中信证券股份有限公司 关于龙芯中科技术股份有限公司 2025 年半年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为龙芯中 科技术股份有限公司（以下简称"龙芯中科"或"公司"或"上市公司"）首次 公开发行股票并在科创板上市的保荐人，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续督导职 责，并出具本持续督导半年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； （3）查阅公司与控股股东、实际控制人及其关联方的资金往来明细及相关 内部审议文件、信息披露文件； （4）查阅公司募集资金管理相关制度、募集资金使用信息披露文件和决策 程序文件、募集资金专户银行对账单、募集资金使用明细账； （5）对公司高级管理人员进行访谈； 1 （6）对公司及其控股股东、实际控制人、董事、监事、高级管理人员进行 公开信息查询； 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备 ...

Summary of Semiconductor Industry Conference Call Industry Overview - The semiconductor industry is experiencing a price increase in storage chips, with a cumulative rise of 20%-22% since February 2025, driven by reduced production expectations from South Korean manufacturers and demand from AI servers and industrial recovery [1][4] - Global semiconductor leaders have seen inventory levels decline since Q2 2025, with a reduction in turnover days [5] - The demand for consumer electronics is expected to continue into Q3/Q4, with various chip prices showing an upward or stable trend [1][6] Key Points and Arguments - **Storage Chip Prices**: In August 2025, storage chip module prices rose approximately 10%, with expectations for continued slight increases in September [4] - **Sales Growth**: The sales of silicon wafers increased by 19.2% year-on-year in the first half of 2025, indicating a rebound from the industry's low point [7] - **AI Server Market**: The AI server market is projected to grow at a rate exceeding 25% in the medium to long term, with single-unit values significantly higher than traditional servers [11] - **Consumer Electronics**: Global smartphone shipments grew by about 1% in Q2 2025, with an expected annual growth rate of 2.3% [3][8] - **Electric Vehicles**: The penetration rate of new energy vehicles in China increased by 27% in July 2025, with a cumulative growth of 38% from January to July [10] Additional Important Insights - **Inventory and Supply**: Major semiconductor companies like Intel and AMD have maintained relatively high inventory levels, but these began to decline in Q2 2025 [5] - **Market Valuation**: The A-share semiconductor industry has seen significant fluctuations in PE ratios, with current averages around 83 times [12] - **Investment Recommendations**: Suggested stocks include companies in the consumer electronics sector like Luxshare Precision and GoerTek, as well as chip manufacturers such as Will Semiconductor and Geke Micro [17][18] - **Potential Risks**: Risks include the sustainability of demand recovery, macroeconomic conditions, and potential downturns in major tech stocks like Nvidia and Apple [19] Conclusion The semiconductor industry is poised for continued growth, driven by advancements in AI, consumer electronics, and electric vehicles. However, investors should remain cautious of potential market corrections and macroeconomic factors that could impact demand.

Core Viewpoint - The company aims to increase revenue from the open market to about 50% by 2027, focusing on competitive pricing and expanding its product ecosystem [2]. Group 1: Company Performance - In the first half of the year, the company achieved revenue of 244 million yuan, a year-on-year increase of 10.90%, while the net profit attributable to shareholders was -294 million yuan, compared to -238 million yuan in the same period last year [2]. - The revenue from industrial control chips grew by 61.09% year-on-year, driven by the recovery in the traditional security application market and the contribution of new products [2]. Group 2: Market Strategy - The company is the only domestic CPU manufacturer capable of conducting external technology licensing, aiming to create a "China's independent CPU" model through licensing to foreign companies [1]. - The focus is on developing a competitive ecosystem for its CPUs, with plans to establish a Linux software system and a binary translation system from X86 to its architecture [2]. Group 3: Future Outlook - The company is targeting the AI market with its chips, particularly for inference applications, starting with edge AI applications [3]. - The company anticipates a market correction in the high-performance computing chip sector, suggesting that its high-performance chips will emerge post-correction [4].

Core Viewpoint - The domestic AI chip industry is experiencing significant growth driven by strong demand for AI inference, with leading companies accumulating inventory and securing key materials to prepare for future market developments [1][4]. Group 1: Company Performance - Haiguang Information achieved a revenue of 5.464 billion yuan in the first half of the year, a year-on-year increase of 45.21%, with a net profit of 1.201 billion yuan, up 40.78% [4]. - Cambricon Technologies reported a staggering revenue of 2.881 billion yuan, a year-on-year increase of 4347.82%, and a net profit of 1.038 billion yuan, compared to a loss of 530 million yuan in the previous year, marking a growth of 295.85% [4]. - Longxin Zhongke's revenue reached 244 million yuan, a year-on-year increase of 10.9%, but it still reported a net loss of 294 million yuan, which is a 23.53% increase in losses compared to the previous year [4]. Group 2: Inventory and Contracts - Cambricon's inventory stood at 2.69 billion yuan, accounting for 31.95% of total assets, with a 51.64% increase from the previous year [5]. - Contract liabilities for Cambricon surged to 543 million yuan, representing 6.45% of total assets, a dramatic increase of 61223.22% compared to the previous year [5]. - Haiguang Information's contract liabilities increased by 242.1% to 3.091 billion yuan, making up 9.57% of total assets, driven by customer prepayments [5]. Group 3: Market Dynamics - The domestic AI chip market is characterized by a diverse range of technology routes, with companies like Haiguang Information and Muxi actively competing against global giants like NVIDIA [8]. - ASIC customized chips are gaining traction, particularly among cloud computing firms, due to their tailored design for specific AI inference scenarios [8]. - The market share of domestic companies is growing, with Huawei HiSilicon holding approximately 23% of the AI acceleration chip market in China, while Muxi holds about 1% [8]. Group 4: Strategic Developments - Companies are focusing on deep collaboration within the industry chain to enhance the development of AI chip ecosystems, as highlighted by Haiguang Information's integration efforts with Zhongke Shuguang [13][14]. - Increased marketing expenditures by Haiguang Information, which rose by 185.83% to 203.4 million yuan, reflect a strategic push to expand market presence and ecosystem development [14]. - The domestic AI chip industry's rapid advancement is attributed to sustained R&D investments and a collaborative approach within the ecosystem [14].

Core Viewpoint - The domestic AI chip industry is experiencing significant growth driven by strong demand for AI inference, with leading companies accumulating finished products and reserving key materials to prepare for future market developments [1][4]. Group 1: Company Performance - Haiguang Information achieved a revenue of 5.464 billion yuan in the first half of the year, a year-on-year increase of 45.21%, and a net profit of 1.201 billion yuan, up 40.78% [4]. - Cambricon Technologies reported a staggering revenue growth of 4347.82%, reaching 2.881 billion yuan, and a net profit of 1.038 billion yuan, compared to a loss of 530 million yuan in the previous year [4]. - Longxin Zhongke's revenue was 244 million yuan, a 10.9% increase, but it still faced a net loss of 294 million yuan, which is a 23.53% decline compared to the previous year [4]. Group 2: Inventory and Contracts - Cambricon's inventory increased by 51.64% to 2.69 billion yuan, accounting for 31.95% of total assets, while contract liabilities surged by 61223.22% to 543 million yuan, representing 6.45% of total assets [5][6]. - Haiguang Information's contract liabilities rose by 242.1% to 3.091 billion yuan, making up 9.57% of total assets, with inventory reaching 6.013 billion yuan, a 10.84% increase [6]. Group 3: Market Position and Competition - Domestic AI chip manufacturers are still in a position to increase their market share significantly, with various companies adopting different technological routes to compete [1][9]. - In the Chinese AI acceleration chip market for 2024, Nvidia holds a 66% market share, while domestic players like Huawei HiSilicon and Muxi account for approximately 23% and 1%, respectively [9]. - ASIC customized chips are gaining traction due to their tailored design for specific AI inference scenarios, attracting interest from major cloud computing companies [9]. Group 4: Ecosystem Development - The development of a collaborative and open industry chain environment is crucial for the sustained growth of the domestic AI chip ecosystem [13][16]. - Companies like Haiguang Information are focusing on deep collaboration across the industry chain to enhance the integration of hardware, software, and ecosystem [15]. - The rapid advancement of domestic AI chips is attributed to years of sustained R&D investment and a collective effort within the industry to foster an open ecosystem [16].

Core Viewpoint - The domestic AI chip industry is experiencing significant growth driven by strong demand for AI inference, with leading companies accumulating inventory and securing key materials to prepare for future market developments [2][3]. Financial Performance - Haiguang Information achieved a revenue of 5.464 billion yuan in the first half of the year, a year-on-year increase of 45.21%, with a net profit of 1.201 billion yuan, up 40.78% [3]. - Cambrian's revenue surged to 2.881 billion yuan, marking a staggering year-on-year growth of 4347.82%, with a net profit of 1.038 billion yuan, compared to a loss of 530 million yuan in the previous year [3]. - Longxin Zhongke reported a revenue of 244 million yuan, a 10.9% increase year-on-year, but still faced a net loss of 294 million yuan, which is a 23.53% decline compared to the previous year [3]. Inventory and Contract Liabilities - Cambrian's inventory reached 2.69 billion yuan, accounting for 31.95% of total assets, with a 51.64% increase from the previous year [5]. - Cambrian's contract liabilities grew to 543 million yuan, representing 6.45% of total assets, a dramatic increase of 61223.22% year-on-year [5]. - Haiguang Information's contract liabilities rose by 242.1% to 3.091 billion yuan, making up 9.57% of total assets, driven by customer prepayments [5]. Market Dynamics - Domestic AI chip manufacturers are actively increasing inventory as part of strategic development considerations, with a focus on key raw materials like HBM and wafers [6][7]. - The domestic AI chip market is characterized by diverse technology routes, with companies like Haiguang Information and Cambrian competing in the GPU space, while others like Huawei HiSilicon and Cambrian focus on ASIC custom chips [7][8]. Commercialization Progress - Domestic AI chip companies have made notable strides in commercialization, with Huawei HiSilicon holding approximately 23% market share in the AI acceleration chip market in China [8]. - Cambrian's products are being deployed in key industries such as telecommunications, finance, and the internet, while Haiguang's CPU and DCU series are widely applicable in big data processing and AI [8][9]. Ecosystem Development - The development of a collaborative and open ecosystem is crucial for the sustained growth of the domestic AI chip industry, with companies like Haiguang Information emphasizing the need for deep collaboration across the supply chain [11][12]. - Increased marketing expenditures by Haiguang Information, which rose by 185.83% to 203.4 million yuan, reflect efforts to expand market presence and enhance ecosystem development [12].

Core Viewpoint - The article discusses the recent shifts in the A-share market, highlighting a significant decline in major indices while noting a substantial number of individual stocks that have risen, indicating a change in market style and sentiment [1][3]. Market Performance - On September 4, major A-share indices experienced a decline, with the Shanghai Composite Index down by 1.97%, the Shenzhen Component down by 2.37%, and the ChiNext Index down by 3.2% [2]. - Despite the overall market downturn, over 3,700 individual stocks were reported to have risen, with the number of rising stocks remaining around 3,000 during the market's decline, showcasing a divergence between index performance and individual stock performance [3]. Sector Analysis - The solid-state battery sector remains strong, with recent positive developments such as Guoxuan High-Tech's first solid-state pilot line and the launch of a semi-solid version of the MG4 at a price below 100,000 yuan, indicating accelerated commercialization in the industry [4]. - The solid-state battery equipment segment has a significant value, with each GWh worth approximately 500 million yuan, which is notably higher than traditional lithium batteries, suggesting ongoing profitability for equipment manufacturers [4]. Foreign Investment Insights - According to Bank of America, the current stock-to-bond ratio in China is about 1.0, compared to 3.5 in the U.S., marking the largest gap since 2004 and indicating that the Chinese stock market is relatively undervalued [5]. - In the week ending August 27, global funds showed a dual inflow into both stocks and bonds, with the Chinese stock market attracting $3.9 billion, the largest inflow since April [5]. Economic Concerns - Bank of America highlights several core market contradictions, including rising political instability, with 26 out of 32 elections in 2024 potentially resulting in the defeat of incumbents, which could impact global markets [6]. - The U.S. government debt has reached $37 trillion, exceeding the combined GDP of China, Japan, Germany, and India, indicating ongoing fiscal pressure [6]. - The capital expenditure of the tech industry is highly concentrated, with the top seven tech giants' capital spending to operating cash flow ratio increasing from 20% in 2012 to 55% currently, reflecting a fervent market sentiment towards tech growth [6]. Investment Strategy Recommendations - Bank of America suggests a "three increases and two decreases" investment strategy, recommending increased holdings in European high-yield bonds and emerging market sovereign debt, while also favoring the Chinese stock market and gold as hedges against geopolitical risks [6]. - Conversely, it advises reducing exposure to U.S. tech stocks, particularly the top ten tech giants, due to their high valuations and associated risks [6].

Core Viewpoint - Longxin Zhongke's stock price dropped by 5.08% to 127.00 CNY per share, with a total market capitalization of 50.93 billion CNY as of September 4 [1] Company Overview - Longxin Zhongke Technology Co., Ltd. was established on March 5, 2008, and went public on June 24, 2022. The company is located in the Zhongguancun Environmental Technology Demonstration Park in Haidian District, Beijing [1] - The main business involves the research, sales, and services of processors and supporting chips, with revenue composition as follows: 47.09% from information technology chips, 35.82% from industrial control chips, and 17.09% from solutions [1] Fund Holdings - Longxin Zhongke is a top ten holding in the Guolian An Fund's ETF, specifically the Guolian An Science and Technology Chip Design ETF (588780), which held 59,200 shares, accounting for 3.23% of the fund's net value [2] - The ETF has a current scale of 244 million CNY and has achieved a year-to-date return of 53.36%, ranking 223 out of 4222 in its category [2] Fund Manager Performance - The fund manager Huang Xin has a tenure of 15 years and 146 days, with a total asset scale of 42.05 billion CNY and a best fund return of 166.78% during his tenure [3] - Co-manager Zhang Zhenyuan has a tenure of 11 years and 277 days, managing assets of 40.82 billion CNY, with a best fund return of 272.86% during his tenure [3]

Company Overview - Longxin Zhongke Technology Co., Ltd. is located in Haidian District, Beijing, and was established on March 5, 2008. The company went public on June 24, 2022. Its main business involves the research, sales, and services of processors and supporting chips [1]. Financial Performance - As of September 4, Longxin Zhongke's stock price decreased by 5.08%, reaching 127.00 CNY per share, with a trading volume of 588 million CNY and a turnover rate of 1.12%. The total market capitalization is 50.93 billion CNY [1]. - The company's main business revenue composition is as follows: information technology chips account for 47.09%, industrial control chips 35.82%, and solutions 17.09% [1]. Shareholder Information - Among the top ten circulating shareholders of Longxin Zhongke, a fund under Huaxia Fund holds a significant position. The Huaxia SSE Sci-Tech Innovation Board 50 ETF (588000) reduced its holdings by 109,900 shares in the second quarter, now holding 8.9291 million shares, which represents 2.23% of the circulating shares. The estimated floating loss today is approximately 60.72 million CNY [2]. - The Huaxia SSE Sci-Tech Innovation Board 50 ETF (588000) was established on September 28, 2020, with a current scale of 83.343 billion CNY. Year-to-date, it has achieved a return of 31.7%, ranking 1024 out of 4222 in its category. Over the past year, it has returned 94.08%, ranking 332 out of 3789, while it has incurred a loss of 4.61% since inception [2]. Fund Management - The fund manager of Huaxia SSE Sci-Tech Innovation Board 50 ETF (588000) is Rong Ying, who has been in the position for 9 years and 306 days, managing a total fund size of 138.288 billion CNY. During his tenure, the best fund return was 129.49%, while the worst was -7.58% [3]. - Another fund manager, Zhao Zongting, has served for 8 years and 143 days, overseeing a fund size of 389.148 billion CNY. His best fund return was 107.43%, with the worst being -32.63% during his tenure [3].

Market Performance - As of September 3, 2025, the China Securities Semiconductor Industry Index decreased by 0.46%, with mixed performance among constituent stocks [2] - The Semiconductor Industry ETF (159582) fell by 0.92%, with a latest price of 1.84 yuan, but showed a 2.82% increase over the past week [2] - The STAR Market Chip Index dropped by 0.52%, while the STAR Chip ETF (588990) decreased by 0.85%, priced at 2.22 yuan, but had a 4.14% increase over the past week [2] Liquidity and Trading Activity - The Semiconductor Industry ETF had a turnover rate of 12.14% with a trading volume of 28.55 million yuan, indicating active market participation [2] - The STAR Chip ETF recorded a turnover rate of 13.05% with a trading volume of 112 million yuan, reflecting strong market activity [3] - The STAR New Materials ETF had a turnover rate of 5.38% and a trading volume of 16.29 million yuan, with a weekly average trading volume of 29.73 million yuan, ranking first among comparable funds [8] Key Events and Developments - Yushutech plans to submit an IPO application in Q4 2025, with quadruped robots making up 65% of its 2024 sales structure [9] - The U.S. government has notified TSMC about the cancellation of its VEU status for the Nanjing plant, which may further restrict production operations for domestic and foreign wafer fabs in China [9][10] - The 13th Semiconductor Equipment and Core Components and Materials Exhibition (CSEAC 2025) will be held in Wuxi from September 4 to 6, showcasing domestic manufacturers [9][10] Institutional Insights - The semiconductor sector is experiencing multiple event-driven dynamics, including the U.S. decision to terminate TSMC's VEU status, which raises concerns about production stability in China [10] - The upcoming CSEAC 2025 exhibition may catalyze interest in domestic equipment and materials, while NVIDIA has clarified that supply constraints for H100/H200 chips are unfounded, supporting industry stability [10] Related ETFs - The Semiconductor Industry ETF (159582) closely tracks the China Securities Semiconductor Industry Index, covering key sectors in semiconductor materials, equipment, and applications [11] - The STAR Chip ETF (588990) tracks the STAR Market Chip Index, focusing on semiconductor-related companies in design, manufacturing, and testing [11] - The STAR New Materials ETF (588010) follows the STAR Market New Materials Index, concentrating on advanced materials relevant to the semiconductor industry [11]