Core Viewpoint - Ankai Micro (688620) announced a clarification regarding its smart recording pen solution developed in collaboration with partners, which utilizes the company's AK39 series chip and integrates multiple large language models [1] Group 1: Product Development - The smart recording pen solution was released on January 2025 and features the ability to analyze and integrate characteristics of different large models through optimization [1] - The product connects to DeepSeek's API interface, but it is important to note that DeepSeek's large model is not the only model integrated into the product [1] Group 2: Financial Impact - The newly launched product is expected to have a minimal short-term contribution to the company's revenue from chip sales [1] Group 3: Partnerships - Currently, the company has not engaged in any substantial cooperation with DeepSeek or its affiliates [1]

Core Viewpoint - Ankai Micro has been recognized for its technological innovation and leadership in the IoT smart hardware sector, as evidenced by its inclusion in the 23rd batch of provincial enterprise technology center recognition in Guangdong Province [1]. Group 1: Company Overview - Ankai Micro, established in April 2001, specializes in IoT smart hardware SoC chips, with key products including IoT camera chips and application processor chips, widely used in smart home, security, office, and industrial IoT sectors [2]. - The company has achieved a global market share of over 20% for its IoT camera chips in both 2022 and 2023, positioning itself strongly in the rapidly growing home camera market [2]. Group 2: Market Trends and Projections - The global shipment of home cameras is projected to reach 21.491 million units by 2025, with a compound annual growth rate (CAGR) of 19.3% [2]. - The demand for smart locks in China is expected to grow, with retail volume projected to reach 20.31 million units in 2024, a year-on-year increase of 8.6% [3]. Group 3: Technological Advancements - Ankai Micro has launched the Kongming second-generation chip supporting 4K resolution and is developing chips with 8K resolution and higher computing power [3]. - The company has made significant progress in its self-developed high-performance NPU, enhancing AI processing capabilities for IoT smart hardware [3]. Group 4: Research and Development - Ankai Micro's R&D investment exceeded 100 million yuan in the first three quarters of 2024, accounting for 23.91% of its revenue, reflecting a year-on-year increase of 22.27% [4]. - The company has established partnerships with several universities and research institutions to enhance its R&D capabilities and has over 600 patents in key technology areas [4]. Group 5: Industry Recognition - In addition to the recent recognition as a provincial enterprise technology center, Ankai Micro has received multiple certifications, including "Little Giant" enterprise and national intellectual property advantage enterprise, enhancing its brand influence [5]. Group 6: Future Business Strategy - Ankai Micro plans to expand its product offerings and enhance its market presence in Asia, Europe, and the Americas, aiming to capture growth opportunities in the IoT smart hardware market [8]. - The company emphasizes technological innovation as a key driver for improving gross margins and plans to introduce new products to expand into new market segments [8].

Financial Performance Forecast - The company expects a net loss attributable to shareholders of the parent company for 2024 to be between -63 million yuan and -49 million yuan, compared to a profit of 26.84 million yuan in the same period last year [4]. - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is projected to be between -69 million yuan and -55 million yuan [4]. - The total profit for the previous year was 18.78 million yuan, with a net profit attributable to shareholders of the parent company of 26.84 million yuan [5]. - The company reported earnings per share of 0.08 yuan in the previous year [6]. Market Conditions - The main reason for the performance change is increased competition in the semiconductor industry, which has pressured product prices despite an increase in sales volume [7]. Research and Development - The company continues to invest in research and development, with R&D expenses on the rise as part of its strategy for high-quality development [7]. Audit and Forecast Accuracy - The financial data in the performance forecast has not been audited by a registered accountant [5]. - The company has not identified any significant uncertainties that could affect the accuracy of the performance forecast as of the announcement date [8]. Investment Risks - Investors are advised to pay attention to investment risks as the forecast data is preliminary and subject to change upon the release of the audited annual report [9]. - The performance forecast period is from January 1, 2024, to December 31, 2024 [3].

广州安凯微电子股份有限公司 证券代码：688620 证券简称：安凯微 公告编号：2025-003 关于补充回购股份资金来源并收到《贷款承诺函》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。 广州安凯微电子股份有限公司（以下简称"公司"）召开了第二届董事会第 八次会议，审议通过了《关于以银行专项贷款补充股份回购资金来源的议案》， 同意公司回购股份的资金来源将由"自有资金"变更为"自有资金及金融机构的 借款"。现将有关情况公告如下： 一、 回购股份的基本情况及进展情况 公司于 2024 年 6 月 24 日召开第二届董事会第五次会议，审议通过了《关于 以集中竞价交易方式回购公司股份的预案》，同意公司使用不低于人民币 3,000 万 元（含）、不超过人民币 6,000 万元（含）的自有资金，以不超过人民币 12.60 元/ 股的价格，通过集中竞价交易方式回购公司股份，回购期限自董事会审议通过回 购股份方案之日起 12 个月内。 截至 2024 年 12 月 31 日，公司已通过上海证券交易所交易系统以集中竞价交 易方式累计 ...

Core Viewpoint - Ankai Micro (688620) has received a loan commitment letter from Shanghai Pudong Development Bank Guangzhou Branch for a loan amount not exceeding 20 million yuan, intended for stock repurchase purposes [1] Summary by Relevant Sections - **Loan Details** - Loan amount is capped at 20 million yuan [1] - Loan term is up to 36 months from the date of formal loan contract signing [1] - The specific use of the loan is designated for the company's stock repurchase [1]

2025第一波VC募资。 作者 I 刘博 报道 I 投资界PEdaily 投资界获悉，元禾璞华产业并购基金已完成首关，首关规模超12亿元，预计今年第二季度完成基金终关，终关规模不低于20亿元。此 次LP阵容中，基石投资人为苏州元禾控股股份有限公司、安徽省高新技术产业投资有限公司，华大九天、晶丰明源、安凯微等多家上 市公司、金融机构以及多地政府引导基金同样位列其中。 坚定信仰中国半导体产业的长期成长，悄然成为元禾璞华的底色。十年浮沉，这支队伍正向着远方再度出发。 并购基金打头阵 今年第一波超级募资 并购基金来得恰逢其时。 放眼国内，随着去年9月"并购六条"发布，一笔笔重磅并购交易目不暇接。然而并购市场热闹景象背后，交易多由上市公司发起，参与 者中主要投向半导体的并购基金鲜少看见。 与此同时，元禾璞华新一期PE基金和新一期VC基金，分别与上海、北京、江苏等多地政府引导母基金合作设立，同样将在今年一季度 完成首关，基金规模均在10亿- 2 0亿元。募资数十亿，这样一幕放在"募资难"的背景下显得弥足珍贵。 LP总是用脚投票。2024年是元禾璞华成立的十周年，迄今基金管理规模过百亿，累计投资约20 0家半导体和硬科技企 ...

财联社12月30日电，安凯微在投资者关系活动中表示，公司在芯片中加入NPU以满足端侧智能化处理需 求，如智能视觉、智能交互、智能音频等，应用于智能家居、智能安防、智能穿戴、智能交通等领域。 已量产的0.5T OPS和2T OPS算力的视觉SoC适用于家用摄像机、安防摄像机等。 公司客户包括ROKU、TP-LINK、涂鸦智能、小米有品等，出口收入占比超过50%，产品销往亚洲、欧 洲及美洲等地。 对于可穿戴设备等新兴硬件的应用，公司已有产品规划。 ...

Group 1: Company Overview and Market Position - The company focuses on the development of intelligent edge chips, integrating NPU for smart applications such as smart home, security, and manufacturing [2][3] - In 2023 and the first half of 2024, the company's export revenue exceeded 50%, significantly contributing to its growth [3][6] - The company aims to expand its presence in various sectors, including smart home, smart manufacturing, and smart retail [3][6] Group 2: Product Applications and Technology - The company has developed visual SoCs with 0.5T OPS and 2T OPS capabilities for applications in home cameras and security systems [5][6] - The company plans to integrate multiple IP technologies (ISP, audio, NPU) into single chips to enhance product functionality [3][6] - The company is actively developing products for emerging markets, including wearable devices [3][6] Group 3: Competitive Strategy - The company addresses market competition through continuous technological innovation and product development [6] - It emphasizes collaboration with customers and partners to adapt to market changes and reduce supply chain costs [6][6] - The company is working to increase its market penetration in the smart lock sector by leveraging its technological advantages [6]

Investment Rating - The report assigns an "Overweight" rating to the company, indicating a positive outlook for its stock performance [25][26] Core Views - The company is expected to benefit from strong demand in the IoT chip terminal market, with projected revenue growth rates of 25%, 23%, and 20% for 2024-2026, respectively [9] - The IoT application processor chip business is anticipated to see significant growth, with revenue growth rates of 40%, 50%, and 50% for 2024-2026, driven by the expansion of smart city, smart home, and industrial IoT applications [9] - Other business segments are expected to grow at a steady rate of 20% annually from 2024 to 2026 [9] Financial Projections - Total revenue is projected to increase from CNY 729.29 million in 2024 to CNY 1,178.85 million in 2026, with a compound annual growth rate (CAGR) of 27.38% [10] - Gross margins for the IoT series chips are expected to improve from 15% in 2024 to 23% in 2026, reflecting better competitive positioning and product upgrades [9][10] - The company's PS (Price-to-Sales) ratio is forecasted to be 6.31x, 4.93x, and 3.90x for 2024-2026, respectively, which is below the average of comparable companies [10][11] Industry and Company Overview - The company specializes in IoT smart hardware SoC chips, with products widely used in smart home, security, office, and industrial IoT applications [25] - It has a significant market share in the global home camera market, exceeding 20% in both 2022 and 2023 [25] - The company is advancing its IoT camera chip technology towards higher resolution (up to 8K), enhanced AI capabilities, and improved power efficiency [23] Valuation and Peer Comparison - The company's valuation metrics (PS ratio) are lower than those of peers such as Allwinner Technology, Beken Corporation, and Telink Semiconductor, indicating potential undervaluation [11] - The report highlights the company's strong R&D capabilities, with over 75% of its IP being self-developed, which supports continuous innovation and product iteration [25]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [19]. Core Views - The company is positioned to benefit from the accelerating demand for intelligent hardware driven by AI applications, with the smart hardware market in China expected to exceed 2 trillion RMB by 2026 [5]. - The company specializes in the research, design, testing, and sales of IoT smart hardware core SoC chips, with current products including IoT camera chips and IoT application processor chips [5]. - The introduction of the second-generation chip series, featuring dual-core RISC-V architecture and integrated AI capabilities, aligns with the trend towards edge intelligence [5]. - The company has launched a comprehensive smart lock solution, which is expected to see significant business growth in the coming year [5]. - Continuous product iterations are aimed at reducing power consumption and enhancing market competitiveness, with advancements in manufacturing processes [5]. Financial Summary - The company is projected to achieve net profits of 30 million, 70 million, and 100 million RMB for the years 2024, 2025, and 2026 respectively [5]. - Revenue is expected to decline by 9.14% in 2024, followed by a recovery with growth rates of 35% and 30% in 2025 and 2026 respectively [6]. - The EBITDA is forecasted to be negative in 2024 but will rebound significantly in the following years [6]. - The company’s asset-liability ratio stands at 8.3%, indicating a strong financial position [3].