熵基科技在生物识别领域掌握多项核心技术，覆盖指纹、手掌、人脸、虹膜、指静脉等多种模态。公司自主研发的生物识别算法， 具备高精度、高速度和高安全性，尤其在复杂环境下的识别性能表现优异。为了突破单一模态的局限性，熵基科技还创新性地推出 了多模态融合识别技术，通过结合多种生物特征，进一步提升识别准确率和安全性。同时，公司在活体检测技术方面也取得了重要 突破，能够有效防范照片、视频、面具等伪造攻击，确保身份识别安全可靠。这些技术已广泛应用于智慧安防、智慧办公、智慧医 疗等多个领域，为客户提供高效、便捷、安全的解决方案。 8月26日，熵基科技发布2025年H1业绩报告称，上半年营收为929,258,759.5元，同比增长2.9%；归属于上市公司股东的净利润为 93,235,556.28元，比上年同期增长18.56%；扣除非经常性损益后的净利润为84,430,913.49元，比上年同期增长25.69%。 | 截至上半年末，熵基科技总资产为4,212,927,418.94元，同比增长4.94%；归属于上市公司股东的净资产为3,359,482,568.32元，同比 | | --- | | 增长0.27%。 | | | 本报告 ...

Group 1: Company Overview and Business Strategy - The company aims to enhance market competitiveness through AI technology and brand influence, targeting revenue growth aligned with high equity incentive goals [2] - Focus on optimizing product and business structure, controlling costs, and improving operational efficiency to achieve performance growth [2] Group 2: Brain-Machine Interface (BMI) Technology - The company is exploring non-invasive BMI technology, particularly in the fields of elderly care, healthcare, and education [2][4] - Utilizes multi-modal data fusion technology ("EEG + EOG + EMG") to overcome precision limitations of traditional single-modal devices [2] Group 3: Applications in Education - Launching non-invasive brain-computer interface products aimed at enhancing focus among youth through interactive games and real-time EEG signal collection [3] Group 4: Partnerships and Collaborations - Established a long-term partnership with Workday to provide payroll calculation services for various sectors, enhancing operational efficiency for clients [5] Group 5: Mergers and Acquisitions - Ongoing audit of financial indicators related to the acquisition of "Longzhiyuan," with expectations of synergistic effects in product, technology, and market resources [6] Group 6: Ralvie AI Business Model - Ralvie AI focuses on work management and operational efficiency, quantifying employee work time and efficiency as a basis for performance evaluation [7] Group 7: Mars Wisdom Solutions - Mars Wisdom leverages advanced AI technologies to address semantic understanding, visual analysis, and data retrieval challenges, integrating with existing business platforms for enhanced service delivery [8] Group 8: Investor Relations Activity - The investor relations activity did not involve any undisclosed significant information [9]

Core Insights - The domestic ultrasonic fingerprint recognition module industry has rapidly penetrated from high-end markets to mass consumer sectors due to core technological breakthroughs and significant reductions in manufacturing costs, with a projected market size of approximately 2.697 billion yuan in 2024 [1][13] - The industry has seen a collaborative innovation across the supply chain, with domestic manufacturers upgrading piezoelectric materials from traditional lead zirconate titanate (PZT) to environmentally friendly aluminum nitride (AlN), and innovating with CMOS Sensor architecture, reducing module thickness to 0.15mm and production costs from $20 in 2021 to $12, a decrease of over 40% [1][13] - The application scenarios for ultrasonic fingerprint recognition modules have expanded explosively due to the dual drivers of cost reduction and performance enhancement [1][13] Industry Overview - Ultrasonic fingerprint recognition modules utilize ultrasonic waves to penetrate materials and identify fingerprints based on reflected signals, forming a 3D image for high precision and security [2] - The modules can be categorized into single-point and wide-area ultrasonic fingerprint recognition modules based on the recognition area size [2] Industry Development History - The industry has undergone four main stages: the embryonic phase before 2015, initial application from 2016 to 2020, rapid expansion from 2021 to 2023, and diversification of applications from 2024 onwards [4][5][6] - The initial phase saw limited commercial application due to sensor size and cost constraints, while the introduction of Qualcomm's SenseID in 2015 marked a significant technological advancement [4] - From 2021 to 2023, the industry experienced rapid growth, with domestic ultrasonic fingerprint recognition module shipments exceeding 120 million units in 2023, a year-on-year increase of 150% and a market penetration rate of 25% [5] Industry Supply Chain - The upstream of the ultrasonic fingerprint recognition module industry includes raw materials and production equipment, while the midstream involves the manufacturing of the modules, and the downstream encompasses applications in consumer electronics, automotive electronics, smart home, industrial manufacturing, and healthcare [8] Market Size - The global development of ultrasonic under-display fingerprint recognition technology has progressed slowly, with Qualcomm being an early player in the field [12] - The domestic ultrasonic fingerprint recognition technology has made significant strides, with companies like Goodix breaking Qualcomm's technological monopoly [12] Key Companies' Performance - The market remains in a blue ocean stage, with Qualcomm and Goodix holding over 90% market share, with Goodix leveraging its advantages in optical under-display fingerprint recognition and cost-effective domestic products [15] - Goodix's revenue from fingerprint recognition chips reached 1.679 billion yuan in 2024, with a market share exceeding 40% [16] - O-film Technology, a leader in optical and biometric recognition, has also made significant contributions to the industry, with a revenue of 4.882 billion yuan in Q1 2025 [18] Industry Development Trends - The technology iteration is accelerating, with a focus on precision improvement and scene penetration, aiming for 100% screen area recognition by 2025 [20] - Leading companies are integrating the entire supply chain from chips to algorithms to modules, enhancing competitive advantages [21] - The domestic market is driven by policies and market demand, with expectations for smartphone shipments to reach 320 million units by 2025, and ultrasonic fingerprint penetration rates to exceed 35% [23]