Core Viewpoint - 瑞芯微电子股份有限公司 has completed the cancellation of 789,000 stock options, which will not affect the company's capital structure or financial performance, nor the implementation of related incentive plans [1][2]. Group 1: Stock Options Cancellation - The cancellation of stock options was approved by the company's board and supervisory board [1]. - The specific details of the stock options cancellation were disclosed in previous announcements [1]. Group 2: AIoT Market and Company Performance - The company participated in the 2024 annual AI-themed performance briefing, discussing its operational results and financial status for 2024 and Q1 2025 [3][4]. - The company reported a revenue of 3.136 billion yuan in 2024, a year-on-year increase of 46.94%, and a net profit of 595 million yuan, up 341.01% [12]. - In Q1 2025, the company achieved a revenue of 885 million yuan, a 62.95% increase year-on-year, and a net profit of 209 million yuan, growing by 209.65% [12]. Group 3: AIoT Development and Strategy - The company is focusing on AI development, continuously iterating its self-developed NPU modules since 2018 to enhance AI support efficiency [5]. - The AIoT market is rapidly growing, and the company plans to launch co-processor chips to address the increasing demand for computing power [6]. - The company aims to maintain a strong R&D investment in AIoT, leveraging its technology and product advantages to capture market opportunities [7][14]. Group 4: Market Opportunities and Challenges - The company sees significant opportunities in the domestic AIoT market, particularly in automotive electronics, where it aims to increase its market share [8][9]. - The company has established a compliance system to address supply chain security challenges amid evolving international trade conditions [11]. - The company is gradually expanding its AIoT market globally, starting from a strong domestic base [10].

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry [11] Core Insights - The semiconductor sector has reached a historical high in holdings, driven by the trend of self-sufficiency and the impact of Deepseek's computational capabilities [2][6] - The overall allocation to the electronic sector has increased, with the semiconductor segment being the primary driver of this growth [6][18] - Despite the positive outlook for semiconductors, other segments such as electronic products and components have seen slight reductions in allocation due to tariff uncertainties [2][8] Summary by Sections Semiconductor Sector - The semiconductor sector continues to show strong year-on-year growth, with major players receiving increased allocations [7][41] - The trend of computational power shifting from cloud to edge is benefiting leading companies in the AI edge supply chain, such as Zhaoyi Innovation and Hengxuan Technology [7][41] - SMIC, as a core player in the domestic self-sufficiency trend, has also seen significant increases in holdings [7][41] Electronic Products & Components - The electronic products and components sector has experienced a reduction in allocations due to tariff-related uncertainties affecting export directions [8][45] - Despite this, high-performing stocks like Winbond Technology have seen increased allocations due to strong earnings [8][45] - The overall demand for consumer electronics, including smartphones and PCs, is recovering, which may lead to a rebound in the sector if tariff tensions ease [8][45] Display Devices - The display device sector has seen a slight decrease in holdings, although panel prices have been on a mild upward trend since Q3 2024 [9][49] - Major players like TCL Technology and BOE have experienced noticeable declines in their holding ratios, while other display device companies have received increased allocations [9][49] - The outlook for panel prices remains stable, with expectations for continued growth in Q2 2025 [9][49]

Core Viewpoint - The recovery of the electronic industry and the growth of the domestic AI ecosystem have significantly improved the performance of leading AI chip companies in the A-share market, with many companies experiencing substantial increases in contract liabilities and profits in the first quarter of the year [1][2]. Group 1: Company Performance - Haiguang Information reported a net profit of 1.931 billion yuan for 2024, a year-on-year increase of approximately 50%, and a first-quarter net profit of about 500 million yuan, up approximately 75% year-on-year [2]. - Cambrian-U achieved a revenue of 1.111 billion yuan in the first quarter, nearly matching its total revenue for the previous year, and turned a profit with a net profit of 355 million yuan [2]. - Ruixinwei's net profit reached 595 million yuan last year, a year-on-year increase of 341%, and 209 million yuan in the first quarter, a year-on-year increase of about 200% [2]. Group 2: Industry Trends - The demand for AI large model training is driving rapid growth in domestic intelligent computing power, leading to significant performance increases for related listed companies [2]. - The integration of AI with traditional industries is expected to accelerate, enhancing the industry's prosperity and driving continuous business growth [1]. Group 3: Ecosystem Development - The domestic AI industry is focusing on improving its ecosystem, particularly in software, to enhance training efficiency and adapt to domestic computing power [4][5]. - Haiguang Information is collaborating with nearly 5,000 enterprises, universities, and research institutions to develop joint solutions and promote a healthy ecosystem [5]. - Cambrian is advancing its intelligent chip products and platform systems, integrating them into over 100 million smart devices, and is working on AI curriculum development in collaboration with universities [6]. Group 4: Product Innovation - Ruixinwei plans to launch co-processor solutions to address the growing demand for computing power and the slow upgrade cycle of SoC chips [6]. - Allwinner Technology is diversifying its product offerings and actively collaborating with major industry players like Xiaomi and Tencent to integrate AI applications across various markets [7].

证券代码：603893 证券简称：瑞芯微 公告编号：2025-037 瑞芯微电子股份有限公司（以下简称"公司"）于近日在中国证券登记结算 有限责任公司上海分公司办理完毕 789,000 份股票期权注销事宜。 上述股票期权注销相关议案已经公司第四届董事会第四次会议和第四届监 事会第四次会议审议通过。具体内容详见公司于《上海证券报》《证券日报》《中 国证券报》《证券时报》及上海证券交易所网站（www.sse.com.cn）披露的《瑞 芯微电子股份有限公司关于 2022 年股票期权与限制性股票激励计划首次授予第 三个行权期行权条件及第三个限售期解除限售条件未成就暨注销股票期权和回 购注销限制性股票的公告》（公告编号：2025-029）、《瑞芯微电子股份有限公 司关于注销部分股票期权的公告》（公告编号：2025-035）。 本次注销股票期权事项不影响公司股本结构，不会对公司的财务状况和经营 成果产生实质性影响，且不影响公司相关激励计划的继续实施。 特此公告。 瑞芯微电子股份有限公司董事会 1 瑞芯微电子股份有限公司 关于部分股票期权注销完成的公告 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 ...

Core Viewpoint - The year 2025 is anticipated to be the "Year of Intelligent Agents," with the emergence of killer applications in the artificial intelligence (AI) sector [1][3][6]. Group 1: Industry Trends - Companies participating in the event are leaders in AI and digital economy sectors, covering various fields such as large models, AIoT chips, computing power, data centers, and industrial digitalization software [1]. - The AI-driven demand is expected to lead to significant growth in the IDC (Internet Data Center) industry, characterized by increased demand, larger and more standardized data centers, and diversified business models [4][5]. Group 2: Company Developments - DataPort has reported a substantial increase in demand due to AI, indicating a genuine demand explosion in the industry [5]. - Ruixinwei, a leader in AIoT SoC chips, is capitalizing on opportunities in edge and on-device AI applications, with multiple clients developing new hardware based on their main control chips [5]. - CloudSai Zhilian is actively contributing to Shanghai's computing power infrastructure, with a new high-level intelligent computing center project set to support digital infrastructure and smart city development [7]. - Nengke Technology achieved a remarkable growth in AI business, with a revenue of 1.51 billion yuan in 2024, a year-on-year increase of 7.47%, and AI product revenue skyrocketing over 12 times [7][8]. Group 3: Future Outlook - Companies are focusing on enhancing AI product development and market promotion, with Nengke Technology prioritizing AI in its 2025 strategy [8]. - Ruixinwei plans to continue iterating its self-developed NPU chips, aiming to meet diverse market demands for computing power [8].

证券代码：603893 证券简称：瑞芯微 公告编号：2025-038 瑞芯微电子股份有限公司 关于参加 2024 年度沪市主板人工智能专题 集体业绩说明会情况的公告 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、准确性和完整性承担法律责任。 瑞芯微电子股份有限公司（以下简称"公司"）于 2025 年 4 月 30 日参加了 2024 年度沪市主板人工智能专题集体业绩说明会，就公司 2024 年度及 2025 年 第一季度的经营成果和财务状况与投资者进行了沟通与交流。现将有关内容公告 如下： 一、业绩说明会召开情况 2025 年 4 月 30 日（星期三）下午 14:00-17:00，公司参加了由上海证券交易 所举办的 2024 年度沪市主板人工智能专题集体业绩说明会，公司董事、副总经 理兼 CFO 王海闽先生、副总经理李诗勤先生、独立董事乔政先生、董事会秘书 林玉秋女士出席会议，与投资者进行现场及线上的互动交流。 二、投资者提出的主要问题及公司回复情况 回复：我们看到当前国内的 AIoT 百行百业正在蓬勃发展。AI 大模型不断迭 代升级、使用效果全面提升 ...

Core Viewpoint - The rapid evolution of AI models and their deployment in edge computing is expected to drive significant growth in the AIoT market over the next 5 to 10 years, with applications across various industries such as automotive, robotics, education, healthcare, and agriculture [1][2]. Group 1: Company Insights - Ruixinwei highlighted the transformative impact of AI models, particularly the advancements made during the recent Spring Festival, which have led to improved performance and usability of open-source models [1]. - The company noted that the development of edge AI applications is being accelerated due to the decreasing barriers to entry for AI technology, which benefits from local processing advantages such as real-time capabilities, low network dependency, and enhanced privacy protection [1]. - Ruixinwei has established a comprehensive layout of AIoT SoCs with built-in NPU capabilities ranging from 0.2 TOPs to 6 TOPs, catering to various market needs and computational requirements [2]. Group 2: Future Developments - The company plans to continue enhancing its NPU technology to support larger-scale edge models, with a focus on performance improvements and higher computational power in future chip releases [2]. - The next-generation flagship chip, RK3688, is expected to provide not only higher performance but also greater flexibility for deploying larger-scale edge models through multi-chip cascading and co-processor expansion [2].

Group 1 - The smart speaker concept index rose by 3.05%, ranking 9th among concept sectors, with 54 stocks increasing in value [1] - Notable gainers in the smart speaker sector included Ruixinwei, Yingtong Communications, and Southern Precision, which all hit the daily limit, with increases of 10.00%, 9.99%, and 9.99% respectively [2][3] - The sector saw a net inflow of 1.716 billion yuan from main funds, with 37 stocks receiving net inflows, and five stocks exceeding 100 million yuan in net inflows [2] Group 2 - The top three stocks by net inflow were Ruixinwei (644.12 million yuan), Southern Precision (382.57 million yuan), and Yingtong Communications (226.54 million yuan) [2][3] - The net inflow ratios for Yingtong Communications, Ruixinwei, and Southern Precision were 33.36%, 23.54%, and 22.59% respectively [3] - The overall trading performance of the smart speaker sector was strong, with several stocks showing significant turnover rates, indicating active trading [4]

Core Viewpoint - The company plans to launch co-processor solutions to address the rapid growth in computing power demand and the slow iteration cycle of SoC (System on Chip) solutions, aiming to support AI deployment and meet the operational needs of large models on the edge [1] Group 1 - The company aims to solve the contradiction between the increasing demand for computing power and the slow upgrade cycle of SoC chips [1] - The new solutions will be based on existing mature technologies while incorporating AI upgrade requirements [1] - The initiative is expected to further facilitate the implementation of AI in meeting edge-side large model operational needs [1]

Group 1 - The AI glasses concept has seen a strong market performance, with companies like Lechuan Technology rising over 13%, and others like Rockchip and Zhongguang Optical hitting their daily limit [1] - Major manufacturers are accelerating the development of AI smart glasses, with expectations for more brand new products to be released in the second half of the year [1] - Xiaomi's AI glasses are set to compete directly with Meta's Ray-Ban, potentially utilizing Qualcomm's AR1 and Hengxuan 2700 chip solutions, featuring advanced functionalities such as smart vision and automatic restaurant recognition [1] Group 2 - Guojin Securities believes that AI smart glasses are gradually breaking through, with brands like Thunderbird and Rokid already launching products, and more new releases expected [2] - Wellsenn predicts that global sales of AI glasses could reach 5.5 million units by 2025, representing a 135% year-on-year growth [2] - The breakthrough in waveguide technology is expected to favor lightweight AR smart glasses, with global AR device shipments projected to be 500,000 units in 2024 and 1.5 million units by 2027 [2]