文 | 独角金融 付影 在科技与资本深度交融的时代浪潮下，雷军凭借小米集团（1810.HK）、顺为资本等核心力量，构筑起一张庞大且错综 复杂的资本版图。近一年来，版图之上"异动"频发，呈现出一边减持套现、一边押注新风口的态势。 其中，以智能手机代工业务为主的龙旗科技（603341.SH），再遭小米集团董事长雷军作为实控人的投资机构苏州工业 园区顺为科技创业投资合伙企业（下称：苏州顺为）减持。 2025年9月初，龙旗科技公告显示，因股东自身资金需求，苏州顺为计划在9月24日至12月23日期间，通过集中竞价和大 宗交易方式减持不超过1919.16万股，占公司总股本4.09%。减持完成后，苏州顺为将不再持有该公司股份。事实上，苏 州顺为今年已经有两轮减持，累计套现或达13.5亿元。 而这并非孤例。今年龙旗科技还被小米集团旗下的天津金米总计减持1375.04万股股份，减持总金额约5.46亿元。减持 后，天津金米持股比例降至5%以下。 而近一年顺为资本减持动作频频，相继减持了趣睡科技（301336.SZ）、南芯科技（688484.SH）、石头科技 （688169.SH）等多家企业股份。 随着科技行业的快速迭代，新的风口 ...

Group 1 - Lei Jun, through Xiaomi Group and Shunwei Capital, has built a complex capital landscape, frequently reducing holdings while betting on new opportunities [2][3] - Shunwei Capital plans to reduce its stake in Longqi Technology by up to 19.19 million shares, accounting for 4.09% of the total share capital, due to the shareholder's funding needs [2][11] - In the past year, Shunwei Capital has frequently reduced its stakes in several companies, including QuSleep Technology, Nanchip Technology, and Stone Technology [2][11] Group 2 - Longqi Technology, primarily engaged in smart product R&D and manufacturing, has seen significant investment from Shunwei and Tianjin Jinmi, both controlled by Lei Jun [4][8] - The partnership between Longqi Technology and Xiaomi has evolved from independent design to original design manufacturing (ODM), making Xiaomi a key customer [11][12] - Longqi Technology's revenue heavily relies on smartphone OEM business, which constituted 77.9% of its revenue in 2024, but with a low gross margin of 4.92% [14][12] Group 3 - Shunwei Capital has invested in various sectors, focusing on advanced manufacturing, e-commerce, and artificial intelligence, with over 60% of its investments in these areas [30][25] - The firm has participated in 837 investment rounds, with a preference for early-stage investments, particularly in advanced manufacturing and AI [25][27] - The investment strategy emphasizes balancing high risks with high returns, leveraging Xiaomi's ecosystem for strategic support [34][25]