近期，市场行情持续向好，上证指数一度突破四年新高，与之对应的是，个股也随之"水涨船高"。然 而，在市场情绪氛围较浓之际，上市公司大股东或高管却抛出减持计划。对于普通投资者，又该如何理 解这种减持行为？ 一方面，减持是股东正常行驶财产权利，只要减持行为建立"公平、公正、公开"等三公及合规等原则 下，股东有权行使正当权益； 另一方面，由于资本市场信息的不对称性，作为上市公司大股东或高管的内部人，其减持行为或也可以 作为普通投资者观察上市公司一个有效窗口，即其内部关键人减持是否或可能意味着其对公司未来发展 可能缺乏信心或公司当前股价可能存在高估的水分基本面难以支撑等信号？这种"内部人"减持信号或值 得投资者高度关注。 基于上述一系列背景，我们将对近期公司相关减持进行系列复盘。 遭内部人"组团"减持 近日，智微智能控股抛出减持计划。 公司看似高增业绩，但事实上也存在隐忧。 一方面，公司近三个季度增速持续下降。鹰眼预警显示，24年Q4、25年Q1、25年Q2的营收增速分别为 41.41%、19.35%、12.31%。 | | 分产品 | | | | | | --- | --- | --- | --- | --- | - ...

基于上述一系列背景，我们将对近期公司相关减持进行系列复盘。 遭内部人"组团"减持 近日，智微智能控股抛出减持计划。 9月12日，公司发布关于公司控股股东、实际控制人减持预披露的公告。公告显示，公司控股股东、实 际控制人之一郭旭辉计划在公告披露之日（2025年9月12日）起十五个交易日后的三个月内（即2025年 10月14日至2026年1月13日），以集中竞价交易和大宗交易相结合的方式减持公司股份合计不超过7， 500，000股，约占公司总股本比例2.9749%。 近期，市场行情持续向好，上证指数一度突破四年新高，与之对应的是，个股也随之"水涨船高"。然 而，在市场情绪氛围较浓之际，上市公司大股东或高管却抛出减持计划。对于普通投资者，又该如何理 解这种减持行为？ 一方面，减持是股东正常行驶财产权利，只要减持行为建立"公平、公正、公开"等三公及合规等原则 下，股东有权行使正当权益； 另一方面，由于资本市场信息的不对称性，作为上市公司大股东或高管的内部人，其减持行为或也可以 作为普通投资者观察上市公司一个有效窗口，即其内部关键人减持是否或可能意味着其对公司未来发展 可能缺乏信心或公司当前股价可能存在高估的水分基本面 ...

声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 近日，深圳市智微智能科技股份有限公司接待了多家机构的调研，展现出在智联网硬件领域的深厚实力 与发展潜力。 据公司发布的投资者活动记录表显示，此次投资者关系活动类别为特定对象调研，于2025年9月10日在 公司会议室举行。参与单位包括建信基金的李登虎、张文浩，国泰海通的张唯佳、魏宗，新华资产的孙 浩文，申万宏源的胡书捷、崔航。上市公司接待人员为董事会秘书张新媛。 在活动中，公司首先介绍了基本情况。智微智能（股票代码：001339）作为国内领先的智联网硬件产品 及解决方案提供商，是国家高新技术企业与"专精特新"小巨人企业。公司秉持"构建数智底座，共创智 能未来"的使命，为产业数智化 ...

Company Overview - Shenzhen Zhimi Intelligent Technology Co., Ltd. is a leading provider of intelligent internet hardware products and solutions in China, recognized as a national high-tech enterprise and a "specialized and innovative" small giant enterprise [2][3] - The company focuses on building a robust hardware foundation for industrial digitalization, promoting intelligent internet applications across various scenarios [2][3] Business Segments - Main business areas include industry terminals (e.g., PCs, OPS, cloud terminals), ICT infrastructure (servers, switches, cybersecurity hardware), industrial IoT (robot controllers, industrial motherboards, industrial computers, AI edge devices), and intelligent computing [3][4] - The product layout meets diverse AI application needs in sectors such as AI high-performance computing, robotics, smart education, smart office, smart finance, industrial automation, and smart healthcare [3][4] Strengths in Computing Power - The company aims to be an "AIGC full lifecycle service provider," focusing on computing power planning and equipment supply, with computing power leasing as a new growth area [3][5] - As of mid-2025, the order backlog has exceeded the total for the previous year, indicating strong market competitiveness [3][5] - The HAT cloud platform, launched in April 2025, offers flexible resource scheduling and cost optimization, supporting various customer needs with a standardized computing power unit and pay-per-use model [3][5] Product Innovations - The "Zhiqing" series of robot brain domain controllers utilizes NVIDIA Jetson chips, offering AI computing options ranging from 100 TOPS to 2070 FP4 TFLOPS [4][6] - The company has established a comprehensive "end-to-end" service system covering the entire lifecycle of equipment, ensuring timely service response and reliable spare parts supply [3][5] Future Strategy - The company plans to embrace AI comprehensively, focusing on three main areas: cloud, edge, and terminal, with five product categories in development [5][6] - In the edge AI sector, the company offers integrated computing power machines with various configurations to meet diverse computing needs in professional creation, data centers, and high-performance computing clusters [6][7] - The generative AI BOX supports local deployment of models, covering large language models (LLM) and visual language models (VLM), providing robust support for complex applications [6][7]

Group 1 - The company stated that external uncertainties such as tariffs have a limited impact on its operations, with overseas business revenue expected to account for 8.33% in 2024, primarily concentrated in Europe and the Asia-Pacific region [2] - The company has diversified its raw material procurement strategy to mitigate risks, focusing on overseas sourcing mainly from the Asia-Pacific region [2] - The company has proactively stocked CPUs during periods of policy uncertainty, restoring normal supply levels and deepening cooperation with major domestic chip manufacturers [2] Group 2 - In terms of business segments, the terminal business is projected to achieve revenue of 2.597 billion yuan in 2024, reflecting a year-on-year growth of 3.65%, with the PC segment growing faster than the industry average due to new customers and product category expansion [2] - The ICT infrastructure business revenue is expected to be 631 million yuan, down 7.73% year-on-year, although server and workstation revenues have nearly doubled due to surging AI demand [2] - The industrial IoT segment, a key focus for the company's OBM transformation, has seen revenue growth of 47.88% to 151 million yuan through deepened collaborations with leading companies like BYD and Li Auto [2] Group 3 - The newly added intelligent computing business has performed well, generating annual revenue of 300 million yuan and contributing a net profit of 88.79 million yuan [2] - The company plans to focus on AI computing power lifecycle services, having launched the HAT cloud platform and intends to offer flexible service models such as tidal pricing and prepaid packages [2] - The first quarter has seen a strong order backlog for the intelligent computing business, with stable supply chain conditions, and the company aims to enhance profitability through operational adjustments and high-value-added services like computing power leasing [2] Group 4 - In financial management, the increase in asset impairment in 2024 is mainly due to the rise in accounts receivable and inventory, with the company enhancing collection and inventory management [3] - The company has reversed credit impairment losses of 21 million yuan in the first quarter of 2025 and optimized the provision for inventory write-downs [3] - The significant increase in prepayments is attributed to material procurement for the intelligent computing business, with related amounts transferred to inventory in the first quarter [3]