证券代码：688591 证券简称：泰凌微 公告编号：2026-013 泰凌微电子（上海）股份有限公司 2025年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以泰凌微电子 （上海）股份有限公司（以下简称"公司"或"泰凌微"）2025年年度报告为准，提请投资者注意投资风 险。 2025年，公司在复杂国际环境及行业竞争加剧背景下，坚持"高性能无线连接+端侧智能化"战略方向， 推动产品结构升级与技术平台能力提升。报告期内，公司凭借领先的产品和技术获得大量新老客户的认 可，出货量持续增长，实现营业收入101,552.39万元，同比增长20.32%；营业利润13,145.13万元，同比 增长40.98%；利润总额12,629.68万元，同比增长36.85%；归属于母公司所有者的净利润12,812.74万 元，同比增长31.53%；归属于母公司所有者的扣除非经常性损益的净利润11,874.04万元，同比增长 30.72%。归属于母公司所有 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering its unique position as one of the few SoC companies with a developer ecosystem and the expected benefits from the expansion of the edge AI hardware market [3][5]. Core Insights - The company is positioned to benefit from the trend of edge intelligence, having developed a robust developer ecosystem over the years, which has created a competitive moat [1][2]. - The B2D2B business model is central to the company's growth strategy, focusing on reducing developers' learning and time costs, thereby locking in application ecosystems and enhancing customer stickiness [2][19]. - The company has entered a high growth phase, with revenue expected to increase significantly due to the rising demand for AI terminal products starting in 2024 [1][10]. Summary by Sections Developer Ecosystem and Market Position - The company has established itself as an AIoT ecosystem player, benefiting from the long-tail market's demand for intelligent solutions, with revenue entering a high growth phase from 2024 [1][10]. - The development of the ecosystem can be divided into two phases: the construction phase from 2016Q1 to 2023Q1, and the harvesting phase from 2023Q1 to 2025Q2, where the daily project growth on GitHub increased from 45 to 123 [1][14][15]. Business Model and Competitive Advantage - The B2D2B model allows the company to sell a complete set of development tools rather than just chips, creating a strong competitive advantage through developer engagement and community support [2][19]. - The brand value and technical advantages underpin the company's open ecosystem, with the ESP32 brand recognized for reliability and performance, attracting more developers and customers [2][29]. Financial Forecast and Performance Metrics - The company is projected to achieve net profits of 5.59 billion, 7.18 billion, and 9.00 billion yuan for the years 2025 to 2027, with corresponding PE ratios of 43, 34, and 27 [3][4][51]. - Revenue is expected to grow from 2,007 million yuan in 2024 to 4,298 million yuan in 2027, reflecting a compound annual growth rate of approximately 23.4% [4][53].