香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINASOFT INTERNATIONAL LIMITED 中軟國際有限公司 * （於開曼群島註冊成立之有限公司） （股份代號：354） 自願性公告 中軟國際攜手深開鴻與龍芯中科簽署戰略合作 共推「龍鴻體系」構建自主可控信息技術新生態 中軟國際有限公司（以下簡稱「中軟國際」或「公司」）發佈本公告作為自願公佈，讓 公眾人士知悉本公司最新資料。 本公司欣然宣佈，近日，公司與深圳開鴻數字產業發展有限公司（以下簡稱「深開 鴻」）、龍芯中科技術股份有限公司（以下簡稱「龍芯中科」）正式簽署戰略合作協議， 聯合打造以「開源鴻蒙+LoongArch」為核心的全鏈路自主「龍鴻體系」。三方將發揮 資源互補優勢：中軟國際依托軟件應用、系統集成與國際化市場拓展能力，深開 鴻憑借開源鴻蒙操作系統全場景覆蓋、分佈式特性及硬實時低時延技術沉澱，龍 芯中科以LoongArch自主指令集芯片及底層解決方案為支撐，在技術、產品、市場、 ...

Investment Rating - The industry investment rating is "Outperform the Market" [21] Core Viewpoints - The report emphasizes that the implementation of the "Implementation Opinions" by the State Council will accelerate the development of China's artificial intelligence industry [3][7] - The Kimi K2 Thinking model, released by the company "月之暗面," ranks third globally in performance, indicating that domestic large models are continuously improving and adapting well to domestic accelerated computing chips [9][17] - The report suggests a strong outlook for the AI industry in China, driven by the competitive landscape of global AI large models and the ongoing iteration of domestic models [17] Summary by Sections Industry News and Commentary - The State Council issued the "Implementation Opinions" on November 7, which includes five parts aimed at fostering the application of new technologies and products in various economic and social scenarios [3][6] - The report notes that the Kimi K2 Thinking model has achieved state-of-the-art performance in several benchmark tests, enhancing its capabilities in complex reasoning and tool usage [9][17] Key Company Announcements - "浪潮信息" announced the progress of its share repurchase, having repurchased 1,551,866 shares at a total cost of approximately 96.99 million yuan [10] - "东华软件" disclosed two investment announcements, including the establishment of an AI research institute and a technology company with a total investment of 35 million yuan [10] - "国能日新" announced a joint venture for energy storage with a registered capital of 40 million yuan [10] Weekly Market Review - The computer industry index fell by 2.54% this week, underperforming the CSI 300 index, which rose by 0.82% [11][14] - The overall P/E ratio for the computer industry is 56.0 times, with 359 A-share component stocks, of which 98 rose, 2 remained flat, and 257 fell [14] Investment Recommendations - The report recommends focusing on AI-related investment opportunities, particularly in AI computing power and algorithms, highlighting companies such as 海光信息, 龙芯中科, and 恒生电子 [17]

Core Insights - The company reported a 13.9% year-on-year increase in revenue for the first three quarters, but the net profit attributable to shareholders showed a slight increase in losses [1] - The company is entering a new growth cycle driven by its self-developed core technologies and successful product launches [2] - A stock incentive plan was announced, reflecting confidence in future growth [3] - The investment recommendation has been adjusted to maintain an "outperform" rating based on optimistic revenue growth expectations [4] Financial Performance - For the first three quarters, the company achieved revenue of 351 million yuan, with a net loss of 394 million yuan, which is an increase in losses compared to the previous year [1] - In Q3 2025, revenue was 107 million yuan, representing a 21.5% year-on-year increase, while the net loss narrowed slightly to 99 million yuan [1] Product Development and Market Position - The company has developed its core technologies in processors and supporting chips, marking a transition to a new development phase [2] - The successful development of new products has positioned the company's CPU to compete effectively in the market [2] Incentive Plan - The company announced a restrictive stock incentive plan, granting 530,862 shares to 100 individuals, with performance targets linked to revenue growth [3] - The plan aims to align incentives with company performance, showcasing confidence in future revenue growth [3] Investment Outlook - The investment outlook has been revised, projecting revenues of 629 million, 913 million, and 1.256 billion yuan for 2025-2027, with adjusted net profit forecasts reflecting improved expectations [4] - The company maintains an "outperform" rating based on anticipated recovery in the electronic government and industrial control markets [4]

Group 1: Flexible Electronics Technology Conference - The sixth International Flexible Electronics Technology Conference was held in Jiaxing, Zhejiang, attracting over 400 researchers and industry experts from China, the United States, Germany, and other regions to share cutting-edge results and discuss industry progress [1] - The conference was organized by Tsinghua University's National Key Laboratory of Flexible Electronics Technology and the Zhejiang Tsinghua Flexible Electronics Technology Research Institute [1] - The Zhejiang Tsinghua Flexible Electronics Technology Research Institute launched a pilot platform for the manufacturing of flexible integrated devices, which is open to global collaboration, providing process cooperation, pilot incubation, and solution services for enterprises, universities, and research institutions [1] Group 2: Longxin Architecture Computers in Education - Longxin Zhongke Co., Ltd. reported that over 100,000 fully autonomous computers based on the "Longxin architecture" have been applied in primary and secondary school information technology education [2] - Significant deployments have occurred in provinces such as Zhejiang, Henan, and Shanxi, with large-scale implementations reaching thousands of units and pilot programs covering nearly a thousand primary and secondary schools [2] - The "Longxin architecture," introduced in 2020, is China's first fully autonomous CPU instruction system, and its software ecosystem has been rapidly developing, supported by educational innovation collaboration plans and comprehensive training solutions [2]

Core Insights - The company reported a 13.9% year-on-year increase in revenue for the first three quarters, but the net profit attributable to shareholders showed a slight increase in losses [1] - The company is entering a new growth cycle driven by its self-developed core technologies and successful product launches [2] - A stock incentive plan was announced, reflecting confidence in future growth and setting ambitious revenue targets for 2025 and 2026 [3] - The investment recommendation has been adjusted to reflect improved business conditions and optimistic revenue forecasts for the coming years [4] Financial Performance - For the first three quarters, the company achieved revenue of 351 million yuan, with a net loss of 394 million yuan, which is an increase in losses compared to the previous year [1] - In Q3 2025, revenue reached 107 million yuan, marking a 21.5% year-on-year increase, while the net loss narrowed slightly to 99 million yuan [1] Product Development - The company has established its core technology in processor and supporting chip development, marking a transition in its growth phase [2] - The successful development of new products has positioned the company's CPU to compete effectively in the market [2] Incentive Plan - The company announced a restrictive stock incentive plan, granting 530,862 shares at a price of 79.03 yuan per share, aimed at aligning employee performance with company growth [3] - The performance targets for the incentive plan are set at a revenue growth rate of 30% for 2025 and 100% for 2026 compared to 2024 [3] Investment Outlook - The investment outlook has been revised, with projected revenues for 2025-2027 set at 629 million, 913 million, and 1.256 billion yuan, respectively [4] - The net profit forecasts for the same period are adjusted to -323 million, -71 million, and 155 million yuan, indicating a path towards profitability [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company reported a revenue growth of 13.9% year-on-year for the first three quarters, with total revenue reaching 351 million yuan. However, the net profit attributable to the parent company showed a slight increase in losses, amounting to -394 million yuan [1]. - The company is entering a new development cycle, focusing on independent research and development, particularly in processors and supporting chips. The successful development of new products has enhanced the market competitiveness of the Longxin CPU [2]. - A restricted stock incentive plan was announced, indicating confidence in future growth. The plan involves granting 530,862 restricted shares, representing 0.13% of the total share capital, with performance targets set for revenue growth [3]. Summary by Sections Financial Performance - For the first three quarters, the company achieved a revenue of 351 million yuan, reflecting a year-on-year increase of 13.9%. The gross profit margin was 42.37%, up by 12.40 percentage points year-on-year [1]. - In Q3 2025, the revenue was 107 million yuan, showing a year-on-year growth of 21.5%, while the net profit loss narrowed to -99 million yuan compared to the previous year [1]. Future Outlook - The company is expected to benefit from the recovery in the electronic government market and the industrial control market, which will drive revenue growth. The revenue projections for 2025-2027 have been adjusted to 629 million, 913 million, and 1.256 billion yuan, respectively [4]. - The net profit forecast for the same period is projected to improve, with losses expected to decrease significantly by 2027, reaching a profit of 155 million yuan [4]. Incentive Plans - The restricted stock incentive plan aims to align employee interests with company performance, with specific revenue growth targets set for 2025 and 2026 [3].

Core Viewpoint - The A-share market is experiencing significant interest in high bandwidth memory (HBM) concepts, with related stocks seeing substantial capital inflow and price increases. SK Hynix and NVIDIA have finalized an HBM4 supply agreement, with a price increase of over 50% compared to HBM3E, and predictions of operating profits exceeding 70 trillion KRW by 2025 [1]. Group 1: Company Developments in HBM - Zhongtian Precision has a 6.71% indirect stake in Visionary Storage and is focused on HBM technology, with HBM2/2e products in final testing and HBM3/3e in development, targeting applications in AI and edge devices [1]. - Unisoc's HBM products are still in the R&D phase, with future iterations planned based on user needs, particularly for specialized industry applications [2]. - Jingce Electronics has aging testing equipment for HBM chips and has received orders for related products, benefiting from the demand surge due to AI developments [3]. - Longxin Technology is collaborating with industry partners on HBM R&D, aiming to enhance bandwidth and reduce latency for future GPGPU needs [4]. - Aisen Co. has developed advanced packaging materials applicable to HBM storage chips [5]. - Kuaike Intelligent is advancing TCB equipment for HBM packaging, which is crucial for the process [6]. - Sanxiang New Materials is focusing on electronic-grade zirconium and hafnium materials, which are essential for HBM and other high-performance storage chips, with some products already sent to semiconductor clients [6]. Group 2: Market Trends and Predictions - The HBM4 high premium is currently benefiting overseas oligopolies, while domestic companies are primarily focused on thematic trading, necessitating close monitoring of certification progress and DRAM price increases for valuation flexibility [1]. - The demand for large-capacity, high-performance storage chips is rising, leading to tighter supply of core materials [6].

Core Viewpoint - Qiangyi Co., Ltd., a leading MEMS probe card manufacturer in Suzhou, Jiangsu, has submitted its IPO application to the Sci-Tech Innovation Board, with a review scheduled for November 12, 2023. The company aims to raise 1.5 billion yuan for R&D and production projects [1][2][31]. Company Overview - Founded in August 2015, Qiangyi Co., Ltd. has a registered capital of 97.1694 million yuan and is recognized as a national-level "little giant" enterprise specializing in advanced manufacturing [1][2]. - The company focuses on the R&D, design, production, and sales of probe cards, breaking the monopoly of foreign manufacturers in the MEMS probe card sector [1][31]. Market Position - Qiangyi ranks ninth in the global semiconductor probe card industry in 2023 and sixth in 2024, being the only domestic company to enter the top ten [1][2]. - The probe card products are used in both non-storage fields (SoC chips, CPUs, GPUs, RF chips) and storage fields (DRAM, NAND Flash) [1][2]. Financial Performance - In 2022, the company reported revenue exceeding 600 million yuan, with a net profit increase of 1149% [4]. - For the first nine months of 2025, Qiangyi's revenue reached 647 million yuan, a year-on-year increase of 65.88%, with a net profit of 248 million yuan, up 100.13% [6][7]. Future Projections - Qiangyi expects its 2025 revenue to be between 950 million and 1.05 billion yuan, representing a growth of 48.12% to 63.71% year-on-year [7][9]. - The company plans to enhance its R&D capabilities and production capacity for MEMS probe cards, particularly in the storage sector, to improve competitiveness [31]. Client Base - The company has over 400 clients, including major chip design firms and foundries, with significant sales to top clients like Company B, which accounts for over 80% of revenue [2][13][18]. - Qiangyi's major clients include well-known companies such as ZTE Micro, Fudan Microelectronics, and others in the semiconductor industry [2][17]. R&D and Innovation - As of September 30, 2025, Qiangyi had 159 R&D personnel, accounting for 19.85% of its total workforce, and held 182 authorized patents [13][14]. - The company has developed various types of probe cards, including 2D/2.5D MEMS probe cards, and is actively expanding its product offerings [15][16]. Supply Chain and Procurement - Qiangyi's procurement is concentrated, with the top five suppliers accounting for a significant portion of its total procurement costs [22][23]. - The company is working to enhance supply chain stability by sourcing core components domestically, while still relying on imports for certain materials [25][31].

Group 1 - The AI wave is driving a surge in demand for computing power, significantly increasing the value across various segments such as servers, AI chips, optical chips, storage, and PCB boards [1] - According to Frost & Sullivan, the market size of AI chips in China is projected to skyrocket from 142.54 billion yuan in 2024 to 1.34 trillion yuan by 2029 [1] Group 2 - The stock price of AI chip leader Cambricon Technologies (688256) surged, reaching a peak increase of nearly 9.7%, with the latest price at 1,478 yuan per share, reclaiming its title as the "king of A-shares" [2] - Other AI chip concept stocks such as Haiguang Information, SMIC, Tongfu Microelectronics, Chipone Technology, and Loongson Technology also experienced varying degrees of increase [2]

Core Viewpoint - The automotive chip sector is experiencing a significant rebound, with several companies seeing substantial stock price increases, indicating renewed investor interest and market optimism in this industry [1] Company Summaries - Geer Software has reached its daily limit increase in stock price, reflecting strong market performance and investor confidence [1] - Yuanjie Technology, Dongxin Co., Chip Original Co., Zhaoyi Innovation, Yangjie Technology, and Longxin Zhongke have also seen their stock prices rise, suggesting a broader positive trend within the automotive chip sector [1]