无线物联网：以低功耗蓝牙类SoC产品为重心，拓展兼容多种物联网应用协议的多模类SoC产品，物联 网与谷歌、亚马逊、小米等国内外一线品牌的物联网生态系统长期合作，体现了产品性能领先、产品高 品质和服务高质量，构成公司竞争优势和商业壁垒。 智慧零售：优化智慧零售购物体验，助力商品智能化运营效率。 投资摘要 泰凌微专注无线物联网芯片技术开发，覆盖多场景应用与多家主流终端品牌客户。公司产品覆盖智能零 售、消费电子、智能照明、智能家居、智慧医疗、仓储物流、音频娱乐等消费级和商业级物联网应用， 主要聚焦于低功耗蓝牙、双模蓝牙、Zigbee、Matter、WiFi等短距无线通讯芯片产品，拥有长期的技术 积累和产品布局。2024年实现营业收入8.44亿元，创历史最好水平，同比增长32.69%。2025年一季度实 现营收2.30亿元，同比增长42.47%。 公司芯片可用于电子标签、智能货架等设备，其功耗、多协议的特性能够支持设备的长时间稳定运行， 并同步实现数据的实时传输和更新，实现商品管理、库存监控、顾客互动等环节的智能化，提升零售行 业的运营效率和服务质量。 多领域应用优势凸显，公司目前主要产品为IoT芯片及音频芯片，持续 ...

[Table_Stock] 泰凌微（688591） 技术驱动无线物联网芯片发展，下游增 长动能强劲 ——泰凌微首次覆盖报告 泰凌微专注无线物联网芯片技术开发，覆盖多场景应用与多家主流终 端品牌客户。公司产品覆盖智能零售、消费电子、智能照明、智能家 居、智慧医疗、仓储物流、音频娱乐等消费级和商业级物联网应用， 主要聚焦于低功耗蓝牙、双模蓝牙、Zigbee、Matter、WiFi等短距无 线通讯芯片产品，拥有长期的技术积累和产品布局。2024年实现营业 收入8.44亿元，创历史最好水平，同比增长32.69%。2025年一季度实 现营收2.30亿元，同比增长42.47%。 多领域应用优势凸显，公司目前主要产品为IoT芯片及音频芯片，持续 推动商业场景需求落地。 AI带动技术发展，强化公司核心竞争力。公司技术迭代与产品创新并 举，2024年完成22nm、40nm等新工艺多款IoT及音频芯片量产流片， 并在55nm工艺平台持续优化产品性能，新产品快速覆盖IoT与音频领 域。公司在蓝牙高速率（HDT）、星闪标准（Sparklink/NearLink）等 多模无线标准开发上取得进展，并开始集成到新芯片中。依托RISC-V ...

在半导体产业的星辰大海中，珠海市杰理科技股份有限公司犹如一匹深藏不露的行业黑马。 这家扎根珠海十五载的芯片设计企业，在2024年，其自主研发的TWS耳机主控芯片年度出 货量以破竹之势突破20亿颗大关，问鼎全球市场占有率排行。 从"零"到"百亿" 技术破局，定义行业30%以上技术标准 2010年，中国芯片产业尚在襁褓，杰理科技以初创团队起步，锚定系统级芯片（SoC）设计赛 道。从首款蓝牙音频芯片AC460N的突围，到AC697N系列横扫市场，至性能功能行业领先的 AC791N，其产品以"低功耗+高集成度"的黄金组合，直击TWS耳机爆发式增长的需求痛点。截 至2024年，公司芯片累计销量突破120亿颗，相当于全球平均每人持有1.5颗杰理芯片。 "自研IP体系"是杰理科技的核心武器。通过15年迭代，公司掌握射频、音频、视频等模块的全线 技术，10余项核心专有技术，近400项授权发明专利、超60项集成电路布图设计构成技术壁垒。 相较部分依赖外购IP的同行，杰理自主架构设计技术、低功耗技术、射频技术、音频技术、视频 技术、智能应用技术等——这正是其产品迭代速度领先行业30%以上的技术标准和底层逻辑。 国家级单项冠军的含 ...

AIoT 端侧：智能硬件百花齐放，国产 SoC 大有可为 20250718 摘要 端侧 AI 应用中，音频作为高频次信息交互载体，通过声纹识别、智能降 噪等技术，推动端侧 AI 产品革新。智能无线音频芯片需在功耗、算力、 连接和成本间取得平衡，以支持更复杂的 AI 模型，优化用户体验。 RISC-V 架构以其自主可控性、可扩展性和成本优势，在贸易环境不确定 背景下，成为国家政策鼓励的发展方向。预计到 2031 年，搭载 RISC-V 处理器的 SoC 有望超过 200 亿颗，提升国内 IP 设计研发的独立性。 蓝牙技术联盟发布蓝牙 5.2 及 LE Audio，解决了双耳直连和功耗问题， 实现双耳同步传输，降低延时。LE Audio 支持音频源同时连接多个接收 设备，丰富了下游音频设备的应用场景，推动 SoC 芯片在无线音频、智 能家居等领域的应用。 全球蓝牙音频传输设备出货量持续增长，预计 2028 年将达 13 亿。数 据传输设备和位置服务设备也呈现显著增长趋势，分别预计在 2028 年 达到 19.1 亿和 5.63 亿，表明蓝牙技术在各领域的应用前景广阔。 蓝牙 6.0 新增信道探测功能，在 100 ...

Economic Overview - Guangdong's GDP for the first half of 2025 reached 68,725.40 billion yuan, with a year-on-year growth of 4.2% [1] - The primary industry added value was 2,258.86 billion yuan, growing by 4.2%; the secondary industry added value was 25,978.86 billion yuan, growing by 3.4%; and the tertiary industry added value was 40,487.69 billion yuan, growing by 4.6% [1] Industrial Performance - The industrial added value for large-scale industries in Guangdong increased by 4.0% year-on-year, with June's growth at 5.3% [2] - Manufacturing saw a growth of 4.5%, while the mining industry decreased by 0.3% [2] - High-tech manufacturing and advanced manufacturing increased by 6.0% and 5.9%, respectively [7] Service Sector - The service sector's added value grew by 4.6%, with transportation and financial services growing by 6.6% and 7.0%, respectively [2][11] - The retail sales of consumer goods increased by 3.5%, with goods retail growing by 3.6% and catering revenue growing by 2.7% [2] Resident Income - The per capita disposable income in Guangdong was 28,343 yuan, with a nominal growth of 4.5% and a real growth of 4.9% after adjusting for price factors [2][24] - Urban residents had a per capita disposable income of 33,918 yuan, while rural residents had 14,624 yuan, with growth rates of 4.0% and 5.7%, respectively [2][25] Foreign Trade - Guangdong's foreign trade maintained positive growth for eight consecutive quarters, contributing 28% to national foreign trade growth [32] - Exports of high-tech products increased by 13.3%, with total exports reaching 5,054.3 billion yuan [30][33] - Imports grew by 9.5% to 16,600 billion yuan, significantly outpacing other major foreign trade provinces [33] Trade Structure Optimization - General trade accounted for 59.2% of total foreign trade, while bonded logistics and processing trade accounted for 20.1% and 19.7%, respectively [34] - The proportion of bonded trade surpassed that of processing trade, indicating a shift towards longer industrial chains and higher domestic value [34] Market Diversification - Guangdong's trade with ASEAN increased by 5.9%, while trade with the EU and Japan also saw significant growth [35] - The province is actively expanding into emerging markets to mitigate external risks [34][35] Innovation and Technology - Companies in Guangdong are increasingly focusing on high-tech products, with significant growth in exports of drones and AI-related technologies [38][39] - The province's manufacturing capabilities are supported by a robust industrial base, with a significant share of global production in various sectors [40]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [22]. Core Views - The company is projected to achieve a revenue of 449 million yuan in the first half of 2025, representing a year-on-year increase of 60.07%, and a net profit of 91 million yuan, reflecting a year-on-year growth of 122.28% [1]. - The second quarter of 2025 is expected to see revenues of 257 million yuan, up 58.64% year-on-year and 33.91% quarter-on-quarter, with a net profit of 50 million yuan, marking a year-on-year increase of 52.91% [1]. - The company is focusing on the commercialization of its CIM edge products, driven by strong demand for low-power, high-performance edge devices in the AI sector [7]. Financial Summary - Total revenue is forecasted to grow from 652 million yuan in 2024 to 1.663 billion yuan by 2027, with a compound annual growth rate (CAGR) of 30.4% [3]. - Net profit is expected to increase from 107 million yuan in 2024 to 354 million yuan in 2027, with a CAGR of 33.9% [3]. - The earnings per share (EPS) is projected to rise from 0.73 yuan in 2024 to 2.42 yuan in 2027 [3]. - The company’s price-to-earnings (P/E) ratio is estimated to decrease from 78 times in 2024 to 23 times in 2027, indicating improving valuation [3]. Product Development and Market Position - The company is a leading low-power AIoT chip designer, focusing on the mid-to-high-end smart audio SoC market, and is a major supplier for Bluetooth audio SoCs [7]. - The introduction of the MMSCIM architecture is aimed at meeting the growing demand for low-power edge AI products, with significant advancements in product penetration and sales growth [7]. - The company has successfully launched several AI audio chips and is actively working on the second generation of CIM technology to enhance performance and efficiency [7].

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 - Hengxuan Technology (688608.SH) announced a share reduction plan by major shareholders due to personal funding needs, involving a total reduction of up to 2,014,888 shares, representing 1.20% of the total share capital [1] Group 1: Shareholder Reduction Plan - Major shareholders Liang Zhang, Zhao Guoguang, Tang Xiaodong, and their concerted actions intend to reduce their holdings by up to 2,014,888 shares through centralized bidding and block trading [1] - Shareholders Run Yuan I and Run Yuan II plan to reduce their holdings by 1,343,500 shares, accounting for 0.80% of the total share capital [1] - As of the announcement date, the actual controllers hold a total of 53,591,591 shares, representing 31.91% of the company [1] Group 2: Shareholding Structure - Shareholders Run Yuan I and Run Yuan II collectively hold 14,778,434 shares, which is 8.80% of the total share capital [2] - The actual controllers of Hengxuan Technology are Liang Zhang, Zhao Guoguang, and Tang Xiaodong, with Liang Zhang being a U.S. national and the others being Chinese nationals [2] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 16, 2020, with an issuance of 30 million shares at a price of 162.07 yuan per share [2] Group 3: Fundraising and Financials - Hengxuan Technology raised a total of 486,210,000 yuan, with a net amount of 475,878,120 yuan after deducting issuance costs, exceeding the original plan by 275,878,120 yuan [3] - The funds are allocated for various projects, including upgrades for smart Bluetooth audio chips and the development of smart WiFi audio chips [3] - The total issuance costs amounted to 10,331,880 yuan, with the underwriter, CITIC Securities, receiving 8,642,930 yuan in fees [3]

Industry Overview - The Internet of Things (IoT) chip industry has a comprehensive supply chain, with upstream suppliers providing raw materials and equipment, midstream manufacturers handling design, production, and testing, and downstream application service providers integrating chips into various devices [1][2]. Key Players - Major upstream suppliers include SMIC, Zhonghuan, Nanda Optoelectronics, and others, while midstream manufacturers consist of ZTE, Tailin Microelectronics, and others. Downstream service providers include Alibaba Cloud, China Mobile IoT, and Xiaomi [2]. Regional Distribution - Key IoT chip companies are concentrated in economically developed regions such as Jiangsu, Guangdong, Beijing, and Shanghai, with Jiangsu and Shanghai showing rapid development in the IoT chip sector [4]. Business Layout Comparison - Companies like Silan Micro, SiTewave, and Allwinner Technology focus primarily on the domestic market, while Beijing Junzheng, Zhaoyi Innovation, and Ankai Micro target international markets. Tailin Microelectronics has a significant focus on IoT chips, with 90.62% of its revenue coming from this sector [6][8]. Investment Trends and Business Plans - Companies are increasing R&D investments to enhance chip performance. For instance, Ruixin Micro plans to launch a new AI vision chip by May 2025, while Allwinner Technology is focusing on low-power designs for its IoT Bluetooth audio chips [9][10].

证券代码：688049 证券简称：炬芯科技 公告编号：2025-041 炬芯科技股份有限公司 关于使用自有资金、银行承兑汇票、信用证及外汇等 方式支付募投项目境外采购所需资金并以募集资金 等额置换的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 单位：万元 采购所需资金并以募集资金等额置换的情况 炬芯科技股份有限公司（以下简称"公司"）于 2025 年 6 月 19 日召开第 二届董事会第二十三次会议和第二届监事会第十九次会议，审议通过了《关于 使用自有资金、银行承兑汇票、信用证及外汇等方式支付募投项目境外采购所 需资金并以募集资金等额置换的议案》，同意公司在募投项目实施期间，进行 境外采购时，在不影响募集资金投资项目正常实施的前提下，根据实际需要， 先行使用自有资金、银行承兑汇票、信用证及外汇等方式支付，后续定期统计 外汇支付的募投项目款项金额，再从募集资金专户支取相应等额款项，该部分 等额置换资金视同募投项目使用资金。现将有关情况公告如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意炬芯科技股份有 ...