36氪获悉，近日，高端车规通信芯片企业创晟半导体（深圳）有限公司（以下简称"创晟半导体"）完成 天使及天使+轮近亿元融资，投资方包括华业天成、瑞声战投、讯飞创投、国元创新投等。 创晟半导体成立于2023年，公司定位中高端车规通信芯片。公司核心团队来自TI、ADI等半导体国际领 先企业，研发团队均拥有20年以上芯片研发经验，熟悉车载相关高速接口、高精度数模混合及数字信号 处理芯片的设计；市场团队深耕汽车领域20年，熟悉车内各类通信总线的布局发展和商用落地。 公司目前成立不到2年时间，即推出行业领先性能的车载音频通信芯片MBUS1.0系列，打破了国外在此 领域的长期垄断。产品具有低延迟、高带宽、电缆供电、易于整车布线、良好的EMC/EMI性能等优 势，性能指标可比肩国外行业领先大厂同类型产品，并预计于2025年7月正式量产。 为应对上述多节点音频传输的难题，某国际大厂在2014年推出了第一款汽车音频总线（A2B）2410，又 于2018年推出增强系列242x系列，长期垄断高速多媒体车载数字总线市场。 整车E/E架构从分布式逐渐发展为中央集中式，为了适应新E/E架构，各种高带宽，低线束量，高总线访 问效率的车载新型 ...

今日摘要 习近平在第三十五个全国助残日到来之际作出重要指示强调，从自强模范身上汲取精神力量，勇敢克服 困难挑战，积极追求人生梦想。李强会见第七次全国自强模范暨助残先进表彰大会代表。 《求是》杂志发表习近平总书记重要文章《锲而不舍落实中央八项规定精神，以优良党风引领社风民 风》。 习近平就乌拉圭前总统穆希卡逝世向乌拉圭总统奥尔西致唁电。 韩正会见美国景顺集团董事会主席。 全国省市县国土空间总体规划已基本批复完成。 一批重大工程加快建设，助力经济高质量发展。 江苏挖掘内需潜力，创新消费场景，扎实推进"以旧换新"政策落地见效。 俄罗斯与乌克兰代表团今天在土耳其伊斯坦布尔举行会谈。 内容速览 习近平在第三十五个全国助残日到来之际作出重要指示强调 从自强模范身上汲取精神力量 勇敢克服困 难挑战积极追求人生梦想 李强会见第七次全国自强模范暨助残先进表彰大会代表 第七次全国自强模范暨助残先进表彰大会16日在京召开。中共中央总书记、国家主席、中央军委主席习 近平作出重要指示，在第三十五个全国助残日到来之际，代表党中央，向受表彰的全国自强模范和残疾 人工作先进集体、先进个人表示祝贺，向全国广大残疾人及其亲属、残疾人工作者致以问 ...

然而，现有的技术大多基于固定的视角视频，缺乏对360°全景视频中空间信息的充分利用。 OmniAudio团队 投稿 量子位 | 公众号 QbitAI 空间音频，作为一种能够模拟真实听觉环境的技术，正逐渐成为提升沉浸式体验的关键。 在这样的背景下，一项在空间音频生成领域具有里程碑意义的研究应运而生—— OmniAudio ：它能够直接从360°视频生成空间音频，为虚 拟现实和沉浸式娱乐带来了全新的可能性。 相关代码和数据集已开源： https://github.com/liuhuadai/OmniAudio 为何需要从360°视频生成空间音频？ 传统的视频到音频生成技术主要关注于生成非空间音频，比如手机外放或者耳机里的声音，这些音频缺乏方向信息，无法满足沉浸式体验对 3D声音定位的需求。 所以看VR电影或者玩动作游戏的时候，总会觉得少了些代入感。 随着360°摄像头的普及和虚拟现实技术的发展，如何利用全景视频生成与之匹配的空间音频，就成为了一个亟待解决的问题。 为应对这些挑战，OmniAudio的研究团队提出了 360V2SA （360-degree Video to Spatial Audio）任务，旨在直接 ...

Financial Data and Key Metrics Changes - In Q1 2025, total revenues reached RMB 7.4 billion, representing a 9% year-over-year growth [19] - Online music revenues increased by 16% year-over-year to RMB 5.8 billion, driven by strong growth in music subscription and advertising revenues [20] - Music subscription revenues reached RMB 4.2 billion, a 70% increase year-over-year [20] - Gross margin improved to 44.1%, up 3.2 percentage points year-over-year [23] - Net profit was RMB 4.4 billion, with a net profit attributable to equity holders of RMB 4.3 billion [25] Business Line Data and Key Metrics Changes - The music subscription business remains the cornerstone, with significant growth in SVIP membership and reduced promotional activity contributing to revenue increases [20][27] - Advertising revenues showed strong year-over-year growth, supported by the ad-supported model and increased engagement [20][21] - Artist-related merchandise sales and offline performances also contributed to revenue growth, with successful concert hosting leading to increased revenues [21][22] Market Data and Key Metrics Changes - The company has strengthened partnerships with record labels, enhancing its music library and user engagement [5][6] - There is a growing popularity of Korean, English, and Japanese tracks among users, indicating a diversification in music consumption preferences [7] - The company has expanded its merchandise collaborations, which have shown strong sales performance [8][9] Company Strategy and Development Direction - The company aims to enhance user engagement through a diverse range of music services and content offerings, focusing on high-quality growth [4][12] - Continued investment in original content production and innovative technologies is planned to improve user experience and strengthen the ecosystem [27] - The company is committed to expanding its SVIP membership and advertising business while diversifying offerings across the music value chain [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the 2025 outlook, expecting year-over-year growth rates to accelerate and margins to expand [31] - The company is focused on encouraging more music consumption and enhancing user engagement through unique offerings [31][32] - Management highlighted the importance of long-form audio content and its complementary role in driving user engagement and subscription growth [38] Other Important Information - The company released its 2024 ESG report, detailing practices in intellectual property protection, user privacy, and fostering diverse music communities [11] - The effective tax rate for Q1 2025 was 9.2%, a decrease from 19.9% in the same period of 2024 [25] Q&A Session Summary Question: Outlook for top line profit growth for the next quarter and full year 2025 - Management expressed confidence in achieving strong results in Q1 and expects growth rates to accelerate in 2025, driven by rich service offerings and user engagement [31] Question: Growth opportunity of podcasts in China and long-form audio user metrics - Management noted that while podcast growth in China is limited, long-form audio content is expected to grow and complement the existing subscriber base [36][38] Question: SVIP progress and key KPIs - Management reported strong growth in SVIP membership and ARPPU, with plans to enhance the membership system and improve user satisfaction [40][43] Question: Contribution of Super VIP to ARPPU growth - Management indicated that the reduction in promotional activities has positively impacted ARPPU growth, with expectations for continued growth from the SVIP business [46][48] Question: Monetization strategy for nonpaying subscribers - Management emphasized converting nonpaying users into subscribers and leveraging advertising and merchandise sales to generate revenue from this segment [51][55] Question: Future drivers for gross margin improvement - Management highlighted subscriber growth and cost management as key drivers for future gross margin improvement, with expectations for continued growth [60][62] Question: International opportunities, especially in Southeast Asia - Management acknowledged the importance of international markets and plans to invest in content creation and platform development in Southeast Asia [68][71] Question: Outlook for advertising and offline events business - Management expressed a positive outlook for advertising revenue growth and plans to enhance the quality of offline performances [79][80]

短视频狂欢时代，被低估的「耳朵经济」。 ©️懂财帝出品 · 作者｜嘉逸 腾讯并购喜马拉雅的传闻再起，在资本市场泛起涟漪。 2024年，短视频继续爆发，抖音母公司——字节跳动营收规模登顶中国互联网，微信视频号电商每月可生产1.75亿订单，已经成为腾讯新的希 望。 但与此同时，抖音、腾讯为何又"另辟蹊径"，纷纷"卷"向音频领域？ 原因很简单：音频是一条黄金赛道。艾媒咨询研报显示，2024年，中国在线音频用户规模已经达到5.4亿人，中国声音经济产业市场规模5688.2亿 元，预计2029年将突破7400亿元。 而过去几年，A股、港股上市公司的市值承压，一级市场也趋于沉寂。 如今，政策鼓励下，阿里、腾讯、字节、京东等互联网巨头重回"动物精神"，资本并购愈加活跃，一些"可能性"也随之传出。 不过，并购传闻尚未被证实。但可以确定的是，音频的真实价值，只是被短视频的风光暂时掩盖住了，它有望迎来价值重估时刻。 1 ｜ 互联网巨头「入局」耳朵经济 2017年，中国声音经济产业市场规模仅307.6亿元。短短7年间，规模暴增了17.5倍。未来5年，规模至少还将增长1700亿元，增幅30%以上。 赛道空间持续扩容的背后，其一，是国人 ...

本报记者 李昆昆 李正豪 北京报道 吴清 近日，多家媒体报道，喜马拉雅将被腾讯音乐集团收购。其中，《科创日报》的报道称，腾讯音 乐正计划收购喜马拉雅，并称该项交易事宜在两个月前就已启动，腾讯音乐方面给出的交易价格大幅下 降，喜马拉雅管理层已经签字。 对于收购喜马拉雅一事，腾讯音乐方面于4月24日公开表示，暂无回应。4月25日中午，喜马拉雅方面也 公开表示，尚不知晓 "出售" 一事。《中国经营报》记者就传言收购事项致电喜马拉雅相关业务负责 人，截至发稿前，对方未予回应。 一位刚从喜马拉雅离职不久的员工对记者说："腾讯到底有没有去买喜马拉雅，网上应该是有一些信息 的。但是这件事情到底有没有成，应该还是在进行当中。" 将被收购？ 谈及喜马拉雅为何要卖给腾讯音乐一事，财经专栏作者马继鹏告诉记者："目前喜马拉雅是否卖给腾 讯，人家自己还没有表态，但是就第三方分析的话，它为什么要卖给腾讯？我觉得可能有三方面的原 因：第一，可能现在市场环境并不好，像这种在音频领域过分小众的应用，也可能生存空间被大的平台 挤压得比较严重。第二，就是为什么要卖给腾讯，因为腾讯在音频方面影响力比较大，卖给腾讯应该是 一个不错的选择。第三，腾讯可 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 100.10 RMB [6][7]. Core Views - The company reported a revenue of 24.71 billion RMB in 2024, a year-on-year increase of 41.1%, and a net profit of 2.11 billion RMB, up 30.9% year-on-year, exceeding previous expectations [1]. - In Q1 2025, the company achieved a revenue of 5.99 billion RMB, representing a 36.9% year-on-year growth, and a net profit of 500 million RMB, which is a 59.6% increase year-on-year [1]. - The growth is attributed to product innovation and optimization of the product structure, along with increased foreign exchange gains [1]. - The company is expected to maintain a long-term upward trend despite short-term disruptions from increased tariffs on domestic goods by the US [1]. Revenue and Profit Analysis - In 2024, the revenue from the energy storage business surged by 184% year-on-year, with total revenues from charging storage, smart innovation, and smart audio categories reaching 12.67 billion RMB, 6.34 billion RMB, and 5.69 billion RMB respectively, with year-on-year growth rates of 47.2%, 39.5%, and 32.8% [2]. - Online and offline revenues for 2024 were 17.6 billion RMB and 7.11 billion RMB, reflecting increases of 43.0% and 36.7% respectively, with independent site revenue growing by 101.3% [2]. Cost and Margin Insights - The gross margin for 2024 was 43.7%, a slight increase of 0.1 percentage points year-on-year, primarily due to product structure optimization [3]. - The sales expense ratio was 22.5%, up 0.3 percentage points year-on-year, driven by increased marketing and platform costs [3]. - The R&D expense ratio increased to 8.5%, up 0.45 percentage points year-on-year, while the financial expense ratio decreased to 0.1% due to increased foreign exchange gains [3]. Profit Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 2.42 billion RMB, 2.83 billion RMB, and 3.34 billion RMB respectively, with corresponding EPS of 4.55 RMB, 5.32 RMB, and 6.29 RMB [4]. - The average PE for comparable companies in 2025 is expected to be 22 times, and the company is assigned a 2025 PE of 22 times, leading to a target price of 100.1 RMB [4]. Financial Metrics Overview - The projected revenue for 2025 is 30.95 billion RMB, reflecting a growth rate of 25.25% [5]. - The net profit for 2025 is expected to be 2.42 billion RMB, with a growth rate of 14.26% [5]. - The company’s ROE is projected to be 21.65% in 2025, indicating strong profitability [5].

Core Viewpoint - Tencent Music Group is reportedly planning to acquire Ximalaya, with the transaction initiated two months ago and the price significantly reduced, although both companies have not confirmed the sale yet [1][2]. Group 1: Acquisition Details - Tencent Music's acquisition of Ximalaya is speculated to be driven by three main reasons: the challenging market environment for niche audio applications, Tencent's significant influence in the audio sector, and Tencent's need to enhance its offerings in paid audio content [1][2]. - Ximalaya's subsidiary recently increased its registered capital from 300 million to 2.8 billion yuan, a rise of 837.6%, which is perceived as a signal for a potential acquisition restart [1][3]. Group 2: Company Performance - Ximalaya, founded in 2012, is the largest online audio platform in China, leading the industry in terms of mobile listening duration and online audio revenue [2]. - The company has faced growth challenges, with its average monthly active users increasing by only 3.9% in 2023, compared to a 24.4% increase in 2021 [2]. Group 3: Financial Performance - Ximalaya has attempted multiple IPOs, with a 2021 valuation of approximately $5 billion, while the current acquisition valuation is speculated to be between $1 billion and $1.5 billion [3]. - From 2021 to 2023, Ximalaya's revenue figures were 5.86 billion yuan, 6.06 billion yuan, and 6.16 billion yuan, with net profits of -5.106 billion yuan, 3.7 billion yuan, and 3.736 billion yuan respectively [3][4]. - In 2023, Ximalaya achieved a positive adjusted net profit of 224 million yuan, attributed to cost-cutting measures such as layoffs and reduced marketing expenses [3][4]. Group 4: Revenue Composition - Ximalaya's revenue is primarily derived from four segments: subscriptions (51.7%), advertising (23.1%), live streaming (18.4%), and innovative products and services (6.8%) in 2023 [3][4]. - Subscription service revenue has shown slight growth, with figures of 2.992 billion yuan, 3.081 billion yuan, and 3.189 billion yuan from 2021 to 2023, maintaining a contribution of over 50% to total revenue [4]. Group 5: Market Challenges - Ximalaya's advertising revenue has declined from 1.488 billion yuan in 2021 to 1.423 billion yuan in 2023, indicating challenges in monetizing its platform due to the limitations of audio advertising [4]. - The audio app market is perceived as facing significant competition from larger platforms that can offer similar functionalities, leading to concerns about the sustainability of Ximalaya's growth [5].

(原标题：昆仑万维（300418）：一季度营收大幅增长46%AI算力芯片取得突破性进展) 4月29日，昆仑万维(300418.SZ)披露2025年一季度业绩报告。报告期内，公司实现营业收入17.6亿元， 同比增长46%，全力推动AI算力芯片、大模型及应用的研发迭代工作，研发费用4.3亿元，同比增长 23%。 截至报告期末，公司AI音乐年化流水收入ARR达到约1200万美金(月流水收入约100万美金)；短剧平台 Dramawave年化流水收入ARR达到约1.2亿美金(月流水收入约1000万美金)，为收入增长注入强劲动力。 公司全球化战略成效显著，实现海外业务收入16.7亿元，同比增长56%，海外业务收入占比提升至 94%，国际化布局进一步深化。 公司在多模态推理、视频生成、音频生成等关键方向，推出多项颠覆性技术与开源成果。公司发布的 Skywork R1V多模态推理模型达到开源SOTA(State of The Art，当前最佳水平)；视频生成领域， SkyReels-V1模型与支持精准表情动作控制的SkyReels-A1算法位居全球领先地位，后者更实现技术突破 性SOTA；AI音乐领域，Mureka V6与全 ...

Core Insights - Kimi has launched a new open-source project called Kimi-Audio, which is a general-purpose audio foundation model [1] Company Summary - The Kimi-Audio model supports various tasks including speech recognition, audio understanding, audio-to-text conversion, and voice dialogue [1]