Core Viewpoint - The report outlines the ongoing supervision and compliance of Chuangyao (Suzhou) Communication Technology Co., Ltd. by Guotai Junan Securities Co., Ltd. following its initial public offering, highlighting the company's financial performance and operational risks [1][2][3]. Group 1: Company Overview - Chuangyao Technology successfully issued 20 million shares at a price of RMB 1 per share, raising a net amount of RMB 121,964.51 million, with its shares listed on the Shanghai Stock Exchange on January 12, 2022 [1]. - The company focuses on the design and development of wired and wireless communication chips, targeting high-precision applications in home terminals, industrial sectors, and power grids [6][8]. Group 2: Financial Performance - For the first half of 2025, the company reported a revenue of RMB 18,321.13 million, a decrease of 35.72% year-on-year, and a net profit attributable to shareholders of RMB 3,190.14 million, down 8.77% [10]. - The operating cash flow for the period was RMB 1,620.86 million, showing an improvement compared to the previous year due to better customer payment collection [11]. Group 3: Operational Risks - The company faces significant risks related to product development, including potential misjudgments in market direction that could lead to failed product launches or delays, impacting competitive advantage and customer retention [6][8]. - The semiconductor design industry is talent-intensive, and the company is at risk of losing core technical personnel, which could adversely affect its research and development capabilities [7][8]. Group 4: Research and Development - The company maintains a high level of R&D investment, with RMB 38.61 million allocated in the first half of 2025, representing 21.07% of its revenue, emphasizing the importance of innovation for maintaining competitive advantage [15][19]. - Chuangyao Technology has developed advanced communication chips, including dual-mode products for power line communication, and is actively expanding its product offerings in industrial communication and short-range wireless technologies [12][14][19]. Group 5: Compliance and Governance - The company has adhered to regulatory requirements regarding the use of raised funds, ensuring compliance with relevant laws and regulations, and has not encountered any major issues during the supervision period [21][22]. - There have been no changes in the shareholding structure of major stakeholders, and no instances of share pledges, freezes, or reductions have been reported during the period [21].

Core Viewpoint - The company confirmed that its Star Flash products are primarily sold to domestic module and terminal manufacturers, with some products expected to be exported internationally following the establishment of Star Flash as an international standard [1] Group 1 - The company received inquiries from investors regarding international orders for its Star Flash products [1] - The direct customers for the Star Flash chips are domestic module manufacturers and terminal manufacturers [1] - A portion of the Star Flash terminal products will be sold abroad [1]

Group 1 - The aging population and increasing health demands are driving unprecedented growth opportunities in the embodied intelligent health and wellness robot industry [1] - The "Embodied Intelligent Health and Wellness Robot Collaborative Development Conference" was held in Shanghai, focusing on the integration of robot hardware, software platforms, and communication technologies [1] - Key participants included research institutions and companies such as Huawei, UBTECH, and Chuangyao Technology, highlighting the importance of advanced communication technologies in enhancing robot capabilities [1] Group 2 - The China Information Communication Research Institute's report indicates that from 2024 to 2028, the overall intelligence level of humanoid robots in China will remain at Level 1, with a market size of less than 100 billion yuan [1] - By 2045, the humanoid robot market in China is expected to exceed 1 trillion yuan as intelligent levels advance [1] Group 3 - Several core issues in robot communication need to be addressed, including multi-protocol compatibility and signal stability in complex environments [2] - The EtherCAT protocol is highlighted for its high real-time performance, low latency, and synchronization capabilities, making it a potential mainstream communication protocol for robots [3] Group 4 - Chuangyao Technology has invested in the development of EtherCAT industrial communication chips, which are now being sold to various sectors including industrial and medical applications [3][4] - The EtherCAT technology allows for precise control of multiple axes in humanoid and industrial robots, enhancing their operational capabilities [4] Group 5 - The StarFlash technology, a new generation of short-range wireless communication, is expected to significantly enhance robot performance with low latency and high precision [5][6] - Huawei's HarmonyOS, which utilizes StarFlash technology, is set to play a crucial role in the interconnected era across various sectors including consumer electronics and smart homes [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Viewpoints - The company is experiencing short-term pressure on performance due to a slowdown in downstream demand and overall market conditions, with a projected revenue decline of 10.4% in 2024 [2][8]. - Despite the current challenges, the company is focusing on enriching its product matrix and enhancing its competitive advantages through key technology advancements and product iterations [3][8]. - The company is expected to achieve a net profit of 0.68 billion, 0.77 billion, and 0.89 billion for the years 2025 to 2027, with corresponding EPS of 0.61, 0.69, and 0.80 [8]. Financial Summary - Revenue for 2023 is reported at 661 million, with a forecasted decline to 592 million in 2024, followed by a recovery to 647 million in 2025 [1][2]. - The net profit for 2023 is 58 million, with a slight increase to 60 million in 2024, and further growth expected in subsequent years [1][2]. - The company's P/E ratio is projected to decrease from 76.1 in 2023 to 50.0 by 2027, indicating improving valuation metrics over time [1][8].