Longsys's share price has taken a sharp nosedive, and the company's deputy general manager cashed out 200 million yuan by seizing the last opportunity before the price collapse.
As the company's share price continues to correct, Zhu Yu, who holds the important position of deputy general manager of Longsys, has once again reduced his holdings.
Recently, Longsys, the leading domestic storage module manufacturer, issued an announcement stating that Zhu Yu, the company's deputy general manager, at the end of the previously disclosed share reduction plan, has reduced his holdings of a total of 598,400 shares of the company, successfully cashing out about 200 million yuan.
Including the share reduction operation completed last September, Zhu Yu has reduced his holdings of more than 1.17 million shares of the company in two times, with a total cash-out of about 266 million yuan.
Shortly before the implementation of Zhu Yu's current share reduction plan was completed, Longsys just completed a share repurchase of 800 million yuan, and the repurchased shares will be used for equity incentives or employee stock ownership plans.
As of the close of trading on October 8, Longsys' share price was 288.6 yuan per share, down more than 60% from the high point hit in early July this year, and its latest market value is about 132.7 billion yuan.
In sharp contrast to the downward trend of the share price is the strong performance trend of Longsys: In the first half of this year, the company achieved revenue of 24.088 billion yuan, a year-on-year increase of 136.26%; the attributable net profit reached 10.577 billion yuan, with a year-on-year increase of as high as 71,528.66%.
However, the company also has hidden worries such as large inventory scale, high concentration of raw material suppliers and high proportion of overseas procurement.
Deputy General Manager Seizes the "Last Chance" to Reduce Holdings, Cashing Out 266 Million Yuan in Total in Two Times
According to Radar Finance, Zhu Yu's share reduction plan was pre-disclosed as early as June 5: due to personal capital needs, he planned to reduce no more than 598,400 shares of the company through centralized bidding transactions and/or block trading from June 30 to September 29, accounting for 0.1414% of the company's total A-share share capital at that time.
Finally, from September 22 to September 29, Zhu Yu completed the "full-limit" share reduction through centralized bidding transactions, accounting for 0.1393% of the company's total A-share share capital as of the announcement date. The average share reduction price was 339.63 yuan per share, successfully cashing out 203 million yuan. The current share reduction plan has expired and been fully implemented.
After the completion of this share reduction, Zhu Yu still holds 1,795,100 shares of Longsys, accounting for 0.4178% of the company's total share capital.
It is worth noting that within the planned share reduction interval (June 30 to September 29), Longsys' share price fell rapidly from the historical high of 749.88 yuan per share on July 1. As of the close of trading on September 29, the company's share price was 311.66 yuan per share, shrinking by nearly 60%.
Zhu Yu completed the share reduction near the end of the share reduction plan, just avoiding the high share price of the company, and his final share reduction price range was between 310.5 yuan per share and 357.5 yuan per share.
Longsys stated that Zhu Yu, the deputy general manager, is not the controlling shareholder or actual controller of the company. The implementation of this share reduction plan will not lead to changes in the company's control, nor will it have a significant impact on the company's shareholding structure, governance structure and continuous operation.
According to the prospectus previously disclosed by Longsys, Zhu Yu was born in 1974, and graduated from the former Xi'an Engineering College (now Chang'an University) with a bachelor's degree in Applied Geophysics.
From 1997 to 2003, Zhu Yu served as the chief of the Finance Section of Yongqing Oscilloscope Factory of Guiyang Instrument and Meter Industry Corporation; from 2003 to 2005, he served as the Chief Financial Officer of Guizhou Hongtai Property Development Co., Ltd.; from 2005 to 2014, he served as the General Manager of the Group Finance Department of China Baowu International Holdings Co., Ltd.; from 2014 to 2015, he served as the Chief Financial Officer of Shenzhen Fangdd Network Technology Co., Ltd.; from 2015 to 2016, he served as the Director of the Finance Department of Shenzhen Cowin Capital Asset Management Co., Ltd.
In 2016, Zhu Yu joined Longsys and once served as the company's director, deputy general manager, and person in charge of finance.
In December 2025, due to the adjustment of the work in charge, Zhu Yu applied to resign as the person in charge of finance, but continued to serve as the company's deputy general manager.
Radar Finance sorted out and found that before the implementation of this share reduction plan, Zhu Yu had two operations of "one increase and one decrease".
In the second half of 2023, when the storage industry was in a downward cycle, Cai Huabo, the actual controller, controlling shareholder, chairman and general manager of the company, and two deputy general managers, Wang Jingyang and Zhu Yu, all put forward share increase plans.
Among them, from October 31, 2023 to November 21, 2023, Zhu Yu used his own funds to accumulate 30,800 shares of the company through centralized bidding transactions, accounting for 0.01% of the company's total share capital at that time, with an average transaction price of 97.86 yuan per share, and the amount of increased shares was about 3.01 million yuan (excluding handling fees).
According to the "Announcement on the Expiry of the Share Reduction Plan for Senior Executives" disclosed by Longsys last December, from September 2 to September 19, 2025, due to personal capital needs, Zhu Yu reduced his holdings of a total of 577,300 shares of the company through centralized bidding transactions, accounting for 0.1377% of the company's total share capital at that time. The average share reduction price was 108.76 yuan per share, cashing out about 63 million yuan.
Coupled with this round of share reduction that was just completed recently, Zhu Yu has reduced his holdings of more than 1.17 million shares of the company in two times, with a total cash-out of about 266 million yuan.
The Company Spends 800 Million Yuan on Share Repurchase, Failing to Stop the Downtrend of Share Price
Tianyancha shows that Shenzhen Longsys Electronics Co., Ltd. was registered and established in April 1999, and later landed on the ChiNext Board of the Shenzhen Stock Exchange in August 2022. The company is mainly engaged in R&D and design, packaging and testing, technical support and sales of memory and main control chips.
It is worth mentioning that shortly before the implementation of Zhu Yu's current share reduction plan was completed, Longsys just completed a share repurchase of 800 million yuan.
The announcement disclosed by Longsys on September 21 shows that from September 8 to 18, the company repurchased 2.2906 million A-shares through the special securities account for repurchase by means of centralized bidding transactions, accounting for 0.53% of the total share capital. The highest transaction price was 365.38 yuan per share, the lowest transaction price was 328.04 yuan per share, and the total transaction amount was about 800 million yuan (including transaction fees).
It is reported that this is the first share repurchase of Longsys since its listing, which was proposed by Cai Huabo, the controlling shareholder, actual controller, chairman and general manager, on July 23.
At that time, Cai Huabo proposed that the company use its own or self-raised funds to repurchase some of the RMB common stock (A-shares) issued by the company through centralized bidding transactions. The total repurchase fund is no less than 400 million yuan (inclusive) and no more than 800 million yuan (inclusive), which will be used for equity incentives or employee stock ownership plans.
Regarding the reason and purpose of Cai Huabo's proposal for the company to repurchase shares, Longsys stated in the announcement, "Based on confidence in the company's future development and recognition of the company's value, in order to establish and improve the company's long-term incentive mechanism, fully mobilize the enthusiasm of employees, effectively closely combine the interests of shareholders, the interests of the company and the personal interests of employees, and promote the healthy, stable and sustainable development of the company."
The time node when Cai Huabo proposed the company to repurchase shares was at a time when the storage sector was in a deep correction. As of the close of trading on July 23, Longsys' share price had been cut in half from the high of 749.88 yuan per share set at the beginning of the month to 375.85 yuan per share.
After the news of the company's share repurchase was released, superimposed on the positive news of the semi-annual report, Longsys' share price ushered in a small rebound, and once rose back to 442 yuan per share on August 11.
However, Longsys' share price went down again afterwards. As of the close of trading on October 8, the company's share price was 288.6 yuan per share, down more than 60% from the high point.
Interim Report Net Profit Surges 715 Times, Hidden Worries Lurk Behind the Impressive Performance
In sharp contrast to the share price correction, Longsys has once again set a new record in terms of performance.
According to the latest financial report disclosed by Longsys, in the first half of this year, the company achieved revenue of 24.088 billion yuan, a year-on-year increase of 136.26%; the attributable net profit reached 10.577 billion yuan, with a year-on-year increase of as high as 71,528.66%.
For this quite impressive performance report card handed over in the first half of the year, Longsys believes that there are three factors driving the surge in performance.
The first is that AI applications drive the growth of storage demand; the second is the growth of key businesses driving the improvement of the company's performance; the third is the accelerated application of self-developed chips to build a base of technical capabilities.
Since the third quarter of 2025, supported by the huge demand for storage from AI-related applications and data center infrastructure construction, the semiconductor storage market has entered a period of rapid expansion.
In the cloud market, the training and reasoning of AI models are accompanied by intensive data reading and writing, which drives the demand of AI servers and data centers for large-capacity, high-bandwidth and high-reliability memory products.
In the end-side market, the launch of AI phones, AI computers, smart cars, AI wearable devices and embodied intelligent devices has led to increasing local data generation, model execution and real-time interaction, putting new and more stringent requirements on the performance, power consumption and size of memory.
In terms of all key businesses, the company maintained its leading position in end-side AI storage during the period, and continued to expand the influence of overseas business through the Zilia and Lexar brands. At the same time, the growth of enterprise-level storage and automotive-grade storage also drove the company's performance growth to a certain extent.
In the conference call with E Fund Management on September 28, Longsys stated that recently, Qualcomm announced multi-party cooperation with partners including Longsys to deeply adapt and perform reasoning optimization for the StepEdge-Omni30B-MoE (Mixture of Experts) model for the end side, successfully creating an end-side intelligent agent assistant with independent service and personalized capabilities.
Longsys also revealed that in addition to this cooperation with Qualcomm, the company has carried out adaptation work for end-side AI storage solutions with many other major global main chip manufacturers such as AMD and Unisoc.
The financial report shows that in the first half of this year, Longsys achieved overseas revenue of 17.017 billion yuan, a year-on-year increase of 142.27%, accounting for 70.65% of the total revenue; the company's enterprise-level storage business continued to grow rapidly, with revenue reaching 2.14 billion yuan, a year-on-year increase of 208.8%.
At the same time, Longsys is also accelerating the progress of self-development of "main control chips" to get rid of the stereotype of "assembly plant". In the field of high-end main control chips, the company has achieved breakthroughs in a number of main control chips such as UFS 4.1, UFS 3.1, UFS 2.2 and key core technologies.
However, while the AI boom drives performance growth, Longsys also faces risks such as large inventory scale, high concentration of raw material suppliers and high proportion of overseas procurement.
As of the end of the first half of the year, the book value of Longsys' inventory was 25.777 billion yuan, accounting for 60.12% of the total assets, which was mainly due to the increase in the balance in the current period brought by strategic stockpiling.
Longsys admitted that with the growth of the company's overall operating scale, the company's ending inventory is large in scale and growing rapidly, and may further increase with the expansion of the company's operating scale.
At the same time, since the main raw material of the company's products is storage wafers, and the storage wafer industry has the characteristics of high industry concentration and is mainly supplied by overseas manufacturers, the company's suppliers are relatively concentrated and the proportion of overseas procurement is relatively high.
Can Longsys continue to maintain performance growth and achieve a rebound in share price in the future? Radar Finance will continue to pay attention.
This article is from the WeChat official account "Radar Finance", author: Ding Yu, editor: Meng Shuai, published with authorization from 36Kr.