Core Viewpoint - The company is experiencing significant growth opportunities in edge AI due to advancements in large model intelligence and lightweight technology, prompting hardware companies to enter the market [1] Group 1: Business Strategy and Product Development - The company has adjusted its business strategy since last year to promote edge AI across consumer, enterprise, and industry scenarios [1] - The company plans to launch an AI learning machine equipped with the "YunTianTianShu" multimodal large model by the end of 2024, with over 70,000 units shipped across all channels to date [1] - The company is preparing to launch the AI plush toy "LuKa Doctor" by the end of 2025, aimed at providing digital companionship for children [1] Group 2: Financial Performance - In the first half of the year, the company achieved revenue of 646 million yuan, a year-on-year increase of 123.10%, while narrowing its net loss to 206 million yuan, a 33.51% increase in loss [2] - The increase in revenue is attributed to higher sales in consumer and enterprise scenarios, while the narrowing loss is due to increased revenue and gross margin, with a gross margin of 28.5%, up 12.8 percentage points year-on-year [2] Group 3: Marketing and Sales Expenses - The company's sales expenses have significantly increased, with promotional expenses rising from 6.86 million yuan in mid-2023 to 23.30 million yuan in the first half of 2024, more than doubling [3] - The company is actively engaging in marketing efforts to support its sales strategy, despite investor concerns regarding high sales expense ratios [3] Group 4: Technological Advancements - The company has developed the Deep Edge 10 chip series, a high-performance SoC chip that supports various mainstream models and is being commercialized in robotics and edge gateway applications [3] - The company is also developing the next-generation "brain" chip series, DeepXBot, to enhance perception, cognition, decision-making, and control tasks in humanoid robots [3] - The company ranks among the top three providers of AI inference chip products and services in the industry, and is the second in China for NPU-driven AI inference chips [4] Group 5: Application and Market Expansion - The company has successfully adapted its YunTianTianShu large model training and inference machine for various applications, including government cloud platforms [5] - The company is developing multiple chips to cater to diverse application scenarios, including the DeepVerse chip series designed for large model inference applications [5] - The company is building a "robot brain" computing platform, DeepXBot, integrating high-performance NPU cores to support various algorithms [5] Group 6: Future Developments - The company is working on the fifth-generation Nova500 chip, which features significant technological breakthroughs and supports compatibility with most AI large model architectures [6]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9] Core Views - The company reported better-than-expected revenue in the first half of 2025, with a revenue of 646 million yuan, representing a year-on-year increase of 123.10% [3] - The gross margin improved to 28.53%, up by 12.77 percentage points year-on-year, while the net profit attributable to shareholders was a loss of 206 million yuan, reducing the loss by 104 million yuan year-on-year [3] - The growth in revenue was primarily driven by AI toys and computing power services, with significant contributions from consumer and enterprise-level business segments [4] Company Overview - The latest closing price of the stock is 88.44 yuan, with a total market capitalization of 31.7 billion yuan [2] - The company has a total share capital of 359 million shares, with 264 million shares in circulation [2] - The asset-liability ratio stands at 19.8% [2] Financial Performance - For the second quarter of 2025, the company achieved a revenue of 382 million yuan, reflecting a year-on-year growth of 99.84% [3] - The company’s revenue is projected to grow significantly over the next few years, with forecasts of 1.352 billion yuan, 1.798 billion yuan, and 2.265 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 47.33%, 33.01%, and 25.98% [7][11] - The net profit attributable to shareholders is expected to improve from a loss of 322 million yuan in 2025 to a profit of 52 million yuan by 2027 [7][11] Business Segments - The company’s revenue is derived from three main business segments: consumer-level, enterprise-level, and industry-level applications, with respective revenues of 269 million yuan, 298 million yuan, and 76 million yuan in the first half of 2025 [4] - The consumer segment includes AI-native products and AI-enabled products, with significant sales of AI toys [4] - The enterprise segment focuses on providing AI training and inference computing power services, with ongoing collaborations with well-known companies in various sectors [4][5]

Core Viewpoint - The company reported its 2025 half-year results, exceeding revenue expectations with significant growth in both revenue and gross margin, while still facing net losses [1]. Financial Performance - For the first half of 2025, the company achieved revenue of 646 million, a year-on-year increase of 123.10%, with a gross margin of 28.53%, up by 12.77 percentage points [1]. - In Q2 2025, revenue reached 382 million, reflecting a year-on-year growth of 99.84%, with a gross margin of 27.88%, an increase of 12.6 percentage points [1]. - The net profit attributable to shareholders was -206 million, a reduction in loss by 104 million year-on-year, while the non-recurring net profit was -235 million, reducing loss by 111 million year-on-year [1]. Revenue Breakdown by Business Segment - The company's revenue is primarily derived from enterprise-level, consumer-level, and industry-level business segments, with H1 2025 revenues of 269 million, 298 million, and 76 million respectively [2]. - Consumer-level products include various AI-native and AI-enabled products, with over 70,000 units shipped by the time of the mid-year report, and new AI pet products expected to launch in Q3 2025 [2]. - Enterprise-level offerings include a range of products such as neural network processors, AI inference chips, and edge computing boxes, providing AI training and inference services to clients [2]. Industry Solutions - The company provides integrated hardware and software solutions for system integrators and public service scenarios, focusing on project quality and economic benefits to enhance revenue and profit quality in the industry [3]. Product Development - The DeepEdge10 chip platform fully supports the DeepSeek model series, with successful deployment in a city in South China for government applications [4]. - The company is developing multiple chip models to cater to diverse application scenarios, including the DeepVerse and DeepXBot series [4]. Profit Forecast and Investment Recommendation - Revenue projections for 2025-2027 are 1.352 billion, 1.798 billion, and 2.265 billion, with year-on-year growth rates of 47.33%, 33.01%, and 25.98% respectively [5]. - The net profit attributable to shareholders is forecasted to be -322 million, -171 million, and 52 million, with year-on-year growth rates of 44.31%, 47.01%, and 130.52% respectively [5]. - The company is initiating coverage with an "overweight" rating [5].

4月以来，人工智能教育产业持续获政策催化，市场规模高速发展，相关企业数量同比增长超过10%， 上市公司积极布局。 人工智能教育获政策催化 日前，教育部公布2024年度本科专业备案和审批结果并更新发布本科专业目录，聚焦人工智能赋能经济 社会发展，增设人工智能教育等专业。此前教育部等九部门发布《关于加快推进教育数字化的意见》也 提到加强人工智能等前瞻布局，加快建设人工智能教育大模型、探索"人工智能+教育"应用场景新范 式。 政策发布后，多地积极响应，推进人工智能教育试点工作开展。日前浙江省教育厅办公室印发《关于开 展人工智能助力教育教学改革试点的通知》，提出构建开放合作的人工智能教育应用生态，形成一批人 工智能助力教育教学改革的典型案例。黑龙江省和广东省等地亦通过开展人工智能教育课程、构建人工 智能教育体系等方式推动人工智能教育产业发展。 机构认为，人工智能教育优势在于个性化学习与精准教学，能够助力教学模式创新与效率支持，同时达 到教育资源均衡与普惠化，市场规模有望持续扩大。 从机构关注度来看，今年以来10只概念股获机构扎堆调研，科大讯飞（002230）居首，达到191家，新 开普、云天励飞-U紧随其后，分别达到 ...