Core Viewpoint - The company, Juchip Technology (688049.SH), anticipates a significant increase in net profit for the first three quarters of 2025, projecting a net profit of 151 million yuan, which represents a year-on-year increase of 112.94% compared to the previous year [1] Financial Performance - The company reports a revenue growth of 54.50% year-on-year during the reporting period [1] - The net profit increase of 80.0873 million yuan indicates a strong performance driven by technological advancements and resource advantages [1] - Both sales and net profit in the third quarter achieved record highs, reflecting substantial growth both sequentially and year-on-year [1]

Core Insights - The company, Juchip Technology, expects significant growth in revenue and net profit for the first three quarters of 2025, with a projected revenue of 721 million yuan, representing a year-on-year increase of 54.50% [1] - The net profit attributable to the parent company is expected to reach 151 million yuan, reflecting a substantial year-on-year growth of 112.94% [1] - The net profit after deducting non-recurring gains and losses is projected to be 146 million yuan, indicating a remarkable year-on-year increase of 204.00% [1] - The company's net profit margin is anticipated to rise to 20.94%, an increase of 5.75 percentage points compared to the same period in 2024 [1] Financial Performance - The company has achieved a high growth rate in operating performance, with revenue increasing by 54.50% and net profit growing by 112.94% [2] - The third quarter saw both sales and net profit increase, setting new historical peaks for the company [2] - The company has focused on AI transformation for edge products, leading to outstanding operational results through increased R&D investment and rapid product iteration [2] Product Development and Market Position - The company has successfully promoted its first-generation in-memory computing technology for edge AI audio chips, with multiple projects from leading brands entering mass production [2] - There is a strong demand for low-latency high-quality wireless audio products, contributing to rapid sales growth [2] - The penetration rate of Bluetooth speaker SoC chips among leading audio brands continues to rise, enhancing the growth potential and deepening collaboration with key clients [2]

Core Viewpoint - Juchip Technology (688049) expects significant growth in its financial performance for the first three quarters of 2025, driven by technological advancements and AI integration [1] Financial Performance - The company anticipates a revenue of 721 million yuan for the first three quarters of 2025, representing a year-on-year increase of 54.5% [1] - The projected net profit attributable to the parent company for the same period is 151 million yuan, showing a remarkable year-on-year growth of 112.94% [1] Operational Highlights - The company has achieved breakthroughs by leveraging its long-term technological and resource advantages, leading to accelerated overall value enhancement [1] - In the third quarter, both sales and net profit not only experienced growth on a quarter-on-quarter and year-on-year basis but also set new historical peaks for the company's single-quarter performance [1]

2024年1至12月份，炬芯科技的营业收入构成为：集成电路占比99.87%，其他业务占比0.13%。 截至发稿，炬芯科技市值为103亿元。 每经头条（nbdtoutiao）——AI技术滥用调查：明星可被"一键换装"，"擦边"内容成流量密码，技术防 线为何形同虚设？ 每经AI快讯，炬芯科技（SH 688049，收盘价：58.68元）10月13日晚间发布业绩预告，预计2025年前三 季度实现归属于母公司所有者的净利润为1.51亿元，与上年同期相比，将增加8008.73万元，同比增长 112.94%。业绩变动主要原因是，报告期内公司依托长期积累的技术与资源优势实现突破，在AI技术的 强力赋能下推动整体价值加速提升，经营业绩展现出高速增长态势：营业收入同比增长54.5%，净利润 同比增幅更达112.94%，盈利规模与质量同步提升。其中，第三季度销售额与净利润不仅实现环比、同 比双向增长，更相继刷新公司单季度业绩的历史峰值。 （记者 曾健辉） ...

[Current Period Performance Forecast](index=1&type=section&id=一%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company forecasts significant growth in revenue and net profit for the first three quarters of 2025, with a notable increase in net profit margin [Performance Forecast Period](index=1&type=section&id=(一)业绩预告期间) The announcement specifies the performance forecast period from January 1, 2025, to September 30, 2025 - The performance forecast period is from January 1, 2025, to September 30, 2025[2](index=2&type=chunk) [Performance Forecast Details](index=1&type=section&id=(二)业绩预告情况) Actions Technology anticipates substantial growth in revenue and net profit for the first three quarters of 2025, with a significant improvement in net profit margin Key Financial Indicators for Q1-Q3 2025 Performance Forecast | Indicator | Q1-Q3 2025 Estimated (million yuan) | YoY Growth (million yuan) | YoY Growth Rate | | :--- | :--- | :--- | :--- | | Operating Revenue | 721.00 | 254.33 | 54.50% | | Net Profit Attributable to Parent | 151.00 | 80.09 | 112.94% | | Net Profit Attributable to Parent (Excl. Non-recurring Items) | 146.00 | 97.97 | 204.00% | - The company's net profit margin for the first three quarters of 2025 is projected to be **20.94%**, an increase of **5.75 percentage points** compared to **15.20%** in the same period of 2024[2](index=2&type=chunk) [Unaudited Statement](index=1&type=section&id=(三)本次业绩预告未经注册会计师审计) This performance forecast represents preliminary estimates by the company's finance department and has not been audited by certified public accountants - This performance forecast has not been audited by certified public accountants[2](index=2&type=chunk) [Prior Period Performance Overview](index=1&type=section&id=二%E3%80%81上年同期业绩情况) This section provides key financial data for the first three quarters of the previous year, serving as a comparative baseline Key Financial Data for Q1-Q3 2024 | Indicator | Q1-Q3 2024 (million yuan) | | :--- | :--- | | Operating Revenue | 466.67 | | Total Profit | 71.03 | | Net Profit Attributable to Parent | 70.91 | | Net Profit Attributable to Parent (Excl. Non-recurring Items) | 48.03 | | Adjusted Earnings Per Share | 0.41 yuan | [Key Reasons for Current Period Performance Changes](index=2&type=section&id=三%E3%80%81本期业绩变化的主要原因) This section details the primary drivers behind the company's significant performance improvements, including strategic product development, market expansion, and increased R&D investment [Overall Performance Growth Drivers](index=2&type=section&id=整体业绩增长驱动) Leveraging technological and resource advantages, the company achieved high-speed performance growth driven by AI, with significant year-over-year increases in revenue and net profit, and record-high Q3 performance - Leveraging long-term accumulated technological and resource advantages, the company achieved high-speed operating performance growth empowered by AI technology, with operating revenue increasing by **54.50%** year-over-year and net profit increasing by **112.94%** year-over-year[6](index=6&type=chunk) - Third-quarter sales and net profit achieved both sequential and year-over-year growth, setting a new historical peak for the company's single-quarter performance[6](index=6&type=chunk) [Product and Market Expansion](index=2&type=section&id=产品与市场拓展) The company focused on AI transformation of edge products, increasing R&D investment and accelerating new product iterations, successfully promoting edge AI audio chips based on in-memory computing technology, and expanding market penetration for edge AI processor chips, low-latency high-fidelity wireless audio products, and Bluetooth speaker SoC chips - The company focused on the main theme of AI transformation for edge products, increasing R&D investment and accelerating new product iterations[7](index=7&type=chunk) - The first-generation in-memory computing-based edge AI audio chip was successfully promoted, with multiple leading brand projects initiated and moving towards mass production, and customer terminal products in the low-latency private wireless audio sector already in mass production[7](index=7&type=chunk) - Edge AI processor chips were successfully applied in high-end speakers and other products for leading audio brands, significantly increasing market penetration and achieving multi-fold growth in related sales revenue[7](index=7&type=chunk) - Demand for low-latency high-fidelity wireless audio products was strong, leading to rapid sales growth; penetration of Bluetooth speaker SoC chip series continued to increase among leading brands, enhancing both cooperation depth and product value[7](index=7&type=chunk) [R&D Investment and Technological Innovation](index=2&type=section&id=研发投入与技术创新) To meet customer demands for low power consumption and high computing power, the company continuously increased R&D investment, with R&D expenses growing by 21.55% year-over-year, and actively advanced in-memory computing technology iterations, including second-generation in-memory computing IP development and next-generation private protocol development, comprehensively enhancing technological competitiveness R&D Expenses | Indicator | Amount (million yuan) | YoY Growth Rate | | :--- | :--- | :--- | | Total R&D Expenses | 194 | 21.55% | - The company advanced continuous iteration of chip products, committed to the continuous empowerment of in-memory computing technology across all product lines, with smooth progress in ATW609X development for smart Bluetooth wearables[8](index=8&type=chunk) - Development of second-generation in-memory computing technology IP progressed steadily, aiming to achieve multi-fold increases in single-core NPU computing power for next-generation chips, significantly improving chip energy efficiency ratio, and fully supporting Transformer models[8](index=8&type=chunk) - Increased R&D investment in next-generation private protocols to enhance wireless transmission bandwidth, reduce latency, and improve anti-interference performance[8](index=8&type=chunk) - The company comprehensively enhanced its technological competitiveness across chip hardware computing power, wireless connectivity technology, audio algorithm upgrades, and development ecosystem[10](index=10&type=chunk) [Profitability Enhancement and Future Outlook](index=3&type=section&id=盈利能力提升与未来展望) The company improved gross profit margins by optimizing product structure and customer sales systems, and achieved economies of scale due to revenue growth outpacing expense growth, driving overall profit improvement. Future plans include continued increased R&D and promotion of edge AI technology - The company continuously optimized its product structure and customer sales system, steadily driving up overall gross profit margins[10](index=10&type=chunk) - Operating revenue growth significantly outpaced expense growth, generating economies of scale and effectively driving up overall profit levels[10](index=10&type=chunk) - In the future, the company will continue to closely align with downstream market demand, increase R&D and product promotion efforts for edge AI technology, and enhance the competitiveness of its product matrix[10](index=10&type=chunk) [Risk Warning](index=3&type=section&id=四%E3%80%81风险提示) This section highlights that the performance forecast is preliminary and unaudited, with no major uncertainties identified that would affect its accuracy - This performance forecast is a preliminary calculation by the company's finance department and has not been audited by certified public accountants[11](index=11&type=chunk) - The company has not identified any major uncertainties that would affect the accuracy of this performance forecast[11](index=11&type=chunk) [Other Explanatory Notes](index=3&type=section&id=五%E3%80%81其他说明事项) This section clarifies that the forecast data is preliminary and advises investors to exercise caution - The forecast data represents preliminary estimates only, and specific figures will be subject to the company's officially disclosed Q3 2025 report[12](index=12&type=chunk) - Investors are reminded to be aware of investment risks[12](index=12&type=chunk)

炬芯科技公告，预计2025年前三季度实现归属于母公司所有者的净利润为1.51亿元，与上年同期相比， 将增加8008.73万元，同比增长112.94%。预计2025年前三季度归属于母公司所有者扣除非经常性损益后 的净利润为1.46亿元，与上年同期相比，将增加9797.36万元，同比增长204.00%。公司前三季度净利率 预计为20.94%，相比2024年同期净利率15.20%增长5.75个百分点。报告期内，公司依托长期积累的技术 与资源优势实现突破，经营业绩高速增长。 ...

Core Viewpoint - The semiconductor sector is experiencing a rebound, with several companies reaching new highs and significant price increases [1] Company Performance - Ruvi Optoelectronics reached an intraday high [1] - Zhichun Technology hit the daily limit up [1] - Fuchuang Precision increased by over 10% [1] - Other companies such as Jinghe Integration, Jiangfeng Electronics, Aojie Technology, and Canxin Co. also saw price increases [1]

融券方面，炬芯科技10月9日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年80%分位水平，处于高位。 10月9日，炬芯科技涨0.80%，成交额7.75亿元。两融数据显示，当日炬芯科技获融资买入额1.19亿元， 融资偿还7779.27万元，融资净买入4103.45万元。截至10月9日，炬芯科技融资融券余额合计5.39亿元。 融资方面，炬芯科技当日融资买入1.19亿元。当前融资余额5.39亿元，占流通市值的4.91%，融资余额 超过近一年90%分位水平，处于高位。 机构持仓方面，截止2025年6月30日，炬芯科技十大流通股东中，泰信中小盘精选混合（290011）位居 第二大流通股东，持股300.00万股，相比上期减少58.00万股。富国新兴产业股票A/B（001048）位居第 三大流通股东，持股274.37万股，相比上期减少13.72万股。信澳新能源产业股票A（001410）位居第四 大流通股东，持股231.16万股，相比上期减少18.86万股。泰信鑫选混合A（001970）位居第六大流通股 东，持股194.00万股，相比上期减少 ...

Core Insights - The report from Guotou Securities highlights the shift in focus from broad applications to specific use cases in smart glasses, driven by technological advancements and cost constraints [1] - The smart glasses industry is entering a robust growth phase in 2023, following previous stages of technology validation, commercial trials, and product diversification [1] - AI glasses are emerging as a significant market segment, with Meta's Ray-Ban Meta leading the charge and expected to capture 98.68% of global AI glasses sales in 2024 [2] Smart Glasses Development - The development of smart glasses has gone through four phases: pre-2012 (technology validation), 2012-2016 (commercial trials), 2017-2022 (product diversification), and 2023 (robust growth) [1] - Smart glasses can be categorized based on optical display systems, with AI shooting glasses focusing on photography and voice interaction, VR glasses providing immersive experiences, and AR glasses overlaying virtual information on the real world [1] AI Glasses Market - AI glasses are characterized by the integration of cameras, Bluetooth controls, and voice interaction, sacrificing optical display for lightweight and low-cost designs [2] - The core logic of AI shooting glasses is to achieve portability and practicality for all-day wear, targeting markets previously dominated by action cameras [2] AR Glasses Insights - AR glasses utilize micro-displays and optical modules to project virtual images onto real-world scenes, categorized into viewing glasses and full-domain glasses [3] - Viewing glasses are lightweight and designed for portable viewing, while full-domain glasses are used for outdoor navigation and industrial applications, albeit at a higher price point [3] VR Glasses Overview - Traditional VR glasses focus on providing an immersive experience, primarily for gaming and viewing, with a market that is relatively mature [4] - The expected sales for traditional VR glasses in Q2 2025 is 1.26 million units, reflecting a year-on-year growth of 6.7% [4] Industry Chain and Competitive Landscape - The upstream sector focuses on chips, optical modules, and screens, with Micro OLED expected to become a primary solution for XR devices by 2030 [5] - In the midstream, Thunderbird Innovation holds a 50% market share in AI/AR glasses online sales, while PICO dominates the domestic VR market [5] - The downstream sector is supported by offline channels, with Doctor Glasses establishing over 100 smart display cabinets [5] Key Companies to Watch - Companies to monitor include Luxshare Precision and GoerTek in manufacturing, Sunny Optical Technology and OFILM in optics, and various firms in storage and display technologies [7]

9月25日，炬芯科技涨1.10%，成交额7.30亿元。两融数据显示，当日炬芯科技获融资买入额1.34亿元， 融资偿还1.02亿元，融资净买入3231.50万元。截至9月25日，炬芯科技融资融券余额合计5.30亿元。 截至6月30日，炬芯科技股东户数1.71万，较上期增加10.20%；人均流通股8544股，较上期增加 18.12%。2025年1月-6月，炬芯科技实现营业收入4.49亿元，同比增长60.12%；归母净利润9137.54万 元，同比增长123.19%。 分红方面，炬芯科技A股上市后累计派现8192.23万元。 机构持仓方面，截止2025年6月30日，炬芯科技十大流通股东中，泰信中小盘精选混合（290011）位居 第二大流通股东，持股300.00万股，相比上期减少58.00万股。富国新兴产业股票A/B（001048）位居第 三大流通股东，持股274.37万股，相比上期减少13.72万股。信澳新能源产业股票A（001410）位居第四 大流通股东，持股231.16万股，相比上期减少18.86万股。泰信鑫选混合A（001970）位居第六大流通股 东，持股194.00万股，相比上期减少4.00万股。 责任编辑 ...