11月25日，泰凌微涨5.14%，截至发稿，报43.14元/股，成交1.56亿元，换手率2.18%，总市值103.86亿 元。 资料显示，泰凌微电子(上海)股份有限公司位于中国(上海)自由贸易试验区盛夏路61弄1号电梯楼层10 层、11层(实际楼层9层、10层)，成立日期2010年6月30日，上市日期2023年8月25日，公司主营业务涉 及无线物联网系统级芯片的研发、设计及销售,专注于无线物联网芯片领域的前沿技术开发与突破。主 营业务收入构成为：IOT产品87.62%，音频产品12.15%，其他0.23%。 从基金十大重仓股角度 刘浒累计任职时间65天，现任基金资产总规模17.89亿元，任职期间最佳基金回报0.56%， 任职期间最 差基金回报-4.72%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，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。 责任编辑：小浪快报 招商中证2000指数增强A（019918）成立日期2024年1月2日，最新规模5.73亿。今年以来收益41.49%， 同类排名513/4206；近一年 ...

Core Insights - The stock price of Tailin Micro has declined for six consecutive days, with a total drop of 9.57% during this period, currently trading at 45.34 CNY per share [1] - Tailin Micro focuses on the research, design, and sales of wireless IoT system-level chips, with 87.62% of its revenue coming from IoT products [1] Company Overview - Tailin Microelectronics (Shanghai) Co., Ltd. was established on June 30, 2010, and went public on August 25, 2023 [1] - The company is located in the Shanghai Free Trade Zone and specializes in cutting-edge technology development in the wireless IoT chip sector [1] Fund Holdings - Wan Jia Fund has a significant holding in Tailin Micro, with its Wan Jia Technology Quantitative Stock Mixed Fund A (020975) holding 12,800 shares, accounting for 1.96% of the fund's net value [2] - The fund has experienced a floating loss of approximately 61,400 CNY during the six-day decline [2] Fund Performance - The Wan Jia Technology Quantitative Stock Mixed Fund A has a total asset size of 23.99 million CNY and has achieved a year-to-date return of 40.61% [2] - The fund's manager, Yin Hang, has been in position for over five years, with the best return during this period being 67.72% [3]

Core Viewpoint - TaiLing Microelectronics has shown significant stock performance and financial growth since its IPO, indicating strong market interest and operational success [1][2]. Financial Performance - As of September 30, 2025, TaiLing Microelectronics reported a revenue of 766 million yuan, representing a year-on-year growth of 30.49% [2]. - The net profit attributable to shareholders reached 140 million yuan, with a remarkable year-on-year increase of 117.35% [2]. - The company has distributed a total of 65.87 million yuan in dividends since its A-share listing [3]. Stock Market Activity - On October 31, 2023, the stock price increased by 2.01% to 48.15 yuan per share, with a trading volume of 104 million yuan and a turnover rate of 1.30% [1]. - Year-to-date, the stock price has risen by 54.33%, although it has seen a decline of 2.85% over the last five trading days and 17.27% over the last 20 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent net buy of 19.80 million yuan on June 25 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 19.07% to 21,600, while the average circulating shares per person decreased by 14.80% to 7,815 shares [2]. - Among the top ten circulating shareholders, notable changes include a decrease in holdings by Jin Ying Technology Innovation Stock A and the entry of Hong Kong Central Clearing Limited as a new shareholder [3].

Core Viewpoint - 泰凌微's stock price has shown significant volatility, with a year-to-date increase of 53.50% but a recent decline in the short term, indicating potential market fluctuations and investor sentiment shifts [2][3]. Company Overview - 泰凌微电子 (Shanghai) Co., Ltd. was established on June 30, 2010, and went public on August 25, 2023. The company specializes in the research, design, and sales of wireless IoT system-level chips, focusing on cutting-edge technology in the wireless IoT chip sector [2]. - The company's main revenue sources are IoT products (87.62%), audio products (12.15%), and other products (0.23%) [2]. Financial Performance - For the period from January to September 2025, 泰凌微 reported a revenue of 766 million yuan, representing a year-on-year growth of 30.49%. The net profit attributable to shareholders was 140 million yuan, showing a substantial increase of 117.35% [3]. - As of September 30, 2025, the company had a total of 21,600 shareholders, an increase of 19.07% from the previous period, while the average number of circulating shares per person decreased by 14.80% [3]. Stock Market Activity - 泰凌微's stock experienced a decline of 2.01% on October 29, 2025, with a trading volume of 165 million yuan and a turnover rate of 2.02%. The total market capitalization stood at 11.529 billion yuan [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) twice this year, with the most recent appearance on June 25, where it recorded a net buy of 19.802 million yuan [2]. Shareholder Information - As of September 30, 2025, the top ten circulating shareholders included 金鹰科技创新股票A (001167) with a holding of 2.8383 million shares, which decreased by 383,100 shares compared to the previous period. 新进股东 香港中央结算有限公司 held 2.4413 million shares [4].

Core Insights - The automotive delivery volume is steadily increasing, indicating potential profitability at the operational level [1] - The smartphone gross margin is expected to be under pressure due to rising storage costs, with hopes that the high-end shift of the Xiaomi 17 series will mitigate this impact in Q4 [2] Financial Projections - Adjusted revenue forecasts for Xiaomi Group (1810.HK) for FY2025E-FY2027E are set at RMB 482.3 billion, 634.7 billion, and 750.6 billion respectively, down from previous estimates of RMB 489.1 billion, 641.8 billion, and 758.4 billion [1] - Adjusted net profit forecasts are revised to RMB 43.6 billion, 67.9 billion, and 83.3 billion for the same period, compared to prior estimates of RMB 45.4 billion, 68.1 billion, and 83.6 billion [1] - The target price for Xiaomi Group is adjusted to HKD 65.7, maintaining a "Buy" rating [1] Automotive Sector Performance - The automotive delivery volume is expected to reach approximately 109,000 units in Q3, with an anticipated increase in average selling price (ASP) due to the ramp-up of Yu7 deliveries, leading to an estimated automotive sales revenue of around RMB 29.2 billion [1] - Xiaomi's automotive division is projected to achieve operational profitability in Q3 due to scale effects and cost reduction measures [1] Smartphone Market Dynamics - In Q3 2025, global smartphone shipments increased by 2.6% year-on-year, with Xiaomi's shipments rising by 1.8% to 43.5 million units, capturing a market share of 13.5%, a slight decline of 0.1 percentage points year-on-year [2] - In the Chinese market, Xiaomi's smartphone shipments decreased by 1.7% to 10 million units in Q3 2025 [2] - The smartphone gross margin is expected to decline by 0.5 percentage points to 11% in Q3 due to the impact of rising storage costs and a decrease in sales proportion from the Chinese market [2] IOT and Internet Revenue - IOT revenue is projected to grow by 6% year-on-year to RMB 27.7 billion in Q3, although it is expected to decline quarter-on-quarter due to seasonal factors and subsidy reductions [2] - The IOT gross margin is anticipated to increase by 0.5 percentage points to 23% [2] - Internet revenue is expected to rise by 7.7% year-on-year, maintaining a gross margin of 75.4% quarter-on-quarter [2]

Group 1 - The core viewpoint of the reports indicates that Cathay Pacific Securities has adjusted Xiaomi Group-W's (01810) revenue forecasts for FY2025E-FY2027E to 482.3 billion, 634.7 billion, and 750.6 billion RMB respectively, down from previous estimates of 489.1 billion, 641.8 billion, and 758.4 billion RMB [1] - The adjusted net profit forecasts for Xiaomi Group are now 43.6 billion, 67.9 billion, and 83.3 billion RMB for FY2025E-FY2027E, compared to previous estimates of 45.4 billion, 68.1 billion, and 83.6 billion RMB [1] - The target price for Xiaomi Group has been adjusted to 65.7 HKD, while maintaining a "Buy" rating [1] Group 2 - In Q3 2025, Xiaomi's automotive delivery volume is expected to approach 109,000 units, with an anticipated increase in average selling price (ASP) due to the ramp-up of Yu7 deliveries, leading to an estimated automotive sales revenue of approximately 29.2 billion RMB [1] - The company is projected to achieve operational profitability in its automotive segment in Q3, driven by scale effects and cost reduction measures [1] Group 3 - According to IDC, global smartphone shipments in Q3 2025 increased by 2.6% year-on-year, with Xiaomi's smartphone shipments rising by 1.8% to 43.5 million units, capturing a market share of 13.5%, a slight decrease of 0.1 percentage points year-on-year [2] - In the Chinese market, Xiaomi's smartphone shipments fell by 1.7% year-on-year to 10 million units, influenced by a decline in sales proportion and rising storage costs [2] - The company's IoT segment is prioritized for profitability, with expected revenue growth of 6% year-on-year to 27.7 billion RMB in Q3, despite a slight quarter-on-quarter decline [2] Group 4 - Internet revenue is expected to grow by 7.7% year-on-year in Q3, maintaining a gross margin of 75.4% quarter-on-quarter [2] - The Xiaomi 17 series, launched at the end of September, has seen total sales increase by 30% year-on-year, with the Pro version accounting for over 80% of sales, indicating significant success in the high-end market [2]

Group 1 - The core viewpoint of the report is that Xiaomi Group's revenue and profit forecasts for FY2025E-FY2027E have been adjusted downwards, with target prices set at HKD 65.7 while maintaining a "Buy" rating [1] - Xiaomi's automotive delivery volume is expected to reach approximately 109,000 units in Q3, with an anticipated increase in average selling price (ASP) due to the ramp-up of Yu7 deliveries, leading to an estimated automotive sales revenue of around RMB 29.2 billion [1] - The company is projected to achieve operational profitability in its automotive segment in Q3, driven by economies of scale and cost reduction effects [1] Group 2 - According to IDC, global smartphone shipments increased by 2.6% year-on-year in Q3 2025, with Xiaomi's shipments rising by 1.8% to 43.5 million units, capturing a market share of 13.5% [2] - In the Chinese market, Xiaomi's smartphone shipments declined by 1.7% to 10 million units, with a slight decrease in gross margin expected due to a drop in sales proportion and rising storage costs [2] - The IOT segment is prioritized for profitability, with expected revenue growth of 6% year-on-year to RMB 27.7 billion in Q3, despite a seasonal decline, and a slight increase in gross margin [2] - Internet services are projected to contribute stable revenue and gross margin, with an expected year-on-year revenue increase of 7.7% and a gross margin of 75.4% in Q3 [2]

Company Overview - 泰凌微电子 (TaiLing Microelectronics) is located in the China (Shanghai) Free Trade Zone and was established on June 30, 2010. The company went public on August 25, 2023. Its main business involves the research, design, and sales of wireless IoT system-level chips, focusing on cutting-edge technology in the wireless IoT chip sector [2]. - The revenue composition of 泰凌微 is as follows: 87.62% from IoT products, 12.15% from audio products, and 0.23% from other sources [2]. - As of June 30, 2025, the company had 18,100 shareholders, an increase of 7.60% from the previous period, with an average of 9,173 circulating shares per shareholder, a decrease of 6.65% [2]. Financial Performance - For the first half of 2025, 泰凌微 achieved a revenue of 503 million yuan, representing a year-on-year growth of 37.72%. The net profit attributable to the parent company was 101 million yuan, showing a significant increase of 274.58% year-on-year [2]. - Since its A-share listing, 泰凌微 has distributed a total of 65.87 million yuan in dividends [3]. Stock Market Activity - On October 17, 泰凌微's stock price decreased by 2.04%, closing at 50.35 yuan per share, with a trading volume of 95.88 million yuan and a turnover rate of 1.11%. The total market capitalization is 12.12 billion yuan [1]. - Year-to-date, 泰凌微's stock price has increased by 61.38%, but it has seen a decline of 12.87% over the last five trading days and a slight decrease of 1.95% over the last 20 days. In the last 60 days, the stock price has risen by 9.93% [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) twice this year, with the most recent appearance on June 25, where it recorded a net purchase of 19.80 million yuan [1]. Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders of 泰凌微, 金鹰科技创新股票A (Golden Eagle Technology Innovation Fund) is the sixth largest shareholder with 3.22 million shares, an increase of 336,600 shares from the previous period. 信澳新能源产业股票A (Xin'ao New Energy Industry Fund) is the seventh largest shareholder, holding 2.47 million shares as a new investor [3].

Group 1 - The core point of the news is that TaiLing Microelectronics has experienced a slight decline in stock price, with a current trading price of 53.41 yuan per share and a total market capitalization of 12.858 billion yuan [1] - TaiLing Microelectronics specializes in the research, design, and sales of wireless IoT system-level chips, with 87.62% of its main business revenue coming from IoT products [1] - The company was established on June 30, 2010, and went public on August 25, 2023, indicating its recent entry into the stock market [1] Group 2 - Dongcai Fund has one fund heavily invested in TaiLing Microelectronics, specifically the Dongcai Huixin Preferred Mixed Initiation A (019113), which held 11,500 shares, accounting for 6.04% of the fund's net value [2] - The fund has reported a floating loss of approximately 34,000 yuan as of the latest update [2] - The fund was established on October 31, 2023, with a current scale of 8.8871 million yuan and has achieved a year-to-date return of 12.61% [2] Group 3 - The fund manager of Dongcai Huixin Preferred Mixed Initiation A is Luo Shen, who has been in the position for 246 days [3] - During his tenure, the fund's best return was 16.95%, while the worst return was -14.22% [3] - The total asset size of the fund is currently 30.0017 million yuan [3]

Group 1 - The core point of the news is that TaiLing Microelectronics has experienced a slight decline in stock price, with a current trading price of 55.75 yuan per share and a total market capitalization of 13.421 billion yuan [1] - TaiLing Microelectronics specializes in the research, design, and sales of wireless IoT system-level chips, with its main business revenue composition being 87.62% from IoT products, 12.15% from audio products, and 0.23% from other sources [1] - The company was established on June 30, 2010, and went public on August 25, 2023, indicating its recent entry into the stock market [1] Group 2 - North Xin Rui Feng Fund holds a significant position in TaiLing Microelectronics, with its Advantage Industry Stock Fund (013242) maintaining 21,600 shares, representing 2.1% of the fund's net value, ranking as the eighth largest holding [2] - The fund has seen a year-to-date return of 76.25%, ranking 118 out of 4,220 in its category, and a one-year return of 89.1%, ranking 63 out of 3,857 [2] - The fund manager, Cheng Min, has been in position for over 7 years, achieving a best fund return of 114.51% during his tenure [3]