龙芯中科技术股份有限公司 审计委员会对会计师事务所履行监督职责情况报告 2024 年度末合伙人数量 199 人、注册会计师人数 1052 人、签署过证券服务业 务审计报告的注册会计师人数 522 人。2024 年收入总额（未经审计）203,338.19 万元，审计业务收入（未经审计）152,989.42 万元，证券业务收入（未经审计） 32,048.30 万元；2024 年度上市公司年报审计 170 家，上市公司涉及的行业包括制 造业；信息传输、软件和信息技术服务业；批发和零售业；房地产业；采矿业等， 审计收费总额 22,297.76 万元。本公司同行业上市公司审计客户 16 家。 （二）公司董事会审计委员会与中兴华负责公司审计项目的负责人及注册会 计师在审计工作前及审计工作过程中进行了充分的讨论与沟通，并督促中兴华及 时、准确、客观、公正地出具审计报告。在年报审计期间，审计委员会以通讯方 式与公司独立董事、负责公司审计工作的注册会计师及财务负责人参加了2次年报 审计沟通会，主要对2024年度审计工作的审计范围、重要时间节点、人员安排、 关键审计事项及审计的独立性等相关事项进行了沟通。 三、总体评价 根据《中 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥124,955,396.95, representing a 4.13% increase compared to ¥119,997,881.69 in the same period last year[3] - The net profit attributable to shareholders was -¥151,280,445.14, a significant decline from -¥74,808,468.70 year-on-year[3] - Total operating revenue for Q1 2025 was CNY 124,955,396.95, an increase of 4.0% compared to CNY 119,997,881.69 in Q1 2024[16] - Net loss for Q1 2025 was CNY -151,280,445.14, compared to a net loss of CNY -74,808,468.70 in Q1 2024, representing a deterioration of 102.0%[17] - Basic and diluted earnings per share for Q1 2025 were both CNY -0.38, compared to CNY -0.19 in Q1 2024[17] Research and Development - Research and development (R&D) expenses totaled ¥134,952,519.79, marking a 35.22% increase from ¥99,803,642.73 in the previous year[3] - The ratio of R&D expenses to operating revenue increased by 24.83 percentage points to 108.00%[4] - R&D expenses in Q1 2025 reached CNY 122,346,703.13, a significant increase of 44.6% compared to CNY 84,575,382.20 in Q1 2024[16] - The company reported development expenditures of CNY 130,817,379.03, an increase from CNY 118,211,562.37, indicating a growth of approximately 11%[12] - The company continues to focus on R&D and market expansion strategies despite the financial losses reported[16] Cash Flow and Liquidity - The net cash flow from operating activities was -¥143,594,192.40, a substantial decrease from -¥8,728,297.90 in the previous year[3] - In Q1 2025, the cash inflow from operating activities was $127,233,539.39, a decrease of 46.8% compared to $239,153,280.38 in Q1 2024[19] - The net cash flow from operating activities in Q1 2025 was -$143,594,192.40, worsening from -$8,728,297.90 in Q1 2024[19] - The cash outflow from financing activities in Q1 2025 was $1,045,030.59, compared to $99,733,198.82 in Q1 2024, indicating a reduction in financing outflows[20] - The ending balance of cash and cash equivalents as of Q1 2025 was $298,335,490.02, down from $494,824,167.21 in Q1 2024[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,307,606,193.04, down 5.43% from ¥3,497,483,392.20 at the end of the previous year[4] - Total liabilities decreased to CNY 516,521,637.74 from CNY 561,086,316.99, a reduction of 7.9%[14] - The equity attributable to shareholders decreased by 4.95% to ¥2,791,084,555.30 from ¥2,936,397,075.21[4] - Total equity attributable to shareholders decreased to CNY 2,791,084,555.30 from CNY 2,936,397,075.21, a decline of 4.9%[14] Shareholder Information - The total number of common shareholders at the end of the reporting period was 18,322[8] - The company has no significant changes in the top 10 shareholders or their participation in margin trading[10] Operational Status - The company has not disclosed any new strategies or market expansions during the reporting period[11] - There are no significant reminders or additional important information regarding the company's operational status during the reporting period[11] - The company did not report any new product developments or market expansions during the conference call[21] Sales and Costs - Total operating costs for Q1 2025 were CNY 245,292,507.98, up 17.0% from CNY 209,571,643.10 in Q1 2024[16] - The company reported a significant decrease in cash received from sales of goods and services, totaling $104,053,571.87 in Q1 2025, compared to $140,020,130.89 in Q1 2024, a decline of 25.7%[19] - The cash paid for goods and services in Q1 2025 was $123,261,994.63, an increase from $93,026,108.47 in Q1 2024, reflecting a rise of 32.5%[19]

Financial Performance - The company has not achieved profitability since its listing[3]. - The company achieved operating revenue of 50,425.72 million RMB, which is a slight decrease of 0.28% compared to the previous year[24]. - The net profit attributable to shareholders was -62,534.71 million RMB, a decline of 29,590.73 million RMB year-on-year[24]. - The basic and diluted earnings per share were both -1.56 RMB, down 0.74 RMB from the same period last year[24]. - The weighted average return on equity was -19.29%, a decrease of 10.45 percentage points compared to the previous year[22]. - The company's net assets attributable to shareholders decreased by 17.26% to 293,639.71 million RMB compared to the beginning of the year[24]. - The total assets decreased by 14.95% to 349,748.34 million RMB compared to the beginning of the year[24]. - The cash flow from operating activities was -33,501.01 million RMB, indicating a negative cash flow situation[24]. - The company reported a significant increase in the revenue share of information technology chips, which contributed to the overall cost structure change[121]. - The company reported a net profit margin of 12% for Q3 2023, an improvement from 10% in the previous quarter[163]. Research and Development - The company is investing heavily in R&D, allocating 15% of its annual revenue to develop next-generation chips and technologies[15]. - Research and development expenses accounted for 105.34% of operating revenue, an increase of 1.87 percentage points year-on-year[22]. - R&D expenses totaled 531 million RMB, constituting 105.34% of the company's revenue during the reporting period, indicating a high level of investment in innovation[102]. - The company has developed the LongArch instruction system and has full control over CPU IP core source code, enhancing its independence from foreign technology[57]. - The company has made significant advancements in high-performance CPU and GPU design capabilities, enhancing its competitive edge in the market[87]. - The company has established a complete basic software technology system based on the Loongson architecture, including operating systems and key software modules[88]. - The company has developed multiple product solutions based on the Loongson series chips, including PC, server, and cloud terminal products, achieving significant shipment status[19]. - The company is committed to independent R&D, forming a unique CPU ecosystem that is independent of X86 and ARM architectures[87]. Market Expansion and Strategy - For the upcoming fiscal year, Loongson Technology projects a revenue growth target of 30%, driven by new product launches and market expansion strategies[15]. - Loongson Technology plans to enter new markets, including Europe and Southeast Asia, aiming for a 20% market share in these regions by 2025[15]. - The company is actively expanding into new industries such as energy, transportation, and manufacturing, showing positive growth trends despite challenges in the traditional industrial control market[37]. - The company is considering strategic acquisitions to enhance its technology portfolio, with a budget of 500 million RMB allocated for potential deals[166]. - The company plans to focus on the recovery of the electronic government market in the second half of 2024 to drive revenue growth[110]. Corporate Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has declared that there are no violations of decision-making procedures regarding external guarantees[7]. - The company emphasizes the importance of risk factors as outlined in the management discussion and analysis section[3]. - The company has established a transparent performance evaluation and incentive mechanism for its board members and senior management to attract and retain talent[157]. - The company ensures compliance with legal regulations in its governance structure, maintaining independence from its controlling shareholders[158]. Sustainability and ESG - Loongson Technology is committed to sustainability, with plans to reduce its carbon footprint by 50% by 2030 through energy-efficient technologies[15]. - The company is committed to ESG management, achieving a BBB rating from Shanghai Huazheng Index Information Service Co., Ltd. for the year[190]. - The company emphasizes energy-saving and efficiency improvement through its office management practices[193]. - The company promotes a culture of green and low-carbon practices among its employees[193]. Talent and Workforce - The total number of employees in the parent company and major subsidiaries is 940, with 641 in R&D roles, representing approximately 68% of the workforce[178]. - The company has a total of 63 employees with doctoral degrees and 320 with master's degrees, highlighting a strong educational background among its workforce[178]. - The number of R&D personnel increased to 641, accounting for 68.19% of the total workforce, with an average salary of 50.07 thousand RMB[86]. - The average salary of R&D personnel increased from 49.13 thousand RMB to 50.07 thousand RMB year-on-year[86]. Financial Management - The company plans not to distribute cash dividends for the fiscal year 2024 and will not increase capital reserves or issue bonus shares[5]. - The company has established a comprehensive salary management system, combining fixed and variable compensation to ensure employee rights and incentives[179]. - The total pre-tax remuneration for the reporting period received by the board members and senior management amounted to CNY 1,055.28 million[161]. - The company has recognized impairment provisions for assets, impacting net profit and increasing losses during the reporting period[94]. Audit and Compliance - The company received a standard unqualified audit report from Zhongxinghua Accounting Firm[4]. - The company received a standard unqualified opinion in the internal control audit report for 2024, confirming the effectiveness of its internal controls[188]. - The company has not identified any significant internal control deficiencies during the reporting period[187]. - No penalties from securities regulatory agencies were reported in the last three years[169].

电子行业今日下跌1.47%，全天主力资金净流出66.21亿元，该行业所属的个股共461只，今日上涨的有 45只，涨停的有2只；下跌的有413只。以资金流向数据进行统计，该行业资金净流入的个股有105只， 其中，净流入资金超千万元的有21只，净流入资金居首的是西陇科学，今日净流入资金2.74亿元，紧随 其后的是立昂微、龙芯中科，净流入资金分别为8102.06万元、3108.68万元。电子行业资金净流出个股 中，资金净流出超亿元的有18只，净流出资金居前的有中芯国际、胜宏科技、沪电股份，净流出资金分 别为3.34亿元、1.96亿元、1.87亿元。（数据宝） 电子行业资金流入榜 沪指4月24日上涨0.03%，申万所属行业中，今日上涨的有10个，涨幅居前的行业为美容护理、银行， 涨幅分别为1.61%、1.16%。跌幅居前的行业为计算机、通信，跌幅分别为2.36%、2.08%。电子行业位 居今日跌幅榜第三。 资金面上看，两市主力资金全天净流出333.60亿元，今日有6个行业主力资金净流入，公用事业行业主 力资金净流入规模居首，该行业今日上涨1.08%，全天净流入资金13.24亿元，其次是医药生物行业，日 涨幅为0.25 ...

Group 1 - The core viewpoint of the news highlights the performance of the China Securities Digital Economy Theme Index, which has seen a decline of 1.14% as of April 24, 2025, with mixed results among constituent stocks [1] - The top-performing stocks include Desay SV Automotive, which rose by 1.97%, and iFlytek, which increased by 0.58%, while Runze Technology led the decline with a drop of 11.14% [1] - The Digital Economy ETF has also experienced a decrease of 0.92%, with a latest price of 0.76 yuan, and a trading volume of 6.22 million yuan [1] Group 2 - Recent proposals from the central bank and other departments aim to enhance the functionality and global coverage of the Cross-Border Interbank Payment System (CIPS), which is expected to open new growth opportunities for the cross-border payment industry [2] - The digital transformation and advanced technologies are driving the upgrade of the cross-border payment system, with a focus on the collaboration between CIPS and digital RMB [2] - The government’s guidance and corporate innovation are anticipated to foster a positive interaction that will expand the cross-border payment market and support the comprehensive upgrade of the payment system [2] Group 3 - As of March 31, 2025, the top ten weighted stocks in the China Securities Digital Economy Theme Index account for a total of 50.55%, with notable companies including Eastmoney Information and SMIC [3] - The weightings of the top stocks include Eastmoney Information at 8.12% and SMIC at 6.58%, with most stocks showing slight declines [5]

Investment Rating - The investment rating for the company is "Buy" with the rating maintained [1] Core Views - The company has shown significant growth in revenue and profit in Q1 2025, with a year-over-year revenue increase of 50.76% and a net profit increase of 75.33% [6] - The demand in the downstream market for AI and trusted computing continues to be strong, validating the company's product competitiveness [6] - The company is expected to achieve rapid growth driven by its leadership in high-end CPU and DPU processors, with projected revenues of 142.09 billion, 203.34 billion, and 271.69 billion for 2025, 2026, and 2027 respectively [6][8] Financial Performance - In Q1 2025, the company achieved a revenue of 24.00 billion and a net profit of 5.06 billion, with a gross margin of 61.19% and a net margin of 29.74% [6] - The company's contract liabilities increased significantly to 32.37 billion by the end of Q1 2025, compared to 9.03 billion at the end of 2024, indicating strong demand and prepayments from customers [6] - The company’s inventory also rose to 57.94 billion, reflecting proactive stockpiling in response to market demand [6] Earnings Forecast - The company is projected to achieve a net profit of 29.79 billion in 2025, with a year-over-year growth of 54.25%, and an EPS of 1.28 [5][6] - The P/E ratio is expected to decrease from 282.86 in 2023 to 119.95 in 2025, indicating improving valuation as earnings grow [5][8] Market Comparison - The company is positioned as a leader in the semiconductor industry, with a significant market capitalization of approximately 357.30 billion [1][7] - Comparatively, the average P/S ratio for similar companies is around 53.51 for 2025, suggesting the company is competitively valued [7]

Group 1 - The liquidity of the Sci-Tech Chip ETF showed a turnover of 1.57% with a transaction volume of 377 million yuan, indicating significant trading activity [3] - The Sci-Tech Chip ETF has experienced a notable growth in scale, increasing by 1.046 billion yuan over the past two weeks [3] - The number of shares for the Sci-Tech Chip ETF rose by 12 million shares in the past week, reflecting substantial growth [3] - The latest net inflow of funds into the Sci-Tech Chip ETF reached 93.5 million yuan, with a total of 1.81 billion yuan net inflow over six out of the last ten trading days [3] - Leveraged funds are increasingly being allocated to the Sci-Tech Chip ETF, with the latest margin buying amounting to 117 million yuan and a margin balance of 1.345 billion yuan [3] Group 2 - The global semiconductor market is projected to continue stable growth, with sales expected to reach 687.4 billion USD by 2025, representing a year-on-year increase of 12.5% [3] - All regions globally are anticipated to expand, with the Americas and Asia-Pacific expected to maintain double-digit year-on-year growth [3] - Domestic semiconductor industry self-sufficiency is expected to accelerate, driven by the necessity for localization and the impact of tariff countermeasures [3] - The top ten weighted stocks in the Sci-Tech Chip Index as of March 31, 2025, include major companies such as SMIC and Cambrian, accounting for 57.96% of the index [4] - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [4]

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、 关于资源链接等， 我会分享在朋友圈 。 扫码加我本人微信 最近，关税仍是芯片市场关注的焦点。政策已经发布一周多，对芯片行业的影响已经开始逐渐显 现，有些分销商的客户着急备货，订单增长，也有些客户保持观望甚至取消了订单。有做芯片外贸 的表示客户大多可以理解涨价，也有的表示海外客户也会比价...... 芯片市场有喜有忧，关税带来的影响会不断扩大，长远来看，甚至可能会改变供应链格局，大家对 此又有什么看法？ 我们问了n位来自芯片贸易商、代理商、芯片外贸、芯片原厂、封测厂、方案商的行业人士 ，他们 的回答如下： 努力做单的lccc 芯片分销商 目前 订单没有因为关税直接增长 ，都是平时的客户到了该下单的时间自然而然地下单，哪怕没有 关税客户也会下这些订单，可能会下得更顺利，因为关税像不定时炸弹。对后面的行情现在还是保 持观望态度，市场什么行情我们就做什么工作，当然行情好起来大家日子都好过，不过也不要期望 太高，该做啥做啥平常心。 TT 芯片采购 作为 采购影响不大 ，涨价就跟销售说，销售就去找客户沟通，能接受就拿，不 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 176.60 [7][4]. Core Insights - The company achieved revenue of RMB 2.4 billion in Q1 2025, representing a year-over-year increase of 50.76% and a quarter-over-quarter decrease of 20.67%. The net profit attributable to the parent company was RMB 506 million, up 75.33% year-over-year and up 24.83% quarter-over-quarter [1][2]. - The overall gross margin remained stable at 61.19% in Q1 2025, with R&D expenses as a percentage of revenue decreasing by 9.44 percentage points year-over-year, indicating improved profitability [1][2]. - The company's contract liabilities increased significantly, reflecting strong demand for its products, with contract liabilities rising by RMB 2.334 billion to RMB 3.237 billion as of March 31 [2][3]. Summary by Sections Q1 2025 Review - The company reported a strong revenue growth driven by CPU and DCU products, with a gross margin of 61.19%, showing stability despite a slight year-over-year decline of 1.68 percentage points [2]. - The supply chain remained stable, with prepayments increasing to RMB 1.62 billion and inventory rising to RMB 5.794 billion compared to the end of 2024 [2]. - Cash flow from operating activities was RMB 2.522 billion, with total cash and cash equivalents reaching RMB 10.369 billion, indicating robust cash generation capabilities [2]. 2025 Outlook - The company is expected to achieve a revenue growth of 60% in 2025, driven by accelerated domestic substitution of foreign products and strong demand for AI chips [3]. - The new generation of DCU products is anticipated to perform well, with successful adaptations to mainstream models [3]. Investment Recommendations - The report projects revenues of RMB 14.663 billion, RMB 22.049 billion, and RMB 25.406 billion for 2025, 2026, and 2027 respectively, with net profit estimates of RMB 3.624 billion, RMB 5.700 billion, and RMB 6.576 billion [4][6]. - The target price of RMB 176.60 is based on a 28x price-to-sales ratio for 2025, reflecting the company's strong market position and growth potential [4].