Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company has shown significant improvement in performance, with a notable increase in GPU application deployment [10]. - In Q3 2025, the company achieved revenue of 301 million yuan, a year-on-year increase of 230.65%, and a net profit attributable to shareholders of 15 million yuan, up 246.66% year-on-year [4][10]. - For the first three quarters of 2025, the company reported revenue of 495 million yuan, a year-on-year increase of 12.14%, but a net loss attributable to shareholders of 73 million yuan, a decrease of 403.81% year-on-year [4][10]. Financial Performance Summary - In Q3 2025, the gross margin was 46.18%, a decrease of 11.09 percentage points year-on-year [4][10]. - The company has made strategic investments in AI chip development, aiming to enhance its product offerings and market presence [10]. - The company expects to achieve net profits of 42 million yuan, 126 million yuan, and 235 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 908x, 304x, and 163x [10].

Core Viewpoint - The company Jingjia Micro announced its participation in the capital increase of Chengheng Micro, which focuses on developing high-integration, high-performance, low-power edge AI chips for various applications [1] Group 1: Product Focus - The AI chips developed by Chengheng Micro are designed for target recognition, edge computing, and embodied intelligence [1] - The products support large model computations and can be applied in various scenarios, including smart pods, industrial drones, robots, AI boxes, and AI smart terminals [1]

Core Insights - The company, Jingjia Micro, has successfully completed testing of its latest graphics processing chip, the JM11 series, and is making effective progress in its promotion [2] - The company has established deep strategic partnerships with Anzhuo Cloud Software Co., Ltd., Changchun Jida Zhengyuan Information Technology Co., Ltd., and Cangqiong Digital Technology Co., Ltd., signing agreements to adapt core technologies with its GPU products [2] - These collaborations aim to provide tailored solutions for the industry, facilitating large-scale implementation and commercialization of application scenarios [2]

Core Insights - The company, Jingjia Micro, reported that as of October 31, 2025, the total number of shareholders is 99,075 [2] Summary by Category - **Company Information** - Jingjia Micro has a total of 99,075 shareholders as of the specified date [2]

Core Viewpoint - The company, Jingjia Micro, reported a significant increase in sales revenue for the third quarter of 2025, driven by successful project completions and product sales growth [1] Financial Performance - The company achieved an operating revenue of 301.396 million yuan, representing a year-on-year growth of 230.65% [1]

Core Viewpoint - The company, Jingjia Micro (300474), is enhancing its JM11 series graphics processing chips through software adaptation, performance optimization, and ecosystem promotion, aiming to provide comprehensive solutions for various key scenarios such as cloud desktops and industrial design [1] Group 1: Product Development - The JM11 series chips have achieved performance optimization in critical applications including cloud desktops, CAD industrial design software, BIM architectural modeling, 3D geographic information rendering, and industrial digital twins [1] - The company is focused on continuous software adaptation and performance optimization to enhance the capabilities of its graphics processing units (GPUs) [1] Group 2: Strategic Partnerships - Jingjia Micro has established deep strategic partnerships with several companies, including Anjiao Cloud Software Co., Ltd., Changchun Jida Zhengyuan Information Technology Co., Ltd., and Cangqiong Digital Technology Co., Ltd. [1] - These partnerships aim to target sectors such as government, state-owned enterprises, public security, smart cities, natural resources, emergency rescue, industrial software, low-altitude economy, and spatiotemporal intelligent services [1] Group 3: Business Model - The company is adopting a "three-integration" model, focusing on ecological integration, product integration, and industry integration to enhance the compatibility of its GPU products with core technologies of its partners [1] - The goal is to provide tailored solutions that meet industry needs, facilitating large-scale implementation and commercialization of applications [1]

Group 1 - Wuxi Chengheng Microelectronics Co., Ltd. has completed its Series A financing round, with the amount undisclosed [1][2] - The investment institutions involved in this financing include Lingang Science and Technology Investment, Jingjia Micro, and Caixin Industrial Fund [1][2] - Chengheng Microelectronics focuses on integrated circuit and chip research and development, including integrated circuit design, chip manufacturing, software development, information system integration services, data processing and storage support services, computer system services, and IT consulting services [2]

Summary of the Conference Call for Jingjia Micro Company Overview - **Company**: Jingjia Micro - **Industry**: Semiconductor, specifically focusing on AI SOC chips, GPUs, and military applications Key Financial Performance - **2025 H1 Revenue**: Increased by 230% year-on-year, achieving a profit of 0.15 billion CNY, reversing last year's loss situation [2][4] - **2025 Q3 Revenue**: Reached 3.01 billion CNY, a 230% increase year-on-year, with a significant improvement from last year's loss [4] - **2025 Full Year Outlook**: Expected to meet initial performance targets despite capacity constraints [2][4] Business Segments and Growth Prospects - **Display Control Business**: Anticipated significant growth in 2025 due to the ability to ensure delivery amid tight wafer supply [2][5] - **Radar and Communication Business**: Expected to see larger growth in 2026, with new product lines laying the foundation for future expansion [2][5] - **Military Industry Demand**: Stable and consistent growth anticipated, with ongoing supply challenges for key components like wafers and DDR [6] Product Development and R&D - **AI SOC Chip Project**: The Wuxi Chenhongwei AI SOC chip company has completed Tape Out (TO) and is expected to have results soon, viewed as a key growth point [2][8] - **GM11 Server Product**: Exceeded expectations in testing, attracting numerous server manufacturers for collaboration [2][9] - **R&D Projects**: Focus on two main projects: computing cards and traditional rendering GPUs, with significant investment in talent and resources [3][13][15] Competitive Landscape - **New GPU Competitors**: Increased market competition from newly listed GPU companies, but Jingjia Micro is responding by optimizing technology and expanding application scenarios [11] - **Product Comparison**: Jingjia Micro's products show competitive advantages, such as supporting more output channels compared to competitors [12] Talent Acquisition and R&D Focus - **Talent Expansion**: Actively recruiting in the chip field, with nearly 200 new hires and a new R&D center established in Shanghai [15] - **Strategic Focus**: Emphasis on maintaining high R&D investment to expand product categories and capabilities, prioritizing revenue over short-term profit [14]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：300474 证券简称：景嘉微 公告编号：2025-057 长沙景嘉微电子股份有限公司 关于公司对外投资的进展公告 名称：无锡诚恒微电子有限公司 一、对外投资的概述 长沙景嘉微电子股份有限公司（以下简称"公司"）于 2025 年 8 月 17 日召 开第五届董事会第十次会议、2025 年 9 月 4 日召开 2025 年第一次临时股东大会， 审议通过了《关于公司对外投资的议案》，公司拟以自有资金 22,000.00 万元人 民币向无锡诚恒微电子有限公司（以下简称"诚恒微"）进行增资，认购诚恒微 新增注册资本人民币 22,000.00 万元。具体内容详见公司于 2025 年 8 月 19 日、 2025 年 9 月 12 日在巨潮资讯网披露的《关于公司对外投资的公告》（公告编号： 2025-039）和《关于公司对外投资的进展公告》（公告编号：2025-047）。 本次交易完成后，公司直接持有诚恒微 34.65%的股权，并通过一致行动关 系，合计取得诚恒微 66.93%的表决权，成为诚恒微的控股股东，诚恒微 ...

Core Insights - Wuxi Chengheng Microelectronics Co., Ltd. has completed significant business changes, including the introduction of new shareholders such as the listed company Jingjiawei and state-owned industrial funds from Shanghai and Hunan, indicating strong capital and industry recognition for the AI chip startup [1][3] - The registered capital of Chengheng Micro has increased from 355 million RMB to 635 million RMB, marking a substantial growth of approximately 79%, reflecting investor confidence in its business prospects and development potential [3] Company Developments - The new shareholder lineup for Chengheng Micro includes prominent players like Jingjiawei, a leading GPU chip company in A-shares, and two state-owned industrial funds, showcasing a robust investment backing [3] - Jingjiawei's investment of 220 million RMB aims to enhance its R&D capabilities and establish a dual-driven business model of "GPU + edge AI chips," which is seen as a forward-looking strategy [4] Strategic Implications - The combination of GPU technology and edge AI chips is expected to create significant synergies, enabling complex model training in cloud environments while deploying intelligent capabilities in local devices, thus broadening AI applications [4] - This acquisition allows Jingjiawei to quickly enter the expansive market of edge AI chips and leverage its GPU expertise alongside Chengheng Micro's capabilities, enhancing its diversified industrial layout [4]