Core Insights - Lexin Technology (688018.SH) reported its Q3 2025 results, revealing that 35 institutional investors hold a total of 86.01 million shares, representing 54.89% of the company's total equity [1] - The top ten institutional investors collectively own 51.90% of the shares, with a slight decrease of 0.24 percentage points compared to the previous quarter [1] Institutional Holdings - In the public fund sector, nine funds increased their holdings, with a total increase of 0.51%, including notable funds like China Aviation Vision Leading Mixed Fund A and Bosera Sci-Tech Innovation Board AI ETF [2] - Conversely, nine public funds reduced their holdings, with a total decrease of 0.31%, including funds like Penghua Innovation Growth Mixed A and Harvest Sci-Tech Innovation Board Chip ETF [2] - Five new public funds disclosed their holdings this period, while 515 funds did not disclose their holdings compared to the previous quarter [2] Social Security and Foreign Investment - One new social security fund disclosed its holdings in Lexin Technology, specifically the National Social Security Fund 114 Portfolio [3] - Among foreign investors, one fund increased its holdings, specifically Hong Kong Central Clearing Limited, with an increase of 1.42%, while two funds reduced their holdings, including Lexin (Hong Kong) Investment Limited and Shinvest Holding Ltd., with a total decrease of 1.01% [3]

Macroeconomic Information and Commentary - Recent US-China trade negotiations in Kuala Lumpur focused on key economic issues, including maritime logistics and shipbuilding industry measures, resulting in a basic consensus on addressing mutual concerns [2] - The State Council's financial work report emphasizes high-quality financial services for the real economy, with a focus on technology innovation, consumption, small and micro enterprises, and stabilizing foreign trade [2] Company and Industry Analysis Electronics Industry - The electronics sector saw an 8.49% increase last week, with semiconductor and consumer electronics indices rising by 8.01% and 9.38% respectively [5] - Notable companies in the electronics sector include Yunhan Chip City and Yuanjie Technology, while companies like Abison and Huatian Technology lagged behind [5] - The electronics sector's PE ratio (TTM) is 66.18X, up 5.10X week-on-week, indicating a high valuation relative to historical levels [5] - Storage prices have surged, with DRAM and NAND Flash prices increasing by 15%-20%, driven by AI demand, suggesting a sustained positive outlook for the storage market [6] - Investment opportunities are identified in AI infrastructure, edge SOC, foldable smartphone supply chains, and the storage industry, maintaining an "overweight" rating for the electronics sector [6] Medical Services Industry - WuXi AppTec reported a revenue increase of 18.61% year-on-year for the first three quarters of 2025, with a significant rise in net profit [8] - The company's gross margin improved to 46.62%, driven by operational efficiency and the sale of shares in a joint venture [9] - The chemical business segment showed robust growth, particularly in TIDES (oligonucleotide and peptide drugs), which saw a revenue increase of 121.1% [10] - The company expects a return to double-digit growth in its ongoing business, raising revenue forecasts for 2025-2027 [11] Banking Industry - Policy banks have deployed over 330 billion yuan in new financial tools to stimulate credit demand, with a focus on infrastructure and emerging sectors like AI [12] - The introduction of these financial tools is expected to support medium to long-term corporate loans and improve the loan structure [12] - The banking sector is anticipated to benefit from the increased investment demand, particularly in regional banks, with a recommendation to focus on state-owned banks and select regional banks for their stable dividend yields [13]

智通财经APP讯，乐鑫科技(688018.SH)披露2025年第三季度报告，公司前三季度实现营收19.12亿元， 同比增长30.97%;归母净利润3.77亿元，同比增长50.04%;扣非净利润3.48亿元，同比增长50.77%;基本每 股收益2.4280元。 ...

Summary of the Conference Call for 乐鑫科技 (Lexin Technology) Company Overview - **Company**: 乐鑫科技 (Lexin Technology) - **Industry**: Semiconductor, specifically focusing on WiFi chips and smart home technology Key Points and Arguments Financial Performance - **Q3 Revenue**: Revenue decreased by approximately 3%-4% quarter-over-quarter, primarily due to the impact of national subsidy policies on the smart home segment [2][5][39] - **Year-to-Date Revenue**: For the first three quarters of 2025, the company achieved revenue of 200 million yuan, a year-on-year increase of 30.97% [3] - **Gross Margin**: The overall gross margin reached 46%, an increase of 3.36 percentage points year-on-year, with gross profit rising by 41% [3][31] - **R&D Investment**: R&D expenses totaled 423 million yuan, a year-on-year increase of 24.4%, with R&D personnel increasing to 620, up 14.39% [3][2] Market Dynamics - **Overseas Revenue Growth**: Overseas revenue grew by 38.6% year-on-year, accounting for 34% of total revenue in Q3, compared to an average of 30% in the first three quarters [2][6] - **Smart Home Segment**: The smart home segment remains a significant contributor, although growth rates are stabilizing [28][12] Product Development and Strategy - **Chip Shipment Goals**: Cumulative chip shipments have exceeded 1.5 billion units, with a target of reaching 2.1 billion units by the end of 2026 [2][15][41] - **WiFi 7 Development**: The company plans to launch WiFi 7 router chips and smart terminal chips by 2026, with ongoing development in this area [2][11][38] - **Module Business**: The module business maintains a stable revenue contribution of around 60%, driven by smart home, tool equipment, and energy management sectors [2][13] Risk Management - **Supply Chain and Geopolitical Risks**: The company has diversified its production systems domestically and internationally to mitigate geopolitical risks and has adopted aggressive inventory strategies to counter supply chain disruptions [2][9] - **Market Volatility**: The company is monitoring fluctuations in the storage chip market and has implemented safety stock and cost transfer strategies to manage potential impacts [10][46] Customer and Market Position - **Customer Concentration**: The concentration of the top five customers has decreased, with direct sales rising to 71.46%, indicating improved customer structure [4][13] - **Competitive Position**: The company maintains the leading position in global shipments of WiFi MCUs and ranks fifth in the broader WiFi chip market [18] Other Notable Information - **Government Subsidies**: Other income primarily comes from government subsidies, which are uncertain and should not be included in regular operational considerations [4][23] - **Corporate Culture**: The company emphasizes a culture of artistic pursuit of excellence, allowing employees to freely express ideas and receive management support [49] Future Outlook - **Market Trends**: The smart home market is expected to maintain steady growth, while non-smart home sectors, particularly tool equipment, are experiencing significant growth [29][30] - **WiFi 6E Products**: WiFi 6E products are expected to be showcased at CES 2026, with commercialization anticipated in the latter half of 2026 [22][36] This summary encapsulates the key insights from the conference call, highlighting the company's financial performance, market dynamics, product strategies, risk management, and future outlook.

Core Viewpoint - Lexin Technology (688018.SH) reported a strong performance in Q3 2025, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - The total operating revenue for the first three quarters of 2025 reached 1.912 billion yuan, representing a year-on-year increase of 30.97% [1] - The net profit attributable to shareholders was 377 million yuan, showing a year-on-year growth of 50.04% [1] - The basic earnings per share stood at 2.428 yuan [1]

乐鑫信息科技（上海）股份有限公司 董事会薪酬与考核委员会关于 2025 年限制性股票激励计划 预留授予激励对象名单的核查意见（截止预留授予日） 乐鑫信息科技（上海）股份有限公司（以下简称"公司"）董事会薪酬与考 核委员会依据《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》 （以下简称"《管理办法》"）、《上海证券交易所科创板股票上市规则》（以下 简称"《上市规则》"）、《科创板上市公司自律监管指南第 4 号——股权激励信 息披露》和其他有关法律、行政法规、规范性文件，以及《乐鑫信息科技（上海） 股份有限公司章程》（以下简称"《公司章程》"）等有关规定，对公司 2025 年限制性股票激励计划（以下简称"本次激励计划"）预留授予激励对象名单（截 止预留授予日）进行审核，发表核查意见如下： 2、本次股权激励计划预留授予的激励对象不包括公司独立董事、单独或合 计持有公司 5%以上股份的股东或实际控制人及其配偶、父母、子女。 3、公司本次授予激励对象名单人员与公司 2025 年第二次临时股东大会批准 的《2025 年限制性股票激励计划 ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2025-079 乐鑫信息科技（上海）股份有限公司 关于向 2025 年限制性股票激励计划激励对象授予预 本公司及董事会全体成员保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 乐鑫信息科技（上海）股份有限公司（以下简称"公司"）《2025 年限制性股 票激励计划（草案）》（以下简称"《激励计划（草案）》"或"本激励计划"）规定 的公司 2025 年限制性股票预留授予权益条件已经成就，根据乐鑫信息科技（上 海）股份有限公司 2025 年第二次临时股东大会授权，公司于 2025 年 10 月 27 日召开的第三届董事会第十二次会议，审议通过了《关于向 2025 年限制性股票 激励计划激励对象授予预留限制性股票的议案》，确定 2025 年 10 月 27 日为预留 授予日，以 120.29 元/股的授予价格向 22 名激励对象授予 71,808 股限制性股票。 现将有关事项说明如下： 一、限制性股票授予情况 （一）本次限制性股票授予已履行的决策程序和信息披露情况 1、2025 年 ...

乐鑫信息科技（上海）股份有限公司 2025 年限制性股票激励计划预留授予激励对象名单 （截止预留授予日） 一、预留限制性股票的分配情况 | 激励对象职务 | 激励对象人数 | 获授限制性股票数 量（股） | 占授予限制性 股票总数比例 | 占本激励计划公 告日股本总额比 | | --- | --- | --- | --- | --- | | | | | | 例 | | 技术骨干 | 21 | 68,260 | 95.06% | 0.0408% | | 业务骨干 | 1 | 3,548 | 4.94% | 0.0021% | | 小计 | 22 | 71,808 | 100.00% | 0.0430% | 乐鑫信息科技（上海）股份有限公司董事会 2025 年 10 月 27 日 注：1、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票均未超过公司总股本 的 1%。公司全部有效期内的激励计划所涉及的标的股票总数累计不超过股权激励计划提交股东大会审议时 公司股本总额的 20%。 2、本次预留授予激励对象不包括独立董事、单独或合计持有上市公司 5%以上股份的股东、上市公司实际 控制人及其配偶、父母 ...

上海市锦天城律师事务所关于 乐鑫信息科技（上海）股份有限公司 2025 年限制性股票激励计划 预留授予事项之 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于乐鑫信息科技（上海）股份有限公司 2025 年限制性股票激励计划 预留授予事项之 法律意见书 致：乐鑫信息科技（上海）股份有限公司 第一部分 引言 上海市锦天城律师事务所（以下简称"本所"或"我们"）接受乐鑫信息科 技（上海）股份有限公司（以下简称"乐鑫科技"或"公司"）的委托，指派沈 诚律师和宋怡律师作为公司特聘专项法律顾问，根据《中华人民共和国公司法》 《中华人民共和国证券法》（2019 修订）（以下简称"《证券法》"）、《上 市公司股权激励管理办法》（2025 修正）（以下简称"《管理办法》"）、《上 海证券交易所科创板股票上市规则》《科创板上市公司自律监管指南第 4 号—— 股权激励信息披露》及其他有关法律、法规、规范性文件及乐鑫科技《公司章程》 的规定，按照律师行业 ...

乐鑫信息科技（上海）股份有限公司 章 程 二零二五年十月 1 | ਮ | | --- | | 第一章 | 总 | 则 | 3 | | --- | --- | --- | --- | | 第二章 | | 经营宗旨和经营范围 | 4 | | 第三章 | 股 | 份 | 5 | | 第四章 | | 股东和股东会 | 9 | | 第五章 | | 董事会 | 27 | | 第六章 | | 高级管理人员 | | | 第七章 | | 财务会计制度、利润分配和审计 41 | 39 | | 第一节 | | 财务会计制度 41 | | | 第二节 | | 内部审计 45 | | | 第三节 | | 会计师事务所的聘任 46 | | | 第八章 | 通 | 知 | 46 | | 第九章 | | 合并、分立、增资、减资、解散和清算 47 | | | 第一节 | | 合并、分立、增资和减资 47 | | | 第二节 | | 解散和清算 49 | | | 第十章 | | 修改章程 | 51 | | 第十一章 | 附 | 则 | 52 | 乐鑫信息科技（上海）股份有限公司章程 第一章 总 则 公司系乐鑫信息科技（上海）有限公司整体变更而成 ...