押中GPU双雄，上市公司浮盈11亿

Core Viewpoint - The company Zhongke Lanyun is expected to see a significant increase in net profit for 2025, primarily due to its investments in GPU companies Moer Thread and Muxi Co., which are projected to boost net profit by three times compared to the previous year [1][2]. Financial Performance - For the fiscal year 2025, Zhongke Lanyun anticipates revenue between 1.83 billion to 1.85 billion yuan, reflecting an increase of 10.96 million to 30.96 million yuan, or a year-on-year growth of 0.60% to 1.70% [1]. - The expected net profit attributable to the parent company is projected to be between 1.4 billion to 1.43 billion yuan, representing an increase of 1.1 billion to 1.13 billion yuan, or a year-on-year growth of 366.51% to 376.51% [1][2]. Investment Strategy - The substantial increase in net profit is attributed to the company's strategic investments in Moer Thread and Muxi Co., which are positioned in high-growth sectors such as GPU and advanced packaging testing [2]. - The non-recurring gains for 2025 are primarily driven by the fair value changes of the investments in Moer Thread and Muxi Co., leading to a significant rise in net profit [2]. Business Operations - 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]. - The company's products are integrated into the supply chains of major brands such as Xiaomi, Honor, and Motorola, indicating a strong market presence [3]. Recent Performance Metrics - 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, reflecting a growth of 1.43% [4]. - The stock prices of Moer Thread and Muxi Co. have experienced declines of 38% and 36.7%, respectively, since their debut on the STAR Market, with current market capitalizations of 290.26 billion yuan and 241.64 billion yuan [4].