In-Depth Analysis of Allwinner Technology's Competitive Advantages and Earnings Sustainability in the AIoT Track

Based on comprehensive data obtained, I provide you with the

.

---

---

Indicator	Value	YoY Change
Net Profit	RMB 251-295 million	+50.53% ~ +76.92%
Operating Revenue	YoY growth of over 20%	-
Gross Profit Margin	Approximately 32.85%	Significantly improved
Order Growth	-	+58.50%
Operating Cash Flow	-	+471.48%

Indicator	Value	Industry Comparison
Price-to-Earnings (P/E)	126-127x	Significantly higher than industry average
Price-to-Book (P/B)	12.02x	Relatively high
DCF Conservative Valuation	$17.27	62% lower than current stock price
DCF Base Case Valuation	$21.95	52% lower than current stock price
DCF Optimistic Valuation	$42.71	6% lower than current stock price

: The current stock price has fully reflected or even overdiscounted future growth expectations; if earnings growth falls short of expectations, there is significant risk of a valuation correction.

---

┌─────────────────────────────────────────────────────────┐
│    Global Robotic Vision AI SoC Market Share (H1 2025)  │
├─────────────────────────────────────────────────────────┤
│  Allwinner               ████████████████████████ 29.7% │
│  SigmaStar               ████████████████████ 23.0%    │
│  Rockchip                ███████████████ 16.2%         │
│  Others                  ██████████████████████ 31.1%   │
├─────────────────────────────────────────────────────────┤
│  Total CR3               ████████████████████████████ 68.9% │
└─────────────────────────────────────────────────────────┘

• In-Depth Customer Partnerships
  : Has established in-depth partnerships with top 5 global robotic vacuum cleaner brands such as Roborock, Dreame, and Narwal [1]
• Mass Production Capability
  : The MR536 has been mass-produced for robotic vacuum cleaners, supporting fusion perception and visual obstacle avoidance [1]
• Next-Generation Product Pipeline
  : The MR153 is equipped with a RISC-V real-time processor, suitable for entry-level service robots [1]

According to IDC data, global shipments of smart robotic vacuum cleaners reached 17.424 million units in the first three quarters of 2025, with a YoY growth of 18.7%. Chinese companies (Roborock, Ecovacs, Dreame, Xiaomi, Narwal) took the top five global positions, accounting for a total

[3]. This provides a solid end-demand foundation for Allwinner Technology.

Product Series	Core Capabilities	Application Scenarios
MR536	Fusion Perception & Visual Obstacle Avoidance	Mid-to-High-End Robotic Vacuum Cleaners
MR153	RISC-V Real-Time Processor	Entry-Level Service Robots
MR Series	Multi-Sensor Fusion	Smart Care, Home Services

According to the company’s strategic plan, Allwinner Technology has built a complete solution matrix in the smart industry field:

• PLC (Programmable Logic Controller)
• HMI (Human-Machine Interface)
• Industrial Gateway
• Motion Controller

It has also established partnerships with leading enterprises such as BYD, Foxconn, Pegatron, Google, Microsoft, and Tencent [1].

---

• High Order Growth
  : Order growth of 58.50% provides a guarantee for future revenue [1]
• Strong Cash Flow
  : Net cash received from sales of goods surged by 471.48%, reflecting solid operating quality [1]
• Stable Customer Relationships
  : In-depth partnerships with leading brands ensure high order stability

• Leading Market Share
  : 29.7% global market share (ranked first), with scale effects and brand premium [1]
• Advantages of Chip Set Model
  : Leverages the “SoC + peripheral chips” set to reduce customer R&D costs, forming an ecological barrier [1]
• Policy Support
  : National “AI+” initiative and integrated circuit industry support policies continue to be implemented [1]

• Expanding Smart Home Market
  : The global smart home market is expected to exceed $279 billion in 2026 [3]
• Humanoid Robot Track
  : Although not a core market, technological reserves can be extended to this field
• Deepening Domestic Substitution
  : Automotive-grade standards are extending to robot chips, bringing high-end opportunities [1]

The current 126x P/E ratio implies an expected

, while:

• DCF base case shows intrinsic value is only $21.95, 52% lower than the current stock price [2]
• Even in the optimistic scenario, the value is only $42.71, just 6% lower than the current stock price [2]

Enterprise	Strategic Positioning	Threat Level
SigmaStar	High computing power + low power consumption, focusing on humanoid robots	High
Rockchip	Core of AIoT strategy, full-scenario coverage	High
Anyka Microelectronics, etc.	High cost-performance ratio, focusing on low-end market	Medium
NVIDIA, Qualcomm	High-end computing scenarios	Low (focuses on different market segments)

: SigmaStar’s shipments reached 5.5 million units in H1 2025, that of 2024, showing rapid growth [1]. Rockchip has partnerships with leading manufacturers such as Ecovacs, Geek+, and Unitree Robotics, with broader coverage [1].

The robot chip industry is evolving in four key directions:

• Computing Power Hierarchization
  : Low-power entry-level (<1Tops), mid-power mainstream (1-16Tops), high-power high-end (≥16Tops) [1]
• Multimodal and Large Model Edge Deployment
  : Requires support for local operation of LLMs with 3B-7B parameters [1]
• Integrated Sensing and Computing
  : Deep integration of 3D perception and AI computing [1]

Allwinner Technology currently focuses on the mid-end market; if it fails to migrate to the high-end market in a timely manner, it may be squeezed into the low-end segment.

---

Dimension	Rating	Key Indicators
Financial Posture	Excellent	Neutral accounting policies, no aggressive or conservative practices
Revenue Growth	Good	Revenue growth of over 20%, order growth of 58.5%
Cash Flow	Excellent	Operating cash flow surged by 471%
Debt Risk	Excellent	Low risk rating, current ratio of 4.41
Profitability	Good	Gross profit margin of 32.85%, net profit margin of 10.65%

: Solid financial quality, significantly optimized operating quality, providing a solid foundation for high growth.

---

• Market share stabilizes at 28-30%
• Smooth volume ramp-up of new product MR153
• Breakthrough in smart industry business
• Net profit growth rate
  : 55-60%

• Market share slightly declines to 25-27%
• Industry growth rate maintains at 15-18%
• Competitive landscape tends to stabilize
• Net profit growth rate
  : 40-45%

• Market share is eroded by SigmaStar and Rockchip to 22-24%
• Industry growth rate slows down to 10%
• Gross profit margin is under pressure
• Net profit growth rate
  : 25-30%

---

1. Valuation Constraint
   : The current 126x P/E ratio has fully reflected high growth expectations; any slowdown in growth will lead to a valuation correction
2. Intensified Competition
   : Competitors such as SigmaStar and Rockchip are catching up rapidly
3. Base Effect
   : As the scale expands, the absolute requirement to maintain 50%+ growth becomes increasingly high

• Valuation crash due to earnings falling short of expectations
• Market share eroded by competitors
• Technological iteration lags behind industry trends
• Downward cycle in the semiconductor industry

---

[0] Jinling API - Allwinner Technology(300458.SZ) Market Data and Financial Analysis

[1] Sina Finance - “Pyramid Stratification and Full-Scenario Coverage: An Insight into the Differentiated Survival of A-Share Robot Chips” (https://finance.sina.com.cn/stock/relnews/cn/2026-01-03/doc-inhezkis8343008.shtml)

[2] Jinling API - DCF Valuation Analysis

[3] Caifuhao - “Looking at Robotic Vacuum Cleaners Through CES: Chinese Companies Dominate, Capturing 70% of the Global Market Share” (https://caifuhao.eastmoney.com/news/20260112104740546146900)

[4] Caifuhao - “Northbound Funds Increase Holdings in the Only Undervalued Leading Robot Stock” (https://caifuhao.eastmoney.com/news/20260119120506134528190)