Group 1: Industry Overview - The BLDC motor drive control chip industry has significant market potential due to the advantages of BLDC motors, such as high reliability, low vibration, high efficiency, low noise, and energy savings, alongside decreasing semiconductor manufacturing costs [1] - The penetration rate of BLDC motors in downstream applications, including computing and communication devices, transportation, power tools, and industrial and automotive sectors, is continuously increasing [1] Group 2: Company Performance - The company achieved a revenue of 600 million yuan in 2024, representing a year-on-year growth of 45.94%, and a net profit attributable to shareholders of 222 million yuan, up 27.18% year-on-year [2] - In Q1 2025, the company reported a revenue of 171 million yuan, a year-on-year increase of 47.34%, while the net profit attributable to shareholders was 50 million yuan, a slight decrease of 0.29% year-on-year [2] Group 3: Competitive Advantages - The company possesses core advantages in chip technology, motor drive architecture, and motor technology, utilizing its proprietary ME core architecture specifically designed for motor control, unlike many domestic MCU manufacturers that use ARM Cortex-M [3] - The company has made forward-looking research and development investments in sensorless algorithms and motor vector control algorithms, expanding the application fields of high-performance motors [3] - The company can propose specific driving methods tailored to customer motor characteristics, optimizing the performance of motor systems [3] Group 4: Growth Outlook - The company is expected to benefit from the growing demand in the industrial sector, with additional growth potential from the automotive and robotics sectors, driving net profit growth [3] - The net profit forecast for 2025-2026 has been raised to 307 million yuan and 406 million yuan, respectively, with a new forecast for 2027 set at 538 million yuan, corresponding to PE ratios of 61/46/34X [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns [6]. Core Insights - The BLDC motor drive control chip industry has significant market potential due to the increasing penetration of BLDC motors in various end-user sectors such as computing, communication, industrial, and automotive applications [2]. - The company focuses on the research and development of high-performance motor drive control chips, leveraging its proprietary processor architecture to gain a competitive edge in the market [2][4]. - The company is expanding into emerging fields, particularly in industrial servo applications, driven by the growing demand for data center cooling solutions [3]. Financial Performance - In 2024, the company achieved a revenue of 600 million yuan, representing a year-on-year growth of 45.94%, and a net profit of 222 million yuan, up 27.18% from the previous year [3][5]. - The revenue forecast for 2025 is set at 841 million yuan, with a growth rate of 40.02%, and the net profit is expected to reach 307 million yuan, reflecting a growth rate of 37.86% [5][9]. - The company's earnings per share (EPS) is projected to increase from 1.89 yuan in 2023 to 5.83 yuan by 2027 [5][12]. Profitability and Valuation - The company is expected to benefit from increasing demand in the industrial sector, with net profit forecasts for 2025 and 2026 adjusted upward by 20% and 25%, respectively [4]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 61, 46, and 34, respectively, indicating a favorable valuation trend [4][12]. - The company's gross margin is expected to remain stable around 53.5% in 2023, slightly decreasing to 52.5% by 2027 [11].

2025 年 6 月 3 日 公司研究 专注于电机驱动控制，成长空间广阔 ——峰岹科技（688279.SH）跟踪报告之二 要点 BLDC 电机驱动控制芯片行业市场空间广阔。BLDC 电机凭借高可靠性、低振动、 高效率、低噪音、节能降耗的性能优势以及半导体组件生产制造成本逐渐降低的 发展背景，BLDC 电机在计算机及通信设备、运动出行、电动工具、工业与汽车 等下游终端领域的渗透率不断提升。BLDC 电机下游应用呈现持续增长且渗透率 逐渐提高的特点，BLDC 驱动控制芯片行业市场空间持续增长。 公司专注于高性能电机驱动控制专用芯片的研发。国内集成电路产业起步较晚， 具体到电机驱动控制芯片领域，该细分领域长期由德州仪器（TI）、意法半导体 （ST）、英飞凌（Infineon）、赛普拉斯（Cypress）等国际大厂主导。公司专 注于高性能电机驱动控制专用芯片的研发，通过长期研发投入与技术积累，设计 出自主知识产权电机控制处理器内核架构，凭借技术性能优势及系统级服务优势 实现产品的广泛应用。 公司持续拓展新兴领域。2024 年，得益于数据中心算力需求带来服务器散热需 求的增加以及公司在工业领域持续的研发投入，公司产品在 ...

Group 1 - Several banks have suspended the issuance of 5-year large-denomination certificates of deposit (CDs), while 3-year CDs remain available but with limited quotas for certain clients [1] - The average selling price (ASP) of NAND Flash suppliers decreased by 15% quarter-on-quarter in Q1 2025, with total revenue for the top five brands dropping nearly 24% to $12.02 billion [1] - The global TV market saw a 2.4% year-on-year increase in shipment volume in Q1 2025, driven by stable demand in Western Europe and North America, along with government subsidies in China [1] Group 2 - The first domestic "liquid oxygen methane + stainless steel + sea soft landing recovery" rocket successfully completed its maiden sea flight recovery test, marking a significant technological breakthrough [2] - Zong Fuli has resigned as the legal representative of Xi'an Hengfeng Beverage Co., Ltd., with Zhu Lidan taking over the position [2] Group 3 - Kuaishou's Keling AI has launched a new 2.1 series model, offering competitive pricing for video generation, with 5-second videos costing as low as 20 inspiration points [3] - DJI has acquired land in Shenzhen for 2.287 billion yuan to establish a global headquarters for its smart aviation system industry ecosystem [3] Group 4 - Li Auto reported a net profit of 647 million yuan in Q1 2025, a year-on-year increase of 9.4%, with total revenue reaching 25.9 billion yuan [4] - Futu Holdings' Q1 2025 revenue was 4.695 billion HKD, a year-on-year increase of 81.1%, with net profit rising by 97.7% [4] Group 5 - CSPC Pharmaceutical Group reported a revenue of 7.015 billion yuan in Q1, a year-on-year decrease of 21.9% [5] - The former general manager of Pacific Securities' Haikou branch was fined for violating stock trading regulations, with a total trading amount exceeding 30 million yuan [5] Group 6 - China State Construction Engineering Corporation has recently won three major projects with a total value of 8.23 billion yuan [6] - Jiahuan Technology has been awarded a construction service project for China Mobile, with a total contract value of 2.185 billion yuan [7] Group 7 - Xiaogoods City’s wholly-owned subsidiary won a bid for a core land parcel in Hangzhou for 568.71 million yuan, planning to build two 14-story office buildings [8] Group 8 - The ChiNext index rose by 1.37% in a market rebound, with over 4,400 stocks increasing in value, and more than 100 stocks hitting the daily limit [9]

关于发行境外上市股份（H 股） 获得中国证监会备案的公告 本公司董事会及全体董事保证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。 峰岹科技（深圳）股份有限公司（以下简称"公司"）正在进行申请发行 H 股股票并在香港联合交易所有限公司（以下简称"香港联合交易所"）主板上市 的相关工作。公司于近日收到中国证券监督管理委员会（以下简称"中国证监会"） 出具的《关于峰岹科技（深圳）股份有限公司境外发行上市备案通知书》（国合 函〔2025〕930 号）（以下简称"备案通知书"）。备案通知书主要内容如下： 一、公司拟发行不超过 26,554,400 股境外上市普通股并在香港联合交易所上 市。 证券代码：688279 证券简称：峰岹科技 公告编号：2025-030 峰岹科技（深圳）股份有限公司 三、公司完成境外发行上市后 15 个工作日内，应通过中国证监会备案管理 信息系统报告发行上市情况。公司在境外发行上市过程中应严格遵守境内外有关 法律、法规和规则。 二、自备案通知书出具之日起至本次境外发行上市结束前，公司如发生重大 事项，应根据境内企业境外发行上市有关规定 ...

Group 1 - The core viewpoint of the articles highlights the increasing trend of A-share companies, particularly in the semiconductor sector, pursuing dual listings in Hong Kong, driven by favorable regulatory policies and the need for global expansion [1][6][8] - The "A+H model" allows companies to access both domestic and international capital markets, enhancing their financial strength and market recognition [6][8] - Several semiconductor companies, including Zhaoyi Innovation, Unisoc, and others, have announced plans for Hong Kong listings, indicating a significant shift towards internationalization [2][4][5] Group 2 - The semiconductor companies aim to strengthen their global presence, with many explicitly stating that their Hong Kong listings are part of a strategy to enhance their international business operations and competitiveness [6][7] - The funds raised from these listings are primarily targeted at improving core technology capabilities, expanding product lines, and enhancing overseas sales networks [6][7] - Recent regulatory changes, such as the "Five Measures to Benefit Hong Kong" policy and adjustments to listing requirements, have made it easier for A-share companies to pursue dual listings in Hong Kong [7][8]

证券代码：688279 证券简称：峰岹科技 公告编号：2025-029 峰岹科技（深圳）股份有限公司 关于公司与专业投资机构共同投资 暨关联交易的进展公告 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、准确性和完整性依法承担法律责任。 一、 与专业机构共同投资暨关联交易概述 为借助专业投资机构的经验和资源，拓宽投资方式和渠道，把握峰岹科技（深 圳）股份有限公司（以下简称"公司"）所在行业相关创新应用领域的投资机会， 优化公司投资结构，公司拟作为有限合伙人，以自有资金出资人民币 2,800 万元 认购上海华科致芯创业投资合伙企业（有限合伙）（以下简称"华科致芯"）9.06% 的财产份额。具体情况以最终签署的《合伙协议》等法律文件为准。根据《上海 证券交易所科创板股票上市规则》相关规定，本次交易系与关联方共同对外投资， 构成关联交易，但不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。公司于 2025 年 3 月 31 日召开独立董事专门会议、2025 年 4 月 1 日召开的 第二届董事会第二十次会议、第二届监事会第十六次会议，审议通过了《关于公 ...

Investment Rating - The report maintains a "Recommendation" rating for the humanoid robotics industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [6]. Core Insights - The humanoid robotics sector is experiencing significant investment activity, with multiple companies securing substantial funding rounds, indicating strong market interest and growth potential [5][10][12]. - Partnerships between major tech firms, such as Huawei and UBTECH, are expected to enhance product development and application in industrial and household scenarios, further driving industry growth [2]. - The report highlights the emergence of autonomous logistics as a rapidly deployable application for embodied intelligence, with the potential to unlock a market exceeding 100 billion [12]. Summary by Sections Investment Activities - Skild AI is set to complete a $500 million financing round at a valuation of $4.2 billion, led by SoftBank and other prominent investors, aimed at expanding its robotics capabilities [1]. - Qianjue Robotics announced the completion of a multi-million angel round financing to accelerate technology development and product iteration [3]. - Ziyuan Robotics completed a multi-million A round financing, with funds directed towards the development of its end-to-end embodied intelligence model [5]. Strategic Partnerships - Huawei and UBTECH signed a comprehensive cooperation agreement to innovate in humanoid robotics, leveraging Huawei's technological capabilities and UBTECH's expertise [2]. - Yujian Technology and Tencent Cloud have deepened their strategic cooperation to accelerate innovation in embodied intelligence technology across various applications [4]. Market Performance - The humanoid robotics industry has shown strong performance metrics, with a notable increase in stock prices for key players, indicating robust investor confidence [17]. - The report outlines a significant increase in the number of financing events in the humanoid robotics sector, reflecting a growing interest from venture capital and institutional investors [18][20].

峰岹科技（深圳）股份有限公司 本公司董事会及全体董事保证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： 证券代码：688279 证券简称：峰岹科技 公告编号：2025-028 ? 是否涉及差异化分红送转：是 ? 每股分配比例 每股现金红利0.78元 ? 相关日期 股权登记日 除权（息）日 现金红利发放日 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 22 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 （1）本次差异化分红的方案 根据公司 2024 年年度股东大会审议通过的《关于公司 2024 年度利润分配预 案的议案》，公司拟以实施权益分派股权登记日登记的总股本扣减公司回购专用证 券账户中股份数量为基数，向全体股东每 10 股派发现金红利 7.8 元（含税）。2024 年度公司不进行资本公积转增股本，不送红股。如在利润分配预案披露之日起至 实施权益 ...

国泰海通证券股份有限公司 关于峰岹科技（深圳）股份有限公司 差异化分红事项的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 峰岹科技（深圳）股份有限公司（以下简称"峰岹科技"或"公司"）首次公开 发行股票并在科创板上市的持续督导保荐机构，根据《中华人民共和国证券法》 《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关法律、行政法规、部门规章及其他规范性文件的相关 规定，对峰岹科技 2024 年年度利润分配所涉及的差异化分红进行了核查，核查 情况及核查意见如下： 一、本次申请特殊除权除息处理的原因 2024 年 1 月 11 日，公司召开了第二届董事会第五次会议、第二届监事会第 五次会议，审议通过了《关于使用超募资金以集中竞价交易方式回购公司股份方 案的议案》，同意公司以超募资金通过集中竞价交易方式回购公司发行的人民币 普通股（A 股）。回购的股份将在未来适宜时机全部用于员工持股计划或股权激 励计划。回购的价格不超过人民币 178 元/股（含），回购的资金总额不低于人民 币 2,000 万元（含），不超过人民币 3,000 万元（含） ...