主业不灵投资灵！中科蓝讯：左手摩尔，右手沐曦，利润暴增360%！

Core Insights - The company Zhongke Lanyun expects a net profit attributable to shareholders of 1.4 to 1.43 billion yuan in 2025, representing a year-on-year increase of over 360% [2] - The revenue forecast for 2025 is between 1.83 to 1.85 billion yuan, showing minimal growth of only 0.6% to 1.7% [2] - The company's core profit, excluding non-recurring items, is projected to decline by 1.7% to 989 million yuan, indicating a decrease in operational profitability [2] Investment Performance - The significant profit increase is attributed to successful investments in two GPU companies, which have seen substantial stock price increases [3] - Zhongke Lanyun invested 150 million yuan in the GPU startup Moer Thread and 50 million yuan in another GPU company, Muxi Co., acquiring minor stakes in both [3] - By the end of 2025, both companies are expected to have IPOs with stock price surges of 425% and 692%, respectively, leading to a combined valuation of over 16 billion yuan for Zhongke Lanyun's stakes [4] Core Business Analysis - The company's main business focuses on designing Bluetooth audio SoC chips, primarily for TWS (True Wireless Stereo) headphones and other smart devices [4] - Zhongke Lanyun is recognized as a "cost-performance king" in the white-label TWS chip market, which is characterized by low prices and high volume [4] - The white-label market faces intense competition and price wars, leading to declining gross and net profit margins, with gross margins hovering just above 20% [6] Future Prospects - The company is exploring new directions in AI headphones and smart wearables, but these initiatives have yet to generate significant revenue [6] - The competitive landscape, particularly with major players like Xiaomi and Huawei entering the budget TWS headphone market, poses challenges for Zhongke Lanyun [6] - Overall, the company's performance in 2025 reflects a dichotomy of stagnant core business growth while achieving remarkable success through strategic investments [6]