证券代码：688332 证券简称：中科蓝讯 公告编号：2025-021 深圳市中科蓝讯科技股份有限公司 第二届监事会第十九次会议决议公告 本公司监事会及全体监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、准确性和完整性承担法律责任。 一、监事会会议召开情况 性文件的规定及公司《2023 年限制性股票激励计划》的有关规定，审议程序合 法有效，不会对公司的财务状况和经营成果产生实质性影响，也不存在损害公司 及股东利益的情形。因此，监事会同意公司对 2023 年限制性股票激励计划股票 授予价格进行调整。 具体内容详见公司同日在指定信息披露媒体《上海证券报》《中国证券报》 《证券时报》《证券日报》及上海证券交易所网站（http://www.sse.com.cn）披露 的《关于调整公司 2023 年限制性股票激励计划股票授予价格的公告》（公告编号： 2025-023）。 3、会议以 2 票同意，0 票反对，0 票弃权，审议通过了《关于公司 2023 年 限制性股票激励计划第二个归属期归属条件成就的议案》，关联监事瞿涛先生回 避表决。 深圳市中科蓝讯科技股份有限公司（以下简称"公司"） ...

证券代码：688332 证券简称：中科蓝讯 公告编号：2025-020 深圳市中科蓝讯科技股份有限公司 第二届董事会第十九次会议决议公告 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、准确性和完整性承担法律责任。 一、董事会会议召开情况 深圳市中科蓝讯科技股份有限公司（以下简称"公司"）第二届董事会第十九次会议 通知于 2025 年 5 月 16 日以电子邮件方式向全体董事、监事及高级管理人员发出，会议 于 2025 年 5 月 23 日以通讯方式召开。本次会议由董事长黄志强先生主持，会议应出席 董事 5 名，实际出席董事 5 名，公司监事和高级管理人员列席本次会议。本次会议的召 集、召开及表决程序符合《中华人民共和国公司法》和《深圳市中科蓝讯科技股份有限 公司章程》等有关法律、行政法规、规范性文件的规定，会议决议合法有效。 二、董事会会议审议情况 1、会议以 4 票同意，0 票反对，0 票弃权，审议通过了《关于作废部分已授予尚未 归属的限制性股票的议案》，关联董事黄志强先生回避表决。 根据《2023 年限制性股票激励计划（草案）》（以下简称"《本激励计 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The year 2025 is expected to be a breakout year for AI glasses, with significant growth in sales and the emergence of domestic SoC (System on Chip) solutions [4][39] - The global AI glasses market is projected to reach 5.5 million units by 2025, with a CAGR of 97.4% over the next six years [26] - Major brands are entering the AI glasses market, leading to increased competition and innovation [4][39] Summary by Sections AI Glasses Market Overview - In Q1 2025, global AI glasses sales reached 600,000 units, a 216% increase year-on-year, driven primarily by the success of Ray-Ban Meta glasses [20] - The report highlights that over 60 manufacturers are currently developing AI glasses, indicating a highly competitive landscape [43] SoC and Component Analysis - The main control SoC accounts for approximately 30% of the total BOM (Bill of Materials) cost of AI glasses, significantly influencing product performance and user experience [5][29] - The report identifies three main SoC solutions: single-chip SoC, dual-chip SoC with a co-processor, and a main SoC with a separate ISP [6][50] Key Players and Products - Major companies such as Meta, Xiaomi, and various domestic brands are actively launching AI glasses, with Meta's Ray-Ban Meta leading in sales [39][40] - The report suggests monitoring companies in the AI glasses chip supply chain, including Hengxuan Technology, Aojie Technology, and others [6] Future Projections - The report anticipates that by 2025, Meta will release a new AI glasses model, Hypernova, which will include a heads-up display [32] - The competitive landscape is expected to intensify as more smartphone manufacturers and tech companies enter the AI glasses market [4][39]

Industry Overview - Global Bluetooth device shipments exceeded 5 billion units in 2023, with true wireless stereo (TWS) market shipments projected to reach 330 million units in 2024, a year-on-year growth of 13%, indicating a recovery to double-digit growth [1] - By 2028, annual Bluetooth device shipments are expected to reach 7.5 billion units, with a compound annual growth rate (CAGR) of 8% over the next five years, driven by the recovery of the consumer electronics market and the demand for IoT devices [1] Company Performance - **Hengxuan Technology**: In 2024, the company achieved revenue of 3.26 billion yuan, a year-on-year increase of 49.94%, and net profit of 459.52 million yuan, a significant increase of 271.70%, marking historical highs for both metrics [7] - **Jieli Technology**: Reported revenue of 3.12 billion yuan in 2024, with a net profit of 794 million yuan, representing a year-on-year growth of 27.03%, the highest net profit among the five companies [7] - **Zhongke Lanyun**: Achieved revenue of 1.82 billion yuan in 2024, a year-on-year increase of 25.72%, with net profit of 300 million yuan, up 19.38% [8] - **Tailin Microelectronics**: Reported revenue of 844 million yuan in 2024, a year-on-year increase of 32.71%, with net profit of 96.49 million yuan, up 93.87% [9] - **Juchip Technology**: Achieved revenue of 652 million yuan in 2024, a year-on-year increase of 25.3%, with net profit of 107 million yuan, up 63.8% [11] Technological Advancements - Bluetooth technology is evolving from a simple connector to an edge computing node, with AI-accelerated Bluetooth SoCs capable of real-time sensor data processing, significantly reducing response times [14] - The introduction of Bluetooth 5.2 has brought three major technical updates, enhancing transmission density, reducing latency, and improving signal security [13] - The Bluetooth SIG is collaborating with major companies to develop Gaming Audio Profile 1.0 (GAP 1.0) for improved audio output and reduced latency in gaming applications [12] Market Trends - The demand for Bluetooth chips is increasing due to consumer preferences for enhanced interaction experiences, leading to the development of SoC chips that integrate sensors and AI algorithms [15] - The market for Bluetooth AR/VR devices is expected to exceed 100 million units by 2028, with a CAGR of 45%, driven by low-latency features of Bluetooth 5.4 [14] - The shift from single consumer demand to full-scenario intelligence is redefining the market dynamics, positioning Bluetooth technology as a key enabler for smart connectivity across various applications [11][15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company reported a revenue of 1.819 billion yuan in 2024, representing a year-on-year growth of 25.72%, and a net profit of 300 million yuan, up 19.23% year-on-year [4] - The company is expanding its product matrix, with significant growth in Q4 2024, achieving a revenue of 571 million yuan, a year-on-year increase of 43.72% [4] - The company is focusing on AI edge market development and has introduced new products in the Bluetooth headset segment, enhancing its competitive edge [4][5] Financial Performance Summary - Revenue projections for the company are as follows: 1.819 billion yuan in 2024, 2.321 billion yuan in 2025, 2.945 billion yuan in 2026, and 3.628 billion yuan in 2027, with growth rates of 26% in 2024 and 28% in 2025 [2][4] - Net profit forecasts are 300 million yuan for 2024, 390 million yuan for 2025, 499 million yuan for 2026, and 630 million yuan for 2027, with growth rates of 19% in 2024 and 30% in 2025 [2][4] - The company's earnings per share (EPS) are projected to be 2.49 yuan in 2024, 3.24 yuan in 2025, 4.15 yuan in 2026, and 5.24 yuan in 2027 [2][4] Market Position and Strategy - The company is adopting a market-oriented R&D model, focusing on product performance and market demand, which has led to successful integration of its high-end chip series into various brand supply chains [4][5] - The company is actively increasing its R&D investment, with R&D expenses reaching 162 million yuan in 2024, representing 8.9% of revenue [4][5] - The company is leveraging the RISC-V instruction set architecture to reduce chip development costs, enhancing its competitive pricing [4][5]

Core Viewpoint - The company reported a significant increase in revenue and net profit for 2024, but faced challenges in Q1 2025 with declining net profit despite slight revenue growth Financial Performance - In 2024, the company achieved revenue of 1.819 billion yuan, a year-on-year increase of 25.72%, and a net profit attributable to shareholders of 300 million yuan, up 19.23% [1] - For Q1 2025, revenue was 367 million yuan, a year-on-year increase of 1.2%, but net profit decreased by 18.21% to 45 million yuan [1][3] - Q4 2024 saw substantial growth with revenue of 571 million yuan, a year-on-year increase of 43.72%, and net profit of 93 million yuan, up 71.53% [1] Gross Margin and R&D - The overall gross margin for 2024 was 22.92%, an increase of 0.36 percentage points year-on-year [2] - R&D expenses amounted to 162 million yuan, with an R&D expense ratio of 8.9%, down 2.43 percentage points year-on-year [2] - In Q1 2025, R&D expenses rose to 46 million yuan, a year-on-year increase of 53%, with an R&D expense ratio of 12.53% [3] Product Development and Market Strategy - The company is expanding its product matrix, launching new Bluetooth earphone products and optimizing power consumption and audio performance [2] - The introduction of the BT895X chip, featuring a multi-core architecture, aims to meet the demands of AI earphones for voice processing and high-speed audio transmission [2] - The company is adopting a market-oriented R&D model, focusing on product performance and market needs, which has led to successful integration of its high-end chip series into various brand supply chains [4] Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 390 million, 499 million, and 630 million yuan respectively, with corresponding PE ratios of 30, 23, and 19 [4]

Core Points - The company announced a cash dividend of 1.00 RMB per share, totaling 120,305,250 RMB for all shareholders [1][2][5] - The dividend distribution plan was approved at the annual shareholders' meeting on April 29, 2025 [1] - The record date for shareholders is set, and the cash dividend will be distributed through the China Securities Depository and Clearing Corporation [1][5] Dividend Distribution Details - The total number of shares for the dividend calculation is 120,305,250 shares [1] - The cash dividend will be distributed to shareholders who are registered by the end of the trading day on the record date [1] - For unrestricted shares, dividends will be distributed through the clearing system, while restricted shares will be distributed by the company itself [2][5] Tax Implications - For individual shareholders holding unrestricted shares for over one year, the dividend income is exempt from personal income tax, resulting in a net cash dividend of 1.00 RMB per share [2][3] - For shares held for less than one year, the tax will be calculated upon transfer, with a potential tax burden of 20% for shares held for one month or less [3][4] - For foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net cash dividend of 0.90 RMB per share [4]

证券代码：688332 证券简称：中科蓝讯 公告编号：2025-019 深圳市中科蓝讯科技股份有限公司2024年年度 权益分派实施公告 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。 重要内容提示： 每股现金红利1.00元 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/5/15 | 2025/5/16 | 2025/5/16 | 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深圳市中科蓝讯科技股份有限公司（以下简称"公司" 或"本公司"）2025 年 4 月 29 日的2024年年度股东大会审议通过。 二、分配方案 1. 发放年度：2024年年度 2. 分派对象： 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。 3. 分配方案： 本次利润分配以方案实施前的公司总股本120,305,250股为基数，每股派发现 金红利1.00元（含税），共计派发现金 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Insights - In Q1 2025, the company achieved revenue of 367 million yuan, a year-on-year increase of 1.20%, but a quarter-on-quarter decrease of 35.68%. The net profit attributable to shareholders was 45 million yuan, down 18.21% year-on-year and down 51.93% quarter-on-quarter. For the full year 2024, the company reported total revenue of 1.819 billion yuan, a year-on-year increase of 25.72%, and a net profit of 300 million yuan, up 19.23% year-on-year [3][4]. - The company is focusing on expanding its high-end brand customer base while maintaining strong growth in revenue and profit. In 2024, the company sold over 2 billion wireless audio chips, capturing a significant market share. It has successfully entered the supply chains of major brands such as Xiaomi, realme, Honor, and Philips, which will drive future growth [4][5]. - The company is investing heavily in R&D, with Q1 2025 R&D expenses reaching 46 million yuan, a year-on-year increase of 53.59%. This investment is aimed at product upgrades and meeting the fast-paced demands of the market [4][5]. Financial Summary - The company forecasts revenue growth from 1.819 billion yuan in 2024 to 2.354 billion yuan in 2025, representing a growth rate of 29.4%. Net profit is expected to rise from 300 million yuan in 2024 to 388 million yuan in 2025, with a growth rate of 29.2% [7][9]. - The projected earnings per share (EPS) are expected to increase from 2.49 yuan in 2024 to 3.22 yuan in 2025, with a price-to-earnings (PE) ratio decreasing from 41 to 31 over the same period [7][10].

Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Insights - In Q1 2025, the company achieved revenue of 367 million yuan, a year-on-year increase of 1.20%, but a quarter-on-quarter decrease of 35.68%. The net profit attributable to shareholders was 45 million yuan, down 18.21% year-on-year and down 51.93% quarter-on-quarter. For the full year 2024, the company reported total revenue of 1.819 billion yuan, a year-on-year increase of 25.72%, and a net profit of 300 million yuan, up 19.23% year-on-year [3][4]. - The company is focusing on expanding its high-end brand customer base while maintaining strong growth in revenue and profit. In 2024, the company sold over 2 billion wireless audio chips, capturing a significant market share. It has successfully entered the supply chains of several domestic and international brands, including Xiaomi and Philips, which will drive future growth [4][5]. - The company is investing heavily in R&D, with Q1 2025 R&D expenses reaching 46 million yuan, a year-on-year increase of 53.59%. This investment is aimed at product iteration and meeting the fast-paced demands of the market [4][5]. Financial Summary - The company forecasts revenue growth from 1.819 billion yuan in 2024 to 2.354 billion yuan in 2025, representing a growth rate of 29.4%. The net profit is expected to grow from 300 million yuan in 2024 to 388 million yuan in 2025, with a growth rate of 29.2% [7][9]. - The projected earnings per share (EPS) are expected to increase from 2.49 yuan in 2024 to 3.22 yuan in 2025, with a price-to-earnings (PE) ratio decreasing from 41 to 31 over the same period [7][9].