■《科创中国》系列调研活动 2014年从美股退市开启"二次创业"新征程，2021年登陆科创板，2025年引领存内计算技术商业化落 地……炬芯科技董事长、总经理周正宇带领技术团队，用十一年的时间，在中高端音频芯片细分赛道实 现了从"追赶者"到"领跑者"的蜕变。 在这场关于声音与科技的征程中，周正宇始终坚信：人类对美好声音的追求永无止境，中国芯片企业的 创新空间，同样没有边界。"未来五年，炬芯科技将聚焦'人周边，办公室周边，家庭周边'三大场景， 构建'芯片+算法+解决方案'的完整生态，让每一个智能设备都能'听懂声音，传递温度'。"周正宇说。 走出舒适区 "二次创业"重塑内核 炬芯科技主营业务为中高端智能音频SoC芯片的研发、设计及销售，专注于为无线音频、智能穿戴及智 能交互等基于人工智能的物联网（AIoT）领域提供专业集成芯片产品及解决方案，是中国领先的低功 耗AIoT芯片设计厂商。 2025年上半年，在AI技术的加持下，炬芯科技的业绩十分亮眼：实现营业收入4.49亿元，同比增长 60.12%；实现归属于上市公司股东的净利润9137.54万元，同比增长123.19%。 取得这般卓越的业绩，并非一朝一夕之功。 "2 ...

Core Viewpoint - Juchip Technology (688049) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, driven by growth in AI processor chips and audio products. Financial Performance - Total revenue reached 449 million yuan, a year-on-year increase of 60.12% [1] - Net profit attributable to shareholders was 91.38 million yuan, up 123.19% year-on-year [1] - Gross margin improved to 50.67%, an increase of 9.08% year-on-year, while net margin rose to 20.35%, up 39.39% year-on-year [1] - Operating cash flow per share increased by 146.66% to 0.96 yuan [1] Key Financial Metrics - Revenue (2024 vs 2025): 280 million yuan vs 449 million yuan [1] - Net profit (2024 vs 2025): 40.94 million yuan vs 91.38 million yuan [1] - Gross margin (2024 vs 2025): 46.46% vs 50.67% [1] - Net margin (2024 vs 2025): 14.60% vs 20.35% [1] - Total expenses (2025): 21.02 million yuan, accounting for 4.68% of revenue [1] Business Growth Drivers - The company experienced a surge in sales due to the AI processing chip's successful penetration into leading brands and the booming demand for low-latency, high-quality audio products [3] - The introduction of a new three-core architecture chip, which significantly enhances performance while maintaining low power consumption, is expected to drive future revenue growth [6][8] Market Outlook - The end-side AI market is projected to grow rapidly, with an estimated 4 billion devices by 2028, reflecting a compound annual growth rate of 32% [6] - The company plans to expand its product applications beyond audio to include health monitoring and other IoT solutions [10] Investment Interest - The company is held by notable fund managers, with significant interest from the Tai Xin Fund, which ranks among the top in performance [4][5] - Analysts expect the company's earnings for 2025 to reach 183 million yuan, with an average earnings per share of 1.25 yuan [4]

Core Viewpoint - The report highlights the significant growth in revenue and profit for Actions Technology Co., Ltd. in the first half of 2025, driven by the successful commercialization of AI audio chips and the increasing demand for low-latency wireless audio products [1][5]. Financial Performance - The company achieved operating revenue of approximately 449.12 million yuan, representing a year-on-year increase of 60.12% [4]. - The total profit reached approximately 91.72 million yuan, a 123.38% increase compared to the same period last year [4]. - The net profit attributable to shareholders was approximately 91.38 million yuan, reflecting a 123.19% year-on-year growth [4]. - Basic earnings per share were 0.53 yuan, up 120.83% from the previous year [5]. Business Overview - Actions Technology specializes in the design and sale of mid-to-high-end AIoT chips, focusing on wireless audio, smart wearables, and intelligent interaction [8][11]. - The company has successfully launched the ATS323X series of low-latency high-quality wireless audio chips, marking a significant step in the commercialization of in-memory computing technology [8][18]. - The product portfolio includes smart wireless audio SoC chips, edge AI processor chips, and portable audio-video SoC chips [8][9]. Market Position and Strategy - The company is positioned as a leading low-power AIoT chip designer in China, with a focus on integrating AI technology into audio applications [8][11]. - Actions Technology employs a Fabless business model, outsourcing manufacturing and testing while focusing on chip design and development [9][10]. - The company has established partnerships with major audio brands, enhancing its market presence and product penetration [18][19]. Industry Context - The semiconductor industry is experiencing rapid growth, with global sales projected to reach 627.6 billion USD in 2024, marking a 19.1% increase [12]. - The demand for AI capabilities in edge devices is rising, particularly in battery-powered applications, creating opportunities for high-efficiency AI chips [13][14]. - The development of private communication protocols is addressing the limitations of standard protocols in low-latency scenarios, further driving innovation in the audio technology sector [15][16].

Core Insights - The company reported significant growth in revenue and profit for the first half of 2025, with operating income reaching 449 million yuan, a year-on-year increase of 60.1%, and net profit attributable to shareholders rising by 123.2% to 91.38 million yuan [1] - The company is actively pursuing AI transformation in its edge products, leading to impressive operational performance and an accelerated increase in overall value [2] Financial Performance - For the second quarter, the company achieved operating income of 257 million yuan, up 58.7% year-on-year, and net profit of 49.93 million yuan, an increase of 54.1% [1] - The net cash flow from operating activities was 141 million yuan, reflecting a growth of 146.7% [1] Product Development and Market Position - The company has successfully promoted its first-generation in-memory computing technology for edge AI audio chips, entering multiple leading brand projects and achieving mass production in low-latency private wireless audio products [2] - The sales revenue from edge AI processors has seen multiple growths, with significant increases in market demand for low-latency high-quality wireless audio products [2] Research and Development Efforts - The company increased its R&D investment to approximately 123.85 million yuan, a year-on-year growth of 23.57% [3] - The focus of R&D includes enhancing chip hardware computing power, upgrading wireless connectivity technologies, and improving audio algorithms to boost technical competitiveness [3] - The company is advancing its second-generation in-memory computing technology IP development, aiming for significant improvements in NPU computing power and energy efficiency [3]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 449 million yuan, a year-on-year growth of 60.12%, and net profit attributable to shareholders amounting to 91.38 million yuan, up 123.19% [1][2] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares to all shareholders [1] Financial Performance - Revenue for the first half of 2025 was 449 million yuan, reflecting a 60.12% increase compared to the previous year [1] - Net profit attributable to shareholders was 91.38 million yuan, showing a year-on-year growth of 123.19% [1] - The net profit excluding non-recurring gains and losses was 85.90 million yuan, which is a 269.08% increase year-on-year [1] - Basic earnings per share were reported at 0.53 yuan [1] Business Development - The company is actively promoting the AI transformation of its edge products, leading to impressive operational performance [2] - Significant progress has been made in the promotion of edge AI audio chips based on the first-generation in-memory computing technology, successfully entering the project phase with several leading brands [2] - The company has achieved mass production of customer terminal products in the low-latency private wireless audio sector, driving rapid sales growth [2] - The product matrix continues to expand, with successful integration of edge AI processors into high-end speakers and party speakers from leading audio brands, resulting in a notable increase in market penetration [2] - The demand for low-latency, high-quality wireless audio products has surged, leading to a rapid increase in sales [2] - The penetration rate of Bluetooth speaker SoC chips among leading audio brands continues to rise, further releasing growth potential [2] - The sales structure of the company's products and clients has been optimized, contributing to a steady increase in gross profit levels [2] - The revenue growth rate significantly outpaced the expense growth rate, enhancing the overall profit level of the company due to scale effects [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a record high in Q2 2025, with revenue of 258 million yuan, representing a year-on-year increase of 59% and a quarter-on-quarter increase of 35%. The net profit attributable to the parent company reached 50 million yuan, up 53% year-on-year and 20% quarter-on-quarter, indicating strong growth driven by AI technology [8] - The company is heavily investing in R&D, with over 70 million yuan allocated in Q2 2025, marking significant growth compared to previous periods. The focus is on developing the second-generation in-memory computing chip technology [8] - The transformation of edge products towards AI has shown impressive results, with strong downstream demand. The company has successfully introduced its first-generation in-memory computing technology into various leading brands, leading to significant sales growth [8] Financial Forecasts - Revenue projections for 2025-2027 have been slightly adjusted to 9.25 billion yuan, 11.87 billion yuan, and 14.85 billion yuan respectively, with net profit forecasts of 1.9 billion yuan, 2.7 billion yuan, and 3.7 billion yuan for the same years. The corresponding P/E ratios are 44, 31, and 22 [8][9]

Performance Forecast - The company forecasts a revenue increase of 168.504 million yuan, representing a year-on-year growth of 60.07% [1] - Compared to the same period last year, the forecast indicates an increase of 50.06 million yuan, reflecting a year-on-year growth of 122.28% [1] - The company expects a significant increase in earnings per share, with a growth of 269.49% [1] Previous Year Performance - The previous year's earnings per share was 0.28 yuan, calculated based on the total share capital after the 2023 annual equity distribution [1] Reasons for Performance Changes - The company attributes its performance growth to strong AI technology drivers and continuous optimization of product and customer sales structure, leading to rapid revenue growth [2][3] - The company has successfully promoted its first-generation in-memory computing technology-based AI audio chips, achieving significant market penetration and sales growth [2] - R&D investment increased to approximately 123 million yuan, a year-on-year growth of 22.72%, with over 70 million yuan spent in the second quarter alone [2] Product and Market Development - The company has seen a significant increase in sales revenue from low-latency high-quality wireless audio products, driven by market demand [2] - The penetration rate of Bluetooth speaker SoC chips in leading audio brands continues to rise, indicating further growth potential [2] - The company is focusing on enhancing its product matrix competitiveness and promoting edge AI technology and products to meet downstream market demands [3]

Core Viewpoint - The company has successfully launched a series of edge AI audio chips based on in-memory computing technology, achieving significant progress in promoting these new products [1][2]. Group 1: Market Expansion of Edge AI Audio Chips - The company is focused on meeting the requirements of AIoT devices for low latency, low power consumption, high data privacy, and personalization through innovative in-memory computing technology, which integrates storage and computation [1]. - The newly launched ATS323X series chips have entered mass production and are being adopted by brand clients in the low-latency private wireless audio sector, leading to rapid growth in product uptake shortly after client terminal products began mass production [2]. Group 2: Impact on the Company - The rapid introduction of edge AI new products validates the company's judgment on the upgrade trend of AIoT products and marks a significant achievement in embracing the AI transformation of edge products [2]. - The ongoing promotion of these product series is expected to enhance the company's core competitiveness, solidify its market position in the edge AI audio field, and lay a solid foundation for long-term development [2].