Group 1: Report Core Insights - The report focuses on the research and analysis of Ankai Micro, covering aspects such as business performance, R & D investment, product development, and market expansion [25][26][28] Group 2: Research Basic Information - The research object is Ankai Micro, and the reception time is October 30, 2025. The listed company's reception staff includes Deputy General Manager and Board Secretary Li Jinyi, and Ge Chun from the Securities Affairs Department [17] Group 3: Detailed Research Institutions - The reception object is Rhino Finance and others [20] Group 4: Main Content Materials Investor Questions and Company Responses - **Question 1**: The company's Q3 revenue decreased by 9.36% year - on - year, and the net loss of parent - company shareholders increased. The company replied that the price fluctuation of the IoT product line was due to fierce market competition, and the shipment volume was steadily increasing, and its market position in visual - related segments was stable [25] - **Question 2**: The company's R & D investment in the first three quarters exceeded 30%, and 5 new chip products were launched. The company expects that some chips will be mass - produced as early as Q4, and other chips will enter the market growth or stable shipment period next year or the year after. The specific time for product commercialization varies due to multiple factors, and no clear information can be provided [26] - **Question 3**: The AI glasses - related chips have entered the large - scale promotion and customer debugging stage. The company held a technology forum last week, released new AI glasses - related chips and solutions, and customers launched products based on its chips. More customer products are expected to be launched, and the specific progress depends on customer decisions. Information on orders and sales will be disclosed as required [28] - **Question 4**: The company's previous export ratio exceeded 60%. The company did not separately count domestic and export data for Q3, and relevant content will be disclosed in semi - annual and annual reports. The company's product expansion in Asia is effective and has a substantial impact on performance, and this region is a key area for future development [28] - **Question 5**: The company's net cash flow from operating activities was - 56.86 million yuan, a year - on - year increase of 24.1%. The improvement was due to measures such as strengthening cash flow forecasting and budget management and optimizing cost control. The company will continue to manage cash flow and control costs to ensure stability [29]

Core Insights - Ankai Microelectronics (安凯微) reported a stable revenue of 351 million yuan for the first three quarters of 2025, with R&D expenses reaching 105 million yuan, accounting for 30.13% of revenue, indicating a 5.18% year-on-year increase, which lays a solid foundation for the company's long-term development [1] Group 1: Product Development and Innovation - The company launched multiple new chip products at the "2025 Ankai Microelectronics Developer Technology Forum," focusing on key areas such as visual processing, audio interaction, and power management, showcasing its technological achievements [1][2] - Ankai Micro has released a total of 8 chip products since the beginning of the year, covering the entire link from visual perception to voice interaction and control execution, providing foundational technology support for the "multi-modal + intelligent body" ecosystem [2] - The company demonstrated seven categories of application scenarios, including solar-powered smart cameras and AI glasses, expanding the practical application boundaries of edge intelligent systems [2] Group 2: Strategic Partnerships and Ecosystem Development - The forum gathered key partners and experts to discuss the integration of multi-modal perception and edge intelligence technologies, clarifying the company's strategic path in the intelligent body direction [4] - Ankai Micro has successfully taped out chips that cover major functional forms such as AI audio glasses and AI display glasses, now entering large-scale promotion and customer product development stages [3] - The company is enhancing its system capabilities from underlying hardware to terminal applications, continuously improving the adaptability and application breadth of edge intelligent solutions [7] Group 3: Future Directions and Market Trends - The DINO-X model, developed by the IDEA Research Institute, is highlighted as a leading general visual model with strong capabilities in open-world object detection and understanding, applicable in various fields such as intelligent security and autonomous driving [5] - Industry experts noted that while multi-modal large models have established numerous application scenarios, there remains significant room for improvement in specialized scenarios, particularly in balancing computing power costs and energy consumption [6] - Ankai Micro is expected to continue iterating and upgrading its products under the trends of high integration and low power consumption, leveraging its self-developed IP and SoC architecture technology [6]