期稳健发展。 二、独立董事 2024 年度履职情况 （一）参加会议情况 2024 年 1 月 1 日至 5 月 22 日，公司共召开了 1 次董事会，1 次股东大会。 各位股东及股东代表： 本人作为长沙景嘉微股份有限公司（以下简称"公司"）的独立董事，于 2024 年 5 月届满离任，2024 年度严格按照《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司独立董事管理办法》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》等相关法律法规和《公司章程》 《长沙景嘉微电 ...