市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 科大讯飞：第三季度净利润1.7亿元，同比增长202.40%；前三季度净亏损6667.5万元；第三季度营收为 60.78亿元，同比增长10.02%。 ...

[Report Overview](index=1&type=section&id=Report%20Overview) This section provides an important notice regarding the authenticity and accuracy of the quarterly report and confirms that the financial statements are unaudited [Important Notice](index=1&type=section&id=Important%20Content%20Notice) This report emphasizes that the Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of information disclosure, affirm the financial information's authenticity, and state that the quarterly financial report is unaudited - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report[3](index=3&type=chunk) - The company's head, chief accountant, and head of accounting department declare that the financial information is true, accurate, and complete[3](index=3&type=chunk) - The third-quarter financial accounting report is unaudited[4](index=4&type=chunk) [Key Financial Data](index=2&type=section&id=I.%20Key%20Financial%20Data) This section presents the company's key accounting data, financial indicators, non-recurring gains and losses, and explanations for significant changes in financial performance [Key Accounting Data and Financial Indicators](index=2&type=section&id=%28I%29.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) iFLYTEK maintained healthy operating development in Q3 2025, with positive growth in operating revenue, net profit attributable to shareholders, non-recurring net profit, and operating cash flow, notably a **202.40%** year-on-year increase in net profit attributable to shareholders; the company made significant progress in AI core technologies and the "iFLYTEK Spark" large model, solidifying its autonomous and controllable advantages in domestic computing power and expanding its leading position in large models for education and healthcare, ranking first in the industry for large model project wins by number and amount Key Financial Indicators for Q3 2025 and Year-to-Date | Indicator | Current Period (yuan) | YoY Change in Current Period | Year-to-Date (yuan) | YoY Change Year-to-Date | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 6,078,496,951.37 | 10.02% | 16,989,434,774.08 | 14.41% | | Net Profit Attributable to Listed Company Shareholders | 172,251,812.40 | 202.40% | -66,675,426.29 | 80.60% | | Net Profit Attributable to Listed Company Shareholders Excluding Non-recurring Gains and Losses | 26,238,946.77 | 76.50% | -337,930,808.45 | 27.83% | | Net Cash Flow from Operating Activities | — | — | 122,671,557.01 | 114.94% | | Basic Earnings Per Share (yuan/share) | 0.0745 | 206.58% | -0.0288 | 80.66% | | Diluted Earnings Per Share (yuan/share) | 0.0745 | 207.85% | -0.0288 | 80.58% | | Weighted Average Return on Net Assets | 0.98% | 0.65% | -0.38% | 1.65% | | Total Assets | 43,288,324,449.52 | 4.36% (vs. end of prior year) | | | | Owners' Equity Attributable to Listed Company Shareholders | 17,798,268,273.51 | 0.03% (vs. end of prior year) | | | - The "iFLYTEK Spark" large model maintains a first-tier industry position in domestic computing power, with the "iFLYTEK Spark X1" upgraded version launched on July 25 benchmarking against OpenAI o3 and significantly leading in hallucination governance accuracy[6](index=6&type=chunk) - From January to September, iFLYTEK ranked first in the industry for the number and amount of large model-related project wins, with Q3 winning bids totaling **545 million yuan**, 1.88 times the sum of the second to fifth-ranked companies[6](index=6&type=chunk) - In the first three quarters of 2025, the number of new developers exceeded **1.22 million**, with **690,000** new large model developers, accelerating industry empowerment[6](index=6&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=3&type=section&id=%28II%29.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **146 million yuan**, with a cumulative **271 million yuan** year-to-date, primarily from government subsidies, fair value change gains/losses, and non-current asset disposal gains/losses Non-recurring Gains and Losses Items and Amounts (Year-to-Date) | Item | Amount for Current Period (yuan) | Amount Year-to-Date (yuan) | | :--- | :--- | :--- | | Non-current Asset Disposal Gains and Losses | 411,696.94 | 5,865,063.77 | | Government Subsidies Included in Current Profit and Loss | 181,489,433.22 | 267,793,765.16 | | Gains and Losses from Changes in Fair Value and Disposal of Financial Assets and Liabilities | 2,816,111.71 | 60,463,998.66 | | Other Non-operating Income and Expenses | -12,814,295.42 | -13,934,828.56 | | Less: Income Tax Impact | 22,733,068.96 | 41,609,405.58 | | Minority Shareholder Equity Impact (after tax) | 3,157,011.86 | 7,323,211.29 | | **Total** | **146,012,865.63** | **271,255,382.16** | - The company does not classify non-recurring gains and losses as recurring gains and losses[8](index=8&type=chunk) [Changes and Reasons for Key Accounting Data and Financial Indicators](index=3&type=section&id=%28III%29.%20Changes%20and%20Reasons%20for%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, several balance sheet and income statement items experienced significant changes, with construction in progress and right-of-use assets decreasing due to capitalization and reduced new leases, while development expenditures grew by **44.04%** reflecting increased R&D investment; short-term borrowings and bonds payable significantly increased, indicating higher financing activities, and investment income surged by **1088.15%** due to the disposal of UBTECH shares; operating cash inflows increased by **52.42%** due to higher government subsidies, and cash paid for investments rose by **356.26%** due to increased external investments - Construction in progress decreased by **91.01%** from the beginning of the period, primarily due to an increase in capitalized projects during the current period[9](index=9&type=chunk) - Development expenditures increased by **44.04%** from the beginning of the period, primarily due to increased R&D investment during the current period[9](index=9&type=chunk) - Short-term borrowings increased by **502.26%** from the beginning of the period, primarily due to new borrowings within one year during the current period[9](index=9&type=chunk) - Investment income increased by **1088.15%** year-on-year (an increase of **20.79 million yuan**), primarily due to the disposal of UBTECH shares during the current period[9](index=9&type=chunk) - Cash received related to other operating activities increased by **52.42%** year-on-year, primarily due to increased government subsidies received during the current period[10](index=10&type=chunk) - Cash received from investments increased by **1662.80%** year-on-year, primarily due to funds received from employee stock ownership plans during the current period[10](index=10&type=chunk) [Shareholder Information](index=4&type=section&id=II.%20Shareholder%20Information) This section details the total number of common shareholders and the shareholding structure of the top ten shareholders at the end of the reporting period [Total Number of Common Shareholders and Top Ten Shareholders' Holdings](index=4&type=section&id=%28I%29.%20Total%20Number%20of%20Common%20Shareholders%20and%20Number%20of%20Preferred%20Shareholders%20with%20Restored%20Voting%20Rights%20and%20Top%20Ten%20Shareholders%27%20Holdings) As of the end of the reporting period, the company had **355,987** common shareholders, with China Mobile Communications Group Co., Ltd. holding **10.03%** as the largest shareholder and Mr. Liu Qingfeng holding **5.55%**; China Mobile Communications Group Co., Ltd. remained the largest holder among the top ten unrestricted shareholders - The total number of common shareholders at the end of the reporting period was **355,987**[12](index=12&type=chunk) Top 10 Shareholders' Holdings at the End of the Reporting Period | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | China Mobile Communications Group Co., Ltd. | State-owned Legal Person | 10.03% | 231,800,495 | 0 | | Liu Qingfeng | Domestic Natural Person | 5.55% | 128,297,167 | 96,222,875 | | USTC Assets Management Co., Ltd. | State-owned Legal Person | 3.25% | 75,076,787 | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 3.05% | 70,596,844 | 0 | | Anhui Yanzhi Technology Co., Ltd. | Domestic Non-state-owned Legal Person | 2.48% | 57,291,611 | 0 | - Anhui Yanzhi Technology Co., Ltd. is a company controlled by Mr. Liu Qingfeng[13](index=13&type=chunk) [Other Significant Matters](index=5&type=section&id=III.%20Other%20Significant%20Matters) This section outlines the company's plan to issue A-shares to specific objects in 2025 for fundraising purposes, pending regulatory approvals [2025 Plan for Issuing A-Shares to Specific Objects](index=5&type=section&id=2025%20Plan%20for%20Issuing%20A-Shares%20to%20Specific%20Objects) The company has approved the 2025 plan to issue A-shares to specific objects, intending to raise no more than **4 billion yuan** from no more than **35** specific investors for the Spark Education large model and typical products, computing power platform, and supplementing working capital; this plan is subject to approval by the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission before implementation - The company plans to issue no more than **100,000,000** A-shares to no more than **35** specific investors, raising no more than **4 billion yuan**[14](index=14&type=chunk) - The raised funds will be used for the Spark Education large model and typical products, computing power platform, and supplementing working capital[14](index=14&type=chunk) - This issuance plan is subject to approval by the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission before implementation[15](index=15&type=chunk) [Quarterly Financial Statements](index=6&type=section&id=IV.%20Quarterly%20Financial%20Statements) This section provides the company's consolidated balance sheet, income statement, and cash flow statement for the quarter, along with information on new accounting standards and the audit status [Financial Statements](index=6&type=section&id=%28I%29.%20Financial%20Statements) This section presents iFLYTEK's consolidated balance sheet as of the end of Q3 2025, and the consolidated income statement and cash flow statement for the year-to-date, detailing the company's financial position, operating results, and cash flows [Consolidated Balance Sheet](index=6&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of September 30, 2025, the company's total assets were **43.288 billion yuan**, a **4.36%** increase from the beginning of the period, with total current assets at **24.915 billion yuan** and total non-current assets at **18.373 billion yuan**; total liabilities were **24.418 billion yuan**, and total owners' equity was **18.870 billion yuan**, notably with short-term borrowings increasing by **502.26%** and bonds payable adding **802 million yuan** Key Items of Consolidated Balance Sheet (Sept 30, 2025 vs Dec 31, 2024) | Item | Period-end Balance (yuan) | Period-start Balance (yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Total Assets | 43,288,324,449.52 | 41,478,899,803.20 | 4.36% | | Total Current Assets | 24,915,182,721.84 | 24,062,142,022.92 | 3.55% | | Total Non-current Assets | 18,373,141,727.68 | 17,416,757,780.28 | 5.50% | | Short-term Borrowings | 1,864,930,866.98 | 309,655,185.59 | 502.26% | | Bonds Payable | 801,992,666.67 | - | New | | Total Liabilities | 24,417,926,391.89 | 22,764,027,052.88 | 7.27% | | Total Owners' Equity Attributable to Parent Company | 17,798,268,273.51 | 17,793,386,034.67 | 0.03% | - Construction in progress period-end balance was **92.838 million yuan**, a significant decrease from **1.033 billion yuan** at the beginning of the period, primarily due to an increase in capitalized projects during the current period[9](index=9&type=chunk)[18](index=18&type=chunk) - Development expenditures period-end balance was **2.357 billion yuan**, an increase of **44.04%** from **1.636 billion yuan** at the beginning of the period, primarily due to increased R&D investment during the current period[9](index=9&type=chunk)[18](index=18&type=chunk) [Consolidated Income Statement Year-to-Date](index=9&type=section&id=2.%20Consolidated%20Income%20Statement%20Year-to-Date) As of September 30, 2025, the company achieved total operating revenue of **16.989 billion yuan**, a **14.41%** year-on-year increase, with net profit attributable to parent company shareholders at **-67 million yuan**, significantly reducing losses by **80.60%** compared to **-344 million yuan** in the prior year, driven by increased other income, investment income, and reduced non-operating expenses Key Items of Consolidated Income Statement (Year-to-Date) | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 16,989,434,774.08 | 14,849,536,928.14 | 14.41% | | Total Operating Costs | 17,702,080,043.47 | 15,516,979,127.24 | 14.08% | | Operating Profit | -228,700,345.15 | -475,466,528.04 | 51.90% (Loss Reduction) | | Total Profit | -241,958,083.94 | -540,764,760.84 | 55.26% (Loss Reduction) | | Net Profit | -83,393,932.04 | -423,226,905.19 | 80.27% (Loss Reduction) | | Net Profit Attributable to Parent Company Shareholders | -66,675,426.29 | -343,704,233.43 | 80.60% (Loss Reduction) | | Other Income | 793,856,332.94 | 535,881,174.30 | 48.14% | | Investment Income | 22,698,245.99 | 1,910,378.75 | 1088.15% | - Selling expenses increased by **26.38%** year-on-year to **3.227 billion yuan**, reflecting increased investment in market expansion[9](index=9&type=chunk)[21](index=21&type=chunk) - Research and development expenses increased by **4.97%** year-on-year to **3.188 billion yuan**, indicating continuous investment in technological innovation[9](index=9&type=chunk)[21](index=21&type=chunk) [Consolidated Cash Flow Statement Year-to-Date](index=11&type=section&id=3.%20Consolidated%20Cash%20Flow%20Statement%20Year-to-Date) As of September 30, 2025, net cash flow from operating activities turned significantly positive to **123 million yuan** from **-821 million yuan** in the prior year, while net cash outflow from investing activities was **-2.238 billion yuan**, mainly due to increased payments for external investments; net cash inflow from financing activities was **1.759 billion yuan**, primarily driven by a **1662.80%** surge in cash received from investments and increased borrowings Key Items of Consolidated Cash Flow Statement (Year-to-Date) | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 122,671,557.01 | -820,935,015.09 | 114.94% (Turned Positive) | | Net Cash Flow from Investing Activities | -2,238,051,588.20 | -2,376,374,311.15 | 5.82% (Reduced Outflow) | | Net Cash Flow from Financing Activities | 1,758,659,964.32 | 2,372,121,969.69 | -25.86% | | Cash Received from Investments | 417,051,293.00 | 23,658,458.50 | 1662.80% | | Cash Received from Borrowings | 4,705,860,853.67 | 4,114,691,280.47 | 14.37% | | Cash Paid for Debt Repayment | 2,829,302,175.28 | 1,244,331,173.60 | 127.38% | - Cash received from sales of goods and rendering of services increased by **16.26%** year-on-year to **17.438 billion yuan**[24](index=24&type=chunk) - Cash paid to and for employees increased by **16.37%** year-on-year to **4.446 billion yuan**[25](index=25&type=chunk) [Implementation of New Accounting Standards](index=13&type=section&id=%28II%29.%20Adjustments%20to%20Financial%20Statement%20Items%20at%20the%20Beginning%20of%20the%20First%20Year%20of%20New%20Accounting%20Standards%20Implementation%20from%202025) The company began implementing new accounting standards in 2025, but this reporting period did not involve adjustments to financial statement items at the beginning of the first year of implementation - The company has no adjustments to financial statement items at the beginning of the first year of new accounting standards implementation from 2025[27](index=27&type=chunk) [Audit Report](index=13&type=section&id=%28III%29.%20Audit%20Report) This quarterly financial accounting report is unaudited - The company's third-quarter financial accounting report is unaudited[27](index=27&type=chunk)

Group 1 - The report indicates that recent events suggest short-term volatility in the Hong Kong stock market may not have ended, but the long-term upward trend remains unchanged [1] - Economic data, US-China tariff news, US tech earnings, and the Fourth Plenary Session are expected to influence trading patterns and styles in the Hong Kong market [1][2] - The technology sector is facing increased volatility risks, with US tech earnings impacting the trading rhythm of Chinese tech stocks [1][2] Group 2 - The report highlights that the US stock market showed resilience despite concerns over US-China tensions and credit worries, with the Nasdaq leading gains at 2.1% [1][4] - Federal Reserve Chairman Powell's dovish stance suggests a likelihood of maintaining the current policy path, with a potential rate cut in October being the optimal solution [1][5] - The report notes that the average win rate for October over the past decade is low, while the advantages of November and December are relatively prominent [1][23] Group 3 - The report discusses the ongoing US government shutdown, which has entered its third week, potentially exacerbating negative impacts on the economy [3] - Concerns over credit quality in regional banks have emerged, but these are viewed as isolated incidents rather than indicative of a broader liquidity crisis [2][3] - The report emphasizes the importance of monitoring US-China trade relations, as further escalation could negatively impact the US economy and inflation risks [3][4] Group 4 - The report notes that developed markets saw an increase of 1.4% while emerging markets declined by 0.3% during the week [4][12] - The Hang Seng Tech Index fell by 8.0%, and the Hang Seng Index dropped by 4.0%, with public utilities leading sector gains [4][12] - The report highlights significant inflows into financials and non-essential consumer sectors, while the information technology sector experienced outflows [4][12] Group 5 - The report indicates that global stock ETFs saw a net inflow of $446.43 billion, with the US stock ETFs leading at $231.7 billion [7][49] - The technology sector was the top recipient of inflows among global stock ETFs, while the communication sector experienced the most significant outflows [7][51] - The report also notes that institutional investors marginally increased their holdings in gold, with significant inflows into major gold ETFs [6][54]

而在智慧城市展区，通过模拟一个烧烤油烟扰民的12345热线投诉，现场演示了AI如何实现从智能分 派、类案推荐、自动生成行政处罚决定书到批量电话回访的"一网统管"全闭环，体现了AI技术在城市治 理中提升效率的潜力。 近日，由招商证券主办的"相伴成长 共赢未来"走进上市公司深度调研系列活动走进了人工智能领域的 领军企业——科大讯飞股份有限公司（简称"科大讯飞"，002230）。本次活动通过高管深度访谈、业务 分享、展厅参观及分析师解读等环节，为投资者搭建了一个与企业管理层面对面交流的平台，全方位展 示了科大讯飞在通用大模型技术创新、行业应用落地及全球化布局方面的战略思考与卓越成就。 活动伊始，招商证券安徽分公司总经理王锋在致辞中表示，科大讯飞作为安徽乃至全国人工智能领域的 标杆企业，其近期市值再次突破千亿大关，充分证明了技术创新的商业价值。招商证券希望通过此类活 动，联合全景网等专业平台，帮助投资者打通从信息到认知的"最后一公里"，亲身体验企业的创新基因 与发展潜力。 虚实融合探展厅AI赋能千行百业 在充满科技感的展厅参观环节，虚拟主播小严以多国语言实时播报的欢迎辞正式拉开活动序幕。讲解员 系统回顾了科大讯飞自1 ...

科技巨头们，往往对翻译产品存在执念。 Windows 11 搭载了"实时字幕"选项，谷歌打造的AR眼镜能将传译内容投射到镜片之上，而几乎所有智能手机，都会内置一款名为"翻译"的原生App。科技 公司对于开发翻译产品的共识，都指向了人类打破语言藩篱的古老梦想。 实现这一科技愿景的过程中，还有一家科技公司无法被绕开，不论是讯飞翻译机、讯飞翻译SaaS还是讯飞翻译app，即便之于普通用户，包括同传翻译在内 的智能语音技术，早已令科大讯飞声名在外。 拥有这份用户认知不难理解。作为中国人工智能国家队，讯飞同传已累计服务全球50多个国家和地区；讯飞翻译机已触达超百万用户，翻译次数高达10亿 次；而根据国际咨询机构IDC的权威数据，科大讯飞在AI翻译速度、效果、专业度、拟人度、产品应用成熟度、商业化规模、研发投入及用户推荐度8大核 心维度中排名第一。 这些软硬件产品都折射出科大讯飞一条清晰的技术脉络：致力于打破全球对话壁垒。 因此，当10月14日科大讯飞推出"讯飞AI翻译耳机"时，迅速引起了行业和用户的广泛关注。 包括谷歌AR眼镜在内，"确保翻译的准确与速度"始终是尚未解决的核心痛点，而市面上的硬件翻译产品，也都还未摆脱" ...

Group 1: Software ETF Performance - The Software ETF has a turnover rate of 4.42% and a transaction volume of 253 million yuan, ranking first among comparable funds as of October 17 [3] - The latest scale of the Software ETF reached 5.642 billion yuan, also ranking first among comparable funds [3] - Over the past five trading days, there were net inflows on four days, totaling 537 million yuan, with an average daily net inflow of 107 million yuan [3] - The net value of the Software ETF has increased by 13.21% over the past three years [3] - Since its inception, the Software ETF has recorded a highest monthly return of 39.35%, with the longest consecutive monthly gains being three months and a maximum increase of 69.40% [3] - The average return during the months of increase is 10.06% [3] Group 2: Key Holdings in Software Sector - As of September 30, 2025, the top ten weighted stocks in the CSI Software Service Index include iFlytek, Tonghuashun, Kingsoft Office, Zhinan Zhen, Hengsheng Electronics, Runhe Software, 360, Tuo Wei Information, Yonyou Network, and Deepin Technology, collectively accounting for 62.41% of the index [3] Group 3: Market Trends and Opportunities - Microsoft announced that Windows 11 23H2 Home and Professional editions will stop receiving security updates on November 11, 2025, affecting over 500 million users globally [3] - In the context of Microsoft's service contraction, domestic operating systems are experiencing rapid growth, with the market size surpassing 80 billion yuan and a replacement rate exceeding 70% in government, finance, and industrial sectors [4] - The domestic operating system's market share in server operating systems has reached 35% [4] - The urgency for domestic software innovation is highlighted, with opportunities in domestic operating systems, industrial software, databases, office software, enterprise management software, and security software being noteworthy [4] Group 4: Stock Performance of Key Companies - The stock performance and weight of key companies in the software sector include iFlytek (0.35%, 13.93%), Kingsoft Office (-0.05%, 8.15%), Tonghuashun (2.56%, 7.39%), Hengsheng Electronics (0.83%, 6.39%), Runhe Software (2.34%, 5.09%), 360 (0.78%, 4.49%), Softcom Power (0.57%, 3.92%), Tuo Wei Information (2.04%, 3.91%), Zhinan Zhen (0.14%, 3.62%), and China Software (-0.04%, 3.50%) [6] - Investors can also consider the Software ETF linked fund (012620) for AI software investment opportunities [6]

Core Insights - The article discusses the recent advancements in AI translation technology by iFlytek, including the launch of upgraded simultaneous interpretation models and new translation earphones, showcasing their commitment to enhancing global communication capabilities [2][4][6]. AI Translation Technology Upgrades - iFlytek has optimized its Chinese-English simultaneous interpretation, achieving a subjective experience score of 4.6 out of 5 and reducing the first-word response time to 2 seconds. The professional vocabulary has expanded to over 100,000 terms, covering high-barrier industries such as healthcare, finance, and law [2]. - The new AI translation earphones support simultaneous translation in 60 languages and feature a multi-sensory AI noise reduction system, achieving a low latency of 2 seconds for Chinese-English simultaneous interpretation [4]. - The upgraded dual-screen translation machine 2.0 introduces speaker separation functionality, allowing for intelligent differentiation of speakers during meetings [4]. Global Strategy and Market Position - According to IDC's latest report, iFlytek ranks first in eight core dimensions of AI translation, with six categories receiving full scores, indicating a strong competitive position in the market [6]. - iFlytek's global strategy is driven by the increasing demand for translation services due to deepening international communication, despite geopolitical uncertainties [8]. Comprehensive Product Matrix - iFlytek has developed a complete technology chain from speech recognition to translation and speech synthesis, allowing for tailored products for different scenarios while maintaining a unified technical foundation [8][9]. - The company emphasizes the importance of integrating user data across different products to enhance translation accuracy through a feedback loop [8]. Research and Development Focus - iFlytek's strategy in large model development focuses on self-research and practical application, with significant investments in core technologies such as speech recognition and multi-language translation accuracy [9][10]. - The company aims to address real-world challenges by customizing solutions for specific scenarios, such as cross-border communication in factories and international exhibitions [9]. Innovations in Hardware - The new AI translation earphones feature a unique multi-sensory noise reduction system, utilizing both bone conduction and air conduction technologies to ensure clear audio capture in noisy environments [12]. - iFlytek's hardware products are designed with a focus on integrating technology with specific use cases, ensuring a seamless user experience across various devices [17]. Addressing Dialect and Minority Language Challenges - iFlytek acknowledges the challenges in translating dialects and minority languages, which significantly impact translation accuracy. The company has invested in covering 202 local dialects and supports 101 languages for recognition and 55 for synthesis [14][15]. - The company employs innovative techniques to enhance the performance of minority language systems, including shared modeling and classification of similar languages [15]. User Demand and Market Adaptation - The demand for instant, accurate, and portable translation tools has surged due to initiatives like the Belt and Road Initiative, prompting iFlytek to develop various translation devices [17]. - iFlytek's translation products have been successfully implemented in high-demand scenarios such as airport receptions and foreign affairs meetings, enhancing communication efficiency [18][19].

Core Insights - The article highlights the significant role of artificial intelligence (AI) in driving technological and industrial transformation, with iFlytek being a key player in China's AI landscape [1] - iFlytek's revenue for 2025 reached 10.911 billion yuan, marking a 17.01% year-on-year increase, with the smart education segment contributing 3.531 billion yuan, representing 32.36% of total revenue and a 23.47% growth [1] - The company has expanded its smart education products to 32 provincial-level administrative units in China and international markets such as Japan and Singapore [1] Group 1: AI in Education - iFlytek aims to enhance teacher-student interaction in classrooms through innovative products like the "AI Blackboard," which was discussed at a media salon focused on "AI + Education" [2] - The Chinese government's "AI +" national strategy emphasizes the integration of AI into various sectors, including education, to promote efficiency and balanced development [4] - iFlytek's smart education initiatives align with national policies aimed at digital transformation and high-quality educational development [4] Group 2: AI Blackboard Features - The "AI Blackboard" serves as a core engine for iFlytek's smart education, providing access to quality educational resources in underdeveloped areas [6] - The new generation of AI Blackboards features hardware upgrades for improved audiovisual effects and focuses on students' health, with enhanced interactive capabilities [6] - iFlytek's AI Blackboard has achieved over 150% year-on-year sales growth in the first half of 2025, reflecting its market acceptance and demand [7]

中信建投认为，国产算力板块迎来密集催化，国产算力芯片迎来国产创新窗口期。当前已经涌现出一大批国产算力芯片厂商，相继推出自研AI芯片，其他 配套环节的国产化进程也正在加速推进。 截至2025年10月20日 10:09，中证数字经济主题指数(931582)强势上涨2.48%，成分股士兰微(600460)上涨9.99%，华润微(688396)上涨7.34%，兆易创新 (603986)上涨6.32%，均胜电子(600699)，晶合集成(688249)等个股跟涨。数字经济ETF(560800)上涨2.62%。 流动性方面，据Wind数据显示，数字经济ETF盘中换手1.42%，成交977.31万元。拉长时间看，截至10月17日，数字经济ETF近1月日均成交3089.07万元。份 额方面，数字经济ETF最新份额达6.82亿份。 国泰海通证券指出，随着AI大模型对算力需求的持续增长，HBM产品的堆叠层数正从8层向12层演进，导致测试复杂度大幅提升。部分厂商因此计划在堆叠 环节后增设新的测试步骤，以提升产品良率，进而推动晶圆级和封装级测试设备需求的增长。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | - ...

Core Viewpoint - Keda Xunfei's stock price has shown fluctuations, with a year-to-date increase of 8.61% and a recent decline of 5.50% over the last five trading days [1] Group 1: Stock Performance - On October 20, Keda Xunfei's stock rose by 2.01%, reaching 52.37 CNY per share, with a trading volume of 275 million CNY and a turnover rate of 0.24% [1] - The company's total market capitalization is 121.063 billion CNY [1] - Year-to-date, the stock has increased by 8.61%, with a 5.50% drop in the last five trading days, a 1.75% increase over the last 20 days, and a 9.88% increase over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Keda Xunfei reported a revenue of 10.911 billion CNY, reflecting a year-on-year growth of 17.01%, while the net profit attributable to shareholders was -239 million CNY, a 40.37% increase year-on-year [2] - The company has distributed a total of 2.621 billion CNY in dividends since its A-share listing, with 689 million CNY distributed in the last three years [3] Group 3: Shareholder Information - As of June 30, 2025, Keda Xunfei had 344,200 shareholders, a decrease of 11.02% from the previous period, with an average of 6,359 circulating shares per shareholder, an increase of 12.38% [2] - Major shareholders include Hong Kong Central Clearing Limited, holding 62.6628 million shares, and various ETFs such as Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, which have increased their holdings [3]