Group 1: Company Overview - Luxshare Precision has announced its plan to issue H-shares and apply for listing on the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion, technology research and development, and loan repayment to enhance its global strategy and financing capabilities [2] - The company is deeply integrated with Apple, being the largest manufacturer of AirPods and the second-largest for iPhones, as well as the exclusive supplier for Apple's Vision Pro headset [3] Group 2: Financial Performance and Growth Projections - Luxshare Precision expects a net profit growth of 20% to 25% for the first half of the year, with its ODM business in consumer electronics, automotive, and communication sectors growing significantly faster than the overall company average [3] - The company aims to achieve a balanced profit and loss from its acquisition of Wistron’s ODM business by 2025, with plans to elevate the business to industry-leading standards within two years and to the company's average level within three years [3] Group 3: Robotics Industry Development - Luxshare Precision is investing in the robotics industry, with a project in Changshu that has a total investment of 5 billion yuan, expected to be completed by the end of 2025, and aims to achieve an annual output value of 10 billion yuan [4] - The robotics project will incorporate advanced technologies such as AI visual recognition and high-precision sensing, focusing on industrial robot research and smart equipment manufacturing, creating a comprehensive lifecycle industry chain [4] Group 4: Market Position - As of July 23, Luxshare Precision's stock price was 37.96 yuan per share, with a market capitalization of 275.3 billion yuan [5]

Core Viewpoint - Over 80 A-share listed companies have pursued A+H dual listings this year, with notable companies like Goer Microelectronics planning to list in Hong Kong [1][29] Company Overview - Goer Microelectronics, a spin-off from Goer Group, focuses on the sensor field and was established in 2017, with its headquarters in Qingdao, Shandong Province [3][4][5] - The company has a history dating back to 2004, initially as a business unit of Goer Group, specializing in MEMS research and development [4] - As of July 11, 2025, Goer Group holds an 83.40% stake in Goer Microelectronics [7] Financial Performance - Goer Microelectronics reported revenues of 3.121 billion RMB in 2022, 3.001 billion RMB in 2023, and projected 4.536 billion RMB in 2024, with a net profit of 325 million RMB in 2022 and 289 million RMB in 2023 [12][13] - The company's revenue from sensor business accounted for 78.5% in 2024, with acoustic sensors making up 74.1% of that [14] - The gross profit margin for the company was 18.5% in 2022, 17.2% in 2023, and is projected to be 19.0% in 2024 [16] Market Position - Goer Microelectronics is the fifth largest global provider of smart sensing interactive solutions, holding a market share of 2.2% [28] - The company heavily relies on major clients, with over 75% of its revenue coming from the top five customers, including Apple, which accounted for over 55% of revenue in most years [18][28] Industry Context - The sensor industry is significantly influenced by the cyclical nature of consumer electronics demand, with a projected rebound in 2024 after a decline in 2022 and 2023 due to pandemic and inflation impacts [24] - The global smart terminal market is expected to grow from 3.232 billion units in 2024 to 4.23 billion units by 2029, driven by applications in smart consumer electronics and smart homes [23] - The competitive landscape includes established players from the US, Europe, Japan, and South Korea, with the top ten providers accounting for 41.6% of the market share [27]

Group 1 - Yuanzhi Investment recently conducted research on Huapei Power, which has established a wholly-owned subsidiary, Huapei Jushen, to develop cutting-edge technologies such as six-dimensional force sensors [1] - Huapei Power has completed testing of its first-generation products and is leveraging its automotive-grade chip manufacturing advantages to reduce costs [1] - The company aims for international expansion, planning to establish production capacity in Europe and America, and is focusing on mergers and acquisitions within the automotive and robotics supply chains [1] Group 2 - Yuanzhi Investment Management (Shanghai) Co., Ltd. is a registered entity with the Asset Management Association of China, specializing in equity investment, real estate investment, fund management, and investment consulting [2] - The company manages various investment funds and has invested in multiple projects across high-end manufacturing, TMT, environmental protection and energy, modern agriculture, healthcare, and real estate acquisition, achieving good returns [2]

去年，事情迎来转机：天津市科协提出推广应用"科创中国"平台，充实专家库、成果库、需求库，组建 科创服务团队，形成各级联动的常态化功能型科技服务网络。根据企业科协工作指南，渤化集团科协将 渤化安创的需求上报至天津市科协。 这样"按需服务"的故事还有很多。在天津金桥焊材集团股份有限公司生产车间，焊花飞溅、弧光闪 烁。"这是我们新上市的焊机焊材一体机，它的诞生得益于'一体化焊接技术'创新平台的助力。"公司常 务副总经理肖辉英指着一台新设备说。了解到金桥焊材迫切希望进一步提升工艺水平的需求后，天津市 科协联合中国机械工程学会，组织专家团队深入企业调研，帮助企业建立了"一体化焊接技术"创新平 台。 "基于这个平台，我们又开发出了船舶海工、石油石化等领域的30多个专业焊接工艺包，进一步推动了 企业发展。"肖辉英说。 "科创服务得摸准彼此需求，才能精准匹配。"天津市科协科创部部长王黎明说，收到需求清单后，他们 迅速对比专家库、成果库，发现北京化工大学机电工程学院王峰团队研究的传感器技术和智能诊断模 型，恰好能够满足渤化安创的需要。 两边一拍即合，签约成功。"这样的精准对接，也加速了我们的科研成果转化。"王峰表示。 张楠介绍 ...

Core Viewpoint - Goer Microelectronics, a subsidiary of Goer Co., has submitted a second application for listing on the Hong Kong Stock Exchange after its previous application expired in January 2025 [2] Company Background - Goer Micro was established in 2004 as a business unit of Goer Co. focusing on MEMS research and development [3] - The company achieved mass production of its first acoustic sensor in 2009 and began developing sensor interaction modules [4] - In 2014, it started developing MEMS pressure sensors, achieving mass production by 2016 [5] - Goer Micro became an independent entity in 2017, focusing on SiP development, with mass production starting in 2021 [6] Financial Performance - In Q1 2024 and Q1 2025, Goer Micro reported revenues of 4.536 billion and 1.120 billion RMB, respectively, which are approximately 4.49% and 6.87% of Goer Co.'s revenues during the same periods [6] - Goer Co. contributed 346 million and 57.4 million RMB to Goer Micro's revenues in Q1 2024 and Q1 2025, representing 7.6% and 5.1% of Goer Micro's total revenue [6] Business Operations - Goer Micro provides comprehensive smart sensing interaction solutions, including sensors, SiP, and sensing interaction modules [8] - The company has internal design capabilities for MEMS and ASIC chips and outsources wafer manufacturing to third-party manufacturers [10][15] - Goer Micro's production capacity is approximately 2.4 billion units annually, with an 88.8% utilization rate as of March 2025 [14] Market Position - In 2024, Goer Micro ranked fifth globally in the smart sensing interaction solutions market with a market share of 2.2% [13] - The company ranked first in the acoustic sensor revenue segment with a market share of 43.0% [13] Growth Potential - The demand for Goer Micro's sensors and related solutions is expected to grow due to advancements in smart electronics, smart homes, smart cars, and AI [14] - The company aims to expand its business scope and market share through its upcoming IPO and strategic investments [12] Profitability - Goer Micro's gross margins for 2024 and Q1 2025 were 18.98% and 20.58%, respectively, indicating higher profitability compared to Goer Co.'s margins of 11.09% and 12.41% during the same periods [17]

Company Dynamics - The Hong Kong Stock Exchange disclosed that GoerTek Inc. has submitted a listing application to the main board, marking the company's second attempt to list in Hong Kong, with CICC, CITIC International, China Merchants Bank International, and UBS serving as joint sponsors [2] Company Background - GoerTek Inc. originated from a department of Goer Group listed on A-shares, which became independent in 2017, focusing on MEMS research and development [3] - The company is a provider of intelligent sensing interaction solutions, specializing in acoustic sensors for various sectors including consumer electronics, automotive electronics, smart home, industrial applications, and healthcare [3] - GoerTek is the fifth largest intelligent sensing interaction solution provider globally, with a market share of 2.2% as of 2024, and is the largest in China [3] - The company has shipped over 5 billion sensors and offers more than 400 types of solutions, widely used in around 30 smart terminal applications [3] R&D and Innovation - GoerTek has established a chip research institute and an advanced packaging technology R&D center, employing 753 experienced R&D personnel [4] - The company has incurred R&D expenses of approximately RMB 259 million, RMB 264 million, RMB 326 million, RMB 60 million, and RMB 67 million for the years 2022, 2023, 2024, and the three months ending March 31, 2025, respectively [4] - GoerTek holds 1,825 patents, including 738 invention patents, making it the company with the most patents in China's intelligent sensing interaction solution industry [4] Financial Performance - From 2022 to 2024, GoerTek reported revenues of approximately RMB 3.121 billion, RMB 3.001 billion, and RMB 4.536 billion, with net profits of about RMB 326 million, RMB 289 million, and RMB 309 million for the same years [4] - For the three months ending March 31, 2025, the company achieved a revenue of RMB 1.120 billion [4]

Core Viewpoint - Goer Microelectronics is pursuing an IPO in Hong Kong, revealing significant financial data and business information, including a 54.4% year-on-year revenue growth in Q1 2025, contrasted by a 43.6% decline in net profit, indicating underlying operational challenges and risks that warrant investor scrutiny [1]. Business Model - The company operates a platform-based business model that integrates material research, chip design, and algorithm software development, enabling diverse solutions that meet customer needs through its UniSense full-stack capabilities [2]. Product Solutions - Goer Microelectronics offers a variety of solutions, including sensors (acoustic, pressure, inertial), SiP (TWS SiP, touch SiP), and sensor interaction modules, which are highly customizable to meet the diverse and miniaturized demands of smart terminals [3]. Financial Data - Revenue Growth: In Q1 2025, the company achieved a revenue of 1.1 billion RMB, reflecting a 54.4% year-on-year increase, showcasing strong business expansion capabilities [4]. - Net Profit Decline: The net profit for Q1 2025 was 230.5 million RMB, down 43.6% year-on-year, indicating potential issues in cost control, product pricing, or market competition [5]. Profitability Indicators - Gross Margin: Although specific gross margin data is not disclosed, the disparity between revenue and net profit suggests significant cost impacts on gross margin [6]. - Net Margin: The substantial drop in net margin in Q1 2025 may be linked to increased expenses, such as R&D and marketing costs, affecting overall profitability [7]. Revenue Composition - Sensor Business Dominance: The sensor business is the primary revenue source, consistently contributing over 69% of total revenue from 2022 to 2025, with acoustic sensors being the largest segment [9]. - SiP and Sensor Interaction Modules: SiP revenue fluctuates between 15% and 25%, while sensor interaction modules, though smaller, show growth, indicating efforts in business diversification [10]. Financial Challenges - Profitability Pressure: The significant decline in net profit represents a major financial challenge, necessitating strategies to enhance profitability and optimize cost structures [12]. - Cost Control Issues: Despite revenue growth, ineffective cost management has led to profit declines, highlighting the need for improved supply chain management and production efficiency [13]. Industry Comparison - Competitive Position: Goer Microelectronics ranks as the fifth largest global provider of smart sensor interaction solutions and the largest in China, indicating a competitive edge, though further analysis is needed to assess its standing against peers in profitability metrics [14]. Customer and Supplier Dynamics - Customer Concentration: The company serves 126 direct customers, including major smartphone manufacturers, raising concerns about revenue dependency on a few key clients [15]. - Supplier Concentration: High supplier concentration may pose risks related to material supply stability and procurement pricing, impacting operational continuity [16]. Management and Governance - Shareholder Structure: Understanding the ownership structure and major shareholders is crucial for assessing control stability and potential conflicts [17]. - Management Experience: The qualifications and incentives of the management team are vital for strategic decision-making and operational effectiveness [18][19].

智通财经APP获悉，据港交所7月21日披露，歌尔微电子股份有限公司(简称：歌尔微电子)向港交所主板 递交上市申请，中金公司、中信建投国际、招银国际及瑞银集团为其联席保荐人。这是该公司今年第二 次递表。 据招股书，歌尔微电子是一家覆盖传感器、SiP和传感交互模块的智能传感交互解决方案提供商，尤其 专注于声学传感器。该公司持续与全球客户挖掘市场需求、完成产品定义，为消费电子、汽车电子、智 能家居、工业应用、医疗健康等领域提供智能化的传感交互体验。 根据灼识咨询的资料，以2024年销售额计，该公司是全球第四大传感器提供商，市场份额为4.3%，而最 大的传感器供应商市场份额为16.6%，该公司亦是全球第一大声学传感器提供商，市场份额为43.0%。 该公司的解决方案种类丰富，截至2025年3月31日，已超400种，广泛搭载于智能手机、智能耳机、 VR/AR设备、智能汽车及智能家居等约30种智能终端，根据灼识咨询的资料，该公司是中国智能传感交 互解决方案组合最丰富的提供商。 该公司打造了具有国际知名度的品牌，整合上游供应链资源并深度链接下游客户需求，广泛赋能各应用 领域的全球客户。根据灼识咨询的资料，于往绩记录期间，该公 ...

编译丨王聪 编辑丨王多鱼 排版丨水成文 癌细胞中固有免疫传感器，例如 Toll 样受体 （TLR） 其异常的表达和亚细胞定位与促肿瘤炎症和癌症进展相关，但其机制仍很大程度上未知。破译肿瘤微环境中 的促炎介质将有助于癌症治疗药物的研发。 2025 年 7 月 18 日， 曹雪涛 院士团队在 Signal Transduction and Targeted Therapy 期 刊发表了题为： Phosphorylated Toll-like receptor 3 nuclear translocation in cancer cell promotes metastasis and chemoresistance 的研究论文。 该研究表明，癌细胞中磷酸化的 Toll 样受体-3 （TLR3） 的核转位， 促进癌症转移和化疗耐药 ，这一发现揭示了 固有免疫传感器在癌症中的非经典功能，其介 导的 JAK1/TLR3/PRMT5/c-Myc 信号轴或可作为克服化疗耐药的潜在预后标志物和治疗新靶点。 从机制上来说，磷酸激酶 JAK1 通过协同核转运因子 importin α5，介导了 TLR3 第 155 位丝氨酸 （S ...

Core Viewpoint - The National Technical Innovation Center, led by Shenzhen Institute of Metrology and Quality Inspection, has successfully passed the acceptance inspection by the State Administration for Market Regulation, marking a significant step in promoting high-quality development in smart optoelectronic sensing technology [1][2]. Group 1: Establishment and Support - The Technical Innovation Center was officially approved for construction in September 2021 and is included in the key projects for quality infrastructure development in Shenzhen, receiving comprehensive support from the Shenzhen Market Supervision Bureau [1]. - The center focuses on the urgent needs for high-quality development in smart optoelectronic sensing technology, including image measurement, MEMS technology, and flexible tactile sensing [1]. Group 2: Achievements and Contributions - Since its establishment, the center has achieved significant results in key common and integrated application technology research, developing multiple new smart sensors and testing equipment [2]. - The center has built a one-stop public technical service capability for metrology, testing, certification evaluation, and technical standards related to smart sensing, significantly contributing to the improvement of industrial technology innovation and quality levels [2]. - The center has created multiple typical application scenarios for metrology and testing, facilitating the rapid industrial application and promotion of scientific and technological achievements [2]. Group 3: Infrastructure and Team - The innovation space of the Technical Innovation Center spans over 9,500 square meters, equipped with over 670 high-end devices, including neutron experimental fields and precision measurement laboratories [1]. - A technical team composed of nearly 100 high-educated talents has conducted 25 national, provincial, and municipal research projects, applied for 23 national invention patents, and led or participated in the revision of 42 international, national, and industry standards [1].