Group 1 - The A-share AI glasses sector is experiencing active trading, with significant price movements observed in several companies [1] - Yingtong Communications has reached the daily limit increase, indicating strong investor interest [1] - Weida Optoelectronics and Doctor Glasses have both risen over 6%, reflecting positive market sentiment [1] Group 2 - Other companies such as Jiahe Intelligent, Thunder Technology, Huilun Crystal, and Mingyue Lenses are also seeing upward trends, suggesting a broader rally in the sector [1]

蓄势：锻造穿越周期的战略定力 根据知名调研机构Canalys的报告，2024年全年PC出货量达到2.453亿台，高于2023年的2.423亿台，但仍 低于2.5亿台；中国大陆消费PC出货量2361.1万台，同比增长1%。这意味着，2024年的PC市场，仍处于 温和复苏、筑底回升的爬坡阶段。就在这一年，雷神科技交出一份大幅跑赢行业的成绩单。据雷神科技 年报显示：2024年度，公司实现营业总收入29.55亿元，同比增长15.65%；主营业务收入26.69亿元，同 比增长19.58%。 从财报可窥见，坚持"电竞+信创"双轮驱动，积极拥抱AI革命与全球化浪潮，是雷神科技的长期价值锚 点，也是其穿越行业周期，构建长期竞争优势的长效动能。 一方面，基于对产业趋势的精准洞察，雷神科技深入推进"蜂鸟屏"、"星闪"、"雷神AI"等技术成果的规 模化应用，并同步加速场景生态体验店建设、触点网络开发、售后服务升级，完成了产品力、品牌力、 渠道力的多维突破。这也解释了，为何雷神科技能在2024年度行业整体小幅回暖时，成为《黑神话：悟 空》爆火出圈、AI PC快速渗透、国补政策刺激消费的"最大受益者"，笔记本、台式机及服务器品类营 收 ...

Core Insights - The company reported a revenue of 2.955 billion yuan for 2024, marking a year-on-year growth of 15.65%, with core business revenue reaching 2.669 billion yuan, up 19.58%, both achieving record highs since its listing [1] - In Q1 2025, the company continued its strong growth trajectory, with core business revenue of 525 million yuan, reflecting a year-on-year increase of 1.92%, demonstrating resilience against industry cycles [1][2] - The company’s net profit for Q1 2025 was 9.49 million yuan, a significant year-on-year increase of 55.88%, while the net profit excluding non-recurring items rose by 91.87% to 9.42 million yuan [2] Revenue Performance - The dual drivers of "e-sports + domestic innovation" have provided the company with growth resilience, while the exploration of new product categories like smart glasses has created new growth momentum [1] - Despite the impact of the GeForce RTX 50 series product launch on consumer purchasing decisions, the company maintained revenue growth in Q1 2025 [1] Profitability and Cash Flow - The company faced foreign exchange losses due to the appreciation of the US dollar against the Chinese yuan, amounting to an increase of 7.9346 million yuan compared to the same period last year [2] - The net cash flow from operating activities surged by 17,993.88% year-on-year to approximately 249 million yuan, indicating strong self-sustaining capabilities [2] Market Outlook - The upcoming end of support for Windows 10, the proliferation of AI models like DeepSeek, and the domestic innovation strategy are expected to drive the PC industry into a "super replacement cycle" [3] - The explosion of the AI smart glasses market is anticipated to open a new incremental growth avenue for the company [3] - The company is expected to continue exceeding performance expectations, supported by its dual strategy and commitment to embracing globalization and leading the AI technology revolution [3]

Industry Overview - The esports industry in China has matured, with significant breakthroughs in technologies such as 5G and AIGC. The domestic game market achieved a sales revenue of 302.96 billion yuan in 2023, marking a year-on-year growth of 13.95% and surpassing the 300 billion yuan mark for the first time. The market is projected to reach 324.64 billion yuan in 2024, indicating steady growth potential [1][20][25]. Industry Chain - The esports industry chain has formed a complete ecosystem covering hardware, content, events, and commercialization. The demand for GPUs is driven by the increasing use of high-end computing systems for graphics-intensive gaming applications. The GPU market in China reached 80.7 billion yuan in 2023, growing by 32.78% from 2022, and is expected to reach 107.3 billion yuan in 2024 and 120 billion yuan in 2025 [2][34][39]. Company Focus - Thunderobot Technology, the first esports equipment company listed on the Beijing Stock Exchange, focuses on integrating AI technology. The company has launched the flagship AI gaming laptop ZERO 18 Pro, equipped with high-performance hardware. In 2024, Thunderobot is expected to achieve a revenue of 2.955 billion yuan, reflecting a year-on-year growth of 15.65% [3][23][59]. Market Dynamics - The esports market is benefiting from the robust growth of esports games, the development of professional and amateur esports events, and the flourishing esports ecosystem. The number of registered esports-related companies in China exceeded 120,000 by the end of 2023, indicating intense competition within the industry [25][56].

日前，雷神科技正式官宣，旗下品牌雷神成为2025年《穿越火线》赛事官方合作伙伴，在即将开启的 CFPLS25总决赛及后续赛事中，雷神全场景电竞装备将作为官方赛事指定用机，助力打造高水准精品赛 事，树立全球FPS竞技标杆。 从国内首个由版权方组织的大众联赛、国内首个电竞职业联赛，到国内首个拥有三端职业联赛的电竞 IP，穿越火线系列电竞一直是中国电竞产业化诸多"第一"的创造者，这与始终扮演"拓荒者"和"引领 者"角色的雷神科技不谋而合。早在2015年，雷神笔记本即宣布成为2015 CFPL第7赛季的独家战略合作 伙伴，也是在同一年，CFPL总决赛开启线下落地，逐渐走向规范化、专业化。 此后十年间，电竞产业高速发展，从垂直的小众领域，发展成充满活力的新兴体育产业，深度渗透进大 众生活。在这一进程中，雷神与穿越火线基于"推动中国电竞行业高质量发展"的共同愿景，进行了多层 次、多形式的联动，在品牌建设、赛事打造、用户体验提升等方面取得丰硕成果。二者极具前瞻性的实 践，成为电竞黄金时代的生动注脚。 《穿越火线》是由Smile Gate开发，中国内地由腾讯游戏代理运营的第一人称射击游戏。目前，其全球 注册用户已突破11亿， ...

Core Insights - The launch of Raytheon Technology's new 50 series products saw significant demand, with several models selling out within minutes, indicating strong market interest and product competitiveness [1][3] - The company's financial performance for the first half of 2024 shows a revenue of 1.227 billion yuan, a year-on-year increase of 0.55%, with a notable growth in main business revenue of 1.095 billion yuan, up 4.58% [3][4] - The domestic market remains a crucial pillar for the company's stability, contributing approximately 70% of total revenue, while overseas business accounts for nearly 30% [3][4] Market Strategy - Raytheon Technology's strategy focuses on strengthening its domestic market while exploring international opportunities, particularly in emerging markets such as Europe, South America, and Southeast Asia [4][6] - The company has developed a robust offline presence with 148 touchpoints and over 40 dedicated stores, enhancing its distribution network [3][4] - Strategic partnerships with major distributors are being leveraged to boost offline channel development, alongside a comprehensive upgrade of after-sales service systems [3][4] Product Innovation - The success of the new product line, including the ZERO 18 Pro, is attributed to its advanced technology and product features, such as the industry-first 18-inch gaming laptop with a 4K display and AI integration [6][7] - The introduction of innovative products is expected to drive market performance in 2025, with a focus on maintaining high product competitiveness [6][7] Future Outlook - The domestic market is positioned as a stable anchor for Raytheon Technology's growth, supported by favorable national policies and a burgeoning consumer electronics sector [7] - The global PC market is projected to recover, with a 9.4% year-on-year increase in shipments expected in the first quarter of 2025, further benefiting the company's growth trajectory [7]

作为首款18英寸旗舰机型，雷神ZERO 18 Pro最大亮点便是AI交互体验。全新AI光效交互应用"心光同 步"，通过高清前置摄像头监测技术，使用AI算法对玩家心率和情绪进行动态感知，配合整机154颗 RGB灯珠所组成的光幕系统，将玩家的喜怒哀乐通过光效变换即时表现出来，营造出更加个性化的娱 乐氛围。此外还预装了广受用户好评的AI专属游戏应用"逗逗游戏助手"，支持全平台实时智能AI语音交 流，玩家可在游戏过程中与AI角色无障碍沟通，为玩家提供了一个沉浸式的游戏陪伴体验。性能和规 格方面，雷神ZERO 18 Pro采用了18英寸最高4K 240Hz的"雷神蜂鸟护眼屏"，英特尔®酷睿™Ultra 9 275HX处理器，至高搭载NVIDIA® GeForce RTX™ 5090 笔记本电脑GPU，270W的整机功耗释放显著 增强了它的AI能力。"飍科技2.0"三风扇七铜管散热系统，使得散热效能大幅提升。同时发布的还有雷 神高性能AI游戏本猎刃S和猎刃16。 继CES展会上雷神科技正式推出全系智能眼镜之后，雷神科技智能显示&创新产品事业部总经理高燕本 次发布AI智能眼镜重磅新品。该产品全面支持DeepSeek和火山智 ...

Financial Performance - The company's operating revenue for the reporting period was CNY 2,955,424,438.64, representing a year-on-year increase of 15.65%[6] - The net profit attributable to shareholders of the listed company was CNY 21,674,489.03, a decrease of 37.15% compared to the previous year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 16,936,345.47, down 27.60% year-on-year[6] - Basic earnings per share were CNY 0.2167, reflecting a decrease of 37.15% compared to the same period last year[6] Assets and Equity - Total assets at the end of the reporting period amounted to CNY 1,881,464,036.51, an increase of 33.47% year-on-year[6] - Shareholders' equity attributable to the listed company was CNY 854,014,300.58, up 1.93% from the beginning of the period[6] Revenue Drivers - The increase in operating revenue was primarily due to optimized sales structure and expansion into overseas markets[7] Profitability Challenges - The decrease in net profit was mainly attributed to increased foreign exchange losses due to the rise in USD to CNY exchange rates, amounting to approximately CNY 13 million[7] - Accounts receivable increased due to extended credit terms given to customers, leading to an increase in credit impairment losses of about CNY 12 million[8] Cautionary Notes - The financial data presented is preliminary and has not been audited, cautioning investors about potential risks[9]

证券代码：872190 证券简称：雷神科技 公告编号：2025-001 青岛雷神科技股份有限公司 关于注销部分募集资金专项账户的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、募集资金基本情况 2022 年 11 月 24 日，中国证券监督管理委员会出具《关于同意 青岛雷神科技股份有限公司向不特定合格投资者公开发行股票注册 的批复》（证监许可[2022]2976 号），同意青岛雷神科技股份有限公 司（以下简称"雷神科技"或"公司"）向不特定合格投资者公开发 行股票的注册申请。公司本次发行的发行价格 25.00 元/股，发行股 数 12,500,000 股，募集资金总额为人民币 312,500,000.00 元，扣除发 行费用人民币 37,000,000.00 元（不含增值税），募集资金净额为人民 币 275,500,000.00 元。和信会计师事务所（特殊普通合伙）已对公司 公开发行股票的募集资金到位情况进行了审验，并出具了《验资报 告》（和信验字（2022）第 000068 号）。 二、募集 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company participated in the 2025 CES exhibition, showcasing three smart glasses models that received significant attention, including the AURA smart glasses AI exploration version, AI+AR version, and AR light enjoyment version [7] - The company is strategically positioning itself in the AI glasses market, collaborating with well-known domestic manufacturers to enhance its smart wearable device offerings [7] - The AI glasses market is expected to experience explosive growth in 2025, with the company poised to benefit from this trend due to its established customer base and brand recognition [7] - The upcoming release of the RTX50 series graphics cards by NVIDIA is anticipated to drive a wave of upgrades in the gaming PC market, with the company benefiting from its long-term partnership with NVIDIA [7] - The report forecasts a revenue increase from 2,555 million yuan in 2023 to 3,319 million yuan by 2026, with a projected net profit growth from 34 million yuan in 2023 to 74 million yuan in 2026 [5][9] Financial Data and Profit Forecast - Total revenue is projected to grow from 2,555 million yuan in 2023 to 3,319 million yuan in 2026, with a compound annual growth rate of approximately 10% [5] - The net profit is expected to rebound from 34 million yuan in 2023 to 74 million yuan in 2026, indicating a significant recovery trajectory [5] - The gross margin is forecasted to improve slightly from 8.6% in 2023 to 9.4% in 2026, reflecting operational efficiency [5]