采编：互联网的一些事（imyixieshi） 9 月 16 日,全球路由器市场领军企业 TP-Link (普联技术)的芯片事业部 已全员裁撤。此次裁员距 6 月其外销主体联洲国际位于上海张江的 WiFi 芯 片部门闪电裁员仅数月之隔，目赔偿方案依旧维持 N+3 标准。 脉脉 脉脉 脉脉 脉 图片 令人诧异的是，公司自研的略由器芯片已有两颗成功流片，本可按计划迈入 量产阶段。 脉脉 球隊 脉脉 更值得关注的是，此次裁员中不乏仅入职两个月的应届生，目前这些新人已 加入求职大军，而 TP-Link 内部与芯片相关的工作岗位也已全面关闭，标志 着其芯片自研业务暂告段落。 8-3K B2K 近日，据业内人士爆料，网络设备巨头TP-Link被曝出芯片团队全员裁撤。据多位业内人士证实，TP-Link旗下芯片事业部已全面解散，涉及算法、设计、 测试等核心岗位。此次裁员动作迅速，从通知到离职手续办理完成，仅耗时半天。 脉脉 品牌 9 tp-link芯片事业部解散!赔偿N+3 突发！网友爆料TP-Link 芯片事业部全员裁撤 早在今年 6 月 12 日，联洲国际上海 WiFi 芯片部门就率先拉开裁员序幕, 算法、验证、设计等关键 ...

Key Points Summary Market Performance - The Hang Seng Index closed at 26,544, down 1.35% for the day but up 32.33% year-to-date [1] - The Hang Seng Tech Index closed at 6,271, down 0.99% for the day and up 40.36% year-to-date [1] - The CSI 300 Index closed at 4,498, down 1.16% for the day and up 14.31% year-to-date [1] - The Dow Jones Index closed at 46,142, up 0.27% for the day and up 8.46% year-to-date [1] Currency and Commodity Trends - The Renminbi Index is at 96.600, up 0.58% over the last month but down 2.47% over the last six months [2] - Brent crude oil is priced at $67.76 per barrel, up 2.85% over the last month but down 0.51% over the last six months [2] - Gold is priced at $3,668.34 per ounce, up 10.05% over the last month and up 20.86% over the last six months [2] Company News - Alibaba's AliExpress has received conditional approval to form a joint venture with South Korea's Shinsegae [5][14] - Huawei plans to launch its self-developed Ascend 950PR chip in the first quarter of next year [5][16] - The China Securities Regulatory Commission reported that the shareholding of Shankai Holdings is highly concentrated, with 24% held by 20 shareholders [5][17][18] Economic Indicators - Initial jobless claims in the U.S. fell to 231,000, below expectations, indicating a strengthening labor market [5][11] - The Bank of England's interest rate remains at 4.00%, unchanged from the previous period [5][12][13] - Reports indicate that China has terminated its antitrust investigation into Android ahead of U.S.-China talks [5][15] Stock Market Movements - The Hong Kong stock market experienced significant volatility, with the Hang Seng Index reaching a four-year high before closing lower [5][6] - Semiconductor-related stocks saw gains, with Hua Hong Semiconductor rising nearly 9% [5][6] - The A-share market showed weakness, with major indices closing down over 1% [6] Upcoming Economic Data - Key economic data releases include the Eurozone consumer confidence index and U.S. manufacturing PMI [5][29]

自 6 月 14 日首次曝出 TP 联洲国际 WiFi 芯片部门大规模裁员消息后，近日，又开始 闪电裁员！上午通知晚上走人 ！ 据爆料，此次裁员只留几个骨干，算法及设计等岗全部凉凉，赔偿N+3，裁员极为突然。从发出裁员通知到员工办完离职手续，整个过程不到半天！ 原本以为仅算法/设计岗受影响，如今更多相关周边岗位的员工也陆续接到通知，被纳入此次裁员范畴。这些新增被裁岗位涉及产品测试、项目协调等， 这使得整个 WiFi 芯片部门几乎陷入全面瘫痪状态。一位接近公司的消息人士透露，目前整个部门除了那几个被保留的骨干，几乎已经没有能够正常开展 业务的完整团队了。 心疼一波儿从高通上海无线研发部门过来的，2023刚经历过上海高通的裁员，这一次又经历了一轮...... 找个中 J OTW削 湖北 凹麦 为啥解散? 没听说过tp做了什么芯片。 65 之前某主管吹牛说给博通还是高通深度 合作开发芯片。 4小时前 广东 回复 做路由器上的芯片,有两颗已经出来 121 了可以量产了 4小时前 广东 回复 = 的事例: 那这属于 回复 隆 91 卸磨杀驴 2小时前 广东 回复 回复 上 管事:国内企业好 30 多都这德行 1小时前 ...

Core Viewpoint - Li Auto's performance is under short-term pressure, with cautious guidance for Q3 deliveries due to intensified market competition [1] Group 1: Q2 Performance Summary - Q2 sales reached 111,000 units, with year-on-year and quarter-on-quarter growth of 2% and 20% respectively [1] - Revenue for Q2 was 30.25 billion RMB, showing a year-on-year decrease of 5% but a quarter-on-quarter increase of 17% [1] - Q2 gross margin was 20.1%, with a year-on-year increase of 0.6 percentage points but a quarter-on-quarter decrease of 0.5 percentage points [1] - Automotive gross margin improved by 0.7 percentage points year-on-year due to reduced average sales costs, while it slightly decreased by 0.3 percentage points quarter-on-quarter [1] - R&D and sales expenses for Q2 were 2.8 billion and 2.7 billion RMB respectively, showing a year-on-year decrease and a quarter-on-quarter increase [1] - Net profit attributable to shareholders was 1.09 billion RMB, with a year-on-year decrease of 1% but a quarter-on-quarter increase of 68% [1] - Net profit margin was 3.6%, with a year-on-year increase of 0.1 percentage points and a quarter-on-quarter increase of 1.1 percentage points [1] Group 2: Q3 Outlook - For Q3, the company expects deliveries to be between 90,000 and 95,000 units, representing a year-on-year decrease of 41.1% to 37.8% [1] - Revenue for Q3 is projected to be between 24.8 billion and 26.2 billion RMB, indicating a year-on-year decrease of 42.1% to 38.8% [1] - The company anticipates maintaining a gross margin around 19% for Q3 [1] Group 3: New Product Launches and Innovations - Li Auto launched the i8 on July 29, with deliveries starting on August 20, aiming for 8,000 to 10,000 units by the end of September [2] - The upcoming i6, a five-seat pure electric SUV, is expected to achieve stable monthly sales of 9,000 to 10,000 units [2] - The Li MEGA MPV continues to see rising sales, with over 3,000 units delivered in August, making it a leader in the luxury MPV and pure electric vehicle segments in China [2] - The VLA model will undergo a full rollout on September 10, featuring five major upgrades for enhanced driving experience [2] Group 4: Strategic Expansion and R&D - The company has outlined a three-phase development strategy, with 2023 marking the start of its global expansion [3] - Li Auto has established R&D centers in Germany and the U.S. and is building overseas sales and service networks [3] - The self-developed chip is currently undergoing road testing, with expectations for it to be featured in flagship models by 2026 [3] - The company is optimistic about the integration of smart driving software and hardware, which is expected to enhance user experience at lower costs [3] Group 5: Financial Projections - The company has adjusted its profit forecasts due to competitive pressures, projecting sales of approximately 420,000, 600,000, and 730,000 units from 2025 to 2027 [4] - Total revenue is expected to reach 116.8 billion, 159.1 billion, and 200.4 billion RMB for the same years [4] - GAAP net profit is projected at 4.7 billion, 8.7 billion, and 12 billion RMB, with corresponding net profit margins of 4.0%, 5.4%, and 6.0% [4] - The target market capitalization is set at 217.6 billion RMB, with target prices of approximately 111 HKD and 28 USD for respective listings [4]

Group 1: Core Objectives and Synergies - The acquisition aims to build self-research capabilities in chip technology, enhancing the company's competitiveness in the radar field [1] - The company has seen an increasing trend in chip procurement, with amounts of 17.21 million and 57.06 million yuan for 2023 and 2024 respectively, and quantities of 414,000 and 871,600 chips [2] - The target company's products, including optical sensors and MCU chips, will align with the company's self-research strategy, facilitating business integration and enhancing operational capabilities [3] Group 2: Pricing and Compliance - A differentiated pricing scheme has been established, considering investment costs and time, with external shareholders benefiting from market-based negotiations [4] - The target company's previous financing and repurchase agreements have been cleared, ensuring compliance with accounting standards and market comparability [4] Group 3: Performance Compensation and Stakeholder Interests - The transaction includes performance rewards to incentivize the management team, with cash rewards for exceeding profit commitments by 10% [5] - The deal structure balances cash and equity, with 50% of the consideration in shares and cash, ensuring stability for the management team and protecting minority shareholders [5] Group 4: Valuation and Market Comparison - The valuation of the target company is based on a 421.40% appreciation rate using the income approach, which aligns with the characteristics of the semiconductor industry [6] - The assessment methods and results are comparable to industry peers, reflecting the target company's operational model and growth stage [6]

Core Viewpoint - RoboSense (速腾聚创) is experiencing significant growth in both its ADAS and robotics businesses, driven by the successful implementation of digital lidar technology and advancements in chip development [3][13][15]. Financial Performance - In Q2 2025, RoboSense reported total revenue of approximately 460 million yuan, representing a year-on-year increase of 24.4% and a quarter-on-quarter increase of 38.9% [3]. - The overall gross margin improved from 12.3% in Q1 2024 to 27.7% in Q2 2025, marking six consecutive quarters of growth [3]. - The robotics segment achieved a gross margin of 41.5%, with product sales reaching 34,400 units, a year-on-year increase of 631.9% and a quarter-on-quarter increase of 189.1% [6]. Business Segments ADAS Business - RoboSense's EM platform has secured contracts with eight OEMs for 45 vehicle models, including 32 models for a leading global EV manufacturer [9]. - The company has achieved a total of 133 contracts for mass production vehicles, including projects with eight overseas and joint venture brands [9]. - RoboSense has reached a milestone of producing its one-millionth vehicle-mounted lidar, maintaining its leadership in the global market [11]. Robotics Business - The robotics business has expanded to over 3,200 global customers, with significant growth expected in the coming months [17][24]. - The E1 lidar has become the preferred solution for Robotaxi applications, with successful mass production validation with eight leading global clients [18]. - The company anticipates a surge in demand for its robotics products, particularly in the lawn mowing sector, with a production peak expected in Q4 2025 and Q1 2026 [24]. Technological Advancements - RoboSense has pioneered the digital lidar industry with its E platform, which includes the E1 lidar, the first mass-produced solid-state lidar [13]. - The EM platform, designed for long-range lidar, is set to begin mass production with the EM4 model in Q3 2025 [14]. - The company emphasizes that the future competition in lidar technology will focus on chip-level capabilities, with its self-developed SPAD-SoC chip expected to drive continuous product iterations and market leadership [15]. Market Position - RoboSense has established partnerships with over 90% of leading L4 companies globally, expanding its operational network in key markets [22]. - The company is also making strides in the consumer-grade robotics market, with significant orders in the lawn mowing and delivery sectors [22][23].

Core Viewpoint - Xiaomi Group reported a record high revenue of 116 billion RMB for Q2 2025, marking a 30.5% year-on-year increase, and an adjusted net profit of 10.8 billion RMB, up 75.4% year-on-year, indicating strong financial performance and growth potential in key business segments [1][2]. Financial Performance - Revenue for Q2 2025 reached 115,956.1 million RMB, a 30.5% increase from 88,887.8 million RMB in Q2 2024, and a 4.2% increase from 111,293.3 million RMB in Q1 2025 [2]. - Gross profit was 26,101.0 million RMB, up 41.9% year-on-year, and operating profit increased by 128.2% to 13,436.7 million RMB [2]. - Adjusted net profit for the quarter was 10,830.7 million RMB, reflecting a 75.4% increase compared to 6,175.4 million RMB in the same period last year [2]. Business Segments - The smartphone segment generated 455 million RMB in revenue with a shipment of 42.4 million units, showing a slight increase from 42.2 million units year-on-year [3]. - IoT and lifestyle products revenue reached 387 million RMB, a 44.7% increase, with smart home appliances seeing a significant growth of 66.2% [3]. - The automotive and innovative business segment reported revenue of 213 million RMB, a remarkable 234% increase, with 81,302 units delivered in the quarter [3]. Strategic Focus - Xiaomi is focusing on a dual strategy of scaling and high-end positioning in the smartphone market, shifting its focus from the 4000-6000 RMB range to the ultra-high-end segment above 6000 RMB [3][4]. - The company aims to expand its retail presence, targeting 30,000 stores in China and 400-500 overseas by the end of the year [4]. - Xiaomi's goal is to join the "2 billion club" alongside Apple and Samsung within the next three to five years, emphasizing its commitment to growth despite a stagnant global market [4][5]. R&D and Innovation - R&D investment reached a record high of 7.8 billion RMB in Q2 2025, a 41.2% increase, with an annual target of 30 billion RMB [6]. - Key technological advancements are focused on automotive, chips, and AI, including the development of a prototype car and a self-developed 3nm flagship chip [6]. - The company believes that having self-developed chips will create a significant competitive advantage in the future [6].

长江商报消息 ●长江商报记者 徐靓丽 半导体行业景气度提升，助力力源信息业绩增长。 力源信息（300184.SZ）日前发布2025年半年报，2025年上半年，公司实现营业总收入40.34亿元，同比 增长17.46%；归母净利润9613.04万元，同比增长65.79%。 力源信息表示，2025年以来，半导体行业景气度相比2024年同期呈现提升态势，通信市场和消费市场需 求有所回升；汽车市场智能化与电动化趋势延续，公司以市场为导向，紧紧把握市场需求方向，加大推 广力度，相关业务营业收入均有不同程度的增幅。 行业景气度回升助业绩增长 总部位于武汉的力源信息是国内半导体分销行业中第一家A股上市公司，主营业务包括电子元器件的代 理（技术）分销业务、芯片自研以及智能电网产品的研发、生产及销售。 半年报显示，2025年上半年，力源信息实现营业总收入40.34亿元，同比增长17.46%；归母净利润 9613.04万元，同比增长65.79%；扣非净利润9099.49万元，同比增长69.35%；经营活动产生的现金流量 净额为2.42亿元，上年同期为-179.03万元。 力源信息表示，2025年以来，半导体行业景气度相比2024年 ...

最近两天苹果的新闻有点多，又是 iPhone 将首次采用三星图像传感器，又是第二代自研基带 C2 将引入 MacBook 产品线。但很多人可能忽略了另一个新闻 的重要性。 据海外科技媒体 MacRumors 援引消息人士报道，「最强电视盒子」 Apple TV 4K 将于年内推出新款，不仅售价更低，而且还会搭载苹果首款自研 Wi- Fi/Bluetooth 芯片（代号「Proxima（比邻星）」），取代了此前一直使用的博通方案。 但随着 MacBook 产品线全部迁移到 M 系列芯片，苹果已经实现了算力平台的大一统——全部产品均搭载 Apple Silicon，同时苹果也开始继续深入 SoC 内 外，除了 U 系列超宽带芯片、T 系列安全芯片，还在 Vision Pro 上带来了 R1 实时传感器协处理器，在 iPhone 16e 上率先采用 C1 基带芯片。Wi-Fi/Bluetooth 芯片，也是苹果自研芯片注定绕不开的一环。 事实上，新款 Apple TV 4K 还未必能首发用上「比邻星」。根据今年初彭博社以及郭明錤等分析师的调查，即将于今年秋季发布的 iPhone 17 系列将全系用 上这款 Wi-F ...

Core Viewpoint - Arm's announcement of lower-than-expected revenue forecasts for the upcoming fiscal quarter and its plan to invest profits into developing its own chips marks a significant shift in its business model from licensing to direct chip production [1][9][12] Group 1: Financial Performance - Arm expects Q2 revenue to be between $1.01 billion and $1.11 billion, aligning with market expectations of $1.06 billion, but forecasts adjusted earnings per share between $0.29 and $0.37, with the midpoint below the market average of $0.36 [1] - The company's traditional licensing model has been highly successful, with Arm's architecture present in 99% of smartphones globally [5][6] Group 2: Business Model Transition - Arm has historically operated as a knowledge property supplier, licensing chip designs to semiconductor manufacturers rather than producing chips directly [3][4] - The licensing model includes various types of authorizations, with upfront fees ranging from $1 million to $10 million, and royalties typically between 1% to 2% of chip sales, with higher rates for new architectures [4] - The shift to self-developed chips indicates a major change in Arm's strategy, potentially transforming its relationships with existing clients into competitive dynamics [9][10] Group 3: Market Context and Challenges - Arm's core market, the smartphone sector, is experiencing stagnation, with IDC projecting only a 1% growth in global smartphone shipments for Q2 2025 [7] - The competitive landscape in the data center market is intense, with established players like Intel and NVIDIA dominating, making it challenging for Arm to gain market share solely through licensing [8] - Arm's move to develop its own chips could enhance its competitiveness and allow for better integration of its technologies, potentially reshaping the industry landscape [11][12] Group 4: Future Implications - If successful in chip development, Arm could disrupt the current market dynamics, particularly in the data center sector, and expand its presence in emerging fields like IoT [11][12] - The transition from a licensing model to direct chip production may require Arm to reassess its partnerships and find new ways to maintain relationships with existing clients while attracting new ones [11]