Group 1 - The company reported a revenue of 363 million yuan for January to May 2025, representing a year-on-year increase of 117.18%, with a net profit attributable to shareholders of 55 million yuan, an increase of 86.44 million yuan year-on-year [1] - In Q1 2025, the company achieved a revenue of 191 million yuan, up 105.63% year-on-year, and a net profit of 24.32 million yuan, an increase of 53.10 million yuan year-on-year, with a net profit margin of 12.7% [1] - The company is a key global supplier of 3D vision sensors, focusing on 3D vision technology research and development, with applications in biometric recognition, 3D scanning, and robotics [1] Group 2 - The company has established partnerships with several domestic and international service robot clients, including Yunji Technology and LionsBot, and has integrated its 3D cameras with NVIDIA's robotics platform [2] - The company has completed the development of five generations of depth engine chips and multiple iToF and dToF light-sensitive chips as of mid-2024 [2] Group 3 - The company has raised its revenue forecast for 2025/26 from 960 million/1.16 billion yuan to 1.02 billion/1.28 billion yuan, and net profit forecast from 60 million/100 million yuan to 110 million/190 million yuan, with a new forecast for 2027 of 1.53 billion yuan in revenue and 290 million yuan in net profit [3] - The average price-to-sales (PS) ratio of comparable companies is 29X, which is 22% higher than the company's PS of 24X, leading to an upgraded rating to "Buy" [3]

Investment Rating - The report upgrades the investment rating to "Buy" [2][7] Core Views - The company has shown significant revenue growth driven by AIoT and robotics demand, with a notable increase in net profit margin to 17.8% in April-May 2025 [7] - The company is a key global supplier of 3D visual sensors, focusing on technology development in 3D visual perception, with applications in biometrics, robotics, and industrial measurement [7] - The financial forecasts have been revised upwards, with expected revenues of 1,015 million in 2025 and 1,280 million in 2026, alongside a projected net profit of 112 million in 2025 and 188 million in 2026 [6][9] Financial Data and Profit Forecast - Total revenue is projected to grow from 564 million in 2024 to 1,015 million in 2025, reflecting a year-on-year growth rate of 79.9% [6] - The net profit is expected to turn positive, with a forecast of 112 million in 2025 and 188 million in 2026, compared to a loss of 63 million in 2024 [6][9] - The gross margin is anticipated to remain stable at around 43% from 2025 onwards [6] Market Position and Collaborations - The company has established partnerships with major players like NVIDIA and AMD, enhancing its presence in the robotics sector [7] - The company has successfully integrated its 3D cameras with NVIDIA's robotics platform, improving the capabilities of autonomous mobile robots [7]

Core Viewpoint - Coolpad Group has announced a deep strategic partnership with Yingmu Technology, focusing on key technologies such as AI model lightweighting, virtual-physical interaction algorithms, multi-modal perception integration, and computational collaboration between AR devices and smartphones [1][3]. Group 1: Strategic Collaboration - The partnership will establish an "AI+AR Fusion Innovation Working Group" to accelerate the evolution of smart terminal forms [1]. - Coolpad will fully open its global online e-commerce platform, offline retail network, and operator resources to assist Yingmu Technology in market expansion [2]. - Joint global brand marketing activities are planned to create a significant presence for AI×AR smart glasses [2]. Group 2: Company Profiles - Coolpad Group is a well-known smart terminal manufacturer in China, actively expanding into the 5G and AIoT ecosystems [3]. - Yingmu Technology specializes in the development of AR smart glasses, possessing technological advantages in virtual-physical integration and human-computer interaction [3]. Group 3: Product Launches - Yingmu Technology is set to launch two AR glasses products, INMO GO 2 and INMO AIR 3, in November 2024, focusing on translation and light office scenarios [4]. - INMO GO 2 is the world's first AR glasses supporting streaming simultaneous interpretation, capable of online translation in 40 languages and offline voice recognition [5]. - INMO AIR 3 is the world's first 1080P all-in-one AR glasses, featuring a Sony 0.44-inch Micro OLED screen with a resolution of 1920×1080 [5].

Core Viewpoint - Shenzhen Jingwang Electronics Co., Ltd. has experienced significant stock price fluctuations, with a cumulative increase exceeding 20% over three consecutive trading days, prompting a warning for investors to exercise caution in their investment decisions [1][2]. Company Overview - The company specializes in the research, development, production, and sales of PCBs (Printed Circuit Boards), including multi-layer boards, thick copper boards, high-frequency and high-speed boards, metal-based circuit boards, double-sided/multi-layer flexible circuit boards, high-density flexible circuit boards, HDI boards, rigid-flex boards, special material PCBs, carrier boards, and packaging substrates [1]. - Its products are widely used in various sectors such as automotive, next-generation communication technology, data centers, AIoT, consumer electronics, industrial interconnect, medical devices, new energy, and satellite communication [1]. Stock Performance - The stock price of the company reached a new high on June 30, 2025, following a significant short-term increase, which has raised concerns about potential investment risks [1]. - The company's recent trading volume has significantly exceeded previous levels, indicating heightened market activity [3]. Shareholder Actions - The controlling shareholder, Jinghong Yongtai Investment Holdings Co., Ltd., along with other related parties, has announced a plan to reduce their holdings by a total of 29.49 million shares, which is up to 3% of the company's total share capital, through both centralized bidding and block trading methods [3][4]. - As of the announcement date, the reduction plan is currently in progress, with a portion of shares already sold in accordance with the disclosed plan [4]. Regulatory Compliance - The company has confirmed that there are no undisclosed matters that should be reported according to the regulations of the Shanghai Stock Exchange [5].

Summary of Key Points Core Viewpoint The report discusses the completion and changes of certain fundraising projects by Broadcom Integrated Circuit (Shanghai) Co., Ltd., including the allocation of surplus funds to new projects, specifically focusing on the development of edge AI processor products and solutions. Group 1: Fundraising Overview - In 2019, the company raised approximately RMB 646 million through an initial public offering, with a net amount of about RMB 603 million allocated for specific projects [1] - As of June 20, 2025, the company has invested RMB 53.26 million in the "Standard Protocol Wireless Interconnection Product Technology Upgrade Project" and "Smart Home Entry Product R&D and Industrialization Project," achieving an investment progress of 88.31% [2] - The company has completed the "R&D Center Construction Project," with a total investment of RMB 24.44 million, of which RMB 16.47 million has been utilized, resulting in a surplus of RMB 10.80 million [3][6] Group 2: Project Changes and Adjustments - The company plans to adjust the investment structure of the "Smart Transportation and Intelligent Driving R&D and Industrialization Project," reducing the investment by RMB 21.04 million and reallocating it to the new "Edge AI Processor Product and Solution R&D Project" [4][5] - The total investment for the new project is estimated at RMB 45.83 million, with RMB 31.85 million sourced from the adjusted funds [12][13] - The completion date for the "Smart Transportation and Intelligent Driving R&D and Industrialization Project" has been extended to June 30, 2026, to accommodate the changes [5][11] Group 3: New Project Details - The new project focuses on developing low-power, high-performance edge AI chips and solutions, targeting smart home, wearable devices, and automotive electronics [12][14] - The project aims to create a comprehensive technology system, including hardware, algorithms, and software, to enhance the company's competitive edge in the AIoT market [15][16] - The company has a strong R&D team, with 86.52% of its workforce dedicated to research, ensuring effective project execution [18] Group 4: Regulatory Compliance and Approval - The adjustments to the fundraising projects have been reviewed and approved by the company's board and supervisory committee, pending shareholder approval [21] - The company has established a dedicated account for managing the raised funds, ensuring compliance with regulatory requirements [20]

Core Viewpoint - Jingwang Electronics (603228) has experienced significant stock price increases, achieving a cumulative rise of over 28% in the last three trading days, while its controlling shareholder has executed share reductions [2][4]. Group 1: Shareholder Actions - The controlling shareholder, Shenzhen Jinghong Yongtai Investment Holding Co., Ltd., and Zhichuang Investment Co., Ltd. have reduced their holdings by a total of 9.597 million shares from June 27 to June 30 [4]. - The shareholding ratio of the controlling shareholder and its concerted parties decreased from 61.96% to 60.93% due to the share reduction and the conversion of convertible bonds [4][6]. Group 2: Trading Details - On June 27, a block trade of 4.321 million shares was executed at a price of 33.01 yuan per share, representing a discount of 13.22% compared to the market closing price of 38.04 yuan per share [6]. - On June 30, another block trade of 5.276 million shares occurred at a price of 35.76 yuan per share, reflecting a discount of 14.53% compared to the market closing price of 41.84 yuan per share [6]. Group 3: Company Overview - Jingwang Electronics specializes in PCB (Printed Circuit Board) business and has seen its market capitalization reach 39.1 billion yuan due to recent market interest [7]. - The company is recognized as a national high-tech enterprise, focusing on the R&D, production, and sales of various types of PCBs, which are widely used in automotive, next-generation communication technologies, data centers, and AIoT applications [7].

Group 1 - Xiaomi held an ecosystem launch event on June 26, 2025, introducing products like the Xiaomi YU7, MIX Flip2, and AI glasses, leading to an upward revision of the company's automotive sales forecast for 2025/26 and an increase in target price to HKD 67, maintaining a buy rating [1][2] - The Xiaomi YU7 features a super electric motor with a 0-100 km/h acceleration time of 3.23 seconds and a top speed of 253 km/h, boasting a leading range of 835 km among mid-to-large pure electric SUVs, with fast charging capabilities [1] - The AI glasses, weighing only 40g, utilize advanced battery technology and feature a 12 MP optical lens, five microphones, and support for payment functions, with pricing slightly above market expectations [1] Group 2 - The company predicts that its new factories will begin contributing to production capacity in the second half of 2026, with projected outputs of 300,000, 300,000, and 100,000 vehicles from three factories [2] - The sales forecast for Xiaomi's automotive division has been revised to 400,000 and 700,000 units for 2025 and 2026, respectively, with the YU7 series expected to significantly outperform the SU7 series [2] - Revenue forecasts for 2026 and 2027 have been increased to CNY 646.2 billion and CNY 778.5 billion, respectively, along with an adjusted EPS of CNY 2.17 for 2026 [2]

Core Viewpoint - The company, Teslian, is advancing its IPO process in the AIoT sector, showcasing strong revenue growth and a solid market position, while the Hong Kong stock market remains attractive for investments due to its relatively low valuations and increasing foreign interest [1][2]. Revenue Growth and Financial Performance - Teslian's revenue for 2024 is projected to reach 1.843 billion yuan, representing an 83.2% increase compared to 2023, with a compound annual growth rate of 58.0% from 2022 to 2024, leading the AIoT industry [2]. - The company's sales expenses as a percentage of revenue decreased from 13.2% in 2023 to 8.5% in 2024, indicating improved cost efficiency [2]. - Total expenses related to sales, management, and finance dropped from 76.9% to 45.0%, outperforming the industry average [2]. Order Growth and Client Structure - Teslian's order backlog reached 2.3 billion yuan by the end of 2024, with a total client base increasing to 342, up from 330 in 2023 and 224 in 2022 [3]. - The company is expanding its international strategy, having established partnerships for AIoT solutions in major projects, including collaborations in the UAE [3]. Technological Innovation and Core Business Segments - The company is focusing on three core segments: AIoT models, AIoT infrastructure, and AIoT intelligent agents, which are foundational to its strategic development in the space intelligence sector [4]. - The launch of the DeepSeek-R1 model is expected to revolutionize the AI landscape with low training costs and advanced reasoning capabilities [4]. Ongoing Developments and Research - Teslian's AIoT infrastructure products have been optimized for compatibility with various advanced models, and the company has completed regional AI computing centers in multiple locations [5]. - The company maintains a strong research foundation, with 46.9% of its workforce dedicated to R&D, and has made significant advancements in secure communication technologies [6]. IPO Financing and Future Plans - The IPO proceeds will primarily enhance R&D capabilities, particularly in TacOS and green computing, and support market expansion efforts, including new application development and increased sales force [6].

Core Viewpoint - The Hong Kong stock market is experiencing unprecedented enthusiasm this year, particularly with a surge in IPOs from AI companies, driven by favorable policies and improved liquidity [4][5]. Group 1: Market Trends - The Hong Kong stock market has seen a significant increase in liquidity and investor confidence since the beginning of the year, leading many startups to pursue IPOs [5]. - AI companies are particularly favored in the market, with notable examples including DeepSeek, which has led to a reevaluation of the value of Chinese tech companies [5]. - The market has shown signs of recovery since the second half of 2024, with consumer stocks like Pop Mart and Mixue Ice City gaining attention [5]. Group 2: Company Developments - Several AI companies have filed for IPOs, including Teslin, Yunzhisheng, and Qunhe Technology, with a focus on international expansion in their fundraising plans [6][7]. - Teslin, a key player in the AIoT sector, has a projected revenue growth rate of 58.0% from 2022 to 2024, with revenues of 7.38 billion, 10.06 billion, and 18.43 billion respectively [8][9]. - Qunhe Technology aims to expand its market presence in the U.S., South Korea, Japan, and Southeast Asia, indicating a strategic focus on international markets [6]. Group 3: Financial Performance - Many AI companies have relatively small revenue scales, with companies like Yunji Technology reporting revenues of 1.61 million, 1.45 million, and 2.45 million for 2022, 2023, and 2024 respectively [7]. - Teslin stands out with a valuation exceeding 20 billion, positioning it as one of the largest AI IPOs in Hong Kong this year [8]. - The R&D investment for Teslin has been substantial, with R&D expenses reaching 2.87 billion, 3.29 billion, and 3.22 billion over the past three years, representing a significant portion of its revenue [9][10].

Investment Rating - The report assigns an "Overweight" rating to Xiaomi Corp with a price target raised to HK$62.00, indicating a potential upside of 22% from the current share price of HK$50.80 [7]. Core Insights - The launch of the SU7 Ultra marks the beginning of Xiaomi's luxury car journey, with expectations for significant growth in its EV segment, particularly with the upcoming YU7 model [3][4]. - Xiaomi's revenue is projected to exceed Rmb1 trillion by 2030, driven by its dual growth engines: the EV and Smartphone+AIoT+Internet divisions, with net profit expected to surpass Rmb100 billion [2][9]. - The report highlights Xiaomi's strong market position in the AIoT and smartphone sectors, with anticipated revenue growth from innovative product launches and improved product mix [5][11]. Summary by Sections Price Target and Market Outlook - The price target for Xiaomi has been increased from HK$45.00 to HK$62.00, reflecting confidence in the company's growth trajectory [1]. - The analysis suggests that Xiaomi's share price could exceed HK$100 before 2030, supported by robust revenue and profit growth [2][9]. EV Business Development - The SU7 Ultra's launch is seen as a pivotal moment for Xiaomi, enhancing its brand equity and market share in the luxury segment [3][31]. - The report raises volume forecasts for EV sales to 370,000 units in 2025 and 750,000 units in 2026, with an increase in average selling price (ASP) from Rmb245,000 to Rmb250,000 in 2025 [60][53]. - Cumulative EV gross profit estimates for 2024-2026 have been revised upwards from Rmb48.1 billion to Rmb67.6 billion [57]. AIoT and Smartphone Growth - The AIoT division is expected to see solid growth in 2025, driven by innovative product launches and a diversified product mix [64]. - Xiaomi's smartphone segment is experiencing positive momentum, with higher ASPs contributing to margin recovery and improved brand image [77][84]. - The report notes that Xiaomi's market share in China has improved from No. 5 in 2023 to No. 3 in 2024, with continued gains expected in both domestic and international markets [84].