证券研究报告 | 2025年08月25日 歌尔股份（002241.SZ） 优于大市 2Q25 盈利能力显著改善，收、并购押注 AR 赛道 盈利能力持续改善，新老产品过渡影响声学整机收入。1H25 公司实现营收 375.5 亿元(YoY -7.0%)，归母 14.2 亿元(YoY +15.7%)，扣非归母 10.3 亿元 (YoY -12.7%)，毛利率 13.5%(YoY +2.0pct)，净利率 3.7%(YoY +0.8pct)。 非经常性损益中外汇衍生品业务合约交割及按公允价值重新计量产生的收 益约 4.2 亿元，公司业务多为美元结算，一般通过套保减少汇率变动影响， 因此归母净利润更能反映公司经营性利润表现。分产品来看，1H25 智能硬件 /智能声学整机/精密零组件收入分别为 203.4/83.2/76.0 亿元，同比 -2.5%/-34.9%/+20.5% ； 毛 利 率 分 别 为 11.5%/9.9%/23.5% ， 同 比 +2.3/+0.1/+1.0pct。智能声学整机收入下滑主因耳机处于新老产品过渡期， 随着后续新品发布份额提升，相关业务有望重回增长。 与舜宇通过股权置换强强联合，增强光波导 ...

两天展期内，中国展区备受瞩目，云深处的轮足式机器狗、智慧电力巡检方案，鲁尔物联的智能硬件、 垂域大模型、SSD智能体整体解决方案等前沿技术产品引发密集对接与高频洽谈。 为精准助力企业拓市，一方面，展会成功邀请印度尼西亚远程通信协会、印度尼西亚市政协会、印尼最 大集成商SISI集团等买家代表来杭，密集举办四场高质量对接会并深入企业考察；另一方面，依托深度 调研梳理企业需求，提前精准匹配印尼优质资源，高效组织"60v60"商贸洽谈活动，现场达成意向合作 订单超20个。 商报讯(记者张馨予)近日，2025印度尼西亚数字化转型博览会(DTI-CX)在雅加达闭幕。作为数字技术领 域首个中国自办海外展的升级之作，本届DTI-CX商机涌动、成效显著，吸引超11000名采购商到场，杭 州企业意向成交额近1040万美金。 从2024年的1.0版到今年的2.0版，DTI-CX仅用两年便跃居为印度尼西亚规模及专业性顶尖的数字技术盛 会。本届展会国际化水平创新高，国际参展企业占比达50%，亚马逊、ZOHO、L2X、印尼电信集团等 来自美国、新加坡、印尼等国的头部科技企业纷纷亮相。杭州企业集群也进一步壮大，占中国展商的 36%，云深处 ...

记者：覃毅 代工入账千亿，福建龙岩老板邱文生，却想另寻新路。 以下文章来源于21世纪商业评论 ，作者覃毅 21世纪商业评论 . 《21世纪商业评论》敏感于一切商业新知、商业产品、商业模式和商业英雄，敏感于新公司的新玩意、 老公司的新改造、旧话题的新表达、老商业的新颠覆，为您提供最新鲜实用的商业养分。 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 来源：21世纪商业评论（ID：weixin21cbr） 7月30日，他掌舵的华勤技术宣布， 拟用24亿元现金，受让晶合集成6%股份 ，首次进军晶圆制 造。 交易完成后，邱文生将向晶合集成提名1名董事，并通过"董事席位+长期锁定"双重机制，双方深 度战略协同。 邱创办的华勤，主要代工智能硬件，与闻泰、龙旗，并称中国ODM三巨头，2024年其营收约 1100亿。 只是，代工业务毛利率走低，近年他努力拓展汽车、机器人等增长曲线，已投入大量财务资源。 "ODM基因决定'客户说了算'，汽车电子与机器人业务需品牌溢价和软件定义能力， 能力要求与 原有代工逻辑不同 。" ...

Group 1 - The article highlights the significance of unicorn and gazelle companies as key drivers of industrial transformation and economic growth, serving as indicators of a city's innovation capability and future potential [1] - Unicorn companies are defined as innovative enterprises established within 10 years, valued over $1 billion, and backed by private equity without being publicly listed [1] - Gazelle companies are characterized as small to medium enterprises that have successfully crossed the entrepreneurial "valley of death," demonstrating strong market explosiveness and growth resilience [1] Group 2 - Meilin Street has shown remarkable performance in the innovation wave, with its enterprises recognized in three authoritative rankings [1] - According to the Hurun Research Institute's "2025 Hurun Global Unicorn List," Meilin Street boasts two of the five Shenzhen companies in the global top 100: Honor (ranked 20th) and Huolala (ranked 69th), with KK Group at 331st [1] - The total valuation of these three unicorns from Meilin Street is approximately 259 billion yuan, accounting for 22% of the total valuation of 37 unicorns in the city, ranking first among all streets in Shenzhen [1] Group 3 - In the 2025 China (Shenzhen) Unicorn Enterprise Conference, Meilin Street secured four out of six unicorns listed in Futian District, with a total valuation of $45.6 billion, representing 29% of the total valuation of 42 unicorns in Shenzhen [3] - The four unicorns include Honor, Huolala, KK Group, and Hongxin Electronics, showcasing Meilin Street's dominance in both unicorn and gazelle enterprises [4] Group 4 - Meilin Street has successfully nurtured four gazelle companies, including Haiyun Network Security and Yinghe Information, leading in the number of both unicorns and gazelles in the district [4] - The strategic layout of "Digital Intelligence Valley" in Meilin Street has created a vertical industrial chain covering chip design, algorithm development, and terminal applications [7] - The new generation industrial park exemplifies this model, attracting key enterprises and achieving a revenue of over 200 billion yuan in 2024, making it one of the highest in economic efficiency and innovation contribution in Shenzhen [7] Group 5 - The favorable geographical location, solid industrial foundation, and excellent living environment of Meilin contribute to its appeal for innovation talent and startups [8] - The combination of cultural activities and lower rental costs compared to other popular areas makes Meilin an attractive location for small and medium-sized tech enterprises [8] - Meilin is positioned as a complete industrial ecosystem capable of nurturing more unicorns and gazelles, driving high-quality regional economic development [8]

Core Viewpoint - The strategic dual approach of GoerTek Inc. is highlighted through its significant acquisition and subsidiary listing efforts, aiming to enhance its competitiveness in the precision structural components sector [2][3]. Acquisition Details - GoerTek plans to acquire 100% equity of two wholly-owned subsidiaries of Luen Fung Commercial Holdings Limited for approximately HKD 10.4 billion (RMB 9.5 billion) [2][3]. - The two target companies, Mia Precision Technology Co., Ltd. and Changhong Industrial Co., Ltd., have a combined unaudited revenue of HKD 9.11 billion for 2024, indicating substantial business scale [3]. Financial Performance - In 2024, GoerTek's precision component products generated revenue of RMB 15.05 billion, a year-on-year increase of 15.85%, with a gross margin of 21.51% [4]. - The total revenue for GoerTek in 2024 reached approximately RMB 100.95 billion, reflecting a 2.41% increase from 2023 [5]. Business Segmentation - The revenue breakdown for 2024 shows that electronic components accounted for 97.61% of total revenue, while precision components contributed 14.90% [5]. - The company’s revenue from domestic sales increased by 30.63% year-on-year, while overseas sales remained relatively stable with a slight increase of 0.20% [5]. Market Position and Challenges - GoerTek has been significantly tied to Apple’s supply chain, which has driven its rapid growth since 2010, but also poses risks due to over-reliance on a single client [6][7]. - The company is undergoing a transformation to diversify its business, which now includes precision components, smart acoustic devices, and smart hardware [6]. Subsidiary Listing Efforts - GoerTek's subsidiary, GoerTek Microelectronics, has submitted a second listing application to the Hong Kong Stock Exchange, aiming to raise funds for its operations [8]. - The subsidiary has faced challenges in its previous IPO attempts, including a withdrawal of its application in May 2024 after two and a half years of efforts [9]. Competitive Landscape - GoerTek Microelectronics is positioned as the fifth largest globally and the largest in China in the smart sensor interaction solutions market, but it faces intense competition [11]. - The company’s revenue from its top five clients has shown increasing concentration, with Apple being the largest contributor, indicating a potential vulnerability [13].

Group 1 - The third China International Supply Chain Promotion Expo (Chain Expo) opened on July 16, featuring many new companies, including Yushu Technology and NVIDIA, which are attending for the first time [1] - Yushu Technology showcased its humanoid robots G1 and Go2, which require secondary development for advanced functionalities, indicating a complexity for ordinary users [1] - The expo provided Yushu Technology an opportunity to understand supply chain relationships and gather market feedback to improve its micro-robot products [1] Group 2 - Attendees at the expo were particularly interested in the capabilities of robots and their future development directions, with expectations for robots to evolve from industrial applications to more complex scenarios within 1 to 3 years [4] - NVIDIA's founder Jensen Huang attracted significant attention at the expo, where the company presented solutions related to robotics, autonomous driving, and cloud computing, including the Mega solution for simulating complex scenarios [4] - NVIDIA highlighted the importance of synthetic data for training autonomous driving systems, addressing the lack of real-world data for manufacturers, and emphasized the alignment of its hardware solutions with the expo's theme [5]

Summary of the Conference Call Company Overview - **Company**: 金溢达 (Jingyida) - **Industry**: Education Information Technology - **Established**: 1997, listed on the main board in September 2020 - **Core Business**: Digital solutions for the education sector, focusing on AI integration in education Key Points and Arguments Industry Dynamics - **Market Potential**: The education information technology sector is supported by national policies and significant financial investments, with annual spending exceeding 400 billion yuan on education information technology, creating a market space of over a trillion yuan related to the company's business [2][4] - **Student Population Growth**: The implementation of the two-child policy is expected to lead to a continuous increase in the student population over the next decade, driving demand for school construction and investment [5] Company Strategy and Developments - **Data Accumulation**: The company has accumulated extensive educational data by covering over 400,000 classrooms across various educational levels, which is crucial for developing vertical AI models [2][3] - **AI and Model Technology**: The company is leveraging AI and large model technologies to reshape the competitive landscape of the education market, establishing competitive barriers through data accumulation and comprehensive solutions [2][6] - **Product Matrix**: The company has launched over 40 products, including smart hardware and educational platforms, enhancing the value of smart classrooms, with costs per classroom exceeding 500,000 yuan [2][7] Financial Performance and Investment - **R&D Investment**: In 2024, R&D investment is projected to be 56.82 million yuan, accounting for 11.77% of revenue, indicating a strong commitment to innovation [3][7] - **Sales Growth**: Orders from regional headquarters are expected to grow over four times year-on-year, with new regional headquarters established to enhance market penetration [3][7] Market Trends and Future Outlook - **Smart Classroom Market**: The current coverage of smart classrooms is only 15%, indicating significant growth potential. The average cost of building a smart classroom is projected to rise due to increased AI applications [8][10] - **Order Forecast**: Orders for smart classroom construction are expected to materialize in the third quarter of 2025, following the fiscal funding approval process [9] Competitive Landscape - **Market Positioning**: The company aims to capture a market share of 5% or higher in the next three years, focusing on the higher education market, which is seen as a growth window [11][12] - **Core Competitiveness**: The company's competitive edge lies in its comprehensive service offerings that integrate hardware and software, unlike competitors who focus on specific segments [12] Financial Management - **Debt Recovery**: The implementation of debt resolution policies has positively impacted the company's accounts receivable management, leading to a significant reduction in bad debt provisions [17] New Initiatives - **New Course Offerings**: The company has initiated new courses in AI and security, with early enrollment showing promising results, although revenue recognition is still pending [18] Additional Important Insights - **Government Support**: Strong governmental backing for digital transformation in education is expected to drive market growth [4] - **Technological Advancements**: The integration of AI technologies is anticipated to enhance the overall profitability and efficiency of educational solutions [10]

Core Viewpoint - The article discusses the recent decision by XWANDA Electronics Co., Ltd. to issue H shares and list on the Hong Kong Stock Exchange, aiming to enhance its global strategy and brand image while supporting long-term development [1][2]. Financial Performance - In Q1 2025, XWANDA reported total revenue of 12.289 billion yuan, a year-on-year increase of 11.97%, and a net profit attributable to shareholders of 386 million yuan, up 21.23% year-on-year [3]. - For the year 2024, the company achieved revenue of 56.021 billion yuan, a year-on-year growth of 17.05%. The non-recurring net profit was 1.605 billion yuan, significantly increasing by 64.99%, while the annual net profit reached 520 million yuan, a substantial year-on-year growth of 57.28% [4]. Revenue Breakdown - The revenue growth was primarily driven by: 1. Revenue from electric vehicle batteries reached 15.139 billion yuan, up 40.24% from 10.795 billion yuan in the same period last year [5]. 2. Revenue from consumer batteries was 30.405 billion yuan, a slight increase of 6.52% from 28.543 billion yuan [5]. 3. Other revenue amounted to 8.588 billion yuan, reflecting a year-on-year growth of 15.83% from 7.414 billion yuan [5]. Company Overview - Founded in 1997, XWANDA has evolved from a lithium battery module manufacturer to a leading player in the global lithium-ion battery sector. In 2024, it ranked 37th among the top 500 new energy companies globally, with annual revenue exceeding 50 billion yuan. The company operates across six major industry sectors, including consumer batteries, power batteries, and energy storage systems, with 15 production bases established in China, India, Vietnam, and Hungary [6].

Group 1 - The 2025 Nanjing Artificial Intelligence Industry Development Matching Event focuses on the integration of AI technology, particularly large models, with the manufacturing industry to drive digital transformation and intelligent upgrades in traditional industries [1][2] - Nanjing has over 400 AI companies, with core output value exceeding 10 billion yuan, establishing itself as a leading AI park in the Yangtze River Delta region [2] - The Nanjing Economic and Technological Development Zone has launched a public service platform for large model aggregation, providing comprehensive industry services including technology support, evaluation testing, and innovation incubation [3] Group 2 - A total investment of 2 billion yuan has been committed to four key projects, including the establishment of the headquarters for Minglue Technology, a leading data application software service provider, and projects from Nanjing Panda and Tuyang Technology [4] - The event also saw the signing of agreements to establish several key laboratories in collaboration with Nanjing University of Posts and Telecommunications, enhancing research capabilities in AI and related fields [2][3]

Group 1 - The core viewpoint emphasizes the rapid development and iteration of the technology industry, highlighting the challenges faced by technology investment fund managers in grasping trends amidst changes [1] - The investment methodology summarized by the fund manager includes a combination of policy analysis and industry validation, focusing on capturing key turning points in industries with low penetration and high prosperity [1][4] - The manager's investment focus is on two main opportunities: domestic computing infrastructure and AI applications, driven by the digital economy wave [1][5] Group 2 - The fund manager's previous experience in insurance asset management has significantly influenced their investment philosophy, emphasizing the balance between absolute and relative returns [2] - The manager identifies three core competencies required for investing in technology growth stocks: pricing ability, maintaining a calm mindset in volatile markets, and solid research skills [2] - The investment approach involves a dual focus on industry trends and structural opportunities while controlling downside risks in the investment portfolio [2] Group 3 - The investment philosophy is rooted in a forward-looking global perspective combined with detailed industry research, emphasizing the importance of continuous tracking of policy directions and market liquidity [3] - The methodology includes a top-down macro view ("look up at the sky") and a bottom-up detailed research approach ("look down at the road"), focusing on investing in good companies at good prices within promising industries [3] Group 4 - The fund manager prefers left-side positioning in investments, focusing on low penetration and high prosperity sectors, particularly those driven by policy support and industry explosions [4] - An example provided is the accelerated penetration of domestic semiconductors from 2019 to 2021, indicating a trend towards increased domestic technology in smartphones [4] Group 5 - The two main investment lines currently emphasized are AI-centric opportunities, including domestic computing infrastructure and AI applications, and sectors following the logic of domestic substitution, such as industrial software and advanced lithography equipment [5] - In the AI application sector, both consumer (toC) and business (toB) areas show clear growth potential, with significant user and revenue growth in multimodal applications and hardware terminals [5] - The domestic market for AI training is experiencing rapid growth, driven by advantages in data and application scenarios, with promising prospects for reasoning-side computing power [5]