Investment Rating - Industry Rating: Recommended [4] Core Insights - China strengthens its rare earth export controls, limiting exports to military users and entities on a control list, which significantly impacts the U.S. semiconductor industry as China accounts for nearly 70% of global rare earth production [15][20][21] - The world's first two-dimensional-silicon hybrid flash memory chip has been developed, outperforming current flash technologies and providing faster, lower-energy data support for AI and big data applications [16][22][26] - Upcoming semiconductor industry conferences aim to explore new development paths for China's semiconductor sector, focusing on advanced packaging and wafer manufacturing, which are crucial for enhancing global competitiveness [17][42][60] Summary by Sections Section 1: Rare Earth Security - China has implemented stricter export controls on rare earth materials, particularly for military applications, which could hinder U.S. semiconductor capabilities [15][20][21] - Rare earths are essential for semiconductor manufacturing, impacting various components and processes across the industry [21] Section 2: Hybrid Flash Memory Chip - The new hybrid chip integrates two-dimensional ultra-fast memory with mature silicon-based CMOS technology, marking a significant technological breakthrough [16][22][26] - This innovation positions China at the forefront of next-generation storage technology, crucial for AI and big data [22][41] Section 3: Semiconductor Industry Conferences - The 2025 Bay Area Semiconductor Industry Expo will gather industry leaders to discuss future directions and innovations [17][42] - The Third Generation Semiconductor Industry Cooperation Conference will focus on collaborative development and technological advancements in the semiconductor field [55][56] - The 2025 China Semiconductor Advanced Packaging Conference will address the integration of wafer manufacturing and advanced packaging technologies [60][61] Section 4: Investment Recommendations - Beneficial stocks in the semiconductor sector include North China Huachuang, Zhongwei Company, SMIC, and Huahong Semiconductor [18] - In the chip sector, recommended companies are Cambrian, Haiguang Information, and Longxin Zhongke [18]

证券代码：688047 证券简称：龙芯中科 公告编号：2025-037 龙芯中科技术股份有限公司 董事会薪酬与考核委员会关于 2025 年限制性股票激励计划 激励对象名单的核查意见及公示情况说明 截至公示期满，公司董事会薪酬与考核委员会未收到任何员工对本次拟激励 对象提出的异议。 二、董事会薪酬与考核委员会核查意见 董事会薪酬与考核委员会根据《管理办法》《激励计划（草案）》的规定， 对《激励对象名单》进行了核查，并发表核查意见如下： （一）列入本次激励计划激励对象名单的人员具备《中华人民共和国公司法》 （以下简称"《公司法》"）、《管理办法》等法律法规和规范性文件及《龙芯 中科技术股份有限公司章程》规定的任职资格。 （二）激励对象不存在《管理办法》第八条规定的不得成为激励对象的情形： 本公司董事会及全体董事保证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。 龙芯中科技术股份有限公司（以下简称"公司"）于 2025 年 9 月 26 日召开 第二届董事会第十次会议，审议通过《关于公司<2025 年限制性股票激励计划（草 案）>及其摘要的议案》等相关议案 ...

Core Viewpoint - Emphasis on the valuation expansion of domestic wafer foundries, driven by intensified demand and a price increase cycle in the storage sector [2] Market Performance - In the week before the holiday, the Shanghai Composite Index rose by 0.21%, while the electronics sector increased by 3.51%, with semiconductors up by 7.64%. In contrast, the Hang Seng Tech Index fell by 1.58% [2] - During the holiday period, Hong Kong's semiconductor sector performed well, with domestic foundries SMIC and Hua Hong Semiconductor reaching historical highs [2] Semiconductor Industry Insights - Domestic wafer foundry capabilities are advancing in both quantity and quality, driven by the growing demand for AI computing power and enhanced high-end chip design capabilities [2] - The increasing procurement by major companies like Deepseek, Alibaba, and Tencent highlights the necessity and scarcity of domestic high-end chip foundry capabilities [2] Storage Market Dynamics - The AI application Sora gained significant popularity during the holiday, and OpenAI partnered with AMD to expand computing power, indicating a competitive arms race among internet giants [2] - The NAND market is expected to see a rise in both volume and price due to increased demand from AI inference, with predictions of a 5-10% increase in contract prices for NAND Flash products in Q4 2025 [2] Capacity Growth Projections - From 2024 to 2028, China's wafer fab capacity is projected to grow at a CAGR of 8.1%, surpassing the global average of 5.3% [3] - The capacity growth for mainstream nodes (22nm-40nm) is expected to be particularly strong, with a CAGR of 26.5% [3] Company Developments - Yangtze Memory Technologies Co. (YMTC) completed its restructuring and is poised for expansion, with its valuation exceeding 160 billion yuan [4] - The establishment of the third phase of YMTC is expected to boost orders for domestic front-end equipment companies [4] AI Infrastructure Investments - Alibaba Cloud is accelerating its transformation into a full-stack AI service provider, with a three-year plan to invest 380 billion yuan in AI infrastructure [5] - The launch of the new AI server, designed to support multiple AI chips, reflects the growing demand for AI solutions [5] Investment Recommendations - Continued focus on domestic semiconductor companies such as SMIC, Hua Hong Semiconductor, and various storage firms like Demingli and Jiangbolong is advised [2][3][4] - In the consumer electronics sector, companies like Industrial Fulian and Xiaomi Group are highlighted for potential investment [6]

Core Viewpoint - Longxin Zhongke aims for significant revenue growth in 2025 after two consecutive years of decline, with ambitious targets set in its stock incentive plan [2][4] Revenue and Financial Performance - Longxin Zhongke's revenue for 2024 is projected at 5.04 billion yuan, a slight decline of 0.28% year-on-year [5] - The company reported a revenue of 2.44 billion yuan in the first half of 2025, reflecting a year-on-year increase of 10.90% [7] - To meet the revenue trigger value for 2025, the company needs to achieve 6.25 billion yuan, with a target of 6.55 billion yuan [5] - Cumulatively, the company has incurred a net loss of 12.48 billion yuan over the past two and a half years [11] Stock Incentive Plan - The stock incentive plan includes granting 530,900 restricted shares, representing 0.13% of the company's total share capital [3][4] - The exercise price for the restricted shares is set at 79.03 yuan per share, approximately 50% of the closing price on the announcement date [4] - The performance assessment for the incentive plan is based on revenue growth, with a trigger value of 24% and a target of 30% for 2025 [4][5] Research and Development Investment - Despite ongoing losses, Longxin Zhongke has maintained high R&D expenditures, totaling 10.89 billion yuan over the past two and a half years [12][14] - R&D expenses for 2023 and 2024 were 4.25 billion yuan and 4.30 billion yuan, respectively, with year-on-year increases of 35.68% and 1.33% [13][14] - The company plans to shift focus from R&D to market engagement from 2025 to 2027, aiming to improve product competitiveness and reduce reliance on policy-driven markets [14]

Core Viewpoint - Longxin Zhongke (龙芯中科) aims for significant revenue growth in 2025 after two consecutive years of decline, with ambitious targets set in its stock incentive plan [1][3][4] Revenue and Financial Performance - Longxin Zhongke's revenue for 2024 is projected at 5.04 billion yuan, a slight decline of 0.28% year-on-year [4] - The company reported a revenue of 2.44 billion yuan in the first half of 2025, reflecting a year-on-year increase of 10.90% [6] - To meet the revenue trigger value for 2025, the company needs to achieve 3.81 billion yuan in the second half, a 34% increase from 2.84 billion yuan in the same period last year [1][7] - Cumulative net losses over the past two and a half years have reached 12.48 billion yuan, with significant losses reported in 2023 and 2024 [10] Stock Incentive Plan - The stock incentive plan includes a target of 53.09 million restricted shares, representing 0.13% of the company's total share capital [2] - The grant price for the restricted shares is set at 79.03 yuan per share, approximately 50% of the closing price on the announcement date [2] - The performance assessment for the incentive plan is based on revenue growth, with a 24% trigger value and a 30% target for 2025 [3][4] Research and Development Investment - Despite ongoing losses, Longxin Zhongke has maintained high R&D expenditures, with 4.25 billion yuan and 4.30 billion yuan spent in 2023 and 2024, respectively [11][12] - Cumulative R&D expenses over the past two and a half years amount to 10.89 billion yuan [13] - The company plans to shift focus from R&D to market engagement from 2025 to 2027, aiming to improve product competitiveness and reduce reliance on policy-driven markets [13]

龙芯中科首次公开发行股票募集资金总额为246,246.00万元，募集资金净额为241,993.89万元，较原计划少109,193.01万元。龙芯中科于2022年6月21 日发布的招股说明书显示，该公司拟募集资金351,186.90万元，用于先进制程芯片研发及产业化项目、高性能通用图形处理器芯片及系统研发项目、补 充流动资金。 中国经济网北京9月29日讯 龙芯中科(688047.SH)近日披露2025年半年度报告。2025年上半年，公司实现营业总收入2.44亿元，同比增长10.90%；归 属于上市公司股东的净利润为-2.94亿元，上年同期为-2.38亿元；归属于上市公司股东的扣非净利润为-3.20亿元，上年同期为-2.60亿元；经营活动产生 的现金流量净额为-3.23亿元，上年同期为-1.78亿元。 | 人民币 | | --- | | 币种: | | 元 | | 单位: | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年 | | --- | --- | --- | --- | | | (1-6月) | | 同期增減(%) | | 营业收入 | 243, 512, 941. 83 | 219, ...

智通财经APP讯，龙芯中科(688047.SH)披露2025年限制性股票激励计划(草案)，公司拟拟向激励对象 (总人数为100人)授予53.0862万股限制性股票，授予价格为79.03元/股。本激励计划有效期自限制性股票 授予之日起至激励对象获授的限制性股票全部归属或作废失效之日止，最长不超过36个月。 ...

龙芯中科(688047.SH)披露2025年限制性股票激励计划(草案)，公司拟拟向激励对象(总人数为100人)授 予53.0862万股限制性股票，授予价格为79.03元/股。本激励计划有效期自限制性股票授予之日起至激励 对象获授的限制性股票全部归属或作废失效之日止，最长不超过36个月。 ...

证券代码：688047 证券简称：龙芯中科 龙芯中科技术股份有限公司 2025 年限制性股票激励计划 （草案） 龙芯中科技术股份有限公司 2025 年 9 月 龙芯中科技术股份有限公司 2025 年限制性股票激励计划（草案） 声 明 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。 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈述 或者重大遗漏，导致不符合授予权益或权益归属安排的，激励对象应当自相关信 息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计划 所获得的全部利益返还公司。 特别提示 一、本激励计划系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上海证券交易所科创板股票上市规则》《上市公司股权激励管理办法》《科创 板上市公司自律监管指南第 4 号——股权激励信息披露》等其他有关法律法规、 规范性文件，以及《龙芯中科技术股份有限公司章程》制订。 公司全部有效期内的股权激励计划所涉及的标的股票总数累计未超过本激 励计划提交股东大会时公司股本总额的 20.00%。本计划中任何一 ...

格隆汇9月26日丨龙芯中科(688047.SH)公布2025年限制性股票激励计划，本激励计划拟向激励对象授予 53.0862万股限制性股票，约占本激励计划公告时公司股本总额的0.13%。本次授予为一次性授予，无预 留权益。 ...