如果您希望可以时常见面，欢迎标星收藏哦~ 众多趋势表明，AI，不再只是"云端的特权"，而是正快速成为"终端的标配"。而在这一发展 趋势下，微控制器（MCU）大厂似乎早已嗅到其中端倪。 在AI芯片领域，曾长期由GPU和专用ASIC主导，但这些解决方案往往功耗高昂、灵活性不 足，难以适应电池供电、尺寸受限的终端设备。相比之下，MCU具备天然的低功耗、可定制 性强的优势。当AI的浪潮从数据中心涌向边缘设备，整个MCU行业也随之进入转型的风口。 MCU，这一曾经以成本、功耗和实时性著称的嵌入式主力军，如今正承载着越来越多智能化 的野心。 过去几年，MCU厂商们主要通过在软件工具包（SDK）中添加AI功能来提升现有产品，但自 去年开始，硬件层面的集成已成为行业发展的主流趋势。尤其是MCU与NPU（神经处理单 元）的集成，标志着MCU硬件在AI应用中的潜力被彻底释放。边缘智能时代的MCU竞争，已 然拉开帷幕。 为什么AI一定要走到终端？ 一句话总结：用户需求逼着AI"下沉"。 试想一下，我们在用扫地机器人、可穿戴设备、安防摄像头的时候，都希望设备能"自己做决定"， 而不是每次都把数据传到云端再等结果。这不仅慢，还容易涉及 ...

台积电特色工艺全景 台积电作为全球领先的晶圆代工厂，拥有丰富的特色工艺组合，涵盖多个技术领域。在台积电 2025技术研讨会上，台积电执行副总经理暨共同营运长米玉杰博士介绍了台积电的特色工艺技 术 ， 为 汽 车 、 ULP/IoT （ 超 低 功 耗 和 物 联 网 ） 、 RF （ 射 频 ） 、 eNVM （ 嵌 入 式 非 易 失 性 存 储 器）、高电压显示、CIS（CMOS图像传感器）和电源IC提供最全面的解决方案，助力连接数字世 界与现实世界。 汽车电子与高压技术： 汽车客户采用台积电最先进的逻辑技术，从N7A、N5A到N3A，通过汽车 级认证，专为ADAS、自动驾驶和智能座舱设计，支持高可靠性和长生命周期需求；BCD-Power 工艺：集成双极晶体管、CMOS和DMOS器件，提供高压（如40-90V）解决方案，适用于汽车电 源管理、工业控制等场景，提升系统集成度。 低功耗与物联网： 台积电N4e工艺针对超低功耗物联网AI设备优化，结合嵌入式非易失性存储器 （eNVM），实现高效能与低成本的平衡；ULP（超低功耗）技术提供超低漏电晶体管和低电压 解决方案，适用于可穿戴设备和传感器节点。 射频： 边 ...

Core Viewpoint - Zhaoyi Innovation has shown strong performance in Q1 2025, but rising accounts receivable and interest-bearing liabilities indicate potential future growth pressures. However, industry insiders believe the company's business quality remains robust, placing it in the top tier domestically [1][2]. Financial Performance - In Q1 2025, Zhaoyi Innovation achieved total revenue of 19.09 billion yuan, a year-on-year increase of 17.32%. The net profit attributable to shareholders was 2.35 billion yuan, up 14.57% year-on-year, while the net profit excluding non-recurring gains and losses reached 2.24 billion yuan, reflecting a 21.83% increase [1][2]. - The company experienced a significant decline in net profit in 2023, dropping 92.15% to only 1.61 billion yuan, following a 12.16% decrease in 2022 [1]. Cash Flow and Debt - Operating cash flow for Q1 2025 was 3.36 billion yuan, with a net cash flow from operating activities showing a year-on-year decline of 46.48%. The cash flow per share was only 0.51 yuan, indicating pressure from increased accounts receivable, which rose by 31.01% [3][4]. - Interest-bearing liabilities surged, with short-term loans increasing by 7.98%, leading to a total interest-bearing debt of 10.3 billion yuan, a staggering 132.48% year-on-year increase. Despite this, the company's cash reserves reached a record high of 93.79 billion yuan at the end of Q1 2025, suggesting manageable debt levels [3][4]. Business Segments - The storage chip business generated 51.94 billion yuan in revenue, accounting for 70.6% of total revenue, with NOR Flash products holding a global market share of 15%, ranking among the top three worldwide [4]. - The MCU segment reported revenue of 17.06 billion yuan, representing 23.2% of total revenue, making Zhaoyi the leading supplier of 32-bit Arm general-purpose MCUs in China, with products entering major automotive supply chains [5]. - The sensor business generated 4.48 billion yuan, contributing 6.2% to total revenue, primarily serving the IoT and consumer electronics sectors [6]. Competitive Position - Zhaoyi Innovation competes directly with Taiwanese companies like Winbond and Macronix in the storage chip sector, and with international giants such as STMicroelectronics and NXP in the MCU market. The company's advantages lie in localized service capabilities and cost-effectiveness [7]. - The company has seen a marginal slowdown in growth rates, with Q1 2025 revenue growth dropping from 27.39% to 17.32%, driven by demand from AI and telecommunications sectors [7][8]. Research and Development - In 2024, Zhaoyi Innovation's R&D expenses reached 11.22 billion yuan, a 13.38% increase, focusing on high-end storage products and automotive-grade MCUs. Q1 2025 R&D investment was 2.92 billion yuan, up 1.68% year-on-year [11]. - The company is accelerating the mass production of LPDDR4 and is also developing LPDDR5 to tap into emerging markets such as AI glasses and servers [11]. Supply Chain Optimization - Zhaoyi Innovation is collaborating with domestic foundries to establish a 12-inch wafer production line, expected to reduce foundry costs by 10%-15% upon completion in 2026 [13]. Strategic Outlook - The growth in Q1 2025 validates Zhaoyi Innovation's dual-driven strategy in storage and MCU sectors. However, challenges such as declining gross margins, cash flow pressures, and rising debt levels need to be monitored. Continued success in mass production of LPDDR4 and increased penetration of automotive-grade MCUs could further solidify the company's market position amid the domestic substitution trend [14].