公开资料显示，中科蓝讯是一家专注于蓝牙耳机和蓝牙音箱音频芯片以及相关终端产品的芯片设计企业。公司围绕无线音频SoC和AIoT连接 芯片布局，产品覆盖TWS耳机、蓝牙音箱、可穿戴设备等多类智能硬件。近年来，公司在高算力、低功耗音频平台和端侧AI应用方向加大 投入，逐步形成较为完整的产品矩阵。 从公司本次回复内容来看，中科蓝讯正以讯龙三代BT895X、AB6003G及BT8951H等多款芯片为抓手，深化与火山引擎及豆包大模型的合 作，丰富AI耳机及AI玩具等端侧应用场景。公司表示，未来将持续布局AI端侧领域，继续与国内外大模型平台开展合作，向市场推出用户 体验更优的AI端侧产品解决方案。 （校对/秋贤） （文/罗叶馨梅）12月11日，中科蓝讯（688332.SH）在互动平台回答投资者提问时表示，自2024年11月起，公司讯龙三代芯片BT895X平台 已完成与火山方舟MaaS平台的对接。该平台可向用户提供适配豆包大模型的软硬件一体化解决方案，并已搭载于FIIL GS Links AI高音质开 放式耳机。公司称，目前正按照既定节奏与火山引擎持续、分阶段推进合作落地。 公告内容显示，2025年6月，中科蓝讯携基于AB6 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by more than 15% over the next 6-12 months [8]. Core Views - The company reported a 2.6% year-on-year increase in revenue for the first half of 2025, totaling 810 million yuan, while net profit decreased by 2.6% to 130 million yuan. The gross margin improved by 0.9 percentage points to 22.9% [5]. - In Q2 2025, the company saw significant quarter-on-quarter improvement, with revenue reaching 440 million yuan, a 3.8% year-on-year increase and a 21.0% quarter-on-quarter increase. Net profit for Q2 was 90 million yuan, up 8.1% year-on-year and 92.1% quarter-on-quarter [5]. - The decline in net profit year-on-year is attributed to increased R&D investments, which amounted to 80 million yuan, raising the R&D expense ratio by 1.2 percentage points to 9.3% [5]. Summary by Sections Financial Performance - The company achieved a revenue of 810 million yuan in H1 2025, with a gross margin of 22.9% [5]. - Q2 2025 revenue was 440 million yuan, with a gross margin of 23.0% [5]. - The projected revenues for 2025-2027 are 2.29 billion, 2.81 billion, and 3.41 billion yuan respectively, with net profits of 380 million, 480 million, and 610 million yuan [8]. AI and Product Development - The company has made significant strides in AI applications, particularly in AI headphones and smart speakers, with key partnerships and product launches [6]. - The introduction of the AB6003G Wi-Fi chip aims to enhance the smart toy ecosystem, promoting the upgrade of traditional toys to smart, interactive versions [7]. Market Position and Growth - The company is expanding its Wi-Fi product line and has seen growth in smart wearable devices, particularly in markets like India [7]. - The report anticipates continued revenue growth driven by new product categories and technological advancements [8].