[红包] Logic mining: 瑞芯微

Rockchip [Taoqiu Ba]
In the semiconductor industry, a domestic SoC chip leader, RK3588, launched in late 2021, is currently the only domestic high-end chip with the capability to replace Qualcomm, as well as Huawei HiSilicon’s high-end products.
Fujian sector + chips + on-device AI + Straits West Coast + robotics concept + humanoid robots + consumer electronics concept, etc.

Fundamentals

1. Main business

Rockchip is a Fabless pure chip design company. It does not produce wafers and does not make end-to-end finished devices/complete machines. It only outputs chips + a complete software development solution. Its 2025 revenue structure is clear:

1. Intelligent application processor SoC (core, 89% of revenue)
   Self-developed general-purpose control chips with built-in CPU/GPU/NPU and 8K video codec, divided into three major product lines:

◦ RK3588/RK3576 high-end compute SoCs: humanoid robots, smart cockpits, industrial edge computing, ARM mini host; can run local offline 7B large models;

◦ RV11 vision-dedicated chips: security cameras, robot vacuum cleaner vision, access control, industrial machine vision;

◦ Entry-level RK33 series: smart speakers, TV set-top boxes, commercial display tablets, and smart home devices throughout the house.

2. Mixed-signal supporting chips (PMIC power management, audio Codec, 8% of revenue)
   It produces supporting power management chips and sells them bundled with the main control chips as complete solutions, increasing customer stickiness and raising overall gross margin.

3. Technical services, development boards (2% of revenue)
   Bundled RKNN AI development toolchain, low-level system SDKs, and industry reference designs to lower customers’ development barriers, covering 5,000+ hardware manufacturers worldwide.

Downstream covers four major tracks: consumer electronics, industrial automation, automotive intelligent cockpits, and humanoid/quadruped robots.

2. Company’s core highlights

3. Full-stack on-device integrated software-hardware capability
   Among the few domestic companies that simultaneously handle hardware SoC + self-developed NPU + a complete AI toolchain (RKNN). When manufacturers get the chips, they can directly deploy local large models without extra adaptation; most competitors only do chips, and their software ecosystems are weak.

4. Complete product tiers, covering both low and high compute
   From low-end speakers/cameras → mid-end commercial display/control → high-end robotics/edge servers, forming a complete matrix. With one chip, R&D can be reused across multiple industries, reducing vulnerability to cycle fluctuations from a single track.

5. First in domestic market share in multiple sub-segments
   Robot vacuum cleaner controller chips have a domestic market share of 31%; smart speaker chips hold 40% domestic share; industrial embedded general-purpose SoCs are in the top domestic tier. Benchmark customers like BYD and Unitree Robotics have adopted at scale.

6. Strongest profitability among domestic embedded chip companies
   In 2025, net profit margin is close to 26%, significantly higher than ScanChip (晶晨) and Allwinner (全志). High-end RK3588 chips continuously raise the average product price, and earnings have strong upside elasticity.

7. Differentiated foothold in the automotive segment
   It does not directly hard-compete with Qualcomm’s high-end automotive/ADAS chips; instead, it targets mid-end car infotainment cockpits and in-car AI boxes. Its offline large-model solution has standout cost-performance. Production and deployment have been rolled out in models from a dozen-plus automakers.

8. Industry uniqueness (A-share rare core moat, differentiated from Allwinner/晶晨/ Horizon Robotics/ Chipsi/ Chip-Chengzhi’s core points)

9. Exclusive dual-track compute architecture: general-purpose SoC + 3D-stacked AI co-processor RK18XX (global first)

Industry peers all adopt the “NPU built into a single SoC” route, so the compute ceiling is fixed; upgrading to larger models requires replacing the entire main controller.
Rockchip’s innovation is that it can plug in the RK182X co-processor (the world’s first 3D storage-stacking architecture AI chip). It has 20 TOPS independent compute. The host does not need replacement; by simply adding the co-processor, compute capacity for larger models can be expanded, greatly reducing iteration costs for hardware manufacturers. Currently, there are no domestic competitors to match it. It leads the industry by at least 1 year. The robotics and automotive segments have already been used commercially at scale.

2. The only general-purpose SoC vendor in A-shares that covers “consumer + industrial + automotive + humanoid robots” across all scenarios

• Zhixing (晶晨): focuses only on set-top boxes and audio/video equipment; its industrial and robotics interfaces are incomplete;

• Allwinner Technology (全志): focused on low-end, low-price consumer electronics; weak in high-end compute and automotive industrial certifications;

• Horizon Robotics / Cambricon (地平线/寒武纪): only make dedicated AI chips; lacking complete multimedia video + general CPU system capabilities;

• ChipSimple / Black Sesame (芯驰/黑芝麻): only focuses on automotive; it is blank in consumer and robotics tracks;
Only Rockchip’s single chip can be compatible with both Android/Linux systems at the same time, comes with complete PCIe/SATA and multi-lane MIPI industrial-grade interfaces, and is the only comprehensive “drop-in equivalent” domestic replacement for Qualcomm’s mid-end embedded chips. After HiSilicon limitations, the supply-chain controllability benefits are the core assets.

3. A domestically scarce target with both 8K video + local large-model capability

Among domestic chips, the only general-purpose SoC that can reliably support 8K hardware decoding in mass production and also smoothly run an offline 7B-parameter large model is RK3588. Most vendors can only do 4K and lightweight smaller models; high-end edge and humanoid robot scenarios cannot be replaced.

4. Complete self-developed supporting PMIC power chips, building a barrier with bundled solutions

Most peers purchase power management chips externally. Rockchip self-develops mixed-signal chips to match the power management. Its main control + power integrated solution has stronger optimization for power consumption and stability. Bundled supply raises customer switching costs, and gross margin is higher than peers.

5. Mature open-source ecosystem; two layers of moats for To B + maker market

Development boards are widely used globally with open-source adoption. Industrial customers and robotics startup companies have strong willingness to choose independently. Customer count exceeds 5,000, with no reliance on any single major customer. A diversified customer structure offsets industry-cycle risks.

Technical analysis

On July 7, the bid auction opened near the peak of the March 3 K-line at a “ice point,” the board was broken, and the node tickets watched the performance of Visionox (视源股份) hitting the daily first board that day! Today Visionox is weakening, while Rockchip is strengthening. It may be able to take over its liquidity!
In the semiconductor industry it is in, after the main line is set on Thursday, two consecutive red?—Friday and today had two low-yield Yin days at the beginning. There is an expectation of a technical repair tomorrow! If the thesis is disproven, then there is an expectation of a repair on Wednesday and Thursday!

Near historical highs, ready to break through!

Ways to participate:

1. If the on-device AI in the semiconductor sector continues the divergence tomorrow, then after breaking 227.01, towards the end of the day look at the takeover around 209.01!
2. If the on-device AI in the semiconductor sector repairs tomorrow, then after Rockchip breaks 234.16, watch the 2 “stars” on the intraday moving average pullback and 219.01 respectively.

First target: 249;
Second target: 300!

The above opinions are for reference only. Take responsibility for your own gains and losses. No haters, don’t come—if you lose, don’t blame others. Compare and compete with me here; if you do, I’ll pull you into the small black room!
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Core: In the quant era, during the pullback period, look for core names attracting divergences—not chasing consensus!
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Only leaders have the biggest money-making effect!**
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Statement: I’m only recording my own trades, and I’m not forcing everyone to follow suit. So please be cautious. This blog is only recording my own trades. (Investing involves risk; trading must be cautious. Plans never change as fast as the market. Everything follows the price action. The article content is my personal thoughts and records; it records my understanding of the market for personal sharing and does not constitute any investment advice. For reference only. Buying and selling based on this is at your own risk; gains and losses are your responsibility!)**
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Allez, mes copains! (Come on, my friends!)**
Make it with the push and it will take off!
A small like—limit-up nonstop!
A modest award—the position turns bullish with big gains!
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Special reminder: The above opinions are only for trading record; do not treat them as recommendations. There are risks in the stock market; investing requires caution!
Petit à petit, l‘oiseau fait son nid!(Don’t take one small step; without accumulating steps you can’t reach a thousand miles; without accumulating small streams, you can’t form an ocean）
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