（文/罗叶馨梅）近日，美芯晟（688458.SH）在机构调研中介绍了其在机器人及智能传感领域的最新进展。公司表示，基于DToF（Direct Time of Flight）技 术的光学传感方案，已在扫地机器人等场景实现规模量产，可支持机器人实现精准测距和避障能力，并可适配多种类型的服务机器人与家用机器人应用场 景。 美芯晟称，在单点DToF产品量产的基础上，公司正积极推进多点ToF及3D ToF技术研发，以支持三维环境建图和复杂场景感知。通过多点测距与深度信息获 取，配合算法优化，可帮助机器人更好地识别环境结构、规划路径并应对多障碍物场景，为中高端智能清洁和服务机器人提供传感基础。 在产品布局层面，美芯晟在光传感技术的基础上，密切关注其他类型传感器的协同发展，包括适用于运动控制系统的磁传感方向。公司表示，希望围绕光传 感、磁传感等技术路径，构建相对完整的智能传感器解决方案，为下游客户提供更高集成度与系统级的感知能力支撑。 在AI端侧应用方面，美芯晟指出，其光学传感器可为终端设备提供环境感知与交互能力，赋能设备对外部环境作出更加智能的响应。目前，公司相关产品 已导入部分AR/AI眼镜终端品牌客户，用于实现佩戴检 ...

IFFANT I the state la 1 ...

● 本报记者 黄灵灵 在近期结束的第八届中国国际进口博览会上，达实智能与美国企业罗克韦尔自动化签署了战略合作协 议。代表达实智能签约的，正是公司9月份新任命的总经理苏俊锋。 从早期参与进口设备代理到牵头自主研发核心产品，从主导物联网平台从0到1搭建到带领团队攻克AI 应用难题……苏俊锋的职业成长轨迹，始终与企业从"跟随者"到"创新者"的转型之路紧密相连。如今， 站在AIoT技术爆发的新起点，他正带领达实智能开启智慧空间服务的全新征程。 苏俊锋表示，面向"十五五"，达实智能的战略目标是基于智能物联网平台，聚合模块化的空间场景应 用，为用户提供全生命周期的智慧服务，致力于成为全球领先的智慧空间服务商。 "贴身"服务客户 深耕自主研发 中国证券报：可否介绍公司此次与罗克韦尔自动化的战略合作情况？ 苏俊锋：11月初，我在第八届中国国际进口博览会现场，与罗克韦尔自动化完成了这次战略合作签约。 罗克韦尔自动化是一家在工业自动化、信息化和数字化转型领域具有领先优势的企业，之前和我们已有 20多年的友好合作经历。未来，我们将围绕低碳能源、生物实验室、智慧医疗等领域深度协作。 除了罗克韦尔自动化，达实智能在智能建筑领域还合作过 ...

近半年来，人工智能领域热潮再起。Google发布可实时交互的3D环境生成模型Genie 3，OpenAI正式推 出GPT-5，引发行业对AI技术边界的新一轮讨论。 在这些技术突破的背后，一个共识早已清晰可见：人工智能与物联网（AIoT）的融合是推动产业智能 化的核心引擎。 此时，"AIoT第一股"的候选项自然是受不了市场的重点关注。 11月25日，特斯联智慧科技股份有限公司（以下简称"特斯联"）更新招股书，继续推进港交所主板上市 进程。这也是该公司继2024年9月、2025年4月后的第三次递表。 优异的市场地位自然也意味着不俗的业绩数据。 特斯联的营收轨迹呈现出显著的"陡峭曲线"。根据招股书，2022年至2024年，其收入从7.38亿元跃升至 18.43亿元，复合年增长率达58%；2025年上半年收入同比增速进一步攀升至77%。 若成功上市，其或成为国内"公域AIoT第一股"。据招股书披露，此次募资将主要用于TacOS系统开发、 绿色智算体建设及市场扩展。 作为中国公域AIoT领域的早期入局者，特斯联的财务表现与战略转型，成为观察AIoT产业落地的样本 之一。 AI数智化主业再加速，暴增191% 特斯联的成立 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leading global player in the smart security chip market, focusing on AIoT and automotive sectors, with a robust growth trajectory expected in the coming years [8]. - The company is projected to achieve revenues of 29.34 billion yuan, 36.33 billion yuan, and 44.87 billion yuan from 2025 to 2027, with corresponding net profits of 2.7 billion yuan, 4.1 billion yuan, and 5.9 billion yuan [8]. Summary by Sections Company Overview - The company specializes in the research and sales of smart security chips, with applications in smart security, AIoT, and automotive sectors [13]. - It has a stable shareholding structure with significant investment from MediaTek, ensuring no controlling shareholder [14]. Financial Analysis - The company reported a revenue of 2.354 billion yuan in 2024, a year-on-year increase of 16.49%, and a net profit of 256.26 million yuan, up 25.18% year-on-year [20]. - The smart security segment remains the primary revenue source, consistently contributing over 50% to total revenue [23]. Smart Security Market - The global market for smart security is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 6.3% from 2021 to 2026, reaching 29.9 billion USD by 2026 [41]. - The company holds a leading market share in both IPC SoC and NVR SoC segments, with 36.5% and 38.7% market shares respectively in 2021 [49]. Smart IoT and Automotive Sectors - The company is expanding into the smart IoT market, particularly in robotic and AI glasses sectors, leveraging its visual AI and 3D sensing technologies [60]. - In the automotive sector, the company is the second-largest supplier of driving recorder chips in China, with plans to penetrate the front-mounted market [8]. Research and Development - The company maintains a high R&D expenditure, with a rate of 25.59% in 2024, reflecting its commitment to innovation and product development [27]. - The R&D team constitutes 77.5% of the total workforce, indicating a strong focus on technological advancement [27].

2025年11月下旬，AIoT企业特斯联正式向港交所递交主板上市申请，第三次叩击资本市场大门。其招 股书呈现出一组矛盾的数据：2025年上半年营收同比大涨77%至6.32亿元，但净亏损同步扩大40%至 5.74亿元。这家曾被资本热捧的独角兽，在AIoT赛道爆发前夜，不得不向投资者证明其高增长模式的可 持续性。 2024年8月，港股上市公司美高域以5000万元入股特斯联，对应估值达210亿元，而2025年初的D++轮融 资进一步将估值推高至216亿元。 但资本加持难掩现金流压力。尽管2025年上半年末现金储备较年初增长316%至6.57亿元，但经营活动 现金流持续为负。 公司解释称，资金主要投入于研发基础设施和市场拓展，例如在阿联酋、新加坡等地的本土化部署。此 次IPO募资用途中，技术研发与海外市场扩张仍被列为核心方向，反映出其坚持投入换增长的策略。 业绩双面镜：营收高增与亏损扩大之谜 特斯联的财务数据展现出明显的双面性。2022年至2024年，其营收从7.38亿元攀升至18.43亿元，年复合 增长率达58%，2025年上半年增速进一步跃升至77%，显著高于商汤科技（35.6%）、第四范式 （40.7%）等同业 ...

Summary of Zhongke Chuangda Conference Call Company Overview - Zhongke Chuangda focuses on AIOS as its core strategy, integrating AI chip trends to innovate and launch M1 to M4 series products primarily for the automotive sector [2][5] - The company has established a complete product line centered around computing in the IoT business, including handheld terminals, smart vision, edge computing, smart meeting systems, and AI-enabled devices [2][6] Key Industry Insights - The automotive industry is transitioning from software-defined vehicles to AI-defined vehicles, with Zhongke Chuangda's AIOS and AI Box driving this change [2][8][16] - The industrial mobile robotics sector is seeing Zhongke Chuangda position itself as a comprehensive robotics company, integrating software development, hardware design, and manufacturing to meet automation needs [2][7] Financial Performance - In 2025, Zhongke Chuangda's overall operating conditions remain healthy despite some pressure on operating cash flow due to project and payment cycles [3] - The company expects overseas market growth to outpace domestic market growth, particularly in the automotive sector [3] Strategic Collaborations - Zhongke Chuangda employs an ecosystem sales strategy, collaborating with chip manufacturers, OS vendors, large model vendors, and internet companies to build a robust ecosystem [4][15] - The partnership with ByteDance in the IoT sector has deepened, establishing a joint laboratory to empower automotive and IoT clients [4][21] Product Development and Innovation - The AIOS strategy drives the development of various products, including the AI Box, which offers up to 200 TOPS computing power and supports 7B models on the edge [5][16] - The company has launched new AMR robots at the 2025 Asia Logistics Exhibition, showcasing its commitment to innovation in robotics [2][24] Market Trends and Future Outlook - The IoT business is expected to continue its rapid growth, driven by a strong AIoT platform and diversified product offerings [10][12] - Zhongke Chuangda anticipates significant growth in AI PCs, AR glasses, and handheld terminal devices in 2025, with a focus on integrating new solutions for clients [14] Sales and Marketing Strategy - The sales strategy is centered on ecosystem collaboration rather than increasing the number of sales personnel, relying on core technology and engineering culture [4][15] - The company maintains a stable sales team while leveraging partnerships to drive product adoption [15] Conclusion - Zhongke Chuangda is well-positioned for future growth with a strong focus on AIOS, strategic partnerships, and a commitment to innovation across various sectors, particularly in automotive and IoT [2][8][22]

证券代码：301491 证券简称：汉桑科技 编号：2025-01 4、公司 2023 年收入和利润大幅下滑以及 2024 年强劲反弹的 驱动因素？ 答：2023 年公司业绩变动主要是行业的因素，下滑原因： 其一，2020-2022 年期间因全球消费者居家时间加长，家庭娱 乐和居家办公需求旺盛，业务增长较快，同时因芯片短缺，客 户一般需要提前备货。2023 年起全球各主要地区消费者居家时 长相应减少，家庭娱乐和办公需求下降，同时终端市场特别是 欧洲、北美等市场受地缘政治和宏观经济通胀的影响也导致需 求下降，客户因而库存去化缓慢，导致对行业供给侧订单减少， 相应的公司业绩出现下滑。 2024 年公司业绩反弹原因：随着 2024 年度主要市场经济 情况趋于稳定，音频行业下滑后逐步进入稳定状态，客户采购 节奏进入相对稳定状态，加之公司持续投入新技术、新产品、 新客户的开发，公司 2024 年重新实现收入较快增长。 5、公司按家用、专业及商用、个人场景划分的收入结构？ 答：个人场景约占 50%，非个人场景占比约 50%（其中家 用场景约 80%，商用场景约 20%），公司预计商用场景的占比 后续会上升。 6、为什么公司 ...

Core Viewpoint - AIoT company Teslian has submitted an updated prospectus to the Hong Kong Stock Exchange, indicating strong growth and financial health [1] Financial Performance - The company projects revenue of 632 million in the first half of 2025, representing a year-on-year growth of 77.1%, leading the AI industry [1] - The total orders on hand amount to 2.6 billion, showcasing robust demand for its products and services [1] - Cash and cash equivalents have increased by 316% compared to the end of 2024, reaching 657 million, indicating strong liquidity [1]

Group 1 - Xiaomi Group announced a share buyback of 7.5 million shares at an average price of HKD 40.14, totaling over HKD 300 million, marking the fourth buyback this month [1] - The total number of shares repurchased by Xiaomi this month has reached 31.5 million, with a total expenditure exceeding HKD 1.2 billion [1] - Market analysts view Xiaomi's multiple rounds of buybacks as a signal of confidence in the company's growth prospects, aimed at stabilizing market sentiment [1] Group 2 - On November 20 and 21, Xiaomi repurchased 21.5 million shares for over HKD 800 million [3] - Founder and CEO Lei Jun personally invested over HKD 100 million to acquire 2.6 million shares of Xiaomi [3] - Xiaomi's Q3 performance showed robust fundamentals, with total revenue of CNY 113.1 billion, a year-on-year increase of 22.3%, and adjusted net profit of CNY 11.3 billion, up 80.9%, marking a historical high [3] - The main business of smartphones and AIoT is steadily growing, while innovative sectors like smart electric vehicles and AI are accelerating towards profitability, achieving a quarterly profit for the first time [3] - The 500,000th Xiaomi car rolled off the production line, setting a record for the fastest 500,000 units produced by a global new energy vehicle company [3] - Xiaomi expects to deliver over 400,000 cars by 2025 [3]