黑芝麻智能相关人士表示，双方将共同推动光通信模块在汽车及具身智能终端领域的创新应用，深入研 究下一代计算平台中光电共封装的应用场景，以应对未来更低延迟、更大数据量传输的丰富场景需求。 同时，围绕汽车、具身智能终端上下游产业链，双方将积极推动资本层面协同合作，通过资源整合、投 资联动等方式，打通从技术研发到产业落地的全链路，加速核心技术的产品化与商业化进程。 业内人士认为，此次黑芝麻智能与中际旭创的战略合作，不仅是两大企业打破边界、协同创新的重要实 践，更标志着智能产业"跨领域融合"的新趋势。未来，双方将共同构建覆盖智能汽车、具身智能终端的 全产业链生态，既为自身打开全新增长空间，也将为行业创造更多价值，推动全球智能产业迈向更高质 量发展阶段。 本报讯(记者张文湘)11月19日，智能汽车计算芯片引领者黑芝麻（000716）智能科技有限公司(以下简 称"黑芝麻智能")，与中际旭创（300308）股份有限公司(以下简称"中际旭创")的全资子公司江苏智驰致 远控股有限公司达成战略合作。 据介绍，双方将基于各自核心技术与产业资源优势，在光通信技术应用、汽车辅助驾驶、具身智能终 端、先进封装技术及产业链资本等领域展开深度 ...

格隆汇11月6日丨北京君正(300223.SZ)在投资者互动平台表示，公司没有单独的算力芯片，公司的NPU 技术应用在公司的计算芯片产品中。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for overseas listing applications, specifically requesting Beijing Junzheng to clarify its business model and matters related to large models [1] Group 1: Regulatory Requirements - The CSRC has requested Beijing Junzheng to provide a detailed explanation of the share pledge situation of its controlling shareholder and actual controller, assessing whether it could lead to changes in company control before and after the issuance [1] - The company must clarify whether any domestic entities, after tracing through shareholder Wuyuefeng Investment, are prohibited from holding shares under relevant laws and regulations [1] Group 2: Business Operations - The company is required to describe its business model and specifics regarding large models in simple language, including whether it has completed the necessary large model filings [1] - The company must explain the business scope of its subsidiaries, which includes "asset management, investment management, and investment consulting" [1] Group 3: Fundraising and Use of Proceeds - The company needs to provide details on the expected fundraising amounts before and after the exercise of the over-allotment option, including the calculation methods and specific uses of the raised funds [1] - It is necessary to specify the proportion of funds allocated to domestic and overseas investment projects, along with compliance with overseas investment approvals and permits [1] Group 4: Digital Products and Information Security - The company must clarify whether it or its subsidiaries are involved in the development and operation of websites, mini-programs, apps, and public accounts, and whether they provide information content to third parties [1] - The company is required to detail the types of information content provided and the security measures in place for protecting this information, as well as how data is collected and stored [1] Group 5: Company Overview - Beijing Junzheng is identified as a leading global provider of "computing + storage + simulation" chips, catering to markets such as automotive electronics, industrial medical, AIoT, and intelligent security with high-performance, low-power computing chips, high-quality, reliable storage chips, and a variety of high-specification analog products [1]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested Beijing Junzheng to provide supplementary explanations regarding its business model and matters related to large models as part of its overseas listing application [1][2] - Beijing Junzheng has submitted its listing application to the Hong Kong Stock Exchange, with Guotai Junan International as its sole sponsor [1] - The CSRC has outlined specific areas for Beijing Junzheng to clarify, including the potential impact of share pledges by its controlling shareholder on the company's control and compliance with regulations [1][2] Group 2 - The company is required to explain its business model and the status of any relevant large model filings in a clear and understandable manner [2] - Beijing Junzheng must detail its subsidiaries' business scope, including asset management and investment consulting, and confirm whether it has obtained the necessary qualifications for financial-related activities [2] - The company needs to disclose the expected fundraising amounts before and after the exercise of the over-allotment option, along with the specific uses of the raised funds and compliance with overseas investment approval processes [2] Group 3 - According to its prospectus, Beijing Junzheng is a leading global provider of "computing + storage + simulation" chips, catering to markets such as automotive electronics, industrial medical, AIoT, and smart security [3]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested Beijing Junzheng to provide supplementary explanations regarding its business model and matters related to large models as part of its overseas listing application [1][2] - Beijing Junzheng submitted its listing application to the Hong Kong Stock Exchange on September 15, with Guotai Junan International as its sole sponsor [1] - The CSRC has outlined specific areas for clarification, including the potential impact of the controlling shareholder's debt repayment ability on the company's control and whether there are any legal prohibitions on shareholding by the shareholder Wuyuefeng Investment [1][2] Group 2 - The company is required to explain its business model and the status of any relevant large model filings in a clear and understandable manner [2] - It must detail the scope of operations of its subsidiaries, including asset management and investment consulting, and confirm whether it has obtained the necessary qualifications for financial-related businesses [2] - The company needs to clarify the expected fundraising amounts before and after the exercise of the over-allotment option, the specific uses of the raised funds, and the compliance status of overseas investment projects [2] Group 3 - Beijing Junzheng is recognized as a global leader in "computing + storage + simulation" chip provision, catering to markets such as automotive electronics, industrial medical, AIoT, and smart security [3]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested Beijing Junzheng to provide supplementary explanations regarding its business model and matters related to large models as part of its overseas listing application [1][2] - Beijing Junzheng submitted its listing application to the Hong Kong Stock Exchange on September 15, with Guotai Junan International as its sole sponsor [1] - The CSRC has outlined specific areas for clarification, including the potential impact of the controlling shareholder's debt repayment ability on the company's control and whether there are any legal prohibitions on shareholding by the shareholder Wuyuefeng Investment [1][2] Group 2 - The company is required to explain its business model and the status of any relevant large model filings in a clear and understandable manner [2] - It must detail the scope of operations of its subsidiaries, including asset management and investment consulting, and confirm whether it has obtained the necessary qualifications for financial-related businesses [2] - The company needs to provide information on the expected fundraising amounts before and after the exercise of the over-allotment option, including the specific calculation methods and intended use of the raised funds [2] Group 3 - Beijing Junzheng is a leading global provider of "computing + storage + simulation" chips, catering to markets such as automotive electronics, industrial medical, AIoT, and smart security [3]

Core Insights - Company reported a revenue of 3.437 billion yuan for the first three quarters of 2025, a year-on-year increase of 7.35%, while net profit attributable to shareholders decreased by 19.75% to 244 million yuan [1] - In Q3 2025, the company achieved a revenue of 1.187 billion yuan, representing an 8.50% year-on-year growth but a slight decline of 0.13% quarter-on-quarter, with net profit down 61.48% year-on-year [1][2] Revenue and Profit Analysis - The company's revenue remained relatively stable, but profit declined mainly due to fluctuations in gross margin, which was 31.63% in Q3 2025, down 5.57 percentage points year-on-year and 3.13 percentage points quarter-on-quarter [2] - The decline in gross margin was attributed to factors such as fluctuations in the TWD exchange rate, impacting the cost of storage chip products [2] Business Line Performance - **Computing Chips**: Revenue of 304 million yuan in Q3 2025, a year-on-year increase of 4.9% but a quarter-on-quarter decrease of 9.0%. Demand for AIOT chip products is growing, while sales in the smart security market showed slight declines due to increased competition [3] - **Storage Products**: Revenue of 746 million yuan in Q3 2025, up 11.2% year-on-year and 3.3% quarter-on-quarter. The recovery in automotive and industrial medical markets contributed to this growth, with new DRAM products expected to enhance competitiveness [3] - **Analog and Connectivity Chips**: Revenue of 130 million yuan in Q3 2025, reflecting a year-on-year increase of 13.0% and a quarter-on-quarter increase of 4.4%, driven by demand recovery in automotive and industrial markets [4] Investment Outlook - The company forecasts net profits attributable to shareholders of 360 million yuan, 700 million yuan, and 1.04 billion yuan for 2025-2027, with corresponding EPS of 0.75, 1.44, and 2.16 yuan per share [5] - The projected PE ratios based on the closing price on October 29, 2025, are 100.8, 52.3, and 34.9 times for the respective years [5]

Investment Rating - The investment rating for Beijing Junzheng is "Buy" (maintained) [1] Core Views - The company's revenue remains relatively stable, but profit has declined mainly due to fluctuations in gross margin. The gross margin for Q3 2025 is 31.63%, down 5.57 percentage points year-on-year and 3.13 percentage points quarter-on-quarter, primarily due to the impact of the Taiwan dollar exchange rate and increased costs of storage chip products. However, with rising storage prices and the launch of new process products, significant growth opportunities are expected in the coming years [5][6] - For Q3 2025, the company reported a revenue of 11.87 billion yuan, an increase of 8.50% year-on-year, but a slight decrease of 0.13% quarter-on-quarter. The net profit attributable to the parent company was 410 million yuan, down 61.48% year-on-year and 68.12% quarter-on-quarter [4][5] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 34.37 billion yuan, a year-on-year increase of 7.35%, while the net profit attributable to the parent company was 2.44 billion yuan, a year-on-year decrease of 19.75%. The net profit excluding non-recurring items was 1.90 billion yuan, down 40.29% year-on-year [4][5] - The company expects net profits for 2025-2027 to be 3.6 billion, 7.0 billion, and 10.4 billion yuan respectively, with corresponding EPS of 0.75, 1.44, and 2.16 yuan per share [7] Business Segments - Revenue from computing chips in Q3 2025 was 3.04 billion yuan, a year-on-year increase of 4.9% but a quarter-on-quarter decrease of 9.0%. The demand for AIOT chip products is showing good growth, although sales of intelligent visual products have slightly declined due to increased market competition [5] - Revenue from storage products in Q3 2025 was 7.46 billion yuan, up 11.2% year-on-year and 3.3% quarter-on-quarter, driven by recovery in the automotive and industrial medical sectors [6] - Revenue from analog and interconnect chips in Q3 2025 was 1.30 billion yuan, a year-on-year increase of 13.0% and a quarter-on-quarter increase of 4.4%, supported by market demand recovery [6]

Summary of Beijing Junzheng's Conference Call Company Overview - **Company**: Beijing Junzheng - **Industry**: Semiconductor, specifically focusing on storage chips, computing chips, and analog/interconnect chips Key Points Financial Performance - **Q3 Revenue**: Slight decline in total revenue, but storage chip business showed strong performance with a year-on-year growth exceeding 11% and a quarter-on-quarter increase of approximately 3% [2][3] - **Total Revenue for First Three Quarters**: Reached 2.1 billion RMB, primarily benefiting from the upward cycle in the storage market and acceptance of DRAM price increases by industry clients [2] - **Gross Margin and Net Profit**: Decreased due to the appreciation of the New Taiwan Dollar and intensified competition in the computing chip market. An improvement in gross margin is expected with the depreciation of the New Taiwan Dollar and a favorable storage cycle [2][8][9] Market Dynamics - **Storage Chip Applications**: Dominated by automotive and industrial sectors, accounting for approximately 80% of applications, with a recovery trend observed in both markets [2][6] - **Price Trends**: Industry-level storage product prices remain higher than consumer-level products, similar to the market conditions in 2021. Recent price increases are primarily driven by DRAM due to capacity issues [7][5] - **NOR Flash Pricing**: Significant upward trend in prices due to increased demand and tight supply, expected to continue for some time [2][17] Product Development - **DRAM Product Planning**: New products in 18nm, 16nm, and 20nm processes for DDR4 and LPDDR4 are expected to begin mass production next year, with a significant increase in their proportion of sales [2][16] - **Analog and Interconnect Chips**: The business is expected to grow, particularly in the automotive sector, with multiple new models being introduced annually [22] Future Outlook - **Performance Expectations**: The company anticipates Q4 2024 to be a turning point, with revenue expected to improve quarterly starting in 2025, driven by the storage cycle, new DRAM products, and AI-driven growth in the computing chip market [4][20][29] - **Market Recovery**: The overseas market, including Europe and the US, is showing signs of recovery compared to last year, with overall demand improving [14] Strategic Initiatives - **IPO Plans**: The company is in the process of applying for a Hong Kong IPO, which has led to some restrictions on information disclosure [9] - **Inventory Management**: The company has been increasing inventory since last year, focusing on DRAM, NOR Flash, and SRAM, to ensure supply stability [12] Competitive Landscape - **Market Competition**: The computing chip market is experiencing intense competition, which has affected margins. However, the company is preparing for potential price adjustments in response to market trends [20][21] - **AI Integration**: The company is optimistic about the future, particularly in AI applications, and is developing AI MCU products to meet growing demands [24][26] Additional Insights - **Impact of Price Increases on Demand**: Historically, price increases have not suppressed demand; instead, they have sometimes stimulated it, as seen in the 2021 price surge [21] - **Robotics Applications**: The company’s chips are being utilized in various robotics applications, indicating a significant market direction [27] This summary encapsulates the essential insights from the conference call, highlighting the company's performance, market dynamics, product developments, and future outlook.

Core Viewpoint - Beijing Junzheng (300223.SZ) has indicated that some of its computing chip products can be applied in the smart glasses sector [1] Group 1 - The company is actively engaging with investors regarding its product applications [1] - The focus on smart glasses represents a potential growth area for the company's computing chips [1]