天键股份成立于2015年4月1日，于2023年6月9日在深圳证券交易所上市，注册地址和办公地址均为江西省 赣州市。该公司是国内领先的电声产品制造商，核心业务涵盖微型电声元器件、消费类、工业和车载类电 声产品、健康声学产品的研发、制造和销售，具备较强的技术研发能力和全产业链优势。 天键股份主营业务为微型电声元器件、消费类、工业和车载类电声产品、健康声学产品的研发、制造和销 售，所属申万行业为电子-消费电子-消费电子零部件及组装，所属概念板块包括百度概念、医疗器械、增 强现实核聚变、超导概念、核电。 经营业绩：营收行业第四十二，净利润行业第七十六 2025年三季度，天键股份营业收入为14.92亿元，行业排名42/88，低于行业平均数154.93亿元，高于行业中 位数14.15亿元，与行业第一名工业富联6039.31亿元、第二名立讯精密2209.15亿元差距较大。当期净利润 为 -943.6万元，行业排名76/88，远低于行业平均数6.35亿元和行业中位数5475.81万元，与第一名工业富联 225.22亿元、第二名立讯精密127.28亿元相比差距悬殊。 资产负债率低于同业平均，毛利率低于同业平均 偿债能力方面，2 ...

Core Viewpoint - The company reported a significant decline in revenue and profit for the first three quarters of 2025, indicating financial challenges and a shift in performance metrics [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 1.492 billion yuan, a year-on-year decrease of 11.05% [1]. - The net profit attributable to shareholders was -9 million yuan, a shift from profit to loss compared to the previous year [1]. - The net profit excluding non-recurring items was -25 million yuan, also reflecting a transition from profit to loss year-on-year [1]. Quarterly Analysis - In Q3 2025, the company recorded revenue of 597 million yuan, down 17.31% year-on-year [2]. - The net profit attributable to shareholders for Q3 was -15 million yuan, marking a year-on-year loss [2]. - The net profit excluding non-recurring items for Q3 was -26 million yuan, indicating a significant decline [2]. Cost and Expense Analysis - R&D expenses increased to 115 million yuan for Q1-Q3 2025, a rise of 44.95% year-on-year [2]. - Government subsidies decreased, with other income at 17.3045 million yuan, down 57.53% year-on-year [2]. - Asset impairment losses increased to -8.9967 million yuan, reflecting a year-on-year rise of 36.43% [2]. Profitability Metrics - The gross margin for Q1-Q3 2025 was 13.03%, a decrease of 5.60 percentage points year-on-year [3]. - The gross margin for Q3 was 12.18%, down 7.12 percentage points year-on-year and 3.47 percentage points quarter-on-quarter [3]. - The expense ratio for Q1-Q3 2025 was 13.25%, an increase of 4.47 percentage points year-on-year [3]. Business Development - The company is accelerating the development of integrated audio-visual projects, expanding its product line to include audio glasses, AR glasses, and AI glasses [4]. - The AI smart glasses feature a flagship-level platform with a 12 million pixel camera and five high-performance microphones, aiming to provide industry-leading solutions [4]. - The AR full-color glasses utilize advanced technology and are expected to become a new growth point once production scales up, with an annual capacity exceeding 100,000 units [4].

Group 1: Financial Performance and Challenges - The company's net profit significantly declined in the first half of 2025 due to the ongoing impact of U.S. tariff policies, which began in April 2025, leading to order adjustments and revenue losses [2] - The shift of production to Malaysia to ensure order fulfillment resulted in increased short-term expenses and production efficiency losses, directly affecting gross profit [2] - The company is facing continued pressure on performance in the short term due to increased R&D investments and unfavorable exchange rate fluctuations [3] Group 2: Production Capacity and Expansion - The production area in Malaysia has expanded threefold, with maximum capacity increasing nearly tenfold, laying a solid foundation for future operations [3] - A second overseas production base is being established in Thailand, expected to be operational by Q3 2026, with a planned capacity of approximately 1 billion RMB [4] Group 3: R&D and Innovation - The company has successfully introduced multiple well-known brand clients in 2025, covering various product ranges including optoelectronic products, gaming products, smart speakers, and hearing aid accessories [3] - As of now, the company holds 685 authorized patents, including 59 invention patents, with an additional 120 invention patents pending authorization [3] - The company is focusing on new technologies and products such as LE Audio, optical glasses, AI voiceprint recognition, and multimodal environmental recognition [3] Group 4: Strategic Direction and Core Advantages - The company is restructuring its subsidiaries and divisions into three business groups (BG) to enhance operational efficiency and innovation [4] - BG1 focuses on maintaining and deepening cooperation with major clients [4] - BG2 is responsible for acquiring new clients and innovating in the speaker product line [4] - BG3 aims to develop new wearable products integrating sound, light, electricity, and health technology [4] - Core advantages include 30 years of technical accumulation in the electroacoustic field, long-term service experience with international brand clients, and a differentiated global production base layout [4]

Core Viewpoint - The event "AI DAY" hosted by Baidu showcased its "AI Venture Acceleration Program," which provides substantial support to AI startups, including billion-level computing subsidies, exclusive financing channels, and policy support, helping 20 companies secure over 100 million yuan in funding in the past year [1][23]. Group 1: AI Venture Acceleration Program - The program aims to assist AI startups by offering tailored solutions and resources, addressing the challenges of technology depth, iteration speed, and cost control, which are often referred to as the "impossible triangle" [5][6][10]. - Baidu's intelligent cloud provides a full-stack AI infrastructure, including self-developed Kunlun chips and various platforms, enabling startups to reduce costs and accelerate development [10][22]. - The program has successfully helped startups in various sectors, including e-commerce, gaming, and online education, by providing essential tools and resources for rapid product validation and market entry [12][20][22]. Group 2: Industry Applications and Success Stories - In the gaming sector, Baidu's collaboration with startups has led to innovative products that enhance user experience through AI-driven interactions and personalized guidance [16]. - For wearable devices, Baidu's solutions have enabled companies to create smart products that integrate AI capabilities, enhancing user engagement and functionality [18]. - In e-commerce, Baidu's AI technologies have streamlined business processes, improving efficiency and effectiveness in product selection and supply chain management [20]. Group 3: Competitive Advantage and Market Position - Baidu's intelligent cloud has maintained the leading position in the AI public cloud market for five consecutive years, attributed to its robust technology and comprehensive service capabilities [22]. - The success of the "AI Venture Acceleration Program" reflects Baidu's strong support for AI startups, contributing to their growth and establishing Baidu as a preferred partner in the industry [23][25].