Montage Technology Co., Ltd. 瀾 起 科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6809） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列瀾起科技股份有限公司在上海證券交易所網站（www.sse.com.cn）刊登的 《2025年年度報告》《2025年年度報告摘要》，僅供參閱。 承董事會命 瀾起科技股份有限公司 董事長 楊崇和博士 香港，2026年3月30日 於本公告日期，本公司董事為： (i) 執行董事楊崇和博士及 Stephen Kuong-Io Tai 先 生； (ii) 非執行董事 Wang Rui 博士及方周婕女士；及 (iii) 獨立非執行董事李若山博 士、高秉強教授、 Yuhua Cheng 博士及單海玲博士。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不作任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 澜起科技股份有限公司 2025 年年度报告 1 / 247 ...

Core Insights - The storage industry chain is a critical pillar of the semiconductor industry, supporting various high-growth sectors such as AI servers, automotive electronics, industrial control, IoT, and cloud computing [1] - The domestic storage industry chain is experiencing a surge in orders across leading enterprises, with many companies seeing order volumes exceeding 10 billion, indicating a strong growth trajectory and a rapid pace of domestic substitution [1] Company Summaries Giantec (聚辰股份) - Founded in 2009, Giantec specializes in non-volatile storage chips and mixed-signal chips, with a global customer base [2] - Core products include DDR5 SPD chips and EEPROM chips, with a focus on high reliability for automotive and industrial applications [3] - Holds over 40% global market share in DDR5 SPD chips and ranks first in the domestic EEPROM market, benefiting from the AI server upgrade cycle with orders extending to Q1 2027 [4] Dosilicon (东芯股份) - Established in 2014, Dosilicon focuses on small to medium capacity storage chips, providing comprehensive solutions including NAND, NOR, and DRAM [5] - Main products include SLC NAND and SPI NOR Flash chips, with a complete range of automotive-grade certifications [6] - Holds over 30% market share in domestic SLC NAND, with orders extending to the end of 2026, driven by surging demand in industrial and automotive sectors [8] Ingenic (北京君正) - Founded in 2005, Ingenic is a leader in CPU and storage chips, with a strong focus on high-performance, low-power solutions for smart hardware and automotive electronics [9] - Key products include automotive-grade SRAM and DRAM chips, all meeting stringent automotive standards [10] - Holds approximately 29% global market share in automotive SRAM, with a strong order pipeline extending to the end of 2026 [11] Biwin (佰维存储) - Established in 2010, Biwin integrates R&D, packaging, testing, and sales of storage solutions, focusing on AI and embedded storage [12] - Core products include embedded storage and consumer-grade SSDs, with the ePOP module leading the global market [13] - Positioned as a leader in AI storage, with orders extending to Q1 2026, benefiting from the rapid adoption of AI devices [14] TFME (通富微电) - Founded in 1994, TFME is a leading integrated circuit packaging and testing company, providing a one-stop service from design to testing [15] - Core business includes packaging and testing for storage chips and AI accelerators, with advanced packaging technologies in mass production [17] - As a key partner for AMD, the company has a robust order pipeline extending through 2026, driven by high demand for advanced packaging [18] JCET (长电科技) - Established in 1972, JCET is a global leader in integrated circuit manufacturing and services, focusing on advanced packaging for storage chips [19] - Key products include HBM3 packaging with a high yield rate of 98.5%, serving major storage companies [20] - Orders extend to Q2 2028, benefiting from the surge in AI computing and advanced packaging demand [21] Naura (北方华创) - Founded in 2001, Naura specializes in semiconductor equipment, covering 80% of the front-end process equipment [22] - Core products include etching and deposition equipment, with significant involvement in domestic storage wafer expansion [23] - Orders extend to 2027, driven by the acceleration of domestic equipment substitution [24] Longsys (江波龙) - Established in 1999, Longsys is a leading semiconductor storage brand, focusing on enterprise, industrial, and consumer storage solutions [25] - Core products include enterprise-grade NVMe SSDs and DDR5 RDIMM modules, catering to AI server demands [26] - Orders extend to the end of 2026, supported by strong demand from domestic cloud service providers [27] Montage (澜起科技) - Montage is a leading data processing and interconnect chip design company, focusing on memory interface chips [28] - Core products include memory interface solutions from DDR2 to DDR5, with a strong market position in AI server applications [29] - Orders extend to Q1 2027, benefiting from the AI computing boom [30] GigaDevice (兆易创新) - Founded in 2005, GigaDevice is a top player in storage chip design, with a focus on NOR Flash and niche DRAM [31] - Core products include NOR Flash with approximately 19% global market share, and a strong presence in automotive and industrial storage [33] - Orders extend to the end of 2026, supported by the growing demand for AI servers and IoT devices [34]

Core Viewpoint - Lanke Technology's stock price has experienced fluctuations, with a year-to-date increase of 37.36% but a recent decline over the past five trading days and twenty days [1] Group 1: Company Overview - Lanke Technology Co., Ltd. is based in Shanghai and was established on May 27, 2004, with its IPO on July 22, 2019 [2] - The company specializes in data processing and interconnect chip design, with two main product lines: interconnect chips and the Zindai server platform [2] - Revenue composition includes 93.44% from interconnect chips, 6.37% from the Zindai server platform, and 0.19% from other sources [2] Group 2: Financial Performance - As of September 30, Lanke Technology had 92,900 shareholders, a 36.10% increase from the previous period, with an average of 12,326 circulating shares per shareholder, down 26.50% [3] - For the period from January to September 2025, the company reported revenue of 4.058 billion yuan, a year-on-year increase of 57.83%, and a net profit attributable to shareholders of 1.632 billion yuan, up 66.89% [3] Group 3: Shareholder and Dividend Information - Since its A-share listing, Lanke Technology has distributed a total of 2.367 billion yuan in dividends, with 1.35 billion yuan in the last three years [4] - As of September 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 145 million shares, an increase of 29.727 million shares from the previous period [4] - Other notable shareholders include various ETFs, with some experiencing reductions in holdings [4]

Group 1 - The core viewpoint of the news is that 澜起科技 (Lianqi Technology) has experienced fluctuations in its stock price and significant changes in its financial performance, indicating both growth and market activity [1][3][4]. Group 2 - As of February 13, 澜起科技's stock price decreased by 2.06% to 164.65 CNY per share, with a trading volume of 35.19 billion CNY and a market capitalization of 2012.35 billion CNY [1]. - The company has seen a year-to-date stock price increase of 39.77%, with a 0.68% rise over the last five trading days, a 15.47% increase over the last 20 days, and a 37.90% increase over the last 60 days [1]. - 澜起科技's main business involves data processing and interconnect chip design, with its revenue composition being 93.44% from interconnect chips and 6.37% from server platform products [2]. - For the period from January to September 2025, 澜起科技 reported a revenue of 40.58 billion CNY, representing a year-on-year growth of 57.83%, and a net profit of 16.32 billion CNY, up 66.89% year-on-year [3]. - The company has distributed a total of 23.67 billion CNY in dividends since its A-share listing, with 13.50 billion CNY distributed in the last three years [4]. - As of September 30, 2025, 澜起科技 had 92,900 shareholders, an increase of 36.10% from the previous period, with an average of 12,326 circulating shares per shareholder, down 26.50% [3].

Core Viewpoint - The stock of 澜起科技 (Lianqi Technology) surged over 8% to a new high of 188 HKD, driven by positive market sentiment regarding the growth in CPU server demand and advancements in AI applications, which are expected to boost the company's memory interface business and profitability in the coming years [1] Group 1: Company Performance - 澜起科技's stock price increased by 7.53% to 185.7 HKD, with a trading volume of 5.29 billion HKD [1] - Citigroup's report indicates that the demand for CPU-based servers and new developments in AI applications could catalyze increased usage of DIMM memory modules, providing upward potential for the company's memory interface business [1] Group 2: Industry Trends - The arrival of the AI era is leading to rapid performance growth in computing chips, with interconnectivity becoming a bottleneck for AI computing clusters [1] - The company's interconnect chip business is expected to experience significant growth, driven by upgrades in memory interface technology from DDR4 to DDR5 and DDR6, as well as enhancements in PCIe from 4.0 to 6.0 and 7.0 [1] - The introduction of the CXL standard for memory pooling is anticipated to greatly increase the value of related interface chips [1]

Core Viewpoint - The recent IPO of Lanqi Technology on the Hong Kong Stock Exchange has created significant market interest, with its market capitalization exceeding 210 billion HKD shortly after listing [2][22]. Company Overview - Lanqi Technology specializes in memory interface chips, which are crucial for enhancing the speed and stability of data access between CPUs and memory in servers [3][24]. - The company holds the largest global market share in the memory interface chip sector and has demonstrated strong profitability, with revenues of approximately 40.6 billion RMB and a net profit of 16 billion RMB for the first three quarters of 2025, resulting in an adjusted net profit margin of 52% [5][25]. Founders and Background - Founded in 2004 by Yang Chonghe, a semiconductor expert with a notable background, Lanqi Technology has evolved significantly since its inception [5][29]. - Yang Chonghe's career includes pivotal roles in the semiconductor industry, including founding China's first venture capital-style IC design company and leading it to a successful acquisition [8][28]. Financial Performance - The company has shown remarkable growth in revenue and profit over the years, with revenues of 36.72 billion RMB in 2022, 22.86 billion RMB in 2023, and projected revenues of 40.58 billion RMB for the first three quarters of 2025 [17][34]. - The net profits for the same periods were 12.99 billion RMB, 4.51 billion RMB, and 15.76 billion RMB respectively, indicating a strong recovery and growth trajectory [17][34]. Market Position and Competition - The global memory interface chip market is highly concentrated, with only three companies, including Lanqi Technology, capable of mass-producing DDR4/DDR5 chips, holding over 93% of the market share [18][34]. - The high technical barriers to entry have led to the exit of several competitors, solidifying Lanqi Technology's position in the market [18][34]. R&D Investment - Lanqi Technology has invested over 2 billion RMB in R&D from 2022 to 2024, focusing on enhancing its product offerings and maintaining competitive advantage [35]. - The company has also seen significant increases in employee compensation, reflecting its commitment to attracting and retaining talent in a competitive industry [35].

Core Viewpoint - Lanqi Technology has successfully listed on the Hong Kong Stock Exchange, becoming an A+H dual-listed company, with strong performance and growth in its financials, indicating investor confidence in the leading memory interconnect chip manufacturer [3][4]. Group 1: Company Performance - As of the third quarter of 2025, Lanqi Technology achieved a revenue of 4.058 billion yuan, representing a year-on-year growth of 57.83%, and a net profit of 1.632 billion yuan, a significant increase of 66.89% [3]. - The company forecasts a full-year net profit for 2025 to be between 2.15 billion and 2.35 billion yuan, reflecting a year-on-year growth of 52.29% to 66.46% [3]. - The stock price of Lanqi Technology surged by 63.72% on its first day of trading in Hong Kong, closing at 175 HKD, with a total market capitalization exceeding 212.2 billion HKD [3]. Group 2: Market Position and Growth - According to a report by Frost & Sullivan, the global memory interconnect chip market is projected to grow from 3.5 billion USD in 2024 to 14.5 billion USD by 2030, with a compound annual growth rate (CAGR) of 27% [4]. - Lanqi Technology holds a 36.8% market share in the global market based on 2024 revenue, surpassing competitors like Renesas and Rambus, which together account for over 90% of the market [4]. - The company's gross margin improved from 46.4% in 2022 to 61.5% in the first three quarters of 2025, driven by the sales of upgraded DDR5 third-generation RCD chips [4]. Group 3: Customer Concentration and Risks - The revenue from the top five customers accounted for 84.2%, 74.8%, 76.7%, and 76.8% of total revenue from 2022 to September 30, 2025, indicating a high customer concentration risk [4]. - The largest single customer contributed 25.6%, 27.4%, 22.9%, and 28.1% of total revenue during the same periods, which poses a risk of performance volatility due to dependency on major clients [4]. - Lanqi Technology is actively working to establish long-term relationships with major clients and is expanding its customer base to mitigate concentration risks [4]. Group 4: Shareholder Activity - Significant shareholder reductions have been observed, with original shareholders reducing their stakes from 17.98% in 2019 to 7.24% by the end of 2023 [5][6]. - Intel, a key strategic investor, has decreased its holdings from 10% at the time of the A-share IPO to 4.76%, having cashed out over 1.9 billion yuan [6]. - Since the lifting of lock-up restrictions in 2020, shareholders have collectively reduced their stakes, resulting in over 20 billion yuan in cash-outs [6].

Core Viewpoint - The successful IPO of 澜起科技 (Lianqi Technology) on the Hong Kong Stock Exchange marks a significant milestone for the company and its founder, 杨崇和 (Yang Chonghe), who is recognized as a leading figure in IC design. The company has achieved substantial growth driven by the increasing demand for AI and memory interconnect chips, positioning itself as a market leader with a 36.8% market share in 2024 [2][12]. Company Overview - 澜起科技 was founded in 2004 by 杨崇和, focusing initially on digital set-top box chips and memory interface chips. The company received early investment from Intel and achieved significant milestones, including the certification of DDR2 and DDR3 memory interface chips [6][7]. - The company has undergone strategic shifts, moving from consumer electronics to data center chip development, capitalizing on the opportunities presented by cloud computing and AI [7][8]. IPO Details - The IPO was priced at HKD 106.89 per share, raising a net amount of HKD 6.905 billion, with a subscription rate of 707.3 times [2][10]. - On its first trading day, 澜起科技's stock surged by 63.72%, bringing its market capitalization to over HKD 200 billion, and it further increased to HKD 178 per share the following day, exceeding HKD 240 billion in market value [2][11]. Financial Performance - 澜起科技's revenue and net profit have shown significant growth, with projected net profits for 2025 expected to reach between RMB 2.15 billion and RMB 2.35 billion, representing a year-on-year increase of 52.29% to 66.46% [13]. - The company has reported revenues of approximately RMB 36.72 billion, RMB 22.86 billion, RMB 36.39 billion, and RMB 40.58 billion for the years 2022 to 2025, respectively [13]. Market Trends - The global market for high-speed interconnect chips is projected to grow from USD 15.4 billion in 2024 to USD 49 billion by 2030, with a compound annual growth rate of 21.2% [14]. - The demand for memory interconnect chips is expected to surge due to the AI industry's growth, particularly as the industry shifts from training to inference, increasing the need for high-speed interconnect solutions [12][13].

Core Viewpoint - The article highlights the successful IPO of Lanqi Technology, led by Yang Chonghe, marking his third IPO experience and positioning the company as a leader in the memory interconnect chip market, driven by the surge in AI demand [1][5][8]. Company Overview - Yang Chonghe, recognized as the "first person in IC design returning from overseas," founded Lanqi Technology in 2004, initially focusing on digital set-top box chips and memory interface chips [5][6]. - The company achieved significant milestones, including becoming the global leader in memory interconnect chips with a market share of 36.8% in 2024 [1][8]. IPO Details - Lanqi Technology's IPO on the Hong Kong Stock Exchange on February 9, 2026, was priced at HKD 106.89 per share, raising a net amount of HKD 6.905 billion, with a subscription rate of 707.3 times [1][10]. - The company attracted 17 cornerstone investors, including JPMIMI and UBS AM, who collectively subscribed to 32.828 million shares, accounting for 49.82% of the total offering [1][10]. Market Performance - On its first trading day, Lanqi Technology's stock surged by 63.72%, bringing its market capitalization to over HKD 200 billion, and it further increased by 1.71% the following day [1][10]. - The stock's performance reflects strong investor interest, with a record number of over 500 investors participating in the IPO [10]. Financial Performance - Lanqi Technology's revenue and net profit have shown substantial growth, with projected net profits for 2025 expected to reach between RMB 2.15 billion and RMB 2.35 billion, representing a year-on-year increase of 52.29% to 66.46% [11]. - The company reported revenues of approximately RMB 36.72 billion, RMB 22.86 billion, RMB 36.39 billion, and RMB 40.58 billion for the years 2022 to 2024, with corresponding net profits of RMB 12.99 billion, RMB 4.51 billion, RMB 13.41 billion, and RMB 15.76 billion [11]. Industry Outlook - The global high-speed interconnect chip market is projected to grow significantly, from USD 15.4 billion in 2024 to USD 49 billion by 2030, with a compound annual growth rate of 21.2% [12]. - The demand for memory interface chips is expected to rise due to the ongoing AI industry trends, particularly as AI transitions from training to inference, driving the need for high-speed interconnect chips [11].

Core Viewpoint - The article highlights the successful listing of Lanqi Technology (06809.HK) on the Hong Kong Stock Exchange, marking a significant milestone in China's semiconductor industry, particularly in memory interface chips, and emphasizes the role of early investors like Huangpujiang Capital in supporting such high-tech enterprises [1][3][7]. Group 1: Company Overview - Lanqi Technology's stock closed at HK$175.00 on its listing day, a 63.72% increase from its issue price, with a combined market capitalization exceeding HK$210 billion across A and H shares [1]. - The company represents a breakthrough in China's high-end semiconductor sector, contributing to the security and resilience of the national digital infrastructure supply chain [1][9]. Group 2: Investment Journey - Huangpujiang Capital made a decisive investment in Lanqi Technology after its privatization from NASDAQ, becoming one of the major private strategic shareholders based on in-depth industry research [3]. - The capital firm accompanied Lanqi Technology through its journey from a market value of HK$100 billion to HK$1 trillion, and then to HK$1.6 trillion, demonstrating a complete cycle of investment and support [4]. - The strategic exit from the Science and Technology Innovation Board (STAR Market) was not a departure but a tactical move aligned with market conditions, maintaining a long-term positive outlook on the company [5]. Group 3: Market Dynamics - The surge in AI computing demand has been a significant driver for Lanqi Technology's value, as its products are essential for high-speed communication between CPUs and memory, addressing the needs of AI servers [9][11]. - The company's performance forecast indicates a projected net profit growth of over 50% year-on-year, driven by its interconnect chips for data centers and AI applications [11]. - Lanqi Technology's transition from the STAR Market to the Hong Kong market signifies its evolution from relying on domestic markets to competing globally through international capital [11].