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Ankai Micro: H1 revenue surges 86%, plans tape-out of high-compute AI SoC chip next year
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Ankai Micro (688620) reported a strong first half of 2026, with revenue surging 85.99% year-on-year to 435.79 million yuan and net profit turning positive at 40.27 million yuan, driven by product market adoption, price increases, and market recovery. In a September 15 investor Q&A, the company outlined its strategic focus on edge AI, including the acquisition of Bluetooth chip maker Sizhe Technology to expand into smart wearables and health markets. Ankai Micro plans to launch a sample chip supporting smaller-parameter large language models by end of 2026 or early 2027, and a higher-compute AI SoC chip capable of running tens-of-billions-parameter models for edge inference, with tape-out expected next year. The company also noted strong order demand, with contract liabilities up 1,084.62% from year-end 2025, and confirmed its 2025 equity incentive target was met. Management cautioned that edge AI adoption, overseas markets, and supply chains remain subject to volatility.
Source report
Date of Announcement: September 21, 2026 Meeting Date: September 15, 2026 Participants: Guotai Haitong, Investors
Key Financial Performance (First Half of 2026)
In the first half of 2026, the company seized the historical opportunity presented by the accelerated普及 of edge-side AI and the large-scale commercialization of emerging AI hardware such as AI glasses. The company drove a comprehensive upgrade of product applications toward "multimodal intelligence," resulting in significant improvements in operational quality and profitability.
| Metric | Value (H1 2026) | Change (YoY) | |--------|----------------|--------------| | Operating Revenue | RMB 435.7944 million | +85.99% | | R&D Expenses | RMB 93.5548 million | +38.76% | | Gross Margin | 39.64% | +24.35 ppts | | Net Profit Attributable to Shareholders | RMB 40.2667 million | Turned profitable from loss |
Key Drivers of Performance Improvement:
- Successful market penetration of existing products
- Price adjustments in response to rising upstream raw material and packaging costs
- Sustained market景气度
Business Layout and Product Applications
The company designs and sells AI SoC chips that empower AI hardware, with core capabilities in multimodal perception and intelligent processing ("vision + voice + sensing").
Application Areas:
- Smart Home
- Smart Wearables
- Smart Security
- Smart Office
- Smart Healthcare
- Industrial IoT
Typical End Products:
- Smart cameras
- AI glasses
- AI cameras
- Action cameras
- OV low-power cameras
- Desktop robots
- Smart control panels
- Smart locks
- AI earphones
- Smart watches/bands
- Smart helmets
Strategic Developments:
- Acquired and consolidated Siche Technology into the reporting scope
- Collaborating with investee company Shiqi Future on large-model algorithms
- Building a full-stack ecosystem barrier integrating "vision + audio + connectivity + graphics + AI algorithms"
Q&A Session Highlights
Q: Future growth points and development direction?
A: The company aims to deepen relationships with key clients, expand into top-tier customers, and explore new product categories and markets. The goal is to accelerate the large-scale deployment of AI SoC chips across diverse scenarios.
Key Initiatives:
- Continue penetration of self-developed SoC chips into AI glasses, AI cameras, smart locks, OV low-power cameras, AI earphones, and desktop robots
- Expand into new product solutions such as smart healthcare terminals and smart interactive terminals
- Drive sustained growth through new product launches and successful market adoption
Technology Roadmap:
- Continue innovation and iteration of NPU and other AI technologies
- Upgrade chip computing power from edge-side lightweight AI to edge inference
- Higher-compute chips supporting edge inference are in the R&D pipeline to enable larger-parameter large models on edge devices
Overseas Markets:
- Singapore subsidiary serving as the international operations and business expansion center
- Strengthening localized operations and service capabilities overseas
- Improving response speed and customer expansion efficiency in international markets
Risk Note: The pace of edge-side AI application deployment, overseas markets, and supply chains may fluctuate. Investors are advised to be aware of investment risks.
Q: Why acquire Siche Technology given the number of Bluetooth chip companies in the market?
A: The acquisition was a strategic decision to:
- Complement underlying hardware capabilities and extend business boundaries from smart home, security, and office into smart wearables and smart health
- Enhance technical advantages in low power consumption, analog RF, etc.
- Generate synergies in R&D, product development, market expansion, customer resource sharing, and supply chain integration
- Complete the technology puzzle of "audio/video + connectivity + image/graphics + low power"
- Expand product categories and create new revenue and profit growth opportunities
About Siche Technology:
- Focuses on high-performance Bluetooth MCUs and high-definition smart display chips
- Specializes in ultra-low-power IoT data acquisition and processing
- Leading advantages in RF and power consumption
- Strong technical barriers and mature software ecosystem in high-end smart wearables, in-vehicle control panels, and industrial IoT
- Flagship SF series low-power Bluetooth chips are benchmark products in mid-to-high-end smart wearables and display interaction markets
- Products adopted by well-known brands including Yuwell, Xiaomi, Honor Choice, Keep, OnePlus, Pebble, and Xiaoxun
Long-term Strategic Value:
- Strengthens the company's underlying hardware foundation
- Positions for AI applications and embodied intelligence
- Provides full-stack platforms and solutions for multimodal edge-side intelligent terminals
- Industry competition is shifting from pure chip hardware performance to comprehensive capabilities in "chip + algorithm + toolchain + ecosystem"
- Platform-based chip design companies with full-stack edge AI SoC delivery capabilities will occupy more advantageous value nodes in the industry chain
Q: When will the next-generation high-compute AI SoC chip be commercially launched?
A: The company plans to develop an AI SoC chip with higher computing specifications capable of running large language models with several billion parameters and performing multimodal, high-complexity intelligent computing tasks such as edge inference. The product is expected to complete tape-out next year. Please refer to the company's periodic reports or official website for details.
Q: How does Q3 chip sales revenue compare quarter-over-quarter?
A: Q3 2026 has not yet concluded. Relevant data will be calculated after the quarter ends. Based on historical performance, the second half of the year typically exceeds the first half. Operations in Q3 so far are normal. Please refer to the company's Q3 2026 report for official figures.
Q: What is the status of orders on hand and contract liabilities?
A: As of June 30, 2026, contract liabilities on a consolidated basis increased by 1,084.62% compared to the end of the previous year, primarily due to strong market demand and increased advance payments from customers. Current order status is normal.
Q: Have the performance targets under the company's equity incentive plan been achieved?
A: The 2025 restricted stock incentive plan covers two assessment years: 2025 and 2026. The 2025 performance target has been achieved, and the conditions for the first vesting period have been satisfied. Related announcements have been made on the Shanghai Stock Exchange. The 2026 performance assessment will be based on audited data for the year. The assessment period has not yet ended. Please follow the company's announcements for updates.
Q: Does the company have the capability and plan to develop edge-side large models?
A: Yes, both the capability and the plan exist.
- End of this year or early next year: Launch chip samples supporting smaller-parameter large models
- Mid-next year: Launch chip samples supporting larger-parameter large models
- Subsequent iterations: More powerful computing chips will be released
Please refer to the company's periodic reports for specific technical details and R&D plans.
Company Overview
Ticker: 688620 Main Business: R&D, design, final testing, and sales of core SoC chips for IoT smart hardware
2026 Interim Report Highlights
| Metric | Value (H1 2026) | Change (YoY) | |--------|----------------|--------------| | Operating Revenue | RMB 436 million | +85.99% | | Net Profit Attributable to Shareholders | RMB 40.2667 million | +181.76% | | Deducted Net Profit | RMB 39.8525 million | +180.79% | | Q2 2026 Revenue | RMB 286 million | +115.91% | | Q2 2026 Net Profit | RMB 59.8968 million | +320.63% | | Q2 2026 Deducted Net Profit | RMB 59.6171 million | +318.99% | | Debt Ratio | 36.07% | — | | Investment Income | RMB 17,000 | — | | Financial Expenses | RMB 4.4148 million | — | | Gross Margin | 39.64% | — |
Margin Trading Data (Recent 3 Months)
- Net margin buying inflow: RMB 26.1961 million (margin balance increased)
- Net securities lending inflow: RMB 48,200 (securities lending balance increased)
Disclaimer: The above content is compiled by Securities Star based on publicly available information and is for reference only. It does not constitute investment advice.
Source
证券之星-调研报告Neutral / independent
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Ankai Micro Revenue Surges 86% as AI SoC Demand Drives Profit Recovery