关于以集中竞价交易方式回购公司股份的进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/9/24 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2024 9 9 | 月 | 23 | 日~2025 | 年 | 22 | 日 | | 预计回购金额 | 2,250万元~4,500万元 | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | 累计已回购股数 | □为维护公司价值及股东权益 585,014股 | | | | | | | | 累计已回购股数占总股本比例 | 0.400% | | | | | | | | 累计已回购金额 | 22,985,726.55元 | | | | | | | | 实际回购价格区间 | 34.78元/股~48.75元/股 | | | | | ...

Core Viewpoint - Yuchip Technology (688049) is focusing on high R&D investment and has achieved rapid growth in the Bluetooth speaker and audio markets, aiming for high-quality development through a differentiated strategy that emphasizes energy efficiency [1][2]. Group 1: Financial Performance - Yuchip Technology's net profit is projected to grow by 26.9% in 2024, with a staggering 385% increase in the first quarter of 2025 compared to the same period last year [2]. - The first quarter of 2025 marked the best quarterly performance since the company's listing, outperforming traditional peak seasons [2]. Group 2: Market Position and Strategy - The company has reached the second-largest market share in the Bluetooth speaker market and is targeting to surpass international brands like Harman, Sony, and Bose, aiming for a global market presence [2]. - Yuchip is not only focused on domestic market replacement but is also pursuing a global vision to compete with international giants [2]. Group 3: Technological Innovation - The company is investing heavily in a technology called in-memory computing, which enhances energy efficiency and supports AI functionalities without increasing battery usage [3]. - Yuchip's strategy prioritizes achieving a high energy efficiency ratio rather than merely increasing computational power, positioning itself as a leader in energy-efficient AI solutions [3]. Group 4: Leadership and Corporate Culture - The founder, Zhou Zhengyu, reflects on past experiences and emphasizes the importance of recognizing the core competencies of the team and being on the right track for sustainable growth [4]. - The company's ownership structure, with the team holding 30% of shares, is designed to incentivize long-term commitment and competitiveness [4].

2.周一（26日）：美团公布财报。 3.周二（27日）：将公布中国4月规模以上工业企业利润同比数据；拼多多、小米集团、快手发布财 报。 4.周五（30日）：上金所、上期所、郑商所、大商所无夜盘交易；台股休市一日。 钛媒体App 5月25日消息，下周市场大事预告： 1.下周央行公开市场将有9460亿元逆回购到期，其中下周一至下周五分别到期1350亿元、3570亿元、 1570亿元、1545亿元、1425亿元。 14.5月27日，中国国家统计局将公布规模以上工业企业利润。此前数据显示，4月份，规模以上工业增 加值同比实际增长6.1%（增加值增速均为扣除价格因素的实际增长率）。从环比看，4月份，规模以上 工业增加值比上月增长0.22%。1-4月份，规模以上工业增加值同比增长6.4%。 15.5月31日，中国国家统计局将公布5月采购经理指数（PMI）运行情况。此前数据显示，4月份，制造 业采购经理指数为49.0%，比上月下降1.5个百分点；非制造业商务活动指数为50.4%，比上月下降0.4个 百分点，仍高于临界点；综合PMI产出指数为50.2%，比上月下降1.2个百分点，继续高于临界点。 5.周六（31日）：将公布中 ...

Key Points - The company, Juxin Technology, will have its restricted shares listed for circulation on May 29, 2025, totaling 33,868,320 shares, which represents 23.18% of the company's total shares [1][7] - The initial lock-up period for these shares was 36 months, but it has been extended by 6 months due to the fulfillment of certain commitments, making the new lock-up period end on May 29, 2025 [1][7] - The total share capital of the company after the initial public offering (IPO) was 122,000,000 shares, which increased to 146,136,404 shares after a capital reserve conversion [2][7] - The restricted shares are held by a single shareholder, Zhuhai Ruisheng Investment Partnership, which has made commitments regarding the transfer and management of these shares [3][4] - The company has confirmed that there are no fund occupation issues by controlling shareholders or related parties as of the announcement date [6] - The underwriting institution, Shenwan Hongyuan Securities, has verified that the shareholder has complied with the relevant share lock-up commitments [6][7]

证券代码：688049 证券简称：炬芯科技 公告编号：2025-033 炬芯科技股份有限公司 首次公开发行部分限售股上市流通公告 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。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 33,868,320股。 本次股票上市流通总数为33,868,320股。 本次股票上市流通日期为2025 年 5 月 29 日。 一、本次上市流通的限售股类型 中国证券监督管理委员会于 2021 年 10 月 18 日出具《关于同意炬芯科技股份 有限公司首次公开发行股票注册的批复》（证监许可〔2021〕3301 号），同意炬芯 科技股份有限公司（以下简称"炬芯科技"或"公司"）首次公开发行股票的注册 申请。公司首次向社会公众公开发行人民币普通股（A 股）股票 30,500,000 股， 并于 2021 年 11 月 29 日在上海证券交易所科创板挂牌上市。发行完成后公司总股 本为 122,000,000 股，其中有限售条件流通股 96,198,349 股，无限售条件流通 ...

一、本次上市流通的限售股类型 中国证券监督管理委员会于 2021 年 10 月 18 日出具《关于同意炬芯科技股 份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕3301 号），同 意炬芯科技首次公开发行股票的注册申请。公司首次向社会公众公开发行人民币 普通股（A 股）股票 30,500,000 股，并于 2021 年 11 月 29 日在上海证券交易所 科创板挂牌上市。发行完成后公司总股本为 122,000,000 股，其中有限售条件流 通股 96,198,349 股，无限售条件流通股 25,801,651 股。 本次上市流通的限售股为首次公开发行限售股，共涉及 1 名股东，持有限售 股共计 33,868,320 股，占公司总股份的 23.18%，原定锁定期为自公司首次公开 发行股票并上市之日起 36 个月，因触发延长股份锁定期的承诺履行条件，锁定 期延长 6 个月至 2025 年 5 月 29 日。现锁定期即将届满，该部分限售股将于 2025 年 5 月 29 日起上市流通。 申万宏源证券承销保荐有限责任公司 关于炬芯科技股份有限公司 首次公开发行部分限售股上市流通的核查意见 申万宏源证券承销 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The year 2025 is expected to be a breakout year for AI glasses, with significant growth in sales and the emergence of domestic SoC (System on Chip) solutions [4][39] - The global AI glasses market is projected to reach 5.5 million units by 2025, with a CAGR of 97.4% over the next six years [26] - Major brands are entering the AI glasses market, leading to increased competition and innovation [4][39] Summary by Sections AI Glasses Market Overview - In Q1 2025, global AI glasses sales reached 600,000 units, a 216% increase year-on-year, driven primarily by the success of Ray-Ban Meta glasses [20] - The report highlights that over 60 manufacturers are currently developing AI glasses, indicating a highly competitive landscape [43] SoC and Component Analysis - The main control SoC accounts for approximately 30% of the total BOM (Bill of Materials) cost of AI glasses, significantly influencing product performance and user experience [5][29] - The report identifies three main SoC solutions: single-chip SoC, dual-chip SoC with a co-processor, and a main SoC with a separate ISP [6][50] Key Players and Products - Major companies such as Meta, Xiaomi, and various domestic brands are actively launching AI glasses, with Meta's Ray-Ban Meta leading in sales [39][40] - The report suggests monitoring companies in the AI glasses chip supply chain, including Hengxuan Technology, Aojie Technology, and others [6] Future Projections - The report anticipates that by 2025, Meta will release a new AI glasses model, Hypernova, which will include a heads-up display [32] - The competitive landscape is expected to intensify as more smartphone manufacturers and tech companies enter the AI glasses market [4][39]

Core Viewpoint - The article highlights the significant growth in the domestic smart device market, particularly in wearable technology, driven by favorable consumption policies and the recovery of the semiconductor industry, leading to substantial stock price increases for chip manufacturers [1][2][4]. Group 1: Smart Device Market Growth - Domestic consumption policies have spurred demand for smart devices, with China's wearable device shipment accounting for 30% of global sales and a growth rate of 20% last year [1]. - Children's smartwatches have seen explosive sales, with their market share on traditional e-commerce platforms reaching 31.5%, nearly equal to that of adult smartwatches and smart bands [2]. - The recovery in smart device sales has positively impacted chip companies, resulting in significant stock price increases over the past year [2][3]. Group 2: Semiconductor Industry Performance - Major domestic SoC manufacturers, including Rockchip, Allwinner, and Espressif, reported high revenue and net profit growth in Q1, continuing their strong performance from last year [6]. - The growth in performance is attributed to the recovery of the downstream market and the improvement in both demand and supply for chips [11]. - Rockchip's stock price has nearly tripled since its low point last year, driven by performance recovery and the expansion of AI hardware applications [3][4]. Group 3: AI Integration and Future Trends - The emergence of AI applications is creating new opportunities for SoC manufacturers, with products like AI headphones and smart glasses experiencing rapid growth in sales [16][18]. - The introduction of DeepSeek technology is lowering the barriers for developing edge AI applications, enabling a broader range of devices to incorporate AI capabilities [21][23]. - The SoC market is projected to grow significantly, with estimates suggesting a market size of $186.48 billion by 2025, driven by the increasing integration of AI in various applications [28][29].

Core Insights - The article emphasizes the rapid emergence of edge AI products in response to global economic and technological trends, highlighting the shift towards intelligent consumer electronics and advanced hardware like robots and vehicles [1] - The integration of AI technology into consumer electronics is identified as a significant market trend, with projections indicating that AI terminal sales in the domestic market will approach 80% by 2027 [3] - The consumer electronics market is expected to grow from $977.5 billion in 2025 to $12.5 trillion by 2034, with an average annual growth rate of 2.8% [1] Consumer Electronics Market - The global consumer electronics market is projected to reach $949.7 billion in 2024, showing a slight decline from the previous year but indicating new growth potential [1] - The transition from traditional devices to smart terminals is opening a new chapter in the intelligent development of the consumer electronics industry [1] AI Mobile Phones - AI mobile phones have seen significant upgrades in hardware components such as NPU, storage, and display, enhancing their capabilities for real-time processing of complex AI tasks [3] - The integration of edge AI has revolutionized user interaction, enabling more diverse and human-like communication methods [3] AI PCs - AI PCs benefit from more robust hardware configurations, allowing for greater intelligent capabilities and efficiency improvements in daily tasks [4] - The current market lacks a "killer application," leading to a competitive landscape where differentiation among devices is minimal [4] Wearable Devices - The market for wearable devices, particularly smart glasses, is expected to grow rapidly, with projections of over 1 million units shipped this year [5] - Smart glasses are focusing on innovations in voice interaction, navigation, real-time translation, and health monitoring, aiming to become the next essential smart device [5] Other Wearable Technologies - Other wearable categories like smartwatches and rings are transitioning from single-function upgrades to system-level innovations, emphasizing health monitoring and personalized services [6] - Emotional companion devices are emerging, leveraging multi-modal capabilities to address consumer emotional needs [6] Chip and AI Technology Integration - The demand for audio and video processing chips is increasing as smart terminals evolve, with manufacturers accelerating the integration of edge AI technology [7] - Companies like Yuchip Technology and others are making significant advancements in AI chip design and audio processing, enhancing the capabilities of consumer and professional audio devices [8][10] Market Trends and Future Outlook - The integration of AI technology into consumer electronics is reshaping interaction logic and application scenarios, moving towards a new commercial ecosystem defined by "AI as a service" [12] - The rapid fusion of chip technology and edge AI is seen as a positive signal for the future of the edge AI market, indicating a shift from simple function embedding to deeper integration of AI across various applications [11]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company specializes in wireless audio ICs, targeting high-end consumer and professional audio markets globally. Its main products include Bluetooth audio SoC chip series, portable audio and video SoC chip series, and smart voice interaction SoC chip series, which are widely used in Bluetooth speakers, headphones, smart education, and smart home applications. The company has become a mainstream supplier in the low-power wireless IoT field related to audio and has gradually achieved domestic substitution in relevant chip areas [2] - The company serves both international and domestic top-tier brands, including Harman, Sony, Bose, and Xiaomi, by providing differentiated chip combinations to meet the diverse needs of terminal brands in the market. This has led to increased penetration rates among mainstream terminal brands [2] - The company is continuously enhancing its product development and upgrades for 2.4G private communication protocols, which are widely applied in smart offices, smart homes, and industrial control. The latest generation of products supports a transmission power of up to 16dBm and a wireless transmission bandwidth of 4Mbps, showcasing strong wireless connection technology and anti-interference capabilities [2] - The company is leveraging AI advancements to enhance audio applications, including voice recognition and noise suppression. Its edge AI processor chips serve as a crucial link between audio and AI, providing low-power computing platforms for AI applications in IoT devices [2] Financial Forecast and Metrics - The company is projected to achieve revenues of 652 million yuan in 2024, with a growth rate of 25.34%, and is expected to reach 875 million yuan in 2025, 1,149 million yuan in 2026, and 1,493 million yuan in 2027. The net profit attributable to the parent company is forecasted to be 107 million yuan in 2024, growing to 163 million yuan in 2025, 231 million yuan in 2026, and 309 million yuan in 2027 [3][4] - The company's EBITDA is expected to grow from 80 million yuan in 2024 to 346 million yuan in 2027, indicating a strong upward trend in profitability [3] - The earnings per share (EPS) is projected to increase from 0.73 yuan in 2024 to 2.12 yuan in 2027, reflecting the company's robust growth potential [3] Product and Market Development - The company is deepening its focus on smart audio SoC technology, leading innovations in audio technology [5][8] - The company is expanding its market share in portable and home audio markets, particularly in wireless microphones and soundbars, with a gradual increase in market penetration [24][46] - The company is actively exploring the wireless microphone market, which is experiencing growth due to the rise of video streaming and content creation, with its products gaining popularity for their low power consumption and excellent noise reduction capabilities [50][51] R&D and Talent - The company is increasing its R&D investment, with a projected R&D expense rate of 33% in 2024, and total R&D expenditure expected to reach 215 million yuan, a year-on-year increase of 30.06% [22] - The company has optimized its R&D personnel structure, with 266 R&D staff accounting for 73.08% of the total workforce, focusing on high-performance and low-power technology innovations [22]