ESPRESSIF SYSTEMS 2025 Q3 REPORT CONTENTS ESPRESSIF SYSTEMS Q3 2025 REPORT Contents | About Espressif | 03 | | --- | --- | | Core Competitiveness | 04 | | Core Technologies | 05 | | Edge-Cloud AI | 06 | | Business Highlights | 07 | | Key Financial Data (Unaudited) | 07 | | Key Financial Indicators (Unaudited) | 07 | | Financial Analysis | 08 | | Management Report | 09 | | Business Strategy | 09 | | Key Products - IoT Chips | 10 | | Key Products - Chip Matrix | 11 | | Key Products - M5Stack DevKits | 12 | | ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2025-081 公司根据中国证券监督管理委员会《关于同意乐鑫信息科技（上海）股份有 限公司向特定对象发行股票注册的批复》（证监许可〔2025〕1854 号），向 17 名特定对象发行人民币普通股（A 股）股票 10,440,288 股，相关募集资金已经天 职国际会计师事务所（特殊普通合伙）审验，并于 2025 年 9 月 26 日出具《验资 报告》（天职业字[2025]38944 号）。前述新增股份于 2025 年 10 月 17 日在中国 证券登记结算有限责任公司上海分公司办理完毕股票登记手续。 至此，公司的注册资本由156,702,722元人民币变更为167,143,010元人民币， 总股本由 156,702,722 股变更为 167,143,010 股。 二、公司章程修订情况 基于以上公司注册资本变更的相关情况，公司根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司章程指引》和其他有关规定，现拟对《乐 鑫信息科技（上海）股份有限公司章程》（以下简称"《公司章程》"）的部分 条款进行相应修订。本次章程修订内容如下： | 修订前 | 修订 ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2025-080 乐鑫信息科技（上海）股份有限公司 关于续聘会计师事务所的公告 本公司董事会及全体董事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： 天职国际已取得北京市财政局颁发的执业证书，是中国首批获得证券期货相 关业务资格，获准从事特大型国有企业审计业务资格，取得金融审计资格，取得 会计司法鉴定业务资格，以及取得军工涉密业务咨询服务安全保密资质等国家实 行资质管理的最高执业资质的会计师事务所之一，并在美国 PCAOB 注册。天 职国际过去二十多年一直从事证券服务业务。 拟聘任的会计师事务所名称：天职国际会计师事务所（特殊普通合伙） （以下简称"天职国际"） 天职国际会计师事务所（特殊普通合伙）为公司聘请的 2024 年度审计机构， 并顺利完成公司 2024 年年度报告的审计事项。根据公司董事会审计委员会对年 报审计公司的总体评价和提议，公司拟继续聘请天职国际为公司 2025 年度财务 报表审计机构和内控审计机构，聘期一年，具体情况如下： 署过证券服务业务审计报告的注册会 ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2025-082 乐鑫信息科技（上海）股份有限公司 关于召开2025年第五次临时股东会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （一） 股东会类型和届次 2025年第五次临时股东会 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 11 月 12 日 14 点 00 分 召开地点：中国上海浦东新区御北路 235 弄 3 号楼 8 楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 12 日 至2025 年 11 月 12 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2025-078 乐鑫信息科技（上海）股份有限公司 第三届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 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"）第 三届董事会第十二次会议（以下简称"本次会议"）于 2025 年 10 月 27 日在公司 8 楼会议室以现场方式召开。本次会议的通知于 2025 年 10 月 22 日通过电话及 邮件方式送达全体董事。会议应出席董事 7 人，实际到会董事 7 人，会议由公司 董事长 TEO SWEE ANN 张瑞安主持。会议的召集和召开程序符合有关法律、行 政法规、部门规章、规范性文件和公司章程的规定，会议决议合法、有效。 1 二、董事会会议审议情况 本次会议由公司董事长 TEO SWEE ANN 张瑞安主持，经全体董事表决，形 成决议如下： （一）审议通过《关于审议<2025 年第三季度报告>的议案》 出席会议的董事认真审阅了《2025 年第三季度报告》的资料 ...

乐鑫信息科技（上海）股份有限公司2025 年第三季度报告 乐鑫信息科技（上海）股份有限公司 2025 年第三季度报告 1 / 20 证券代码：688018 证券简称： 乐鑫科技 乐鑫信息科技（上海）股份有限公司2025 年第三季度报告 本公司董事会及全体董事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。 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期 比上年同 期增减变 | 年初至报告期末 | 年初至报告 期末比上年 | | --- | --- | --- | --- | --- | | | | 动幅度 | | 同期增减变 | | | | (%) | | 动幅度(%) | | 营业收入 | 666,706,221.14 | 23.51 | 1,912,247,017.12 | 30.97 | | 利润总额 | 128,961,818.55 | 27.01 | 389,771,785.32 | 59.86 | | 归属于上市公司股东 | 115,500,538.05 | 16.11 | 376,762,715.28 | 50.04 ...

Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [48]. Core Insights - The semiconductor industry index has seen a cumulative decline of 9.48% over the past two weeks, underperforming the CSI 300 index by 7.29 percentage points. However, since the beginning of 2025, the semiconductor index has risen by 44.73%, outperforming the CSI 300 index by 27.66 percentage points [7][15]. - The report highlights a significant price increase in storage products driven by the explosion of AI applications, leading to a surge in demand for high-performance storage chips used in AI servers and data centers. Major companies like Micron and Samsung have raised prices by 20%-30% and 15%-30% respectively [41][25]. Industry News and Company Dynamics - The report notes that the global semiconductor equipment investment reached $33.07 billion in Q2 2025, a 24% year-on-year increase [18]. - The Chinese smartphone market saw a 3% decline in Q3 2025, with Vivo regaining the top position in shipments [22]. - The report mentions that the utilization rate of wafer foundries in the second half of 2025 is better than expected due to low inventory levels among chip design companies and strong AI demand [23]. - The report anticipates a "super cycle" in the storage chip market, with price increases expected to continue until 2026, driven by high demand from data centers and smart devices [25]. Semiconductor Industry Data Updates - Global smartphone shipments reached 323 million units in Q3 2025, a year-on-year increase of 2.09% [34]. - In September 2025, domestic new energy vehicle sales reached 1.604 million units, a year-on-year increase of 24.6% [36]. - Global semiconductor sales in August 2025 amounted to $64.88 billion, a year-on-year increase of 21.7% [38]. Investment Recommendations - The report suggests focusing on segments benefiting from the price increases in storage products, including storage modules, niche storage, and supporting materials [41]. - Specific companies to watch include: - Northern Huachuang (002371) - Zhongwei Company (688012) - Huahai Qingke (688120) - Tuo Jing Technology (688072) [44][45].

Core Viewpoint - The A-share technology sector is experiencing a strong resurgence, particularly driven by artificial intelligence (AI), with significant inflows of capital into related ETFs and indices [1][4]. Group 1: Market Performance - The Sci-Tech Innovation Artificial Intelligence ETF (589560) surged by 3.21% as of 13:04, with trading volume surpassing the previous day's total [1]. - The Sci-Tech 50 Index ETF (588870) also rose over 3%, leading in year-to-date share growth among its peers [1]. - The Shanghai Stock Exchange Sci-Tech Innovation Board AI Index (950180) increased by 2.92%, with notable gains from constituent stocks such as 澜起科技 (688008) up 6.55% and 恒玄科技 (688608) up 6.29% [4][6]. Group 2: Key Stocks and Their Performance - The top ten constituent stocks of the Sci-Tech Innovation Artificial Intelligence ETF include: - 寒武纪-U (688256) with a rise of 3.82% - 澜起科技 (688008) with a rise of 6.55% - 芯原股份 (688521) with a rise of 5.61% [5]. - Other notable performers include 晶晨股份 (688099) up 2.23% and 乐鑫科技 (688018) up 3.78% [5]. Group 3: Industry Insights - The current AI wave is driven by technological innovations such as DeepSeek, which offers high performance and low costs, positioning China to compete globally in AI technology [6][7]. - The domestic AI application landscape benefits from a large pool of engineers, data resources, and a robust application ecosystem, exemplified by Alibaba's rapid AI integration across its platforms [7]. - The demand for large model computing continues to rise, with significant investments in computing power from major domestic and international firms, positively impacting related sectors like optical modules and PCBs [7]. - Recent government policies, including the August 26 directive on "Artificial Intelligence+" actions, aim to support the development of an intelligent economy by 2035, comparable in significance to the earlier "Internet+" initiative [7].

Core Insights - The technology sector, particularly the domestic AI industry chain, is experiencing significant growth, with the Sci-Tech Innovation Artificial Intelligence ETF (589520) seeing a jump of over 2.8% in intraday trading, currently up by 2.66% [1] - Key stocks driving this growth include Lanke Technology, which rose over 5%, and other companies like Hengxuan Technology and Hongsoft Technology, which increased by more than 4% [1] Policy and Market Trends - A recent major conference has highlighted the importance of high-quality development and the acceleration of self-reliance in technology, which is expected to be a central theme in upcoming policies [2] - The urgency for domestic computing power replacement is increasing due to U.S. restrictions on advanced chip exports to China, with expectations for continued breakthroughs in domestic computing capabilities [3] Investment Highlights - The Sci-Tech Innovation Artificial Intelligence ETF (589520) and its linked funds are positioned to benefit from several key factors: 1. Policy support is igniting AI growth, with the sector expected to lead the current market rally [4] 2. The focus on domestic alternatives and self-control in technology is becoming increasingly important amid rising tech tensions [4] 3. The ETF offers high elasticity with a 20% price fluctuation limit, allowing for efficient investment during market surges [4] Top Holdings - As of September 30, 2025, the top ten holdings of the Sci-Tech Innovation Artificial Intelligence Index account for over 71.90% of the total weight, with the semiconductor sector being the largest, comprising 52.6% [5]

Core Insights - The computing chip stocks experienced a strong afternoon rally, with Cambricon leading the gains by over 4%, bringing its total market value back to 600 billion yuan [1] - The AI-focused ETF (589520) saw a significant inflow of 1.564 billion yuan, topping the A-share capital absorption list [1] - The AI industry is expected to see exponential growth driven by a "computing-power-model-application-data" flywheel effect, with a high ceiling for AI output [3] Group 1: Market Performance - Cambricon's stock surged over 4%, with a total market capitalization of 600 billion yuan [1] - The AI ETF (589520) reached a peak increase of 1.33% during the day, ultimately closing with a slight gain of 0.17% [1] - Cambricon attracted a net inflow of 1.564 billion yuan from major funds throughout the day [1] Group 2: Company Developments - Cambricon reported a significant increase in revenue, with a year-on-year growth exceeding 2300% in its latest quarterly report [5] - Chipmaker Chipone is expected to achieve a record high quarterly revenue of 1.284 billion yuan, reflecting a quarter-on-quarter increase of 119.74% and a year-on-year growth of 78.77% [5] Group 3: Policy and Industry Trends - The Ministry of Industry and Information Technology is soliciting opinions on the "Computing Power Standard System Construction Guide (2025 Edition)," aiming to revise over 50 standards by 2027 [3] - The AI sector is positioned as a key driver of the current market rally, with a focus on domestic AI industry chain development amid increasing emphasis on information and industrial security [4] Group 4: ETF Highlights - The AI ETF (589520) is characterized by three main highlights: policy support for AI, emphasis on domestic alternatives, and strong offensive potential due to its 20% price fluctuation limit [4] - The top ten holdings of the ETF account for over 70% of its weight, with semiconductors representing more than half of the portfolio [7]