Core Viewpoint - The company, Jingjia Micro (300474), is enhancing its JM11 series graphics processing chips through software adaptation, performance optimization, and ecosystem promotion, aiming to provide comprehensive solutions for various key scenarios such as cloud desktops and industrial design [1] Group 1: Product Development - The JM11 series chips have achieved performance optimization in critical applications including cloud desktops, CAD industrial design software, BIM architectural modeling, 3D geographic information rendering, and industrial digital twins [1] - The company is focused on continuous software adaptation and performance optimization to enhance the capabilities of its graphics processing units (GPUs) [1] Group 2: Strategic Partnerships - Jingjia Micro has established deep strategic partnerships with several companies, including Anjiao Cloud Software Co., Ltd., Changchun Jida Zhengyuan Information Technology Co., Ltd., and Cangqiong Digital Technology Co., Ltd. [1] - These partnerships aim to target sectors such as government, state-owned enterprises, public security, smart cities, natural resources, emergency rescue, industrial software, low-altitude economy, and spatiotemporal intelligent services [1] Group 3: Business Model - The company is adopting a "three-integration" model, focusing on ecological integration, product integration, and industry integration to enhance the compatibility of its GPU products with core technologies of its partners [1] - The goal is to provide tailored solutions that meet industry needs, facilitating large-scale implementation and commercialization of applications [1]

Investment Rating - The report indicates a positive investment outlook for the cleaning appliance industry, particularly for robotic vacuum cleaners, with expectations of continued market growth and increased penetration rates [1][6][7]. Core Insights - The cleaning appliance market in China experienced a significant growth of 35.9% in sales and 20.2% in volume from January to April 2025, driven by national subsidies [1][5]. - The robotic vacuum cleaner market is projected to surpass a 50% market share by 2025, with a sales growth of 54.6% and volume growth of 45.2% in the first four months of 2025 [1][6]. - The competitive landscape shows a strong concentration among top brands, with the top five brands holding approximately 95% of the market share, highlighting a pronounced "Matthew Effect" [1][8]. Summary by Sections Market Performance - The overall home appliance market maintained a growth rate of 4.8% in early 2025, influenced by national subsidies, although a decline is expected in the latter half of the year due to previous overconsumption [2][4]. - Sales of cleaning appliances reached 12.9 billion yuan in the first four months of 2025, with a notable increase in the sales of robotic vacuum cleaners [1][5]. Product Trends - The robotic vacuum cleaner market is seeing a shift towards lower price segments, with models priced below 3,000 yuan capturing a significant share, potentially reaching 50% with the influence of subsidies [7][17]. - The report highlights a trend towards modular design, product integration, and embodied intelligence in robotic vacuum technology, with improvements in height, thickness, and smart recognition capabilities [12][13]. Brand Dynamics - Stone Technology has emerged as a leading player, achieving a market share of 27.2% in early 2025, which increased to 30% during the 618 shopping festival [8][18]. - Other brands are also expanding their product lines beyond cleaning appliances, indicating a diversification strategy among leading companies [8][9]. Sales Channels and Strategies - The report notes the growing influence of platforms like Douyin (TikTok) on sales, with significant investments from leading brands in these channels [18]. - The competitive pricing strategies among leading brands are highlighted, with a focus on maintaining market share in a declining price environment [20][21].