Core Insights - The Jiangsu delegation showcased over 170 enterprises and institutions at the 2025 China International Service Trade Fair, highlighting innovations in service trade across new business models and technologies [1][2] - The exhibition area focused on themes such as cultural IP service consumption, AI in service trade, integration of service and goods trade, and digital trade clusters, creating an interactive experience for attendees [1] - Significant technological advancements were displayed, including the first full-state simulation skin robot and AR glasses, demonstrating the integration of digital trade with industrial internet [1] Group 1: Exhibition Highlights - Jiangsu's service trade image exhibition covered 100 square meters, themed "Su New Service, Smart Benefits for the World," featuring four main sectors [1] - Interactive experiences included IP check-ins, product demonstrations, and immersive technology displays, showcasing the potential of digital technology in enhancing quality of life [1] Group 2: Cooperation and Achievements - Jiangsu delegation achieved notable cooperation breakthroughs, including the launch of the "Su Data Cross-Border Public Service Platform" and international collaboration with the New Zealand Basketball Association [2] - The "15-Minute Convenient Living Circle" project was recognized as a demonstration case in service consumption, reflecting the delegation's commitment to enhancing local services [2] - Jiangsu enterprises participated in various thematic exhibitions, showcasing diverse industry strengths and promoting international service exports [2]

Core Viewpoint - Qualcomm's Q4 earnings exceeded market expectations, with revenue of $11.27 billion, a 10% year-over-year increase, and adjusted EPS of $3.00, surpassing the anticipated $2.88 [1][3] Financial Performance - Q4 revenue reached $11.27 billion, up 10% year-over-year, exceeding expectations by 4.5% [3] - Adjusted EPS was $3.00, which is 4.2% above the forecast [3] - GAAP results showed a net loss of $3.12 billion due to tax expenses [3] Business Segments - Mobile chip business grew 14% to $6.96 billion [4] - Automotive business increased 17% to $1.05 billion [4] - IoT business, including Meta revenue, rose 7% to $1.81 billion [4] - Licensing revenue declined 7% to $1.41 billion [4] Forward Guidance - Q1 revenue is expected to be between $12 billion and $12.6 billion, exceeding market expectations by 5% [4] - Adjusted EPS guidance is set at $3.30 to $3.50, in line with expectations [4] Strategic Transformation - Qualcomm is launching AI200 (2026) and AI250 (2027) accelerator chips to enter the data center AI market dominated by Nvidia [6] - The company faces risks from losing modem orders from Apple and is actively expanding into PC, VR, and smart glasses sectors [6] Core Business Focus - Despite diversification efforts, mobile chip business remains critical, accounting for 62% of revenue, with Q4 revenue of $6.96 billion, a 14% increase [8] - Qualcomm has long supplied processors and modems for Samsung's high-end models and modems for Apple's iPhones, but Apple is expected to stop purchasing Qualcomm products in the coming years due to in-house development [8] Growth Bottlenecks - Qualcomm is betting on automotive and IoT sectors due to stagnation in mobile business growth [9] - Automotive chip revenue was $1.05 billion, up 17%, while IoT revenue was $1.81 billion, growing 7% [9] - Combined, automotive and IoT sectors are projected to achieve 27% growth by FY2025, but their total revenue contribution remains limited, with automotive at 9.3% and IoT at 16%, together less than half of mobile chip revenue [9]

Financial Data and Key Metrics Changes - Total revenues in Q3 2025 were $4.3 million, a decrease of 47.3% compared to Q2 2025, primarily due to the end of licensing revenues from Qualcomm [19] - Gross margin was 40.9% in Q3, down from 64.4% in Q2, reflecting a lower mix of high-margin licensing revenue [19] - Operating loss was $20.4 million in Q3, compared to an operating loss of $8.7 million in Q2 2025 [20] - Net loss for Q3 was $6.7 million, or $0.48 per diluted ADS, compared to a net loss of $9.1 million, or a loss of $3.59 per diluted ADS in Q2 2025 [21] - Cash and cash equivalents at September 30, 2025, totaled $13.4 million, down from $41.6 million at June 30, 2025 [21] Business Line Data and Key Metrics Changes - The IoT business pipeline remains healthy, representing about $550 million in potential three-year product revenue across 4G and RF product lines [10] - In Q3, the company won six new projects, with around $300 million of the pipeline being design win projects, a 20% increase from the last reported figure [10] - Q3 product revenue was impacted by minor delays, with expectations for Q4 product revenue to exceed $6 million [15] Market Data and Key Metrics Changes - The company holds 3,234 Bitcoin with a market value of $365.6 million, all pledged as security for $189 million of convertible debt issued in July [22] - Following a recent amendment of the debt agreement, 1,617 Bitcoin are being released from the pledge, and the company has sold 970 Bitcoin to reimburse half of the debt [22] Company Strategy and Development Direction - The company is committed to its Bitcoin treasury strategy and has proactively reduced its debt by 50% through a tactical sale of a portion of its Bitcoin holdings [5][6] - The goal is to unlock shareholder value and position the company better for future financing options, including preferred shares [7][9] - The IoT business is expected to grow and generate positive cash flow in 2026, with a potential 50% year-over-year growth into 2027 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ramp-up of product revenue in Q4, despite challenges faced in Q3 [15][19] - The company aims to limit cash burn in 2026 to reach break-even by Q4, implementing a 20% cost reduction program across functions [18] - Management is exploring strategic alternatives for the IoT business to enhance overall value and cash flow generation [18] Other Important Information - The company is shifting from an opportunistic approach to a proactive go-to-market strategy for its IP portfolio, aiming to maximize customer reach and accelerate monetization [16] - The company has launched a new IP initiative and is in discussions for several licensing deals, with potential revenues from $3 million to $20 million [32] Q&A Session Summary Question: Were there any licensing or service revenues in Q3? - The revenue was about two-thirds product and one-third licensing and services in Q3 [26] Question: How aggressive will the company be on the buyback? - The company plans to be as aggressive as needed, considering the current stock price relative to net asset value [25] Question: What is the expected revenue for Q4? - The company is confident in achieving $7 million in revenue for Q4, based on backlog and secured orders [35] Question: What are the strategic alternatives being considered for the IoT business? - The company is exploring partnerships and other strategic options to enhance the value of its IoT business [18][33] Question: What is the timeline for the preferred shares issuance? - There is no specific timeline for issuing preferred shares, as it depends on negotiations and market conditions [45]

Core Viewpoint - The stock of Guokewi has experienced fluctuations, with a current price of 86.24 CNY per share, reflecting a year-to-date increase of 29.78% but a recent decline over the past five and twenty trading days [1] Financial Performance - For the period from January to September 2025, Guokewi reported a revenue of 1.172 billion CNY, representing a year-on-year decrease of 2.50%. The net profit attributable to shareholders was 7.4054 million CNY, down 89.42% compared to the previous year [2] - Cumulative cash dividends since the company's A-share listing amount to 371 million CNY, with 195 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Guokewi is 27,900, a decrease of 15.46% from the previous period. The average number of circulating shares per shareholder increased by 18.28% to 7,539 shares [2] - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 5.0088 million shares, which is an increase of 961,500 shares from the previous period [3] Market Activity - On November 4, Guokewi's stock price decreased by 2.00%, with a trading volume of 221 million CNY and a turnover rate of 1.21%. The total market capitalization stands at 18.726 billion CNY [1] - The net inflow of main funds was 4.2336 million CNY, with significant buying and selling activities recorded [1]

Core Viewpoint - The stock of Guokewi experienced a decline of 2.00% on October 29, with a trading price of 90.56 yuan per share, reflecting a market capitalization of 19.664 billion yuan [1] Financial Performance - For the period from January to September 2025, Guokewi reported operating revenue of 1.172 billion yuan, a year-on-year decrease of 2.50%, and a net profit attributable to shareholders of 7.4054 million yuan, down 89.42% year-on-year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Guokewi was 27,900, a decrease of 15.46% from the previous period, with an average of 7,539 circulating shares per shareholder, an increase of 18.28% [2] Dividend Distribution - Guokewi has distributed a total of 371 million yuan in dividends since its A-share listing, with 195 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 5.0088 million shares, an increase of 961,500 shares from the previous period [3]

Core Insights - RISC-V architecture has achieved a market penetration rate of 25%, establishing itself as a strong competitor alongside ARM and Intel, with significant support from Chinese chip manufacturers [1] - The RISC-V architecture is genuinely open, allowing chip companies to customize and expand upon it, unlike ARM, which has faced restrictions due to U.S. pressures [3][5] - The cost advantages of RISC-V, including minimal licensing fees and lower manufacturing process requirements, have attracted many Chinese chip companies to develop RISC-V-based chips [3][5] Industry Developments - Chinese chip companies initially focused on RISC-V for IoT chips due to the need for lower costs and power consumption, leading to a significant presence in the global IoT market [5] - As of June this year, China's three major telecom operators collectively have 2.8 billion IoT users, highlighting the vast market potential, although the average revenue per user (ARPU) remains low [5] - The development of RISC-V has accelerated due to U.S. pressures, leading to a rapidly forming ecosystem that may challenge ARM and Intel in various sectors [7]

Core Viewpoint - Guokewi's stock price has shown a significant increase of 36.41% year-to-date, indicating strong market performance despite recent fluctuations in the short term [2]. Company Overview - Guokewi, established on September 24, 2008, and listed on July 12, 2017, is located in Changsha Economic and Technological Development Zone, Hunan Province. The company specializes in the research and sales of chips related to video decoding, video encoding, solid-state storage, and the Internet of Things [2]. - The company's main business revenue is entirely derived from integrated circuits, accounting for 100% of its income [2]. Financial Performance - For the first half of 2025, Guokewi reported operating revenue of 741 million yuan, a year-on-year decrease of 12.86%. The net profit attributable to shareholders was 20.12 million yuan, down 25.02% compared to the previous year [2]. - Since its A-share listing, Guokewi has distributed a total of 371 million yuan in dividends, with 195 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 21, Guokewi's stock price rose by 2.11% to 90.65 yuan per share, with a trading volume of 71.49 million yuan and a turnover rate of 0.38%. The total market capitalization stands at 19.684 billion yuan [1]. - The net inflow of main funds was 1.8773 million yuan, with significant buying activity from large orders amounting to 16.72 million yuan, while selling from large orders reached 12.39 million yuan [1]. Shareholder Information - As of September 10, the number of Guokewi's shareholders was 33,000, a decrease of 2.94% from the previous period. The average number of circulating shares per shareholder increased by 3.03% to 6,373 shares [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 4.0473 million shares, a decrease of 2.8246 million shares from the previous period. Guolian An Zhongzheng Semiconductor Products and Equipment ETF was the tenth-largest circulating shareholder, with 1.6103 million shares, marking a new entry [3].

Core Viewpoint - The stock of Guokewi has shown a significant increase of 35.77% year-to-date, despite a recent decline in the last five and twenty trading days, indicating potential volatility in its performance [2]. Company Overview - Guokewi, established on September 24, 2008, and listed on July 12, 2017, is located in Changsha Economic and Technological Development Zone, Hunan Province. The company specializes in the research and sales of chips related to video decoding, video encoding, solid-state storage, and the Internet of Things [2]. - The company's main business revenue is entirely derived from integrated circuits, accounting for 100% of its income [2]. Financial Performance - For the first half of 2025, Guokewi reported an operating income of 741 million yuan, representing a year-on-year decrease of 12.86%. The net profit attributable to shareholders was 20.12 million yuan, down 25.02% compared to the previous year [2]. - Since its A-share listing, Guokewi has distributed a total of 371 million yuan in dividends, with 195 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, Guokewi had 33,000 shareholders, a decrease of 2.94% from the previous period. The average number of circulating shares per shareholder increased by 3.03% to 6,373 shares [2]. - The fifth-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 4.0473 million shares, which is a reduction of 2.8246 million shares from the previous period. Additionally, Guolian An Zhongzheng Semiconductor Products and Equipment ETF (007300) is a new tenth-largest circulating shareholder with 1.6103 million shares [3]. Market Activity - On October 20, Guokewi's stock price rose by 2.05%, reaching 90.22 yuan per share, with a trading volume of 54.26 million yuan and a turnover rate of 0.29%. The total market capitalization stood at 19.59 billion yuan [1]. - The net inflow of main funds was 5.88 million yuan, with large orders accounting for 15.70% of purchases and 9.13% of sales [1].

Core Viewpoint - Guokewi's stock price has shown significant growth this year, with a 48.63% increase, indicating strong market performance and investor interest [2]. Group 1: Stock Performance - As of October 9, Guokewi's stock price rose by 2.25% to 98.77 CNY per share, with a trading volume of 4.55 billion CNY and a turnover rate of 2.22%, resulting in a total market capitalization of 21.447 billion CNY [1]. - Year-to-date, Guokewi's stock has increased by 48.63%, with a 2.10% rise in the last five trading days, 15.45% in the last 20 days, and 20.73% in the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Guokewi reported a revenue of 741 million CNY, a year-on-year decrease of 12.86%, and a net profit attributable to shareholders of 20.1227 million CNY, down 25.02% year-on-year [2]. - Since its A-share listing, Guokewi has distributed a total of 371 million CNY in dividends, with 195 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 10, the number of Guokewi's shareholders was 33,000, a decrease of 2.94% from the previous period, with an average of 6,373 circulating shares per shareholder, an increase of 3.03% [2]. - As of June 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 4.0473 million shares, a decrease of 2.8246 million shares from the previous period [3].

Core Insights - The sensor industry is experiencing new development opportunities, particularly in the context of the Internet of Things, smart manufacturing, and the digital economy [1][2] - Shanghai Jiading District is expected to surpass a total output of 100 billion yuan in the integrated circuit industry this year, highlighting its significant role in the regional economy [1] Group 1: Industry Development - The Jiading District is positioned as a key area for the smart sensor and IoT chip industry, benefiting from a complete industrial chain, strong policy support, advantageous geographical conditions, and abundant talent resources [2] - The establishment of the Jiading District Integrated Circuit Industry Chain Alliance last year has played a crucial role in optimizing the industrial structure and building an innovative ecosystem [1] Group 2: Strategic Initiatives - Jiading District has actively embraced digital and intelligent transformation, leveraging high-level platforms such as the National Smart Sensor Innovation Center and the Shanghai Smart Sensor Industrial Park to enhance its industrial capabilities [1] - Agreements have been signed with companies like Suzhou Megatech Co., Ltd. and Saiyixin (Shanghai) Robotics Technology Co., Ltd. to promote local industry development [2] Group 3: Regional Importance - Shanghai aims to create a world-class integrated circuit industry cluster with a "one body, two wings" development pattern, where Jiading District serves as the "north wing" focusing on smart sensors and advanced semiconductors [2]