Investment Rating - The report maintains a "Buy" rating for the company with a target price of 375.80 RMB [6]. Core Insights - The company achieved a revenue of 9.203 billion RMB in 2025, representing a year-over-year increase of 25.12%, and a net profit of 1.648 billion RMB, up 49.47% year-over-year, aligning with previous performance forecasts [1][4]. - The storage industry cycle is on an upward trend, with the company benefiting from rising storage prices, leading to a gross margin of 44.91% in Q4 2025, an increase of 11.74 percentage points year-over-year [1]. - The company is expected to continue its strong growth trajectory in 2026, driven by its niche DRAM, NOR Flash, and SLC NAND businesses, which are projected to see both volume and price increases [1][3]. Summary by Sections Financial Performance - In 2025, the storage business generated 6.566 billion RMB, a 26.41% increase year-over-year, with significant contributions from niche DRAM and SLC NAND due to supply constraints [2]. - The MCU business reported revenue of 1.910 billion RMB, up 12.98% year-over-year, with a 22% increase in sales volume [2]. - The analog chip business saw a remarkable growth of 2052%, with existing products growing approximately 460% year-over-year [2]. 2026 Outlook - The company anticipates continued growth in its DRAM segment, with tight market supply expected to sustain price increases in the first half of 2026 [3]. - Custom storage projects are entering production phases, with expected contributions to revenue from applications in automotive, AI, and robotics [3]. - The company plans to deepen its market presence in automotive, computing, and AI sectors, aiming for volume and price increases [3]. Profit Forecast and Valuation - Revenue projections for 2026, 2027, and 2028 are 19.204 billion RMB, 24.996 billion RMB, and 28.343 billion RMB, respectively, with year-over-year growth rates of 108.66%, 30.16%, and 13.39% [4][9]. - The expected gross margins for the next three years are 47.9%, 38.9%, and 30.7%, with net profits projected at 6.272 billion RMB, 6.148 billion RMB, and 4.791 billion RMB [4][9].

Group 1: Company Performance - Sunny Optical (02382) reported an annual revenue of approximately 43.23 billion RMB, a year-on-year increase of 12.9%, and a net profit attributable to shareholders that grew by 71.9%, with a final dividend of 1.206 HKD per share, totaling around 1.301 billion HKD, achieving a dividend yield of about 25%, a recent high [1] - TCL Electronics (01070) saw a rise of over 12% after announcing a framework agreement with Sony to establish a joint venture, acquiring 51% of the new company and fully purchasing Sony's subsidiary in Malaysia for 75.399 billion JPY (approximately 3.781 billion HKD) [1] - Cambridge Technology (06166) reported a revenue of approximately 4.8234 billion RMB for 2025, a year-on-year increase of 32.07%, and a net profit of about 263 million RMB, up 58.08%, with a proposed cash dividend of 0.28 RMB per share [3] - HaiXi New Drug (02637) reported a revenue of approximately 582 million RMB for 2025, a year-on-year increase of 24.79%, and a net profit of about 177 million RMB, up 30.09%, with earnings per share of 2.55 RMB [4] Group 2: Market Trends - Aluminum stocks continued to rise, with China Aluminum (02600) up 4.09%, Nanshan Aluminum International (02610) up 3.83%, and China Hongqiao (01378) up 3.22%, following substantial production cuts from two Middle Eastern aluminum companies, which announced a 20% reduction in output by 2026 [2] - Semiconductor stocks rebounded, with companies like Lanqi Technology (06809) rising by 8.12% and Zhaoyi Innovation (03986) by 5.31%, driven by a strong performance in the South Korean market where Samsung Electronics and SK Hynix saw significant gains [2] - The aviation sector experienced a collective rebound, with China National Aviation (00753) up 6.13% and China Eastern Airlines (00670) up 6.88%, influenced by geopolitical developments in Iran [4] Group 3: Strategic Partnerships - Elysium AI (03696) surged over 10% following a significant partnership with Eli Lilly, granting Eli Lilly exclusive sales rights to a GLP-1 diabetes drug developed using Elysium's AI technology, with an upfront payment of 115 million USD and a total potential value of up to 2.75 billion USD [3]

Group 1 - The company has approved a plan to change its registered capital and amend its articles of association, increasing its total share capital from 667,277,972 shares to 701,102,451 shares [4][5] - The company completed the registration of additional shares from its stock option and restricted stock incentive plan, adding 571,379 shares [4] - The company issued 28,915,800 H-shares on January 13, 2026, and an additional 4,337,300 H-shares after exercising the over-allotment option [4] Group 2 - The company plans to use up to 1.3 billion RMB of idle raised funds to temporarily supplement its working capital, with a usage period of no more than 12 months [8][10] - As of December 31, 2025, the company had used a total of 2,232.18 million RMB of raised funds, with a remaining balance of 2,483.08 million RMB [9] - The company has established a mechanism for internal reporting and supervision of sustainable development, holding reports four times a year [3] Group 3 - The company reported a net profit of 1,648,022,651.70 RMB for the year 2025, with a proposed cash dividend of 0.75 RMB per share [52][53] - The total number of shares eligible for the dividend distribution is 700,499,431 shares, with a total cash dividend amounting to 525,374,573.25 RMB [53][54] - The company does not plan to convert capital reserves into share capital or issue bonus shares for the 2025 fiscal year [53]

EF001 第 1 頁 共 2 頁 v 1.1.1 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 兆易創新科技集團股份有限公司 | | 股份代號 | 03986 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度之末期股息 | | 公告日期 | 2026年3月30日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.75 RMB | | 股東批准日期 | 有待公佈 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 有待公佈 | | 匯率 | 有 ...

Financial Performance - For the fiscal year ending December 31, 2025, GigaDevice Semiconductor Inc. reported a revenue of RMB 9.203 billion, representing a year-on-year growth of 25.12%[12] - The net profit attributable to shareholders for the same period was RMB 1.648 billion, reflecting a significant increase of 49.47% year-on-year[12] - The company reported a revenue of RMB 9,203,463 thousand for the year ending December 31, 2025, representing a 25.1% increase from RMB 7,355,978 thousand in 2024[53] - Gross profit margin improved to 39.1% in 2025 from 35.7% in 2024, with gross profit reaching RMB 3,601,971 thousand[53] - Adjusted net profit (non-IFRS measure) for 2025 was RMB 1,815,176 thousand, up from RMB 1,259,915 thousand in 2024, resulting in an adjusted net profit margin of 19.7%[55] - Annual profit increased from RMB 1,100.9 million for the year ending December 31, 2024, to RMB 1,677.3 million for the year ending December 31, 2025, representing a growth of approximately 52.3%[91] Revenue Breakdown - The revenue from the storage chip business grew by 26.41% year-on-year, with notable performance in the Flash business line, particularly in consumer and automotive markets[13] - The MCU business line achieved a revenue growth of 12.98% year-on-year, despite a competitive industry landscape, through strategic planning and enhanced R&D efficiency[13] - Dedicated storage chip revenue rose to RMB 6,565.9 million in 2025, with sales volume increasing by 24.8% to 4,435.9 million units[60] - MCU revenue grew by 13.0% to RMB 1,909.9 million, with sales volume increasing by 22.3% to 500.3 million units[62] - Analog chip revenue surged from RMB 15.5 million in 2024 to RMB 332.8 million in 2025, with sales volume increasing significantly to 2,137.6 million units[64] Market Position and Strategy - The global semiconductor market size reached USD 772 billion in 2025, with a year-on-year growth of 22%[16] - The global MCU market is projected to reach USD 21 billion in 2025, with the company holding a leading position in the 32-bit MCU segment[18] - The global market for specialized storage, including NOR Flash and SLC NAND Flash, is expected to reach USD 15.7 billion in 2025[17] - The company holds an 18.5% market share in the global NOR Flash market, ranking second overall and first among mainland Chinese companies[133] - The company aims to enhance its market share in NOR Flash products, focusing on automotive, computing, edge AI, and overseas markets, while continuing to benefit from the reduction and exit of major players in the DRAM sector[144] Research and Development - The company invested approximately RMB 3.73 billion in R&D over the past three years, with a goal of enhancing AI-enabled product innovation[14] - The company will invest approximately RMB 3.727 billion in R&D from 2023 to 2025, with 1,533 R&D staff making up 65.71% of total employees[42] - The company plans to continuously improve R&D efficiency and transform R&D results effectively, while also focusing on industry customer engagement and building an industry ecosystem[147] - The company is committed to continuous technological innovation and expanding its product matrix to capture emerging market opportunities[138] Corporate Governance - The company is committed to maintaining high standards of corporate governance and transparency to enhance long-term shareholder returns[149] - The board of directors is responsible for the company's governance policies and compliance, ensuring adherence to corporate governance codes and regular reviews of governance practices[152] - The company has adopted a board diversity policy, emphasizing the importance of diverse perspectives in maintaining competitive advantage[158] - The company has established a robust risk management and internal control system to identify potential events that may affect its operations[188] Financial Position and Cash Flow - Cash and cash equivalents as of December 31, 2025, were RMB 9,161.9 million, compared to RMB 9,104.2 million as of December 31, 2024, indicating a slight increase of 0.6%[92] - Current assets increased from RMB 12,434.8 million as of December 31, 2024, to RMB 13,425.2 million as of December 31, 2025, a growth of approximately 8%[94] - Operating cash flow for the year ending December 31, 2025, was RMB 2,128.5 million, compared to RMB 2,032.2 million for the previous year, reflecting a growth of about 4.7%[99] - Cash used in investing activities for the year ending December 31, 2025, was RMB 1,390.6 million, up from RMB 669.3 million in 2024, indicating a significant increase of approximately 107.5%[100] Future Outlook - The global semiconductor market is projected to reach $975.5 billion by 2026, with a year-on-year growth of 26.3%, driven by the explosive demand for AI computing power[143] - The company plans to strengthen its international development strategy to enhance local service capabilities and overall operational capacity[141] - The company will advance its global strategy by strengthening its marketing and service network, particularly through the establishment of an international headquarters in Singapore to expand sales in Southeast Asia, Japan, the Americas, and Europe[148] Employee and Board Diversity - The company’s employee gender diversity is balanced, with females representing 35.41% and males 64.59%[161] - The board consists of 3 female directors and 6 male directors, with ages ranging from 32 to 68, ensuring a diverse knowledge and skill set[160]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 GigaDevice Semiconductor Inc. 兆易創新科技集團股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：3986） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 而 作 出。 茲載列兆易創新科技集團股份有限公司（「本公司」）在上海證券交易所網站刊 登 的 以 下 資 料 中 文 全 文，僅 供 參 閱。 承董事會命 兆易創新科技集團股份有限公司 董事長兼執行董事 朱一明先生 中 國，北 京，2026年3月30日 截 至 本 公 告 日 期，董 事 會 包 括：(i)執 行 董 事 朱 一 明 先 生、何 衛 先 生 及 胡 洪 先 生； (ii)非 執 行 董 事 文 恬 女 士；及(iii)獨 立 非 執 行 董 事 周 海 濤 先 ...

茲載列兆易創新科技集團股份有限公司（「本公司」）在上海證券交易所網站刊 登 的 以 下 資 料 中 文 全 文，僅 供 參 閱。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 GigaDevice Semiconductor Inc. 兆易創新科技集團股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：3986） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 而 作 出。 承董事會命 兆易創新科技集團股份有限公司 董事長兼執行董事 朱一明先生 中 國，北 京，2026年3月30日 截 至 本 公 告 日 期，董 事 會 包 括：(i)執 行 董 事 朱 一 明 先 生、何 衛 先 生 及 胡 洪 先 生； (ii)非 執 行 董 事 文 恬 女 士；及(iii)獨 立 非 執 行 董 事 周 海 濤 先 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 GigaDevice Semiconductor Inc. 兆易創新科技集團股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：3986） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 而 作 出。 茲載列兆易創新科技集團股份有限公司（「本公司」）在上海證券交易所網站刊 登 的 以 下 資 料 中 文 全 文，僅 供 參 閱。 承董事會命 兆易創新科技集團股份有限公司 董事長兼執行董事 朱一明先生 中 國，北 京，2026年3月30日 截 至 本 公 告 日 期，董 事 會 包 括：(i)執 行 董 事 朱 一 明 先 生、何 衛 先 生 及 胡 洪 先 生； (ii)非 執 行 董 事 文 恬 女 士；及(iii)獨 立 非 執 行 董 事 周 海 濤 先 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 兆易創新科技集團股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） GigaDevice Semiconductor Inc. （股 份 代 號：3986） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 而 作 出。 茲載列兆易創新科技集團股份有限公司（「本公司」）在上海證券交易所網站刊 登 的 以 下 資 料 中 文 全 文，僅 供 參 閱。 承董事會命 兆易創新科技集團股份有限公司 董事長兼執行董事 朱一明先生 中 國，北 京，2026年3月30日 截 至 本 公 告 日 期，董 事 會 包 括：(i)執 行 董 事 朱 一 明 先 生、何 衛 先 生 及 胡 洪 先 生； (ii)非 執 行 董 事 文 恬 女 士；及(iii)獨 立 非 執 行 董 事 周 海 濤 先 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 GigaDevice Semiconductor Inc. 兆易創新科技集團股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：3986） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 而 作 出。 茲載列兆易創新科技集團股份有限公司（「本公司」）在上海證券交易所網站刊 登 的 以 下 資 料 中 文 全 文，僅 供 參 閱。 承董事會命 兆易創新科技集團股份有限公司 董事長兼執行董事 朱一明先生 中 國，北 京，2026年3月30日 截 至 本 公 告 日 期，董 事 會 包 括：(i)執 行 董 事 朱 一 明 先 生、何 衛 先 生 及 胡 洪 先 生； (ii)非 執 行 董 事 文 恬 女 士；及(iii)獨 立 非 執 行 董 事 周 海 濤 先 ...