本报告期内，受公司前期在端侧AI产品和海外客户布局的持续投入，以及新产品超预期出货的综合影 响，各产品线收入均有显著增加，其中多模和音频产品线增幅明显。公司海外业务继续快速扩张，境外 收入持续增长。 公司在国内外头部客户中，已经成为主流供应商。随着低功耗物联网行业的整体增长，公司总体收入增 长明显。同时受益于高毛利产品销售占比提升、以及公司通过技术演进带来的产品成本的进一步降低， 公司毛利率提升到了较高水平，使公司在持续提升研发投入及保障海外市场拓展投入的同时，实现了净 利率的快速提升。 格隆汇10月15日丨泰凌微(688591.SH)公布，经财务部门初步测算，预计2025年前三季度实现营业收入 约为7.66亿元，与上年同期（法定披露数据）相比，增长约1.79亿元，同比增加30%左右。预计2025年 前三季度实现归属于母公司所有者的净利润约为1.4亿元，与上年同期（法定披露数据）相比，预计增 加7,573万元，增幅约为118%。归属于母公司所有者的扣除非经常性损益的净利润约为1.29亿元，与上 年同期（法定披露数据）相比，预计增加6,774万元，增幅约为111%。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][18]. Core Insights - The company achieved a revenue of 503 million yuan in the first half of 2025, representing a year-on-year increase of 37.72%. The net profit attributable to the parent company was 101 million yuan, up 274.58% year-on-year, with a non-recurring net profit of 93 million yuan, increasing by 257.53% year-on-year [1]. - The growth in revenue and net profit is driven by increased customer demand, new customer acquisition, and the launch of new products, particularly in the multi-mode and audio product lines, which have seen significant sales growth [1][3]. - The company has established a comprehensive advantage in the low-power wireless IoT chip sector, achieving global advanced levels in key performance indicators such as multi-protocol support and system power consumption [2]. - The company is actively expanding its overseas business, with a notable increase in revenue from international markets [3]. Financial Performance - The company has adjusted its revenue and profit forecasts for 2025-2027, with expected revenues of 11.38 billion yuan, 14.75 billion yuan, and 19.29 billion yuan, respectively. The net profit attributable to the parent company is projected to be 2.06 billion yuan, 3.08 billion yuan, and 4.28 billion yuan for the same period [4]. - The company reported a gross margin of 43.50% in 2023, expected to increase to 54.88% by 2027, indicating improved profitability [13]. Product Development and Market Position - The company has accelerated the launch of new products, including Bluetooth 6.1 standard chips and WiFi-6 multi-mode chips, which have entered mass production [3][4]. - The company is a key player in the development of the Matter standard for low-power IoT wireless protocols and has established itself among leading global chip suppliers [2]. - The company has a strong customer base, with products integrated into the supply chains of major global brands such as Google, Sony, Xiaomi, and Logitech, creating competitive advantages and barriers to entry [2].