中科蓝讯：出口美国占比低，关税政策调整影响有限

Core Viewpoint - The company has a low dependency on the U.S. market, and the recent tariff adjustments by the U.S. government will have minimal impact on its overall business [2] Group 1: Business Impact and Financial Performance - The company's net profit attributable to shareholders decreased by 18.21% year-on-year in Q1 2025, primarily due to a significant increase in R&D investment, which reached 45.7735 million yuan, a year-on-year increase of 53.59% [2] - Revenue in Q1 remained flat year-on-year, influenced by seasonal fluctuations and external factors, with the consumer electronics peak season concentrated in Q3 and Q4 each year [2] - The company anticipates record-high revenue in Q4 2024, but Q1 2025 saw a decline in shipment volume due to seasonal factors such as the Spring Festival and Ramadan [2] Group 2: Product Development and Market Strategy - The company plans to expand its product line from eight categories to ten, adding video chips and Wi-Fi chips, focusing on AI headphones and smart glasses [3] - The Xunlong series chips utilize a multi-core architecture and support cloud-based large model connections, with the BT896X series already applied in Baidu's AI tablet robot [3] - The BT895X chip collaborates with Huoshan Engine to adapt to Doubao's large model, enabling real-time translation and meeting minutes, and is featured in FIIL's open AI headphones [3]