1H2025 收入稳健增长，新兴业务驱动扭亏为盈 美芯晟(688458) 投资评级:增持(维持) | 基本数据 | 2025-08-26 | | --- | --- | | 收盘价(元) | 47.45 | | 流通股本(亿股) | 0.85 | | 每股净资产(元) | 16.61 | | 总股本(亿股) | 1.12 | 最近 12 月市场表现 -7% 19% 45% 71% 98% 124% 美芯晟 沪深300 上证指数 半导体 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 王矗 SAC 证书编号：S0160524090001 wangchu01@ctsec.com 相关报告 1. 《无线充电领军，光感驱动增长 》 2025-05-29 证券研究报告 半导体 / 公司点评 / 2025.08.26 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | ...

3、指引 FY25Q4 营收同环比增长，工业、通信及消费环比引领增长。 FY25Q4 营收指引 29-31 亿美元，指引中值同比+23%/环比+4%;营业利润率指 引中值为 42.5%-44.5%，同比+2.4pcts/环比+1.3pcts，EPS 2.12-2.32 美元； 公司指引工业、通信和消费将引领环比增长，汽车环比回落。 证券研究报告|行业简评报告 2025 年 08 月 21 日 工业增长动能延续至 FY25Q4，汽车市场预计环比下降 ADI（ADI.O）FY25Q3 跟踪报告 TMT 及中小盘/电子 事件： ADI（亚德诺）近日发布 FY25Q3 季报，FY25Q3 营收 28.8 亿美元，同比+25%/ 环比+9%；毛利率 69.2%，同比+1.3pcts/-0.2pct。综合财报及交流会议信息， 总结要点如下： 评论： 1、FY25Q3 营收超指引上限，渠道库存周数略下降。 FY25Q3 营收 28.8 亿美元，同比+25%/环比+9%，超指引上限；毛利率 69.2%， 同比+1.3pcts/-0.2pct，环比下降主要系产能利用率下降；营业利润率 42.2%， 库存环比增加 7200 万美 ...

格隆汇7月30日｜巨星传奇(6683.HK)高开14.95%，报12.92港元。消息面上，公司公布，近日附属公司 星创艺(昆山)文娱有限公司与杭州宇树科技订立合作协议书。公司表示，集团及宇树科技将互为全球范 围内的战略合作伙伴关系，并将首先在具有陪伴功能与社交属性的四足机器狗/机器人开发及商业化领 域(包括但不限于演艺领域等)开展合作，共同打造具有较强IP属性的消费级机器人产品。 公司称，透过该合作，集团可依托宇树科技于机器人研发方面的资源及经验，并结合集团本身IP创造与 运营资源及能力，打造在AI与机器人时代的新形态IP产品。该合作的范围不仅涵盖集团旗下艺人资源， 更会延伸至广泛的艺人以拓展IP合作机会。双方整合各自优势资源，共同合作，用IP赋能智能机器人并 进行产品开发及商业化。 除作为产品销售，巨星传奇将透过该合作深度挖掘智能机器人在演唱会、表演秀等场景的商业化价值， 从而提升集团业务竞争力。 巨星传奇将负责合作产品核心的IP规划、设计、AI交互，并将主导全球化营销策略等；而宇树科技将负 责合作产品的技术、硬件研发及生产，和相关应用程式的研发等。双方将共同负责合作产品的推广与渠 道销售。 ...

Core Viewpoint - Company Juxing Legend collaborates with Yushu Technology to develop consumer-grade robots with strong IP attributes, leveraging their respective strengths in IP creation and technology development [2][9][11]. Group 1: Collaboration Details - Juxing Legend's subsidiary Xingchuangyi signed a cooperation agreement with Yushu Technology to build a strategic partnership globally [7]. - The collaboration will focus on developing four-legged robotic dogs or robots with companionship and social attributes, as well as commercialization in various fields, including entertainment [8]. - Xingchuangyi will handle IP planning, design, AI interaction, and global marketing strategies, while Yushu Technology will focus on technology, hardware development, and application programming [8]. Group 2: Business Strategy and Market Expansion - The partnership aims to extend Juxing Legend's IP business into new industrial ecosystems, helping to explore new business models in high-tech fields [11]. - The company plans to enhance the commercial value of smart robots in scenarios like concerts and performances, thereby increasing its competitive edge [12]. - Juxing Legend's main business includes IP creation, operation, and new retail, with a significant focus on multi-dimensional value development around IP since launching the character "Zhou Tongxue" in 2019 [12]. Group 3: Financial Performance - In 2024, Juxing Legend's revenue increased by 35.8% to 584 million yuan, with IP creation and operation revenue rising by 65.1% to 314 million yuan [13]. - The company aims to focus on IP, AI, new retail, and omnichannel strategies for future growth, with plans for new programs featuring its star IPs [14].

Core Viewpoint - The collaboration between Giant Legend (06683) and Yushu Technology marks a strategic partnership aimed at developing and commercializing consumer-grade robots with strong IP attributes, particularly in the entertainment sector [1][2] Group 1: Partnership Details - The partnership involves mutual strategic collaboration between the company and Yushu Technology on the development of quadruped robots with social and companionship functions [1] - The company will handle core IP planning, design, AI interaction, and global marketing strategies, while Yushu Technology will focus on technical and hardware development, production, and related application programming [1] - Both parties will jointly promote and sell the collaborative products, leveraging their respective strengths in IP creation and robotic technology [1] Group 2: Business Implications - This collaboration represents a significant attempt for the company to extend its IP business into a new industrial ecosystem, potentially leading to synergistic growth for both parties [2] - The partnership is expected to open new market opportunities and business value in the high-tech sector, creating innovative business models [2] - The company aims to explore the commercial value of intelligent robots in various scenarios, such as concerts and performances, enhancing its competitive edge in the industry [1]

Core Viewpoint - The collaboration between 巨星传奇 and 宇树科技 aims to develop and commercialize consumer-grade robots with strong IP attributes, leveraging both companies' strengths in IP creation and technology development [1][2] Group 1: Collaboration Details - 巨星传奇's subsidiary, 星创艺, has entered into a strategic partnership with 宇树科技 to work on four-legged robots with social attributes [1] - The partnership will focus on IP planning, design, AI interaction, and global marketing strategies by 巨星传奇, while 宇树科技 will handle technical and hardware development [1] - Both companies will jointly promote and sell the collaborative products, enhancing their market presence [1] Group 2: Strategic Implications - This collaboration represents an important attempt for 巨星传奇 to extend its IP business into a new industrial ecosystem [2] - The partnership is expected to create new market opportunities and business value by integrating high-tech solutions with entertainment [2] - The collaboration will also explore the commercial value of intelligent robots in various performance scenarios, such as concerts and shows, thereby enhancing the competitiveness of 巨星传奇's business [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 本 集 團 及 宇 樹 科 技 將 互 為 全 球 範 圍 內 的 戰 略 合 作 夥 伴 關 係，並 將 首 先 在 具 有 陪 伴 功 能 與 社 交 屬 性 的 四 足 機 器 狗╱機 器 人（「機器人」）開 發 及 商 業 化 領 域（包 括 但 不 限 於 演 藝 領 域 等）開 展 合 作（「該合作」），共 同 打 造 具 有 較 強IP屬性的消費 級 機 器 人 產 品（「合作產品」）。 Star Plus Legend Holdings Limited 巨星傳奇集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：6683） 自願公告 合作協議 本 公 告 由 巨 星 傳 奇 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 ...

Group 1 - Cheetah Mobile announced the acquisition of 60.8% of UFACTORY for approximately 99.46 million RMB, increasing its total economic interest to 75.8% [1] - The acquisition has been approved by Cheetah Mobile's board and audit committee, with completion expected in Q3 2025, subject to customary closing conditions [1] - UFACTORY specializes in lightweight collaborative robots and has a comprehensive product matrix covering various degrees of freedom, providing high-quality, cost-effective solutions [2] Group 2 - UFACTORY has established a stable global customer base, with products distributed in over 80 countries, and has achieved consistent revenue growth, primarily from international markets [2] - Cheetah Mobile's CEO expressed optimism about the acquisition, highlighting UFACTORY's strong technical foundation and market expansion capabilities, which will enhance Cheetah Mobile's robotics product offerings [3] - As of March 31, 2025, Cheetah Mobile holds over $230 million in net cash, providing robust financial support for its robotics strategy [3]

Core Viewpoint - Tesla is facing a significant decline in both revenue and profit for two consecutive quarters, compounded by a brand crisis linked to CEO Elon Musk's political activities [1][2][3] Financial Performance - Tesla's total revenue for Q2 was $22.5 billion, a year-over-year decrease of 12% [2] - Earnings per share were $0.40, down 23% compared to the previous year [2] - Vehicle deliveries fell by 14% year-over-year, marking a decline for two consecutive quarters [2] Brand and Market Challenges - Elon Musk's political involvement has led to widespread criticism, with 58% of Americans holding a negative view of him, adversely affecting Tesla's brand image [2] - The "Tesla Resistance Action" organization has initiated over 30 protests, targeting the newly opened Tesla restaurant [2] - Legal challenges are emerging from cities like Miami and Oakland questioning the advertising claims of Autopilot/FSD features, while the U.S. National Highway Traffic Safety Administration is investigating the safety of these features in foggy conditions [2] Strategic Initiatives - Musk is betting on the rollout of autonomous taxi services, claiming that by the end of the year, the service will cover half of the U.S. population, although it is currently limited to Austin and requires human safety operators [2] - The company aims to position itself as a leader in AI and robotics, despite skepticism from the market regarding Musk's aggressive timelines for the Robotaxi service [3] Stock Market Reaction - Following the earnings report, Tesla's stock price fell by 2% in after-hours trading, reflecting market concerns over the company's operational challenges and brand damage [3]

Core Viewpoint - The 2025 Global MedTech Top 100 (GMT100) list highlights the dominance of major players in the medical technology industry while showcasing the rise of Chinese and Asia-Pacific companies in the global market [3][4][5]. Global Overview - The top 10 companies continue to dominate the market, with Medtronic leading at a revenue of 239.45 billion RMB for 2024. The total revenue of the top 10 exceeds 1.6 trillion RMB, accounting for over 60% of the total revenue of the list [5][14]. - The list reflects a "pyramid" structure in the medical technology industry, where smaller companies focus on niche markets but show significant innovation and growth potential [10][11]. Regional Distribution - North American companies hold a significant share of the list, with the top 10 generating over 16 trillion RMB in revenue. Asian companies, particularly from China, are increasingly making their presence felt [11][14]. - Chinese companies have shown remarkable performance, with 12 firms making it to the top 100, collectively generating over 200 billion RMB in revenue for 2024, marking a further increase from the previous year [4][14]. Industry Concentration and Future Outlook - The medical technology industry exhibits a "Matthew Effect," where the top 10 companies control over 60% of the market share, while emerging companies challenge traditional players with innovative technologies [13][14]. - The future of the industry is expected to witness significant technological changes and market reshuffling, with the GMT100 serving as a record of these developments [13][14].