证券代码：688332 证券简称：中科蓝讯 公告编号：2025-002 深圳市中科蓝讯科技股份有限公司 关于提前归还部分暂时补充流动资金的闲置募集资金的公告 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。 深圳市中科蓝讯科技股份有限公司（以下简称"公司"）于 2024 年 8 月 12 日召开 第二届董事会第十五次会议、第二届监事会第十五次会议，审议通过了《关于使用部分 闲置募集资金暂时补充流动资金的议案》，同意公司使用额度不超过人民币 20,000 万元 的闲置募集资金暂时补充流动资金，使用期限自董事会审议通过之日起12个月内有效， 保荐机构中国国际金融股份有限公司出具了同意的核查意见，具体内容详见公司 2024 年 8 月 14 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《关于使用部分闲置募集资 金暂时补充流动资金的公告》（公告编号：2024-031）。 2025 年 2 月 6 日，公司已将上述用于暂时补充流动资金的 ...

证券代码：688332 证券简称：中科蓝讯 公告编号：2025-001 深圳市中科蓝讯科技股份有限公司 关于提前归还部分暂时补充流动资金的闲置募集资金的公告 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。 深圳市中科蓝讯科技股份有限公司（以下简称"公司"）于 2024 年 8 月 12 日召开 第二届董事会第十五次会议、第二届监事会第十五次会议，审议通过了《关于使用部 分闲置募集资金暂时补充流动资金的议案》，同意公司使用额度不超过人民币 20,000 万 元的闲置募集资金暂时补充流动资金，使用期限自董事会审议通过之日起 12 个月内有 效，保荐机构中国国际金融股份有限公司出具了同意的核查意见，具体内容详见公司 2024 年 8 月 14 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《关于使用部分闲置 募集资金暂时补充流动资金的公告》（公告编号：2024-031）。 近日，公司已将上述用于暂时补充流动资金的 8,679.05 万 ...

2024 年度持续督导工作现场检查报告 上海证券交易所： 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意深圳市 中科蓝讯科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕 848号）核准，深圳市中科蓝讯科技股份有限公司（以下简称"中科蓝讯"或"公 司"）首次向社会公开发行人民币普通股3,000万股，每股发行价格为人民币91.66 元，募集资金总额为274,980.00万元；扣除承销及保荐费用、发行上市手续费用 以及其他发行费用共计16,057.24万元（不含增值税金额）后，募集资金净额为 258,922.76万元，并于2022年7月15日在上海证券交易所科创板挂牌上市。 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为 中科蓝讯的保荐机构，负责对中科蓝讯的持续督导工作。根据《证券发行上市保 荐业务管理办法》《上海证券交易所科创板股票上市规则（2024年4月修订）》 等有关法律、法规的规定，中金公司作为正在履行中科蓝讯持续督导工作的保荐 机构，对公司2024年1月1日至2024年12月31日期间（以下简称"本持续督导期 间"）的规范运作情况进行了现场检查，现就现场 ...

Group 1: Company Overview - Zhongke Lanyun specializes in the research, design, and sales of wireless audio SoC chips, focusing on Bluetooth headset chips, Bluetooth speaker chips, smart wearable chips, and AIoT voice recognition chips [2][3]. Group 2: Financial Performance - In the first three quarters of 2024, the company achieved a revenue of CNY 1.248 billion, representing a year-on-year growth of 18.91%. The net profit attributable to shareholders was CNY 207 million, with a year-on-year increase of 4.80%. The net profit excluding non-recurring items was CNY 175 million, up by 26.45% [3][5]. Group 3: Product Development and Market Strategy - The company has successfully passed Bluetooth 6.0 certification, becoming the first non-mobile chip manufacturer in China to achieve this milestone. The new chip series includes BT893x, BT895x, and BT897x, which offer efficient and stable connection technology [3][4]. - The high-end "Xunlong" series chips have gained recognition in the market, being adopted by brands such as Xiaomi, realme, and Anker [4][5]. Group 4: AI and Smart Wearable Products - The company is actively exploring the AI market, collaborating with ByteDance's Volcano Engine to provide hardware and software solutions for AI headphones. The BT895x chip supports high-performance AI applications [4][5]. - The smart wearable product line, particularly the AB568X and AB569X series, has received high industry recognition and is expected to significantly contribute to revenue growth and improve gross margins [5][6]. Group 5: Future Plans and Market Position - The company is exploring mergers and acquisitions to enhance its technological capabilities and product offerings, in line with national policies [5][6]. - Future product development will focus on smart wearable glasses, integrating advanced audio algorithms and cloud capabilities to enhance user experience [5][6].

Group 1 - The core point of the news is that Zhongke Lanyun's stock has reached the daily limit, with a trading price of 136.06 yuan and a trading volume of 9.03 billion yuan, indicating strong market interest [1] - In the Sci-Tech Innovation Board, 349 stocks are up while 218 are down, with notable gainers including Aojie Technology-U, Zhongke Lanyun, and Lexin Technology, while Weichuang Electric, Maixinlin, and Guangyun Technology have seen significant declines [1] Group 2 - On the funding side, Zhongke Lanyun experienced a net outflow of 9.57 million yuan in the previous trading day, but a net inflow of 6.81 million yuan over the past five days [2] - The latest margin trading data shows that as of December 10, the total margin balance for Zhongke Lanyun is 491 million yuan, with a financing balance of 491 million yuan, which decreased by 18.29 million yuan, a decline of 3.59% [2] - Over the past ten days, the total margin balance has increased by 117 million yuan, a growth of 31.43%, with the financing balance growing by 31.48% [2] - In terms of institutional ratings, Zhongke Lanyun received buy ratings from three institutions in the past month, with reports from Changcheng Securities and Zhongtai Securities recommending buy ratings, and a report from招商证券 suggesting an increase in holdings [2]

Group 1: Company Overview - Zhongke Lanyun specializes in the research, design, and sales of wireless audio SoC chips, with eight main product lines including Bluetooth headset chips and AI voice recognition chips [2] - The company’s products are widely used in TWS Bluetooth headsets, Bluetooth speakers, smart wearable devices, and IoT devices, and have entered the supply chain of major brands like Xiaomi, realme, and Anker [2] Group 2: Financial Performance - In the first three quarters of 2024, the company achieved a revenue of CNY 1.248 billion, representing a year-on-year growth of 18.91% [3] - The net profit attributable to shareholders was CNY 207 million, with a year-on-year increase of 4.80% [3] - The non-recurring net profit reached CNY 175 million, showing a significant growth of 26.45% year-on-year [3] Group 3: Product Development and Innovation - The company’s Bluetooth chips have successfully passed the Bluetooth 6.0 certification, becoming the first non-mobile chip manufacturer in China to achieve this [3] - The third-generation BT895x chip supports AI functions and has been integrated into the FIIL GS Links AI headphones, marking it as the second product in the market to support large model AI [4][5] - The company is collaborating with ByteDance's Volcano Engine to provide hardware and software solutions compatible with large model AI [4] Group 4: Market Strategy and Competitive Position - Since 2019, the company has been implementing a brand strategy, resulting in recognition and preference for its products in the mid-to-high-end market [4] - The high-end "Xunlong" series chips have been adopted by various brands, including realme and Anker, enhancing the company's market presence [4] - The company plans to continue expanding its AI wearable product offerings and deepen cooperation with large model AI technologies [6] Group 5: Future Outlook - The company aims to enhance its market competitiveness by continuously upgrading product performance and establishing a strong brand image [5][6] - Future developments will focus on smart wearable glasses and other AI applications, leveraging cloud-based AI capabilities [6]

Group 1: Company Overview - Zhongke Lanyun focuses on the research, design, and sales of wireless audio SoC chips, with eight main product lines including Bluetooth headset chips and AI voice recognition chips [2] - The company has established a supply system with major brands such as Xiaomi, Realme, and Philips, achieving a revenue of 1.248 billion CNY in the first three quarters of 2024, a year-on-year increase of 4.80% [2] Group 2: Financial Performance - The net profit attributable to shareholders for the first three quarters of 2024 reached 175 million CNY, representing a year-on-year growth of 26.45% [2] - The company's gross profit margin improved in Q3 2024 due to the launch of high-margin products and the seasonal increase in consumer demand [5] Group 3: AI and Product Development - The company has partnered with ByteDance's Volcano Engine to develop AI solutions for headphones, with the BT895x chip supporting high-performance voice processing and audio transmission [3] - The second-generation Xunlong chip has been recognized for its cost-effectiveness and is being adopted by various brands, including Realme and Anker [4] Group 4: Market Strategy and Future Plans - Zhongke Lanyun has been actively exploring mergers and acquisitions to enhance its technological capabilities and product offerings [4] - The company plans to invest in the development of smart wearable technology, including AI glasses, to strengthen its market position [5]

Group 1: Company Overview - Zhongke Lanyun specializes in the research, design, and sales of wireless audio SoC chips, with a product structure that includes eight main product lines such as Bluetooth headset chips and AI voice recognition chips [2] - The company’s products are widely used in brands like Xiaomi, realme, Baidu, and Anker, among others [2] Group 2: Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 1.248 billion CNY, representing a year-on-year growth of 18.91% [2] - The net profit attributable to shareholders was 207 million CNY, with a year-on-year increase of 4.80%, while the net profit excluding non-recurring items reached 175 million CNY, up by 26.45% [2] Group 3: Product Development and Market Strategy - Since 2019, the company has been implementing a brand strategy, gaining recognition in the mid-to-high-end market with its "Lanyun Xunlong" series high-end chips [3] - The company plans to launch the "Xunlong 2nd Generation +" chip in 2024, which has already been adopted by several brands for various audio products [3] Group 4: AI Integration and Future Plans - The Xunlong 3rd Generation BT895x chip supports AI functionalities and has been integrated into products like the FIIL GS Links AI headphones, marking it as the second product in the market supporting large model AI [4] - The company is collaborating with ByteDance's cloud service platform to enhance AI capabilities in its products, aiming to provide better user experiences in AI wearable solutions [4] Group 5: Market Trends and Competitive Edge - The company’s smart wearable products, particularly the AB568X and AB569X series, are expected to significantly boost revenue and improve gross margins due to their high performance and cost-effectiveness [4] - The company is actively exploring mergers and acquisitions to enhance its technological capabilities and product offerings in response to market demands [5]

Business Overview - Zhongke Lanyun focuses on the research, design, and sales of wireless audio SoC chips, with eight main product lines including Bluetooth headset chips and AI voice recognition chips [1] - The company has established a supply chain with major brands such as Xiaomi, realme, and Anker [1] Financial Performance - In the first three quarters of 2024, the company achieved a revenue of CNY 1.248 billion, a year-on-year increase of 18.91% [1] - The net profit attributable to shareholders reached CNY 207 million, up 4.80% year-on-year, while the net profit excluding non-recurring items was CNY 175 million, a growth of 26.45% [1] AI Product Development - The company has launched the BT895x chip, which supports AI functionalities and has been integrated into the FIIL GS Links AI headphones, marking it as the second product in the market to support this technology [2] - Collaborations with ByteDance's Volcano Engine aim to enhance AI capabilities in audio products, with features like real-time translation and meeting minutes already implemented [2] Market Strategy and Product Expansion - The company has been actively exploring mergers and acquisitions to enhance its technological capabilities and product offerings [2] - The introduction of high-end products, particularly the "Xunlong" series, has gained recognition in the mid-to-high-end market, with successful integrations into various audio brands [3] Smart Wearable Devices - The AB568X and AB569X series chips have been well-received in the smart wearable market, contributing to revenue growth and improved profit margins [4] - The company is also developing smart audio glasses, with existing chips already applied in products like MINISO's smart music glasses [4] Future Outlook - The company plans to continue enhancing its product performance and brand image to improve market competitiveness and operational sustainability [3][4]

Investment Rating - Buy (maintained) [1] Core Views - The company's flagship Xunlong 3rd Gen BT895x platform has integrated the Doubao large model, collaborating with professional audio brand FIIL to launch the second AI headset in the market with Doubao model integration [1][2] - The Xunlong 3rd Gen BT895x platform features a multi-core architecture (CPU+DSP+NPU) with high computing power and low power consumption, meeting the demands of AI headset edge computing for voice processing and high-speed audio transmission [2] - The company plans multi-stage collaboration with the Doubao model, currently supporting features like real-time translation, meeting minutes, and real-time dialogue, with more AI functionalities to be introduced for different usage scenarios [2] - AI headphones are expected to drive product value growth, with the company poised for both volume and price increases [2] - The company is a leading player in the domestic smart audio-video SoC industry, with downstream demand gradually recovering and product structure continuously optimizing [3] Financial Performance and Projections Revenue and Profit - Revenue (2022A): 1,080 million RMB, -4% YoY [1] - Revenue (2023A): 1,447 million RMB, +34% YoY [1] - Revenue (2024E): 1,773 million RMB, +23% YoY [1] - Revenue (2025E): 2,197 million RMB, +24% YoY [1] - Revenue (2026E): 2,707 million RMB, +23% YoY [1] - Net profit attributable to parent company (2022A): 141 million RMB, -39% YoY [1] - Net profit attributable to parent company (2023A): 252 million RMB, +79% YoY [1] - Net profit attributable to parent company (2024E): 283 million RMB, +12% YoY [1] - Net profit attributable to parent company (2025E): 380 million RMB, +35% YoY [1] - Net profit attributable to parent company (2026E): 480 million RMB, +26% YoY [1] Key Financial Ratios - EPS (2022A): 1.17 RMB [1] - EPS (2023A): 2.09 RMB [1] - EPS (2024E): 2.35 RMB [1] - EPS (2025E): 3.16 RMB [1] - EPS (2026E): 3.99 RMB [1] - ROE (2022A): 4% [1] - ROE (2023A): 7% [1] - ROE (2024E): 7% [1] - ROE (2025E): 9% [1] - ROE (2026E): 10% [1] - P/E (2022A): 73.6x [1] - P/E (2023A): 41.2x [1] - P/E (2024E): 36.7x [1] - P/E (2025E): 27.2x [1] - P/E (2026E): 21.6x [1] Q3 2024 Performance - Q3 revenue: 457 million RMB, +15.27% YoY, +6.77% QoQ [2] - Q3 net profit attributable to parent company: 72 million RMB, -15.10% YoY, -9.63% QoQ [2] - Q3 gross margin: 24.50%, +1.15 pct QoQ [2] - Q3 net margin: 15.76%, -5.65 pct YoY, -2.87 pct QoQ [2] - Q3 R&D expense ratio: 8.75%, -1.97 pct YoY, +0.76 pct QoQ [2] Market and Industry Analysis - The company's market value as of November 14, 2024: 10,365.50 million RMB [2] - The company's circulating market value as of November 14, 2024: 3,792.88 million RMB [2] - The company's stock price as of November 14, 2024: 86.16 RMB [2] - The company's total shares: 120.31 million [2] - The company's circulating shares: 44.02 million [2] Product and Technology - The Xunlong 3rd Gen BT895x platform is designed for AI headset edge computing, supporting high-speed audio transmission and voice processing [2] - The company's product portfolio includes the Xunlong 2nd Gen+, wearable AB568X, and AB569X series chips, which have gained market and customer recognition [2] - The company's AIoT, smart wearable, and wireless microphone product lines performed well in Q3 2024 [2]