市公司 相关研究 证券分析师 韩强 A0230518060003 hangiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 年内最高/最低（元） 94.83/56.50 市,争客 5.1 股息率% (分红/股价) 0.27 流通 A 股市值 (百万元) 66.947 上证指数/深证成指 3.965.28/13.537.10 注:"股息率"以最近一年已公布分红计算 | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产（元） | 15.45 | | 资产负债率% | 27.02 | | 总股本/流通 A 股 (百万) | 850/849 | | 流通 B 股/H 股 (百万) | /- | 年内股价与大盘对比定势： 叶叫分/外력凹 市场数据 · 收盘价 (元) 研究支持 公司公布全资子公司与关联方共同投资暨关联交易公告。根据公司公告，公司全资子公司紫 ● 光同芯拟与志成高远等五个关联方，以及非关联方宁德时代全资子公司共同设立紫 ...

上 市 公 司 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 市场数据： 2025 年 12 月 29 日 收盘价（元） 78.81 一年内最高/最低（元） 94.83/56.50 市净率 5.1 股息率%（分红/股价） 0.27 流通 A 股市值（百万元） 66,947 上证指数/深证成指 3,965.28/13,537.10 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 15.45 | | 资产负债率% | 27.02 | | 总股本/流通 A 股（百万） | 850/849 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -20% 0% 20% 40% 12-30 01-30 02-28 03-31 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 紫光国微 沪深300指数 (收益率) 相关研究 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A02 ...

格隆汇12月30日丨星宸科技在互动平台表示，公司车规级激光雷达SPAD芯片SS905HP（高线数）与 SS901（低线数）覆盖超1000线至192线分辨率的长距离应用，适用于L3及以上场景；已进入客户对接 落地阶段，第一批产品将于2026年上半年量产。 ...

每经AI快讯，12月30日，星宸科技（301536）在互动平台表示，公司车规级激光雷达SPAD芯片 SS905HP(高线数)与SS901(低线数)覆盖超1000线至192线分辨率的长距离应用，适用于L3及以上场景； 已进入客户对接落地阶段，第一批产品将于2026年上半年量产。 ...

近日，国泰海通证券提交了《芯耀辉科技股份有限公司首次公开发行股票并上市辅导工作完成报告》。从 2025 年 3 月签署辅导协议，到 4-11 月两期辅导 落地，芯耀辉的上市进程展现了抢占算力时代话语权的缩影。 | | | 公开发行辅导公示 | | 辅导对象 | 辅导机构 派出机构 | 备案时间 辅导状态 | 报告类型 | 报告标题 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | - | 北京 | 天津 | | 伏达半导体 (合肥) 股份有 | 国泰海通证券股份有限公司 安徽证监局 | 2025-12-26 辅导备案 | 辅导备案报告 | 关于伏达半导体( ... | | | | | | 限公司 | | | | | | - | 河北 | - | 山西 | | | | | | | | | | | 铁岭贵鑫环保科技股份有限 | 开源证券股份有限公司 辽宁证监局 | 2025-12-25 辅导备案 | 弹合餐室报告 | 关于铁岭蛊鑫环保 ... | | - | 内蒙古 | | 辽宁 | 公司 | | | | | | - | 吉林 | 黑龙江 | ...

截图来自瑞派宠物医院招股书 湖北芯擎科技有限公司(下称"芯擎科技")，或赴香港上市。 刚刚于2025年12月22日在港交所递表的瑞派宠物医院，其招股书中披露的公司的独立非执行董事侯世飞先生，担任芯擎科技的副总裁、上市事 务负责人及联席公司秘书。 联席公司秘书，一般是香港上市或拟上市公司中，由两名或以上公司秘书共同担任的职务的安排。 据此，芯擎科技或赴香港上市。 今年3月份，在芯擎生态科技日现场，芯擎科技创始人、董事兼CEO汪凯博士透露，芯擎科技希望今年能够申报IPO，明年能够顺利上市，这 是公司的基本计划。 芯擎科技成立于2018年，聚焦高性能车规级芯片及解决方案，多款产品已在吉利、一汽红旗、东风等车企应用。此外，它也是国内为数不多的 可同时覆盖智能座舱到智能驾驶关键SoC的芯片供应商。 据芯擎科技官网，目前，芯擎科技仍是国内唯一可以实现7nm车规级智能座舱芯片大规模量产的公司，其座舱芯片"龍鹰一号"在2024年已经登 顶国产同类芯片市占率第一。同时，芯擎科技已率先成为可同时覆盖智能座舱和智能驾驶关键SoC的供应商，其芯片产品已覆盖全球各大主流 市场，并在2024年成为第一家冲出国门、拿到海外长期大额订单的国 ...

Core Viewpoint - Yanshan Technology (002195) announced that its subsidiary, Niumai Technology, plans to initiate a C-round financing with a maximum amount of $100 million, aiming to attract a strategic investor from a leading domestic automotive-grade chip company [1] Group 1: Financing Details - The strategic investor intends to invest $10 million in Niumai Technology, which corresponds to a pre-investment valuation of $425 million [1] - After the investment, the strategic investor will hold a 2.45% stake in Niumai Technology [1] Group 2: Shareholding Changes - Following the investment and the termination of the voting rights entrustment agreement, the voting rights held by Ruifeng BVI in Niumai Technology will decrease from 50.20% to 27.62% [1] - Ruifeng BVI will no longer have control over Niumai Technology, and Niumai Technology will be excluded from the company's consolidated financial statements [1] Group 3: Impact on Company Operations - The company will remain the largest single shareholder of Niumai Technology, and the transaction is not expected to affect the company's collaborative development in various AI business sectors [1]

Core Viewpoint - Black Sesame Intelligence plans to acquire a majority stake in Yizhi Electronics through a combination of equity acquisition and capital injection, with a total cost ranging from 400 million to 550 million yuan. Upon completion, Yizhi Electronics will become a non-wholly-owned subsidiary of Black Sesame Intelligence, and its financial performance will be consolidated into Black Sesame's financial statements [1][2][3] Group 1 - The acquisition is still under negotiation, and the final transaction terms, including specific equity ratios and payment arrangements, will be determined by a formal agreement between both parties [1][2] - Black Sesame Intelligence has a long-standing focus on automotive-grade intelligent automotive computing chip development, with its "Huashan" and "Wudang" series chips already in mass production for L2 to L3 level Advanced Driver Assistance Systems (ADAS) and intelligent cockpit applications [1][3] - Yizhi Electronics specializes in edge and end-side AI chips, providing system-level solutions around AI machine vision algorithms and SoC chip design, with products covering smart automotive, smart hardware, and smart security applications [1][3] Group 2 - The technological directions of Black Sesame Intelligence in automotive-grade computing platforms and Yizhi Electronics in edge visual AI and edge applications are complementary. If the transaction is successful, Black Sesame is expected to extend its reach into security and consumer-grade smart hardware sectors while maintaining its automotive business advantage [2][3] - Black Sesame Intelligence and other related parties are actively advancing the potential acquisition and related work, with the final transaction agreement expected to be signed by the first quarter of 2026 [2][3]

Core Insights - Black Sesame Intelligence announced the successful integration of its flagship Huashan A1000 automotive-grade chip into Desay SV's new low-speed unmanned vehicle brand "Chuanxing Zhiyuan" S6 series, establishing a collaborative innovation model in the automotive electronics and chip industry [2] - The Huashan A1000 chip features a dual-brain redundancy architecture, enhancing safety for unmanned logistics operations by monitoring the main control system and taking over in case of anomalies [2] - Desay SV's focus on low-speed unmanned delivery aims to address urban last-mile logistics efficiency challenges, with safety redundancy being a core support for scalable operations [2] Company Performance - Desay SV reported a revenue of 7.692 billion yuan for Q3 2025, a year-on-year increase of 5.63%, and a total revenue of 22.337 billion yuan for the year-to-date, reflecting a 17.72% growth [4] - The net profit attributable to shareholders reached 1.788 billion yuan, up 27.08% year-on-year, with total assets growing by 26.81% to 27.242 billion yuan as of September 30 [4] - The company’s cash flow from operating activities surged by 169.3% to 2.26 billion yuan, supported by a successful fundraising of 4.393 billion yuan for expansion in facilities, production lines, and R&D [4] Technological Advancements - The Huashan A1000 chip has achieved ISO 26262 ASIL-B functional safety certification and AEC-Q100 Grade 2 automotive reliability certification, featuring a dual-core lockstep safety processor [3] - It offers 58 TOPS of high-performance computing power while maintaining low power consumption, capable of efficiently processing various sensor data and ensuring real-time responses in critical scenarios [3] - The chip operates within a wide temperature range of -40°C to 105°C, making it suitable for diverse outdoor and low-temperature storage applications [3] Strategic Developments - Black Sesame Intelligence is expanding its dual-line strategy in the smart automotive and robotics sectors, with the Huashan series focusing on driver assistance and the upcoming Huashan A2000 family embracing large models [5] - The Wudang series targets cross-domain computing, with the C1200 family innovating in electronic and electrical architecture, already receiving positive feedback in multiple scenarios [5] - The company plans to launch a robotics product line, leveraging its automotive technology to reduce development barriers and accelerate product deployment [5] Industry Collaboration - The partnership between Black Sesame Intelligence and Desay SV highlights the importance of upstream and downstream collaboration in the industry, with potential for further expansion in smart logistics and robotics [6] - As Desay SV deepens its focus on unmanned delivery and Black Sesame continues to iterate its chip technology, both companies are positioned to drive new momentum in the smart industry [6]

Core Insights - The company reported a revenue of 4.464 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 25.88% [1] - The net profit attributable to shareholders was a loss of 75 million yuan, showing a narrowing of losses compared to the previous year [1] - The company achieved a revenue of 1.555 billion yuan in Q3 2025, with a year-on-year growth of 2.40% [1] - The company delivered its first batch of 6 heavy-duty autonomous driving flatbed trucks to Huai'an New Port, marking a significant milestone in its smart port solutions [1] - The company became the first Tier 1 enterprise in China to pass the ISO/PAS 8800:2024 AI safety process certification [1] Revenue and Profitability - For the first three quarters of 2025, the company achieved a revenue of 4.464 billion yuan, up 25.88% year-on-year [1] - The net profit attributable to shareholders was a loss of 75 million yuan, with a non-recurring net profit loss of 123 million yuan, both showing a narrowing of losses [1] - The Q3 2025 revenue was 1.555 billion yuan, with a net profit of 12 million yuan [1] Strategic Partnerships and Innovations - The company signed a strategic cooperation agreement with Nanjing Zijing Semiconductor to collaborate on vehicle-grade chips based on RISC-V architecture [2] - The partnership aims to leverage the company's software expertise and Zijing Semiconductor's hardware innovations [2] Future Outlook - The company is expected to enter a phase of rapid revenue growth, with projections of 7.08 billion yuan, 9.09 billion yuan, and 10.91 billion yuan in revenue for 2025-2027 [2] - The forecasted net profit attributable to shareholders for the same period is 61 million yuan, 385 million yuan, and 619 million yuan respectively [2]