Core Viewpoint - The stock of Lian Technology has shown mixed performance in recent trading sessions, with a slight year-to-date increase but a notable decline in the short term [1][2]. Group 1: Stock Performance - As of September 5, Lian Technology's stock price was 11.16 CNY per share, with a market capitalization of 5.187 billion CNY [1]. - Year-to-date, the stock has increased by 0.18%, but it has decreased by 4.37% over the last five trading days and 7.69% over the last 20 days [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with a net buy of 116 million CNY on February 10 [1]. Group 2: Financial Performance - For the first half of 2025, Lian Technology reported revenue of 376 million CNY, representing a year-on-year growth of 23.41%, while the net profit attributable to shareholders was -59.7 million CNY, a decrease of 258.48% [2]. - The company has not distributed any dividends in the last three years, with a total payout of 72.7 million CNY since its A-share listing [3]. Group 3: Shareholder Information - As of August 29, the number of shareholders for Lian Technology was 44,400, a decrease of 5.72% from the previous period, with an average of 8,321 shares held per shareholder, an increase of 6.07% [2]. - Hong Kong Central Clearing Limited is the seventh-largest shareholder, having acquired 2.0745 million shares [3].

证券日报网讯立昂技术（300603）9月2日在互动平台回答投资者提问时表示，公司始终重视应收账款的 回款事项，已针对账龄较长、回收难度较大的款项，通过向政府管理机关申请协调、协商以资抵债、启 动法律诉讼等多渠道推进追讨。 ...

Group 1 - The company, Lian Technology, announced on September 2 that it will establish a private equity fund in partnership with Beijing Hengsheng Rongtong Investment Management Co., Ltd. and other limited partners, focusing on investing in Wuhan Xinxin Integrated Circuit Manufacturing Co., Ltd. [2] - The investment aligns with the trend of domestic optical chips and optical modules replacement, which is expected to enhance the cost-effectiveness of related equipment, thereby reducing procurement and operational costs for the company [2] - The company will continue to monitor the progress of the domestic supply chain and actively collaborate based on business needs [2]

（文章来源：证券日报） 证券日报网讯立昂技术9月2日在互动平台回答投资者提问时表示，截至2025年8月29日，公司总户数为 44417户。 ...

Group 1 - The company, Lian Technology, focuses on core businesses including communication services, digital cities, data centers and cloud computing services, and value-added services for operators [2] - The company has not directly entered the fields of compound semiconductors, optical communication chips, and high-frequency devices [2] - The business has only indirect application connections with upstream optical chips and lasers, such as purchasing communication equipment that includes optical modules for data centers and communication network scenarios [2]

Core Insights - The company reported a total revenue of 376 million yuan for the first half of 2025, representing a year-on-year increase of 23.41%, but the net profit attributable to shareholders was a loss of 59.7 million yuan, a significant decline of 258.48% compared to the previous year [1] - The second quarter revenue was 199 million yuan, up 22.21% year-on-year, while the net profit attributable to shareholders for the same period was a loss of 36.9 million yuan, down 587.67% year-on-year [1] - The company's accounts receivable are notably high, with accounts receivable accounting for 2427.34% of the latest annual net profit [3] Financial Performance - Total revenue for 2024 was 304 million yuan, which increased to 376 million yuan in 2025, showing a growth of 23.41% [1] - The net profit attributable to shareholders decreased from a loss of 16.7 million yuan in 2024 to a loss of 59.7 million yuan in 2025, reflecting a decline of 258.48% [1] - The gross profit margin fell from 12.85% in 2024 to 6.75% in 2025, a decrease of 47.45% [1] - The net profit margin worsened from -5.24% in 2024 to -15.89% in 2025, a decline of 203.03% [1] - Total expenses (sales, management, and financial) amounted to 44.4 million yuan, accounting for 11.83% of revenue, down 16.66% year-on-year [1] Operational Insights - The company's cash and cash equivalents decreased significantly from 623 million yuan in 2024 to 203 million yuan in 2025, a drop of 67.39% [1] - Accounts receivable slightly decreased from 674 million yuan in 2024 to 628 million yuan in 2025, a decline of 6.85% [1] - The company’s return on invested capital (ROIC) was 1.05% last year, indicating weak capital returns [4] - The historical median ROIC since the company’s listing is 6.47%, with a particularly poor performance in 2020, where ROIC was -37.06% [4] - The business model relies heavily on R&D, marketing, and capital expenditures, necessitating careful evaluation of capital spending projects [4]

Core Viewpoint - The company, Lian Technology, stated on August 28 that it will procure equipment based on actual business conditions and customer needs, supporting personalized customization [2] Group 1 - The company engages with investors through interactive platforms to address inquiries [2] - Lian Technology emphasizes the importance of adapting procurement strategies to meet specific customer requirements [2] - The focus on personalized customization indicates a commitment to enhancing customer satisfaction and potentially increasing market competitiveness [2]

Core Viewpoint - The company Lianang Technology announced its collaboration with Beijing Hengsheng Rongtong Investment Management Co., Ltd. and other limited partners to establish a private equity fund aimed at investing in Wuhan Xinxin Integrated Circuit Manufacturing Co., Ltd. [2] Group 1 - Lianang Technology signed a partnership agreement on August 28, 2023, to form the Qingdao Shengtong Shunhe Venture Capital Partnership (Limited Partnership) [2] - The investment will be made as a limited partner alongside a general partner and other limited partners [2] - The company will fulfill its information disclosure obligations in accordance with relevant laws and regulations regarding the investment [2]

Core Viewpoint - The recent financial report of Lian Technology (300603) indicates a significant increase in revenue but a drastic decline in net profit, highlighting potential financial instability and challenges in operational efficiency [1][3]. Financial Performance - The total revenue for the first half of 2025 reached 376 million yuan, a year-on-year increase of 23.41% compared to 304 million yuan in 2024 [1]. - The net profit attributable to shareholders was -59.7 million yuan, representing a year-on-year decline of 258.48% from -16.7 million yuan in the previous year [1]. - The gross profit margin decreased to 6.75%, down 47.45% from 12.85% in the previous year [1]. - The net profit margin fell to -15.89%, a decrease of 203.03% from -5.24% [1]. - The company reported a significant increase in accounts receivable, which accounted for 2427.34% of the latest annual net profit [1][3]. Cost Structure - Total selling, administrative, and financial expenses amounted to 44.4 million yuan, which is 11.83% of revenue, showing a year-on-year decrease of 16.66% [1]. - The company’s operating cash flow per share was -0.04 yuan, a decline of 176.86% from 0.05 yuan in the previous year [1]. Business Model and Investment Returns - The company's return on invested capital (ROIC) was 1.05% last year, indicating weak capital returns [3]. - The historical median ROIC since the company’s listing is 6.47%, with three years of losses out of seven annual reports, suggesting a fragile business model [3]. - The company’s performance is heavily reliant on research and development, marketing, and capital expenditures, necessitating careful evaluation of these investments [3].

Market Overview - On August 27, the communication services sector declined by 1.18%, with Li'an Technology leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable gainers in the communication services sector included: - Runjian Co., Ltd. (002929) with a closing price of 55.10, up 7.43% [1] - Dataport (603881) with a closing price of 33.47, up 4.37% [1] - Wajinke (301380) with a closing price of 43.50, up 3.11% [1] - Major decliners included: - Li'an Technology (300603) with a closing price of 12.10, down 5.54% [2] - Huaxing Chuangye (300025) with a closing price of 7.26, down 5.10% [2] - Zhongjiabochuang (000889) with a closing price of 3.74, down 5.08% [2] Capital Flow - The communication services sector experienced a net outflow of 834 million yuan from institutional investors, while retail investors saw a net inflow of 844 million yuan [2][3] - Key stocks with significant capital flow included: - Dataport (603881) with a net inflow of 235 million yuan from institutional investors [3] - Runjian Co., Ltd. (002929) with a net inflow of 228 million yuan from institutional investors [3] - Light Ring New Network (300383) with a net inflow of 126 million yuan from institutional investors [3]