Core Viewpoint - The company reported a revenue of 910 million yuan in Q1 2025, showing a year-over-year increase of 9.61% and a quarter-over-quarter increase of 7.55%, while the net profit attributable to shareholders was a loss of 122 million yuan, narrowing the loss by 2.43% year-over-year and 56.43% quarter-over-quarter [1] Group 1: Financial Performance - In Q1 2025, the company's revenue from cellular baseband chips grew by over 20% year-over-year, but overall revenue growth was slightly below 10% due to lower revenue from customized chip projects [1][2] - The gross margin for the chip business improved significantly in Q1 2025, with the overall gross margin rising to 26.35%, an increase of 2.56 percentage points year-over-year and 3.96 percentage points quarter-over-quarter [2] - R&D expenses increased to 357 million yuan in Q1 2025, reflecting a year-over-year increase of 12.88% and a quarter-over-quarter increase of 5.93%, with an R&D expense ratio of 39.26% [2] Group 2: Market Outlook - In 2025, the company aims to focus on new directions such as wearables and smartphones, with a robust order book for customized chips [3] - The company is expected to see growth in demand from sectors like vehicle networking, mobile broadband devices, and mobile payments, with new product launches in the wearable market [3] - The company plans to scale up its 5G RedCap products and has a strong pipeline for its smartphone platforms, indicating significant revenue contributions in 2026 [3] Group 3: Investment Recommendations - The target price is set at 115.7 yuan, maintaining a "buy" rating, with revenue forecasts for 2025, 2026, and 2027 at 4.398 billion yuan, 5.602 billion yuan, and 6.723 billion yuan respectively [4] - The company is expected to strengthen its leading position in the cellular IoT market and achieve breakthroughs in the wearable and smartphone SoC markets [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a total revenue of 3.386 billion yuan for 2024, representing a year-on-year growth of 30.23%, while the net profit attributable to shareholders was a loss of 0.693 billion yuan, an increase in loss of 0.187 billion yuan compared to the previous year [2]. - In Q1 2025, the company achieved total revenue of 0.910 billion yuan, a year-on-year increase of 9.61% and a quarter-on-quarter increase of 7.55%. The net profit attributable to shareholders was a loss of 0.122 billion yuan, showing a reduction in loss compared to the previous quarter [6]. - The company's gross margin improved to 26.35% in Q1 2025, an increase of 2.62 percentage points year-on-year and 3.96 percentage points quarter-on-quarter, driven by high-end product offerings [11]. - The core business of cellular baseband chips saw revenue growth of over 20% year-on-year in Q1 2025, indicating strong growth resilience [11]. - The company is expected to achieve revenues of 4.410 billion, 6.015 billion, and 7.836 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-sales ratios of 9X, 7X, and 5X [11]. Summary by Sections Financial Performance - For 2024, total revenue was 3.386 billion yuan, with a gross profit of 0.785 billion yuan, resulting in a gross margin of 23% [16]. - In Q1 2025, the company reported a gross margin of 26.35%, with a net profit margin of -13.43% [11]. - The company anticipates a gradual improvement in profitability, with projected net profits of -0.341 billion yuan in 2025 and a turnaround to a profit of 0.297 billion yuan by 2027 [16]. Market Position - The company has established itself as a key supplier for major domestic and international module manufacturers in the IoT cellular baseband chip sector [11]. - The smartphone SoC market is expanding, with the company’s first 4G quad-core smartphone chip exceeding one million units shipped in 2024 [11]. Growth Opportunities - The custom chip business is positioned to benefit significantly from the domestic production wave, with successful integration into the supply chains of major automotive brands [11]. - The company is actively developing new products, including second-generation octa-core smartphone chip platforms and 5G SOC smartphone chips, which are expected to drive future growth [11].

Summary of Aojie Technology Conference Call Company Overview - Aojie Technology reported a revenue of 3.386 billion yuan in 2024, representing a year-on-year growth of 30.23% [2][8] - The company experienced a net loss attributable to shareholders of 693 million yuan, a decrease of 37.01% year-on-year [2][8] - The core business areas include IoT baseband chips, mobile SoC, and ASIC [19] Financial Performance - In Q1 2025, Aojie Technology's revenue reached 910 million yuan, a year-on-year increase of 9.6% and a quarter-on-quarter increase of 7.6% [3] - The loss narrowed to 122 million yuan, a reduction of 2.43% year-on-year [3] - The gross margin improved to 26.35%, up 2.56 percentage points year-on-year [3] Business Segments IoT Baseband Chips - Revenue from the cellular baseband business grew over 20% [3][2] - The company has a strong presence in the 4G Cat 1 and Cat 4 markets, with Cat 1 accounting for 47% of global shipments [12] - The POS machine segment saw an annual shipment of 35 million units [12] Mobile SoC - Aojie Technology holds a 50% market share in the mobile SoC market, with a focus on cost efficiency [13] - The company has successfully launched the ASR866X series of octa-core smartphone platforms [13] ASIC Development - The company views customized ASIC as a key trend, particularly in AI systems [4][15] - The domestic computing power industry is rapidly developing, with self-developed ASICs seen as a critical direction [16] Market Position and Competitive Advantage - Aojie Technology has established a strong IP authorization capability and optimized supply chain resources [18] - The company has a stable and experienced technical team, enhancing its competitive position [18] Future Outlook - The focus for 2025 includes the advancement of IoT AIoT baseband chips and the introduction of mobile SoC brands [9] - The company aims to achieve a breakthrough in brand market presence from 0 to 1 during the MWC 2025 [14] - Long-term revenue growth is expected to continue at an average annual rate of over 30%, with a gradual reduction in losses [8][19] Key Risks - The company has faced ongoing losses since 2017, primarily due to high R&D costs and competitive pressures in the market [10] - The transition from older generation products to newer ones is critical for improving profitability [10][11]

Group 1 - Aojie Technology (688220.SH) reported its Q1 2025 financial results, with 82 institutional investors holding a total of 225 million shares, representing 53.70% of the company's total equity [1] - The top ten institutional investors collectively hold 45.10% of Aojie Technology's shares, with a decrease of 3.07 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 11 funds increased their holdings, accounting for a 1.14% increase, including notable funds such as China Europe Alpha Mixed A and Xingquan Selected Mixed [2] - Six public funds reduced their holdings, with a slight decrease in the proportion of holdings, including funds like China Europe Innovation Future Mixed [2] - A total of 53 new public funds were disclosed this period, while 207 funds were not disclosed again, indicating a dynamic shift in the public fund landscape [2]

翱捷科技股份有限公司 章 程 | N | | --- | | 1 1 | | 第二章 | 公司的经营宗旨和经营范围 4 | | --- | --- | | 第三章 | 公司股份 4 | | 第一节 | 公司股份发行 4 | | 第二节 | 公司股份增减和回购 7 | | 第三节 | 公司股份转让 8 | | 第四章 | 公司股东和股东会 9 | | 第一节 | 公司股东的一般规定 9 | | 第二节 | 控股股东和实际控制人 12 | | 第三节 | 公司股东会的一般规定 13 | | 第四节 | 公司股东会的召集 18 | | 第五节 | 公司股东会的提案与通知 19 | | 第五节 | 公司股东会的召开 21 | | 第六节 | 公司股东会的表决和决议 23 | | 第五章 | 公司董事和董事会 27 | | 第一节 | 公司董事的一般规定 27 | | 第二节 | 公司董事会 30 | | 第三节 | 独立董事 34 | | 第四节 | 董事会专门委员会 37 | | 第六章 | 公司总经理及其他高级管理人员 39 | | 第七章 | 公司财务会计制度、利润分配和审计 41 | | 第一节 | 公司财务 ...

翱捷科技股份有限公司 独立董事工作制度 翱捷科技股份有限公司 独立董事工作制度 第一章 总则 1 第一条 为了促进翱捷科技股份有限公司（以下简称"公司"）的规范运作， 维护公司整体利益，保障全体股东特别是中小股东的合法权益不受 损害，根据《中华人民共和国公司法》（以下简称《公司法》）、《上 市公司独立董事管理办法》《上海证券交易所科创板股票上市规则》 《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》等有关法律、行政法规、规范性文件和《翱捷科技股份有限公 司章程》（以下简称"公司章程"）的有关规定，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与其所受聘的 公司及其主要股东、实际控制人不存在直接或者间接利害关系，或 者其他可能影响其进行独立客观判断关系的董事。 第三条 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人 等单位或者个人的影响。独立董事在任职期间出现明显影响独立性 的情形的，应及时通知公司，必要时应提出辞职。 第四条 独立董事对公司及全体股东负有忠实与勤勉义务。独立董事应当按 照有关法律、行政法规、中国证券监督管理委员会（以下简称"中 国证监会"） ...

翱捷科技股份有限公司 对外担保管理制度 翱捷科技股份有限公司 对外担保管理制度 第一章 总则 第一条 为规范翱捷科技股份有限公司（以下简称"公司"）对外担保行为， 控制公司经营风险，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"证券法"）、《中华人民共和国民法典》 （以下简称"《民法典》"）《上市公司监管指引第8号—上市公司资金往来、 对外担保的监管要求》、《上海证券交易所股票上市规则》（以下简称"《上市 规则》"）等相关法律、法规、规范性文件和《翱捷科技股份有限公司章程》（以 下简称"公司章程"）的有关规定，制订本制度。 第二条 本制度所述的对外担保系指公司以第三人的身份为债务人对于债 权人所负的债务提供担保，当债务人不履行债务时，由公司按照约定履行债务或 者承担责任的行为。担保形式包括保证、抵押及质押。 对外担保包括公司为控股子公司提供的担保，但不包括为自身债务提供担保。 第三条 公司股东会和董事会是对外担保的决策机构，公司一切对外担保行 为，须按程序经公司股东会或董事会批准。 未经公司股东会或董事会的批准，公司不得对外提供担保。 公司控股或实际控制的子公司 ...

翱捷科技股份有限公司 关联交易管理制度 翱捷科技股份有限公司 关联交易管理制度 第一章 总 则 第一条 为保证翱捷科技股份有限公司（以下称"公司"）与关联人之间发 生的关联交易符合公平、公正、公开的原则，确保公司关联交易行为不损害公司 和股东的利益，特别是中小投资者的合法利益，根据《中华人民共和国公司法》 《中华人民共和国证券法》《企业会计准则第 36 号——关联方披露》《上海证券 交易所科创板股票上市规则》（以下简称《科创板上市规则》）及其他有关法律、 法规和规范性文件的规定以及《翱捷科技股份有限公司章程》（以下简称"公司 章程"）的规定，特制定本制度。 第二条 关联交易是指公司或者其合并报表范围内的子公司等其他主体与 公司关联人之间发生的交易，包括公司章程规定的交易和日常经营范围内发生的 可能引致资源或者义务转移的事项。 第三条 公司的关联交易应当遵循以下基本原则： （一）平等、自愿、等价、有偿的原则； （二）公平、公正、公开的原则； （三）关联人如在股东会上享有表决权，除特殊情况外，均应对关联交易事 项回避表决； （四）与关联人有任何利害关系的董事，在董事会就该关联交易事项进行表 决时，应当回避；若因特 ...

翱捷科技股份有限公司 董事会议事规则 翱捷科技股份有限公司 董事会议事规则 第一章 总则 第一条 为明确公司董事会的职责权限，规范公司董事会的议事方式和决策 程序，促使公司董事和董事会有效地履行职责，提高公司董事会规范运作和科学 决策水平，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》、《上市公司章程指引》、《上海证券交易所科创板股票上市规则》 （以下简称"《科创板上市规则》"）、《上市公司治理准则》及《翱捷科技股份有 限公司章程》（以下简称"公司章程"）等有关规定，制定本规则。 第二章 董事会的组成和职权 第二条 公司依法设立董事会，董事会对股东会负责。 第三条 公司董事会人员组成根据公司章程确定。董事由股东会选举或者 更换，并可在任期届满前由股东会解除其职务。董事可以在任期届满以前提出辞 任。董事辞任应当向公司提交书面辞职报告，公司收到辞职报告之日辞任生效， 公司将在 2 个交易日内披露有关情况。除下列情形外，董事的辞职自辞任报告送 达董事会时生效： （一）董事辞任将导致董事会成员低于法定最低人数； （二）独立董事辞任将导致公司董事会或者其专门委员会中独立董事所占比 例 ...

翱捷科技股份有限公司 股东会议事规则 翱捷科技股份有限公司 股东会议事规则 第一章 总则 第一条 为了维护翱捷科技股份有限公司（以下简称"公司"）全体股东 的合法权益，保证公司股东会规范、高效运作，确保股东平等有效地行使职权， 根据《中华人民共和国公司法》（以下简称《公司法》）、《上市公司治理准则》、 《上市公司股东会规则》、《上海证券交易所科创板股票上市规则》、《翱捷科 技股份有限公司章程》（以下简称"公司章程"）以及国家其它相关法律、法规， 制定本规则。 第二条 股东会应当在《公司法》和公司章程规定的范围内行使职权。 第三条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，出现《公 司法》规定的应当召开临时股东会的情形时，临时股东会应当在 2 个月内召开。 公司在上述期限内不能召开股东会的，应当报告中国证监会派出机构和上海 证券交易所，说明原因并公告。 第四条 公司下列对外担保行为，须经股东会审议通过： （一）公司及其控股子公司的对外担保总额,超过最近一期经审计净资产的 50%以后提供的任何担保； （四）为资产负债率超过 70% ...