杭州长川科技股份有限公司 2025 年半年度报告全文 杭州长川科技股份有限公司 2025 年半年度报告 二零二五年七月 1 杭州长川科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人赵轶、主管会计工作负责人唐永娟及会计机构负责人(会计主 管人员)王锁梅声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | œ | 1 2 | | --- | --- | | 1 | œ | | 第二节 | 公司简介和主要财务指标 6 | | | --- | --- | --- | | 第三节 | 管理层讨论与分析 9 | | | 第四节 | 公司治理、环境和社会 34 | | | 第五节 | 重要事项 | 37 | | 第六节 | 股份变动及股东情况 | 43 | | 第七节 | 债券相关情况 | 51 | | 第八节 | 财务报 ...

长川科技（300604）公告，2025年上半年营业收入21.67亿元，同比增长41.80%。净利润4.27亿元，同 比增长98.73%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

证券代码：300604 证券简称：长川科技 公告编号：2025-049 杭州长川科技股份有限公司 关于公司实际控制人之一致行动人、持股 5%以上股东 及高级管理人员减持股份计划的预披露公告 公司实际控制人之一致行动人、持股 5%以上股东杭州长川投资管理合伙企 业（有限合伙）、财务总监唐永娟保证公告内容真实、准确和完整，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信息披露内容与信息披露义务人提供的信息 一致。 特别提示： 杭州长川科技股份有限公司（以下简称"公司"或"长川科技"）于 2025 年 7 月 21 日收到实际控制人之一致行动人、持股 5%以上股东杭州长川投资管 理合伙企业（有限合伙）（以下简称"长川投资"）、公司财务总监唐永娟 女士关于计划减持公司股份的告知函。 持本公司股份 37,558,565 股（占本公司总股本比例 5.9573%）的实际控 制人之一致行动人、持股 5%以上的股东杭州长川投资管理合伙企业（有限合 伙）计划自本公告披露之日起十五个交易日后 3 个月内通过集中竞价及大宗 交易减持不超过 11,220,000 股（占本公司总股本比例 1.7796%）。 杭州长川 ...

Core Viewpoint - The AI Fund Zhaoshang China Opportunity Stock (001749) reported a profit of 4.3172 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0328 yuan, indicating a net value growth rate of 2.48% during the period [3]. Fund Performance - As of the end of Q2 2025, the fund's scale was 183 million yuan [15]. - The fund's unit net value was 1.452 yuan as of July 17 [3]. - The fund manager, Li Huajian, oversees two funds, both of which have shown positive returns over the past year [3]. - The fund's one-year compounded net value growth rate reached 18.53%, ranking it 87 out of 166 comparable funds [3]. - Over the past three months, the fund's compounded net value growth rate was 9.75%, ranking 86 out of 167 comparable funds [3]. - The fund's six-month compounded net value growth rate was 5.60%, ranking 122 out of 167 comparable funds [3]. - The fund's three-year compounded net value growth rate was -29.86%, ranking 141 out of 159 comparable funds [3]. Risk Metrics - The fund's three-year Sharpe ratio was -0.2043, ranking 130 out of 159 comparable funds [8]. - The maximum drawdown over the past three years was 50.43%, ranking 14 out of 158 comparable funds [10]. - The largest single-quarter drawdown occurred in Q1 2021, at 23.46% [10]. Investment Strategy - The fund management remains optimistic about the structural market trends in A-shares, citing improvements in domestic economic growth and structural transformation [3]. - The fund is particularly focused on investment opportunities in sectors such as AI, pharmaceuticals, military industry, and media [3]. Portfolio Composition - As of the end of Q2 2025, the fund's top ten holdings included Changying Tong, Zhongke Feice, Jingyi Equipment, Boqian New Materials, Youfang Technology, Hudian Co., Changchuan Technology, Xinyi Sheng, Jinqiao Information, and Chip Origin Technology [18]. - The average stock position over the past three years was 89.19%, compared to the industry average of 87.97% [13]. - The fund reached a maximum stock position of 93.14% at the end of H1 2025, with a minimum of 79.84% at the end of H1 2024 [13].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [7] Core Insights - The semiconductor industry is experiencing robust growth driven by AIoT, industrial control, and automotive electronics, with significant revenue increases reported by key players such as Rockchip (H1 revenue up 64% YoY, net profit up 185%-195% YoY), Espressif (net profit up 65%-78% YoY), and Tailing Micro (net profit up 267% YoY) [2][13][18] - The storage sector is witnessing a recovery with Demingli reporting H1 revenue of 3.8-4.2 billion yuan, reflecting a YoY increase of 75%-93%, and a narrowing of losses in Q2, indicating a potential turning point for profitability [2][20][28] - Price forecasts for Q3 indicate a significant increase in DRAM prices, with expectations of a 15%-20% rise, and NAND Flash prices expected to increase by 5%-10%, driven by strong demand from AI investments and enterprise-level storage needs [3][14][29][30] Summary by Sections 1. Performance Forecasts - The design sector is seeing comprehensive growth, with companies like Rockchip and Espressif benefiting from AI demand and domestic substitution [2][18] - The equipment and materials sector is also on a steady upward trend, with domestic equipment manufacturers like Changchuan Technology and Yitang Co. benefiting from domestic substitution and successful customer expansion [2][19] 2. Storage Price Outlook - Q3 price forecasts for DRAM show a comprehensive increase, with Consumer DDR4 expected to rise by 40%-45% and Server DDR4 by 28%-33% [3][30] - NAND Flash prices are also expected to rise, with enterprise SSDs projected to increase by 5%-10% and 3D NAND wafers by 8%-13% [3][14][30] 3. Recommended Stocks - Key stock recommendations in the storage sector include Jiangbolong, which is expected to benefit from price increases and domestic substitution, with a projected revenue growth of 200% YoY by Q1 2025 [4][15] - Other recommended companies span various segments, including design (e.g., Rockchip, Espressif), equipment (e.g., Changchuan Technology), and materials (e.g., Dinglong Technology) [6][16]

Core Insights - 26 companies listed on the ChiNext board have released their performance forecasts for the first half of the year, with 19 companies expecting profit increases, representing 73.08% of the total [1] - The overall proportion of companies reporting positive forecasts is 80.77%, with 2 companies expecting profits and 1 company forecasting losses [1] Performance Forecast Summary - Among the companies with positive forecasts, 7 are expected to see net profit growth exceeding 100%, while 4 companies anticipate growth between 50% and 100% [1] - Han Yu Pharmaceutical is projected to have the highest net profit growth, with a median increase of 1567.36% [1] - Other notable companies include Chuanjin Nuo and Longyuan Technology, with expected net profit growth of 167.27% and 137.44% respectively [1] Company Performance Highlights - The following companies are highlighted for their significant expected profit increases: - Han Yu Pharmaceutical (Code: 300199) - Expected net profit growth: 1567.36%, Latest closing price: 18.24, Year-to-date change: 41.51%, Industry: Pharmaceutical [1] - Chuanjin Nuo (Code: 300505) - Expected net profit growth: 167.27%, Latest closing price: 19.95, Year-to-date change: 40.94%, Industry: Basic Chemicals [1] - Longyuan Technology (Code: 300105) - Expected net profit growth: 137.44%, Latest closing price: 8.11, Year-to-date change: 7.79%, Industry: Environmental Protection [1] - Other companies with notable growth include Chenguang Biotech, Feirongda, Boteng Co., and Huizhong Co. [1]

Core Viewpoint - The legal opinion letter from Grandall Law Firm confirms the legality and validity of the procedures, qualifications, and voting results of Hangzhou Changchuan Technology Co., Ltd.'s 2025 first extraordinary general meeting of shareholders [2][19]. Group 1: Meeting Procedures - The meeting was convened following the approval of the board of directors and the notification included details such as the meeting's date, time, location, voting methods, and agenda [5][6]. - The meeting was held on July 10, 2025, at the specified location, with both on-site and online voting options available [5][6]. Group 2: Attendance and Voting - A total of 585 participants attended the meeting, representing 275,545,474 shares, which is 43.7051% of the total voting shares [6][7]. - The voting results showed a high level of agreement on the proposed resolutions, with over 99% of votes in favor across multiple resolutions [9][10][18]. Group 3: Legal Compliance - The legal opinion asserts that the meeting's convening, attendance qualifications, and voting procedures comply with relevant laws, regulations, and the company's articles of association [3][19]. - The firm emphasizes that the opinion is solely for the purpose of witnessing the meeting and cannot be used for other purposes [3].

Meeting Overview - The first extraordinary general meeting of shareholders for 2025 was held on July 10, 2025, at 14:00 in Hangzhou, Zhejiang Province, combining on-site and online voting methods [1][2] - A total of 585 shareholders and representatives attended, representing 275,545,474 shares, which is 43.7051% of the total voting shares [2] Voting Results - The meeting approved various proposals with significant majority votes, including: - 99.5650% approval for the issuance of shares, with 274,346,890 votes in favor [3][4] - 99.5681% approval for the type and par value of the shares, with 274,355,290 votes in favor [3] - 99.5658% approval for the issuance method and timing, with 274,348,990 votes in favor [4] - 99.5659% approval for the issuance targets and subscription methods, with 274,349,290 votes in favor [4] - 99.5641% approval for the pricing benchmark date and pricing method, with 274,344,290 votes in favor [5] - 99.5636% approval for the number of shares to be issued, with 274,342,990 votes in favor [5] - 99.5646% approval for the lock-up period, with 274,345,790 votes in favor [6] - 99.5667% approval for the arrangement of undistributed profits before the issuance, with 274,351,590 votes in favor [6] - 99.5648% approval for the listing location, with 274,346,190 votes in favor [6] - 99.5653% approval for the use of raised funds, with 274,347,790 votes in favor [7] - 99.5609% approval for the validity period of the resolutions, with 274,335,590 votes in favor [8] Legal Compliance - The meeting was conducted in accordance with relevant laws and regulations, including the Company Law and the rules of the Shenzhen Stock Exchange, as confirmed by the legal opinion provided by the law firm [11][12]

证券代码：300604 证券简称：长川科技 公告编号：2025-043 杭州长川科技股份有限公司 2025 年第一次临时股东大会决议的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无增加、变更、否决提案的情况； 2、本次股东大会以现场投票和网络投票相结合的方式召开。 一、会议召开情况 杭州长川科技股份有限公司（以下简称"公司"）2025 年第一次临时股东 大会于 2025 年 7 月 10 日下午 14:00 在浙江省杭州市滨江区创智街 500 号杭州长 川科技股份有限公司召开，本次会议采取现场投票与网络投票结合的表决方式。 其中： （1）现场会议召开时间：2025 年 7 月 10 日（星期四）下午 14:00； （2）网络投票时间：2025 年 7 月 10 日（星期四）； 其中，通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 7 月 10 日（星期四）9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所 互联网投票系统投票的具体时间为：2025 年 7 月 10 日（星期四） ...

国浩律师（杭州）事务所 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 关 于 杭州长川科技股份有限公司 2025 年第一次临时股东大会之 法律意见书 国浩律师（杭州）事务所 长川科技 2025 年第一次临时股东大会法律意见书 国浩律师（杭州）事务所 关 于 杭州长川科技股份有限公司 2025 年第一次临时股东大会之 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年七月 法律意见书 致：杭州长川科技股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受杭州长川科技股份有限 公司（以下简称"公司"）委托，指派律师出席公司 2025 年第一 ...