广发证券股份有限公司 关于 无锡隆盛科技股份有限公司 以下词语如无特殊说明，在本文中具有如下含义： | 隆盛科技、公司、上市公司 | 指 | 无锡隆盛科技股份有限公司 | | --- | --- | --- | | 本独立财务顾问、广发证券 | 指 | 广发证券股份有限公司 | | 本（次）激励计划、本（次） | | 无锡隆盛科技股份有限公司 2023 年限制性股票激励计 | | 计划、《激励计划》 | 指 | 划（草案修订稿） | | 限制性股票、第二类限制性股 | 指 | 符合本激励计划授予条件的激励对象，在满足相应归属 | | 票 | | 条件后分次获得并登记的本公司股票 | | | | 按照本激励计划规定，获得限制性股票的在公司（含子 | | 激励对象 | 指 | 公司）任职的部分董事、高级管理人员及董事会认为需 | | | | 要激励的其他人员 | | 授予日 | 指 | 公司向激励对象授予限制性股票的日期，授予日必须为 | | | | 交易日 | | 授予价格 | 指 | 公司向激励对象授予限制性股票时所确定的、激励对象 | | | | 获得公司股份的价格 | | 有效期 | 指 | 自限制性股票 ...

预留授予部分第一个归属期符合归属条件的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1、本次符合归属条件的激励对象人数：首次授予部分激励对象101人，预留授予 部分激励对象16人； 2、本次限制性股票拟归属数量：首次授予部分第二个归属期归属的限制性股票 为48.6600万股，占公司目前总股本的0.2137%；预留授予部分第一个归属期归属的限 制性股票6.0375万股，占公司目前总股本的0.0265%； 3、本次归属价格（含预留）：11.08元/股（调整后）； 4、本次限制性股票归属股票来源：公司从二级市场回购的公司A股普通股股票。 证券代码：300680 证券简称：隆盛科技 公告编号：2025-053 无锡隆盛科技股份有限公司 关于2023年限制性股票激励计划首次授予部分第二个归属期及 无锡隆盛科技股份有限公司（以下简称"公司"）于2025年10月21日召开第五届 董事会第十一次会议，审议通过了《关于2023年限制性股票激励计划首次授予部分第 二个归属期及预留授予部分第一个归属期符合归属条件的议案》，现将有关事项说明 如下： 一、股权激励计 ...

无锡隆盛科技股份有限公司 董事会薪酬与考核委员会关于 2023 年限制性股票激励计划首次 授予部分第二个归属期及预留授予部分第一个归属期 证券代码：300680 证券简称：隆盛科技 公告编号：2025-054 归属名单的核查意见 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。 综上，董事会薪酬与考核委员会同意本激励计划首次授予部分第二个归属期及预 留授予部分第一个归属期的归属名单，同意公司为满足条件的激励对象办理本次归属 相关事项。 无锡隆盛科技股份有限公司 董事会薪酬与考核委员会 2025 年 10 月 21 日 无锡隆盛科技股份有限公司（以下简称"公司"）董事会薪酬与考核委员会根据 《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》）《上市公司股权激励管理办法》《深圳证券交易所创业板股票上 市规则》等有关法律、法规和规范性文件以及公司《2023 年限制性股票激励计划（草 案修订稿）》《无锡隆盛科技股份有限公司章程》（以下简称《公司章程》）的规定， 对公司 2023 年限制性股票激励计划首次授予部分第二个归属期及预留 ...

证券代码：300680 证券简称：隆盛科技 公告编号：2025-055 无锡隆盛科技股份有限公司 关于调整 2023 年限制性股票激励计划授予价格的公告 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。 无锡隆盛科技股份有限公司（以下简称"公司"）于 2025 年 10 月 21 日召开第五 届董事会第十一次会议，审议通过了《关于调整 2023 年限制性股票激励计划授予价格 的议案》，现将有关事项说明如下： 一、本次限制性股票激励计划已履行的相关审批程序 1、2023年9月27日，公司召开第四届董事会第十八次会议，审议通过了《关于公 司<2023年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2023年限制 性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事会办理股 权激励相关事宜的议案》，公司独立董事就本激励计划发表了独立意见，律师、独立 财务顾问出具了相应的意见与报告。 同日，公司召开第四届监事会第十七次会议，审议通过了《关于公司<2023年限 制性股票激励计划（草案）>及其摘要的议案》《关于公司<2023年限制性股票激励计 划实施 ...

收入增速阶段性表现承压，乘商业务有所分化：公司25Q3 收入同比增速有所放缓，我们判断，主要系 核心业务乘用车EGR 出货量同期高基数影响，25Q3 行业插电混动车型销量同比仅增5.4%，增速较过往 季度明显回落。同时，新能源铁芯业务受主要客户特斯拉在华销量同比下滑2.9%拖累。但受益于天然 气重卡销量同环比双位数增长，对整体业绩形成有效支撑，公司收入表现总体保持稳健。 事件：10 月20 日，公司发布2025 年前三季度业绩公告，实现收入18.1 亿元，同比增长10.1%；归母净 利润2.1 亿元，同比增长36.9%，扣非后归母净利润1.3 亿元，同比下降13.5%。对应Q3 实现收入5.9 亿 元，同比增长0.5%、环比下降5.3%；归母净利润1.1 亿元，同比增长109.8%、环比增长129.1%；扣非后 归母净利润0.3 亿元，同比下降45.1%、环比下降32.5%。 产能爬坡引盈利短期阵痛，总成业务有望驱动修复：公司25Q3 毛利率为15.2%，同比下滑2.7 个百分 点，环比下滑2.8 个百分点，主要系新能源业务仍处产能爬坡期，且新老产品切换对毛利形成阶段性拖 累。当期公司期间费用率同环比上升，主 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [8][15]. Core Insights - The company reported a revenue of 1.81 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.13%. The net profit attributable to the parent company reached 210 million yuan, up 36.89% year-on-year [3][4]. - The third quarter of 2025 saw a revenue of 586 million yuan, a slight increase of 0.48% year-on-year but a decrease of 5.28% quarter-on-quarter. The net profit for Q3 was 106 million yuan, showing a significant year-on-year increase of 109.83% and a quarter-on-quarter increase of 129.13% [3][4]. - The increase in net profit is primarily attributed to non-recurring gains, particularly a fair value change gain of 87 million yuan [4]. Financial Performance Summary - Revenue and Profitability: The company’s Q3 gross margin was 15.23%, down 2.68 percentage points year-on-year, while the net profit margin was 18.02%, up 9.39 percentage points year-on-year [4]. - Expense Ratios: The sales, management, R&D, and financial expense ratios for Q3 were 0.73%, 4.19%, 4.14%, and 1.43%, respectively, with management expenses slightly increasing due to higher depreciation of management assets [4]. - Future Projections: The company is expected to achieve revenues of 3.23 billion yuan, 4.08 billion yuan, and 5.07 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 303 million yuan, 381 million yuan, and 529 million yuan for the same years [7][12]. Strategic Developments - Collaboration with Nidec: The company is deepening its collaboration with Nidec in the fields of new energy vehicle components and humanoid robots, focusing on technology empowerment, capacity collaboration, and market resonance [5]. - Investment in Tactile Technology: The company strategically invested in Shenzhen Tactile Technology Co., which specializes in MEMS technology and tactile sensors, aiming to enhance its capabilities in robotics [6].

Core Viewpoint - Longsheng Technology's stock has shown significant growth this year, with a year-to-date increase of 130.39% and a recent market capitalization of 12.467 billion yuan [1][2]. Financial Performance - For the period from January to September 2025, Longsheng Technology achieved operating revenue of 1.81 billion yuan, representing a year-on-year growth of 10.13% [2]. - The net profit attributable to shareholders for the same period was 210 million yuan, reflecting a year-on-year increase of 36.89% [2]. Stock Market Activity - As of October 21, Longsheng Technology's stock price was 54.75 yuan per share, with a trading volume of 315 million yuan and a turnover rate of 3.34% [1]. - The stock has experienced a net inflow of 1.2178 million yuan from main funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of September 30, the number of shareholders for Longsheng Technology was 21,200, a decrease of 5.96% from the previous period [2]. - The average number of circulating shares per shareholder increased by 4.37% to 8,291 shares [2]. Dividend Distribution - Longsheng Technology has distributed a total of 177 million yuan in dividends since its A-share listing, with 114 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, notable institutional shareholders include Penghua Carbon Neutral Theme Mixed A and Huazhang Media Internet Mixed A, with some new entrants and exits among the top ten circulating shareholders [3].

2025年10月21日，隆盛科技(300680.SZ)发布2025年第三季报。截至2025年10月20日，共有5个机构投资 者披露持有隆盛科技A股股份，合计持股量达1490.90万股，占隆盛科技总股本的6.55%。其中，机构投 资者包括招商银行股份有限公司-鹏华碳中和主题混合型证券投资基金、中国建设银行股份有限公司-华 安汇宏精选混合型证券投资基金、中国邮政储蓄银行股份有限公司-景顺长城稳健回报灵活配置混合型 证券投资基金、中国工商银行股份有限公司-华安媒体互联网混合型证券投资基金、中信银行股份有限 公司-永赢低碳环保智选混合型发起式证券投资基金，机构投资者合计持股比例达6.55%。相较于上一季 度，机构持股比例合计下跌了5.53个百分点。 公募基金方面本期较上一季度持股减少的公募基金共计2个，包括鹏华碳中和主题混合A、永赢低碳环 保智选混合发起A，持股减少占比达1.16%。本期较上一季度新披露的公募基金共计3个，包括华安汇宏 精选混合A、景顺长城稳健回报混合A类、华安媒体互联网混合A。本期较上一季未再披露的公募基金 共计159个，主要包括永赢先进制造智选混合发起A、前海开源嘉鑫混合A、鹏华沪深港新兴成长混合 ...

Economic Overview - The National Bureau of Statistics reported that the GDP for the first three quarters reached 10,150.36 billion yuan, with a year-on-year growth of 5.2%, accelerating by 0.2 and 0.4 percentage points compared to the full year of 2024 and the same period in 2024 respectively, indicating a stable economic performance with a solid foundation for achieving annual targets [2][5]. Industry Insights - China is approaching a large-scale retirement phase for power batteries, with the domestic market for battery recycling expected to exceed 100 billion yuan by 2030 [3][5]. - The Ministry of Industry and Information Technology held a meeting emphasizing the need for cement industry backbone enterprises to strictly implement capacity replacement policies by the end of 2025 [5]. - The "Wind Energy Beijing Declaration 2.0" was released at the 2025 Beijing International Wind Energy Conference, stating that during the 14th Five-Year Plan period, China's annual new wind power installation should not be less than 120 million kilowatts, with offshore wind power installations not less than 15 million kilowatts [5]. Company Performance - Zhuhai Huajun Technology reported a significant increase in revenue and net profit for the first three quarters, with revenue of 3.903 billion yuan, up 66.53%, and net profit of 492 million yuan, up 142.19% [10]. - Ningde Times reported a net profit of 18.5 billion yuan for the third quarter, a year-on-year increase of 41%, with revenue of 104.19 billion yuan, up 12.9% [12]. - Longsheng Technology's third-quarter revenue was 586 million yuan, a slight increase of 0.48%, while net profit grew by 109.83% to 106 million yuan [12]. Market Trends - The demand for 1.6T optical modules has been continuously revised upward, with total demand expected to increase from 1,000 million to 2,000 million units due to the rapid growth in AI training and inference network bandwidth requirements [11]. - The semiconductor sector saw significant net subscriptions in ETFs, with semiconductor-themed ETFs and non-bank financial ETFs attracting net subscriptions of 33.3 billion yuan and 18.6 billion yuan, respectively [6]. Strategic Developments - Dazhu CNC's strong performance is attributed to the growing demand for high-tech PCB products, particularly in AI computing and automotive electronics [10]. - The company plans to expand its production capacity for high-speed interconnect products to meet the diverse needs of domestic and international clients in data center construction and AI applications [14].

Mergers and Acquisitions - Dongtu Technology is planning to acquire 100% equity of Beijing Gaoweike Electric Technology Co., Ltd. The company's stock will be suspended from trading starting October 21, 2025, with a transaction plan expected to be disclosed within 10 trading days [1] - Jiayun Technology intends to sell its wholly-owned subsidiary, Haili Insurance Brokerage (Shenzhen) Co., Ltd., to Shanjiaxia (Shenzhen) Technology Co., Ltd. This equity transfer aims to optimize the business structure and enhance asset operation efficiency, focusing on internet marketing [2] Shareholding Changes - Xiyu Tourism's major shareholder, Xinjiang Kunlun Investment Development Partnership (Limited Partnership), plans to reduce its stake by up to 3%, equating to approximately 4.65 million shares, within three months after a 15 trading day period from the announcement [3] - Shannon Chip Innovation's major shareholder, Wuxi High-tech Zone New Momentum Industry Development Fund (Limited Partnership), plans to reduce its stake by up to 1%, which is approximately 463.77 million shares, within three months after a 15 trading day period from the announcement [4] - Jifeng Technology's major shareholders, Wang Xinming, Wang Hongyan, and their concerted party, plan to reduce their stake by up to 3%, totaling approximately 14.83 million shares, within three months after a 15 trading day period from the announcement [5] Earnings Disclosure - Longsheng Technology reported a 109.83% year-on-year increase in net profit attributable to shareholders in the third quarter, reaching 106 million yuan, with total revenue of 586 million yuan, a 0.48% increase [6] - Juzhi Technology announced a 100.34% year-on-year increase in net profit attributable to shareholders, amounting to 32.36 million yuan, with total revenue of 227 million yuan, an 18.77% increase [7] - China Mobile reported a net profit attributable to shareholders of 31.1 billion yuan in the third quarter, a 1.4% year-on-year increase, with total revenue of 250.9 billion yuan, a 2.5% increase [8] Risk Events - Shan Shui Technology's actual controller and chairman, Huang Guorong, has been subjected to criminal coercive measures for personal reasons. The company has convened a board meeting, and board member Wu Xinyan will assume the responsibilities of chairman and legal representative [9] - Zhongxin Co., Ltd. is under investigation by Canada for alleged dumping and subsidy practices related to molded fiber tableware. The investigation period is from October 1, 2024, to September 30, 2025, involving the company and three wholly-owned subsidiaries, with exports to Canada amounting to approximately 82.65 million yuan, accounting for 7.7% of revenue during the specified period [10]