Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][4]. Core Insights - The company, TaiLing Microelectronics, is a leader in low-power wireless IoT system-on-chip (SoC) technology, focusing on multi-protocol connectivity solutions that cater to smart home, wearable devices, and industrial IoT applications. Its products are widely adopted by major clients like Xiaomi and Alibaba, showcasing strong commercialization capabilities [2][3]. - The company has established a comprehensive low-power wireless IoT technology system through years of R&D, enhancing its competitive edge in the market. It has introduced new core technologies in 2024, further solidifying its position in BLE, Zigbee, and Thread protocols, while also expanding into edge AI applications [2][3]. - The company is diversifying its product matrix across high-value application scenarios, including smart audio, healthcare, and automotive electronics, which are expected to drive significant revenue growth in the coming years [2][3]. Summary by Sections Company Overview - TaiLing Microelectronics was founded in 2010 and specializes in the R&D, design, and sales of low-power wireless IoT chips. It has become a representative enterprise in this niche, with a complete range of products that meet international standards [16][19]. Financial Analysis - In 2023, the company achieved a revenue of 636.09 million yuan, a year-on-year increase of 4.4%. The revenue is projected to grow to 844.03 million yuan in 2024, reflecting a 32.69% increase, driven by a recovery in market demand and increased shipments from major clients [28][3]. Technology and Product Development - The company has developed a robust core technology system for low-power wireless IoT, covering chip design, protocol stack development, and large-scale networking. It has also introduced innovative products that help clients quickly implement solutions [43][44]. - The company’s product offerings include low-power Bluetooth chips, Zigbee chips, and multi-mode chips, which are recognized for their performance and reliability in various applications, including smart home and healthcare [20][46]. Market Position and Growth Potential - The company is well-positioned in the market with a diverse product matrix that spans smart home, healthcare, and automotive sectors. Its proactive approach in these high-growth areas is expected to enhance its revenue potential significantly [2][3].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][4]. Core Views - The company is positioned as a leader in low-power wireless IoT system-on-chip (SoC) technology, focusing on multi-protocol connectivity solutions that cater to various applications in smart homes, wearable devices, and industrial IoT [2][3]. - The company has a robust product matrix that includes Bluetooth, Zigbee, Thread, and Matter protocols, which are essential for the growing AIoT market [2][3]. - The company is expected to see significant revenue growth, with projected revenues of 11.50 billion, 14.81 billion, and 18.78 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 2.0 billion, 3.0 billion, and 4.3 billion yuan for the same years [3][4]. Summary by Sections Company Overview - The company, established in 2010, specializes in the design and sale of low-power wireless IoT chips and has become a representative enterprise in this field with a comprehensive product range [16][19]. - It has established a strong position in various sectors, including low-power Bluetooth, Zigbee, and Matter protocols, and has a significant presence in the 2.4G private protocol SoC market [16][19]. Financial Analysis - In 2023, the company achieved a revenue of 636.09 million yuan, a year-on-year increase of 4%, with significant growth expected in 2024, projecting revenues of 844.03 million yuan, a 32.69% increase [28][32]. - The company’s net profit for 2023 was 49.77 million yuan, with a forecasted increase to 97.41 million yuan in 2024, reflecting a 95.71% growth [28][32]. Technology and Product Development - The company has developed a complete core technology system for low-power wireless IoT, covering chip design, protocol stack development, and large-scale networking [43][44]. - It has introduced new core technologies in 2024, enhancing its competitive edge in BLE, Zigbee, and Thread protocols, and expanding into edge AI applications [2][43]. Market Opportunities - The company is diversifying its product applications across high-value sectors such as smart audio, healthcare, and automotive electronics, which are expected to drive future growth [2][3]. - The company has made strategic advancements in the smart audio market with Bluetooth audio chips and is developing medical monitoring devices based on Bluetooth technology [2][3].

Investment Rating - The report gives a "Buy" rating for the company with a target price of 45.2 CNY, compared to the current price of 36.35 CNY [6]. Core Insights - The company, TaiLing Microelectronics, is a leader in wireless IoT SoC, focusing on cutting-edge technology and binding with industry-leading clients. It has a strong market position in multiple protocol technologies, including low-power Bluetooth and Zigbee [1][3]. - The company has shown significant growth in recent financial performance, with a projected revenue of 844 million CNY in 2024, representing a year-over-year increase of 32.69%, and a net profit of 97.41 million CNY, up 95.71% year-over-year [2][24]. - The company is actively investing in R&D, with R&D expenses reaching 220 million CNY in 2024, accounting for 26.06% of revenue, and a total of 531 million CNY invested over the past three years [2][41]. Summary by Sections Company Overview - TaiLing Microelectronics, established in June 2010, specializes in the R&D, design, and sales of wireless IoT system-level chips, becoming a representative enterprise in the field with a comprehensive product range [1][13]. Financial Analysis - The company's revenue is primarily driven by IoT chips, which are expected to generate 765 million CNY in 2024, a 31.53% increase year-over-year. Audio chips are also experiencing rapid growth, with projected revenue of 76 million CNY, up 61.98% year-over-year [24][26]. - The company has achieved a gross margin of 48.34% in 2025, with IoT chip margins at 47.17% and audio chip margins significantly higher at 58.36% [28][41]. R&D Analysis - The company emphasizes R&D as a driver of growth, with a focus on developing new technologies and products, including the launch of AI chips and advancements in low-power wireless communication standards [35][38]. - In 2024, the company introduced the TL721X series AI chips and the TLEdgeAI-DK development platform, marking its entry into the AIoT era [4][36]. Industry Analysis - The global SoC market is projected to reach approximately 186.48 billion USD by 2025, with a compound annual growth rate of 8.01% from 2025 to 2030 [43][44]. - The low-power Bluetooth chip market is expected to grow from 3.36 billion USD in 2023 to 8.59 billion USD by 2032, indicating a robust demand for wireless communication technologies [48][52].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 45.2 CNY, compared to the current price of 36.35 CNY [6]. Core Insights - The company, TaiLing Microelectronics, is a leader in wireless IoT SoC, focusing on cutting-edge technology and binding with industry-leading clients. It has a strong market position in multiple protocol technologies, including low-power Bluetooth and Zigbee [1][3]. - The company has shown significant growth in recent financial performance, with a projected revenue of 844 million CNY in 2024, representing a year-on-year increase of 32.69%, and a net profit of 97.41 million CNY, up 95.71% year-on-year [2][24]. - The company is heavily investing in R&D, with R&D expenses reaching 220 million CNY in 2024, accounting for 26.06% of revenue, and a total of 531 million CNY invested over the past three years [2][41]. Summary by Sections Company Overview - TaiLing Microelectronics, established in June 2010, specializes in the R&D, design, and sales of wireless IoT system-level chips, becoming a representative enterprise in the field with a comprehensive product range [1][13]. Financial Analysis - The company's revenue is primarily driven by IoT chips, which are expected to generate 765 million CNY in 2024, a 31.53% increase year-on-year. Audio chips are also experiencing rapid growth, with projected revenue of 76 million CNY, up 61.98% year-on-year [24][26]. - The company has achieved a gross margin of 48.34% in 2025, with IoT chip margins at 47.17% and audio chip margins significantly higher at 58.36% [28][41]. R&D Analysis - The company emphasizes R&D-driven growth, with a focus on developing new technologies and products, including the launch of AI chips and advancements in low-power wireless communication standards [35][36]. - In 2024, the company introduced the TL721X series AI chips and the TLEdgeAI-DK development platform, marking its entry into the AIoT era [4][36]. Industry Analysis - The global SoC market is projected to reach approximately 186.48 billion USD by 2025, with a compound annual growth rate of 8.01% from 2025 to 2030 [43]. - The low-power Bluetooth chip market is expected to grow from 3.36 billion USD in 2023 to 8.59 billion USD by 2032, indicating a robust demand for wireless communication technologies [48][52].

证券代码：688591 证券简称：泰凌微 公告编号：2025-025 泰凌微电子（上海）股份有限公司 关于调整2024年度利润分配现金分红总额的公告 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、准确性和完整性依法承担法律责任。 具 体 情 况 详 见 公 司 于 2025 年 4 月 18 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《泰凌微电子（上海）股份有限公司2024年度利润 分配预案的公告》（公告编号：2025-015）。 二、2024年度利润分配方案调整情况 公司于2025年5月19日完成了2023年限制性股票激励计划首次授予部分第一 个归属期归属的股份登记工作，本次归属股票数量为743,536股，并于2025年5 月23日上市流通，公司股本总数由240,000,000股增加至240,743,536股。具体内 容详见公司于2025年5月21日在上海证券交易所网站（www.sse.com.cn）披露的 《泰凌微电子（上海）股份有限公司关于2023年限制性股票激励计划首次授予 部分第一个归属期归属结果暨股票上 ...

Core Viewpoint - The company reported its best-ever first-quarter financial performance in 2025, with significant revenue and net profit growth driven by increased demand in various markets [2] Financial Performance - In Q1 2025, the company's revenue reached 230 million yuan, a year-on-year increase of 42.47% - The net profit attributable to shareholders was 35.71 million yuan, marking a turnaround from losses in the previous year [2] Growth Drivers - The revenue growth was attributed to three main factors: 1. Increased penetration of digitalization and intelligence in downstream industries, leading to higher shipment volumes from major and new customers in the IoT and audio markets 2. New sales contributions from vertical markets such as smart gateways 3. Mass production of new products like edge AI chips [2] Future Development Directions - The company plans to continue expanding into IoT vertical markets, high-end gaming accessories, and the smart electric vehicle market while maintaining competitiveness in the domestic industry [3] - Future profit growth is expected to come from: 1. Continued growth in IoT business (smart remote controls, electronic price tags, smart homes) 2. High-speed growth in audio business leveraging low-latency technology and AI upgrades 3. New products and applications, including the edge AI market and WiFi chip increments [3] R&D Investment - The company increased its R&D investment to 220 million yuan in 2024, a year-on-year growth of 27.35% - Future plans include accelerating R&D processes and enhancing capabilities in AI and advanced manufacturing processes [3] Market Expansion - The company aims to expand its presence in overseas markets, particularly in the US, Europe, and Asia-Pacific, by participating in major international exhibitions and targeting high-potential niche markets [4] - The wireless connection chip industry is expected to see new growth opportunities due to the rapid development of AI and big data, with increasing demand for high-performance, low-power chips in IoT and smart devices [4]

Meeting Overview - The shareholders' meeting of TaiLing Microelectronics (Shanghai) Co., Ltd. was held on May 28, 2025, at the China (Shanghai) Pilot Free Trade Zone [1] - The meeting was convened by the board of directors and chaired by Chairman Wang Weihang, utilizing a combination of on-site and online voting methods [1] Attendance and Voting Results - A total of 117 ordinary shareholders attended the meeting, representing 17.9432% of the company's voting rights [1] - The voting results showed that the majority of ordinary shareholders voted in favor of the proposals, with 41,930,316 votes (98.8086%) in favor and 505,566 votes (1.1914%) abstaining [2] - The proposals were passed with significant support, indicating strong shareholder confidence [2] Legal Compliance - The lawyers from Zhonglun Law Firm confirmed that the meeting's convening and voting procedures complied with relevant laws, regulations, and the company's articles of association, ensuring the legality and validity of the meeting [3]

Group 1 - The legal opinion letter confirms the legality of the convening and holding procedures of the 2024 annual shareholders' meeting of TaiLing Microelectronics (Shanghai) Co., Ltd. [2][5][10] - The meeting was convened by the company's board of directors and announced on the Shanghai Stock Exchange website on May 8, 2025 [4][5]. - A total of 117 shareholders participated in the meeting, representing 42,435,882 shares, which is 17.9432% of the total voting shares [5][6]. Group 2 - The meeting utilized both on-site and online voting methods, with specific time slots for online voting on May 28, 2025 [4][6]. - All proposed resolutions were reviewed and voted on, with results indicating unanimous approval for key items such as the 2024 annual financial report and profit distribution plan [6][7][9]. - The legal opinion concludes that the qualifications of the conveners and attendees, as well as the voting procedures and results, comply with relevant laws and regulations [10].

证券代码：688591 证券简称：泰凌微 公告编号：2025-024 泰凌微电子（上海）股份有限公司 2024年年度股东会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 5 月 28 日 3、 董事会秘书李鹏先生出席会议；副总经理金海鹏先生、财务总监边丽娜女士 列席会议。 二、 议案审议情况 （一） 非累积投票议案 （二） 股东会召开的地点：中国（上海）自由贸易试验区盛夏路 61 弄 1 号 11 层 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 117 | | --- | --- | | 普通股股东人数 | 117 | | 2、出席会议的股东所持有的表决权数量（股） | 42,435,882 | | 普通股股东所持有表决权数量（股） | 42,435,882 | | 3、出席会议的股东所持有表决权数量占公司表决权 ...

北京市中伦（上海）律师事务所 关于泰凌微电子（上海）股份有限公司 2024 年年度股东会的 法律意见书 二〇二五年五月 法律意见书 北京市中伦（上海）律师事务所 关于泰凌微电子（上海）股份有限公司 2024 年年度股东会的 法律意见书 北京市中伦（上海）律师事务所（以下简称"本所"）接受公司的委托，指 派律师出席并见证公司2024年年度股东会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》 （以下简称"《股东会规则》"）、《律师事务所从事证券法律业务管理办法》 （以下简称"《证券法律业务管理办法》"）、《律师事务所证券法律业务执业 规则（试行）》（以下简称"《证券法律业务执业规则》"）等相关法律、行政 法规、规章、规范性文件及《泰凌微电子（上海）股份有限公司章程》（以下简 称"《公司章程》"）的规定，就本次会议的召集与召开程序、召集人资格、出 席会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： 1．本所律师仅就本次会议的召集与召开程 ...