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]

Core Viewpoint - The planned divestment by Suzhou Shunwei, controlled by Lei Jun, raises concerns about the future development of Longqi Technology, given its high dependency on Xiaomi and low profit margins in its core business [2][5]. Group 1: Shareholder Actions - Suzhou Shunwei plans to divest up to 19.19 million shares of Longqi Technology, representing 4.09% of the total share capital, with a market value of approximately 881 million yuan based on the closing price of 45.92 yuan per share [2]. - Suzhou Shunwei and Tianjin Jinmi, both controlled by Lei Jun, collectively hold 9.04% of Longqi Technology's shares, indicating their significant influence as major shareholders [2]. Group 2: Business Dependency and Financial Performance - Longqi Technology's revenue heavily relies on its ODM/OEM smartphone business, with sales to Xiaomi accounting for 37.83% of total revenue as of the first half of 2023, down from a peak of 57.66% [3]. - The smartphone business is projected to contribute 77.90% of total revenue in 2024, but it has a low gross margin of only 4.92%, limiting overall profitability [4]. - In the first half of 2025, Longqi Technology reported total revenue of 19.908 billion yuan, a year-on-year decline of 10.65%, while net profit slightly increased by 5.01% to 356 million yuan, indicating a concerning revenue trend [4]. Group 3: Market Concerns and Competitive Landscape - The planned divestment reflects market worries about Longqi Technology's growth prospects, particularly its reliance on low-margin smartphone manufacturing [4][5]. - Compared to competitors like Huaqin Technology, which has diversified into higher-margin sectors such as laptops and automotive electronics, Longqi Technology appears to be lagging in its transformation efforts [4].