营收结构显韧性，GPU+端侧 AI 双驱动 事项： 公司发布半年报，报告期内实现营业收入 1.93 亿元，同比下降 44.78%；利润 总额为-1.20 亿元，同比下降 671.72%；归母净利润-0.88 亿元，同比下降 356.51%。单 Q2 来看，实现营业收入 0.91 亿元，同比下降 62.40%；归母净利 润-0.33 亿元，同比下降 171.70%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万) | 466 | 791 | 1,234 | | 1,900 | | 同比增速(%) | -34.6% | 69.6% | 56.1% | | 53.9% | | 归母净利润(百万) | -165 | 0 | 81 | | 159 | | 同比增速(%) | -376.7% | 99.8% | 23,973.5% | | 96.2% | | 每股盈利(元) | -0.32 | 0.00 | 0.16 | | 0 ...

Company Overview - Changsha Jingjia Microelectronics Co., Ltd. focuses on information detection, processing, and comprehensive applications, providing high-quality and reliable products and solutions [1][2] - The company specializes in high-reliability electronic products, with core businesses in graphics display control, specialized radar, and chip sectors [2][3] Financial Performance - In the first half of 2025, the company experienced fluctuations in operating performance due to industry demand, project delays, increased R&D investment, and intense market competition [4] - R&D investment reached 153 million RMB, accounting for 79.40% of operating revenue, ensuring continued product iteration and strategic market expansion [4] Investment Activities - The company plans to invest 220 million RMB in Wuxi Chengheng Microelectronics Co., Ltd., acquiring a 33.59% stake and becoming the controlling shareholder [5][6] - This investment aims to enter the edge AI chip sector, enhancing the company's product matrix and market capabilities [9] Edge AI Chip Development - Edge AI chips are designed for local data processing, reducing reliance on cloud computing, and are expected to see explosive demand growth [7][9] - Chengheng Micro focuses on AI chip design and development, with products targeting applications in object recognition, edge computing, and intelligent terminals [6][7] Strategic Outlook - The partnership with Chengheng Micro is expected to leverage technical and market synergies, creating a dual-driven development model of "high-performance GPU + edge AI chips" [9] - This strategy aims to enhance the company's competitive capabilities and create new revenue growth points in the AI sector [9]