人民财讯11月17日电，翱捷科技(688220)11月17日公告，11月6日至11月17日，阿里巴巴(中国)网络技术 有限公司通过大宗交易方式减持公司股份423.92万股，占公司总股本的比例由15.00%减少至13.99%，权 益变动触及1%刻度。截至本公告披露日，上述减持计划尚未实施完毕。 ...

| | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | √其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______________（请注明） | 证券代码：688220 证券简称：翱捷科技 公告编号：2025-038 翱捷科技股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性 公告 阿里巴巴（中国）网络技术有限公司保证向本公司提供的信息真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 15.00% | | | | 权益变动后合计比例 | 13.99% | | | | 本次变动是否违反已作出的承 | 是□ | 否√ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否√ ...

翱捷科技公告，阿里巴巴通过大宗交易方式减持公司股份423.92万股，持股比例由15.00%减少至 13.99%。此次权益变动属于股东主动减持，不触及要约收购，且不违反已披露的减持计划。本次变动 不会导致公司实际控制人发生变化，也不会对公司治理结构及持续经营产生重大影响。 ...

Summary of Key Points Core Viewpoint - On November 13, a total of 20 stocks from the STAR Market experienced block trading, with a cumulative transaction amount of 833 million yuan, indicating active trading in the sector [1]. Group 1: Trading Activity - There were 52 block trades executed, with a total trading volume of 11.58 million shares [1]. - The stock with the highest transaction amount was Zhongwei Company, which had 6 block trades totaling 1.5856 million shares and a transaction amount of 442 million yuan [1]. - Other notable stocks in terms of transaction amounts included Aojie Technology and Baiwei Storage, with block trading amounts of 124 million yuan and 46.3162 million yuan, respectively [1]. Group 2: Price and Discount Analysis - Among the stocks that underwent block trading, the highest discount rates relative to the closing prices were observed in Lexin Technology, Jiahua Technology, and Yunyong Technology, with discount rates of 20.81%, 19.58%, and 15.64% respectively [1]. - The average increase for the stocks involved in block trading was 3.47%, with 419 stocks rising, representing 70.78% of the total [1]. Group 3: Institutional Participation - Institutional trading accounted for 17 transactions involving 7 stocks, with the highest buying amounts in Zhongwei Company, Aojie Technology, and Baiwei Storage, at 126 million yuan, 75.3651 million yuan, and 46.3162 million yuan respectively [2]. - In terms of net capital flow, 9 stocks saw net inflows, with the highest inflows in Huasheng Lithium, Kangpeng Technology, and Hanwujing, amounting to 88.8353 million yuan, 86.4675 million yuan, and 80.2518 million yuan respectively [2]. Group 4: Stock Performance - The STAR 50 Index rose by 1.44% on the same day, reflecting positive market sentiment [1]. - The top gainers among the stocks involved in block trading included Kangpeng Technology, Huasheng Lithium, and Baiwei Storage, with increases of 20.02%, 20.00%, and 13.21% respectively [1]. - Conversely, the largest declines were seen in Hangzhou Kelin, Jiahua Technology, and Aerospace Hongtu, with decreases of 4.46%, 0.52%, and 0.28% respectively [1].

杭州环城西路证券营业部 两融数据显示，该股最新融资余额为7.07亿元，近5日减少57.94万元，降幅为0.08%。 据天眼查APP显示，翱捷科技股份有限公司成立于2015年04月30日，注册资本41830.0889万人民币。 （数据宝） 11月13日翱捷科技-U大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | | | | | 52.00 | 3942.64 | 75.82 | -12.00 | 国泰海通证券股份有限公司 | 国泰海通证券股份有限公司 | | | | | | 深圳登良路证券营业部 | 杭州环城西路证券营业部 | | 42.00 | 3184.44 | 75.82 | -12.00 | 机构专用 | 国泰海通证券股份有限公司 | | | | | | | 杭州环城西路证券营业部 | | 30.00 | 2274.60 | 75.82 | -12.00 | 机构专用 | 国泰海通 ...

11月13日，翱捷科技大宗交易成交163.47万股，成交额1.24亿元，占当日总成交额的17.74%，成交价75.82元，较市场收盘价86.16元折价12%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) | 成交金额(万元) | 成交量(*) | 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-13 | 翱捷科技 | 688220 | 75.82 | 3942.64 | 52 | 看限公司深 | 看浪公司 | | 2025-11-13 | 翱捷科技 | 688220 | 75.82 | 3184.44 | 42 | 机构专用 | 看護公司 | | 2025-11-13 | 翱捷科技 | 688220 | 75.82 | 2274.6 | 30 | 机构专用 | 看護公司杭 | | 2025-11-13 | 翱捷科技 | 688220 | 75.82 | 917.42 | 12.1 | 机构专用 | | | 2025-11-13 | 翱捷科技 | 688220 | 75.82 | 454.92 ...

Core Insights - The company is actively developing and testing its second-generation 4G octa-core smartphone chip, which is expected to begin customer validation by the end of this year, featuring a 20 TOPS NPU and support for various high-bandwidth memory solutions [2][8]. Group 1: Company Performance and Fund Management - As of November 7, 2025, the top-performing fund of the company, QuanGuo XuYuan Mixed A, achieved a return of 33.25% over the past year [1]. - The company manages assets totaling 23.787 billion yuan across six funds, with five fund managers [1]. Group 2: Product Development and Market Strategy - The first-generation 4G octa-core SoC has been successfully launched in the market, with multiple clients and projects in progress, including a smartphone for G-Tab and others targeting the Middle East and North Africa [3][4]. - The company has a clear product roadmap for its smartphone SoC line, focusing on 5G-A and 6G development, as well as increasing investment in AI applications [5]. Group 3: Market Position and Competitive Advantage - The company has established a strong presence in the 5G RedCap market, with a comprehensive product range and a competitive edge in various terminal types [7]. - The company’s first-generation 4G octa-core chip is the only one in its category that supports multiple high-bandwidth memory types, which enhances its marketability [8]. Group 4: Financial Performance and Future Outlook - In Q3, the company reported revenue of 980 million yuan, with growth in various product segments, although custom business revenue saw a significant decline due to project complexities [11]. - The company has a robust order book for custom business, with a significant increase in orders for wearable and AI chips in 2025 compared to the previous year [11]. Group 5: AI and Technology Capabilities - The company possesses strong AI capabilities, with its NPU supporting various mainstream AI models and a full-stack development team [15]. - The company is actively developing technologies for smart glasses, leveraging its low-power chip expertise and diverse connectivity protocols [16].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Views - The company is a rare domestic player in the wireless communication baseband chip sector, focusing on cellular baseband chips and ASICs, which opens up growth opportunities [8][14]. - The company has a strong revenue growth trajectory, with expectations of turning profitable as technology matures and product layouts improve [8][30]. - The company is positioned to benefit from the rapid expansion of the cellular IoT market driven by 5G RedCap and other key technologies [8][48]. Summary by Sections Company Overview - The company specializes in cellular baseband technology and is actively expanding its business [14]. - It has developed a comprehensive range of chip products, including cellular baseband chips, smartphone SoC chips, non-cellular IoT chips, and ASIC services [8][19]. Market Position - The company is steadily increasing its market share in the domestic cellular baseband market, with a focus on both low-speed and high-speed IoT applications [8][59]. - The global cellular IoT market is expected to enter a high-growth phase from 2024 to 2030, with significant increases in connection numbers and module shipments [48][51]. Financial Analysis - The company has shown rapid revenue growth, with projected revenues of 33.86 billion yuan in 2024, reflecting a year-on-year increase of 30.23% [29]. - Despite being in a technology accumulation phase, the company is expected to narrow its losses and potentially achieve profitability in the coming years [30]. - The company has maintained high R&D expenditures, which are crucial for supporting its growth and innovation [41]. Product Development - The company is advancing its smartphone SoC chips, with significant progress expected in 2025, including the launch of a second-generation 4G octa-core chip [8][19]. - The ASIC business is also poised for growth, with a focus on high-demand areas such as smart wearables and cloud inference chips [8][19]. Revenue and Profitability Forecast - The company is projected to achieve revenues of 44.0 billion yuan in 2025, 60.0 billion yuan in 2026, and 75.8 billion yuan in 2027, with corresponding P/S multiples of 8, 6, and 5, respectively [1][8].

Core Viewpoint - Aojie Technology experienced a decline of 2.18% in stock price on November 12, with a trading volume of 468 million yuan, indicating a negative sentiment in the market [1] Financing Summary - On November 12, Aojie Technology had a financing buy-in amount of 34.33 million yuan and a financing repayment of 57.45 million yuan, resulting in a net financing outflow of 23.12 million yuan [1] - The total financing and securities lending balance for Aojie Technology reached 709 million yuan, with the financing balance accounting for 2.33% of the circulating market value, which is above the 80th percentile level over the past year, indicating a high level of financing [1] - In terms of securities lending, Aojie Technology repaid 1,192 shares and sold 1,900 shares on November 12, with a selling amount of 160,100 yuan, while the securities lending balance was 2,270 shares, valued at 2.2754 million yuan, which is below the 20th percentile level over the past year, indicating a low level of securities lending [1] Business Performance Summary - As of September 30, Aojie Technology had 23,400 shareholders, an increase of 12.16% from the previous period, while the average circulating shares per person decreased by 10.84% to 15,431 shares [2] - For the period from January to September 2025, Aojie Technology reported a revenue of 2.88 billion yuan, representing a year-on-year growth of 13.42%, while the net profit attributable to the parent company was -327 million yuan, showing a year-on-year increase of 20.62% [2] - Among the top ten circulating shareholders as of September 30, 2025, Galaxy Innovation Mixed A ranked fifth with 12.0049 million shares, marking a new entry, while Hong Kong Central Clearing Limited ranked seventh with 8.1694 million shares, an increase of 3.7429 million shares from the previous period [2]

Core Viewpoint - Aojie Technology experienced a slight decline in stock price, with significant trading activity and notable financing metrics indicating a mixed sentiment among investors [1][2]. Financing Summary - On November 11, Aojie Technology had a financing buy-in amount of 34.55 million yuan, with a net financing purchase of 9.89 million yuan after repayments [1]. - The total financing and margin trading balance reached 732 million yuan, representing 2.35% of the circulating market value, which is above the 90th percentile of the past year [1]. - The company had a low margin trading balance of 2.26 million yuan, with a margin trading volume of 26,300 shares, indicating a low level of short selling activity [1]. Business Performance Summary - As of September 30, Aojie Technology reported a revenue of 2.88 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 13.42% [2]. - The company recorded a net profit attributable to shareholders of -327 million yuan, which is a 20.62% increase compared to the previous period, indicating improved performance despite a loss [2]. - The main revenue sources for Aojie Technology include chip product sales (92.39%), custom chip services (6.64%), and semiconductor IP licensing (0.96%) [1]. Shareholder Information - The number of shareholders increased by 12.16% to 23,400, while the average circulating shares per person decreased by 10.84% to 15,431 shares [2]. - Notable institutional shareholders include Galaxy Innovation Mixed A, which is the fifth largest shareholder with 12.00 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 3.74 million shares [2].