中国国际金融股份有限公司 关于苏州盛科通信股份有限公司 首次公开发行部分战略配售限售股上市流通的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为苏州 盛科通信股份有限公司（以下简称"盛科通信"或"公司"）首次公开发行股票并在 科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法（2025 年修订）》 《上海证券交易所科创板股票上市规则（2025 年 4 月修订）》《上海证券交易所科创 板上市公司自律监管指引第 1 号——规范运作（2025 年 5 月修订）》等有关法律、行 政法规、部门规章及业务规则的要求，对盛科通信首次公开发行部分战略配售限售股 上市流通事项进行了核查，具体情况如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2023 年 7 月 13 日 出具的《关于同意苏州盛科通信股份有限公司首次公开发行股票注册的批复》（证监 许可〔2023〕1534 号），同意苏州盛科通信股份有限公司（以下简称"公司"）首次公 开发行股票的注册申请。公司获准向社会公开发行人民币普通股 5,000 万股，每股面 值人民币 1.00 元，并于 2 ...

Group 1 - The core viewpoint of the news is that 盛科通信 experienced a decline in stock price, dropping by 5.08% to 107.33 CNY per share, with a trading volume of 442 million CNY and a turnover rate of 2.00%, resulting in a total market capitalization of 44.005 billion CNY [1] - 盛科通信, established on January 31, 2005, and listed on September 14, 2023, specializes in the research, design, and sales of Ethernet switch chips and related products. The main revenue composition includes Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - 南方中证500ETF (510500) is among the top ten circulating shareholders of 盛科通信, having newly entered this list in the second quarter with 1.8585 million shares, accounting for 0.92% of the circulating shares. The estimated floating loss today is approximately 10.6863 million CNY [2] - The 南方中证500ETF (510500) was established on February 6, 2013, with a latest scale of 113.438 billion CNY. Year-to-date returns are 21.5%, ranking 1944 out of 4222 in its category, while the one-year return is 51.34%, ranking 1597 out of 3789. Since inception, the return is 130.54% [2]

Core Viewpoint - The stock of Suzhou Shengke Communication Co., Ltd. has experienced fluctuations, with a year-to-date increase of 31.90% but a recent decline of 15.98% over the past five trading days [1] Group 1: Company Overview - Suzhou Shengke Communication was established on January 31, 2005, and went public on September 14, 2023, focusing on the research, design, and sales of Ethernet switch chips and related products [2] - The main revenue composition includes Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [2] - The company is categorized under the electronic-semiconductor-digital chip design industry and is involved in sectors such as switches, margin financing, mid-market, chip concepts, and heavily invested funds [2] Group 2: Financial Performance - For the first half of 2025, Shengke Communication reported revenue of 508 million yuan, a year-on-year decrease of 4.56%, while the net profit attributable to shareholders was -23.69 million yuan, reflecting a year-on-year increase of 58.36% [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 8.47% to 7,180, while the average circulating shares per person increased by 9.25% to 28,062 shares [2] - The top ten circulating shareholders include notable funds such as the Harvest SSE STAR Chip ETF and the Nuwa Growth Mixed A, with some new entrants like the Southern CSI 500 ETF and the Dongfang Alpha Advantage Industry Mixed A [3]

Investment Rating - The investment rating for the company is "Buy" [5][10]. Core Views - The company is focused on high-end switch chip products, targeting large-scale data centers and cloud service demands, with flagship chips achieving a maximum port rate of 800G and switching capacities of 12.8Tbps and 25.6Tbps [2]. - The company has shown a significant improvement in its financial performance, with a narrowed loss in net profit and an increase in gross margin, indicating effective cost management and operational efficiency [1][2]. - The ongoing expansion of AI data centers is expected to create new growth opportunities for the company's network communication products [2]. Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 508 million yuan, a year-over-year decrease of 5%, while the net profit attributable to the parent company was a loss of 24 million yuan, which is a 58% reduction in loss compared to the previous year [1]. - For Q2 2025, the company reported operating revenue of 285 million yuan, a year-over-year increase of 28%, with a net profit loss of 8 million yuan, reflecting an 83% reduction in loss year-over-year [1]. - The gross margin for the first half of 2025 was 46.70%, an increase of 9.24 percentage points year-over-year, while the net margin was -4.66%, a decrease in loss of 6.03 percentage points year-over-year [1]. Revenue and Profit Forecast - The projected operating revenues for 2025 to 2027 are 1.35 billion yuan, 1.78 billion yuan, and 2.20 billion yuan, representing year-over-year growth rates of 25.1%, 31.3%, and 23.6% respectively [2][3]. - The forecasted net profit attributable to the parent company for the same period is expected to improve significantly, with estimates of -24 million yuan in 2025, 60 million yuan in 2026, and 131 million yuan in 2027 [3].

Group 1 - The core viewpoint of the news is the performance and market position of Shengke Communication, which saw a 5.4% increase in stock price, reaching 116.99 yuan per share, with a trading volume of 373 million yuan and a market capitalization of 47.966 billion yuan [1] - Shengke Communication, established on January 31, 2005, specializes in the research, design, and sales of Ethernet switch chips and related products, with its main revenue sources being Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - From the perspective of fund holdings, one fund under Chuangjin Hexin has heavily invested in Shengke Communication, increasing its holdings by 198,000 shares to a total of 511,500 shares, which represents 4.62% of the fund's net value, making it the ninth largest holding [2] - The Chuangjin Hexin Chip Industry Stock Initiation A fund (013339) was established on September 28, 2021, with a current size of 291 million yuan, achieving a year-to-date return of 20.9% and a one-year return of 80.14% [2] - The fund manager, Liu Yang, has been in position for 3 years and 329 days, with the fund's total assets amounting to 975 million yuan, and the best and worst returns during his tenure being 58.9% and 16.18%, respectively [2]

Group 1 - Chip stocks experienced a rebound on September 3, with Chengdu Huamei hitting a 20% limit up [1] - Dongxin Co. saw an increase of over 10% [1] - Other companies such as Minxin Co., Tianyue Advanced, Yutai Micro, Tongfu Microelectronics, and Shengke Communication also experienced gains [1]

中国经济网北京9月2日讯 盛科通信(688702.SH)今日收报111.00元，跌幅11.82%。 开源证券股份有限公司今日研究员蒋颖发布研报《盛科通信(688702)：高端芯片逐步应用 助力国产 超节点互联发展》称，维持盛科通信"买入"评级。 （责任编辑：何潇） ...

开源证券股份有限公司今日研究员蒋颖发布研报《盛科通信(688702)：高端芯片逐步应用助力国产超节 点互联发展》称，维持盛科通信"买入"评级。 中国经济网北京9月2日讯盛科通信(688702.SH)今日收报111.00元，跌幅11.82%。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688018 | 乐整科技 | 191.15 | -12.39% | 9.97万 | 20.01亿 | | 688702 | 盛科通信 | 111.00 | -11.82% | 10.26万 | 11.86亿 | | 688347 | 华虹公司 | 76.80 | -10.40% | 61.97万 | 48.73 乙 | | 603375 | 盛景微 | 40.08 | -9.77% | 10.09万 | 4.15亿 | | 688048 | 长光华芯 | 76.27 | -9.43% | 16.58万 | 13.18亿 | | 688729 | 吃唐股份 | 28.82 | -9.20% | 37.00万 | 11.00亿 | | 688691 | 灿芯股份 | 76.46 | -9.17% | 10.95万 | 8.51亿 | | 603893 | 瑞芯微 | 212.99 | -8.97% | 24.74万 | 54.27 乙 | | 688 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is positioned to benefit from the increasing demand for high-speed interconnects driven by AI applications, as it is a leading Ethernet switch chip designer in China [4][5] - The company has joined the OISA ecosystem to support the development of ultra-node computing, enhancing its market presence and technological capabilities [4] - Revenue forecasts for the company are projected to be 1.369 billion, 1.886 billion, and 2.390 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-sales ratios of 37.7, 27.4, and 21.6 times [4][7] Financial Summary - The company's revenue for 2023 was 1,037 million yuan, with a year-on-year growth of 35.2%. The projected revenues for 2024 and 2025 are 1,082 million and 1,369 million yuan respectively, indicating a growth rate of 4.3% and 26.6% [7][9] - The net profit attributable to the parent company is expected to improve from -77 million yuan in 2025 to 119 million yuan in 2027, reflecting a significant turnaround in profitability [7][9] - The gross margin is projected to stabilize around 40% from 2025 to 2027, indicating a consistent profitability outlook [7][9] Product Development and Market Position - The company has launched high-end chips with switching capacities ranging from 100 Gbps to 25.6 Tbps, which are now in the market promotion and application phase [5] - The company maintains a strong focus on R&D, with R&D expenses reaching 239 million yuan in the first half of 2025, a year-on-year increase of 6.76% [6] - The company is actively participating in industry ecosystem development, being a member of several open virtualization alliances and committees, which positions it well within the industry [6]