（文章来源：证券日报） 证券日报网2月12日讯 ，炬芯科技在接受调研者提问时表示，公司新产品目前已随客户产品上市并开始 贡献营收，随着下游多条线品牌客户的陆续导入立项，预计逐步将会对销售单价持续产生正向拉动。 ...

Core Viewpoint - The company emphasizes that mergers and acquisitions are a significant avenue for growth for both domestic and international listed companies, and it will evaluate potential targets based on synergy, market size, and growth prospects [2] Group 1 - The company has announced plans to issue H-shares and list on the Hong Kong Stock Exchange to support its global development strategy and overseas business expansion [2] - The company will adhere to information disclosure obligations in accordance with regulations if any significant matters arise related to the acquisitions [2]

Core Viewpoint - Juchip Technology has officially launched four chip series utilizing the first-generation in-memory computing technology, targeting various audio and AI processing applications [2] Group 1: Product Series Overview - The first series, ATS323X, is designed for low-latency, high-quality private wireless audio applications [2] - The second series, ATS286X, targets Bluetooth AI audio applications [2] - The third series, ATS362X, is aimed at edge AI processing [2] - The fourth series, ATW609X, focuses on smart wearable devices [2] Group 2: Market Performance and Client Adoption - The ATS323X has been integrated into brand clients' wireless microphones and gaming headsets, achieving excellent market performance, with other brand client products set to launch soon [2] - The ATS362X has been adopted by leading brand clients in multiple products, with some officially unveiled at CES [2] - Smart wearable products based on the ATW609X, such as AI glasses, are expected to be released shortly [2]

Core Insights - The company, Juchip Technology, has developed AI processor chips that provide substantial AI computing power for various applications, including voiceprint recognition, intelligent AI noise reduction, sound field positioning, multi-track separation, voice enhancement, semantic analysis, AI vocal beautification, AI voice changing, and AI sound effects [2] Group 1 - The AI processor chips can be widely applied in professional audio equipment such as Party speakers, sound cards, mixing consoles, professional microphones, and conference systems [2]

Core Insights - The company, Juchip Technology, has announced that three clients, INMO, Halliday, and Xingyi Intelligent, have officially launched three AI glasses products based on the company's ATS308X AI glasses solution [2] - The company is set to release a new generation of chips, the ATW609X series, designed for the smart wearable sector, featuring a tri-core architecture and the company's first-generation in-memory computing technology [2] - Multiple clients are currently developing various forms of AI glasses products based on the ATW609X and ATS308X solutions, which are expected to be launched in the market soon [2]

Core Insights - The company is making steady progress in the research and development of its second-generation in-memory computing technology IP [2] - The goal is to achieve a significant increase in single-core NPU computing power and a substantial optimization in energy efficiency [2] - The technology will fully support Transformer models, indicating a focus on advanced AI applications [2]

Core Viewpoint - Juchip Technology is experiencing strong enthusiasm from downstream customers regarding AI hardware innovation and the AI upgrade of existing products [2] Group 1: AI Hardware Innovation - Downstream customers are launching AI Note products and AI glasses, representing two innovative directions in hardware [2] - AI Note products serve as productivity tools, enhancing the efficiency of administrative and sales personnel [2] - AI glasses are undergoing continuous iterations to improve consumer wearing experience [2] Group 2: Existing Product AI Upgrade - A significant majority of audio and voice-related products are being re-enabled with AI capabilities [2] - Chip manufacturers and downstream customers are driving hardware architecture upgrades and the implementation of dedicated models for edge computing [2] - A company has already launched a collar microphone product featuring a dedicated AI noise reduction model, which is selling well [2] - Other categories, such as speakers and wearable products, are also set to advance in their AI upgrade processes [2]

（文章来源：证券日报） 证券日报网2月12日讯 ，炬芯科技在接受调研者提问时表示，公司增速较快的是低延迟高音质无线音频 SoC芯片、蓝牙音箱SoC芯片和端侧AI处理器芯片产品。其中：在低延迟高音质无线音频芯片市场，公 司把握无线麦克风市场、无线电竞耳机、无线家庭影院音响系统有线转无线化的趋势，取得了同比显著 增长；在蓝牙音箱市场，公司国际一线品牌持续提升渗透率，获得了稳健的增长；在端侧AI处理器市 场，公司突出在低功耗下提供大算力的特点，为客户提供优秀的解决方案，产品出货量实现倍数提升。 ...

Core Insights - The report highlights the strong growth potential of Luckin Coffee, projecting a compound annual growth rate (CAGR) of 25% for net profit from 2025 to 2027, driven by an increase in store count and market penetration [9][11] - The report also emphasizes the strategic positioning of Juchip Technology in the low-power AIoT chip design sector, with expectations of significant revenue growth and a favorable valuation compared to peers [3][12] - The oil and petrochemical industry is anticipated to experience a decline in oil prices, impacting upstream performance while downstream sectors may see a mixed outlook, with polyester margins expected to improve by Q4 2025 [13][14] Luckin Coffee Analysis - Luckin Coffee, established in 2017, utilizes a new retail model leveraging mobile internet and big data to provide high-quality coffee at competitive prices, achieving a market share of approximately 21.8% in China's fresh coffee sector by 2023 [9][10] - The company has a robust R&D system with 85 employees, continuously innovating and winning multiple international awards, including the IIAC International Coffee Tasting Competition [10] - The marketing strategy focuses on a youthful image and efficient private domain operations, resulting in a record of over 1 billion transactions by 2024 [10][11] - The store count reached 29,214 by Q3 2025, with a mix of direct and franchise models tailored to different market segments [10][11] - The target price for Luckin Coffee is set at $49, based on a 2026 PE valuation of 19 times, reflecting a discount compared to competitors like Starbucks [11] Juchip Technology Insights - Juchip Technology is recognized as a leading low-power AIoT chip designer, expanding its offerings from mid-to-high-end audio to edge AI applications [3][12] - The company has developed a proprietary protocol stack that enhances wireless audio capabilities, demonstrating its competitive edge in high-interference environments [3][12] - Revenue projections for Juchip Technology indicate a net profit of 2.04 billion, 2.89 billion, and 3.77 billion from 2025 to 2027, with a target PE of 38 times, suggesting a 21% upside potential [3][12] Oil and Petrochemical Industry Overview - The report forecasts a decrease in crude oil prices, with Brent crude expected to average $63.1 per barrel in Q4 2025, reflecting a 7.4% decline from the previous quarter [13][14] - Price differentials for various petrochemical products are expected to widen, with certain margins improving while others face compression [13][14] - Key companies in the sector are projected to experience varied performance, with some like China National Offshore Oil Corporation expected to see profit growth, while others like China Petroleum may face significant declines [13][14] - Investment recommendations include focusing on high-quality polyester companies and major refining firms, anticipating improved competitiveness due to cost reductions and market dynamics [13][14]

Core Insights - The global semiconductor industry has experienced new opportunities amidst challenges in the past year, with the company adhering to its core values of innovation, quality, customer-first, integrity, passion, and dedication [1][2] - The company has expanded its collaboration with top global brands, leading to increased market penetration in high-end segments and positioning itself as a key player in the next-generation audio experience [2] Company Strategy - In 2026, the company will focus on three main directions: enhancing chip capabilities by accelerating the launch of the next-generation high-efficiency edge AI chip platform, improving AI computing power under low power consumption, and ensuring compatibility with Transformer models [1][3] - The company aims to build a collaborative ecosystem for edge AI hardware by leveraging mature solutions to support partners across diverse product forms [1][3] - The company plans to extend its mature edge AI audio capabilities into broader AIoT scenarios, empowering various industries [1][3] Product Development - The first generation of the company's edge AI audio chip has achieved significant breakthroughs, enabling mass production in low-latency wireless audio applications, marking a complete transition from technical validation to commercial implementation [3] - The company has initiated projects with leading clients for high-end audio products, with new products expected to launch in 2026 [3] - The new generation of edge AI chips is set to enhance the company's core competitiveness in the AIoT field [3]