Core Insights - The demand for AI servers is rapidly expanding, leading major global cloud service providers (CSPs) to increase procurement of NVIDIA GPU solutions and expand data center infrastructure [1] - Capital expenditures for eight major CSPs, including Google, AWS, Meta, Microsoft, Oracle, Tencent, Alibaba, and Baidu, are projected to exceed $420 billion by 2025, representing a 61% year-on-year increase [1] - By 2026, total capital expenditures for CSPs are expected to reach a new high of over $520 billion, driven by the continued rollout of AI cabinet solutions [1] - Morgan Stanley forecasts that global cloud capital expenditures could reach $820 billion by 2026, with a year-on-year growth of 31%, significantly surpassing the market consensus of 16% [1] - Capital expenditures for AI servers are anticipated to grow by 70%, indicating an unprecedented growth trajectory [1] Industry Focus - The AI sector is identified as a high-growth investment theme with strong demand certainty, prompting recommendations to focus on companies such as Hon Hai Precision Industry, Huaqin Technology, Huadian Technology, Loongson Technology, Lenovo Group, Luxshare Precision, and Amlogic [1]

Core Insights - The demand for AI servers is rapidly expanding, leading major global cloud service providers (CSPs) to increase procurement of NVIDIA GPU solutions and expand data center infrastructure [1] - Capital expenditures for eight major CSPs, including Google, AWS, Meta, Microsoft, Oracle, Tencent, Alibaba, and Baidu, are projected to exceed $420 billion by 2025, representing a 61% year-on-year increase [1] - By 2026, total capital expenditures for CSPs are expected to reach a new high of over $520 billion, driven by the continued rollout of AI cabinet solutions [1] - Morgan Stanley forecasts that global cloud capital expenditures could reach $820 billion by 2026, a 31% year-on-year growth, significantly surpassing the market consensus of 16% [1] - Capital expenditures for AI servers are anticipated to grow by 70%, indicating an unprecedented growth trajectory [1] Industry Focus - The AI sector remains a high-growth investment theme with strong demand certainty, prompting recommendations to focus on companies such as Hon Hai Precision Industry, Huaqin Technology, Huadian Technology, Loongson Technology, Lenovo Group, Luxshare Precision, and Amlogic [1]

Group 1 - The core viewpoint of the news is that Longxin Technology Co., Ltd. has shown fluctuations in stock performance, with a recent increase in share price and notable changes in shareholder structure and financial performance [1][2]. Group 2 - As of October 30, Longxin's stock price increased by 2.02% to 143.33 CNY per share, with a trading volume of 484 million CNY and a market capitalization of 57.475 billion CNY [1]. - Year-to-date, Longxin's stock price has risen by 8.35%, with a 5-day increase of 5.23%, a 20-day decrease of 11.75%, and a 60-day increase of 9.37% [1]. - The company reported a revenue of 351 million CNY for the first nine months of 2025, representing a year-on-year growth of 13.94%, while the net profit attributable to shareholders was -39.4 million CNY, a decrease of 14.89% year-on-year [2]. - The main business revenue composition includes 47.09% from information technology chips, 35.82% from industrial control chips, and 17.09% from solutions [1]. - As of September 30, the number of Longxin's shareholders increased by 25.97% to 28,200, while the average circulating shares per person decreased by 20.62% to 14,203 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as a new shareholder with 6.2578 million shares, while Huaxia SSE STAR 50 ETF has exited the top ten list [2].

Core Viewpoint - Longxin Zhongke reported a revenue of approximately 351 million yuan for the first three quarters of 2025, showing a year-on-year growth of 13.94%, but the net loss attributable to shareholders expanded to about 394 million yuan [1][2]. Financial Performance - Revenue for the first three quarters of 2025 reached approximately 351 million yuan, marking a year-on-year increase of 13.94% [1]. - The net loss attributable to shareholders for the same period was approximately 394 million yuan, indicating an increase in losses compared to the previous year [1]. Market and Product Development - The company has shifted its focus from R&D to market development, with R&D investment for the first three quarters of 2025 amounting to approximately 376 million yuan, a decrease of 5.15% year-on-year [3]. - R&D expenditure accounted for 107.16% of revenue, down by 21.57 percentage points year-on-year [3]. - Longxin Zhongke plans to enhance its market competitiveness and aims to increase its market share in PC chips and server sectors, anticipating a new growth cycle from 2025 to 2027 [3]. Future Outlook - The company expects to enter a new growth phase driven by increasing market demand and policy requirements for domestic products, with expectations for mass production and shipment of new products by 2026 [3]. - Longxin Zhongke is preparing to tap into open markets over the next two to three years to establish a foundation for sustainable growth [3].

Group 1 - The core point of the article is that Longxin Zhongke Technology Co., Ltd. reported a revenue of 351 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 13.94% [1] - The increase in revenue is attributed to the improved cost-performance competitiveness of the company's products and the gradual recovery of the business market [1] Group 2 - As of the market close on October 28, Longxin Zhongke's stock price was 141.95 yuan per share, with a total market capitalization of 56.92 billion yuan [2]

● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）； 龙芯中科技术股份有限公司 ●会议召开方式：上证路演中心视频录播和网络互动； 证券代码：688047 证券简称：龙芯中科 公告编号：2025-042 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： ●会议召开时间：2025 年 11 月 11 日(星期二)上午 9:30-11:00； ●投资者可于 2025 年 11 月 04 日(星期二)至 11 月 10 日(星期一)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@loongson.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 龙芯中科技术股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日披 露公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥107,180,495.44, representing a year-on-year increase of 21.53%[3] - The total profit for the period was -¥103,185,740.62, with a year-to-date total profit of -¥400,755,155.81[3] - The net profit attributable to shareholders was -¥99,344,417.23 for the quarter, and -¥393,812,643.76 year-to-date[3] - Total operating revenue for the first three quarters of 2025 reached ¥350,693,437.27, an increase from ¥307,780,631.08 in the same period of 2024, representing a growth of approximately 13.9%[19] - The net loss for the first three quarters of 2025 was ¥393,812,643.76, compared to a net loss of ¥342,759,507.16 in the same period of 2024, reflecting a deterioration in performance[21] Research and Development - Research and development (R&D) expenses totaled ¥109,608,665.64 for the quarter, a decrease of 8.17% compared to the previous year[4] - R&D expenses accounted for 102.27% of operating revenue in Q3, down 33.07 percentage points year-on-year[4] - Research and development expenses amounted to ¥322,034,555.77 in the first three quarters of 2025, compared to ¥310,990,002.58 in 2024, showing an increase of approximately 3.2%[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,133,065,011.57, a decrease of 10.42% from the end of the previous year[4] - The total assets decreased from ¥3,497,483,392.20 in the previous year to ¥3,133,065,011.57 in 2025, a decline of about 10.4%[16] - Total liabilities increased slightly from ¥561,086,316.99 in 2024 to ¥577,291,820.63 in 2025, marking an increase of approximately 2.3%[16] - The company's total non-current assets rose from ¥896,298,525.03 in 2024 to ¥947,377,370.56 in 2025, an increase of about 5.7%[16] Cash Flow - The net cash flow from operating activities was not applicable for the quarter, with a year-to-date total of -¥446,631,747.17[3] - The cash flow from operating activities showed a significant decline, reflecting challenges in cash generation during the reporting period[22] - In the first three quarters of 2025, the cash inflow from operating activities totaled ¥406,231,238.69, compared to ¥455,847,613.33 in the same period of 2024, representing a decrease of approximately 10.9%[24] - The net cash outflow from operating activities for the first three quarters of 2025 was ¥446,631,747.17, worsening from a net outflow of ¥266,296,220.73 in 2024[24] - Cash inflow from investment activities in the first three quarters of 2025 was ¥1,753,222,213.58, down from ¥2,943,554,463.15 in 2024, indicating a decline of about 40.4%[24] - The total cash and cash equivalents at the end of the first three quarters of 2025 stood at ¥105,117,963.25, down from ¥188,788,795.48 in 2024, reflecting a decrease of about 44.2%[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 28,232[11] - The largest shareholder, Beijing Tiantong Xinyuan Technology Co., Ltd., holds 86,468,978 shares, representing 21.56% of total shares[12] - The second largest shareholder, Beijing Zhongke Suanyuan Asset Management Co., Ltd., holds 77,477,539 shares, representing 19.32% of total shares[12] Other Information - The company has not disclosed any new strategies or significant operational changes during the reporting period[13] - The company will not apply new accounting standards starting from 2025, as indicated in the announcement[26]

Core Viewpoint - Longxin Zhongke reported a revenue of 107 million yuan in the third quarter, representing a year-on-year growth of 21.53%, but incurred a net loss of 99.34 million yuan [1] Financial Performance - Revenue for the first three quarters reached 351 million yuan, showing a year-on-year increase of 13.94% [1] - The net loss for the first three quarters amounted to 394 million yuan [1]

Group 1 - The core transaction on October 23 involved a block trade of 86,400 shares of Longxin Zhongke, with a transaction value of 10 million yuan, at a price of 115.75 yuan, representing a discount of 15.01% compared to the closing price of the day [2][3] - Over the past three months, Longxin Zhongke has recorded a total of two block trades, with a cumulative transaction value of 25 million yuan [2] - The closing price of Longxin Zhongke on the same day was 136.20 yuan, reflecting a decrease of 0.35%, with a turnover rate of 0.81% and a total transaction amount of 436 million yuan [2][3] Group 2 - The latest margin financing balance for Longxin Zhongke is 1.036 billion yuan, which has increased by 36.98 million yuan over the past five days, marking a growth of 3.70% [3] - Longxin Zhongke Technology Co., Ltd. was established on March 5, 2008, with a registered capital of 401 million yuan [3]

Summary of Key Points Core Viewpoint - On October 23, Longxin Zhongke executed a block trade of 86,400 shares, amounting to 10.0008 million yuan, which represented 2.24% of the total trading volume for the day. The transaction price was 115.75 yuan, reflecting a discount of 15.01% compared to the market closing price of 136.2 yuan [1]. Group 1 - The block trade involved 86,400 shares of Longxin Zhongke, with a total transaction value of 10.0008 million yuan [1]. - The transaction price of 115.75 yuan was significantly lower than the market closing price, indicating a discount of 15.01% [1]. - The trade accounted for 2.24% of the total trading volume on that day [1]. Group 2 - The trade was executed on October 23, with the stock code 688047 [2]. - The buying and selling parties involved multiple institutional investors, indicating a diverse trading environment [2]. - The transaction details suggest a strategic move by investors, potentially reflecting market sentiment towards Longxin Zhongke [2].