Core Viewpoint - The court ruling in favor of Longxin Technology against Shanghai Chip United highlights the increasing importance of brand image and legal rights protection among domestic semiconductor companies in China [1][2]. Group 1: Legal Proceedings - Longxin Technology was awarded 450,000 yuan in damages and a public apology from Shanghai Chip United after a court ruling [1]. - The case originated from a lawsuit filed by Longxin Technology in March 2021, seeking clarification and damages for false statements made by Shanghai Chip United [1][2]. - The final ruling was upheld by the Beijing Fourth Intermediate People's Court, dismissing the appeal from Shanghai Chip United [2]. Group 2: Company Overview - Longxin Technology specializes in general-purpose processor design with its own instruction set architecture, LoongArch [2]. - The company has consistently focused on independent research and development, mastering core technologies in CPU instruction systems, processor IP cores, and operating systems [2]. Group 3: Financial Performance - For the first three quarters of the year, Longxin Technology reported revenue of 351 million yuan, a year-on-year increase of 13.94%, while experiencing a net loss of 394 million yuan [2]. - The company anticipates a concentrated revenue recognition from new orders in the fourth quarter, with expectations for significant growth in various business segments [3]. - Longxin Technology aims for a 30% annual revenue growth target, with a trigger value set at 24% for its stock incentive plan [3].

Core Viewpoint - The court has issued a final ruling in favor of Longxin Technology Co., Ltd., ordering Shanghai Chip United Intelligent Technology Co., Ltd. to pay 450,000 yuan in damages and publish an apology on its website for ten consecutive days, which will not negatively impact the company's operations or financial results [1][4]. Group 1: Lawsuit Background - Longxin Technology filed a civil lawsuit against Shanghai Chip United on March 2, 2021, seeking clarification, an apology, and compensation for economic losses due to false statements [2]. - The case was accepted by the Beijing Internet Court on July 29, 2021, with the case number (2021) Jing 0491 Min Chu 29334 [2]. Group 2: Court Rulings - On July 23, 2025, the Beijing Internet Court ruled that Shanghai Chip United must publish an apology and pay Longxin Technology 450,000 yuan within ten days [2][3]. - The court also stated that if the payment obligation is not fulfilled, the defendant would incur double interest on the delayed payment [3]. - On November 28, 2025, the Beijing Fourth Intermediate People's Court upheld the original ruling, dismissing the appeal from Shanghai Chip United [4]. Group 3: Financial Impact - The final ruling confirms that the lawsuit will not affect Longxin Technology's normal operations or financial performance, and the company will handle the accounting in accordance with legal regulations and accounting standards [1][4].

Core Viewpoint - Longxin Zhongke has won a defamation lawsuit against Shanghai Xinlianxin Intelligent Technology Co., Ltd., with the Beijing Fourth Intermediate People's Court upholding the original ruling that requires Shanghai Xinlianxin to issue a public apology and compensate Longxin Zhongke for economic losses [1][3]. Group 1: Legal Proceedings - Longxin Zhongke initiated a civil lawsuit against Shanghai Xinlianxin, seeking a clarification, apology, and compensation for economic losses due to false statements made by Shanghai Xinlianxin [3]. - The first-instance judgment by the Beijing Internet Court ordered Shanghai Xinlianxin to publish an apology on its website for ten consecutive days and to pay Longxin Zhongke 450,000 yuan in damages [3]. - The appeal by Shanghai Xinlianxin was rejected by the Beijing Fourth Intermediate People's Court, which confirmed the original court's findings and legal application [3]. Group 2: Company Position and Industry Context - Longxin Zhongke emphasized that the case is crucial for clarifying false statements and restoring its reputation, which is important for protecting the legitimate rights of the company and its partners [3]. - The company aims to foster a more regulated and orderly industry discourse environment and signals its commitment to legal rights protection and brand maintenance [3]. - The increase in defamation cases in the tech industry highlights the importance of judicial rulings in clarifying responsibilities and reinforcing compliance expectations, although litigation can incur time and resource costs [4]. Group 3: Financial Performance - For the first three quarters of 2025, Longxin Zhongke reported revenues of 351 million yuan and a net loss of 394 million yuan, indicating ongoing financial challenges [4]. - The company continues to invest in product research and ecosystem development while pursuing compliance and brand protection strategies [4]. - Future performance will depend on product competitiveness, ecosystem expansion, and market development progress, with investors advised to consider the actual impact of short-term litigation on the company's fundamentals [4].

证券代码：688047 证券简称：龙芯中科 公告编号：2025-043 龙芯中科技术股份有限公司 关于诉讼事项结果的公告 一、诉讼基本情况 龙芯中科于 2021 年 3 月 2 日向北京互联网法院提起《民事起诉状》。公司请 求北京互联网法院判令：上海芯联芯向龙芯中科及合作伙伴就其所述的不实内容 进行澄清、道歉、恢复名誉、消除影响并且赔偿龙芯中科经济损失。该案已于 2021 年 7 月 29 日完成立案受理，案号为（2021）京 0491 民初 29334 号。上述 诉讼事项详见公司 2022 年 6 月 21 日于上海证券交易所网站（www.sse.com.cn） 披露的《龙芯中科首次公开发行股票并在科创板上市招股说明书》中"第十一章 其他重要事项"之"三、（二）正在进行的诉讼事项"相关内容。 公司于 2025 年 7 月 23 日收到北京互联网法院出具的民事判决书。具体判决 如下： "一、自本判决生效之日起十日内，被告上海芯联芯智能科技有限公司在其 官网（www.cipunited.com）首页置顶位置连续十日发布致歉声明，以消除影响， 恢复原告龙芯中科技术股份有限公司名誉（致歉内容须经本院审核，如逾期不履 ...

Core Viewpoint - The court has upheld the first-instance ruling in favor of the company against Shanghai Xilianxin, requiring the latter to issue a public apology and compensate the company for economic losses totaling 450,000 yuan, along with bearing the case acceptance fee of 11,270 yuan [1] Group 1 - The company was the plaintiff in the first instance and the respondent in the second instance of the lawsuit against Shanghai Xilianxin [1] - The first-instance ruling mandated Shanghai Xilianxin to publish an apology on its official website for ten consecutive days to restore the company's reputation [1] - The second-instance court rejected Shanghai Xilianxin's appeal, maintaining the original judgment and requiring it to pay an additional case acceptance fee of 2,600 yuan [1] Group 2 - The final judgment is not expected to impact the company's normal production operations or financial performance [1]

Core Viewpoint - Longxin Zhongke has been awarded the "ESG Technology Leading Golden Bull Award" for its solid practices and innovative exploration in the ESG field, highlighting its commitment to sustainable development [1][2]. Group 1: ESG Recognition and Awards - The "Golden Bull Award" series is an annual evaluation activity organized by China Securities Journal, focusing on recognizing outstanding practitioners in the ESG field [1]. - The third "Guoxin Cup · ESG Golden Bull Award" follows principles of openness, fairness, and justice, utilizing a rigorous and transparent evaluation system [1]. Group 2: Company Achievements and Innovations - Longxin Zhongke is the only domestic CPU company that builds an open information technology system independent of the X86 and ARM architectures, focusing on self-developed instruction systems [1][2]. - The company has released the Longxin 3C6000 series server processors and the Longxin 2K3000/3B6000M chips, showcasing high performance, reliability, and security [2]. - Longxin has developed key core technologies in general processors, graphics processors, AI processors, and their foundational software design over 20 years [2]. Group 3: Strategic Initiatives - Longxin Zhongke actively responds to carbon neutrality goals by implementing energy-saving measures and optimizing office processes to reduce resource consumption [3]. - The company has established a three-tier management structure for ESG, integrating sustainable development concepts into its operations [2].

Group 1: Longxin Zhongke (688047) - The company is the only domestic CPU manufacturer that builds an independent information technology system based on its own instruction set, independent of x86 and ARM architectures, establishing a competitive edge in the open market [5][6] - Longxin's product lineup includes the Longxin 1 MCU, Longxin 2 SoC, and Longxin 3 CPU series, which have significantly improved cost-performance ratios, positioning the company for a new growth cycle [5][6] - The demand for domestic CPUs is driven by the acceleration of AI server and AIPC shipments, with a projected 24.3% growth in global AI server shipments in 2025, and a 34% penetration rate for AIPC in mainland China [6][7] - The company maintains control over its core IP and instruction set, allowing for x86/ARM instruction translation, which enhances its competitive position in the market [7][9] - Longxin's focus on the domestic market and gradual expansion into the open market is supported by its cost-performance advantages, with expectations of a 30-50% improvement in cost-performance for terminal chips and 50-100% for server chips over the next three years [9][10] Group 2: Shengde Xintai (300881) - The company operates a dual business model focusing on high-end pipes and automotive components, benefiting from both traditional energy and new energy sectors [12][13] - Revenue growth is notable, with increases of 64.1% in 2023 and 34.4% in 2024, and a reported revenue of 2.325 billion yuan in the first three quarters of 2025 [12][13] - The company has a strong market position in the small-diameter stainless steel pipe market for power station boilers, with a focus on high-tech products that yield higher profit margins compared to ordinary steel pipes [13][14] - The demand for high-end boiler pipes is expected to remain strong due to the anticipated addition of 47.44 million kilowatts of new thermal power capacity in 2024 [13][14] - The company is projected to achieve revenues of 3.043 billion, 3.220 billion, and 3.411 billion yuan from 2025 to 2027, with corresponding net profits of 240 million, 276 million, and 309 million yuan [14]

Group 1: Federal Reserve and Market Overview - The global stock market experienced adjustments, with U.S. Treasury yields declining and commodity prices generally falling during the week of November 21, 2025 [6][7] - The expectation of interest rate cuts by the Federal Reserve remains uncertain, influenced by mixed signals from the labor market and geopolitical tensions [7][8] - The domestic equity market showed a decline across all sectors, with financials outperforming others, while the average daily trading volume decreased [6][7] Group 2: Shengde Xintai (300881) Company Analysis - Shengde Xintai operates a dual business model focusing on high-end pipes and automotive components, benefiting from both traditional and renewable energy sectors [9][10] - The company reported significant revenue growth, with a projected increase of 64.1% in 2023 and 34.4% in 2024, and a third-quarter revenue of 2.325 billion yuan in 2025 [10][11] - The firm maintains a strong market position in high-end boiler pipes and is expanding its presence in the automotive lightweight sector through acquisitions [9][10] Group 3: Loongson Technology (688047) Company Analysis - Loongson Technology is the only domestic CPU manufacturer building an independent information technology ecosystem based on its own instruction set, distinct from x86 and ARM architectures [12][13] - The company has seen a rise in market share in the domestic "Xinchuang" (information technology innovation) sector, with a focus on enhancing product cost-performance ratios [13][14] - The demand for AI servers and AIPC is expected to drive CPU demand upward, with a projected 24.3% growth in global AI server shipments in 2025 [14][15] Group 4: Domestic Robotics Industry - The industrial robotics sector in China saw a production increase of 29.8% year-on-year in the first three quarters of 2025, surpassing the total production of 2024 [20][21] - Domestic brands have gained market share over foreign brands, with a 54.9% increase in exports of industrial robots [20][21] - Key components such as controllers and servo systems have seen significant technological advancements, enhancing the competitiveness of domestic manufacturers [21][22] Group 5: Capital Market Focus on Mergers - The merger between CICC, Dongxing Securities, and Xinda Securities is a strategic move to consolidate resources and enhance competitiveness in the financial services sector [24][25] - Following the merger, the combined total assets are expected to exceed 1 trillion yuan, positioning the new entity as the fourth largest in the industry [25][26] - The integration aims to leverage regional strengths and expand service offerings, particularly in asset management and investment banking [26][27] Group 6: U.S. Non-Farm Payroll Data Analysis - The U.S. non-farm payroll data for September 2025 showed an increase of 119,000 jobs, significantly exceeding expectations, but the unemployment rate rose to 4.4% [28][29] - The job growth was primarily driven by the education and health sectors, which are characterized by high part-time employment rates [29][30] - The data suggests a mixed labor market, with concerns about rising unemployment overshadowing the positive job creation figures [30][31]

Core Viewpoint - The article emphasizes the ambition of Loongson Technology to challenge the dominance of X86 and ARM architectures in the Chinese CPU market, aiming for a competitive landscape by 2035 with its own LoongArch architecture [1][10]. Company Overview - Loongson Technology, led by Hu Weiwu, has been a key player in China's independent CPU development since 2001 and is now publicly listed on the STAR Market [1][3]. - The company has made significant technological advancements, including the development of its own instruction set architecture, LoongArch, and various CPU and GPGPU technologies [2][5]. Financial Performance - Recent financial reports indicate that while revenue is growing due to increased R&D investment, profitability is under pressure [2][12]. - The company has historically been profitable from 2015 to 2022, with losses being an exception due to increased R&D efforts and workforce expansion [12]. Technological Advancements - Key technological milestones include the launch of the LoongArch instruction set, the 3A6000 desktop chip, and the integration of GPGPU cores into their products [3][4][11]. - The 3A6000 chip is reported to match the performance of Intel's 11th generation Core processors, showcasing significant advancements in single-core performance [3][11]. Market Strategy - Loongson's market strategy involves expanding from PC applications to server and industry applications, leveraging its cost-performance advantages [6][9]. - The company aims to penetrate open markets and has plans for international expansion, particularly in countries involved in the Belt and Road Initiative [6][9]. Competitive Landscape - The company faces challenges in building a software ecosystem to support its architecture, with a focus on compatibility with existing applications [7][8]. - Loongson differentiates itself from competitors by relying on self-developed technologies rather than licensing from foreign firms, which can incur additional costs [9][10]. Future Outlook - The company aims to establish a competitive position alongside Intel and ARM by 2035, with a focus on achieving a balanced ecosystem and technological independence [13][14]. - The goal is to create a third viable architecture in the CPU market, reducing the gap in scale with existing giants [14].

Core Viewpoint - Longxin Zhongke has unveiled its first GPGPU chip, the 9A1000, which integrates graphics and AI computing capabilities, positioning it as an entry-level discrete graphics card [1] Group 1 - The 9A1000 chip outperforms the integrated graphics performance found in CPUs [1] - The company aims to develop Windows drivers for the 9A1000, enabling compatibility with Windows computers [1] - The chip's tape-out was completed at the end of September, although it will require additional time before it is fully available [1]