西部证券研报指出，翱捷科技为极少数覆盖多制式蜂窝、多协议非蜂窝的芯片企业之一，长期深耕手机 基带与物联网领域，且具关键自研IP储备。5G手机芯片已流片，有望未来继续放量。算力需求不断扩 张，ASIC板块承接项目良好，公司预计该业务26年相比于24年业绩有倍数级增长。物联网领域，基带 芯片用于车联网、可穿戴等领域，公司在Cat.1bis 细分赛道24年市场份额近50%，位居行业第一，Cat.4 出货量24年同比增长100%，Cat.7 新一代产品已成功导入中兴等品牌客户；手机领域，4G八核智能手机 芯片已于2025H1成功导入客户，5G手机芯片进入研发后期，预计26下半年开始客户导入，后续伴随公 司新品持续推出及客户拓展，基带芯片收入后续有望持续放量。另外，AI ASIC有望成为第二曲线。目 前芯片定制业务订单承接情况良好，预计2026年芯片定制业务收入对标2024年将有数倍级增长。首次覆 盖，给予"买入"评级。 ...

Financial Performance - The company reported a total revenue of 974 million yuan for the first half of 2025, an increase of 4.49% year-on-year [1] - The net profit attributable to shareholders was -320 million yuan, a decrease of 12.3% compared to the previous year [1] - In Q2 2025, total revenue was 584 million yuan, down 4.84% year-on-year, with a net profit of -99.51 million yuan, a decline of 27.86% [1] - The gross margin was 43.32%, down 2.44% year-on-year, while the net margin was -32.85%, a decrease of 7.48% [1] - The total of selling, administrative, and financial expenses was 139 million yuan, accounting for 14.29% of revenue, an increase of 2.98% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased significantly by 222.37% to 2.273 billion yuan due to funds raised from a specific stock issuance [1] - Accounts receivable stood at 1.071 billion yuan, a slight increase of 1.66% [1] - Interest-bearing liabilities rose by 22.56% to 1.493 billion yuan [1] - The net asset value per share increased by 41.72% to 6.85 yuan [1] Cash Flow Analysis - Operating cash flow per share was -0.69 yuan, a decrease of 2.97% year-on-year [1] - The net cash flow from investing activities increased by 352.0%, attributed to the maturity of financial assets [4] - The net cash flow from financing activities surged by 712.12% due to funds raised from stock issuance [5] Business Operations - The company has a significant amount of accounts receivable, which accounted for 46.11% of total revenue [1] - The company is focusing on enhancing its semiconductor IP licensing and chip customization services, which are expected to complement each other effectively [9] Market Position - The company has shown a historical median ROIC of -8.27%, indicating poor investment returns [6] - The company has experienced losses in 7 out of its 10 years since listing, suggesting a challenging financial history [6] - The largest fund holding the company's shares is the Huaxia SSE Sci-Tech Innovation Board 50 ETF, which has seen significant growth in the past year [8]

New Energy Vehicles - Lithium carbonate futures have fallen below 60,000 [1] - Concerns arise over a new price war initiated by BYD, with industry insiders suggesting that "hidden price cuts" may persist long-term [1] Technology Developments - Tencent is set to release the world's first multimodal model "Hunyuan-O" [2] - Microsoft has open-sourced a browser agent that can track and control intelligent agents in real-time [2] - Apple is expected to undergo a design revolution for its all-platform operating system [2] - A new myasthenia gravis drug, Udis, has been launched in China by UCB [2] - Apple is rumored to adjust its release strategy to launch two new iPhone models each year [2] - OpenAI plans to establish an office in Seoul within the next few months [2] - Xiaomi has denied rumors that its Xuanjie O1 is a custom chip for Arm [2] - Samsung's HBM3E has nearly passed Nvidia's single-chip certification, although final product certification may be delayed until the second half of the year [2] E-commerce and Delivery Services - Meituan reported that the average monthly income for high-frequency delivery riders in first-tier cities is 10,010 yuan [2] - Meituan's CEO Wang Xing responded to JD.com's 10 billion yuan subsidy for food delivery, stating that the company will spare no effort to win the competition [2] - Approximately 52% of Meituan's new code is generated by AI [2]