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].

Core Viewpoint - Aojie Technology (688220.SH) is currently facing a decline in stock price, with a drop of 6.64% to 89.48 yuan, indicating a state of being below its initial public offering (IPO) price [1] Financial Performance - In 2024, Aojie Technology reported a revenue of 3.39 billion yuan, representing a year-on-year increase of 30.23% compared to 2.14 billion yuan in 2022 [2][3] - The net profit attributable to shareholders was -693 million yuan in 2024, worsening from -505 million yuan in the previous year [2][3] - The company's net profit excluding non-recurring gains and losses was -707 million yuan in 2024, compared to -658 million yuan in 2023 [2][3] - The net cash flow from operating activities was -404 million yuan in 2024, an improvement from -678 million yuan in 2023 [2][3] IPO and Fundraising - Aojie Technology went public on January 14, 2022, with an IPO price of 164.54 yuan per share, raising a total of 6.883 billion yuan, which was 4.166 billion yuan more than initially planned [1] - The funds raised are intended for projects including new communication chip design and high-precision navigation solutions [1]

Market Overview - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity to the market [8] - The central bank also lowered the policy interest rate by 0.1 percentage points, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4% [8] - Major A-share indices opened higher but closed mixed, with the Shanghai Composite Index up 0.8% at 3342 points, Shenzhen Component Index up 0.22%, and ChiNext Index up 0.51% [1][2] Sector Performance Strong Performers - The aerospace and military sector saw significant gains, with stocks like Tongyi Aerospace rising over 25% and Chengxi Aviation hitting the daily limit [4][5] - Agricultural stocks also performed well, with Qiu Le Seed Industry up over 17% and Kangnong Seed Industry up over 10% [6][7] - The brain-computer interface sector showed strength, with stocks like Dineike and Qisheng Technology reaching the daily limit [9][10] Weak Performers - The gaming sector experienced declines, with stocks such as Deyun Network and Xunyou Technology dropping over 3% [11][12] - Semiconductor stocks were weak, with Aojie Technology falling over 6% and Longxun Technology down over 4% [13] Trading Volume - The total trading volume for the day reached 1.51 trillion yuan, an increase of 140.6 billion yuan compared to the previous trading day, with nearly 3300 stocks rising across the market [1]

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 国防军工 | 5.19 | 487.89 | 122.30 | 通易航天 | 29.96 | | 房地产 | 1.43 | 145.80 | 65.74 | 三湘印象 | 10.14 | | 银行 | 1.23 | 172.90 | 2.52 | 西安银行 | 3.48 | | 石油石化 | 1.03 | 53.51 | 5.62 | 润贝航科 | 10.01 | | 非银金融 | 0.96 | 473.39 | 67.83 | 弘业期货 | 10.02 | | 纺织服饰 | 0.89 | 121.53 | 21.77 | 华纺股份 | 10.17 | | 美容护理 | 0.74 | 48.32 | 5.13 | 登康口腔 | 4.99 | | 建筑装饰 | 0.72 | 142.82 | 5.38 | 山水比德 | 12.78 | ...

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 ...