证券代码：688220 证券简称：翱捷科技 公告编号：2025-029 （1）2024 年公司实现营业收入 33.86 亿元，同比增长 30%，归母净利润-6.93 亿元，扩亏 1.87 亿元。报告期内，公司持续加大智能手机芯片业务布局。分产 品看，芯片产品、芯片定制业务营收保持增长，半导体 IP 授权实现营收 3524 万元，同比下滑 71%；（2）近年来，公司境外业务收入占比逐年递增，2022-2024 年境外收入占比分别为 77.43%、81.01%、84.35%。境外收入毛利率分别为 32.98%、 20.38%、20.98%。境内收入占比逐年减少，2022-2024 年境内收入毛利率分别为 51.38%、41.29%、35.08%；（3）公司销售模式主要包括直销、买断式经销和代 理式经销，其收入确认时点存在差异。其中，代理式经销占比达到 78.11%。根 据年报披露，代理式经销情况下，公司在代理经销商将公司芯片发货给终端客 户并向公司提交委托代销结算单时确认收入。 请公司：（1）区分主营产品类型说明近年来公司营收增长但亏损持续扩大 的原因，是否存在持续亏损、无法实现盈利的风险。如有，请进行充分风险提 ...

附件：普华永道就翱捷科技对监管工作函中提出的需由年审会计师发表意见的问 题所作回复的专项说明 一、关于经营业绩 （1）2024 年公司实现营业收入 33.86 亿元，同比增长 30%，归母净利润- 6.93 亿元，扩亏 1.87 亿元。报告期内，公司持续加大智能手机芯片业务布局。 分产品看，芯片产品、芯片定制业务营收保持增长，半导体 IP 授权实现营收 3524 万元，同比下滑 71%；（2）近年来，公司境外业务收入占比逐年递增，2022-2024 年境外收入占比分别为 77.43%、81.01%、84.35%。境外收入毛利率分别为 32.98%、 20.38%、20.98%。境内收入占比逐年减少，2022-2024 年境内收入毛利率分别为 51.38%、41.29%、35.08%；（3）公司销售模式主要包括直销、买断式经销和代理 式经销，其收入确认时点存在差异。其中，代理式经销占比达到 78.11%。根据 年报披露，代理式经销情况下，公司在代理经销商将公司芯片发货给终端客户并 向公司提交委托代销结算单时确认收入。 请公司：（1）区分主营产品类型说明近年来公司营收增长但亏损持续扩大的 原因，是否存在持续亏损、 ...

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating expected performance above the market index by more than 10% [5][39]. Core Viewpoints - The global semiconductor sales forecast for 2025 has been raised to $700.9 billion, reflecting a year-on-year growth of 11.2%, with continued growth expected in 2026 [2]. - The semiconductor market is experiencing expansion driven by demand from AI, cloud infrastructure, and advanced consumer electronics, with specific focus on logic and memory segments [2]. - The report emphasizes the importance of AI-driven innovations and the recovery of the storage industry, particularly in DDR4 pricing, which is expected to rise significantly in Q2 2025 [3][4]. Summary by Sections Market Trends - The electronic sector saw a 3.60% increase, with components rising by 7.46% and electronic chemicals by 1.53% over the past week [12]. - The report highlights a strong performance in the semiconductor sector, driven by AI-related demand and tariff relief, despite cautious investor sentiment regarding Q3 2025 performance sustainability [1][12]. Semiconductor Sales Forecast - WSTS has increased its global semiconductor sales forecast for 2025 to $700.9 billion, with a projected growth of 8.5% to $760.7 billion in 2026 [2]. - The report identifies key players in the semiconductor field, recommending companies such as 德明利, 圣邦股份, and 翱捷科技 for investment [2]. Storage Industry Recovery - DDR4 prices are expected to rise by 18-23% for server modules and 13-18% for PC modules in Q2 2025 due to reduced supply and increased demand [3]. - The report suggests that companies involved in storage, such as 德明利 and 兆易创新, are likely to benefit from this price recovery [3]. AI and ASIC Innovations - The report notes that 快手's 可灵 AI has achieved an annual revenue run rate exceeding $100 million, indicating strong market potential for AI services [4]. - The launch of 博通's Tomahawk 6 chip is expected to address AI computing bottlenecks, enhancing data transmission efficiency in AI networks [4]. Key Investment Recommendations - The report recommends focusing on companies involved in ASIC, storage, and edge innovations, including 澜起科技, 翱捷科技, and 小米集团 [1][2][4].

翱捷科技首次公开发行股票募集资金总额为68.83亿元，扣除发行费用后募集资金净额为65.46亿元。翱 捷科技最终募集资金净额比原计划多41.66亿元。该公司于2022年1月10日披露的招股说明书显示，其拟 募集资金23.80亿元，拟分别用于新型通信芯片设计，智能IPC芯片设计项目，多种无线协议融合、多场 域下高精度导航定位整体解决方案及平台项目，研发中心建设项目，补充流动资金项目。 翱捷科技首次公开发行股票的发行费用总额为3.37亿元，其中，保荐及承销费用3.10亿元。 2025年4月11日，国泰海通证券股份有限公司重组更名上市仪式在上交所举行。上交所与国泰海通签订 《证券上市协议》，国泰海通证券股份有限公司A股证券简称由"国泰君安"正式变更为"国泰海通"，A 股证券代码"601211"保持不变。证券简称变更，标志着国泰君安、海通证券合并重组走完了全部程序。 中国经济网北京6月10日讯翱捷科技(688220.SH)今日收报75.70元，跌幅6.45%。目前该股处于破发状 态。 翱捷科技于2022年1月14日在上交所科创板上市，发行的股票数量为4183.0089万股，发行价格为164.54 元/股，保荐人(主承 ...

Core Viewpoint - The A-share market shows volatility with the Sci-Tech Chip Index experiencing a slight increase, indicating ongoing interest and investment in the semiconductor sector [1] Group 1: Market Performance - The Sci-Tech Chip Index rose by 0.54% as of the report, reflecting positive market sentiment [1] - The Sci-Tech Chip ETF (588200) also increased by 0.54%, with a trading volume exceeding 310 million yuan [1] Group 2: Fund Flows - The Sci-Tech Chip ETF (588200) saw a net inflow of over 760 million yuan yesterday, indicating strong investor interest [2] - The latest circulation size of the Sci-Tech Chip ETF is 25.664 billion yuan, with a total of 17.215 billion shares in circulation [2] Group 3: Industry Insights - Continuous investment in AI infrastructure by major companies is driving growth in the computing power industry chain [2] - The demand for semiconductors is expected to rise as companies like Tesla and xAI continue to purchase chips from major suppliers such as Nvidia and AMD [2] - The introduction of new products in the AI sector and ongoing chip development in consumer electronics are anticipated to benefit the industry [2] Group 4: Technological Developments - Broadcom's new Tomahawk6 switch chip has started delivery, with strong customer demand noted [3] - The Tomahawk6 chip significantly enhances performance, supporting the deployment of million-XPU clusters, which aligns with long-term trends in network speed upgrades and computing cluster expansion [3] - The launch of the co-packaged optical technology (CPO) version of Tomahawk6 is expected to accelerate the maturity of CPO solutions, benefiting manufacturers involved in high-speed data communication modules and DCI interconnects [3]

Core Viewpoint - The article summarizes the EDA (Electronic Design Automation) tool expenditures mentioned in the 2024 financial reports of 15 listed SoC/MCU/ASIC chip design companies, indicating that EDA expenses are relatively low, around 1% of total R&D costs, but are crucial for chip design [1]. Group 1: EDA Expenditures - Few companies disclose EDA tool expenses in their annual reports, and the disclosed amounts are generally low compared to overall R&D expenses [1]. - EDA tools are essential in chip design, akin to physical education in school exams, where despite low scoring weight, failing to meet standards can prevent entry into prestigious institutions [1]. - Companies like 瑞芯微 reported a significant increase of 294.58% in long-term payables due to increased EDA tool purchases [1][2]. Group 2: Company-Specific Insights - 中科蓝讯 reported EDA tool payables with a year-end balance of 5,309,734.52 yuan, down from 6,163,510 yuan at the beginning of the period [2][3]. - 普冉半导体 noted a 77% increase in intangible assets attributed to new EDA and IP purchases [5]. - 炬芯科技 indicated a 217% increase in other payables, primarily due to increased EDA tool procurement [7]. - 国民技术 reported EDA tool amortization of 370,000 yuan in long-term deferred expenses [14]. Group 3: Government Support and Risks - 晶晨股份 received government subsidies for EDA innovation applications [9]. - Several companies, including 恒玄科技 and 国科微, mentioned risks associated with EDA in their reports [13][16]. - 北京君正 received multiple EDA-related subsidies, highlighting government support for the industry [16].

Core Viewpoint - The Chinese innovative pharmaceutical industry is transitioning from imitation to original innovation, with significant growth in outbound transactions and a promising future for internationalization [4] Group 1: Market Performance - As of May 29, 2025, the Sci-Tech Innovation Board 100 Index (000698) rose by 1.63%, with notable increases in constituent stocks such as Borui Pharmaceutical (688166) up 9.66% and Zhixiang Jintai (688443) up 6.57% [3] - The Sci-Tech 100 Index ETF (588030) increased by 1.60%, with a latest price of 0.95 yuan and a turnover rate of 1.16%, totaling 71.56 million yuan in transactions [3] - Over the past year, the average daily transaction volume of the Sci-Tech 100 Index ETF reached 424 million yuan, ranking first among comparable funds [3] Group 2: Fund Growth and Performance - The Sci-Tech 100 Index ETF saw a significant increase in scale, growing by 94.45 million yuan over the past two weeks, ranking second among comparable funds [4] - In the past week, the ETF's shares increased by 99 million, also ranking first among comparable funds [5] - The ETF has experienced a net inflow of 71.08 million yuan over the last five trading days, indicating strong investor interest [5] Group 3: Financial Metrics - As of May 28, 2025, the Sci-Tech 100 Index ETF's net value increased by 19.94% over the past year, with a maximum monthly return of 27.67% since inception [5] - The ETF's management fee is 0.15% and the custody fee is 0.05%, making it the lowest among comparable funds [5] - The tracking error for the ETF over the past six months is 0.016%, indicating high tracking precision compared to similar funds [5] Group 4: Industry Insights - From the beginning of 2025 to the present, the total outbound transaction amount for innovative drugs has reached 45.5 billion USD, with upfront payments totaling 2.2 billion USD, suggesting a record year ahead [4] - Most domestic innovative drugs currently in the U.S. are in clinical stages, with significant potential for future growth as they progress towards commercialization [4]

Group 1 - The core point of the news is that Tongtai Digital Economy Stock C (012697) has experienced a decline of 1.22% on May 27, with a latest net value of 0.57 yuan, marking a cumulative drop of 4.3% over five consecutive trading days [1] - Since its establishment in July 2021, Tongtai Digital Economy Stock C has a fund size of 0.85 billion yuan and a cumulative return of -42.60% [1] - As of the end of 2024, institutional investors hold 1.59 billion shares of Tongtai Digital Economy Stock C, accounting for 79.12% of the total shares, while individual investors hold 0.42 billion shares, making up 20.88% [1] Group 2 - The current fund manager, Mr. Chen Zongchao, has a background in semiconductor research and has held various positions in investment and research roles before joining Tongtai Fund Management in June 2020 [2] - Mr. Chen has been managing Tongtai Digital Economy Stock C since July 27, 2021, and also manages other funds including Tongtai Industry Preferred Stock Fund and Tongtai New Energy Preferred 1-Year Holding Period Stock Fund [2] - As of March 31, 2025, the top ten holdings of Tongtai Digital Economy Stock C account for a total of 42.91%, with significant positions in companies such as Cambricon Technologies (5.91%), Haiguang Information (5.53%), and BYD (4.77%) [2]

Group 1 - The core viewpoint of the news is that Aojie Technology (688220.SH) is currently experiencing a decline in stock price, with a closing price of 77.00 yuan and a drop of 3.14%, indicating a state of being below the initial public offering price [1] - Aojie Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 14, 2022, with an initial stock price of 164.54 yuan per share and a total of 41.83 million shares issued [1] - The company raised a total of 6.883 billion yuan through its initial public offering, with a net amount of 6.546 billion yuan after deducting issuance costs, which was 4.166 billion yuan more than the originally planned amount of 2.380 billion yuan [1] Group 2 - The total issuance costs for Aojie Technology's initial public offering amounted to 337 million yuan, with underwriting and sponsorship fees accounting for 310 million yuan [2] - On April 11, 2025, Guotai Haitong Securities Co., Ltd. held a ceremony for its restructuring and renaming on the Shanghai Stock Exchange, marking the completion of the merger process with Guotai Junan [2]

Core Insights - Satellite baseband chips are crucial for integrated air-ground communication, with market growth accelerated by the explosion of low-orbit constellations and the maturation of direct satellite connection technology [1][15] - Chinese companies, represented by Huawei HiSilicon and Unisoc, are making significant technological breakthroughs, laying the foundation for a self-controlled industrial chain [1][15] - By 2028, the Chinese satellite baseband chip market is expected to exceed 28 billion yuan, forming a tripartite structure among the vehicle networking, consumer electronics, and low-altitude economy sectors [1][15] Industry Overview - Satellite baseband chips are the core components of satellite communication systems, responsible for digital signal conversion, modulation, demodulation, protocol control, and data processing [2][4] - The industry has evolved from reliance on imports to achieving significant domestic innovation, with key milestones including the launch of the first fully autonomous "Navigation No. 1" chip in 2008 [6][8] Current Market Analysis - The penetration rate of smartphones supporting satellite communication is projected to rise from less than 10% in 2023 to over 30% by 2025 [1][15] - The demand for vehicle-mounted satellite communication chips is expected to maintain an annual growth rate of over 50% due to the rapid development of smart connected vehicles [1][15] - The market for satellite communication chips in the low-altitude economy is anticipated to surpass 10 billion yuan in the next three years [1][15] Competitive Landscape - The industry exhibits a "pyramid" competition structure, with leading companies like Huawei HiSilicon and Huali Chuantong at the top, followed by firms like Unisoc and Hezhong Star [17][19] - The overall landscape is characterized by military-driven innovation, civilian market expansion, and breakthroughs in technology, with a focus on high-reliability military chips and consumer applications [19] Future Trends - The industry is expected to undergo a transformation driven by technological autonomy, expanding application scenarios, and collaborative development across the supply chain [22][25] - Key advancements include the development of multi-mode compatible chips and quantum-safe encryption technologies, which will help break foreign technology monopolies [24][26] - The satellite baseband chip sector is becoming a core infrastructure of national digital economy strategy, with projections indicating a potential market impact exceeding 3 trillion yuan [27]