Group 1 - The company held an earnings briefing on September 19, 2025, via an online platform, allowing investors to participate through questions [1] - Key personnel present included the Vice President, Secretary of the Board, and representatives from the securities department [1] Group 2 - The company is engaged in ongoing collaborations with major firms like Alibaba, Huawei, and Tencent, with specific project details to be announced through official channels [2] - The company is promoting its JM11 series graphics processing chips, which are designed for cloud applications and high-performance rendering, currently in the promotion phase [2] - The company is actively advancing its capital increase and R&D projects, with a focus on next-generation GPU development and AI chips [2] - The company indicated that sales and revenue details for its JM11 and Jinghong products would be available in periodic reports [2] - The company acknowledged fluctuations in its Q2 performance due to industry demand and competition, and it is working on strategies to address these challenges [2]

Group 1: Company Collaboration and Product Development - The company is actively pursuing deep ecological cooperation with upstream and downstream manufacturers in the industry, including potential collaborations with Alibaba, Huawei, and Tencent [2][3]. - The company is focusing on the development of new computing power products, with plans for new product launches from this year to the first half of next year [2][3]. - The JM11 series graphics processing chips are currently in the promotion application stage, aimed at building a domestic GPU application ecosystem [3][4]. Group 2: Financial Performance and Market Strategy - The company is addressing fluctuations in its operating performance due to industry demand, project delays, increased R&D investment, and intense market competition [5][6]. - The company is committed to enhancing operational efficiency and expanding its business scope to adapt to the competitive market environment [5][6]. - The company is expected to disclose its third-quarter performance report for 2025, which will provide insights into its financial recovery [6][7]. Group 3: Investor Relations and Communication - The company encourages investors to refer to official announcements for updates on external collaborations and product development plans [2][3]. - The company is actively engaging with investors through online platforms, addressing questions regarding product sales, project progress, and market strategies [2][3][4]. - The company acknowledges the importance of maintaining investor confidence and is exploring reasonable ways to boost stock prices while focusing on operational growth [4][5].

Investment Rating - Maintain Outperform rating with a target price of RMB 86.50 [5][10] Core Views - The company is experiencing performance fluctuations due to downstream demand and high R&D investment, but is expected to recover driven by AI and information innovation [10] - EPS forecast for 2025-2027 is RMB 0.06, 0.20, and 0.39 respectively, with a premium applied above average value, resulting in a 65x PS for 2025 [5][10] - Revenue for 2024 is projected at RMB 466 million, a year-on-year decrease of 34.62%, with a net profit attributable to shareholders of -RMB 165 million, a year-on-year decrease of 376.67% [10] Financial Summary - Total revenue for 2023 is RMB 713 million, with a projected decline to RMB 466 million in 2024, followed by recovery to RMB 695 million in 2025, RMB 935 million in 2026, and RMB 1,220 million in 2027 [4] - Net profit attributable to shareholders is expected to be -RMB 165 million in 2024, recovering to RMB 32 million in 2025, RMB 106 million in 2026, and RMB 205 million in 2027 [4] - R&D investment remains high, accounting for 68.17% of revenue in Q1 2025, with a total investment of RMB 70 million [10] Product Development and Strategy - The company is transitioning from specialized to general-purpose GPUs, focusing on AI applications and developing high-performance GPUs, modules, and systems [10] - Successfully developed the Jinghong series high-performance intelligent computing modules and systems, filling product gaps in AI training, inference, and scientific computing [10] - The JM11 series graphics processing chips are designed for cloud applications and high-performance rendering needs, currently in the promotion stage [10] Management and Innovation - Comprehensive management reform is being implemented to optimize business processes and improve product development efficiency and quality [10] - The company is adopting a low-cost strategy through lean management, process optimization, and technology upgrades to drive product innovation and reduce operating costs [10] - Continuous focus on building organizational capabilities and enhancing management leadership and execution through systematic training [10]

Company Overview - Changsha Jingjia Microelectronics Co., Ltd. focuses on information detection, processing, and comprehensive applications, providing high-quality and reliable products and solutions [1] - The company specializes in the R&D, production, and sales of high-reliability electronic products, with core businesses in graphics display control, small specialized radar, and chip fields [1][2] Product Development and Market Position - The JM11 series graphics processing chips cater to cloud applications and high-performance rendering scenarios, supporting major operating systems [3] - The company is advancing its "high-performance chip R&D and industrialization" and "general GPU advanced architecture R&D center" projects [3][4] - The company has successfully developed portable anti-drone radar, which is currently in the market promotion phase [4] R&D and Talent Strategy - The R&D team is primarily composed of personnel with master's and doctoral degrees, emphasizing talent development and recruitment to enhance the team's capabilities [4] - The company adheres to a "dual-wheel drive" strategy, focusing on product management and seeking new growth points in both specialized and general markets [4] Future Strategic Planning - In the coming years, the company will continue to invest in R&D, enhance product competitiveness, and expand applications in artificial intelligence [4] - The company aims to strengthen its market presence in small specialized radar by enhancing product delivery and expanding market outreach [4]