Core Viewpoint - Tesla Union and New Ziguang Group's Xinhua San have announced a strategic cooperation to focus on the development of AIoT computing power platforms and heterogeneous computing ecosystems [1] Group 1: Strategic Cooperation - The collaboration will leverage Tesla Union's expertise in heterogeneous computing compilation and AIoT technology, alongside Xinhua San's comprehensive layout across the entire industry chain of "cloud-network-security-computing-storage-end" [1] - The partnership aims to achieve deep integration of computing power technologies, resource sharing, and exploration in the construction of heterogeneous computing supernodes [1] Group 2: Goals and Innovations - The cooperation is expected to drive innovation and application of domestic computing power in the AIoT sector, accelerating the establishment of an efficient, intelligent, and secure heterogeneous computing ecosystem [1] - Both companies will work together to promote the development and application of heterogeneous computing integration [1]

每经AI快讯，特斯联官微16日消息，特斯联与新华三正式宣布达成战略合作，双方将集中优势资源， 围绕AIoT算力平台打造及异构算力生态建设进行深度合作。借助特斯联在异构算力编译与空间智能场 景中的业务实践与AIoT技术沉淀，及新华三在"云-网-安-算-存-端"全产业链的深度布局，双方的合作将 进一步推动国产算力在AIoT领域的创新与应用，加速构建高效、智能、安全的异构算力生态，共同推 动异构算力融合的发展和应用。 ...

Core Viewpoint - The strategic cooperation between Teslian and H3C aims to leverage their strengths in AIoT computing platforms and heterogeneous computing ecosystem development [1] Group 1: Strategic Cooperation - Teslian and H3C will focus on deep collaboration in building AIoT computing platforms and heterogeneous computing ecosystems [1] - The partnership will utilize Teslian's expertise in heterogeneous computing compilation and spatial intelligence, along with H3C's comprehensive layout across the entire industry chain of "cloud-network-security-computing-storage-end" [1] Group 2: Innovation and Application - The collaboration is expected to enhance innovation and application of domestic computing power in the AIoT sector [1] - The joint efforts will accelerate the construction of an efficient, intelligent, and secure heterogeneous computing ecosystem [1] Group 3: Development and Integration - The partnership aims to promote the development and application of heterogeneous computing integration [1]

Summary of AIoT Industry Conference Call Industry Overview - The AIoT industry is experiencing significant advancements in edge AI, driven by reduced inference costs, improved model performance, and increased competition among models [2][4][5] - The IoT industry is on an upward trend, with companies like Tuya Smart and Xiaomi reporting substantial growth [8][9] Key Companies and Developments - **NVIDIA**: - Reduced AI inference costs and power consumption through hardware upgrades and architectural optimizations [2][4] - Launched the Robin CPX GPU to enhance efficiency for specific workloads [2][5] - **Deepseek**: - Innovated with sparse MOE architecture and attention mechanism MLA to lower model training and inference costs [2][5] - Released Deepseek R1, which uses distillation technology to reduce computational complexity while maintaining performance [2][5] - **Yuran**: - Launched AR toys like Bubble Popper and Coco Mate, achieving significant market response and sales [2][6] - **Espressif Systems (乐鑫科技)**: - A leading WiFi MCU supplier, with revenue growth exceeding expectations, projecting a 30% increase for the year [2][9] - Maintains a gross margin of approximately 40% and has a robust product matrix including core products like S3 [4][10][11] Market Trends and Insights - Edge AI is primarily being adopted in the AR toy sector due to lower hardware and model performance requirements [6] - The IoT connection landscape is dominated by short-range connections, with WiFi and Bluetooth accounting for over 70% of total connections [7] - The ALT industry, which is crucial for edge AI, shows promising growth potential [8] Financial Performance - Espressif Systems has consistently achieved revenue growth, with traditional smart home business growing at 10%-15% and new products contributing to overall revenue [9][10] - The company’s effective cost management has led to sustained profit margin improvements, with a projected 70% increase in net profit for 2025 [11] Developer Ecosystem - The company employs a to D to B business model, leveraging a developer ecosystem to expand its customer base [12] - Over 150,000 open-source projects have been developed, attracting partnerships with major firms like ByteDance and OpenAI [12][13] - The developer ecosystem is crucial for meeting the needs of emerging applications like AI toys, positioning the company as a key player in the edge AI market [14] Conclusion - The AIoT industry is poised for growth, with significant contributions from key players like NVIDIA, Deepseek, and Espressif Systems. The focus on edge AI applications, particularly in the AR toy market, alongside a strong developer ecosystem, positions these companies favorably for future opportunities.

Xiaomi Corp. (1810.HK) Conference Call Summary Company Overview - **Company**: Xiaomi Corp. - **Ticker**: 1810.HK - **Market Cap**: HK$1.5 trillion / US$198.1 billion - **Enterprise Value**: HK$1.3 trillion / US$172.5 billion - **Current Price**: HK$59.45 - **Target Price**: HK$66.00 - **Upside Potential**: 11.0% [1][21] Key Product Launches - **Xiaomi 17 Series**: Launched flagship smartphones including Xiaomi 17, 17 Pro, and 17 Pro Max with innovative features and competitive pricing starting from Rmb4,499 for the base model [1][25] - **AIoT Products**: Introduction of 6 new premium AIoT products including tablets, TVs, routers, and smart speakers, with a focus on the European market [1][44] - **HyperOS 3.0**: Upgraded operating system with enhanced efficiency and AI capabilities [1][46] Core Insights 1. **Smartphone Pricing Strategy**: - The 17 Pro's pricing is Rmb200-500 lower than previous versions, potentially attracting more consumers and increasing market share in the Rmb5k+ segment [2][27] - Xiaomi's market share in the Rmb5-6k segment was approximately 15% in 2Q25, compared to 25% in the Rmb4-5k segment [2][21] 2. **Electric Vehicle (EV) Commitment**: - Launched customization services for YU7 Max and SU7 Ultra, aiming to strengthen its position in China's premium auto market [3][22] - Average delivery capacity is expected to increase as the run rate approaches 10k units/week [3][22] 3. **AIoT Warranty Service**: - Announced a 10-year free warranty for all ACs sold from 2025, surpassing the industry standard of 6 years [4][20] Financial Projections - **Revenue Growth**: - Projected revenue for 2024 is Rmb365.9 billion, increasing to Rmb737.6 billion by 2027 [7][21] - Total revenue growth rates are expected to be 35.0% in 2024, 29.2% in 2025, and 20.0% in 2027 [15][21] - **Earnings Per Share (EPS)**: - New EPS estimates are Rmb1.07 for 2024, Rmb1.56 for 2025, and Rmb2.62 for 2027 [7][21] - **Profit Margins**: - EBITDA margin projected to increase from 8.4% in 2024 to 11.9% in 2027 [15][21] Market Dynamics - **AIoT Revenue Growth**: Expected to moderate in 2026 due to a higher base, with a notable slowdown in growth rates [50][21] - **Competitive Landscape**: Xiaomi's pricing strategy aims to capture market share from competitors, particularly in the premium smartphone segment [27][21] Additional Considerations - **Upcoming Events**: - Monitoring EV delivery capacity ramp-up and Singles' Day GMV data [22][21] - Anticipation of new EV model filings with MIIT [22][21] - **Investment Recommendation**: - Maintain a "BUY" rating with a target price of HK$66, reflecting a modest increase from previous estimates [21][1] This summary encapsulates the key points from the Xiaomi conference call, highlighting product launches, financial projections, and strategic insights into the company's market positioning and future outlook.

Core Viewpoint - The strategic partnership between TUSI and UBTECH aims to integrate spatial intelligence and embodied intelligence to enhance the capabilities of humanoid robots, creating a new paradigm for multimodal training and promoting the comprehensive deployment of intelligent robots [1][3]. Group 1: Strategic Collaboration - TUSI, a leader in spatial intelligence, and UBTECH, a pioneer in humanoid robotics, have signed a strategic cooperation agreement to share and innovate on their respective technologies [1][3]. - The collaboration is based on mutual recognition of each other's technological strengths and industrial value, aiming to create highly autonomous and interactive next-generation intelligent robots [3]. Group 2: Technological Capabilities - UBTECH possesses full-stack technology capabilities in humanoid robotics, including advanced hardware, AI technology, and integration of robotics with AI [3]. - TUSI has developed a three-layer strategic system focusing on AIoT infrastructure, AIoT domain models, and AIoT intelligent agents, with nearly 10,000 spatial intelligence project cases since 2015 [3][4]. Group 3: Spatial Intelligence - Spatial intelligence is crucial for robots to interact with the physical world, enabling them to understand complex, unstructured environments [4]. - TUSI's self-developed spatial large model allows for multi-modal integration and reasoning, helping robots to comprehend physical laws and perform complex task planning [4]. Group 4: AIoT Intelligent Agents - TUSI's intelligent agents possess capabilities such as human-like thinking, long-term memory, high-dimensional perception, and teamwork, enhancing robots' decision-making and collaborative abilities in complex environments [5]. - UBTECH's humanoid robots serve as intelligent terminals that can autonomously move and perform precise operations, continuously validating and enhancing spatial reasoning models through real-world interactions [5]. Group 5: Market Implications - The partnership between TUSI and UBTECH is expected to create significant opportunities for business upgrades and global market expansion, especially as TUSI is in the process of an IPO [5].

近日，中国AIoT行业头部企业特斯联与"人形机器人第一股"优必选宣布达成战略合作。依托特斯联搭 建的空间智能感知、推理及行动层面的空间信息处理技术闭环，及优必选在人形机器人领域领先的全栈 式技术自研能力，双方将围绕"空间智能+具身智能"展开深度合作，彼此开放并共享空间智能与具身智 能创新技术，打造以空间智能为底层的多模态训练全新范式，共同推动智能体机器人的全面落地。 特斯联凭借其搭建的三层架构——AIoT领域模型、AIoT基础设施层、AIoT智能体层让机器人看得懂世 界，而优必选这类人形机器人也为空间智能打通了落地的"最后一公里"。二者结合后，人形机器人不仅 能够自主移动、执行精细操作，更作为实时感知与交互的智能终端，在真实物理场景中持续验证、增强 空间推理模型的性能。其在运行过程中所生成的多模态交互数据，持续丰富空间数据资源，进一步反哺 和优化模型的空间推理能力，推动系统持续进化。 据悉，优必选具备行业领先的机器人硬件与控制技术、人工智能技术、机器人与人工智能融合技术以及 机器人操作系统应用框架。优必选科技创始人、董事会主席兼CEO周剑认为，空间智能是机器人与物理 世界交互的重要支撑。机器人要从单一执行工具 ...

Core Viewpoint - Xiaomi's diversified strategy is supporting resilient growth, with significant contributions from its automotive and IoT businesses, despite a decline in smartphone revenue [4][10]. Financial Performance - In Q2 2025, Xiaomi's revenue grew by 30.5% year-over-year, with the smartphone business accounting for less than half of total revenue [4]. - The IoT business achieved a record revenue of 38.7 billion yuan, marking a 44.7% year-over-year increase, driven by the expansion of offline stores [8]. - Smartphone revenue declined by 2% year-over-year, with a 2.7% drop in average selling price (ASP) [10]. Product and Market Strategy - Xiaomi's smartphone shipments have seen eight consecutive quarters of year-over-year growth, although revenue was offset by ASP declines [9]. - The launch of the YU7 electric SUV exceeded expectations with over 240,000 orders in 18 hours, indicating strong demand for Xiaomi's automotive offerings [15]. - Xiaomi plans to open 1,000 new direct stores annually to enhance channel control and operational efficiency [8]. Innovation and R&D - Xiaomi's first self-developed 3nm flagship chip, XRING O1, has been officially released, showcasing its commitment to long-term innovation and breakthroughs in the high-end market [9][15]. - The company is expected to invest 30 billion yuan in R&D by 2025, with approximately 25% allocated to AI [15]. Strategic Insights - The integration of smartphones, electric vehicles, and AIoT is central to Xiaomi's strategy, creating a connected ecosystem that enhances user engagement and drives IoT hardware sales [11]. - Xiaomi's electric vehicle business is projected to achieve quarterly or monthly profitability by late 2025, although full profitability will take longer due to significant initial investments [15].

Group 1 - The core viewpoint of the report is that Xiaomi Group's automotive performance in Q2 is impressive, while the smartphone business adjustments are largely in line with expectations [1] - Xiaomi's Q2 revenue and adjusted net profit were 116 billion and 10.8 billion RMB respectively, meeting market expectations [1] - Automotive revenue increased by 40% year-on-year, with a gross margin of 26.4%, a historical high driven by average selling price growth and platform scale effects [1] Group 2 - Smartphone revenue decreased by 2% year-on-year, primarily due to the REDMI A5 launch lowering overseas average selling prices, while domestic average selling prices benefited from an increase in high-end model proportions [1] - Smartphone gross margin declined by 0.9 percentage points to 11.5% quarter-on-quarter, attributed to rising storage prices impacting mid-to-low-end models [2] - AIOT revenue grew by 45% year-on-year, with a gross margin of 22.5%, slightly down by 2.7 percentage points due to the 618 promotion [2] Group 3 - The company maintained a "buy" rating but adjusted the target price from 67 HKD to 60 HKD based on a 25x P/E for mobile and a 2.2x P/S for automotive business by 2026 [1] - The forecast for automotive revenue in 2026 was slightly adjusted to 182 billion RMB from a previous estimate of 181.7 billion RMB [2] - Revenue forecasts for 2025 and 2026 were lowered to 483 billion and 605.8 billion RMB respectively, along with adjusted earnings per share estimates for those years [2]

人工智能行业的早期亏损，几乎成为一条难以跨越的必经之路，巨额研发投入与商业化爬坡期的漫长博弈成为了 技术驱动型产业的普遍宿命。然而，亏损表象之下常隐藏着价值跃升的密码。作为冲刺港股IPO的AIoT领军企 业，特斯联的实际经营效益正经历快速优化，其核心业务展现出了强劲的发展动能。 特斯联成立于2015年，目前围绕空间智能聚焦AIoT领域模型、AIoT基础设施，及AIoT智能体三大战略方向。其 中，特斯联的AI产业数智化业务在2024年迎来爆发，收入从6.24亿元猛增162.9%至16.4亿元，成为核心驱动力。 在总客户数上，特斯联从2022年的224家跃升至2024年的342家，在这三年内，特斯联每年新签约客户分别达175 家、193家及194家，实现了稳步增长。截至2024年末，特斯联的智能解决方案已落地全球超160座城市，项目近 万，服务客户超800家，触角延伸至中东、东南亚、澳洲等广阔市场。 客户基础的持续积累，令特斯联迎来了营收规模的爆发。在2022-2024年间，特斯联实现了令人瞩目的营收"三级 跳"：从7.38亿元、10.06亿元一路飙升至2024年的18.43亿元，同比增速高达83.2%。这使其三 ...