Summary of Conference Call on Intelligent Driving Chips Industry Overview - The domestic mid-tier intelligent driving chip market is primarily dominated by Horizon Robotics' Journey 6 series, which strikes a balance between performance and price, making it widely adopted by mainstream OEMs. Qualcomm and NVIDIA solutions are used less frequently [1][2] - The high-end market is mainly led by NVIDIA's Orin series chips, but Horizon has introduced a full-stack high-end solution, HSD, based on G6P, gaining some market share due to cost advantages and superior performance [1][2] - Qualcomm's 8,775 chip is positioned for the mid-to-low-end market, expected to be deployed in the second half of 2025, but OEMs show limited willingness to adopt it due to the challenges of simultaneous development of cockpit and intelligent driving systems [1][5] Key Insights - The domestic vehicle chip design sector has largely achieved independence, but the production side still relies on foreign foundries, limiting the localization rate of mid-tier and high-end chips. The future trend is to enhance design independence and seek more production collaborations [1][6] - NIO is making the fastest progress in self-developed chips, having implemented its self-developed ZAM chip in the ET9 model, improving computing power utilization and reducing costs, although it faces challenges in capacity and R&D costs [1][7] Market Dynamics - The domestic vehicle chip market can be segmented into low, mid, and high tiers. The low tier includes basic L2 functions, while the mid-tier has expanded to high-speed NOA, which has become mainstream following BYD's intelligent driving strategy [2] - The pricing trend for mainstream vehicle chips is generally declining, with low-tier chips around $20, mid-tier chips like Horizon's 6M at approximately $70, and high-end chips like NVIDIA's Orin X exceeding $300 [3][17] Competitive Landscape - The low-tier market is primarily led by Horizon, Mobileye, and Bosch, with Horizon's share expected to increase. The mid-tier market is dominated by the Journey 6 series, which is projected to capture a significant portion of the domestic OEM market in the next two years [18] - In the high-end market, NVIDIA still holds the largest share, with a small portion allocated to Qualcomm's 8,650 and Horizon's HSD solution [18] Self-Developed Chips - NIO is the fastest in self-development, with its ZAM chip already in use, while other companies like XPeng and Li Auto are at different stages of development. The advantages of self-developed chips include better software-hardware coupling and cost savings [7][9] - However, self-developed chips face disadvantages such as limited manufacturing capacity and high R&D costs, which could lead to higher costs compared to externally sourced chips if sales volumes are insufficient [8][9] Future Trends - The trend towards self-developed chips is not expected to be prevalent among traditional automakers like Geely and Chery due to their complex R&D systems and high investment risks. In contrast, emerging companies like NIO and XPeng are more inclined to pursue self-development as it aligns with their brand identity [9][10] - The integration of cockpit and intelligent driving functions is currently less common due to high performance requirements and rapid iteration speeds, with a trend towards separating these functions until higher-performance chips become available [15] Geopolitical and Regulatory Impact - Geopolitical factors and tariffs have limited effects on the vehicle chip industry, with few restrictions on chip exports from China to other countries, except the U.S. Companies like Horizon face slow overseas expansion due to insufficient data accumulation and mass production experience [20]

Core Viewpoint - The article emphasizes that Kunlun Wanwei is firmly committed to its "All in AGI and AIGC" strategy, showcasing significant growth in its AI business lines and indicating that the company is entering a phase of accelerated commercialization in AI [2][12]. Financial Performance - In Q1 2025, Kunlun Wanwei reported total revenue of 1.76 billion yuan, a substantial increase of 46% year-on-year, with a gross margin of 69% [2]. - The company's overseas revenue reached 1.67 billion yuan in Q1 2025, marking a 56% year-on-year growth and accounting for 94% of total revenue [3][26]. AI Business Lines - The annual recurring revenue (ARR) for AI music reached approximately 12 million USD, while the short drama platform DramaWave achieved an ARR of about 120 million USD, with expectations to grow to 360 million USD by the end of 2025, indicating a potential growth rate of 200% [3][20]. - The AI social application Linky reported a monthly revenue peak of 1 million USD and 3 million monthly active users, becoming one of the fastest-growing Chinese AI applications overseas [3]. R&D Investment - Kunlun Wanwei's R&D expenses for 2024 reached 1.54 billion yuan, a 59.5% increase year-on-year, with Q1 2025 R&D expenses at 430 million yuan, up 23% [5]. - The company has made significant progress in AI chip development through its subsidiary, Beijing Aijiekexin Technology Co., with the R&D progress exceeding 50% [6][7]. AI Model Development - The company launched the TianGong 4.0 model, which is the first domestic model capable of Chinese logical reasoning, demonstrating superior performance in various benchmark tests [13]. - The SkyReels-V1 video generation model was released, allowing users to create customized video content with minimal input, significantly reducing production costs [15][18]. Global Expansion - Kunlun Wanwei's international strategy has led to its business covering over 100 countries, with nearly 400 million monthly active users globally [26][27]. - The company is positioned as a leader in the AI commercialization wave, with analysts predicting that the global AI market will reach approximately 169 trillion yuan by 2025 [27][28].

Core Viewpoint - The automotive industry is shifting towards localization in response to global market dynamics, with increasing competitiveness among domestic chip manufacturers in China [1][15]. Group 1: Collaboration and Competition - Chery Automobile and Horizon Robotics have expanded their collaboration, with plans for mass production of the Horizon SuperDrive (HSD) system in Chery's vehicles starting as early as September 2023 [5][4]. - The partnership aims to integrate Horizon's chip solutions across Chery's entire product line, including both fuel and new energy vehicles, while still utilizing NVIDIA's solutions for certain models [5][6]. - Domestic chip companies like Horizon and Black Sesame are gradually gaining market share from established players like NVIDIA, which has historically dominated the smart driving chip market in China [5][6]. Group 2: Market Dynamics and Localization - The automotive industry in China is experiencing a significant shift towards smart technology, with local manufacturers increasingly adopting domestic chip solutions to reduce reliance on foreign suppliers [6][9]. - Major suppliers like Aptiv are also working towards localizing their chip supply chains, although they acknowledge that achieving full localization remains a challenge [9][14]. - The market share of Qualcomm in the smart cockpit chip sector has increased significantly, from 65.4% to 77.0% within a year, indicating a strong competitive landscape [10]. Group 3: Strategic Responses to Geopolitical Challenges - U.S. chip companies are facing challenges in the Chinese market due to geopolitical tensions and trade disputes, prompting them to consider local production strategies [13][15]. - Companies like Texas Instruments are exploring local manufacturing options in China to mitigate risks associated with supply chain disruptions and tariffs [14][15]. - The automotive supply chain is expected to adapt to these challenges, focusing on cost adjustments rather than severe shortages, as companies enhance their local capabilities [14].

Core Viewpoint - Wentech Technology (600745.SH) reported a significant increase in net profit for Q1 2025, achieving 261 million yuan, a year-on-year growth of 82.29%, with a strong performance in the semiconductor business [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 73.598 billion yuan, a year-on-year increase of 20.23%, with semiconductor revenue reaching 14.715 billion yuan [2] - The semiconductor business saw a record high shipment volume in Q1 2025, generating revenue of 3.711 billion yuan, a year-on-year increase of 8.40%, and operating net profit grew by 65.14% [2] - The overall gross margin for the semiconductor business reached 37.47% for the year, with a significant increase in the second half of the year compared to the first half [2] Group 2: Product Development and Strategy - The company launched multiple third-generation semiconductor and analog chip products in Q1 2025, including 1200V SiC MOSFETs and GaN FETs [3] - The strategy of transitioning from power to analog and from low voltage to high voltage has effectively accelerated the localization of analog chips, with the company's logic IC shipment volume ranking second globally [3][5] - The company plans to exceed 200 new product numbers for analog chips in 2025, leveraging its extensive customer base in automotive and industrial sectors [5] Group 3: Market Trends and Opportunities - The semiconductor market is experiencing a boost due to the rapid development of AI technology, which increases demand for high-performance semiconductor products [6] - The demand for new energy vehicles in China has been strong, with sales growth exceeding market expectations in Q1 2025 [6][7] - The company is expanding its market reach by targeting leading domestic new energy vehicle manufacturers and data center clients [7] Group 4: Supply Chain and Global Strategy - Wentech Technology is enhancing its supply chain through a combination of globalization and localization, establishing a strategic supply chain system [8] - The company has completed vehicle-grade certification for its 12-inch wafer factory, which is expected to begin mass production by the end of 2024 [8] - The company is also investing in next-generation wide bandgap semiconductor products, further strengthening its global presence [8] Group 5: Strategic Focus and Future Outlook - The company is divesting non-core assets to focus entirely on the semiconductor industry, marking a transition from a consumer electronics cycle stock to a growth stock in hard-core chips [9] - With the restructuring of the international semiconductor supply chain and the arrival of new cycles in high-performance computing and intelligent driving, the company is positioned for significant growth and valuation enhancement [10]

上海车展期间，安波福表示，将支持全面芯片国产化。安波福是一家跨国汽车零部件供应商，中国及亚 太区总裁杨晓明表示："我们正在全力、全速推进本地化战略2.0，构建起全面、彻底、完整的中国方 案。"汽车电动化和智能化变局中，芯片发挥越来越重要作用。安波福基于国产SoC芯片开发的ADAS方 案已经获得国内头部新势力车企的定点。(一财科技) ...

作为国内领先的半导体和集成电路设计企业之一，希荻微在去年持续发力新品研发，推出契合市场需求 的新品，进一步丰富各产品线矩阵。希荻微表示，在Fabless经营模式下，公司有效规避了大规模固定资 产投资所带来的财务风险。进而使得公司能够更专注于高价值创造的设计开发环节，提高运行效率，加 速新技术和新产品的研发进程，进而提升整体竞争力。 去年第四季度，随着公司音圈马达驱动芯片部分产品开始自主委外生产以及财务报表合并范围的扩大， 公司实现营业收入2亿元，环比增长74.43%；实现毛利润5394.95万元，环比增长50.77%。据悉，希荻微 所有产品线总出货金额为近10亿元，较上年同期增长60.99%，其中公司音圈马达驱动芯片产品线(即智 能视觉感知业务)出货金额为5.42亿元，是公司出货金额主要增长点之一。 据IDC发布的《全球季度手机跟踪报告》数据显示，2024年第四季度全球智能手机出货量同比增长 2.4%，达到3.317亿部，连续第六个季度保持增长。2024年全年同比增长6.4%，出货量达到12.4亿部， 也标志着在经历了两年充满挑战的下滑后，全球智能手机市场出现了复苏迹象。 根据Frost&Sullivan统计 ...

Investment Rating - The report indicates a positive outlook for the semiconductor industry, particularly in the context of recent tariff and origin rule updates, suggesting a favorable investment environment for domestic manufacturers [3]. Core Insights - The update from China's customs authority redefines the origin of integrated circuits to the wafer fabrication location, which is expected to benefit domestic semiconductor manufacturers due to significant price advantages amid international trade uncertainties [3][8]. - In the computer sector, the high-end general-purpose CPU market is anticipated to see accelerated domestic production, as Intel's market share in China may be adversely affected by the new tariff regulations, which could enhance the competitiveness of local manufacturers [3][8]. - The communication sector is likely to experience a boost in domestic optical chip production, as the new origin rules may facilitate the certification and market share growth of local optical chip manufacturers [3][8]. Summary by Sections Electronics Sector - Domestic manufacturers are expected to benefit from substantial price advantages, particularly in the analog, RF, and power semiconductor segments, which may enter a golden window for domestic production [3][8]. Computer Sector - The high-end general-purpose CPU market is projected to accelerate its domestic production process, with Intel facing significant challenges due to increased tariffs, potentially leading to a loss of market share to local competitors [3][8]. Communication Sector - The new regulations are likely to expedite the certification process for domestic optical chip manufacturers, enhancing their market presence and competitiveness [3][8].

格兰康希通信科技（上海）股份有限公司 首次公开发行股票并在科创板上市招股说明书 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、 业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充 分了解科创板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 格兰康希通信科技（上海）股份有限公司 GRAND KANGXI COMMUNICATION TECHNOLOGIES (SHANGHAI) Co., LTD. （中国（上海）自由贸易试验区祥科路 111 号 3 号楼 714 室） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 声明：本公司的发行上市申请尚需经上海证券交易所和中国证监会履行相应 程序。招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投 资者应当以正式公告的招股说明书全文作为做出投资决定的依据。 保荐人（主承销商） （深圳市福田区福华一路 111 号） 格兰康希通信科技（上海）股份有限公司 首次公开发行股票并在科创板上市招股说明书 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性 ...