截至12月19日，联芸科技股东户数1.75万，较上期增加1.94%；人均流通股16716股，较上期减少 1.90%。2025年1月-9月，联芸科技实现营业收入9.21亿元，同比增长11.59%；归母净利润9005.67万元， 同比增长23.05%。 机构持仓方面，截止2025年9月30日，联芸科技十大流通股东中，嘉实上证科创板芯片ETF（588200） 位居第二大流通股东，持股156.58万股，为新进股东。诺安积极回报混合A（001706）位居第五大流通 股东，持股85.45万股，为新进股东。泰康新锐成长混合A（014287）位居第六大流通股东，持股67.81 万股，为新进股东。诺安稳健回报混合A（000714）位居第八大流通股东，持股54.94万股，为新进股 东。招商丰盈积极配置混合A（009362）退出十大流通股东之列。 责任编辑：小浪快报 12月30日，联芸科技跌1.09%，成交额2.61亿元。两融数据显示，当日联芸科技获融资买入额3017.29万 元，融资偿还2916.93万元，融资净买入100.36万元。截至12月30日，联芸科技融资融券余额合计5.75亿 元。 融资方面，联芸科技当日融资买入301 ...

数据显示，嘉实基金旗下1只基金位居联芸科技十大流通股东。嘉实上证科创板芯片ETF（588200）三 季度新进十大流通股东，持有股数156.58万股，占流通股的比例为2.24%。根据测算，今日浮盈赚取约 97.08万元。连续3天上涨期间浮盈赚取355.45万元。 12月24日，联芸科技涨1.37%，截至发稿，报46.02元/股，成交2.75亿元，换手率2.05%，总市值211.69 亿元。联芸科技股价已经连续3天上涨，区间累计涨幅5.19%。 资料显示，联芸科技(杭州)股份有限公司位于浙江省杭州市滨江区西兴街道阡陌路459号C楼C1-604室， 成立日期2014年11月7日，上市日期2024年11月29日，公司主营业务涉及联芸科技是一家提供数据存储 主控芯片、AIoT信号处理及传输芯片的平台型芯片设计企业。主营业务收入构成为：数据存储主控芯 片产品85.68%，AIoT信号处理及传输芯片产品11.77%，其他2.55%。 从联芸科技十大流通股东角度 截至发稿，田光远累计任职时间4年292天，现任基金资产总规模754.08亿元，任职期间最佳基金回报 129.64%， 任职期间最差基金回报-46.65%。 风险提示 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |首次覆盖 个股表现 2024-12 2025-02 2025-05 2025-07 2025-10 2025-12 -12% -5% 2% 9% 16% 23% 30% 37% 44% 51% 58% 联芸科技 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 44.83 | | --- | --- | | 总股本/流通股本（亿股）4.60 | / 2.93 | | 总市值/流通市值（亿元）206 | / 131 | | 52 周内最高/最低价 | 65.80 / 37.05 | | 资产负债率(%) | 18.1% | | 第一大股东 | 杭州弘菱投资合伙企业 | | (有限合伙) | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:陈天瑜 SAC 登记编号:S1340125090015 Email:chentianyu@cnpsec.com 联芸科技(688449) 联芸芯途，主控领航 l 投资要点 营收净利稳健增长，扣非净利增幅显 ...

融资方面，联芸科技当日融资买入2925.62万元。当前融资余额5.24亿元，占流通市值的3.99%，融资余 额超过近一年90%分位水平，处于高位。 12月18日，联芸科技跌0.07%，成交额1.98亿元。两融数据显示，当日联芸科技获融资买入额2925.62万 元，融资偿还2041.79万元，融资净买入883.83万元。截至12月18日，联芸科技融资融券余额合计5.24亿 元。 机构持仓方面，截止2025年9月30日，联芸科技十大流通股东中，嘉实上证科创板芯片ETF（588200） 位居第二大流通股东，持股156.58万股，为新进股东。诺安积极回报混合A（001706）位居第五大流通 股东，持股85.45万股，为新进股东。泰康新锐成长混合A（014287）位居第六大流通股东，持股67.81 万股，为新进股东。诺安稳健回报混合A（000714）位居第八大流通股东，持股54.94万股，为新进股 东。招商丰盈积极配置混合A（009362）退出十大流通股东之列。 责任编辑：小浪快报 资料显示，联芸科技(杭州)股份有限公司位于浙江省杭州市滨江区西兴街道阡陌路459号C楼C1-604室， 成立日期2014年11月7日，上市 ...

Core Viewpoint - On November 27, 2023, Lianyun Technology's stock increased by 0.47%, with a trading volume of 164 million yuan, indicating positive market sentiment towards the company [1]. Financing Summary - On the same day, Lianyun Technology had a financing buy-in amount of 26.28 million yuan, with a net financing buy of 5.16 million yuan after 21.12 million yuan in financing repayments [1][2]. - The total financing and securities balance for Lianyun Technology reached 477 million yuan, accounting for 14.51% of its circulating market value [2]. Company Profile - Lianyun Technology, established on November 7, 2014, is located in Hangzhou, Zhejiang Province, and specializes in platform chip design, focusing on data storage main control chips and AIoT signal processing and transmission chips [2]. - The revenue composition of Lianyun Technology includes 85.68% from data storage main control chips, 11.77% from AIoT signal processing and transmission chips, and 2.55% from other sources [2]. Financial Performance - 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%, and a net profit attributable to shareholders of 90.06 million yuan, which is a 23.05% increase compared to the previous year [2]. Shareholder Information - As of September 30, 2025, Lianyun Technology's top ten circulating shareholders included several new institutional investors, such as the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF and Nuon An Active Return Mixed A, indicating growing institutional interest [3].

Core Viewpoint - Lianyun Technology announced a significant unlock of 223 million restricted shares, representing 48.52% of its total share capital, scheduled for December 1, which may impact the stock price due to the large volume of shares entering circulation [1][2]. Group 1: Share Unlock Details - The unlock includes 197 million shares from the initial public offering held by 11 shareholders and 26 million shares from strategic placements held by 7 shareholders, both with a lock-up period of 12 months from the company's listing date on November 29, 2023 [1]. - Two shareholders from Hikvision hold a combined 135 million shares, accounting for 60.48% of the total unlocked shares, with all 18 shareholders having no remaining restricted shares post-unlock [1]. - The proportion of unrestricted shares will increase from 14.15% at the time of listing to 62.67% after the unlock, significantly enhancing market liquidity [1]. Group 2: Financial Performance - For the first three quarters of 2025, Lianyun Technology reported total revenue of 921 million yuan, a year-on-year increase of 11.59%, and a net profit attributable to shareholders of 90.06 million yuan, up 23.05% [2]. - The company's net profit excluding non-recurring items surged by 141.76% to 62.14 million yuan, with net cash flow from operating activities reaching 109 million yuan, compared to a negative 93.45 million yuan in the same period last year [2]. Group 3: Market Analysis - As of November 21, Lianyun Technology's closing price was 46.35 yuan per share, with the market value of the unlocked shares estimated at approximately 10.3 billion yuan, raising concerns about potential stock price impacts [2]. - Analysts note that the company's high price-to-earnings ratio and the weak overall market conditions may lead to stock price volatility due to the large unlock, although strong fundamentals and significant holdings by long-term investors may mitigate panic selling [2].

Core Viewpoint - 联芸科技 has shown significant stock performance and growth in revenue and profit, indicating a positive outlook for the company in the semiconductor industry [1][2][3]. Group 1: Stock Performance - On November 11, 联芸科技's stock rose by 3.90%, reaching 58.87 CNY per share, with a total market capitalization of 27.08 billion CNY [1]. - Year-to-date, the stock price has increased by 44.18%, with a 6.90% rise in the last five trading days and a 27.56% increase over the past 60 days [1]. - The company has appeared on the龙虎榜 once this year, with a net buy of 163 million CNY on February 25 [1]. Group 2: Company Overview - 联芸科技, established on November 7, 2014, is located in Hangzhou, Zhejiang Province, and specializes in data storage control chips and AIoT signal processing and transmission chips [2]. - The revenue composition includes 85.68% from data storage control chips, 11.77% from AIoT signal processing and transmission chips, and 2.55% from other products [2]. - The company is classified under the electronic-semiconductor-digital chip design industry and is involved in several concept sectors, including integrated circuits and storage concepts [2]. Group 3: Financial Performance - For the period from January to September 2025, 联芸科技 reported a revenue of 921 million CNY, reflecting a year-on-year growth of 11.59%, and a net profit of 90.06 million CNY, up 23.05% year-on-year [2]. - As of October 31, 2025, the number of shareholders increased by 5.78% to 16,000, while the average circulating shares per person decreased by 5.47% to 4,374 shares [2]. Group 4: Institutional Holdings - As of September 30, 2025, notable new institutional shareholders include 嘉实上证科创板芯片ETF, holding 1.5658 million shares, and several other funds entering the top ten shareholders list [3].

Core Viewpoint - Lianyun Technology, a leading domestic data storage main control chip and AIoT signal processing chip design company, is set to be listed on the Shanghai Stock Exchange on November 29, 2024, with a focus on consumer electronics, industrial control, and smart IoT sectors [1] Financial Performance - In Q3 2025, Lianyun Technology reported revenue of 921 million yuan, ranking 29th among 48 companies in the industry, significantly lower than the top competitor, Haowei Group, which had revenue of 21.783 billion yuan [2] - The main business revenue composition includes data storage main control chip revenue of 522 million yuan (85.68%), AIoT signal processing and transmission chip revenue of 71.75 million yuan (11.77%), and other income of 15.57 million yuan (2.55%) [2] - The net profit for the same period was 90.06 million yuan, ranking 25th in the industry, with a substantial gap compared to Haowei Group's net profit of 3.199 billion yuan [2] Financial Ratios - As of Q3 2025, Lianyun Technology's debt-to-asset ratio was 19.02%, lower than the industry average of 24.46%, indicating strong solvency [3] - The gross profit margin was 51.40%, higher than the industry average of 36.52%, reflecting robust profitability [3] Management Compensation - The chairman, Fang Xiaoling, received a salary of 1.1704 million yuan in 2024, a decrease of 30,400 yuan from 2023 [4] - The general manager, Li Guoyang, earned 1.0076 million yuan in 2024, an increase of 10,700 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.58% to 15,500, with an average holding of 4,514.09 shares, a decrease of 1.55% [5] - New major shareholders include various mutual funds, with specific holdings detailed [5] Business Highlights - Tianfeng Securities noted that Lianyun Technology is a leader in China's storage main control sector, with a 141.76% year-on-year increase in non-recurring net profit for the first three quarters of 2025 [6] - Key product developments include the upcoming MAP1606 main control chip and advancements in UFS series embedded storage main control chips [6] - Revenue forecasts for 2025, 2026, and 2027 have been adjusted upward, with expected revenues of 1.38 billion, 1.696 billion, and 2.08 billion yuan respectively [6]

Core Insights - On October 29, Lianyun Technology experienced a decline of 3.66% with a trading volume of 600 million yuan [1] - The company reported a financing buy-in amount of 86.91 million yuan and a net financing buy-in of 31.52 million yuan on the same day [1] - As of October 29, the total financing and securities lending balance for Lianyun Technology was 455 million yuan, accounting for 10.55% of its market capitalization [1] Financial Performance - For the period from January to September 2025, Lianyun Technology achieved a revenue of 921 million yuan, representing a year-on-year growth of 11.59% [2] - The net profit attributable to the parent company was 90.06 million yuan, reflecting a year-on-year increase of 23.05% [2] Shareholder Information - As of October 20, the number of shareholders for Lianyun Technology reached 15,100, an increase of 3.02% from the previous period [2] - The average number of circulating shares per shareholder decreased by 2.94% to 4,627 shares [2] - Notable new institutional shareholders include the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF and several mixed funds [2]

Group 1 - The core viewpoint of the news is that Lianyun Technology has seen a stock price increase of 5.35%, reaching 56.89 CNY per share, with a total market capitalization of 26.169 billion CNY [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, Taikang Fund's Taikang New Growth Mixed A (014287) has entered the top ten, holding 678,100 shares, which is 0.97% of the circulating shares [2] - The fund has achieved a year-to-date return of 64.35%, ranking 307 out of 8,154 in its category, and a one-year return of 60.81%, ranking 347 out of 8,025 [2] Group 3 - The fund manager of Taikang New Growth Mixed A is Han Qing, who has been in the position for 2 years and 321 days, managing a total fund size of 990 million CNY [3] - During Han Qing's tenure, the best fund return was 38.87%, while the worst was 35.76% [3]