Core Viewpoint - In Q2 2025, the company achieved a revenue growth of 43.9% year-on-year, with an improvement in gross margin both year-on-year and quarter-on-quarter [3][4]. Financial Performance - For the first half of 2025, the company reported a revenue of 304 million yuan, representing a year-on-year increase of 47.82%, and a net profit attributable to shareholders of 25 million yuan, marking a turnaround from losses. The gross margin stood at 31.64%, up by 10.21 percentage points year-on-year [4]. - In Q2 2025, the company generated a revenue of 169 million yuan, reflecting a year-on-year increase of 43.9% and a quarter-on-quarter increase of 25.2%. The net profit attributable to shareholders was 22 million yuan, showing a year-on-year growth of 207.9% and a quarter-on-quarter growth of 684.3%. The gross margin for this quarter was 36.2%, an increase of 15.2 percentage points year-on-year and 10.2 percentage points quarter-on-quarter [4]. Product Line Performance - The company experienced significant growth in multiple product lines, with pressure sensor revenue reaching 133 million yuan, a year-on-year increase of 67.05%, and inertial sensor revenue at 20 million yuan, a year-on-year increase of 98.82%. The increase in high-margin products has significantly improved the company's profitability, with Q2 2025 gross margin reaching a four-year high of 36.2% [5]. - In the first half of 2025, MEMS pressure sensors, MEMS acoustic sensors, and MEMS inertial sensors accounted for approximately 44%, 37%, and 6.5% of the company's main business revenue, respectively. The pressure sensor business has surpassed the acoustic product line to become the largest revenue contributor [5]. New Product Development - The demand for new consumer electronics driven by AI applications is increasing, with the MEMS acoustic sensor positioned as a key input for AI voice interaction technology. The company has begun developing high signal-to-noise ratio, low-power digital microphones, with some models already in small-scale production. Additionally, the company is focusing on R&D for next-generation products, including bone conduction acoustic sensors for AI glasses and six-dimensional force sensors based on MEMS chips [6].

Core Viewpoint - Anhui Xindong Link Micro System Co., Ltd. has successfully completed its initial public offering (IPO) on the Sci-Tech Innovation Board, raising a total of RMB 147.63 million with a net amount of RMB 135.44 million after deducting issuance costs [1] Group 1: IPO Details - The company issued 55.21 million shares at a price of RMB 26.74 per share, with a par value of RMB 1.00 per share [1] - The IPO was approved by the China Securities Regulatory Commission (CSRC) under document number "Zheng Jian Xu Ke [2023] 1012" [1] - The shares were listed on the Shanghai Stock Exchange on June 30, 2023 [1] Group 2: Continuous Supervision - The sponsor, CITIC Securities, has established and effectively executed a continuous supervision work plan in accordance with CSRC regulations [2] - During the supervision period, the company did not encounter any violations or breaches of commitments [2][4] - The sponsor conducted regular communication, site visits, and due diligence to monitor the company's operations [2][3] Group 3: Financial Performance - For the first half of 2025, the company reported operating revenue of RMB 253.13 million, an increase of 84.34% compared to the same period in 2024 [9] - The net profit attributable to shareholders reached RMB 147.52 million, reflecting a growth of 210.65% year-on-year [9] - The company's total assets as of June 30, 2025, were RMB 2.46 billion, a 3.28% increase from the end of 2024 [9] Group 4: Core Competitiveness - The company possesses core technologies in MEMS inertial sensor chip design, MEMS process development, and packaging/testing standards, with proprietary intellectual property rights [10] - The company has established a stable cooperative relationship with multiple wafer manufacturers and packaging vendors, enhancing its production capabilities [11] - As of June 30, 2025, the company had 98 R&D personnel, accounting for 44.95% of its total workforce, with a significant portion holding master's or doctoral degrees [11] Group 5: Use of Raised Funds - The company raised a total of RMB 147.63 million from the IPO, with a net amount of RMB 135.44 million after deducting issuance costs [12] - As of June 30, 2025, the balance of the raised funds was RMB 928.91 million, with specific allocations for project investments and working capital [12][13] - The use of raised funds complies with relevant regulations and has been disclosed appropriately [13]

Core Viewpoint - Suzhou Memsensing Microsystems Co., Ltd. reported significant growth in revenue and profit for the first half of 2025, driven by increased sales in new product lines and effective cost management. Financial Performance - Revenue for the first half of 2025 reached approximately 303.99 million yuan, a 47.82% increase from 205.65 million yuan in the same period last year [3][5] - Total profit amounted to approximately 25.75 million yuan, a significant recovery from a loss of 35.87 million yuan in the previous year [4][5] - Net profit attributable to shareholders was approximately 25.19 million yuan, compared to a loss of 35.16 million yuan in the same period last year [4][5] - The net cash flow from operating activities improved by approximately 39.41 million yuan, reflecting increased sales and collection of receivables [5] Business Overview - The company specializes in MEMS (Micro-Electro-Mechanical Systems) sensor products, focusing on design, manufacturing, and sales [6][9] - Key product lines include MEMS acoustic sensors, pressure sensors, and inertial sensors, with a strong emphasis on R&D and market expansion [6][9] - The company aims to become a leading platform enterprise in the MEMS chip industry, leveraging its technological capabilities and market presence [6][12] Industry Context - The MEMS industry is experiencing rapid growth, with a projected global market size of approximately 22.25 billion USD by 2027, reflecting a compound annual growth rate of 9.30% from 2018 to 2027 [10][11] - The demand for MEMS sensors is driven by advancements in IoT, AI, and 5G technologies, which require low-power, high-performance sensing solutions [11][19] - The company is well-positioned to capitalize on emerging opportunities in various sectors, including consumer electronics, automotive, industrial control, and healthcare [12][19] Technological Advancements - The company has developed proprietary technologies in MEMS sensor design, wafer manufacturing, packaging, and testing, ensuring a competitive edge in the market [17][18] - It holds a significant number of patents, with 162 granted and 287 pending, indicating a strong commitment to innovation and intellectual property development [17][18] - The company is actively involved in national and provincial research projects, enhancing its technological capabilities and industry standing [17][18]

Core Viewpoint - The company has secured short-term orders that exceed its total revenue for the entire year of 2024 [1]. Group 1: Inertial Sensors - Inertial sensors utilize inertial technology through embedded micro-mechanical chips (MEMS) and dedicated control circuit chips (ASIC) to sense the motion posture and trajectory of objects [3]. - These sensors do not rely on external information and do not radiate energy externally, making them highly effective in various applications [3]. - The main types of inertial sensors are gyroscopes, which sense angular velocity, and accelerometers, which sense linear acceleration, allowing for the calculation of an object's motion state relative to its initial position [5]. Group 2: Applications of Inertial Sensors - Inertial sensors are widely used across various fields, from strategic areas like satellite radar and aerospace to commercial sectors such as consumer electronics, humanoid robots, low-altitude economy, smart driving, drones, and oil exploration [5]. - The ability of inertial sensors to maintain navigation when GPS signals are lost, such as when a car enters a tunnel, highlights their critical role in modern technology [4].

本报记者徐一鸣 应用方面，作为国内MEMS（微机电系统）惯性传感器头部企业，芯动联科产品广泛应用于石油勘探、 高速铁路等领域。在保持传统领域持续深耕的同时，芯动联科依托全链条自主技术及高毛利率优势，持 续受益于低空经济、智能驾驶及人形机器人等新兴场景。 例如，在低空经济领域，公司高性能MEMS IMU（微机电系统惯性测量单元）作为实时感知航空器运 动状态与姿态变化的核心传感部件，正随着行业的快速发展迎来需求成长期。 目前，芯动联科构建了双轨合作模式，一是与主机厂直连，提供IMU（惯性测量单元）组合或组合导航 形式的航姿仪产品；二是为传统航姿及飞控系统厂商供应芯片，赋能其开发基于MEMS（微机电系统） 惯性器件的IMU（惯性测量单元）与航姿系统。 芯动联科表示，尽管当前公司产品在低空行业未形成大批量出货，但市场加速态势明显，未来增长潜力 巨大。 中国投资协会上市公司投资专业委员会副会长支培元向《证券日报》记者表示，随着新兴市场的逐步成 熟，芯动联科有望凭借其技术优势和市场先发优势，进一步扩大市场份额，实现业绩的持续增长。然 而，半导体行业技术迭代迅速、市场竞争激烈，芯动联科仍需不断创新，紧跟行业发展趋势，以应对 ...

Core Viewpoint - The company, known for its MEMS technology platform, aims to become a leading MEMS chip enterprise with multiple product lines catering to consumer electronics, automotive, and medical sectors [2]. Group 1: Company Overview - Established in 2007 and listed on the Shanghai Stock Exchange in August 2020, the company specializes in MEMS chip design and manufacturing [2]. - The main products include MEMS acoustic sensors, MEMS pressure sensors, and MEMS inertial sensors, which accounted for 48%, 42%, and 5% of total revenue in 2024, respectively [2]. Group 2: Financial Performance - In 2024, the company reported a revenue of 506 million yuan, representing a year-on-year increase of 35.7%, while the net profit attributable to shareholders was -35 million yuan, up 65.4% year-on-year [3]. - For Q1 2025, revenue reached 135 million yuan, a 53% increase year-on-year, with a net profit of 3 million yuan, reflecting a 119.7% year-on-year growth [3]. - The gross margin for 2024 was 24.88%, an increase of 8.07 percentage points year-on-year [3]. Group 3: Market Opportunities - The acceleration of AI applications in edge devices, such as AI smartphones and PCs, is expected to drive demand for MEMS acoustic sensors, particularly in AI glasses [4]. - The company is developing various sensor products for humanoid robots, which will enhance its market presence in emerging fields [4].

Core Insights - The company reported a revenue increase without profit, with a cumulative net loss of nearly 200 million yuan over three years [1][2] - The revenue growth was primarily driven by the pressure sensor business, but this was achieved at the cost of lower prices, leading to cash flow pressure and increased inventory [1][5] - The company is facing challenges with its core acoustic sensor business, which saw a revenue decline [2][3] Revenue and Profitability - In 2024, the company achieved total revenue of 506 million yuan, a year-on-year increase of 35.71%, but reported a net loss of 35.24 million yuan, although the loss narrowed compared to previous years [2][5] - The acoustic sensor business, which contributes nearly 50% of total revenue, experienced a revenue decline of 5.95%, generating 241 million yuan [2][3] - The pressure sensor business saw significant growth in sales volume, reaching 455 million units, but the average selling price dropped by 56.75% to 0.47 yuan per unit, impacting profit margins [3][5] Inventory and Cash Flow - The company's inventory increased to 241 million yuan, a 39% rise, which is higher than the revenue growth rate, leading to cash flow issues with a net cash flow from operating activities of -39.98 million yuan [5][6] - The overall gross margin has been declining, with a slight recovery to 24.88% in 2024, but still significantly lower than competitors [5][6] Business Model and Market Position - The company primarily serves ODM manufacturers in the consumer electronics sector, which limits its profit margins as these manufacturers face tight profit margins themselves [6][7] - The company has established relationships with notable end customers like Samsung and Xiaomi, but the profit distribution in the supply chain heavily favors brand owners [6][7] Financing and Investment Projects - The company plans to raise up to 300 million yuan through a new round of private placement, despite having unutilized funds from previous fundraising efforts [7][8] - Previous fundraising projects have not yielded expected profitability, with significant losses reported from earlier investments [7][8] Shareholder Actions - Major shareholders have been reducing their stakes, with significant sell-offs by the largest shareholder, raising concerns about the company's future prospects [9][10] - The stock price has dropped over 70% from its peak, reflecting market sentiment regarding the company's performance [11]

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1][5] Core Views - The company has shown a significant turnaround in its performance with a revenue growth of 35.7% year-on-year in 2024, and a substantial reduction in losses by 65.4% to RMB 0.4 billion. Notably, Q4 2024 marked the first quarter since 2022 where the company achieved a positive net profit attributable to shareholders [3][8] - The company's strategic focus on edge AI and humanoid robots is expected to drive future revenue growth, maintaining the "Buy" rating [3][5] Financial Summary - The company is projected to achieve a net profit attributable to shareholders of RMB 0.41 billion, RMB 0.97 billion, and RMB 1.59 billion for the years 2025, 2026, and 2027 respectively, with corresponding earnings per share of RMB 0.73, RMB 1.73, and RMB 2.84 [5][7] - The revenue for 2024 is expected to be RMB 5.06 billion, with a growth rate of 35.7%, and the EBITDA is projected to be RMB 4 million [7][9] - The gross margin for 2024 is reported at 24.9%, an increase of 8.1 percentage points year-on-year, while the net margin improved to -7.0%, up by 20.6 percentage points year-on-year [8][9] Business Performance - The company's MEMS pressure sensor revenue surged by 150.7% year-on-year, contributing significantly to the overall revenue growth, which is now diversified beyond a single growth driver [8] - The company has initiated several R&D projects targeting the demands of humanoid robots, including MEMS six-dimensional force/torque sensors and flexible pressure and temperature sensors [8]