Core Viewpoint - The company is committed to enhancing quality and efficiency while returning value to shareholders through a comprehensive action plan for 2025, focusing on sustainable development, innovation, and shareholder returns [1][2][3]. Group 1: Business Development - The company specializes in the research, design, production, and comprehensive services of smart products, operating in the ODM industry for over 20 years, serving major global clients like Xiaomi and Samsung [1][2]. - In the first half of 2025, the company achieved a revenue increase of 5.01%, driven by steady growth in its tablet business and rapid expansion in AIoT [2][3]. - The company has successfully launched multiple products in the AI PC and automotive electronics sectors, collaborating with leading clients [2][3]. Group 2: ESG and Sustainability - The company is dedicated to establishing a robust ESG framework to enhance its sustainable development capabilities, having published its ESG report for 2024 [3][4]. - The company has received an AA rating from Wind for its outstanding performance in environmental protection, social responsibility, and corporate governance [3][4]. Group 3: Innovation and R&D - The company has over 4,000 R&D personnel and has accumulated significant technological expertise, holding 169 invention patents and 475 utility model patents [4][5]. - New R&D centers have been established in Xi'an and Suzhou to expand the company's research network and enhance product development capabilities [4][5]. Group 4: Shareholder Returns - The company has implemented a stable cash dividend policy, distributing a total of 228.8 million yuan in cash dividends to shareholders in 2024 [5][6]. - In the first half of 2025, the company repurchased shares at a maximum price of 42.49 yuan per share, totaling approximately 299.8 million yuan [5][6]. Group 5: Corporate Governance - The company adheres to legal regulations and continuously improves its governance structure and compliance management systems [7][8]. - Recent governance changes include the cancellation of the supervisory board and the establishment of employee representative directors to enhance decision-making processes [7][8]. Group 6: Investor Relations - The company emphasizes transparent communication with investors, utilizing various channels to enhance engagement and understanding of its business strategies [6][9]. - The company has achieved a 100% response rate to investor inquiries through its interactive platform, fostering a stable relationship with investors [6][9].

Core Viewpoint - The company, Shanghai Longqi Technology Co., Ltd., is committed to enhancing its operational quality and investor returns through its "Quality Improvement and Efficiency Enhancement Action Plan" for 2025, despite facing challenges in the macroeconomic environment [1][2]. Group 1: Business Performance - In the first half of 2025, the company achieved operating revenue of 19.908 billion yuan, a year-on-year decrease of 10.65%, while net profit attributable to shareholders was 356 million yuan, an increase of 5.01% [2]. - The company launched multiple new smartphone products in international markets and experienced robust growth in its tablet and AIoT businesses [3]. Group 2: Strategic Focus - The company adheres to a long-term strategy, emphasizing global expansion and continuous R&D innovation, focusing on the "1+2+X" product strategy to integrate AI technology with smart terminals [2][3]. - The company has established a strong R&D team with over 4,000 personnel and holds 169 invention patents, 475 utility model patents, and 110 design patents [6]. Group 3: ESG and Sustainable Development - The company is dedicated to building a modern governance structure and enhancing its ESG capabilities, having received an AA rating in the latest ESG assessment by Wind [4]. - The company has published its ESG report for 2024, showcasing its commitment to environmental protection, social responsibility, and corporate governance [4]. Group 4: Shareholder Returns - The company has implemented a stable cash dividend policy, distributing 228.8 million yuan in cash dividends to shareholders in 2024 [7]. - In the first half of 2025, the company repurchased 7,499,937 shares, accounting for 1.61% of its total share capital, with a total expenditure of approximately 299.8 million yuan [8]. Group 5: Investor Relations - The company emphasizes transparent communication with investors, participating in various forums and utilizing visual reports to enhance understanding of its operations [9]. - The company achieved a 100% response rate to investor inquiries on the Shanghai Stock Exchange's interactive platform [9]. Group 6: Corporate Governance - The company has strengthened its governance mechanisms, including the cancellation of the supervisory board and the establishment of a worker representative director [11]. - The company has revised its internal governance documents to enhance operational efficiency and governance standards [11][12].

Core Viewpoint - Longqi Technology has submitted an application for H-share listing on the Hong Kong Stock Exchange, highlighting its position as a leading global provider of smart products and services, particularly in the ODM sector for consumer electronics and smartphones [2][3]. Group 1: Company Overview - Longqi Technology was established in 2004 and has developed a diverse product portfolio including smartphones, AIPC, automotive electronics, tablets, smartwatches, and smart glasses [3]. - The company has a strong client base, including major brands like Xiaomi, Samsung, Lenovo, Honor, OPPO, and vivo, supported by a professional team of approximately 4,000 R&D and engineering personnel [3]. - Longqi Technology has created a comprehensive smart product ecosystem compatible with popular platforms such as Android and Windows, structured around a "1+2+X" framework [3]. Group 2: Financial Performance - In 2024, Longqi Technology's smartphone revenue reached RMB 36,132.7 million, accounting for approximately 77.9% of total annual revenue [4]. - The company achieved a smartphone ODM shipment volume of 172.9 million units in 2024, ranking first globally in this category [4]. - The tablet computer business generated revenue of RMB 3,696.3 million in 2024, representing about 8% of total revenue, with ODM shipments of 12.3 million units [5]. - Longqi Technology's AIoT business saw significant growth, with revenue reaching RMB 5,573.1 million in 2024, a 122.0% increase from 2023, contributing approximately 12.0% to total revenue [5]. Group 3: Strategic Initiatives - Longqi Technology is strategically investing in new business areas such as AIPC and automotive electronics, having launched its first laptop featuring a Qualcomm Snapdragon processor in Q3 2024 [6]. - The company has established partnerships with multiple OEMs and tier-one clients in the automotive electronics sector, actively expanding into overseas markets [6].

Core Viewpoint - Longqi Technology (603341) is facing a decline in stock price following the announcement of its plan to list H-shares in Hong Kong, raising concerns about potential share dilution while some investors remain optimistic about the company's global strategy [1][2]. Group 1: Stock Performance and Trading Activity - On May 23, 2025, Longqi Technology's stock closed at 38.02 yuan, down 3.65% from the previous day, hitting a new low for the year [1]. - A block trade occurred where an institutional seller sold 200,000 shares at a price of 37.64 yuan, representing a 1% discount to the closing price, accounting for 4.48% of the day's trading volume [1][2]. Group 2: Financial Performance and Future Outlook - Longqi Technology reported a 70.62% year-on-year increase in revenue for 2024, reaching 46.382 billion yuan, but the net profit attributable to shareholders decreased by 17.21% to 501 million yuan [1]. - In Q1 2025, the company's net profit rebounded by 20.3% to 154 million yuan [1]. - The company, which went public on the A-share market in March 2024, has a current market capitalization of 17.683 billion yuan and a dynamic P/E ratio of 28.68 [1]. Group 3: Business Operations and Clientele - Longqi Technology operates in the ODM sector for smart products, with a diverse portfolio including smartphones, AIPC, and automotive electronics, serving major clients such as Xiaomi, Samsung, and Honor [1]. - The company has established production bases in Vietnam and India, which are expected to handle orders for AR glasses and smartphones, with significant growth anticipated in AIPC and automotive electronics by 2027 [1].

Core Viewpoint - Longqi Technology plans to issue H-shares and list on the Hong Kong Stock Exchange, despite having just raised 1.56 billion yuan in its A-share IPO in March 2024, raising questions about the necessity of this move given its substantial cash reserves [1][2][4]. Financial Position - As of the end of Q1 2025, Longqi Technology reported cash and cash equivalents of 7.878 billion yuan and trading financial assets of 1.349 billion yuan, totaling 9.227 billion yuan, which covers its interest-bearing liabilities of 3.073 billion yuan [2][3]. - The company's cash flow from operating activities for 2022, 2023, and 2024 was 1.471 billion yuan, 1.466 billion yuan, and 1.026 billion yuan, respectively, all exceeding net profit for the same periods [2]. Debt Coverage - Longqi Technology's total interest-bearing liabilities, including short-term loans and long-term borrowings, amounted to 3.073 billion yuan, which is fully covered by its cash reserves, leaving approximately 6 billion yuan in surplus [3][4]. Revenue and Profitability - In 2024, Longqi Technology achieved revenue of 46.382 billion yuan, a year-on-year increase of 70.62%, but its net profit attributable to shareholders decreased by 17.21% to 501 million yuan [5]. - The company's accounts receivable increased significantly, reaching 11.644 billion yuan by the end of 2024, with a bad debt provision of only 8.07 million yuan, resulting in a low provision ratio of approximately 0.07% [7][10]. Accounts Receivable Management - Longqi Technology's accounts receivable turnover ratio for 2022, 2023, and 2024 was 4.77, 3.73, and 4.46 times, respectively, which is lower than its peers [12]. - The company has a significantly lower bad debt provision ratio compared to comparable companies, which averaged around 0.90% to 0.64% during the same period [7][10]. Strategic Intent - The rationale behind the H-share issuance is to enhance capital strength, improve competitiveness, and support the company's globalization strategy [4].

Group 1 - The company announced the approval of the proposal to issue H-shares and list on the Hong Kong Stock Exchange to enhance its capital strength and international brand image [1][3] - The company aims to meet the needs of its international business development and advance its globalization strategy through this issuance [1] - The company was established in 2002 and operates in the smart product ODM industry, with major clients including Xiaomi, Samsung, Huawei, Lenovo, Honor, OPPO, vivo, and others [1] Group 2 - In 2024, the company achieved a revenue of 46.382 billion yuan, representing a year-on-year increase of 70.62%, while the net profit attributable to shareholders decreased by 17.21% to 0.501 billion yuan [2] - For the first quarter of 2025, the company reported a revenue of 9.378 billion yuan and a net profit of 0.154 billion yuan, showing a year-on-year increase of 20.3% [2]

Core Viewpoint - Longqi Technology plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its capital strength and global competitiveness, following its A-share IPO just one year ago [1][2][6] Group 1: Company Overview - Longqi Technology is an ODM manufacturer specializing in smart products, providing comprehensive services to leading global consumer electronics brands such as Xiaomi, Samsung, and Huawei [6] - The company has established manufacturing bases in Huizhou and Nanchang in China, and is expanding its production capabilities in Vietnam and India [8] Group 2: Financial Performance - In 2024, Longqi Technology reported revenue of 46.382 billion yuan, a year-on-year increase of 70.62%, but net profit decreased by 17.21% to 501 million yuan, indicating revenue growth without profit increase [1][7] - The company's overseas sales reached 14.709 billion yuan, a significant increase of 288.42%, accounting for approximately 31.7% of total revenue, although the gross margin was only 1.19%, down 9.7 percentage points [1][7] Group 3: IPO and Fund Utilization - Longqi Technology raised a total of 1.56 billion yuan through its A-share IPO, with a net amount of 1.44 billion yuan after expenses, which has been allocated to various projects including manufacturing and R&D [4] - As of the end of 2024, the investment progress of the IPO projects was approximately 78.6%, with specific projects showing varying levels of completion [4] Group 4: Market Trends - The trend of "A+H" listings has gained momentum since 2025, with over 20 companies planning to list in Hong Kong, indicating a growing interest in dual listings among Chinese firms [2][3]

Core Viewpoint - Longqi Technology plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance capital strength, competitiveness, and international brand image [1] Group 1: Company Announcement - The issuance of H-shares requires approval from the shareholders' meeting and relevant government and regulatory agencies [1] - The company is currently discussing the issuance with intermediaries, and specific details are yet to be determined [1] - The success of the issuance is subject to significant uncertainty regarding approval processes [1] Group 2: Financial Performance - In 2024, the company achieved revenue of 46.382 billion yuan, a year-on-year increase of 70.62%, while net profit attributable to shareholders was 501 million yuan, a year-on-year decrease of 17.21% [2] - The first quarter of this year reported revenue of 9.38 billion yuan, a year-on-year decrease of 9.3%, and net profit of 154 million yuan, a year-on-year increase of 20.3% [2] - The company noted that the industry’s gross margin has experienced fluctuations but is expected to stabilize in the long term [2] Group 3: International Business Development - Globalization is a key strategy for the company, which is enhancing domestic and overseas manufacturing capabilities [2] - The company has manufacturing bases in Huizhou and Nanchang in China, and in Vietnam and India for international operations [2] - The Vietnam base has expanded its product offerings to include AR glasses, AI glasses, smartphones, and tablets, targeting European and American clients [2] Group 4: Future Growth Areas - The company anticipates stable growth in its smartphone business, with AI PCs, smart glasses, wearable products, and automotive electronics as major growth drivers in the next three to five years [3] - AI PC shipments are expected to reach hundreds of thousands this year, with significant growth projected by 2027 [3] - The smart glasses segment includes three product lines (MR/AR/AI glasses), with optimistic growth expectations for AI glasses [3] - The wearable product segment saw over 29 million units shipped last year, indicating a growing market capacity [3] - The automotive electronics segment is expected to see revenue growth by 2027, with products already beginning to ship [3]

（上海市徐汇区漕宝路 401 号 1 号楼一层） 首次公开发行股票并在主板上市 招股说明书 上海龙旗科技股份有限公司 保荐人（主承销商） （Shanghai Longcheer Technology Co., Ltd.） （注册稿） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 上海龙旗科技股份有限公司 招股说明书（注册稿） 声明：本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招股 说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式 公告的招股说明书作为投资决定的依据。 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 上海龙旗 ...

上海龙旗科技股份有限公司 （Shanghai Longcheer Technology Co., Ltd.） （上海市徐汇区漕宝路 401 号 1 号楼一层） 首次公开发行股票并在主板上市 上海龙旗科技股份有限公司 招股说明书（上会稿） 声明：本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招股 说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式 公告的招股说明书作为投资决定的依据。 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 招股说明书 保荐机构（主承销商） （上会稿） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 目 录 | 声 明 | | --- | | 发行概况 | | 目 求…… | | 第一节 释 义 … | | 第二节 概 览 … | | 一、重大事项提示………………………………………………………………………………………………… ...