来源：新浪证券-红岸工作室 异动分析 AI眼镜+智能穿戴+福建自贸区+芯片概念+人工智能 1、2025年9月17日互动易：公司已有适用于AI眼镜的芯片，已出货至终端客户，也在与手机品牌、初 创潮牌、ODM、方案商等多类客户持续接洽与合作中。 2、2024年4月11日互动易：南京起跑线穿戴电子科技有限公司的卫星导航S10芯片特点主要是超低功 耗，主要应用于智能穿戴领域。 2024年半年度报告：本集团以现金参股方式投资了南京起跑线穿戴电 子科技有限公司，出资额为人民币 10,000,000.00 元，持股比例为 4%。 3、公司办公地址处于福建省厦门市同安区后詹路1号16层 4、星宸科技股份有限公司的主营业务是端边侧AISoC芯片的设计、研发及销售。公司的主要产品是智 能安防、智能物联、智能车载、其他IC、技术服务、其他。 5、2024年3月15日互动易：公司通过新一代AI处理器IP研发项目的建设，公司将大幅提升新一代AI处理 器IP的处理能力，对当前AI处理器进行全方位升级，优化更多算法算子效率，进一步减小内存带宽使 用，并高效支持公司最新AIISP算法，迅速精确兼容适配客户在不同定制场景下的算法选择，大幅提升 ...

异动分析 AI眼镜+智能穿戴+福建自贸区+芯片概念+人工智能 来源：新浪证券-红岸工作室 12月9日，星宸科技涨0.22%，成交额3.84亿元，换手率3.49%，总市值246.83亿元。 1、2025年9月17日互动易：公司已有适用于AI眼镜的芯片，已出货至终端客户，也在与手机品牌、初 创潮牌、ODM、方案商等多类客户持续接洽与合作中。 2、2024年4月11日互动易：南京起跑线穿戴电子科技有限公司的卫星导航S10芯片特点主要是超低功 耗，主要应用于智能穿戴领域。 2024年半年度报告：本集团以现金参股方式投资了南京起跑线穿戴电 子科技有限公司，出资额为人民币 10,000,000.00 元，持股比例为 4%。 3、公司办公地址处于福建省厦门市同安区后詹路1号16层 4、星宸科技股份有限公司的主营业务是端边侧AISoC芯片的设计、研发及销售。公司的主要产品是智 能安防、智能物联、智能车载、其他IC、技术服务、其他。 技术面：筹码平均交易成本为60.20元 该股筹码平均交易成本为60.20元，近期该股有吸筹现象，但吸筹力度不强；目前股价靠近压力位 59.04，谨防压力位处回调，若突破压力位则可能会开启一波上涨行 ...

Core Viewpoint - The company, Xingchen Technology, is engaged in the design, research, and sales of edge AI SoC chips, with a focus on applications in smart security, IoT, and automotive sectors. The company has shown growth in revenue and net profit, indicating a positive business trajectory in the semiconductor industry. Company Overview - Xingchen Technology is located in Xiamen, Fujian Province, and was established on December 21, 2017, with its public listing on March 28, 2024 [3][7] - The company's main business revenue composition is 99.93% from product sales and 0.07% from other income [7] - As of November 20, the number of shareholders is 29,900, a decrease of 1.87% from the previous period, with an average of 6,269 circulating shares per person, an increase of 1.91% [7] Financial Performance - For the period from January to September 2025, Xingchen Technology achieved a revenue of 2.166 billion yuan, representing a year-on-year growth of 19.50%, and a net profit attributable to shareholders of 202 million yuan, up 3.03% year-on-year [7] - The company has distributed a total of 126 million yuan in dividends since its A-share listing [8] Market Activity - On November 26, the stock price of Xingchen Technology decreased by 0.27%, with a trading volume of 273 million yuan and a turnover rate of 2.59%, resulting in a total market capitalization of 23.363 billion yuan [1] - The main capital inflow for the day was 14.2742 million yuan, accounting for 0.05% of the total, with the industry ranking at 36 out of 167 [4][5] Product Development - The company has developed chips suitable for AI glasses and has begun shipping to end customers, while also engaging with various clients including mobile brands and ODMs [2] - The company is investing in the development of a new generation AI processor IP, which aims to significantly enhance processing capabilities and optimize algorithm efficiency [3]

Core Viewpoint - Xingchen Technology (301536.SZ) has submitted an application for issuing overseas listed shares (H shares) and listing on the Hong Kong Stock Exchange, with the application materials published on the same day [1]. Group 1: Listing and Shareholder Actions - The joint sponsors for Xingchen Technology's Hong Kong listing are China International Capital Corporation and CITIC Securities International [2]. - As of September 28, 2025, shareholders Kunqiao Capital and its concerted party Kunchen have completed their share reduction plan, selling a total of 9,616,632 shares, reducing their ownership to 3.8364% [2][3]. - The total cash generated from the share reduction between July 1, 2025, and September 28, 2025, is estimated to be between 563 million and 661 million yuan [2]. Group 2: Financial Performance - In 2022, Xingchen Technology reported a revenue of 2.368 billion yuan, down from 2.686 billion yuan in 2021, and a net profit of 564 million yuan, down from 754 million yuan in 2021 [6][7]. - For 2023, the company’s revenue decreased by 14.66% to 2.020 billion yuan, and net profit fell by 63.72% to 205 million yuan [6][7]. - In 2024, the company’s revenue increased by 16.49% to 2.354 billion yuan, and net profit rose by 25.18% to 256 million yuan [8]. - In the first half of 2025, revenue reached 1.403 billion yuan, an increase of 18.63%, while net profit decreased by 7.47% to 120 million yuan [9]. Group 3: Profitability and Margins - The gross margin for 2023 was reported to be declining, with the integrated circuit design segment showing a gross margin of 36.46%, down 4.54% year-on-year [10]. - In 2024, the overall gross margin was approximately 35.79%, a decrease of 0.67% compared to the previous year [11]. - For the first half of 2025, the gross margin for the smart security segment was 31.01%, down 2.57% year-on-year [12].