证券代码：688449 证券简称：联芸科技 公告编号：2026-003 联芸科技（杭州）股份有限公司 2025年度业绩快报公告 ■ 注：1.本报告期初数同法定披露的上年年末数。 2.以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司2025年年度报告为准。 3.以上数据及指标如有尾差，为四舍五入所致。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以联芸科技（杭 州）股份有限公司（以下简称"公司"）2025年年度的定期报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：人民币万元 1、报告期的经营情况、财务状况 （二）上表中有关项目增减变动幅度达30%以上的主要原因说明 2025年，公司归属于母公司所有者的扣除非经常性损益的净利润同比增长130.29%，主要系公司年度营 业总收入增加，高毛利产品出货量增长，综合毛利 ...

2025年，联芸科技以巩固和扩大核心竞争优势为目标，持续强化研发投入与人才储备。一方面加快下一代主控芯片的迭代升级，另一方面重点扩充嵌入式主 控芯片研发团队。报告期内，公司研发费用约为5.06亿元，较上年同期有所增长。公司表示，在营收规模同步扩大的背景下，研发费用率保持平稳，资源配 置高效，为持续技术创新与产品升级提供了坚实支撑。 此外，公司2025年确认股份支付费用约5358.14万元。剔除该因素影响后，公司2025年归属于母公司所有者的净利润约为1.96亿元，主营业务盈利能力表现稳 健。 联芸科技强调，公司2025年扣非净利润同比大幅增长130.29%，主要系营业收入增加及高毛利产品出货占比提升所致，盈利能力显著增强。 2月2日，联芸科技发布2025年度业绩快报。报告期内，公司实现营业总收入约13.31亿元，同比增长13.42%；实现归属于母公司所有者的净利润约1.42亿 元，同比增长20.36%；实现扣非后净利润约1.01亿元，同比大幅增长130.29%。截至2025年末，公司总资产约23.32亿元，较年初增长11.78%；归属于母公司 的所有者权益约19.05亿元，较年初增长11.40%。 联芸科技指 ...

| | | 2月2日重要公告摘要 | | --- | --- | --- | | 米和 | 公司 | 主要内容 | | 今日聚焦 | 利通电子 | 液冷产品研发尚处于前期探讨阶段 无星云算力调度平台、马来西亚波 | | | | 数据中心项目 | | | 长飞光纤 | 全球光纤光缆行业市场环境正常 与数据中心相关的新型产品占需求总 | | | | 例较小 | | | 润都股份 | 目前有1类创新药（化学药）盐酸去甲乌药碱注射液 药品能否获批上市 | | | | 在不确定性 | | | 奥瑞德 | 控股子公司拟投资约1.45亿元购买算力设备 | | 投资&签约 | 济川药业 | 全资子公司签署独家商业化合作协议 | | 股权变动 | 红相股份 | 拟向福建闽高转让南通瀚蓝100%股权 | | 增减持&回购 | 乐鑫科技 | 拟以5000万元至1亿元回购股份 | | 经营&业绩 | 盛和资源 | ETM公司单方面宣布其与公司于2016年建立的战略合作关系已实质终止 | | | | 将积极采取法律手段全力维护自身合法权益 | | | 联芸科技 | 2025年净利润同比增长20.36% 数据存储主控芯片业绩增长 | | ...

2025年，公司以巩固和扩大核心竞争优势为目标，持续强化新产品的研发投入与人才储备。一方面加快 下一代主控芯片的迭代升级，另一方面将研发人才团队建设视作技术创新的核心支撑，扩充嵌入式主控 芯片研发团队。报告期内研发费用约为50,595.76万元，较上年同期的42,518.48万元实现增长。伴随公司 营收规模同步增长，研发费用率维持平稳，研发资源配置高效，为公司持续开展技术创新、推动产品升 级提供坚实支撑。 格隆汇2月2日丨联芸科技(688449.SH)公布2025年度业绩快报，2025年度公司实现营业总收入13.31亿 元，同比增长13.42%；实现归属于母公司所有者的净利润1.42亿元，同比增长20.36%；实现归属于母公 司所有者的扣除非经常性损益的净利润1.01亿元，同比增长130.29%。 受益于存储行业景气度回升，叠加AI产业快速发展，存储产品需求持续增加。2025年公司PCIE3.0、 PCIE4.0及企业级SATA主控芯片产品出货量明显增长，带动综合毛利率稳步提升；同时，公司依托自身 产品的技术优势与一站式解决方案能力，持续推进新客户开发及存储主控产品导入。在此基础上，公司 数据存储主控芯片的整 ...

Core Viewpoint - 联芸科技 shows a decline in stock price and significant trading activity, indicating potential volatility in the market [1] Group 1: Financial Performance - As of January 9, 2025, 联芸科技 reported a revenue of 921 million yuan, representing a year-on-year growth of 11.59% [2] - The net profit attributable to shareholders for the same period was 90.06 million yuan, reflecting a year-on-year increase of 23.05% [2] Group 2: Shareholder and Market Activity - On January 19, 2025, 联芸科技's stock price fell by 2.63%, with a trading volume of 575 million yuan [1] - The company had a financing balance of 638 million yuan, accounting for 4.05% of its market capitalization, which is above the 90th percentile of the past year [1] - The number of shareholders increased by 5.15% to 20,200, while the average number of circulating shares per person decreased by 4.90% to 14,550 shares [2] Group 3: Institutional Holdings - As of September 30, 2025, several new institutional investors entered the top ten shareholders, including 嘉实上证科创板芯片ETF and 诺安积极回报混合A [2] - 嘉实上证科创板芯片ETF holds 1.5658 million shares, making it the second-largest shareholder [2]

Group 1 - U.S. storage companies experienced a significant surge, with SanDisk rising over 20% and Western Digital and Seagate Technology increasing by more than 10% [1] - Analysts suggest that NVIDIA is exploring new technology for direct connection between GPUs and SSDs, which could impact the storage market [1] - GF Securities believes that the demand for SSDs will grow due to AI inference RAG vector databases, which require high throughput and low latency for large-scale vector data and indexing structures [1] Group 2 - Domestic developments include TOS launching Vector Bucket, which utilizes a self-developed Cloud-Native vector indexing library and a multi-tier local caching architecture, significantly lowering the barrier for enterprises to use vector data [1] - The transition of RAG vector database storage media from "memory participation in retrieval" to "full SSD storage architecture" is expected to drive sustained demand for high-bandwidth and large-capacity SSDs [1] - Company updates indicate that Lianyun Technology focuses on data storage control chips specifically for the SSD sector [2] - Haima Data has released the Vastbase G100 V3.0 product, integrating vector database capabilities for AI applications, providing various algorithms for approximate and nearest neighbor searches in large multidimensional data scenarios [2]

Group 1 - The core viewpoint of the news is that 联芸科技 (Lianyun Technology) is experiencing significant trading activity, with a notable increase in financing and stockholder numbers, indicating growing investor interest [1][2]. Group 2 - On December 30, Lianyun Technology's stock price fell by 1.09%, with a trading volume of 261 million yuan. The financing buy-in amount for the day was 30.17 million yuan, while the financing repayment was 29.17 million yuan, resulting in a net financing buy of 1.00 million yuan. The total financing and securities balance reached 575 million yuan [1]. - The financing balance of Lianyun Technology is 574 million yuan, accounting for 4.25% of its circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - On the same day, Lianyun Technology had no shares repaid in securities lending, with 2,900 shares sold short, amounting to 133,700 yuan at the closing price. The securities lending balance was 30,440 yuan, also exceeding the 90th percentile level over the past year [1]. Group 3 - As of December 19, the number of shareholders for Lianyun Technology reached 17,500, an increase of 1.94% from the previous period. The average circulating shares per person decreased by 1.90% to 16,716 shares [2]. - For the period from January to September 2025, Lianyun Technology reported a revenue of 921 million yuan, representing a year-on-year growth of 11.59%. The net profit attributable to the parent company was 90.06 million yuan, reflecting a year-on-year increase of 23.05% [2]. - Among the top ten circulating shareholders as of September 30, 2025, several new institutional investors emerged, including 嘉实上证科创板芯片ETF (Jia Shi Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF) as the second-largest shareholder with 1.57 million shares, and others like 诺安积极回报混合A (Noan Active Return Mixed A) and 泰康新锐成长混合A (Taikang New Growth Mixed A) also entering the list [2].

Group 1 - The core viewpoint of the news is that Lianyun Technology has seen a stock price increase of 1.37% to 46.02 CNY per share, with a total market capitalization of 21.169 billion CNY and a cumulative increase of 5.19% over the last three days [1] - Lianyun Technology specializes in platform chip design, focusing on data storage main control chips (85.68% of revenue) and AIoT signal processing and transmission chips (11.77% of revenue) [1] - The company was established on November 7, 2014, and is located in Hangzhou, Zhejiang Province, with its listing date set for November 29, 2024 [1] Group 2 - Among the top circulating shareholders of Lianyun Technology, the Jiashi Fund's ETF (588200) has entered the top ten, holding 1.5658 million shares, which is 2.24% of the circulating shares [2] - The Jiashi ETF has achieved a year-to-date return of 57.93% and a one-year return of 55%, ranking 380 out of 4197 and 393 out of 4157 respectively [2] - The Jiashi ETF was established on September 30, 2022, and currently has a total asset size of 40.404 billion CNY [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated steady revenue and profit growth, with a significant increase in net profit excluding non-recurring items. In the first three quarters of 2025, the company achieved a revenue of 921 million yuan, a year-on-year increase of 11.59%. The net profit attributable to shareholders reached 90 million yuan, up 23.05%, while the net profit excluding non-recurring items surged by 141.76% to 62 million yuan [4]. - The company is optimizing its storage controller chip matrix and strengthening its market advantage in the SSD controller field. It has fully laid out SATA and PCIe 3.0/4.0/5.0 SSD controller chips, becoming one of the manufacturers with the most complete product lines in the industry. In the first half of 2025, the company saw steady growth in SSD controller chip shipments, with significant market recognition for its PCIe Gen4 products [5]. - The embedded controller chip segment is expected to become a new growth engine. The company has entered the embedded controller chip market, with its UFS 3.1 controller chip already being applied in mobile terminals. The development of embedded UFS module solutions is progressing smoothly, which may become a new business growth point for the company [6]. Financial Projections - The company is projected to achieve revenues of 1.4 billion yuan, 1.7 billion yuan, and 2.0 billion yuan in 2025, 2026, and 2027 respectively, with net profits attributable to shareholders of 150 million yuan, 200 million yuan, and 270 million yuan for the same years [7]. - The financial metrics indicate a growth rate of 13.55% for revenue in 2024, increasing to 20.26% by 2027. The net profit growth rate is expected to be 126.04% in 2024, tapering to 35.33% by 2027 [10]. Relative Valuation - The company is positioned as a leading independent SSD controller chip manufacturer globally, with a comprehensive chip design and industrialization platform. The relative valuation analysis suggests a price-to-sales (P/S) average of 20.31x for 2025, based on comparisons with peers [13].

Core Viewpoint - Lianyun Technology has shown significant financial activity with a notable increase in shareholder numbers and revenue growth, indicating a positive trend in its market performance [1][2]. Group 1: Financial Performance - As of December 10, Lianyun Technology reported a revenue of 921 million yuan for the period from January to September 2025, reflecting a year-on-year growth of 11.59% [2]. - The company's net profit attributable to shareholders reached 90.06 million yuan, marking a year-on-year increase of 23.05% [2]. Group 2: Shareholder Activity - The number of shareholders for Lianyun Technology increased to 17,200, which is a rise of 12.31% compared to the previous period [2]. - The average number of circulating shares per shareholder is 17,039, up by 272.95% from the last period [2]. Group 3: Financing and Margin Trading - On December 18, Lianyun Technology experienced a financing buy-in of 29.26 million yuan, with a net financing purchase of 8.84 million yuan [1]. - The total financing and margin trading balance for Lianyun Technology reached 524 million yuan, accounting for 3.99% of its circulating market value, which is above the 90th percentile of the past year [1].