Group 1 - The core viewpoint of the article is that Aojie Technology is progressing in its chip development, with the 6nm 4G octa-core mobile chip expected to be taped out by the end of September and the 5G mobile chip already having completed the tape-out process [1] Group 2 - Aojie Technology's chairman and chief strategy officer, Dai Baojia, provided updates on the company's chip development during the 2025 semi-annual performance meeting [1] - The company is focusing on advancing its technology in both 4G and 5G mobile chipsets, indicating a commitment to staying competitive in the semiconductor industry [1]

Company Overview - Aojie Technology Co., Ltd. is located in the China (Shanghai) Free Trade Pilot Zone and was established on April 30, 2015. The company went public on January 14, 2022. Its main business involves the research, design, and sale of wireless communication chips, along with customized chip services and semiconductor IP licensing services [1]. Financial Performance - For the first half of 2025, Aojie Technology achieved operating revenue of 1.898 billion yuan, representing a year-on-year growth of 14.67%. However, the net profit attributable to the parent company was -245 million yuan, showing a year-on-year increase of 7.29% in losses [2]. Stock Performance - As of September 10, Aojie Technology's stock price increased by 2.13%, reaching 96.58 yuan per share, with a total market capitalization of 40.399 billion yuan. The stock has risen 78.55% year-to-date, with a slight decline of 0.12% over the last five trading days [1]. Shareholder Information - As of June 30, the number of shareholders for Aojie Technology was 20,800, an increase of 5.28% from the previous period. The average circulating shares per person decreased by 5.01% to 17,307 shares [2]. Capital Flow - On September 10, the net outflow of main funds was 16.4331 million yuan, with large orders accounting for 26.69% of purchases and 23.98% of sales. Notably, large single orders saw a buy of 128 million yuan and a sell of 115 million yuan [1]. Business Segments - The revenue composition of Aojie Technology includes 92.39% from chip product sales, 6.64% from customized chip services, 0.96% from semiconductor IP licensing, and 0.02% from testing services and others [1]. Industry Classification - Aojie Technology is classified under the electronic-semiconductor-analog chip design sector, with involvement in various concept sectors including WIFI, NPU, security, and satellite navigation [2]. Institutional Holdings - As of June 30, among the top ten circulating shareholders, the largest institutional holder is the Harvest SSE STAR 50 ETF, holding 5.9607 million shares, an increase of 1.4495 million shares from the previous period. Conversely, Hong Kong Central Clearing Limited, the tenth largest shareholder, reduced its holdings by 924,900 shares to 442,650 shares [2].

9月5日，翱捷科技涨5.04%，截至发稿，报93.17元/股，成交6.69亿元，换手率2.04%，总市值389.73亿 元。 交银上证科创板100指数A（023050）基金经理为邵文婷。 截至发稿，邵文婷累计任职时间4年130天，现任基金资产总规模126.23亿元，任职期间最佳基金回报 40.52%， 任职期间最差基金回报-31.51%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，翱捷科技股份有限公司位于中国(上海)自由贸易试验区科苑路399号10幢8层(名义楼层9层)， 成立日期2015年4月30日，上市日期2022年1月14日，公司主营业务涉及无线通信芯片的研发、设计及销 售,同时提供芯片定制服务及半导体IP授权服务。主营业务收入构成为：芯片产品89.01%，芯片定制业 务9.92%，半导体IP授权1.04%，其他0.02%，其他业务0.01%。 从基金十大重仓股角度 数据显示，交银施罗德基金旗下1只基金重仓翱捷科技。交银上证科创板 ...

9月5日，翱捷科技涨5.04%，截至发稿，报93.17元/股，成交6.69亿元，换手率2.04%，总市值389.73亿 元。 资料显示，翱捷科技股份有限公司位于中国(上海)自由贸易试验区科苑路399号10幢8层(名义楼层9层)， 成立日期2015年4月30日，上市日期2022年1月14日，公司主营业务涉及无线通信芯片的研发、设计及销 售,同时提供芯片定制服务及半导体IP授权服务。主营业务收入构成为：芯片产品89.01%，芯片定制业 务9.92%，半导体IP授权1.04%，其他0.02%，其他业务0.01%。 截至发稿，王森累计任职时间1年345天，现任基金资产总规模15.6亿元，任职期间最佳基金回报 128.17%， 任职期间最差基金回报0.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，中航基金旗下1只基金重仓翱捷科技。中航远见领航混合发起A（021491）二季度增持3.69万 股，持有股数5.09万股，占基 ...

Core Viewpoint - Aojie Technology (688220.SH) is currently experiencing a decline in stock price, closing at 94.57 yuan with a drop of 3.08%, indicating it is in a state of underperformance since its IPO [1] Group 1: IPO Details - Aojie Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 14, 2022, with an initial stock issuance of 41.83 million shares at a price of 164.54 yuan per share [1] - The stock opened below its issue price on the first trading day, reaching a peak of 130.11 yuan, which remains the highest price since its listing [1] Group 2: Fundraising and Financials - The total amount raised from the IPO was 6.883 billion yuan, with a net amount of 6.546 billion yuan after deducting issuance costs, exceeding the initial fundraising plan by 4.166 billion yuan [1] - The company planned to raise 2.380 billion yuan for various projects, including new communication chip design, smart IPC chip design, and high-precision navigation solutions, among others [1] - The total issuance costs amounted to 337 million yuan, with underwriting and sponsorship fees accounting for 310 million yuan [1]

Core Insights - The company has a strong order backlog for its chip customization business, with expectations for significant revenue growth by 2026 compared to 2024 [2] - The new custom projects are based on 6nm and more advanced processes, indicating a focus on cutting-edge technology [2] - The company is optimistic about achieving record-high sales revenue for the year based on current shipment data and a rolling forecast from clients [2] Financial Performance - In 2024, the revenue from the chip customization business is projected to be 336 million yuan, accounting for 9.92% of total revenue, which represents a 48.38% increase compared to the same period last year [2]

Core Viewpoint - The company, Aojie Technology (688220), is experiencing growth in its custom chip business, with expectations for significant revenue increases in the coming years, particularly in 2026. Group 1: Business Model and Revenue Recognition - The company employs a Turnkey model for its custom chip business, providing comprehensive services from design to mass production, with revenue recognized upon client acceptance after project completion, typically taking 1 to 2 years [2] - During the mass production phase, the company charges based on a cost-plus principle, and the revenue from these sales is included in the custom chip business segment, not in self-developed chip sales [3] Group 2: Order Status and Revenue Forecast - The company has a strong order backlog in its custom chip business, with expectations for revenue to grow significantly in 2026 compared to 2024, although specific client details cannot be disclosed due to confidentiality agreements [4] Group 3: Product Development and Market Position - The company is focusing on developing wearable and cloud inference chips in collaboration with internet companies [5] - The company has advantages in AP (Application Processor) design, with expertise in complex chip designs and proprietary modules for graphics, image, and signal processing, positioning itself to meet demands in automotive and robotics sectors [6] Group 4: Market Outlook and Performance - The company is optimistic about the RISC-V server chip market and has initiated collaborations with several enterprises in this area, expecting strong sales growth in the second half of the year, traditionally a peak season for the semiconductor industry [7] - The company is advancing its 5G smartphone chip, which is in the late stages of development and is expected to enhance its product lineup starting in the second half of next year [10] Group 5: Financial Performance - For the first half of 2025, the company reported a main revenue of 1.898 billion yuan, a year-on-year increase of 14.67%, while the net profit attributable to shareholders was -245 million yuan, up 7.29% year-on-year [13] - The company’s gross margin stands at 24.72%, with a debt ratio of 16.05% [13] Group 6: Analyst Ratings and Predictions - Recent analyst reports indicate a positive outlook for the company, with three institutions giving buy ratings and a target price averaging 136.7 yuan [14]

Core Viewpoint - Aojie Technology (688220.SH) is currently experiencing a significant decline in stock price, with a closing price of 88.70 yuan and a drop of 8.27%, indicating a state of being below the initial public offering (IPO) price [1] Group 1: IPO Details - Aojie Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 14, 2022, with an issuance of 41.83 million shares at an initial price of 164.54 yuan per share [1] - The stock opened below the IPO price on its first trading day, reaching a maximum price of 130.11 yuan, which remains the highest price since its listing [1] - The total funds raised from the IPO amounted to 6.883 billion yuan, with a net amount of 6.546 billion yuan after deducting issuance costs, exceeding the original plan by 4.166 billion yuan [1] Group 2: Fund Allocation - The funds raised are intended for various projects, including the design of new communication chips, smart IPC chip design, high-precision navigation solutions, research center construction, and working capital supplementation [1] - The total issuance costs for the IPO were 337 million yuan, with underwriting and sponsorship fees accounting for 310 million yuan [2] Group 3: Underwriting Participation - The underwriting institution, Haitong Innovation Securities Investment Co., Ltd., participated in the offering by acquiring 2.00% of the total shares issued, amounting to 836,600 shares, with an investment of 138 million yuan, subject to a 24-month lock-up period [2]

Summary of the Conference Call for Aojie Technology Company Overview - Aojie Technology focuses on IoT communication baseband chips and is expanding into AI high-end wearable devices and emerging fields like RISC-V. The revenue from cellular baseband chips accounts for over 90% of total revenue, primarily used in IoT devices, while non-cellular IoT chip revenue is relatively small [2][6][20]. Key Points and Arguments Market Size and Growth - The baseband chip market is approximately $34 to $35 billion, with the IoT segment accounting for $4 to $5 billion. The mobile phone market contributes over $30 billion, with the IoT sector maintaining a compound annual growth rate (CAGR) of 10% to 15% [2][9][10]. - The mobile phone market is expanding into regions like India and the Middle East, with MediaTek and Spreadtrum dominating the low-end market. Spreadtrum is gradually increasing its market share, and Aojie’s 4G quad-core product shipments have doubled year-on-year [2][14]. Development and Product Focus - Aojie Technology was established in 2015, evolving from a team with a background in video technology. The company has built a complete communication baseband chip department through acquisitions and has made significant progress in AI [3][20]. - The company’s core products include cellular baseband chips and non-cellular IoT chips, with the latter covering technologies like Lora, WiFi, and Bluetooth, but contributing only about 7-8% of revenue [6][20]. - Future growth is expected in the mobile SoC sector, similar to the markets of MediaTek, Qualcomm, and Unisoc. Although R&D investments may pressure profits, overall business performance is anticipated to improve by 2026 [2][7][20]. Management and Shareholder Structure - Alibaba is the largest shareholder of Aojie Technology and is currently reducing its stake as it enters a normal recovery phase after years of investment. The management team remains stable, with key members having extensive experience in communication and SoC design [2][5][20]. Custom Chip and IP Business - Last year, revenue from custom chips and IP approached $340 million, with steady growth expected this year. However, significant growth is anticipated in 2026 due to new orders from AI and high-end wearable device clients [4][19][20]. Challenges and Trends - The design of baseband chips faces high barriers due to the need to integrate multiple channels and cover various frequency bands. The evolution from 2G to 5G has increased the number of frequency bands from a few to 50-70, complicating design efforts [12][13]. - The trend is moving towards integrating baseband functions into larger SoCs to meet space and performance demands [11]. Future Outlook - Aojie Technology is expected to transition its mobile business from a minor revenue contributor to a major growth driver, potentially surpassing IoT revenue in three to five years [16][20]. - The IoT market remains stable, with Aojie becoming a significant supplier of cellular base station chips, and international expansion efforts are underway [17][20]. Additional Important Information - The global 4G and 5G mobile market has over 400 million reachable devices, with a trend of increasing prices as products evolve from quad-core to octa-core and 5G [15][20]. - Aojie’s strategy includes leveraging its baseband communication business and expanding into AI ASIC and custom services, which are expected to drive strong growth [20].

Market Overview - The overseas AI chip index decreased by 1.44% this week, with Marvell down 13.88%, AMD down 3.06%, and Nvidia down 2.14%. MPS and TSMC experienced declines of less than 1% [1][2] - The domestic AI chip index increased by 11.3%, with companies like Rockchip, Loongson Technology, and Cambricon rising over 20%. Tongfu Microelectronics rose by 9.46%, SMIC by 8.06%, and GigaDevice by 5.37%. Aojie Technology saw a decline of 7.53% [1][2] - The Nvidia mapping index rose by 18.9%, with Changxin Technology up 39.07% and Megmeet up 29.09%. Other companies like Huadian Technology, Invec, Shenghong Technology, and Jianghai Technology also saw increases of over 20%, while Jingwang Electronics and Industrial Fulian rose around 17% [2] Industry Data - The expected compound annual growth rate (CAGR) for the semiconductor industry from 2024 to 2030 is 12.8%, with smartwatches showing competitive advantages in health data monitoring due to screen and sensor capabilities [3] - In Q2 2025, the DRAM revenues for SK Hynix, Samsung Electronics, and Micron are projected to be $12.2 billion, $9.6 billion, and $7.1 billion respectively, with SK Hynix expected to surpass Samsung in revenue starting Q4 2024 [3] - The European smartphone market is projected to see a 9% year-on-year decline in Q2 2025, with Samsung, Apple, and Xiaomi experiencing declines of 10%, 4%, and 4% respectively [3] Major Events - The Ministry of Industry and Information Technology issued guidelines aiming for over 10 million satellite communication users by 2030, promoting large-scale applications of mobile direct satellite services [4] - Tesla's humanoid robot, Optimus, is being trained using a pure vision approach, consistent with its autonomous driving technology strategy [4] - Horizon's revenue for the first half of 2025 reached 1.567 billion yuan, a year-on-year increase of 67.6%, with market shares for ADAS and autonomous driving solutions at 45.8% and 32.4% respectively [5]