12月31日，汇顶科技涨0.57%，成交额3.01亿元。两融数据显示，当日汇顶科技获融资买入额2675.06万 元，融资偿还4316.41万元，融资净买入-1641.36万元。截至12月31日，汇顶科技融资融券余额合计 12.64亿元。 融资方面，汇顶科技当日融资买入2675.06万元。当前融资余额12.52亿元，占流通市值的3.41%，融资 余额低于近一年30%分位水平，处于低位。 机构持仓方面，截止2025年9月30日，汇顶科技十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1042.97万股，相比上期增加360.49万股。南方中证500ETF（510500）位居第七大流通股 东，持股403.58万股，相比上期减少8.40万股。金鹰科技创新股票A（001167）位居第九大流通股东， 持股249.99万股，为新进股东。国联安中证全指半导体产品与设备ETF联接A（007300）退出十大流通 股东之列。 责任编辑：小浪快报 资料显示，深圳市汇顶科技股份有限公司位于广东省深圳市福田区梅康路1号汇顶科技总部大厦26楼， 成立日期2002年5月31日，上市日期2016年10月17日，公司主营业务涉及驱动 ...

| | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | 2024年 | | 2025年 | | | | | 估收入 | - - - - 估收入 | | | 佔收入 | | 估收入 | | | | 金額 | 百分比 | 金額 百分比 | | 金额 百分比 | 金額 百分比 | | 金额 合额 百分比 | | | | | | | | (人民幣千元,百分比除外) | | | | | | | | | | | | (未經審計) | | | | | | 86,679 | 100.0 | 150,112 100.0 | 244.071 | 100.0 | 193.648 | 100.0 240.447 | | 100.0 | | 售成本 | (55,763) | (64.3) | (117,851) (78.5) | (174,750) | (71.6) | (132,834) | (68.6) (18 ...

Core Insights - The company, Tanshan Group, was awarded the "Annual Outstanding Value Listed Company" in the 2025 New Consumption and New Economy Annual Selection, recognizing its innovative capabilities and strategic transformation in the new consumption sector [1] - The award reflects the company's dual business strategy of "outdoor + chips," which has proven to be forward-looking and feasible [1] Acquisition and Strategic Development - Tanshan Group announced the acquisition of 51% stakes in two leading chip companies, Betel and Shanghai Tongtu, for a total of 680 million yuan, marking a significant step in its strategic layout in the semiconductor and edge AI sectors [2] - This acquisition aims to establish a comprehensive "perception + display" dual-engine strategy, enhancing the company's core technology in chips and expanding into high-growth AI markets [2] - Betel has over a decade of expertise in mixed-signal chain chips, with its fingerprint recognition chip holding the top market share in smart locks, while its touch chips are integrated into leading laptop brands [2] - Shanghai Tongtu has established a competitive edge in display processing and IP licensing, with its RISC-V architecture-based SOC chip leading the high-end OLED screen market [3] - The integration of these companies will allow Tanshan Group to create a complete ecosystem from chip design to terminal solutions, aligning with the current trend of "AI + vertical scenarios" [3] Outdoor Business and Technological Integration - Tanshan Group's core outdoor business has been a solid foundation for its diversified transformation, contributing to its recognition as an outstanding value listed company [4] - The company has over 26 years of experience in the outdoor equipment sector, developing a comprehensive product ecosystem that includes extreme environment gear and collaborations with China's manned space program [4] - Tanshan Group has successfully applied aerospace-grade technology to consumer outdoor products, enhancing features like lightweight design and temperature control [4] - The company continues to innovate in outdoor smart equipment, launching products like exoskeletons and smart ski helmets that meet the growing market demand for intelligent outdoor gear [4] Future Outlook - Tanshan Group's dual business model of "outdoor + chips" is expected to continue driving value creation, transforming from a traditional equipment manufacturer to a technology group focused on chip technology and outdoor applications [5] - The synergy between the two business segments is anticipated to enhance the company's core competitiveness in the evolving landscape of technology-driven consumer markets [5]

格隆汇12月25日丨汇顶科技(603160.SH)在互动平台表示，公司的多功能交互传感器、音频产品及解决 方案已成功商用于品牌智能眼镜。同时，公司触控芯片、光线传感器等产品也可支持AI眼镜、VR、 AR、MR等设备应用。 ...

Core Viewpoint - XiHua Technology, a Shenzhen-based AI chip and solution provider, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance its R&D capabilities and expand its product offerings in the AI chip market [5]. Company Overview - Established in August 2018, XiHua Technology is a national-level key "little giant" enterprise specializing in smart display chips and smart sensing control chips, with over 100 million chips shipped [5]. - The company ranks second globally in the Scaler market with a shipment of 37 million units, holding an 18.8% market share [5][6]. Financial Performance - XiHua Technology has not yet achieved profitability, reporting cumulative losses of 426 million RMB over four years. Revenue for 2022, 2023, 2024, and the first nine months of 2025 was 87 million, 150 million, 244 million, and 240 million RMB, respectively, with a compound annual growth rate of 67.8% from 2022 to 2024 [9]. - The company's gross margin fluctuated significantly, with rates of 35.7%, 21.5%, 28.4%, and 22.1% from 2022 to the first nine months of 2025, attributed to its relatively small sales scale [11]. Product Lines and Market Position - XiHua Technology has developed two major product lines: smart display chips (including AI Scaler and STDI chips) and smart sensing control chips (including TMCU and general-purpose MCU) [16]. - The smart display segment has consistently contributed over 85% of the company's revenue from 2022 to the first nine months of 2025, while the smart sensing control segment's revenue share increased from 1.9% in 2022 to 14.4% in 2025 [16]. R&D and Innovation - The company has invested heavily in R&D, with expenditures of approximately 400 million RMB over the years, focusing on enhancing existing products and developing next-generation chips for AMOLED touch and audio driver applications [9][8]. - XiHua Technology has established a comprehensive technology solution based on MCU, perception, and display architecture, with a dedicated R&D team comprising over 50% of its workforce [25][28]. Customer and Supplier Dependency - XiHua Technology's revenue is highly concentrated, with the top five customers contributing 89.9%, 78.6%, 88.8%, and 82.2% of total revenue from 2022 to the first nine months of 2025, indicating a significant reliance on a few key clients [30]. - The company also relies heavily on a limited number of suppliers, with the top five suppliers accounting for 81.8%, 83.7%, 83.6%, and 76.6% of total procurement during the same period [34]. Ownership and Management - The company is controlled by its founder and chairman, Chen Xi, and his spouse, Wang Hong, who together hold 65.51% of the shares [37][39]. - Chen Xi has over 25 years of experience in the semiconductor and high-tech fields, with a strong educational background from Tsinghua University and UCLA [42].

Core Viewpoint - Shenzhen CVA Innovation Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to issue H-shares with Agricultural Bank of China International as the sole sponsor [1]. Group 1: Company Overview - Founded in 2018, the company focuses on the design of edge AI chips, offering a product portfolio that includes smart display chips, smart perception and control chips, and solutions for emerging applications in consumer electronics and automotive electronics [5]. - The company ranks second globally in the scaler chip industry by shipment volume, with a market share of 18.8% in 2024, and holds the first position in the ASIC scaler sub-market with a market share of 55%, shipping approximately 37 million units [5]. Group 2: Financial Performance - The company's revenue has shown rapid growth, increasing from 87 million yuan in 2022 to 244 million yuan in 2024, representing a compound annual growth rate of approximately 67.5%. In the first nine months of 2025, revenue continued to grow by 24.2% year-on-year, driven by the ramp-up of core products like AI Scaler and STDI [5]. - Despite revenue growth, the company is still in a phase of continuous losses, with a cumulative net loss of approximately 462 million yuan and a cumulative loss rate of about 59% from 2022 to the first nine months of 2025. The overall gross margin has declined from 35.7% to 22.1% during the same period [6]. Group 3: Market Position and Future Outlook - The company has a high dependency on major customers and suppliers, indicating a concentrated customer base [6]. - With the acceleration of AI applications and increasing demand for display and control chips, the company aims to leverage its IPO to enhance capital, increase R&D investment, and optimize supply chain layout, potentially improving its market share in the edge AI chip sector [6].

在传统主业日益疲软的情况下，越来越多的企业寄希望于转型半导体，以求获新生。 日前，国内户外用品上市公司探路者公告称，拟以3.21亿元收购深圳贝特莱电子51%股权，同时以3.57亿元收购上海通途半导体51%股权。 上述两笔交易总额达6.78亿元，且均是高溢价收购，收购贝特莱的增值率为363.26%，收购上海通途的增值率更是高达2119.65%。 斥巨资收购半导体标的背后，是探路者的传统户外用品主业日益疲软，"紫光系"李明入主之后，公司便大刀阔斧向半导体行业进军。 不过二级市场对上述交易似乎并不看好。收购公告发布以来，探路者股价累计跌幅超12%，截至12月8日收盘，报10.35元/股，最新市值91.46亿元。 从"卖冲锋衣"到"卖芯片" 在国内户外用品领域，探路者的资历颇老。公司成立于1999年，2009年作为首批企业之一登陆创业板，也被称作"户外用品第一股"。 产品涵盖户外服装、户外鞋品和户外装备三大系列，旗下品牌有探路者、探路者童装、Discovery Expedition（已退出授权运营），其市占率曾排名第一， 是中国最大的户外用品企业之一。 和很多传统企业一样，探路者过去十年面临的最大难题是，如何找到新的 ...

在AI时代下，智能显示芯片与智能感控芯片正成为市场需求的香喷喷，然而全球最大的ASIC scaler芯片 提供商，曦华科技却不到四年累亏超4.6亿元。 智通财经APP了解到，曦华科技近日递表港交所主板，农银国际为其独家保荐人。该公司是一家端侧AI 芯片与解决方案提供商，根据弗若斯特沙利文报告，于2024年，按出货量计，公司在全球scaler行业中 排名第二，市场份额18.8%，及在ASIC scaler行业中排名全球第一，市场份额55%。 该公司拥有业界领先的研发能力、成熟的量产经验以及尖端技术实力，已量产的芯片产品组合可以满足 客户在消费电子、汽车行业及具身智能等新兴市场的不同需求。公司业绩成长强劲，2022-2024年，收 入从0.87亿元增至2.44亿元，复合增速67.5%，2025年前九月继续增长24.2%。 不过公司的盈利能力却呈下滑趋势，2022年至2025年前9月，毛利率从35.7%下降至22.1%，目前仍处于 连年净亏损状态，但亏损幅度有所缩窄，期间累计净亏损额4.62亿元，累计亏损比例59.08%。截至2025 年9月，其拥有现金等价物0.6亿元，而短期的有息银行借款为1.02亿元。 双业务 ...

Core Viewpoint - The company, Xihua Technology, is a leading provider of ASIC scaler chips, facing significant financial losses despite strong market demand for AI-related chips. The company is preparing for an IPO on the Hong Kong Stock Exchange, with a notable market position in the scaler industry [1][10]. Group 1: Company Overview - Xihua Technology was established in 2018 and specializes in independent chips and comprehensive solutions that integrate proprietary chips with software and algorithms [2]. - The company ranks second globally in the scaler industry with an 18.8% market share and first in the ASIC scaler segment with a 55% market share [1][9]. - The company has a strong R&D capability, with 169 granted patents and a focus on product commercialization [5]. Group 2: Financial Performance - The company's revenue is projected to grow from 87 million RMB in 2022 to 244 million RMB in 2024, reflecting a compound annual growth rate (CAGR) of 67.5% [1][3]. - Despite revenue growth, the company's gross margin has declined from 35.7% in 2022 to 22.1% in the first nine months of 2025, indicating challenges in profitability [4][5]. - Cumulative net losses from 2022 to the first nine months of 2025 amount to 462 million RMB, with a loss ratio of 59.08% [1]. Group 3: Product and Market Strategy - The company operates two main business lines: smart display chips and smart sensing control chips, with the former contributing 85.6% of revenue and the latter 14.4% as of the first nine months of 2025 [2][4]. - Key products include AI Scaler and STDI chips, with significant revenue contributions expected from these offerings [4][9]. - The company has established strong relationships with seven major wafer foundries and nine packaging and testing suppliers to ensure stable production capacity and cost competitiveness [9]. Group 4: Industry Trends - The global market for display and sensing control chips is driven by sectors such as smartphones, TWS earbuds, AR/VR, and automotive, with AR/VR expected to see a CAGR of 35.7% from 2020 to 2029 [6][8]. - The scaler market is projected to grow from 114 million units in 2020 to 261 million units by 2029, with a CAGR of 10.3% [6]. - The MCU market is also expected to grow significantly, from 56.8 billion RMB in 2024 to 96.9 billion RMB by 2029, with a CAGR of 12.2% [8].

Core Insights - The acquisition of 51% stakes in Beitelai and Shanghai Tongtu for a total of 680 million yuan marks a strategic move by the company to solidify its presence in the semiconductor and edge AI sectors, creating a comprehensive layout from "graphics to display to touch to perception" [1] - The core value of the acquisition lies in the leading market positions and strong technological barriers of the target companies, providing a stable revenue foundation for the company [1] Group 1: Beitelai - Beitelai has over a decade of experience in mixed-signal chain chips, holding the top market share in fingerprint recognition chips for smart locks and significant positions in touch chips for laptops [1][2] - The company’s unique technology innovations, such as the FD wake-up technology, have reduced standby power consumption to the lowest in the industry, while its latest floating touch control chip addresses interaction bottlenecks in emerging scenarios like AI glasses and wearable devices [1][2] - Beitelai's product line includes touch chips, biometric sensors, and dedicated MCUs, which enhance security and interactivity when combined with edge AI, with expectations of benefiting from a projected 30% growth in AI penetration in security and finance by 2025 [2] Group 2: Shanghai Tongtu - Shanghai Tongtu has established competitive barriers in display processing and IP licensing, with its RISC-V architecture-based screen bridge SOC chip leading the high-end OLED smartphone market [2][3] - The company’s proprietary compression algorithm achieves a compression ratio of 1:8, saving 50% storage space compared to similar products, which is a critical advantage in the context of high memory costs for AI terminals [2] - Shanghai Tongtu plans to develop PQ image enhancement chips and scaler chips, which are highly compatible with edge AI applications, optimizing video processing for AI photography without cloud uploads [3] Group 3: Strategic Implications - The integration of Beitelai and Shanghai Tongtu into the company’s chip business represents a qualitative change, creating a complete ecosystem from chip design to IP licensing to terminal solutions [3] - The expected cumulative net profit of 300 million yuan from the two companies between 2026 and 2028, along with a performance incentive mechanism, aligns with the company's strategic goals [3] - The trend of integrating "technology and scenarios" is gaining traction in the capital market, with the company leveraging its outdoor ecosystem to enhance its chip business and maintain its leadership in the outdoor sector [4]