来源：新浪港股-好仓工作室 2025年11月18日，家居控制国际（股份代号：1747）公告称，通过一般授权以"配售新股份"方式融资， 其中配售新股份发行28,424,000股（约2.8亿股），募集约1.1亿港元；以上合计募集资金约1.1亿港元 （扣除费用后净得约1.1亿港元）。本次融资由麦格理担任独家配售代理及独家整体协调人。 公司主要提供智能遥控解决方案，并通过成立新附属公司拓展医疗保健业务，构建AIoT赋能的家居医 疗保健生态系统。所得款项中，约0.7亿港元将用于医疗保健业务研发（包括AIoT技术及智能穿戴设备 开发），约0.2亿港元用于业务实施及营运，其余约0.1亿港元补充营运资金及一般企业用途。本次发行 根据股东大会授予的一般授权实施，预计于2025年11月25日完成。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、 ...

Core Viewpoint - Juchip Technology (688049.SH) is planning to issue overseas shares (H-shares) and list on the Hong Kong Stock Exchange to enhance its global development strategy, brand influence, and core competitiveness [1][2] Company Overview - Juchip Technology, established in 2014 and headquartered in Zhuhai, is a leading low-power AIoT chip design manufacturer in China, focusing on the research, design, and sales of mid-to-high-end smart audio SoC chips [2] - The company has subsidiaries in Shenzhen, Hefei, and Hong Kong, and branch offices in Shanghai and Chengdu [2] - Its main products include smart wireless audio SoC chips, edge AI processors, and portable audio-video SoC chips, widely used in Bluetooth speakers, wireless home theaters, smartwatches, and other AIoT applications [2] - As of November 17, 2025, the total market capitalization of Juchip Technology is approximately 3.158 billion RMB [2]

德风科技提供AI赋能的AIoT生产优化软件解决方案，专注于服务中国能源、制造及混合行业。公司拥 有一体化的平台，支持AIoT应用的快速开发和大规模部署。公司的解决方案涵盖能源管理,健康、安 全、环境和质量,以及智能制造三大专业领域。 德风科技已向港交所递交上市申请。SUNNY FORTUNE为其独家保荐人。 在往绩记录期间，德风科技已完成超过600个项目，客户包括电力、石油天然气和烟草行业的领军企 业。 根据弗若斯特沙利文报告，德风科技是中国第五大独立专业AIoT服务提供商，在中国能源行业AIoT服 务领域排名第三。中国AIoT市场规模持续扩大，预计到2029年将达到约人民币2209亿元，主要得益于 政策支持、制造业转型需求以及5G和AI技术的应用。 ...

离开小米两年后，雷军下铺的兄弟、小米原副总裁崔宝秋，创业家务机器人。 这位曾在小米内部挂帅技术委员会的"教父"级人物，正式将他的人生下半场押注在了具身智能这一最火热的赛道。 这不仅是一个资深技术高管的再出发，也标志着他的技术蓝图，从"连接万物"进化到了"改造物理世界"。 这一次，他不再是为"AI大脑"搭建平台，而是要亲手为AI造出一个能走进千家万户的"身体"。 小米"技术教父"投身机器人洪流 告别了小米的庞大体系，崔宝秋选择了一条更艰难，但也更自由的道路。 但他并非孤军奋战，据传，在消息公布之前，他已与多家顶级VC进行了深入接洽，并且"融资洽谈进展顺利"。 这个选择也并非突兀，早在小米期间，崔宝秋就是"AIoT" （人工智能物联网）战略最坚定的推动者。他曾说， AIoT是小米的第一战略。但彼时的AIoT， 更多是智能音箱、摄像头、扫地机等"点"的连接。 崔宝秋显然不满足于此。他想要的，或许是一个能将所有"点"串联起来，一个真正能思考、能移动、能与人交互的"AIoT终极形态"。家庭服务机器人，正 是这个答案。 那个曾在小米内部推动技术变革的"教父"，如今选择亲自下场，试图将他心中"CBA" （云计算-大数据-人 ...

Core Viewpoint - Defeng Technology is an AI-enabled Industrial Internet of Things (AIoT) software solution developer focused on enhancing energy efficiency, operational excellence, safety, and sustainability in China's energy, manufacturing, and mixed industries [2][3]. Company Overview - Defeng Technology has completed over 600 projects, primarily serving state-owned enterprises in China, with around 200 clients, including major players in the electricity, public utilities, oil and gas, and tobacco industries [2]. - According to a Frost & Sullivan report, the company is the fifth largest independent AIoT service provider in China by revenue for the fiscal year 2024, holding a market share of approximately 1.8%. In the energy sector, it ranks third with a market share of about 9.9% [2]. Product Offerings - The company has developed an integrated Delt@AIoT platform that enables rapid development and large-scale deployment of AIoT applications. This platform includes proprietary software, systems, and solutions embedded with relevant connected devices [2]. - The application suite focuses on three main areas: - **Energy Management**: The Delt@EM system monitors and analyzes real-time energy consumption to reduce costs and enhance sustainability [3]. - **Health, Safety, Environment, and Quality (HSEQ)**: The Delt@HSEQ system conducts real-time monitoring and hazard detection in industrial settings to prevent accidents and ensure regulatory compliance [3]. - **Smart Manufacturing**: The Delt@MOM system optimizes production processes from planning to supply chain management, improving efficiency and reducing costs [3]. Financial Performance - Revenue for Defeng Technology in the fiscal years 2022, 2023, 2024, and the first six months of 2025 was approximately CNY 313 million, CNY 442 million, CNY 525 million, and CNY 159 million respectively [4]. - The company reported losses of CNY 165 million, CNY 297 million, CNY 228 million, and CNY 40 million for the same periods [4]. - Gross profit margins for the fiscal years 2022, 2023, 2024, and the first six months of 2025 were 22%, 23.8%, 24.9%, and 26% respectively [6]. Industry Overview - China's IIoT market has rapidly expanded, with its market size growing from approximately CNY 9 trillion in 2020 to an estimated CNY 14 trillion by 2024, and projected to reach around CNY 20 trillion by 2029 [8]. - The AI penetration rate in the IIoT sector is expected to rise from about 6.1% in 2020 to approximately 11.0% by 2029, indicating a significant increase in AI applications across various industrial processes [8]. - The AIoT market in China has also seen substantial growth, expanding from approximately CNY 54.1 billion in 2020 to an estimated CNY 111.9 billion by 2024, with projections of reaching around CNY 220.9 billion by 2029 [12]. Market Applications - AIoT solutions are expected to be widely applied in key sectors such as energy, petrochemicals, automotive, engineering machinery, mining, tobacco, mold manufacturing, and equipment manufacturing [16]. - The market for HSEQ solutions is projected to grow from approximately CNY 500 million in 2020 to about CNY 3.1 billion by 2024, and further to around CNY 8.6 billion by 2029 [16]. - The energy management market is anticipated to increase from approximately CNY 6.3 billion in 2020 to CNY 14.5 billion by 2024, and to about CNY 32.7 billion by 2029 [17]. - The smart manufacturing market is expected to grow from approximately CNY 38.3 billion in 2020 to CNY 73.9 billion by 2024, reaching around CNY 146 billion by 2029 [17].

Core Viewpoint - The company has made significant progress in multiple product lines within the automotive electronics sector, particularly in smart cockpit solutions and audio systems, with a strong focus on AI technology integration [2] Group 1: Automotive Electronics Progress - The company has closely collaborated with several domestic automakers in the smart cockpit field, resulting in the mass production of dozens of vehicle models, with more models and customers expected to be added next year [2] - In the in-vehicle audio sector, the company's RK2118M and RK2116M chips have been adopted in over thirty projects, with ongoing expansion of clients and projects, leading to the gradual release and mass production of new vehicle models [2] - The company is promoting its RK182X smart cockpit AIBox solution, which offers a convenient upgrade path for traditional vehicles through multimodal fusion perception technology [2] Group 2: AI Technology and Market Potential - Driven by innovations in AI technology, the application scenarios for edge AI are rapidly expanding across various fields, including automotive, robotics, education, healthcare, and agriculture, indicating vast market opportunities [2] - According to IDC research, the AIoT market in China is projected to exceed 3.2 trillion yuan by 2025 and is expected to reach 8.6 trillion yuan by 2030, positioning it as the largest AIoT market globally [2] Group 3: Future Product Development - The company is actively developing next-generation products, with flagship chip RK3688 and sub-flagship chip RK3668 currently in design, slated for release next year [2] - The next-generation edge computing co-processor RK1860 is being developed at an accelerated pace, with an expected launch in the first half of next year, contributing to a series of co-processor layouts [2]

Core Insights - The article discusses the career transition of Cui Baoqiu, a former Xiaomi executive, who is now venturing into the field of embodied intelligence and robotics after leaving Xiaomi [2][6][12]. Group 1: Career Transition and Vision - Cui Baoqiu, known as a "technical guru" at Xiaomi, is now focusing on creating household service robots, marking a shift from his previous role of building platforms for AI [2][4][5]. - His vision has evolved from "connecting everything" to "transforming the physical world," aiming to create an AI that can think, move, and interact with humans [4][7]. - Prior to his current venture, he served as the Chief Technical Advisor for a RISC-V chip company, indicating a strategic move towards foundational technology [8][10]. Group 2: Background and Achievements at Xiaomi - Cui joined Xiaomi in 2012 at the invitation of Lei Jun and played a crucial role in establishing Xiaomi's AI and cloud platform team [14][29]. - He was instrumental in promoting Xiaomi's "AIoT" strategy, which initially focused on connecting devices like smart speakers and cameras [7][29]. - Under his leadership, Xiaomi launched significant AI products, including the AI assistant "Xiao Ai," which reflects the culmination of his earlier predictions about AI capabilities [30][32]. Group 3: Industry Trends and Implications - The article highlights a broader trend in the tech industry where former executives from major companies are now focusing on building physical embodiments for AI, as software alone is insufficient to unlock AI's full potential [42][44]. - This shift towards embodied intelligence is seen as the next phase in the AI evolution, with many former tech leaders entering the robotics space [42][47]. - The competition in this sector is intensifying, with significant investments flowing into startups focused on general-purpose robotics and embodied intelligence [45][48].

Core Insights - Xiaomi has launched its first "large model + smart home" solution called Xiaomi Miloco, which is a local AI assistant designed to enhance smart home interactions [1][3]. Product Overview - Xiaomi Miloco utilizes the MiMo-VL-Miloco-7B model, which is based on the previously released MiMo model, and connects to various IoT devices in the home [2][11]. - The solution aims to provide a new interaction paradigm through natural language processing, allowing users to communicate with their smart home systems [5][6]. Features and Capabilities - Miloco features a new interaction paradigm that allows users to set rules and control devices using natural language [5]. - It leverages visual data from Xiaomi's cameras to analyze home events and respond to user queries [5]. - The model operates on edge devices, ensuring privacy and security by processing data locally without sending it to external servers [14]. Ecosystem Integration - Miloco connects with the Xiaomi ecosystem and supports integration with third-party IoT platforms, enhancing its functionality [6][9]. - The hardware requirements for deploying Miloco are minimal, needing only x64 architecture and a GPU from NVIDIA's 30 series or higher [6]. Market Context - The launch of Miloco is seen as a significant moment for smart home technology, comparable to the impact of ChatGPT in the AI space [3][14]. - Xiaomi's move follows similar advancements from competitors, indicating a competitive landscape in the smart home sector [14].

Core Viewpoint - The company, Rockchip (瑞芯微), is experiencing a slowdown in revenue growth due to the rising prices of DDR4 memory chips and the transition of clients' products from DDR4 to DDR5, impacting short-term demand while maintaining a positive outlook on the long-term growth of AIoT [1][3]. Financial Performance - In the first three quarters of the year, the company achieved revenue of 3.141 billion yuan, a year-on-year increase of 45.46%, with net profit attributable to shareholders reaching 780 million yuan, up 121.65% [2]. - In the third quarter, revenue growth was approximately 20% year-on-year, and net profit growth was about 47%, marking the lowest quarterly growth rates since Q2 2022 [2]. Impact of Memory Chip Price Increase - The company’s management highlighted that the surge in DDR4 memory chip prices has led to a shift in some clients' high-end AIoT products from DDR4 to DDR5, affecting order rhythms without reducing demand for the company's products [3]. - The company supports the transition by providing technical documentation and flexible design options to assist clients in adapting to the current market conditions [3]. Strategic Partnerships and Supply Chain Management - The company maintains strong relationships with upstream suppliers and closely monitors supply chain changes to negotiate better pricing, with no current notifications of price increases from foundries [4]. - The company focuses on strategic and tactical inventory to ensure supply chain security for its advanced process products [4]. Product Development and Innovation - Rockchip is a leading AIoT chip design company, with a diverse product line including the flagship RK3588, which is penetrating various markets such as automotive electronics and robotics [4]. - The company is developing the next-generation flagship chip RK3688 and the RK3668, along with the RK1860 co-processor, expected to launch in the first half of next year [5]. Applications in Robotics and Automotive Electronics - The RK3588 chip has been widely adopted in various robotic applications, including humanoid robots and industrial inspection robots, demonstrating strong performance and AI support [6]. - In the automotive sector, the company has made significant progress with the RK3588M in smart cockpit applications, collaborating with multiple domestic automakers and producing numerous models [6][7].

Core Viewpoint - The article discusses the entry of former Xiaomi executive Cui Baoqiu into the home service robot industry, highlighting his background and the potential of his new venture in this growing market [2][3][5]. Group 1: Background of Cui Baoqiu - Cui Baoqiu, known as the "father of Xiaomi technology," has officially started a venture in home service robots after leaving Xiaomi at the end of 2022 [4]. - Before joining Xiaomi, Cui held significant roles at IBM, Yahoo, and LinkedIn, which provided him with extensive technical and management experience [3]. - At Xiaomi, he served as Chief Architect and held various leadership positions, contributing to the company's AIoT strategy and technological advancements [3]. Group 2: Market Potential and Investment - Cui has engaged with several top venture capital firms for funding, indicating strong interest and potential backing for his new venture [3]. - The home service robot sector is seen as an evolution of Xiaomi's AIoT strategy, which focuses on smart home applications [2][5]. - Given Cui's accumulated expertise and the support from leading capital, his team is expected to be a significant player in the smart home robot market [5].