Core Viewpoint - 澜起科技 has submitted its listing application to the Hong Kong Stock Exchange, aiming to capitalize on its position as the largest memory interconnect chip supplier globally, with a projected market share of 36.8% in 2024 [1][3]. Company Overview - 澜起科技 is a leading fabless integrated circuit design company focused on providing innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure [3][4]. - The product portfolio includes memory interface chips and high-performance interconnect chips, addressing interconnect bottlenecks while enhancing data transmission speed, reliability, and energy efficiency [3][4]. Product Lines - The company offers a full range of DDR2 to DDR5 memory interface chips and supporting chips, including Serial Presence Detect (SPD), temperature sensors (TS), and power management integrated circuits (PMIC) [3][4]. - The DDR5 memory interface chips serve as critical interconnect components between CPUs and DRAM modules in servers, enabling stable high-speed data transmission [3][4]. - New interconnect chips such as MRCD/MDB, CKD (clock driver), PCIe Retimer, and CXL MXC (memory expansion controller) are designed to enhance data transmission reliability and efficiency in AI servers and personal computers [3][4]. Market Potential - The memory interconnect chip market is expected to grow significantly from $1.2 billion in 2024 to $5 billion by 2030, with a compound annual growth rate (CAGR) of 27.4% [6]. - The PCIe and CXL interconnect chip market is projected to increase from $2.3 billion in 2024 to $9.5 billion by 2030, with a CAGR of 26.7% [6]. Financial Performance - For the fiscal years 2022, 2023, and projected figures for 2024 and 2025, 澜起科技 reported revenues of approximately RMB 3.67 billion, RMB 2.29 billion, RMB 3.64 billion, and RMB 1.22 billion respectively [6][7]. - The net profit for the same periods was approximately RMB 1.30 billion, RMB 0.45 billion, RMB 1.34 billion, and RMB 0.50 billion respectively [6][7].

资本与产业的共同加冕 2025年7月8日， 北京屹唐半导体科技股份有限公司， 代码 "688729"（以下简称"屹唐股 份"）完成中国半导体设备领域里程碑式的资本化跨越。 于 A股科创板正式挂牌上市 ， 首个 交易日开盘价格 26 . 2 元， 市值飙升至 774 亿 ， 开盘涨幅 达 210% ， 这家全球 第二 大的 干法去胶设备企业， 在黄浦江资本的深度赋能下成为了国内首屈一指的 硬科技投资的价 值裂变样本， 也 更 加印证了 了黄浦江资本五年前 PreIPO轮的战略远见 。 深度 重塑 产业链价值生态 黄浦江资本突破传统财务投资边界，主导实施两大战略性变革： 通过整合北京经济技术开发区资源，加速亦庄制造基地 2 0 2 3年全面投产，实现干法去胶设备 核心零部件1 0 0%本土化量产。 战略锚定国产替代核心战场 2 0 2 0年半导体设备国产化浪潮初起之际，黄浦江资本 就 重仓布局屹唐股份。该决策植根于 多 重关键洞察， 屹唐股份 不仅以 3 4 . 6%的全球市占率稳居干法去胶设备领域第二， 其 快速热 处理设备全球份额达 1 3 . 0 5%，更服务台积电、三星电子等十大国际芯片制造商超十年，累计 ...

2025年7月8日，北京屹唐半导体科技股份有限公司，代码"688729"（以下简称"屹唐股份"）完成中国半导体设备领 域里程碑式的资本化跨越。于A股科创板正式挂牌上市，首个交易日开盘价格26.2元，市值飙升至774亿，开盘涨幅 达210%，这家全球第二大的干法去胶设备企业，在黄浦江资本等股东的深度赋能下成为了国内首屈一指的硬科技 投资的价值裂变样本。 战略锚定国产替代核心战场 2020年半导体设备国产化浪潮初起之际，黄浦江资本就重仓布局屹唐股份。该决策植根于多重关键洞察，屹唐股份 不仅以34.6%的全球市占率稳居干法去胶设备领域第二，其快速热处理设备全球份额达13.05%，更服务台积电、三 星电子等十大国际芯片制造商超十年，累计装机量突破4,800台。 同时，伴随着中国半导体设备国产化率从2018年不足10%提升至2024年28%，政策红利驱动市场规模五年增长近3 倍。这一前瞻布局也迎来了丰厚回报，屹唐股份2024年净利润同比增长60%-86%，2025年一季度增速飙升至 113%。 全面构建硬科技投资生态矩阵 黄浦江资本表示：屹唐股份的上市标志着其完成半导体投资战略闭环——上游布局全球内存接口芯片龙头澜起科 ...

Core Viewpoint - Nanjing Qingqin Heng Microelectronics Co., Ltd. (referred to as "Qingheng Micro") has released its prospectus for an initial public offering on the Sci-Tech Innovation Board, highlighting its unique approach to integrated circuit design through self-developed IP systems and a focus on core technology research [1][2]. Financial Performance - Qingheng Micro's revenue is projected to grow from 238.26 million yuan in 2022 to 396.80 million yuan in 2024, with net profit increasing from 59.10 million yuan to 103.99 million yuan during the same period [1]. - The company has maintained profitability while many in the industry face losses due to intense competition [1]. Product Overview - The main business of Qingheng Micro includes the research, design, and sales of interface chips and interconnected MCU chips, which are essential for information exchange and connectivity in electronic devices [3][4]. - The company focuses on USB, Bluetooth, and Ethernet interfaces, with USB being its primary revenue source, accounting for 52.38% of total revenue in 2024 [8]. Technology and Innovation - Qingheng Micro has developed a proprietary IP system that includes processor, PHY, controller, and protocol stack technologies, allowing for a more integrated and efficient chip design process [4][17]. - The company’s self-developed "Qingke" series of processors has shipped over 100 million units, demonstrating competitive performance against mainstream foreign processors [6][12]. Market Applications - The primary application areas for Qingheng Micro's products include industrial control and connectivity (52.60% of revenue), IoT networking (25.54%), and computer and mobile peripherals (21.86%) [15]. - The company’s products are designed to meet the growing demand for connectivity and digitalization in various sectors [9][20]. Future Plans and Funding - Qingheng Micro plans to raise funds through its IPO to invest in three key projects: USB chip development, network chip development (including Bluetooth and Ethernet), and full-stack MCU chip development, with a total investment of approximately 931.54 million yuan [28][29]. - The company aims to enhance its core technology and expand its product offerings in high-speed USB, Ethernet, and low-power wireless communication technologies [29][30].

6月30日，上交所正式受理了南京沁恒微电子股份有限公司（简称：沁恒微）科创板IPO申请。 沁恒微专注于连接技术和微处理器研究，是 一家基于自研专业接口IP、内核IP构建一体化芯片的集成 电路设计企业。报告期内，公司主营业务为接口芯片和互连型MCU芯片的研发、设计与销售。 此次IPO，沁恒微拟募资9.32亿元，投建于USB芯片研发及产业化项目、网络芯片研发及产业化项目、 全栈MCU芯片研发及产业化项目。 公司主要产品包括接口芯片和互连型MCU芯片，其中接口芯片是电子设备信息交换、互连互通的窗 口；互连型MCU将处理器技术与连接技术深度融合，是自带信息交换窗口的数据处理中心。上述产品 侧重于连接、联网和控制，主要应用于工业控制与连接、物联组网和互联、计算机及手机周边等领域。 沁恒微表示，上述项目与公司主营业务有着密切关联，未来上市后，公司将继续深耕主业，在连接技术 和微处理器内核上加大研发投入与创新力度，推出更具市场竞争力的接口芯片和互连型MCU芯片产 品。具体而言，上述项目将以公司现有技术积累为基础，开展超高速 USB4、USB 3.x、高速率以太网 和低功耗高性能无线通信等连接技术IP，以及高性能、扩充AI运 ...

本文来自微信公众号：电子工程世界 （ID：EEworldbbs），作者：付斌 在汽车芯片领域，一场前所未有的"冰火两重天"大戏正在上演。 曾经被视为"兵家必争之地"的汽车芯片市场，此刻有人黯然离场，又有人踌躇满志。可谓是"甲之蜜 糖，乙之砒霜"。 巨头纷纷退场 就在近期，国际上就发生了五起备受关注的巨头退出事件。 第一，英特尔即将关闭汽车业务，并裁减该部门大部分员工。6月25日消息称，该公司在给员工的一份 通知中表示："英特尔计划逐步停止英特尔架构汽车业务。"该公司还提到，会继续履行对现有客户的承 诺，但会裁减英特尔汽车部门的"大多数"员工。 汽车并非英特尔核心业务，陈立武上任CEO后一直也在强调英特尔要回归核心业务，不过有数据显示目 前有5000万辆汽车使用英特尔的处理器。值得注意的是，目前英特尔还掌握Mobileye多数股权，不过此 项决定似乎不会影响该公司运营；2024年初英特尔收购了电动汽车能源管理SoC公司Silicon Mobility。 第二，安霸(Ambarella)有意出售。6月25日消息称，安霸正在与银行家合作，并已接洽潜在买家。消息 传出后，该公司股价上涨21%，市值达到约26亿美元。该 ...

对于存储行业而言，今年机遇和挑战并存，行业头部企业融资还是相对简单。存储并购潮和产能大战一触即发。 作为国内的存储巨头企业，澜起科技近日发布公告称，公司当天召开第三届董事会第八次会议、第三届监事会第八次会议，审议通过公 司发行H股股票并在香港联交所上市等相关议案。 在存储周期向上几乎公认后，存储企业需要不断拓展客户同时，提高品牌和研发能力。 澜起科技表示，为深化国际化战略布局，持续吸引并集聚优秀的研发与管理人才，增强境外融资能力，进一步提升公司核心竞争力，根 据公司发展战略及运营需要，澜起科技拟发行境外上市股份H股股票并在香港联交所上市。 相关负责人表示公司将充分考虑现有股东的利益和境内外资本市场的情况，在股东大会决议有效期内（即自公司股东大会通过之日起24 个月或同意延长的其他期限）选择适当的时机和发行窗口完成本次发行。 董事会同意，公司本次发行并上市所得的募集资金在扣除相关发行费用后，用于全互连芯片领域前沿技术的研发和创新、全球市场与业 务的拓展、战略投资与收购及其他事项。 对于公司目前计划和未来的市场定位。澜起科技表示，公司未来五至十年的战略目标是逐步成长为国际领先的全互连芯片设计公司，重 点聚焦于运力 ...

Group 1 - The core viewpoint of the article is that Lanke Technology plans to issue H-shares for overseas listing in Hong Kong, aiming to enhance its international presence and financing capabilities while also announcing a share buyback plan of 200 million to 400 million yuan [2][4]. - The company has experienced significant growth in revenue and net profit, with a 59.2% year-on-year increase in revenue to 3.639 billion yuan and a 213.1% increase in net profit to 1.412 billion yuan for 2024 [5]. - Lanke Technology's product lines include interconnect chips and the Zindai server platform, with a focus on memory interface chips, which have seen increased demand due to the rise of AI and the growing penetration of DDR5 technology [4][5]. Group 2 - The company has faced frequent share reductions by major shareholders since its listing on the STAR Market, with significant reductions from major stakeholders like China Power Investment Corporation and Intel Capital [7]. - The A+H listing model is gaining momentum, with over 20 A-share companies planning to list in Hong Kong in June alone, indicating a trend towards international capital market engagement [8]. - The Hong Kong market has become more attractive for A-share companies due to its flexible regulatory environment and the internationalization of its investor base, which emphasizes the importance of profitability and sustainable growth [9][10].

Core Viewpoint - The storage industry is facing both opportunities and challenges this year, with leading companies like 澜起科技 (Lianqi Technology) poised for growth through international expansion and innovation in chip design [1][2]. Group 1: Company Strategy and Goals - 澜起科技 plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and attract talent, aiming to strengthen its core competitiveness [2][3]. - The company’s strategic goal for the next five to ten years is to become a leading international full interconnect chip design company, focusing on high-performance interconnect solutions for cloud computing and AI infrastructure [2][3]. Group 2: Business Performance and Market Outlook - In Q1 2025, 澜起科技 reported sales revenue of 1.139 billion yuan for interconnect chip products, a year-on-year increase of 63.92% and a quarter-on-quarter increase of 17.19%, marking eight consecutive quarters of growth [3]. - The company anticipates strong demand for DDR5 memory interface chips and high-performance interconnect chips, with orders exceeding 1.29 billion yuan for Q2 2025 [3][4]. - In 2024, 澜起科技 achieved revenue of 3.639 billion yuan, a year-on-year growth of 59.2%, and a net profit of 1.412 billion yuan, up 213.1% [4]. Group 3: Market Trends and Projections - The global memory interface chip market is projected to grow from 1.009 billion USD in 2024 to 1.268 billion USD in 2025, with a CAGR of 28.5% from 2025 to 2031 [4]. - By 2028, the global storage interface chip market is expected to reach 19.475 billion yuan, driven by the increasing penetration of DDR5 technology [4]. Group 4: Competitive Position - 澜起科技 holds a 43.35% market share in the memory interface chip sector as of 2023, with significant clients including major DRAM manufacturers like Samsung, SK Hynix, and Micron [5]. - The company's successful listing and financing are expected to enhance its brand and technical barriers, facilitating further business expansion [5].

Group 1 - The core viewpoint of the article is that 澜起科技 (LQ Technology) is enhancing its international strategy and plans to issue new shares to attract talent and improve overseas financing capabilities [1] - 澜起科技 reported a revenue of 3.639 billion CNY for 2024, representing a year-on-year growth of 59.20%, and a net profit of 1.412 billion CNY, which is a 213.10% increase year-on-year [1] - The company is actively working with intermediaries for the issuance and has appointed Ernst & Young as the auditor for this process [1] Group 2 - As of June 20, 2025, 澜起科技's stock closed at 81.57 CNY per share, with a total market capitalization of approximately 93.38 billion CNY [2] - The company has a dynamic price-to-earnings ratio of 44.44 and a trailing twelve months (TTM) price-to-earnings ratio of 54.49 [2] - 澜起科技's stock has a 52-week high of 86.66 CNY and a low of 47.46 CNY, indicating significant price volatility [2]