格隆汇12月19日丨中科蓝讯(688332.SH)在互动平台表示，2025年6月，公司携基于中科蓝讯AB6003G Wi-Fi芯片的AI玩具方案亮相2025火山引擎FORCE原动力大会和由百度智能云、汕头市澄海区人民政府 主办的2025 AI玩具产业创新和发展会议，AB6003G是集Wi-Fi+蓝牙+音频，三合一的高性能SoC，可广 泛应用于智能家居、智能穿戴、工业物联网、智慧城市等多个领域，助力实现设备之间的无缝连接与数 据交互。后续，公司Wi-Fi芯片的应用场景将重点围绕音视频及AI功能拓展，如AI智能音箱、AI智能玩 具等方向，搭载上述芯片的终端产品也会陆续推向市场。自2024年11月，公司讯龙三代芯片BT895X平 台完成了与火山方舟MaaS平台的对接，向用户提供适配豆包大模型的软、硬件解决方案，并搭载于 FIIL GS Links AI高音质开放式耳机后，公司与火山引擎正持续、分阶段开展合作。近期，搭载公司 BT8951H芯片的机乐堂OC3 AI耳夹式蓝牙耳机上市发售，该产品已接入豆包大模型，支持AI智能问 答。未来，公司将持续布局AI端侧领域，继续与国内外大模型平台开展合作，向市场推出用户体验度 ...

Core Viewpoint - Guanghetong's H1 2025 financial results show a decline in revenue and net profit, but excluding the impact of a specific business segment, the company experienced growth in core operations [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 3.707 billion yuan, a year-on-year decrease of 9.02%, and a net profit attributable to shareholders of 218 million yuan, down 34.66% [1]. - In Q2 2025, the company reported operating revenue of 1.851 billion yuan, a decline of 5.14%, with a net profit of 100 million yuan, down 31.25% [2]. - Excluding the impact of the wireless communication module business from Ruilin, H1 2025 operating revenue grew by 23.49%, and net profit increased by 6.54% year-on-year [2]. Gross Margin Analysis - The gross margin for Q2 2025 was 15.83%, a decrease of 5.82 percentage points, attributed to product mix and fluctuations in material procurement prices [3]. - Smart modules accounted for over 55% of the revenue, with increased storage costs affecting the gross margin due to a higher proportion of storage in smart modules [3]. Strategic Initiatives - The company is expanding beyond module manufacturing by establishing an AI research institute and advancing into the AI edge computing sector, positioning itself as an industry leader [4]. - In the AI toy sector, the company launched an AI toy model solution that integrates domestic and international AI models, enhancing smart toys with AI capabilities [4]. - In robotics, the company has formed strategic partnerships with leading firms in embodied intelligence and is developing a dedicated robotics team focusing on lawn mowing and embodied intelligent robots [4]. - The company introduced the next-generation AI voice assistant FiboVista, which integrates with the Volcano Engine's model for automatic speech recognition and text-to-speech capabilities, already applied in connected vehicles [4]. Profit Forecast and Investment Recommendations - Considering the overall operational challenges and pressure on sales gross margin for 2024, the company is actively pursuing new applications in AI and robotics, indicating significant future growth potential [5]. - The adjusted net profit forecasts for 2025-2027 are 540 million, 690 million, and 850 million yuan, respectively, with corresponding PE valuations of 45, 35, and 29 times [5].