乐鑫科技 20260323 摘要 请介绍一下公司 2025 年的整体经营业绩、业务结构以及增长特征？ 公司在技术研发和产品规划上有何新进展，特别是在 Wi-Fi 7、低功耗领域以 及端侧 AI 能力方面？ 2025 年毛利率提升 2.7pct，毛利额 11.95 亿，人均毛利 133 万；盈 利增强源于销售结构优化及 S/C 系列高端产品放量，物联网由连接驱动 转向功能驱动。 业务结构去中心化：智能家居占比降至约 60%（+20%），光伏、储能、 工业等非家居领域增速超 40%，境外收入占比 29.8%且增速超 40%， 抗周期能力显著增强。 产品矩阵演进：H2/H4 超低功耗系列及 Wi-Fi 6E 产品 2026 年量产； P4 系列 2026 年定型量产并预计 2027 年贡献业绩；Wi-Fi 7 研发成果 预计 2027 年发布。 端侧 AI 布局：S3 芯片出货持续增长提升 ASP，支持云端 AI 协作（如 OpenAI Cloud）；AI 玩具等应用虽占比尚小但增速快，公司通过"连 接+计算"SoC 路径承接算力升级需求。 供应链与成本管理：针对存储芯片涨价已进行战略备货，具备向下游顺 利传导成本 ...

Core Viewpoint - The company reported strong growth in Q1 2025, with revenue of 558 million yuan, a year-on-year increase of 44% and a quarter-on-quarter increase of 2%, driven by robust performance across product lines and a solid ecosystem benefiting from innovations in AI toys [1][2]. Financial Performance - Q1 2025 revenue reached 558 million yuan, up 44% year-on-year and 2% quarter-on-quarter, with the smart home sector growing approximately 30% year-on-year [1]. - Gross margin stood at 43.4%, reflecting a year-on-year increase of 1.4 percentage points, despite a quarter-on-quarter decrease of 3.5 percentage points, supported by stable product pricing and scale effects [1]. - Net profit attributable to shareholders was 94 million yuan, a year-on-year increase of 73.8% and a quarter-on-quarter increase of 6.2% [1]. - Deducted non-recurring profit, net profit was 89 million yuan, up 86% year-on-year and 15.2% quarter-on-quarter, with a net profit margin of 16%, an increase of 3.6 percentage points year-on-year and 1.8 percentage points quarter-on-quarter [1]. Product Development and Market Expansion - The company is successfully expanding its product offerings in edge AI and low-power sectors, with expectations for high growth in new products by 2025 [2]. - The S3 series enhances edge AI applications with vector instructions for neural network computation and signal processing, compatible with applications like Doubao, ChatGPT, and Wenxin Yiyan [2]. - The C6 series demonstrates excellent performance in low-power Wi-Fi, targeting battery and energy storage markets [2]. - The C5 series is the first dual-band Wi-Fi 6 product, expected to launch soon, while the H4 series adds support for IEEE 802.15.4 technology, marking entry into the Thread/Zigbee market [2]. - The P4 series utilizes a self-developed high-performance dual-core RISC-V processor to meet higher edge computing demands [2]. Ecosystem and Market Trends - The AIoT ecosystem remains robust, benefiting from innovations in AI toys and other edge-side trends [2]. - The company continues its B2D2B business model, with a solid ecosystem evidenced by 140,100 GitHub ESP32 projects as of the end of Q1 2025 [2]. - The acquisition of a majority stake in M5Stack in Q2 2024 has led to rapid growth in education and developer markets, further strengthening the company's ecosystem [2]. - Collaborations with Volcano Engine and IP providers are expected to yield new AI toy products within the year, capitalizing on emerging market trends [2].