11月6日，"进博中外人文交流之夜"在国家会展中心（上海）举办。作为过往八届进博会 "全勤生" ，高通与多家企业及机构一起，与进博会主办方签约参加 第九届进博会，将在明年带来更多的创新技术和合作成果，续写"进博之约"。 八年进博同行，与中国产业伙伴见证技术从展品到产业合作 在本届进博会上，高通携手合作伙伴全面展示了连接、计算与人工智能等领域的创新成果，以及与中国智能产业生态的融合。现场，中国国际进口博览局向 高通颁发了"八届全勤生"奖牌。这一荣誉既是对高通连续八年全勤参展的肯定，也是对未来继续携手、合作共赢的美好期许。 回望2018年至今，进博会为诸多跨国企业提供了面向中国市场的展示窗口与合作桥梁，也见证了科技领域的技术变迁和产业融合。高通连续八年参展进博 会，集中展示了高通与中国生态伙伴共同探索5G技术落地和商用普及的实践成果，以及携手推进"5G+AI"助推行业发展的演进历程。 2018 年第一届进博会举办时，5G尚未进入商用阶段，高通面向产业合作伙伴和公众，展示了5G 移动测试平台（MTP），描绘出这项前沿技术的落地应用前 景。进入 2019 年第二届进博会，恰逢5G在中国正式启动商用，第一代5G商用手机 ...

Core Viewpoint - Qualcomm's consistent participation in the China International Import Expo reflects its long-term strategic commitment to the Chinese market and deep collaboration with the local industrial ecosystem, showcasing its role in China's industrial upgrade process [1][3]. Group 1: Technological Advancements - Over the past eight years, the telecommunications industry has evolved from 5G pre-commercialization to the deep integration of AI and 5G, with Qualcomm positioned at the intersection of this transformation [5]. - Qualcomm's participation in the expo has allowed it to turn technological concepts into commercial products, marking a significant transition from "exhibits" to "goods" [5][6]. - The company has expanded its partnerships beyond smartphone manufacturers to include smart connected vehicles and XR (extended reality), enhancing its technology's application across various scenarios [6][9]. Group 2: Collaboration and Market Impact - Qualcomm has supported the launch of over 210 smart connected electric vehicles in China over the past three years, indicating its significant role in the automotive industry's transformation [9]. - The company emphasizes the importance of collaboration with Chinese partners to drive innovation and reduce costs, facilitating the rapid commercialization of new technologies [10]. Group 3: Future Outlook - Qualcomm aims to leverage advancements in AI and 6G to foster technological innovation and industrial upgrades, aligning with China's "AI +" strategy [12]. - The company is actively involved in the development of 6G standards, anticipating that it will continue to collaborate closely with the Chinese industrial chain to achieve new milestones in this area [13][14].

Core Insights - Qualcomm's 2025 Snapdragon Summit in China marks its 40th anniversary and 30 years of partnership with the Chinese industry, emphasizing the deep connection and collaboration established over the years [1][2] - The launch of the "AI Acceleration Plan" during the summit aims to drive the future of AI and connectivity, showcasing Qualcomm's strategic response to industry transformations [7][8] Group 1: Historical Context and Achievements - Qualcomm began its journey in China during a pivotal time for the telecommunications industry, establishing a CDMA center in Beijing in 2001, which became a significant milestone in its local engagement [2] - The company has played a crucial role in the evolution of mobile communication technologies in China, from 3G to 5G, supporting local brands to achieve global recognition [2][4] Group 2: Product and Brand Development - The introduction of the "Snapdragon" brand in 2012 and the new "Qualcomm Leap Dragon" brand in 2025 reflects the evolution of Qualcomm's product offerings, catering to both consumer and industrial applications [3] - Qualcomm's product matrix now spans from smartphones to industrial IoT, demonstrating its adaptability to market demands and commitment to digital transformation [3][4] Group 3: Ecosystem and Industry Collaboration - Qualcomm has expanded its ecosystem from smartphones to various sectors, including automotive and IoT, with significant contributions to over 210 vehicle models in the smart automotive space [4] - The "5G IoT Innovation Plan" initiated in 2020 has fostered collaboration with over 70 partners, resulting in more than 150 industry application cases across multiple sectors [4] Group 4: Social Responsibility and Community Impact - Qualcomm's initiatives in education and healthcare, such as the STEM education program benefiting over 300,000 students, highlight its commitment to social responsibility [5] - The "Wireless Care" program has reached over 1.5 million people, showcasing the company's dedication to leveraging technology for equitable resource distribution [5] Group 5: Future Directions and Strategic Initiatives - The "AI Acceleration Plan" focuses on enhancing AI capabilities across various devices, aiming to create a seamless intelligent ecosystem [7] - Qualcomm's strategic vision aligns with industry trends, emphasizing a shift from smartphone-centric to AI-centric experiences, indicating a proactive approach to future technological advancements [7][8]

Core Insights - The widespread application of 5G technology is significantly transforming communication and societal operations, while the development of 6G is actively underway globally [1] - Qualcomm, as a leading company in communication technology, is at the forefront of industry development through its technological advancements and strategic initiatives [1] Group 1: 6G Development Path - The development path for 6G is clear within the 3GPP global standardization framework, with Release 20 establishing formal technical research projects [2] - Release 21 will initiate the standardization of the first version of 6G, laying the groundwork for its deployment by 2030 [2] - Qualcomm aims to incorporate important optimization technologies into the 6G system, focusing on physical layer communication enhancements [2] Group 2: AI Integration and System Design - 6G is designed for the AI era, integrating new applications and edge AI scenarios into communication systems [3] - AI will be deeply embedded in the 6G system, not only enhancing performance but also supporting new AI-driven services [3] - The design of 6G will require balancing compatibility with existing systems while achieving significant advancements [3][4] Group 3: Industry Impact and Future Vision - Qualcomm's innovations are driving the digital and intelligent transformation across various industries, including smart homes, industrial applications, and automotive solutions [6] - There is a global recognition of the profound impact of AI and communication technology on economic development and connectivity [6] - The future envisions a highly interconnected world with new applications in virtual reality, IoT, humanoid robots, and autonomous vehicles [7]

Investment Rating - The investment rating for Qualcomm (QCOM.O) is "Hold" [2] Core Views - Qualcomm's financial performance shows a revenue increase of 10% year-over-year for Q3 2025, with net profit rising by 25% [4][12] - The company faces challenges in its core mobile chip business due to market saturation and competition, while automotive and IoT segments are experiencing strong growth [15][20] Financial Performance - Q3 2025 revenue reached $10.365 billion, up from $9.393 billion in the same quarter last year, with a net profit of $2.666 billion compared to $2.129 billion [4][12] - GAAP diluted EPS was $2.43, a 29% increase from $1.88, while Non-GAAP diluted EPS was $2.77, up 19% from $2.33 [4][12] Business Development - QCT (Qualcomm CDMA Technologies) revenue was $8.993 billion, accounting for 86.8% of total revenue, with an 11% increase from $8.069 billion [5][14] - Mobile chip revenue was $6.328 billion, a 7% increase, while automotive chip revenue reached $0.984 billion, growing by 21% [5][15] - IoT revenue was $1.681 billion, showing a 24% increase [5][16] - QTL (Qualcomm Technology Licensing) revenue was $1.318 billion, a 4% increase from $1.273 billion [5][17] Financial Forecast - The projected revenue for 2025 is approximately 428.58 billion RMB, reflecting a 10% growth [6] - The expected PE ratios for 2025-2027 are 14.44, 14.13, and 13.72 respectively [6][8] Market Environment - The smartphone market is showing signs of saturation, with a slight increase in global shipments, but high-end models are performing better than mid-range [18] - The automotive chip market is expanding rapidly, with significant growth expected in the coming years [19] Competitive Strategy - Qualcomm is diversifying its revenue streams by focusing on automotive and IoT markets to reduce reliance on mobile chip sales [20]

Core Insights - Qualcomm is accelerating the deployment of AI capabilities across various terminals, leveraging innovation and market opportunities to deepen industry collaboration and drive technological innovation [1] Group 1: Qualcomm's Commitment to China - 2025 marks an important milestone as Qualcomm celebrates 30 years in China, emphasizing its role as a leading player in global connectivity and computing [2] - Qualcomm provides essential chip solutions such as modems, processors, and RF front-end modules, facilitating innovation in smart terminals, automotive, and IoT sectors [2] - The company highlights the importance of open collaboration in the industry, positioning China as a significant source of global innovation [2] Group 2: AI Deployment and Product Showcase - Qualcomm is partnering with various Chinese ecosystem partners to deploy AI applications on a wide range of devices, including smartphones, automobiles, XR headsets, PCs, and industrial IoT terminals [2] - At the expo, Qualcomm showcased four XR terminal products from companies like Xiaomi and PICO, including the newly launched Xiaomi AI smart glasses and PICO 4 Ultra [2] Group 3: Global Market Adaptation - Qualcomm's support for Chinese clients enables rapid adaptation of products to global markets, with Chinese brands occupying eight of the top ten global smartphone positions [3] Group 4: Industry Collaboration and Innovation - The key to Qualcomm's success in China is "deepening collaboration," which has proven essential for industry upgrades [4] - Qualcomm has displayed a range of Snapdragon-enabled smart terminals at the expo, including flagship smartphones from Chinese brands, showcasing over 100 product designs supporting diverse AI applications [4] - The company has expanded its manufacturing capabilities in Wuxi to meet the growing demand in the 5G sector and established joint innovation centers in collaboration with local governments [4] Group 5: Automotive Sector Transformation - Qualcomm's Snapdragon digital chassis solutions are transforming vehicles from mechanical products to intelligent mobile terminals, supporting over 210 models from various Chinese automotive brands since 2023 [5] - The Li Auto MEGA, featuring the fourth-generation Snapdragon cockpit platform, was highlighted for its advanced graphics processing and local AI capabilities, enhancing user interaction within the vehicle [5]

Group 1 - Qualcomm showcased its cutting-edge technologies in various fields including 5G Advanced, AI, smartphones, PCs, automotive, XR, and IoT at the third China International Supply Chain Promotion Expo [1][3] - The company aims to deepen collaboration with Chinese partners, leveraging 5G-A and AI technologies to promote cross-industry and cross-regional ecosystem synergy [3][11] - Qualcomm's "Wireless Care" initiative provided 5G-A network services at the expo, utilizing 26GHz high-frequency spectrum to support high-bandwidth applications and seamless Wi-Fi coverage [3][6] Group 2 - In the PC sector, ASUS and Lenovo's AI PCs highlighted the capabilities of the Snapdragon X Elite platform, with over 85 AI PC devices launched and expectations to exceed 100 by next year [6] - The XR field featured products from Xiaomi, Thunderbird, Yingmu, and PICO, showcasing immersive experiences powered by Snapdragon platforms [6][7] - In the automotive sector, the Ideal MEGA vehicle, equipped with the fourth-generation Snapdragon cockpit platform, demonstrated advanced graphics processing and AI capabilities for enhanced user interaction [7][9] Group 3 - Qualcomm's new enterprise brand "Qualcomm Leap" was introduced, showcasing applications in robotics, industrial, agricultural, and retail sectors, highlighting the company's strengths in edge AI and low-power computing [9] - The company emphasizes the importance of open collaboration in the global supply chain and aims to continue deepening partnerships to achieve technological innovation and industry application integration [11]

Core Insights - Intel announced the closure of its automotive business and significant layoffs as part of a broader restructuring plan aimed at cost reduction and focusing on its core chip business [2][3] - The decision reflects Intel's competitive struggles in the automotive chip sector, particularly against rivals like Nvidia and Qualcomm, which have gained traction in the autonomous driving and smart cockpit markets [3][6] - Intel's revenue has been declining, with a projected net loss of $18.8 billion in 2024, highlighting the challenges faced by the company in its transition [3][4] Intel's Strategic Shift - Intel is refocusing on core customers and data center business, committing to a smooth transition for its clients as it phases out the automotive division [3][5] - The company previously aimed to capitalize on the growing demand for automotive chips, acquiring Mobileye in 2017 and announcing plans to enter the automotive market in 2024 [4][5] - Despite initial optimism, the automotive business has been cut due to ongoing losses in core operations [5] Competitors' Performance - Nvidia and Qualcomm have seen significant growth in the automotive sector, with Nvidia's automotive revenue reaching $620 million in Q1 2024, a 109% year-over-year increase [6][7] - Qualcomm showcased its Snapdragon digital chassis solutions, which are now used in over 350 million vehicles globally, indicating strong market penetration [6][7] Challenges in the Automotive Chip Market - Major automotive semiconductor manufacturers like STMicroelectronics, NXP, and Texas Instruments are facing challenges due to a slowdown in electric vehicle demand and inventory issues [8][9] - Texas Instruments reported a 10.7% decline in revenue for 2024, while NXP's automotive segment revenue fell by 4% [8][9] - The automotive semiconductor market is expected to recover by mid-2026, driven by the increasing adoption of electric vehicles and advanced driver-assistance systems [9][10] Localization Efforts - Companies like STMicroelectronics and NXP are focusing on localizing production in China to enhance competitiveness in the growing electric vehicle market [9][10] - Infineon has been strengthening its local presence in China, with plans for localized production of various semiconductor products by 2027 [10]

Core Insights - The traditional consumer electronics component suppliers are increasingly entering the automotive industry due to the ongoing wave of new energy [2] - Qualcomm's Snapdragon digital chassis solution is driving the transformation of vehicles from mechanical engineering products to intelligent mobile terminals, focusing on connectivity, computing, and AI [2] - The Snapdragon Ride platform supports various driving assistance and cockpit integration features, which are essential for automotive companies to compete in the future [2] Group 1: Qualcomm's Automotive Solutions - Qualcomm has supported over 210 vehicle models from various Chinese automotive brands in the past two years using the Snapdragon digital chassis [2] - The Snapdragon Ride platform includes specific chips for urban and highway navigation assistance, as well as a unique platform that supports both digital cockpit and ADAS functionalities [2][4] - The Snapdragon Ride Elite version supports over 40 cameras and multimodal sensors for AI-based sensor fusion, enabling precise 360-degree external coverage [4] Group 2: Industry Adoption and Collaboration - More than 20 automotive companies have announced or are developing models with ADAS features based on the Snapdragon Ride platform, including major global and Chinese automakers [5] - The platform's flexible architecture allows automotive manufacturers to run both digital cockpit and driving assistance functions on the same SoC, facilitating integrated electronic and electrical architecture [4] - Generative AI is utilized in the Snapdragon Ride platform to personalize settings based on driver behavior and preferences, enhancing the driving experience [4]

Group 1 - Qualcomm showcased its Snapdragon digital chassis solutions at the Automotive Technology and Cooperation Summit, reinforcing its position as a trusted leader in the Chinese automotive industry [1] - The Snapdragon digital chassis includes a comprehensive set of solutions for driving assistance, digital cockpit, automotive intelligence, and vehicle-to-cloud services, with over 350 million vehicles globally adopting these solutions [1] - Since 2023, the Snapdragon digital chassis has supported over 210 smart models from Chinese automakers [1] Group 2 - The Snapdragon Ride platform balances performance, efficiency, and cost, with over 20 global automakers adopting it for their next-generation models [2] - In the Chinese market, more than 30 automotive brands and tier-one suppliers have integrated the Snapdragon Ride platform for Advanced Driver Assistance Systems (ADAS) [2] - The platform features a world-class safety architecture and has been validated in over 60 countries since 2016, continuously enhancing its capabilities through ongoing R&D [4] Group 3 - The integration of digital cockpit and driving assistance functions is becoming a trend with the Snapdragon Ride Flex SoC, which supports mixed critical workloads on a single hardware platform [4] - Major automotive companies like BAIC Group, Chery, and Desay SV have adopted the Snapdragon Ride Flex SoC to develop or plan mass production models, promoting centralized computing and software-defined vehicle architecture [4] - Qualcomm's collaboration with the Chinese automotive industry is significantly advancing the smart transformation of the sector through scalable technology architecture [6]