编号：20250916 投资者关系活 动类别 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ■现场参观 □其他 参与单位名称 及人员姓名 Korea Investment Corp. Jung Hoseok Korea Investment Corp.Cho Joongjae Korea Investment Corp.Dongbeom Kim 中金公司 李康仙 时间 2025.09.16 地点及方式 合肥 上市公司接待 人员姓名 常晓明 证券代码：002230 证券简称：科大讯飞 科大讯飞股份有限公司投资者关系活动记录表 问答交流纪要 问：科大讯飞如何看待自身的持续发展潜力？ 答：科大讯飞作为中国人工智能产业的先行者，自 1999 年创业以来持续深 耕人工智能领域。从创业时的智能语音，从感知智能到认知智能，包括当前以大 模型为代表的通用人工智能，科大讯飞坚持源头核心技术创新，始终保持国际前 沿水平。 科大讯飞作为中国人工智能"国家队"，承建有认知智能全国重点实验室、 语音及语言信息处理国家工程研究中心以及国家首批新一代人工智能开放创新 平台等国家级平台。2024 年 6 ...

Core Viewpoint - The article discusses the challenges and strategies of Chinese technology companies, particularly iFlytek, in the context of the global AI model wave, emphasizing the importance of domestic computing power, user experience, and international competition. Group 1: Company Strategy - iFlytek aims to build large model capabilities in core areas such as translation, mathematics, and reasoning, while embedding products into practical scenarios like learning machines and translation devices to meet high-frequency needs [1][4] - The company emphasizes the use of 100% domestically produced computing power, collaborating with other major Chinese companies like Huawei to develop core technologies in critical fields [4][6] - iFlytek's large model is the only one in China based on fully domestic computing power, showcasing its commitment to national technological sovereignty [4] Group 2: Product Development and User Experience - The company has developed several products that have gained popularity among consumers, including learning machines, translation devices, and smart office notebooks, indicating a focus on user-friendly applications [5][6] - iFlytek's translation model has seen a 20% improvement in performance compared to its previous version, achieving a score of 90 out of 100 in tests measuring translation completeness, accuracy, and language quality [8] Group 3: Market Position and Competition - The article highlights the intense competition in the tech industry, with many players entering the market, leading to price wars; iFlytek aims to differentiate itself by enhancing the effectiveness of technology applications [5][8] - The company is positioned as a national team in AI, having received significant recognition, such as the National Science and Technology Progress Award for its multilingual intelligent voice technology project [2][4]

Q：讯飞大模型的特色是什么？ 赵翔：人工智能的发展潮起潮落，现在是第四次人工智能浪潮。科大讯飞是一家科技公司，从1999年至 今，我们一直专注于此事，研究人工智能，经过这些年的努力，我们已经积累了一定的经验和技术。 我们是认知性的全国重点实验室，同时也是语音和语言处理的国家工程中心，可以说，我们是带有国字 号的国家队。去年6月份，我们的"多语种智能语音关键技术及产业化项目"获得2023年度国家科学技术 进步奖一等奖，这是人工智能领域的唯一奖项，我认为它非常重要。这给我们带来了很大的信心。 2022年，OpenAI发布ChatGPT3.5之后，全世界的科技公司和大模型公司都开始一路狂奔，各项技术均 有所突破，各种技术流派百花齐放。我们科大讯飞的大模型是基于长思维链进行深度推理，本次升级 后，不仅在文本，而且在翻译、数学、逻辑推理等重要方面表现非常优异。 导语：当全球大模型浪潮汹涌而至，中国科技企业面临的不只是技术竞速，更是产业落地、用户体验与 国际竞争的多重博弈。当大模型的叙事被逐渐拉回现实，一场关于技术主权、国产替代与真实需求的深 层次较量悄然展开。 作为中国人工智能"国家队"的代表，科大讯飞正在用自己的路径 ...

Group 1 - The core idea of the articles emphasizes the importance of innovative marketing strategies for "Shenzhen Intelligent Manufacturing" products to reach the right consumer demographics effectively [1][2][3] - "Machine Era" has established an AI experience center at Shenzhen Bao'an International Airport, showcasing thousands of high-tech products, with over 80% sourced from local Shenzhen companies [1] - By July 2025, "Machine Era" plans to operate 44 airport experience centers across 24 cities in China, targeting over 400 million high-end business travelers [1] Group 2 - Traditional sales methods are inadequate for new products, as they require consumers with updated consumption concepts, higher purchasing power, and skills [2] - The global AI terminal exhibition held on May 22, 2023, highlighted the government's commitment to promoting "Shenzhen Intelligent Manufacturing," showcasing various AI terminal products [2] - The Shenzhen intelligent terminal industry cluster is projected to reach an added value of 204.55 billion yuan in 2024, reflecting a year-on-year growth of 9.9% [2] Group 3 - The emerging smart consumer products are on the verge of a market explosion, presenting significant opportunities for early adopters to capitalize on market benefits [3] - The dual drive of innovation and revenue generation is crucial for the sustainable development of "Shenzhen Intelligent Manufacturing" [3]

Core Viewpoint - Shenzhen is transitioning from traditional products to high-tech offerings, with AI products becoming a new hallmark for the city, particularly through the establishment of AI experience centers at airports [1][2]. Group 1: AI Experience Centers - The company "Machine Era" operates 44 AI experience centers across 24 cities in China, providing a platform for high-tech products to reach over 400 million high-end business travelers [2]. - Products available include smart luggage, smart notebooks, and open AI headphones, which enhance the travel experience by making it more convenient and enjoyable [2][3]. Group 2: Market-Driven AI Ecosystem - The core philosophy of Machine Era is to create a market-driven AI ecosystem, allowing innovative products to be tested and validated in real market conditions [2][5]. - The company has established a consumer data network that helps identify which AI products have market potential, thus acting as a "market radar" for upstream partners [3][4]. Group 3: Support for AI Startups - Machine Era has incubated over 8,000 AI high-tech companies, with more than 2,000 deep partnerships, covering various categories such as robotics, smart home, and health tech [4]. - The experience centers serve as a low-cost "market testing ground" for AI startups, providing valuable consumer feedback and insights [3][5]. Group 4: Industrial Accelerator - Machine Era aims to be an "accelerator" for the AI industry, offering a platform for smaller AI companies to reach a large audience and gain market insights [5][6]. - The company focuses on specific scenarios like travel, health, and efficiency, which helps define the practical value and aesthetic of AI products [5][6]. Group 5: Shenzhen's Manufacturing Advantage - Shenzhen boasts a complete electronic information and hardware manufacturing supply chain, facilitating rapid prototyping and large-scale production of AI hardware [6]. - The city’s supportive environment, including policies, funding, and talent, fosters AI innovation and helps bridge the gap between technology development and market acceptance [6].

Financial Performance - The company's net profit significantly decreased in 2024, with a loss reported in Q1 2025 due to slow global consumer demand recovery, increased trade policy uncertainty, and intensified industry competition [2] - In Q1 2025, the company faced a loss attributed to a decline in product prices and gross margin [2] - The company aims to achieve its annual profit target through cost reduction measures and adjustments in supply chain management [2] Research and Development - In 2024, the company invested approximately CNY 1.315 billion in R&D, focusing on three core areas: display technology innovation, AI integration, and smart manufacturing upgrades [2] - 40% of the R&D budget is allocated to new display technologies (OLED, Mini LED, Micro LED, and electronic paper), while 30% is directed towards AI and intelligent function development [2] Market Impact and Strategy - The company reported that approximately 20% of its revenue in 2024 came from North America, where it faces challenges due to increased tariffs [3] - The company is actively adjusting production capabilities in overseas factories (Mexico, Thailand) to mitigate tariff impacts and optimize supply chain efficiency [3] Product Development and Market Trends - The company is focusing on high-end and large-size display products, benefiting from government policies promoting upgrades and energy-saving subsidies [4] - The company has launched various electronic paper products and plans to increase R&D investment in this area to capture market opportunities [5] Competitive Positioning - The company maintains a strong competitive edge through scale efficiency, production capacity, R&D capabilities, brand strength, and distribution networks [10] - The company is committed to sustainable practices, with three of its six domestic manufacturing bases recognized as "green factories" [10] Future Outlook - The company plans to enhance its presence in emerging markets and high-margin sectors, such as commercial and professional display solutions [10] - The company is exploring strategic partnerships and investment opportunities to strengthen its market position while minimizing reliance on acquisitions [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a non-GAAP net profit of 1.88 billion yuan in 2024, representing a year-on-year increase of 59.36% [4] - The company reported a revenue of 23.343 billion yuan in 2024, an increase of 18.79% year-on-year [4] - The company is positioned as a leading player in the AI industry, with significant advancements in its product offerings, particularly the Starfire X1 model [10] Financial Performance Summary - In 2024, the company's revenue was 23.343 billion yuan, with a year-on-year growth of 18.79% [4] - The net profit attributable to shareholders was 560 million yuan, a decrease of 14.78% year-on-year, while the non-GAAP net profit was 1.88 billion yuan, up 59.36% [4] - For Q1 2025, the company reported a revenue of 4.658 billion yuan, a year-on-year increase of 27.74% [4] Business Segment Performance - The company’s revenue from smart education reached 7.229 billion yuan, growing by 29.94% year-on-year [5] - Revenue from the AI open platform was 5.172 billion yuan, an increase of 31.33% year-on-year [5] - The consumer business generated 2.714 billion yuan, with a year-on-year growth of 20.8% [5] Future Projections - Revenue projections for 2025, 2026, and 2027 are 28.159 billion yuan, 34.378 billion yuan, and 42.283 billion yuan, respectively, with growth rates of 21%, 22%, and 23% [11] - The net profit attributable to shareholders is expected to be 713 million yuan in 2025, 923 million yuan in 2026, and 1.255 billion yuan in 2027, with growth rates of 27%, 29%, and 36% respectively [11] Valuation Metrics - The current stock price is 45.49 yuan, with projected P/E ratios of 147, 113, and 83 for 2025, 2026, and 2027 respectively [10][12] - The company maintains a gross margin of 42.63% for 2024, which is stable compared to the previous year [9]