Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve significant revenue growth in 2025, with total revenue projected at 9.22 billion yuan, representing a year-on-year increase of 41.44%. The net profit attributable to shareholders is forecasted to be 2.04 billion yuan, a year-on-year growth of 91.40% [7] - The company's core product line, particularly the edge AI technology applied to audio chips, is expected to create a competitive advantage. The sales of low-latency, high-quality wireless audio products are experiencing rapid growth, with a steady increase in market penetration among leading audio brands [7] - The company is increasing its R&D investment, with an estimated R&D expenditure of approximately 240 million yuan in 2025, reflecting an 11.56% year-on-year growth. This investment supports the launch of new products and the advancement of next-generation technologies [7] Financial Projections - The company's revenue projections for 2025-2027 are adjusted to 9.22 billion yuan, 12.31 billion yuan, and 15.75 billion yuan, respectively. The net profit attributable to shareholders is expected to be 2.04 billion yuan, 2.73 billion yuan, and 3.76 billion yuan for the same period [7] - The earnings per share (EPS) is projected to increase from 0.61 yuan in 2024 to 2.14 yuan in 2027, indicating a strong growth trajectory [8] - The net profit margin is expected to improve to 22.13% in 2025, up from 16.35% in 2024, showcasing enhanced core profitability [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve significant revenue growth in 2025, with total revenue projected at 921.74 million yuan, representing a year-on-year increase of 41.40%. The net profit attributable to shareholders is forecasted to reach 203.87 million yuan, a year-on-year growth of 91.28% [1][7] - The company's core product line is expanding, with AI technology empowering audio chips, leading to a strong increase in sales of low-latency, high-quality wireless audio products. The penetration rate of Bluetooth speaker SoC chips among leading audio brands is steadily increasing [7] - The company is increasing its R&D investment, with an estimated R&D expenditure of approximately 240 million yuan in 2025, a year-on-year increase of 11.56%. This investment supports the launch of new products and the development of next-generation technologies [7] Financial Projections - For 2025, the company forecasts total revenue of 922 million yuan and a net profit of 204 million yuan. The net profit margin is expected to reach 22.13%, an increase of 5.78 percentage points compared to the same period in 2024 [1][8] - The earnings per share (EPS) is projected to be 1.16 yuan in 2025, with a price-to-earnings (P/E) ratio of 47.84 based on the latest diluted EPS [1][8] - The company anticipates continued revenue growth in the following years, with projected revenues of 1,230.80 million yuan in 2026 and 1,575.05 million yuan in 2027, alongside net profits of 273.28 million yuan and 375.73 million yuan respectively [1][8]

证券代码：688049 证券简称：炬芯科技 公告编号：2026-004 炬芯科技股份有限公司 关于注销部分募集资金理财产品 截至本公告披露日，公司在中国民生银行股份有限公司横琴粤澳深度合作区支行的募集资金理财产品专 用结算账户（账户账号：640637871）购买的理财产品已全部到期赎回，且不再使用上述账户。根据 《上市公司募集资金监管规则》及《上海证券交易所科创板上市公司自律监管指引第1号一一规范运 作》的相关规定，公司于近日办理完毕上述理财产品专用结算账户的注销手续。 特此公告。 炬芯科技股份有限公司董事会 2026年1月30日 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、准确性和完整性依法承担法律责任。 一、募集资金理财产品专用结算账户的开立情况 为满足部分暂时闲置募集资金现金管理的需要，炬芯科技股份有限公司（以下简称"公司"）在中国民生 银行股份有限公司横琴粤澳深度合作区支行开立了募集资金理财产品专用结算账户（账户账号： 640637871）。具体内容详见公司于2023年7月28日披露于上海证券交易所网站（www.sse.com.cn）的 《炬芯 ...

二、募集资金理财产品专用结算账户的注销情况 截至本公告披露日，公司在中国民生银行股份有限公司横琴粤澳深度合作区 支行的募集资金理财产品专用结算账户（账户账号：640637871）购买的理财产 品已全部到期赎回，且不再使用上述账户。根据《上市公司募集资金监管规则》 及《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》的相关 规定，公司于近日办理完毕上述理财产品专用结算账户的注销手续。 关于注销部分募集资金理财产品专用结算账户的公告 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、准确性和完整性依法承担法律责任。 一、募集资金理财产品专用结算账户的开立情况 为满足部分暂时闲置募集资金现金管理的需要，炬芯科技股份有限公司（以 下简称"公司"）在中国民生银行股份有限公司横琴粤澳深度合作区支行开立了 募集资金理财产品专用结算账户（账户账号：640637871）。具体内容详见公司于 2023 年 7 月 28 日披露于上海证券交易所网站（www.sse.com.cn）的《炬芯科技 股份有限公司关于开立理财产品专用结算账户的公告》（公告编号：2023-0 ...

炬芯科技（688049.SH）2025 年业绩预告点评 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 1 月 28 日收盘价） 把握端侧 AI 化机遇，存内计算架构赋能业绩增长 glmszqdatemark 事件：1 月 25 日，炬芯科技发布 2025 年年度业绩预告，2025 年全年营业收入 预计为 9.22 亿元，同比增加 41.44%；预计实现归母净利润 2.04 亿元，同比增 长 91.4%；实现扣非归母净利润 1.92 亿元，同比增长 144.42%。 其中，4Q25 单季度公司预计营收 2.00 亿元，同比增长 8.11%，环比减少 26.74%； 预计归母净利润 0.52 亿元，同比增长 44.44%，环比减少 13.72%。 多元布局与产品结构优化驱动业绩高增。2025 年期间，公司以端侧产品 AI 化转 型为核心战略，通过加大研发资源投入、加快新品迭代速度，经营业绩呈现高速 增长态势，公司预计全年营业收入同比增长 41.44%，净利润同比增长 91.40%， 实现盈利规模与盈利质量的双向进阶。 顺应端侧产品 AI 化行业浪潮，公司持续拓展产品矩阵版图。分产品线来看 ...

Market Overview - The A-share market exhibited a fluctuating and differentiated pattern last week, with major indices showing mixed performance and active rotation among hot sectors [1][7] - Institutions generally hold an optimistic outlook, believing the market is likely to trend upward [1][7] - As of January 25, over 950 companies have disclosed their 2025 earnings forecasts, with around 40% of these companies showing positive performance [1][7] Semiconductor Industry - The semiconductor industry, particularly companies related to artificial intelligence, data center construction, and domestic substitution, is expected to see strong earnings growth in 2025 [1][8] - Notable companies include: - Zhongwei Semiconductor expects revenue of approximately 1.122 billion yuan, a year-on-year increase of about 23%, and a net profit of 284 million yuan, up approximately 107% [8] - Juchip Technology anticipates revenue of 922 million yuan, a 41.44% increase, and a net profit of 204 million yuan, up 91.40% [2] - Baiwei Storage forecasts revenue between 10 billion to 12 billion yuan, a growth of 49.36% to 79.23%, and a net profit of 850 million to 1 billion yuan, a staggering increase of 427.19% to 520.22% [3][9] Pharmaceutical Industry - The pharmaceutical sector is experiencing a "polarized" performance, with over 60 companies disclosing earnings forecasts, about half of which are positive [1][9] - Key performers include: - Zhaoyan New Drug expects a net profit of approximately 233 million to 349 million yuan, a year-on-year increase of 214% to 371% [10] - Shanghai Yizhong anticipates a net profit of 6 million to 7 million yuan, a growth of 760.18% to 903.54% [10] - However, companies like Zhifei Biological are projected to incur significant losses, with an expected net loss of 10.7 billion to 13.7 billion yuan [10][5] Banking Sector - As of January 25, eight listed banks have released earnings reports, with all showing year-on-year growth in net profit [5][11] - Key statistics include: - China Merchants Bank's total assets surpassing 13 trillion yuan, and Industrial Bank exceeding 11 trillion yuan [11] - The highest net profit growth among these banks is from Hangzhou Bank at 12.05%, followed by Shanghai Pudong Development Bank at 10.52% [11] - The growth drivers for banks include improved cost of liabilities and rapid growth in intermediary business income, with Ningbo Bank's net income from fees and commissions increasing by 30.72% [12]

Core Viewpoint - The AI industry is rapidly developing, and the chip design company, Juchip Technology, is experiencing significant growth in its operating performance due to increased R&D investment and accelerated product iteration [1][5]. Financial Performance - Juchip Technology expects to achieve a net profit attributable to shareholders of 204 million yuan in 2025, representing a year-on-year increase of 91.40%, setting a historical record [1][3]. - The company reported revenues of 520 million yuan and 652 million yuan for 2023 and 2024, respectively, with year-on-year growth rates of 25.41% and 25.34% [3]. - For 2025, Juchip anticipates revenues of 922 million yuan, an increase of 270 million yuan or 41.44% compared to the previous year [3][4]. R&D Investment - Juchip Technology's R&D expenses are projected to be approximately 240 million yuan in 2025, a year-on-year increase of 11.56%, accounting for about 26% of the operating revenue [1][6]. - The company has maintained high R&D investment levels, with expenses of 165 million yuan and 215 million yuan in 2023 and 2024, respectively, reflecting growth rates of 32.62% and 30.06% [6]. Market Position and Product Development - Juchip Technology is a leading low-power AIoT chip design firm in China, focusing on high-end smart audio SoC chips for AI-based IoT applications [3]. - The company has successfully launched several projects with major brands, particularly in low-latency private wireless audio products, and has expanded its product matrix significantly [5][6]. Future Outlook - Juchip Technology remains optimistic about its market prospects for 2026, supported by a strong demand for its products and ongoing projects [7]. - The company is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global development strategy and optimize its capital structure [7]. Stock Market Performance - As of January 26, 2026, Juchip Technology's stock price was 57.34 yuan per share, with a total market capitalization exceeding 10 billion yuan [2][8].

Group 1 - Spot gold price has surpassed $5000 per ounce for the first time, with institutions predicting it could rise to $6600 [2] - The recent surge in gold prices is attributed to U.S. President Trump's policies reshaping international relations and investors fleeing sovereign bonds and foreign exchange markets [2] - Last week, gold prices increased by 8.5%, driven by a weakening dollar, which has made gold and silver cheaper for global buyers [2] Group 2 - In the past two weeks, stock ETFs have seen a net outflow of nearly 500 billion yuan, with significant redemptions in broad-based ETFs [3] - The trading volume of stock ETFs has surged, with some broad-based ETFs reaching record highs since their inception [3] Group 3 - The semiconductor sector in A-shares has been active in mergers and acquisitions, with several companies announcing related plans and progress [8] Group 4 - The commercial aerospace sector is experiencing a talent shortage, with investors with relevant experience being highly sought after [9] - The market is facing a significant gap in experienced commercial aerospace investors, leading firms to recruit candidates with adjacent experience [9] Group 5 - Global commodity markets are entering a new super cycle, with fund managers strategically increasing allocations to non-ferrous and chemical products [10] - Factors such as global monetary expansion, a credit crisis in the dollar, and geopolitical conflicts are contributing to this anticipated cycle [10]

Core Viewpoint - The company, Juchip Technology, forecasts significant growth in revenue and net profit for the year 2025, driven by its focus on AI transformation and product innovation [2][6]. Financial Performance Forecast - The company expects to achieve an operating revenue of 922 million yuan in 2025, an increase of 270.12 million yuan, representing a year-on-year growth of 41.44% [2]. - The projected net profit attributable to the parent company is 204 million yuan, an increase of 97.42 million yuan, reflecting a year-on-year growth of 91.40% [2]. - The net profit after deducting non-recurring gains and losses is expected to be 192 million yuan, an increase of 113.45 million yuan, indicating a year-on-year growth of 144.42% [2]. Profitability Metrics - The anticipated net profit margin for 2025 is 22.13%, an increase of 5.78 percentage points compared to the 2024 net profit margin of 16.35% [3]. Previous Year Performance - In 2024, the company reported an operating revenue of 651.88 million yuan and a net profit attributable to the parent company of 106.58 million yuan [5]. Drivers of Performance Change - The company attributes its performance growth to a focus on AI transformation, increased R&D investment, and successful product iterations, particularly in the AI audio chip sector [6]. - The company has successfully launched multiple projects with leading brands, enhancing its market presence and product offerings [6]. - The demand for low-latency, high-quality wireless audio products has surged, contributing to significant revenue growth [6]. R&D Investment - The company invested approximately 240 million yuan in R&D, a year-on-year increase of 11.56%, to enhance its product line and technology capabilities [7]. - The company is advancing its second-generation in-memory computing technology and developing next-generation private protocols to improve wireless transmission [7]. Future Outlook - The company plans to continue focusing on downstream market demands and enhancing its competitive product matrix to ensure long-term stable growth [8].

Core Viewpoint - The company forecasts significant growth in revenue and net profit for the year 2025, driven by its focus on AI transformation and product innovation [2][5]. Performance Forecast - The company expects to achieve an operating revenue of 922 million yuan in 2025, an increase of 270.12 million yuan, representing a year-on-year growth of 41.44% [2]. - The projected net profit attributable to the parent company is 204 million yuan, an increase of 97.42 million yuan, reflecting a year-on-year growth of 91.40% [2]. - The net profit after deducting non-recurring gains and losses is expected to be 192 million yuan, an increase of 113.45 million yuan, indicating a year-on-year growth of 144.42% [2]. Financial Metrics - The estimated net profit margin for 2025 is 22.13%, an increase of 5.78 percentage points compared to the net profit margin of 16.35% in 2024 [3]. Previous Year Performance - In 2024, the company reported an operating revenue of 651.88 million yuan, with a total profit of 108.19 million yuan and a net profit attributable to the parent company of 106.58 million yuan [4]. Reasons for Performance Changes - The company has focused on AI transformation for edge products, increasing R&D investment and accelerating new product iterations, resulting in significant operational achievements [5]. - The successful promotion of edge AI audio chips based on first-generation in-memory computing technology has led to multiple projects being launched and mass-produced [5]. - The company has seen a substantial increase in market penetration and sales revenue for its edge AI processor chips and low-latency high-quality wireless audio products [5]. - R&D expenses totaled approximately 240 million yuan, reflecting an increase of 11.56% year-on-year, supporting the iterative upgrade of chip products [6]. - The company aims to enhance its competitive edge by focusing on downstream market demands and deepening AI technology R&D and market promotion [6].