财务方面，于2022年度、2023年度、2024年度及2025年1-6月，公司实现营业收入约为25.67亿元、28.95 亿元、31.59亿元、15.92亿元人民币；同期，公司净利润分别约为2.06亿元、2.78亿元、3.02亿元、1.55 亿元人民币。 经过多年积累，皇冠新材业绩稳健攀升，盈利能力不断增强，未来仍将以功能性新材料作为战略重心， 在高端产品领域对标国际龙头企业美国 3M、日本日东、德国德莎等，并继续巩固在快速响应能力、一 体化配套服务方面的优势，以此获取下游终端客户的信任，推动公司在行业内保持较强的竞争力。 公司本次募集资金投资项目概况如下： | 序号 | 项目名称 | 项目总投资额 | 拟使用募集资金金额 | | --- | --- | --- | --- | | 1 | 东皇冠功能性复合材料扩产项目 | 19.980.06 | 19,980.06 | | 2 | 江苏皇冠半导体用功能性复合材料等产品 扩产项目 | 21,601.30 | 15.487.40 | | 3 | 浙江皇冠光学膜产业化项目 | 22.779.39 | 22,779.39 | | ব | 研发中心建设项目 | 28. ...

Group 1: Nvidia H200 and US-China Relations - Nvidia's H200 AI chip is now allowed for export to approved customers in China, with a 25% revenue share for the US from these transactions [3] - The H200 is considered a perfect upgrade from the H100, but the latter still dominates the market due to its established presence [3] - The strategy allows Nvidia to maintain market dominance while profiting from tariffs on H200 sales to China [3] Group 2: SpaceX IPO Plans - SpaceX is accelerating its IPO plans, aiming for a valuation of $1.5 trillion, which could double Elon Musk's wealth to over $1 trillion [5][6] - This IPO is seen as a landmark event for the commercial space industry, potentially setting new valuation benchmarks and igniting further investment in space [5] - If successful, SpaceX would reclaim its title as the highest-valued private company, previously held by OpenAI [5] Group 3: OpenAI GPT-5.2 Release - OpenAI has released its latest model, GPT-5.2, which features three tiered products for different processing needs: Instant, Thinking, and Pro [8] - The update enhances multi-step reasoning, quantitative accuracy, and reliability in complex technical tasks [8] - This release is a strategic move to solidify OpenAI's position in the professional market while actively competing against global rivals [8] Group 4: Microsoft and Google's Investment in India - Microsoft announced a $23 billion investment plan, with $17.5 billion allocated to building AI infrastructure in India [10] - Google has also committed $15 billion to establish an AI hub in southern India, marking one of the largest AI initiatives globally [10] - The investments are driven by India's rapid economic growth, large population, and ambitions in the semiconductor and AI sectors [10] Group 5: Huawei's Market Share Recovery - Huawei has regained the top position in China's smartphone market, surpassing Apple with a market share of 27.81% compared to Apple's 17.12% [13] - The surge in Huawei's market share is attributed to the successful launch of the Mate 80 series, which sold 376,600 units in a week [13] - This marks a significant recovery for Huawei, ending Apple's dominance in the sales rankings for several months [13]

【环球网科技报道 记者 张阳】当一台智慧屏的送装路径需要穿越零下15℃的林海雪原、跨越4500米海拔的高原缺氧地带、深入被沙漠三面包围的荒漠营 地，这样的服务对企业来说还"划算"吗？近日，华为智慧屏在根河、拉萨、民勤三大极端地区完成送装的纪实影像，勾勒出一幅华为智慧屏"服务无盲区"的 真实图景。 极寒之地：服务跑在严寒之前 在被称为"中国冷极"的根河以北，萨吉气林场深藏于大兴安岭腹地。这里冬季漫长，平均气温的最低值能达到零下41.6℃，导航失灵、道路封冻是常态。华 为服务工程师老王和阿木驱车数小时，在冰封林道上谨慎前行。他的任务，是为林场"绿色娘子军"安装一台华为智慧屏。 低温与迷路的风险并未让服务流程打折扣——进门套鞋套、开箱验外观、通电测色彩，每个环节严谨如初。老王和阿木动作娴熟，迅速完成固定、接线、调 试，完成安装之后服务流程并未结束，阿木还细致地引导姜站长检查设备外观，并教会了她使用"一碰投屏"功能，让手机中的林场景观瞬间以高清画质呈现 在电视的大屏幕上，鸿鹄画质技术从色彩、对比度、清晰度、流畅度、护眼五个维度优化后的画面，让阿木和姜站长都惊叹"好清楚呀，好漂亮"。 更触动人心的是畅连通话功能。当姜站 ...

【环球网科技报道 记者 张阳】12月11日，阿联酋迪拜，迎来了一场由华为打造的科技盛宴。在"Unfold the Moment"主题下，华为不仅发布了全新一代折叠 屏旗舰华为Mate X7，还同步推出了华为FreeClip 2耳夹耳机、华为WATCH ULTIMATE DESIGN紫金款、以及华为MatePad 11.5 S等多款重磅新品。Mate X7 发布会现场气场大开。通过这场发布会，华为不仅是对旗下产品进行了更新迭代，更想传递出的信号是：未来智能终端的竞争壁垒，早已从技术的"单点领 先"，转向体验的"系统能力"。 此次发布的四款核心产品，分别代表了华为在手机、音频、可穿戴设备和移动办公领域的最新成果。 华为 Mate X7无疑是本场发布会的核心主角。作为华为在双折叠领域的集大成之作，Mate X7通过"玄武架构"实现了从内到外的全面可靠性跃迁。这一架构 不仅包含超轻量坚韧机身、量身定制的主摄与长焦与超耐久电池组成的"铁三角"，更将铰链技术推进至微米级精密调校，使折叠寿命与屏幕平整度达到行业 新高度。值得注意的是，Mate X7在影像系统上实现了直板旗舰级的突破——全新升级的第二代红枫原色摄像头配合超高 ...

Core Insights - The global technology competition is rapidly evolving, with cutting-edge technologies like AI, spatial computing, and human-machine collaboration reshaping production, lifestyle, and national competitiveness [1] - The 20th National Congress of the Communist Party of China emphasizes accelerating the development of new productive forces and strengthening the role of enterprises in technological innovation, placing "technology finance" as a top priority in building a strong financial nation [1] Development Challenges - Traditional AR glasses face commercialization challenges, with global sales projected at only 500,000 units in 2024, significantly below early market expectations [1] - The core issue lies in the "all-or-nothing" development paradigm, which creates a negative cycle of high R&D investment, high-cost pricing, low user acceptance, and immature supply chains [1][3] - This approach neglects critical variables such as market acceptance, user behavior inertia, and capital patience, making it incompatible with the new paradigm of "early, small, long-term, and hard technology" in technology finance [1] Evolution Path - A new "gradual iterative" paradigm is emerging, led by AI smart glasses, which is validating a three-stage evolution path: audio/camera glasses, AI smart glasses, and AI+AR glasses [2][5] - The first stage involves audio/video glasses that integrate basic functions to cultivate user habits without altering wearing preferences [5] - The second stage introduces AI capabilities for enhanced functionality, transforming devices from mere tools to intelligent companions, as evidenced by the success of Meta's Ray-Ban Meta glasses [7] - The third stage aims to incorporate lightweight AR display modules, achieving "what you see is what you get" spatial computing, supported by accumulated orders that drive down optical module costs [8] Market Logic - The "gradual iterative" approach targets a substantial existing market of over 1.54 billion units of traditional glasses sold annually, providing a natural user base for smart glasses [9] - This paradigm shift redefines smart glasses as "smart traditional glasses," significantly lowering decision-making barriers and facilitating market penetration [9] - Investment in the AR sector is transitioning from a technology risk-driven model to one focused on market validation, with significant funding increases observed in 2025 [9] Competitive Landscape - The global AR glasses market is evolving, with competition shifting from short-term hardware comparisons to long-term ecosystem building [11] - Companies like Meta and Google are adopting different strategies, with Meta focusing on a closed-loop experience and Google promoting an open ecosystem [11] - Domestic players are leveraging rapid hardware iterations and vertical market penetration, while larger companies like Huawei and Xiaomi are creating seamless cross-device experiences [11] Capital Mechanism - The evolution of AR glasses represents a microcosmic experiment in the collaboration of technology, finance, and institutional evolution [12] - The "gradual iterative" paradigm addresses structural mismatches between technological innovation and financial capital, allowing for phased value release mechanisms [14] - This approach enables capital to receive mid-term market feedback and cash flow support without sacrificing long-term visions, alleviating common challenges faced by early-stage hard technology projects [14] Future Outlook - The true revolution of consumer-grade AR glasses lies in redefining the relationship between humans, information, and the world, facilitating seamless integration of digital information into physical reality [16] - AR glasses have the potential to enhance social interactions, transforming them from social isolators to social enhancers, provided they are designed thoughtfully [17] - The successful adoption of AR glasses will depend on the establishment of ethical frameworks and institutional support to address privacy concerns and ensure equitable access [18]

Core Insights - The collaboration between ByteDance's Doubao AI model and ZTE's Nubia M153 smartphone reflects a strategic shift towards AI-driven hardware integration, showcasing a new partnership model between model manufacturers and hardware producers [1][3][8] Market Heat: From Launch to Resale Premium - The Nubia M153 smartphone, priced at 3499 yuan, sold out rapidly upon launch, with resale prices on second-hand platforms ranging from 300 to 3500 yuan, and some rare color versions reaching over 7000 yuan, indicating a premium of over 100% [2][12] - The second-hand market displayed a clear price stratification, with standard models seeing premiums of 300-800 yuan, while engineering samples attracted prices between 2000-3500 yuan due to demand from tech enthusiasts [2][12] - The excitement in the market translated to the capital market, with the AI smartphone sector index rising significantly on the day the collaboration was announced, benefiting stocks like ZTE [2][12] Strategic Layout: ByteDance's AI Ecosystem Ambition - ByteDance's launch of the Doubao AI smartphone is a key part of its long-term strategic plan, employing a unique "whole chess game" approach in AI strategy [3][13] - Since its release in May 2024, the Doubao model has seen a 250-fold increase in daily token usage, reaching over 30 trillion tokens and covering approximately 300 million devices [14] - ByteDance aims to integrate the Doubao assistant into various smartphone brands rather than developing its own devices, allowing it to avoid heavy manufacturing risks while promoting an AI-defined hardware ecosystem [15] Supply Chain Revolution: AI Defining a New Hardware Ecosystem - The success of the Doubao AI smartphone is supported by a comprehensive supply chain ecosystem, focusing on the capabilities of AI agents rather than traditional hardware specifications [16] - The product's core strength lies in the Doubao model, which serves as the "brain" of the ecosystem, supported by various data and technology partners [16] - The collaboration with ZTE leverages its established supply chain for hardware integration, ensuring precise matching of key component suppliers [16] Industry Restructuring: Opportunities for Smaller Players - The partnership between Doubao and ZTE provides a viable path for smaller smartphone manufacturers to enter the AI market, especially as AI smartphone penetration is projected to reach 34% globally by 2025 [18] - ByteDance's choice to collaborate with ZTE instead of leading brands is strategic, as major players like Huawei and Apple maintain significant market share and are less open to external AI integrations [18] - ZTE's existing technology and loyal user base in niche markets make it an ideal partner for rapid AI assistant deployment [18] Commercialization Path: From Engineering Samples to Ecosystem Empowerment - The Doubao AI smartphone is currently in the "engineering sample" phase, with an initial stock of about 30,000 units aimed at industry professionals [20] - ByteDance and ZTE have begun developing a second-generation product expected to launch by the end of 2026, indicating a long-term commitment to their partnership [20] - The success of the Doubao AI smartphone exemplifies a new business model where model manufacturers license AI technology to hardware producers, enhancing product differentiation [20] Future Outlook: AI Redefining Mobile and Industry Landscape - The market performance of the Doubao AI smartphone indicates consumer demand for next-generation mobile interaction methods, with AI capabilities becoming a significant factor in driving replacement cycles [21] - The smartphone market is currently experiencing a "total pressure, structural optimization" trend, with average replacement cycles extending to 32 months [21] - Future competition will hinge on the depth of AI integration, adaptability to various scenarios, and overall user satisfaction, emphasizing the need for effective collaboration between AI and hardware systems [21]

12月12日，观察者网获悉，荣耀公司品牌营销总裁、管理团队（EMT）成员、投资决策委员会（IRB） 委员郭锐通过微信朋友圈宣布辞别荣耀。 在离职感言中，郭锐回顾了四年多的奋斗历程，对荣耀的发展也表达了信心。据悉，郭锐已经于近期完 成本届任期，或将投身于科技领域二次创业。 图片转自郭瑞的朋友圈 公开资料显示，郭锐毕业于北京大学信息科学技术学院，并获得理学博士学位。2021年8月，郭锐以创 始管理团队成员的身份加入独立后的新荣耀，后担任荣耀公司品牌营销部（一级部门）总裁，统一管理 品牌、营销各体系工作。此前，郭锐于2017—2021年担任华为终端大中华区CMO，并曾在宝洁、中粮 蒙牛等大型全球企业担任核心管理职务。 2025年上半年，郭锐曾兼任中国区CMO，主导了全新Power系列、数字400系列、Magic V5等重要产品 的上市营销。 根据IDC发布的数据，2025年第三季度，vivo以17.3%的份额蝉联中国手机市场出货第一，苹果、华 为、小米分列第二至第四位，OPPO市场份额14.5%，同比微增0.4%，与并列第五的荣耀竞争胶着。 观察者网了解到，2024年12月，荣耀海外销量占比突破50%，并在多地实现 ...

Core Viewpoint - The article emphasizes Huawei's pioneering role in the three-fold smartphone market, highlighting its transition from concept to commercial product and establishing a new standard in the mobile terminal experience [1][4][9]. Group 1: Market Dynamics - The three-fold smartphone market has recently gained attention, with Huawei being the first to successfully commercialize this technology, setting a benchmark for the industry [1][4]. - After a year, a second player has entered the three-fold market, validating Huawei's early strategic foresight [3]. - The Chinese foldable smartphone market is projected to see significant growth, with IDC reporting a 17.8% year-on-year increase in shipments by Q3 2025, reaching 2.63 million units [11]. Group 2: Technological Challenges and Innovations - The complexity of three-fold technology, including intricate hinge systems and the need for a mature supply chain, posed significant challenges that Huawei overcame to lead the market [4][5]. - Huawei's first commercial three-fold phone, the Mate XT, marked the beginning of a new era in the industry, demonstrating the company's ability to turn a high-concept idea into a viable product [9][19]. - The Mate XT features a 10.2-inch screen and is noted for being the lightest and thinnest foldable smartphone available, weighing only 298g and measuring 3.6mm at its thinnest point [19]. Group 3: Ecosystem and User Experience - Huawei's HarmonyOS, with its distributed architecture, enhances the user experience by enabling seamless task management and a high level of application compatibility, achieving over 95% adaptation for commonly used software [13]. - The integration of hardware and software allows for a unique user experience that redefines productivity and entertainment, making the three-fold device more than just a larger screen [13][15]. - Huawei's commitment to sharing technological advancements with the industry has helped push the foldable screen sector towards maturity, benefiting the entire supply chain [21]. Group 4: Strategic Vision and Future Outlook - Huawei's approach to the three-fold market reflects a broader vision of innovation, where the company not only leads in product development but also shapes industry standards [6][16]. - The article suggests that Huawei's pioneering efforts in the three-fold space could inspire other manufacturers to join the market, potentially leading to a new wave of technological advancements [21].

重新夺回海外市场份额将是一场艰难的持久战。 在由苹果和三星长期主导的中东高端手机市场上，华为正在奋力撕开一个口子。 近日，华为在阿联酋迪拜发布包括折叠屏手机Mate X7、开放式TWS耳机等系列产品。这是继今年早些时候推出Pura 80系列后，在不到半年内，华为向中东 市场发起的第二次高端市场冲锋。 "这一市场正逐渐成为中国品牌在亚洲以外的关键增长支柱。"12月12日，Omdia中东非高级顾问Manish Pravinkumar对第一财经记者表示，中国智能手机品 牌过去一年在中东市场呈现出差异化发展且整体态势向好，但从当地高端市场份额来看，依靠着成熟的零售布局和品牌效应，苹果和三星依然占据着当地超 过九成的市场。 为什么是迪拜？ 迪拜并非普通战场。它所在的海湾地区，是全球少数仍保持稳健增长的高价值市场。由于地理优势，迪拜已成为辐射中东、北非乃至南亚超10亿人口消费市 场的战略枢纽。 根据调研机构Omdia最新发布的报告，2025年第三季度，中东智能手机市场出货量达1510万部，同比增长23%；其中阿联酋市场同比增长13%，展现出强劲 增长力。 对于华为而言，迪拜更是全球市场蛋糕中的"必争之地"。在2019年之 ...

中东豪门来了。 投资界获悉，地瓜机器人完成数亿美元的B轮融资，由多家美元基金及战略投资方共同参与，原有股东亦积极加码支持。其中，还出现了沙特阿美风险投 资旗下基金Prosperity7 Ventures（简称Prosperity7）的身影。 "我问团队地瓜是什么公司，奇奇怪怪的名字。"影石创新创始人刘靖康一句玩笑话道出外界对于地瓜机器人的第一印象。影石最新发布的影翎A1无人机 的感知芯片，正是来自地瓜机器人的旭日芯片，刘靖康才知道原来这是一家脱胎于地平线的公司。 这要从地瓜机器人CEO王丛说起。早年本科毕业于北京工业大学，后来他去到了美国莱特州立大学攻读博士，辗转到了2018年，他正式加入地平线，并在 2020年接手了AIoT团队，这一年也被视为地瓜机器人创立元年。 地瓜机器人CEO 王丛 秉承着地平线创始人余凯在内部一直强调的："在没有人竞争的地方竞争"，王丛和团队将目光瞄向机器人赛道，2022年部门也更名为"机器人事业部"，并 在2024年正式独立为地瓜机器人，落户在了深圳南山。 2024年成立于深圳，地瓜机器人源自地平线机器人部门，今年5月完成1亿美元A轮融资。官网显示，迄今超过200+中小创客、200 ...