Bluetrum(SH:688332) Xin Lang Cai Jing·2026-01-08 02:37Core Viewpoint - Zhongke Lanyun's net profit is expected to triple in 2025 due to investments in GPU companies Moer Thread and Muxi Co., which have recently gone public in the A-share market [1][2]. Financial Performance - For 2025, Zhongke Lanyun anticipates revenue between 1.83 billion to 1.85 billion yuan, an increase of 10.97 million to 30.97 million yuan compared to the previous year, representing a growth of 0.60% to 1.70% [1][5]. - The expected net profit attributable to the parent company is projected to be between 1.4 billion to 1.43 billion yuan, an increase of 1.1 billion to 1.13 billion yuan year-on-year, indicating a growth of 366.51% to 376.51% [1][5]. Investment Insights - The significant increase in net profit is primarily attributed to the fair value changes from investments in Moer Thread and Muxi Co., which have shown substantial growth compared to the previous year [2][6]. - Zhongke Lanyun holds 1.3404 million shares of Moer Thread directly, accounting for 0.29% of its total share capital post-IPO, and an additional 670,100 shares indirectly through Qichuang Kexin, totaling 0.43% [2][6]. - The company also directly holds 854,300 shares of Muxi Co., representing 0.21% of its total share capital post-IPO [2][6]. Business Overview - Zhongke Lanyun specializes in the design, research, and sales of wireless audio SoC chips, with a product portfolio that includes Bluetooth headset chips, Bluetooth speaker chips, smart wearable chips, and more [3][7]. - The company’s products are integrated into the supply chains of major brands such as Xiaomi, realme, Honor, Baidu, and others [3][7]. - In the first three quarters of 2025, Zhongke Lanyun reported revenue of 1.3 billion yuan, a year-on-year increase of 4.29%, and a net profit of 224 million yuan, up 1.43% year-on-year [3][7].