声学及车载声学：毛利率短期承压，车载品牌系统有望驱动盈利增长1）声学业务全年收入83.5 亿元 （yoy：+2%），毛利率27.6%（yoy：-2.6ppt）， 主因产品形态向整合天线支架、磁吸等周边部件的大模组演进，拖累整体毛利率。2）车载声学收入 41.2 亿元（yoy：+16%），极氪9X 搭载Naim 品牌全栈声学系统已实现量产，公司预计品牌系统渗透率 FY2026 或超10%。 机构：华泰证券 研究员：黄乐平/陈旭东/于可熠 瑞声科技2025 业绩：收入318.2 亿元（yoy：+16%，低于彭博预期4.8%），毛利率22.1%（yoy 持 平），归母净利25.1 亿元（yoy：+40%，符合彭博预期）。我们认为盈利快速增长主因：1）散热产品 高增：2025 年大客户散热收入16.7 亿元（yoy：+411%），带动电磁传动及精密结构件收入同比增长 21%，毛利率同比增长+1.2ppt 至24.5%；2）光学盈利持续改善：得益于高端产品占比提升和WLG 玻塑 混合镜头业务持续成长，光学毛利率同比+5.0ppt 至11.5%，其中塑胶镜头毛利率同比提升超过10ppt； 3）传感器及半导体收入15.7 ...

以下文章来源于略大参考 ，作者刘然 略大参考 . 新消费 · 新科技 · 新生活 来源丨略大参考 （ID： hyzibenlun ） 作者丨刘然 编辑丨 杨知潮 主流折叠屏均价8999元起步，贵的能到2万。荣耀和OPPO最新的折叠屏产品，价格都超过了8000 元。 钱花了，却没省心：它更重、更厚，你还得操心屏幕至少没有折痕、会进灰，还得做好万一摔了之后 换屏动辄几千元的心理准备。 AI眼镜价格同样不便宜，主流价格区间在1997元到3000元，放眼镜这个品类里属于高端产品。 同样，它也沾上了折叠屏的毛病：重。今天的AI眼镜，重量普遍在40克到50克之间，而普通近视眼 镜只有20克左右。多出来的二十克，相当于一个鹌鹑蛋的重量——一个鹌鹑蛋架在鼻梁上，戴一整 天，这就是AI眼镜用户的日常。 如果买了一副AI眼镜你会戴多久？ 市场给出的答案是一周到两周。 据Wellsenn XR，2024年国内智能眼镜月活用户留存率不足20%，大部分用户在购买1-2周后便将 眼镜束之高阁。25年的情况也仍然严峻：XR Vision监测数据，京东和天猫平台平均退货率30%，抖 音渠道更是高达40%—50%，每卖出两副，差不多就有一副被 ...

股票简称：视涯科技 股票代码：688781 视涯科技股份有限公司 SeeYA Technology Corp. （安徽省合肥市新站区合肥综合保税区内通淮中路 99 号） 首次公开发行股票科创板上市公告书 保荐人（联席主承销商） （中国（上海）自由贸易试验区商城路 618 号） 联席主承销商 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二六年三月二十四日 1 视涯科技股份有限公司 上市公告书 特别提示 视涯科技股份有限公司（以下简称"视涯科技"、"发行人"、"公司"、 "本公司"）股票将于 2026 年 3 月 25 日在上海证券交易所科创板上市。 根据《上海证券交易所科创板上市公司自律监管指引第 5 号——科创成长 层》，上市时未盈利的科创板公司，自上市之日起纳入科创成长层。截至本公告 披露日，视涯科技尚未盈利，自上市之日起将纳入科创成长层。 普通投资者参与科创板成长层股票或者存托凭证交易的，应当符合科创板投 资者适当性管理的要求，并按照上海证券交易所有关规定，在首次参与交易前以 纸面或者电子形式签署《科创成长层风险揭示书》，由证券公司充分告知相关风 险。 视涯科技股份有限 ...

瑞声科技目前已形成声学、光学、电磁传动及精密结构件等核心业务矩阵，2025年各板块均表现稳健。其中，电磁传动及精密结构件业务收入117.7亿元， 同比增长21.3%；光学业务收入57.3亿元，毛利率同比提升5个百分点至11.5%；传感器及半导体业务收入同比激增103.1%。 2025年，瑞声科技加速从底层硬件提供商向AI感知交互系统领航人转型，研发投入达23.1亿元，同比增长14.3%。通过收购河北初光、先锋集团等企业，公 司强化了车载声学领域的垂直整合能力。 3月19日，瑞声科技发布2025年年度业绩公告，全年实现营收318.2亿元，同比增长16.4%；归母净利润25.1亿元，同比大幅增长39.8%，基本每股收益2.18 元，同比提升42.5%。公司拟派发末期股息每股0.35港元，较上年增长45.8%。 在XR、人形机器人等赛道，公司将微电机核心技术应用于机器人关节研发，相关产品已实现批量出货，年收突破亿元。此外，公司经营性现金流达71.8亿 元，同比增长38.1%，净资产负债率仅2.1%，财务状况稳健。 （校对/黄仁贵） ...

17 Mar 2026 CMB International Global Markets | Equity Research | Company Update Q-Tech (1478 HK) Q-Tech (1478 HK) - FY25 in- FY25 in-line; Positive outlook on CCM share gain momentum and drone/auto/XR momentum Q-Tech posted FY25 revenue/NP growth of 29%/435% YoY, in-line with prior profit alert, mainly driven by non-handset CCM (+171% YoY, 27% of CCM sales), mobile CCM ASP hike (+20% YoY), disposal gain in India and Newmax operating improvement. Looking into 2026, we are positive on mgmt. guidance: 1) hands ...

Core Viewpoint - Virtuix Inc. is actively engaging with institutional investors at the upcoming 38th Annual ROTH Conference, showcasing its Omni One platform and discussing strategic initiatives following its recent Nasdaq listing [1][2]. Group 1: Conference Participation - Virtuix will participate in the 38th Annual ROTH Conference from March 22-24, 2026, in Dana Point, California [1][4]. - Jan Goetgeluk, the CEO and Founder of Virtuix, will host one-on-one meetings with institutional investors during the conference [2][4]. Group 2: Product Demonstration - The company will showcase its Omni One platform with a live demo at Booth 10, allowing institutional investors to experience the product firsthand [3]. - Attendees can submit their business cards for a chance to win an Omni One, valued at $3,495 [3]. Group 3: Company Overview - Virtuix Inc. is a leading manufacturer of full-body virtual reality systems, targeting consumer, enterprise, and defense markets [5]. - The company's Omni-directional treadmills enable users to walk and run in 360 degrees within virtual reality applications, emphasizing its commitment to innovation in XR and AI [5].

Group 1 - Liu Qiangdong and Lei Jun were seen together at the Sino-German Economic Advisory Committee meeting, highlighting their prominent positions alongside other industry leaders [2][5] - The German delegation's visit included a tour of Yushutech, where they showcased robotic performances, indicating a push for collaboration in the intelligent robotics industry [5][4] - Lei Jun announced plans to open 150 offline stores in the UK within four years, which is expected to create numerous job opportunities [9][11] Group 2 - Liu Qiangdong's recent investment of 5 billion in the yacht industry reflects his strategy to expand into new business areas, contrasting with Lei Jun's focus on electric vehicles [14][16] - Both leaders are recognized for their down-to-earth personas and have a history of collaboration, such as Xiaomi's entry into the automotive market through JD.com [14][16] - The upcoming Mobile World Congress (MWC) will showcase advancements in AI, IoT, and other technologies, indicating a significant focus on innovation in the tech industry [18][19]

Core Viewpoint - Meizu, a long-established Chinese smartphone manufacturer, is facing a critical juncture, with rumors of its mobile business effectively ceasing operations and a potential delisting by March 2026, while its core automotive business FlymeAuto will operate independently within Geely's framework [1][2]. Group 1: Business Operations and Challenges - Meizu's mobile business is reportedly on the verge of termination, with the planned launch of the Meizu 23 series in 2026 already halted [2]. - Internal turmoil is evident, with a significant number of employees leaving the company, and reports of unpaid supplier debts since mid-2022 [1][2]. - The rising costs of components, particularly memory prices expected to increase by 40%-50% in Q1 2026, are squeezing the margins of smaller manufacturers like Meizu [2][3]. Group 2: Historical Context and Market Position - Meizu was once a pioneer in the Chinese smartphone market, achieving sales of over 500 million yuan within five months of launching its first smartphone, the M8, in 2009 [3]. - The company experienced rapid growth, with total sales exceeding 20 million units from August 2014 to August 2015, marking a 350% year-on-year increase [3]. - However, after 2016, strategic missteps and increased competition led to a decline, with Meizu's market share dropping to below 1% [5]. Group 3: Strategic Shifts and Future Directions - Following Geely's acquisition in July 2022, there were ambitious plans to return Meizu to the top five in the mid-to-high-end market within three years, but these goals have not materialized [6]. - In early 2024, Meizu announced a shift away from traditional smartphone development towards an "All in AI" strategy, focusing on AI devices and XR smart glasses, but this has not translated into significant sales [6][7]. - Geely's strategy now appears to involve shedding the unprofitable mobile hardware business as part of a broader resource integration effort [7].

Core Viewpoint - The Spring Festival Gala of the China Central Television (CCTV) showcases a vibrant and innovative presentation that integrates traditional Chinese culture with advanced technology, emphasizing the theme of "Galloping Horses" to reflect the spirit of the Year of the Horse [1][2]. Group 1: Technological Innovations - The stage design incorporates over 300 modular components and 5,584 individual flipping modules to create an artistic installation of eight galloping horses, developed by CCTV's technical department [1]. - XR technology is utilized to simulate the journey from outer space to Earth, enhancing the visual experience of the performance "Silk Road Ancient Rhythms" [1]. - The integration of hyper-realistic digital human technology into the gala stage marks a first for the event, showcasing advancements in digital representation [1]. Group 2: Cultural Integration - The gala draws inspiration from traditional Chinese culture, incorporating elements that symbolize resilience and progress, particularly through the representation of the horse [2]. - The performance "Drawing New Spring" features a blend of Chinese and international performers using props like diabolo and Czech sticks to create a dynamic visual effect, merging traditional acrobatics with modern artistic expression [2]. - The design philosophy emphasizes a fusion of thought, art, and technology, expanding the boundaries of artistic expression while creating an immersive experience where "people are in the scene, and the scene moves with the people" [2].

Core Viewpoint - The 2026 Spring Festival Gala by the Central Radio and Television Station showcases a vibrant and progressive atmosphere, integrating traditional Chinese culture with advanced technology to create an immersive visual experience [1][21]. Group 1: Cultural and Artistic Integration - The gala's theme, centered around "horses," is expressed through various performances that reflect love for the country and youth expression, drawing inspiration from traditional Chinese culture [3][21]. - The visual design incorporates elements from traditional art forms such as paper-cutting, sculpture, and embroidery, emphasizing auspicious meanings and the dynamic beauty of horses [5][21]. - The program features a blend of traditional and contemporary expressions, using stage aesthetics to interpret the Chinese concept of "a thousand horses galloping" [3][21]. Group 2: Technological Innovations - An artistic installation of eight galloping horses, composed of over 300 modules and 5,584 individual flipping units, creates an immersive visual experience beyond traditional broadcasting [6][21]. - The use of programming and lighting rendering technologies allows for dynamic visual expressions, enhanced by AR technology to create a seamless integration of physical and virtual stages [8][21]. - The gala employs XR technology to simulate a journey from outer space to Earth, showcasing stunning dance performances and integrating hyper-realistic digital human technology for the first time [12][21]. Group 3: Interactive and Immersive Elements - The program "He Hua Shen" represents an experimental innovation, allowing AI to interact with the audience and enhance their immersive experience [14][21]. - Interactive elements, such as a blossoming apricot flower during a performance, create a rich feedback loop between the audience and the stage, enhancing the overall experience [16][21]. - The performance "Hui Xin Chun" combines traditional acrobatics with real-time dynamic capture and image generation technology, presenting a vivid depiction of Spring Festival elements [19][21].