1. DeepSeek在留言区的一句话，引爆了8月22日A股半导体和算力行情，以寒武纪、海光信息、中科曙 光等为首的龙头个股接连涨停。其中寒武纪股价接连突破1100元和1200元两大关口，最终20CM涨停封 板，收盘价达1243.20元，总市值站上5200亿元。 2.炬芯科技公布2025年半年度报告显示，该公司上半年实现营业收入4.49亿元，同比增长60.12%；归母 净利润0.91亿元，同比增长123.19%；扣非净利润0.86亿元，同比增长269.08%。对于营收变化，炬芯科 技在半年报中表示，2025年上半年，该公司推进端侧产品AI化转型。端侧AI音频芯片方面，该公司基 于第一代存内计算技术的端侧AI音频芯片已成功进入多家头部品牌立项阶段，其中面向低延时私有无 线音频领域的客户终端产品率先实现量产，带动新品起量。同时，炬芯科技端侧AI处理器芯片已落地 头部音频品牌的高端音箱、Party音箱等产品，销售收入实现数倍增长；低延迟高音质无线音频产品市 场需求爆发，销售额攀升；蓝牙音箱SoC芯片系列在头部音频品牌渗透率上升。 3. 盛科通信2025年上半年实现营业收入5.08亿元，同比下降4.56%；归母净利润 ...

Group 1 - The core viewpoint of the articles highlights the significant growth of Juchip Technology, with a 60.12% year-on-year increase in revenue and a 123.19% increase in net profit for the first half of 2025, driven by product and customer structure optimization and scale effects [1][3] - The company focuses on low-power AIoT chip design, primarily developing and selling mid-to-high-end smart audio SoC chips, with a strategic priority on AI transformation for edge products [1][2] - Juchip Technology has successfully entered the project phase with several leading brands, particularly in the low-latency private wireless audio sector, achieving mass production of customer terminal products [1][2] Group 2 - The company has enhanced its brand penetration in various market segments, launching the third-generation ATS3231 series, which is the industry's first wireless microphone chip solution with wireless monitoring capabilities, and has established deep collaborations with major brands [2] - R&D innovation is central to the AI transformation of edge products, with R&D expenses reaching approximately 124 million yuan, a 23.57% increase, and 281 R&D personnel accounting for 74.34% of the total workforce [2] - The growth trend is supported by external factors such as the mild recovery of the consumer electronics industry and domestic consumption subsidy policies, alongside internal strategies to optimize product matrix and customer structure [3]

2025 年上半年，炬芯科技全力推进端侧产品 AI 化转型，通过加大研发投入与加速新品迭代，经营绩效 极为亮眼，公司整体价值加速跃升。公司基于第一代存内计算技术的端侧 AI 音频芯片推广成效显著， 已成功进入多家头部品牌立项阶段，其中面向低延时私有无线音频领域的客户终端产品率先实现量产， 带动新品快速起量。在端侧产品 AI 化浪潮的推动下，公司产品矩阵持续突破，端侧 AI 处理器芯片成 功落地头部音频品牌的高端音箱、Party 音箱等产品，渗透率显著提升，销售收入实现数倍增长；低延 迟高音质无线音频产品市场需求爆发，销售额高速攀升；蓝牙音箱 SoC芯片系列在头部音频品牌渗透率 持续上升，成长潜力进一步释放，头部品牌客户的产品价值量和合作深度同步提升。报告期内，公司的 产品和客户销售结构持续优化，带动公司毛利水平稳步上扬，同时，公司营业收入增速明显超过费用增 速，由此带来的规模效应显著提升了公司整体利润水平。 值得关注的是，报告期内，炬芯科技加大了研发力度，研发费用投入约 12,384.68 万元，同比增长 23.57%。公司围绕下游实际应用场景，从芯片硬件算力、无线连接技术、音频算法升级和开发生态， 全方位提 ...

格隆汇8月24日丨炬芯科技(688049.SH)公布2025年半年度报告，报告期实现营业收入4.49亿元，同比增 长60.12%；归属于上市公司股东的净利润9137.54万元，同比增长123.19%；归属于上市公司股东的扣除 非经常性损益的净利润8590.47万元，同比增长269.08%；基本每股收益0.53元。拟向全体股东每10股派 发现金红利1.00元人民币（含税）。 2025年上半年，公司全力推进端侧产品 AI 化转型，通过加大研发投入与加速新品迭代，经营绩效极为 亮眼，公司整体价值加速跃升。公司基于第一代存内计算技术的端侧AI 音频芯片推广成效显著，已成 功进入多家头部品牌立项阶段，其中面向低延时私有无线音频领域的客户终端产品率先实现量产，带动 新品快速起量。在端侧产品 AI 化浪潮的推动下，公司产品矩阵持续突破，端侧 AI 处理器芯片成功落 地头部音频品牌的高端音箱、Party 音箱等产品，渗透率显著提升，销售收入实现数倍增长；低延迟高 音质无线音频产品市场需求爆发，销售额高速攀升；蓝牙音箱SoC芯片系列在头部音频品牌渗透率持续 上升，成长潜力进一步释放，头部品牌客户的产品价值量和合作深度同步提升。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a record high in Q2 2025, with revenue of 258 million yuan, representing a year-on-year increase of 59% and a quarter-on-quarter increase of 35%. The net profit attributable to the parent company reached 50 million yuan, up 53% year-on-year and 20% quarter-on-quarter, indicating strong growth driven by AI technology [8] - The company is heavily investing in R&D, with over 70 million yuan allocated in Q2 2025, marking significant growth compared to previous periods. The focus is on developing the second-generation in-memory computing chip technology [8] - The transformation of edge products towards AI has shown impressive results, with strong downstream demand. The company has successfully introduced its first-generation in-memory computing technology into various leading brands, leading to significant sales growth [8] Financial Forecasts - Revenue projections for 2025-2027 have been slightly adjusted to 9.25 billion yuan, 11.87 billion yuan, and 14.85 billion yuan respectively, with net profit forecasts of 1.9 billion yuan, 2.7 billion yuan, and 3.7 billion yuan for the same years. The corresponding P/E ratios are 44, 31, and 22 [8][9]

Core Viewpoint - The company has successfully launched a series of edge AI audio chips based on in-memory computing technology, achieving significant progress in promoting these new products [1][2]. Group 1: Market Expansion of Edge AI Audio Chips - The company is focused on meeting the requirements of AIoT devices for low latency, low power consumption, high data privacy, and personalization through innovative in-memory computing technology, which integrates storage and computation [1]. - The newly launched ATS323X series chips have entered mass production and are being adopted by brand clients in the low-latency private wireless audio sector, leading to rapid growth in product uptake shortly after client terminal products began mass production [2]. Group 2: Impact on the Company - The rapid introduction of edge AI new products validates the company's judgment on the upgrade trend of AIoT products and marks a significant achievement in embracing the AI transformation of edge products [2]. - The ongoing promotion of these product series is expected to enhance the company's core competitiveness, solidify its market position in the edge AI audio field, and lay a solid foundation for long-term development [2].

Group 1 - Huate Dain received a stake increase from Guo Weisong, reaching 5% ownership, with potential for further increases in the next 12 months [3] - Shandong Molong confirmed normal operations and no undisclosed significant matters [4] - New Fengming's wholly-owned subsidiary plans to acquire 36% stake in Jinlian Port for 70.08 million yuan [5] Group 2 - Juchip Technology announced successful promotion of new AI audio chips, enhancing market competitiveness [6] - ST Bailing applied to revoke other risk warnings after completing internal control rectifications [7] - Wolong Electric Drive is planning to list H-shares in Hong Kong to enhance global strategy and competitiveness [8] Group 3 - China Chemical signed contracts totaling 150.825 billion yuan from January to May, with 131.024 billion yuan domestically and 19.801 billion yuan internationally [10] Group 4 - Shanghai Yanpu's actual controller plans to reduce holdings by up to 3% due to personal financial needs [12][13] Group 5 - Qizhong Technology intends to repurchase shares worth 75 million to 150 million yuan, using various funding sources [15] Group 6 - Taiji Industry's subsidiary is set to sign a five-year service contract with SK Hynix, expected to provide stable profits and cash flow [17]