Group 1 - The core viewpoint of the article is that the company, Tai Ling Microelectronics (Shanghai) Co., Ltd., is implementing a differentiated dividend distribution plan for the fiscal year 2024, following a share buyback program [1][4]. - The company has approved a share buyback plan using part of the raised funds and its own funds, with a total buyback amount between RMB 75 million and RMB 150 million [1]. - As of the date of the verification opinion, the company has repurchased 4,242,687 shares, accounting for 1.76% of the total share capital, which will not participate in profit distribution [2]. Group 2 - The differentiated dividend plan proposes a cash dividend of RMB 2.05 per 10 shares (including tax), totaling RMB 48,482,674.05 (including tax) [2]. - The total share capital of the company is 240,743,536 shares, and after deducting the repurchased shares, the actual participating share capital for the dividend distribution is 236,500,849 shares [2]. - The adjusted cash dividend per share is calculated to be RMB 0.205, maintaining the total distribution amount unchanged [2][3]. Group 3 - The sponsor institution, Guotou Securities, has verified that the differentiated dividend distribution complies with relevant laws and regulations, and does not harm the interests of the company or its shareholders [4].

Core Points - The company has approved a differentiated cash dividend distribution plan, with a cash dividend of 0.205 CNY per share [1][2] - The total number of shares participating in the distribution is 236,500,849 shares after excluding 4,242,687 shares held in the repurchase account [2][3] - The total cash dividend amount to be distributed is approximately 48,482,674.05 CNY, including tax [2][3] Dividend Distribution Details - The cash dividend distribution plan was approved at the annual shareholders' meeting on May 28, 2025 [1] - The company will not issue bonus shares or convert capital reserves into share capital for the 2024 profit distribution [1][2] - The reference price for ex-dividend trading will be calculated based on the formula provided, with no change in circulating shares [2][3] Taxation Information - Individual shareholders will not have personal income tax withheld at the time of dividend distribution; the actual cash dividend received will be 0.205 CNY per share [4][5] - Different tax rates apply based on the holding period of the shares, with a maximum tax rate of 20% for shares held for one month or less [4][5] - For qualified foreign institutional investors (QFII), a 10% withholding tax will be applied, resulting in a net cash dividend of 0.1845 CNY per share [5][6]

国投证券股份有限公司 关于泰凌微电子（上海）股份有限公司 差异化分红事项的核查意见 国投证券股份有限公司（以下简称"国投证券"或"保荐机构"）作为泰凌 微电子（上海）股份有限公司（以下简称"泰凌微"、"公司"或"发行人"） 首次公开发行股票并在科创板上市的保荐机构，根据《中华人民共和国公司法》 《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》等有关规定，对泰凌微2024年度利 润分配所涉及的差异化分红（以下简称"本次差异化分红"）相关事项进行了审 慎核查，具体情况如下： 一、本次差异化分红的原因 2024年2月26日，公司召开第二届董事会第三次会议、第二届监事会第三次 会议，审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》，同意 公司使用部分超募资金及自有资金，通过上海证券交易所交易系统以集中竞价交 易方式回购公司已发行的部分人民币普通股（A股）股份，回购股份的资金总额 不低于人民币7,500万元（含），不超过人民币15,000万元（含），回购股份在未 来适宜时机用于员工持股计划或股权激励，以及维护公司价值及股东权益并出售。 截至本核查 ...

证券代码：688591 证券简称：泰凌微 公告编号：2025-026 泰凌微电子（上海）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0.205元 2025 年 5 月 28 日，公司召开 2024 年年度股东会审议通过了《关于公司 2024 年度利润分配预案的议案》，公司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的股份为基数,向全体股东每 10 股派发现金红利 2.05 元（含 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 28 日的2024年年度股东会审议通过。 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. 差异化分红方案： （1）差异化分红方案 相关日期 | | 股权登记日 | 除权（息）日 | 现金红利发放日 | | ...

Group 1: Overall Industry Overview - The total import and export value of China's chip industry is projected to reach $545.14 billion in 2024, with a year-on-year growth of 12.32%, and a trade deficit of $226.14 billion, increasing by 5.97% [1] - In the first four months of 2025, the trade scale of the chip industry has already reached $179.61 billion, with a trade deficit of $66.73 billion [1] Group 2: Import Situation - In 2024, China's chip import volume is expected to be 549.18 billion units, reflecting a year-on-year increase of 14.52%, while the import value is approximately $385.64 billion, up by 10.38% [2] - For the first four months of 2025, the chip import volume is recorded at 181.33 billion units, with an import value of about $123.17 billion [2] - The import price of chips in China fluctuates between $0.60 and $0.80 per unit, remaining relatively stable due to the rapid development of the domestic IoT chip industry [5] Group 3: Export Situation - In 2024, China's chip export volume is projected to be 298.11 billion units, with a year-on-year growth of 11.31%, and the export value is expected to reach $159.50 billion, increasing by 17.31% [7] - In the first five months of 2025, the semiconductor export volume has reached 106.29 billion units, with an export value of $56.44 billion [7] - The export price of chips from China has shown a rising trend, increasing from $0.40 per unit in 2014 to $0.54 per unit in 2024, indicating improved self-innovation capabilities and increased market competitiveness [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Viewpoints - The company is deeply involved in the evolution of the Matter protocol technology, achieving "one device, multiple platform access" through its solutions like Matter over Thread and Matter over Wi-Fi, which are compatible with major smart platforms such as Apple Home, Google Home, and Amazon Alexa [7] - The introduction of the TL-EdgeAI development platform allows for local AI model deployment on devices, enabling smart control even in offline scenarios, thus reducing user costs and burdens [8] - Revenue projections for the company are estimated at 1.1 billion, 1.45 billion, and 1.9 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be 193.74 million, 301.69 million, and 424.53 million yuan for the same years, maintaining a "Buy" rating [9] Company Overview - The latest closing price of the company's stock is 35.65 yuan, with a total market capitalization of 8.6 billion yuan and a circulating market value of 5.9 billion yuan [4] - The company has a low debt-to-asset ratio of 5.9% and a high price-to-earnings ratio of 86.95 [4] - The largest shareholder is the National Integrated Circuit Industry Investment Fund [4] Financial Forecasts and Key Indicators - The company is projected to achieve a revenue growth rate of approximately 30% annually from 2025 to 2027, with net profit growth rates of 98.9% in 2025 and 55.7% in 2026 [11][12] - The earnings per share (EPS) is expected to increase from 0.80 yuan in 2025 to 1.76 yuan in 2027, indicating strong profitability growth [11][12] - The company's return on equity (ROE) is projected to rise from 7.7% in 2025 to 13.4% in 2027, reflecting improved financial performance [12]

Core Insights - The Bluetooth chip market is experiencing significant growth, with global shipments increasing from 4.2 billion units in 2018 to 5.3 billion units in 2022, representing a compound annual growth rate (CAGR) of 5.99%. It is projected to reach approximately 5.9 billion units by 2024 [1][14]. - The market is characterized by a strong international presence, with Nordic, Dialog, and Texas Instruments holding a combined 61% share of the global BLE chip market. Chinese companies are emerging through differentiated strategies, focusing on low-power Bluetooth chips and specific application scenarios [1][14]. - The Bluetooth chip industry is expected to penetrate various applications, including smart industrial devices, automotive equipment, smart city solutions, and smart home technologies, driving rapid growth in the Chinese Bluetooth chip sector [1][14]. Industry Overview - Bluetooth chips are integrated circuits that enable short-range wireless communication, applicable in audio transmission, data transfer, and location services. They can be categorized into classic Bluetooth chips and BLE (low-energy) chips [4][15]. - The industry has evolved since the 1990s, with significant advancements driven by the rise of IoT, autonomous driving, and 5G technologies, leading to a high growth phase starting in 2017 [6][15]. Market Dynamics - The Bluetooth chip industry value chain consists of upstream resource providers, midstream chip manufacturers, and downstream users. Upstream includes design tool suppliers and wafer manufacturers, while midstream focuses on Bluetooth chip manufacturers providing various products [8][15]. - The Chinese Bluetooth chip industry is still in its early stages but holds substantial growth potential, especially with the advent of the metaverse era [1][14]. Key Players - Notable companies in the Bluetooth chip sector include: - **Yuchip Technology**: Focuses on low-power AIoT chip design, with significant revenue from smart audio SoC chips [29]. - **Hengxuan Technology**: Specializes in low-power wireless computing SoC chips, with a strong presence in smart wearable and home markets [31]. - **Zhongke Blue Communication**: Engages in wireless audio SoC chip development, covering various product lines [28][31]. - **Tai Ling Microelectronics**: Recently went public, focusing on low-power Bluetooth and Zigbee technology chips [28]. - **Jieli Technology**: Concentrates on system-level chips for audio and wearable devices [28]. Future Trends - The industry is expected to see technological innovations that enhance performance, including higher bandwidth and lower latency, driven by the adoption of Bluetooth 5.4 and subsequent versions [33]. - Application scenarios are diversifying beyond traditional consumer electronics into smart homes, wearables, and automotive electronics, with increasing demand for reliable solutions in B2B markets [34]. - Domestic Bluetooth chip companies are strengthening collaborations across the supply chain, aiming for a complete ecosystem from design to application, with a noticeable trend towards domestic substitution in the face of international competition [35].

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].

Group 1 - The report highlights the impact of trade tensions between the US and China, noting that after the US initiated tariff threats in March 2018, multiple high-level talks occurred, but the US frequently changed its stance, leading to a breakdown in negotiations and escalation of conflicts [2][29] - China's trade surplus has been increasing since 2020, with a projected total trade surplus of $1,105.3 billion by April 2025, compared to an average of $385.1 billion from 2018 to 2019 [2][29] - The report suggests that the domestic industrial production index is recovering, with specific sectors like methanol and polyester filament showing improvement, while others like Shandong refining and tires are declining [2][29] Group 2 - The report discusses the Chinese government's comprehensive financial policies aimed at stabilizing the market and expectations, including initiatives to boost the digital economy, with a target for the core digital economy to account for over 10% of GDP by 2025 [3] - The development of multimodal large models in technology is emphasized, with companies like ByteDance and Alibaba making significant advancements in AI capabilities [3] - The report indicates that the self-sufficiency strategy remains a long-term focus, driven by national policies and the need for domestic supply chain resilience, particularly in sectors heavily reliant on imports from the US [4][6] Group 3 - The report identifies key investment opportunities in sectors with low valuations, particularly in defense, pharmaceuticals, and electronics, while suggesting a focus on the rhythm of industry development [6] - The report notes that the semiconductor industry is expected to see continued growth, driven by advancements in AI and the release of new products, particularly in the context of AI glasses and storage solutions [21][22] - The report highlights the performance of the REITs market, with a focus on infrastructure projects and the increasing activity in the sector, indicating a positive outlook for future growth [32]