Summary of Zhongke Lanyun's Conference Call Company Overview - **Company**: Zhongke Lanyun - **Industry**: Consumer Electronics, specifically focusing on Bluetooth audio products, smart wearables, and AI technology Key Financial Performance - **Q2 2025 Revenue**: 440 million CNY, up 3.83% YoY and 21% QoQ [1] - **Net Profit**: 86 million CNY, up 8.13% YoY and 92.10% QoQ [1] - **Net Profit Margin**: Close to 20%, up 7.18 percentage points QoQ [1][4] - **Non-GAAP Net Profit**: 74 million CNY, up 16.31% YoY and 101% QoQ [1][4] - **H1 2025 Revenue**: 810 million CNY, up 2.63% YoY [2] - **H1 2025 Net Profit**: 130 million CNY, down 2.61% YoY [2] - **R&D Expenses**: 75 million CNY, up 17.49% YoY [2] Product Performance - **Product Revenue Breakdown**: - Bluetooth Headphones: 60% of total revenue - Bluetooth Speakers: 18% - Smart Wearables: ~8%, up 40% YoY [1][5] - **High-End Products**: New BT897X and BT891X chips launched in June, contributing 14% to total revenue with a gross margin of 30-40% [1][6] - **Overall Gross Margin**: Improved across all product lines, with Bluetooth headphones at ~20%, speakers at 30%, and smart wearables also at 30% [7] Market Dynamics - **Market Challenges**: Slower growth in H1 2025 attributed to global consumer electronics market downturn and unfavorable consumption environment [1][8] - **Future Outlook**: Anticipation of a global consumption peak in H2 2025, with plans to launch new products and expand distribution channels [1][8] New Product Launches - **Upcoming Products**: AI glasses using the latest 896 chip, supporting real-time dialogue, translation, and voice recognition, expected to launch in September 2025 [10][17] - **Smart Toy Market**: Introduction of AI chips for smart toys, with expected launches in September 2025 [9] Strategic Investments - **Investments in GPU Companies**: Stake in domestic GPU firms, aiming for collaboration and potential investment returns from their IPOs [3][25] Technology and R&D - **RISC-V Architecture**: Full adoption of RISC-V architecture, offering advantages over ARM in terms of cost and optimization for IoT applications [3][22] - **Future R&D Plans**: Continuous product iteration and development across ten product lines, targeting high, mid, and low-end markets [26] M&A Strategy - **Acquisition Plans**: Focus on acquiring quality teams in the industry to enhance technological capabilities and performance growth [27] Conclusion - **Growth Expectations**: Zhongke Lanyun expects to maintain a growth trend into Q3 2025, driven by high-margin product launches and strategic market positioning [24]

Core Points - The STAR 50 Index will undergo sample adjustments effective after the market closes on September 12, 2025, as announced by the Shanghai Stock Exchange and China Securities Index Company [1] - Benefiting from the adjustments, the STAR 50 Index's total market capitalization will reach 3.1 trillion yuan, with a coverage ratio of 38.9%, while the STAR 100 Index will have a total market capitalization of 1.9 trillion yuan and a coverage ratio of 24.4% [3] - The combined market capitalization coverage ratio of the STAR 50, STAR 100, and STAR 200 indices will increase to 84.6%, reflecting a 0.5% improvement from before the adjustments [3] - The top five constituent stocks of the STAR 50 and STAR 100 indices remain largely unchanged, indicating a stable market capitalization structure within the STAR market [3] - The STAR 50 Index has seen a remarkable increase of 27.78% over just 14 trading days since August 12 [4] - The total scale of STAR index products has surpassed 320 billion yuan, with the flagship STAR 50 product exceeding 190 billion yuan, making it the fifth largest broad-based index product in the domestic market [4]

Group 1 - The board of directors of Shenzhen Zhongke Lanyun Technology Co., Ltd. held its 20th meeting on August 27, 2025, to discuss various agenda items, ensuring compliance with relevant laws and regulations [1][2][3] - The board approved the 2025 semi-annual report, which accurately reflects the company's financial status and operational results for the first half of 2025, confirming the report's authenticity and completeness [2][3] - The board also approved the special report on the use of raised funds, adhering to regulatory guidelines and internal management rules [3][4] Group 2 - The board agreed to conclude the IoT chip product R&D project and permanently supplement the remaining raised funds and interest income into working capital to improve fund utilization efficiency [4][5] - The timeline for the Wi-Fi and Bluetooth integrated chip R&D project and the Zhongke Lanyun R&D center construction project has been extended from August 2025 to August 2026 [5] - The board approved the temporary use of up to RMB 600 million of idle raised funds for working capital, with a validity period of 12 months, ensuring that these funds will not be used for stock trading or other non-compliant activities [6][7] Group 3 - The company is committed to enhancing quality and efficiency while providing returns to investors, as reflected in the semi-annual evaluation report of the "Quality Improvement and Efficiency Enhancement Return" action plan [7][8] - The board approved the reappointment of Tianjian Accounting Firm as the company's auditor for 2025, with the management authorized to negotiate audit fees based on actual business conditions [7][8]

Group 1 - The company reported total assets of approximately 4.66 billion RMB, an increase of 2.60% compared to the previous year [1] - The company's revenue for the reporting period was approximately 811.75 million RMB, reflecting a year-on-year increase of 2.63% [1] - The total profit for the period was approximately 136.55 million RMB, showing a decrease of 3.42% compared to the same period last year [1] Group 2 - The net profit attributable to shareholders was approximately 67.45 million RMB, indicating a significant decline [2] - The basic earnings per share were reported at 1.09 RMB, down 2.68% from the previous year [2] - The company had a total of 13,105 shareholders by the end of the reporting period [2] Group 3 - The company did not identify any significant risks that could materially affect its operations during the reporting period [1] - The company emphasized the importance of reviewing the full semi-annual report for detailed information on future development plans [1] - The report indicated that there were no major changes in the company's operational situation during the reporting period [5]

Group 1 - Zhongke Lanyun's stock price dropped by 5.07% to 121.51 yuan per share, with a trading volume of 383 million yuan and a turnover rate of 7.03%, resulting in a total market capitalization of 14.654 billion yuan [1] - The company, established on December 19, 2016, and listed on July 15, 2022, specializes in the research, design, and sales of wireless audio chips, with 99.83% of its revenue coming from chip sales [1] Group 2 - Among the top ten circulating shareholders of Zhongke Lanyun, the Jiashi Fund's ETF (588200) increased its holdings by 105,600 shares in the second quarter, now holding 1.1423 million shares, which accounts for 2.58% of the circulating shares [2] - The Jiashi ETF has a current scale of 27.806 billion yuan and has achieved a year-to-date return of 54.05%, ranking 180 out of 4222 in its category [2] Group 3 - The fund manager of Jiashi ETF is Tian Guangyuan, who has been in the position for 4 years and 175 days, with the fund's total asset size at 44.323 billion yuan [3] - During Tian's tenure, the best fund return was 127.14%, while the worst was -47.29% [3]

Group 1 - The A-share market saw a decline in the "star flash" concept stocks, with significant drops in several companies [1] - Chunzhi Technology hit the daily limit down, while Hengxuan Technology fell over 8% [1] - Other companies such as Qi Anxin, Huilun Crystal, and Aojie Technology experienced declines of over 7% [1] - Companies like Haoshanghao and Zhongke Lanyun also followed the downward trend [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved steady revenue growth in H1 2025, with a revenue of 812 million yuan, representing a year-on-year increase of 2.63%. The gross profit margin was 22.92%, up by 0.91 percentage points year-on-year, while the net profit attributable to shareholders was 131 million yuan, down by 2.61% year-on-year [7] - The company is focusing on penetrating existing market potential and enhancing its product offerings to meet diverse customer needs, which is expected to improve its market competitiveness and operational sustainability [7] - The company is seizing opportunities in the AI edge market, with its third-generation chips being integrated into various AI applications, indicating a strong commitment to innovation and collaboration with major platforms [7] Financial Summary - The company forecasts total revenue of 2,334 million yuan for 2025, with a year-on-year growth rate of 28.31%. The net profit attributable to shareholders is expected to reach 392 million yuan, reflecting a growth rate of 30.76% [1][8] - The earnings per share (EPS) is projected to be 3.25 yuan for 2025, with a price-to-earnings (P/E) ratio of 39.34 based on the latest diluted EPS [1][8] - The company maintains a strong balance sheet with a low debt ratio of 13.54% and a net asset value per share of 36.46 yuan for 2025 [6][8]

Core Viewpoint - Zhongke Lanyun's stock price increased by 3.56% on August 28, with a trading volume of 638 million yuan, indicating positive market sentiment towards the company [1] Financing Summary - On August 28, Zhongke Lanyun had a financing buy-in amount of 99.17 million yuan and a financing repayment of 85.85 million yuan, resulting in a net financing buy of 13.32 million yuan [1] - The total financing and securities balance for Zhongke Lanyun reached 379 million yuan, with the financing balance accounting for 6.67% of the circulating market value, indicating a high level compared to the past year [1] - In terms of securities lending, there were no shares repaid on August 28, with 1,600 shares sold short, amounting to 204,800 yuan at the closing price [1] Company Performance - As of June 30, Zhongke Lanyun reported a total of 13,100 shareholders, a decrease of 12.56% from the previous period, while the average circulating shares per person increased by 15.12% to 3,381 shares [2] - For the first half of 2025, Zhongke Lanyun achieved an operating income of 812 million yuan, a year-on-year increase of 2.63%, while the net profit attributable to shareholders decreased by 2.61% to 131 million yuan [2] - The company has distributed a total of 340 million yuan in dividends since its A-share listing [2] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders of Zhongke Lanyun included Xin'ao New Energy Industry Stock A as the largest shareholder with 1.4745 million shares, an increase of 272,000 shares from the previous period [3] - Other notable shareholders included Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF and Xin'ao Advanced Intelligent Manufacturing Stock A, both of which increased their holdings [3] - New entrants among the top ten shareholders included Yifangda Strategic Emerging Industries Stock A and Minsheng Jiayin Continuous Growth Mixed A [3]

格隆汇8月28日丨中科蓝讯(688332.SH)发布中报，2025上半年实现营业总收入8.12亿元，同比增长 2.63%；归属母公司股东净利润1.31亿元，同比下降2.61%；基本每股收益为1.09元。 ...

A3 中科蓝讯 中科蓝讯 (688332) 2025年半年度业绩说明会 形式:网络文字互动 会议时间 2025年9月5日（周五）15:00-16:00 出席嘉宾 识别小程序码 友起文字提问 黄志强 董事长 刘助展 董事兼总经理 副总经理兼董事会秘书 张任兵 式 Kh 财务总监 를 本露 独立董事 证券代码：688332 证券简称：中科蓝讯 公告编号：2025-033 重要内容提示： 深圳市中科蓝讯科技股份有限公司 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 9 月 5 日 前 访 问 网 址 https://eseb.cn/1qT75IU2KiY 或使用微信扫描下方小程序码进行会前提问，公司 将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行回 答。 一、说明会类型 关于召开 2025 年半年度业绩说明会的公告 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。 二、说明会召开的时间、地点和方式 （一）会议召开时间：2025 年 9 月 5 日（星期五）15:00-16:00 （二）会议召开地点 ...