说起存储芯片这事儿，美国人本来以为自己稳坐江山，谁知道长江存储这家中国企业硬是杀出一条血 路，不但技术上追赶上来，还在美国本土法庭上把美光这家老牌巨头逼得节节败退。 长江存储从2016年成立到现在，才短短几年，就从零起步变成全球NAND闪存市场的一股重要力量，这 中间的弯弯绕绕可不少，尤其在美国层层封锁下，它愣是靠国产化突围，搞得美国那边措手不及。 如果说以前的剧本是西方列强拿着专利大棒在谈判桌上教训后者，那现在的场面足可以让所有也是搞科 技的人瞠目结舌。 就在2025年的几个关键节点上，局势显得格外滑稽：一家号称代表美国顶尖技术的公司，在面对被指控 侵权时，祭出的最大护身符竟然是"不能说"。 当长江存储在美国加州法院要把专利官司打到底，要求美光把核心技术文件拿出来比对时，美光没有选 择硬碰硬地展示技术差异，而是高举"国家安全"的盾牌，死活不愿意通过披露程序。 他们大概是急了，一口气输掉了四场试图保密的裁决，最后愣是把状纸递到了美国最高法院，试图 用"紧急令"来捂住盖子。 这种心虚的表现，让人很难不联想到那个名叫Xtacking的技术架构——这正是让中国企业翻盘的"杀手 锏"。美光在法庭上的躲闪，恰恰印证了技 ...

Core Viewpoint - The company has a significant number of patents related to its product lines, indicating a strong focus on research and development to stay competitive in the market [1]. Summary by Categories Patents and Innovations - As of the end of last year, the company holds 1 invention patent and 22 utility model patents for PE pipeline products [1] - For BOPA film products, the company has 4 invention patents and 6 utility model patents [1] - In the area of lithium-ion battery separators, the company possesses 16 invention patents and 87 utility model patents [1] Research and Development Strategy - The company is committed to closely monitoring advancements in cutting-edge technologies and aligning its R&D efforts with market trends to ensure a robust technological reserve for future development [1]

Group 1 - The State Intellectual Property Office of China has granted a patent to Keda Intelligent Internet of Things Technology Co., Ltd. for a method of detecting surface particle defects and a computer-readable storage medium, with the authorization announcement number CN 115294083 B and application date of August 2022 [1] - Keda Intelligent Internet of Things Technology Co., Ltd. was established in 2016 and is located in Hefei City, primarily engaged in the manufacturing of computers, communications, and other electronic devices [1] - The company has a registered capital of 55.085334 million RMB and has made investments in 4 enterprises, participated in 106 bidding projects, and holds 23 trademark registrations and 137 patent registrations, along with 9 administrative licenses [1]

Core Viewpoint - Huaxi Securities initiates coverage on Blukoo (00325) with a "Buy" rating, highlighting the company's rapid market capture through pricing strategy and frequent product launches, alongside long-term growth potential from IP development and overseas market expansion [1] Company Overview - Blukoo is the largest building block character toy manufacturer in China, achieving explosive growth through product transformation and channel expansion [2] - In 2023, Blukoo's GMV reached approximately 1.8 billion yuan, capturing 30.3% of the Chinese building block character toy market and 7.4% of the overall building block toy market [2] - The company is projected to have a revenue CAGR of 89% from 2021 to 2024, with expected revenue of 2.24 billion yuan in 2024 and a gross margin of 52.9% [2] - The core revenue driver is building block character toys, which account for 98.2% of total revenue, with major IPs like Ultraman, Transformers, and Hero Infinite contributing over 90% of gross profit [2] Industry Opportunities - The Chinese building block character toy market is expected to grow at a CAGR of 41.3% from 2023 to 2028, with the market size projected to exceed 32.5 billion yuan by 2028 [2] - The share of building block character toys within the overall character toy market in China is anticipated to increase from 14.3% in 2023 to 35.6% in 2028 [2] Competitive Landscape - The domestic building block character toy market is highly concentrated, with the top five companies holding a combined market share of 77% in 2023, while Blukoo leads with a 30.3% share [3] - Globally, the market is dominated by Bandai (39.5%) and LEGO (35.9%), presenting challenges for local companies to overcome technical and IP barriers [3] Competitive Advantages - Blukoo's success with the Ultraman IP demonstrates its ability to replicate core advantages across other IPs [4] - The company's growth strategy is supported by a combination of high cost-performance, deep IP operations, technical patents, channel penetration, and user co-creation [4] - Blukoo has established an IP matrix with over 50 popular licensed IPs and its own IP "Hero Infinite," achieving broad age group coverage [4] - The company boasts over 500 patents that support a standardized parts system, reducing new product development cycles to 6-7 months, compared to the industry average of 10-12 months [4] - The distribution network includes 511 dealers covering second-tier cities and over 80% of third-tier and below cities, with offline revenue expected to account for 92% in 2024 [4] Financial Projections - Revenue projections for 2025-2027 are 3.907 billion, 5.606 billion, and 7.403 billion yuan, representing year-on-year growth rates of 74%, 43%, and 32% respectively [5] - Net profit attributable to the parent company is expected to be 963 million, 1.468 billion, and 1.986 billion yuan for the same years, with growth rates of 340%, 52%, and 35% respectively [5] - EPS estimates for 2025-2027 are 3.87, 5.89, and 7.97 yuan, with corresponding PE ratios of 39.2, 25.7, and 19.0 based on the latest stock price [5]