哔哩哔哩第三季度净营业额总额为人民币76.9亿元，同比增长5%。其中，广告营业额为人民币25.7亿 元，同比增长23%。毛利润为人民币28.2亿元，同比增长11%，毛利率达36.7%。净利润为人民币4.69亿 元，去年同期净亏损人民币7980万元。经调整净利润为人民币7.86亿元，同比增长233%。经调整净利 润率为10.2%，较2024年同期的3.2%有所增加。 京东集团发布三季报，三季度，京东集团收入为2991亿元人民币，同比增长14.9%；净利润53亿元，上 年同期净利润117亿元。外卖等新业务三季度收入同比增长214%；服务收入同比增长达到30.8%，收入 占比进一步提升至24.4%的历史新高。 中芯国际第三季度营收为171.62亿元，同比增长9.9%；净利润为15.1亿元，同比增长43.1%。前三季度 营收为495.10亿元，同比增长18.2%；净利润为38.1亿元，同比增长41.1%。业绩增长主要得益于晶圆销 量同比增加及产品组合变动。 智通财经11月13日讯，今日，腾讯、京东、中芯国际、哔哩哔哩等公司集体发布三季报业绩。 腾讯控股第三季度营收1928.7亿元，同比增15%，预估1888亿元，上年 ...

Monetary Policy and Financing - As of the end of October, the broad money supply (M2) reached 335.13 trillion yuan, showing a year-on-year growth of 8.2% [1] - The total social financing stock was 437.72 trillion yuan, with a year-on-year increase of 8.5% [2] - The net cash injection in the first ten months amounted to 728.4 billion yuan [1] Company Financial Performance - Tencent Holdings reported third-quarter revenue of 192.87 billion yuan, a 15% increase year-on-year, with net profit rising 19% to 63.13 billion yuan [3] - JD Group's third-quarter revenue was 299.1 billion yuan, reflecting a year-on-year growth of 14.9%, but net profit decreased to 5.3 billion yuan from 11.7 billion yuan in the previous year [4] - Semiconductor manufacturer SMIC achieved a net profit growth of 41.1% year-on-year for the first three quarters, with revenue of 49.51 billion yuan [5] Industry Trends - The memory chip industry is expected to see continued capital expenditure growth, although it may have limited impact on bit output growth in 2026 [6] - The launch of the first autumn holiday in China has led to a 7% increase in average ticket prices for popular domestic routes [6] Corporate Developments - Alibaba has secretly initiated the "Qianwen" project to develop a personal AI assistant, aiming to compete directly with ChatGPT [6] - Glencore and Hillhouse Capital plan to participate as cornerstone investors in the upcoming IPO of Chuangxin Industries in Hong Kong, indicating confidence in the aluminum sector [8] - Evergrande Group has been executed for a total of 3.19 billion yuan across multiple cases, highlighting ongoing financial distress [9] Stock Market Activity - The Shanghai Composite Index rose by 0.73%, reaching a ten-year high, with significant gains in the lithium battery sector and consumer goods [24]

Group 1 - Semiconductor Manufacturing International Corp. (SMIC) has returned to profit growth, indicating a positive turnaround for the company [1] - The growth is attributed to Beijing's push for chip self-sufficiency, which is becoming increasingly important amid the intensifying competition for artificial intelligence supremacy [1]

Core Viewpoint - SMIC reported a strong financial performance for Q3, with revenue and net profit showing significant year-on-year growth, indicating robust operational efficiency and market demand [1][3]. Financial Performance - Q3 revenue reached 17.162 billion yuan, a year-on-year increase of 9.9% [1][3]. - Net profit for Q3 was 1.517 billion yuan, reflecting a year-on-year growth of 43.1% [1][3]. - For the first three quarters, total revenue was 49.51 billion yuan, up 18.2% year-on-year, while net profit stood at 3.818 billion yuan, an increase of 41.1% [1][3]. Operational Metrics - The gross margin for Q3 was 25.5%, up 4.8 percentage points from the previous quarter [1]. - Capacity utilization improved to 95.8%, a 3.3 percentage point increase quarter-on-quarter [1]. Research and Development - Total R&D expenditure for Q3 was 1.447 billion yuan, a 13.6% increase year-on-year [3]. - R&D spending accounted for 8.4% of revenue, up 0.2 percentage points from the previous year [3]. Future Guidance - The company provided guidance for Q4, expecting revenue to remain flat or grow by 2% quarter-on-quarter, with gross margin projected between 18% and 20% [1].

Core Viewpoint - SMIC announced a provision for credit impairment and asset impairment losses, which will reduce the company's consolidated profit by approximately RMB 917 million before the third quarter of 2025 [1] Financial Performance - For the first half of 2025, SMIC's revenue composition is as follows: Consumer electronics 38.28%, Smartphones 23.08%, Computers and tablets 15.2%, Industrial and automotive 9.48%, Internet and wearables 7.79%, Other businesses 6.17% [1] Market Capitalization - As of the report, SMIC's market capitalization stands at RMB 984.8 billion [1]

Group 1: Tencent Holdings - Tencent achieved revenue of 192.87 billion yuan in Q3 2025, a year-on-year increase of 15% [3] - Net profit attributable to equity holders was 63.13 billion yuan, up 19% year-on-year [3] - Key business segments showed robust growth: value-added services revenue was 95.9 billion yuan (+16%), marketing services revenue was 36.2 billion yuan (+21%), and fintech and enterprise services revenue was 58.2 billion yuan (+10%) [3] Group 2: JD Group - JD Group reported Q3 2025 revenue of 299.1 billion yuan, a 14.9% increase compared to Q3 2024 [4] - Net profit for Q3 2025 was 5.3 billion yuan, down from 11.7 billion yuan in Q3 2024 [4] - JD Retail's revenue for Q3 2025 was 250.6 billion yuan, an 11.4% increase year-on-year [4] Group 3: SMIC (Semiconductor Manufacturing International Corporation) - SMIC reported Q3 2025 revenue of 17.16 billion yuan, a year-on-year increase of 9.9% [5] - Net profit for Q3 2025 was 1.52 billion yuan, up 43.1% year-on-year [5] - The company achieved a gross margin of 25.5%, an increase of 4.8 percentage points quarter-on-quarter [5] Group 4: Bilibili - Bilibili's total net revenue for Q3 2025 reached 7.69 billion yuan, a 5% increase year-on-year [7] - Adjusted net profit was 786 million yuan, reflecting a significant increase of 233% year-on-year [7] - Key user metrics reached historical highs, with daily active users growing by 9% to 117 million and monthly active users increasing by 8% to 376 million [7]

中芯国际三季报公布。 中芯国际(688981)11月13日公告，三季度，公司整体实现营业收入人民币171.62亿元，环比增长6.9%；公司毛 利率为25.5%，环比上升4.8个百分点；产能利用率上升至95.8%，环比增长3.3个百分点。 根据未经审核财务数据，公司前三个季度营业收入为人民币495.1亿元，较去年同期增长18.2%；毛利率为 23.2%，较去年同期增长5.6个百分点。 净利润方面，公司第三季度归母净利润为15.17亿元，同比增长43.1%。前三季度归母净利润为38.18亿元，同 比增长41.1%。 责编：万健祎 校对： 杨舒欣 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 | | | | = Li /U | INT : //WIF | | --- | --- | --- | --- | --- | | | | 本报告期比 | | 年初至报告 | | 项目 | 本报告期 | 上年同期增 | 年初至报告 | 期末比上年 | | | | 减少动幅度 | 期末 | 同期增减少 | | | | (%) | | 动幅度(%) | ...

Core Viewpoint - SMIC (Semiconductor Manufacturing International Corporation) demonstrated robust growth in Q3 2025, with revenue and gross profit increasing both year-on-year and quarter-on-quarter, reflecting strong business resilience amid market fluctuations [2][5][17] Financial Performance - In Q3 2025, SMIC achieved total sales revenue of $2.382 billion, a 7.8% increase from Q2 2025 and a 9.7% increase from Q3 2024 [4][5] - Gross profit reached $522.811 million, up 16.2% quarter-on-quarter and 17.7% year-on-year, with a gross margin of 22.0% [5][12] - Operating profit surged to $351.069 million, a 133.0% increase from Q2 2025 and a 106.6% increase from Q3 2024 [4][5] - Net profit for the period was $315.466 million, reflecting a 115.1% increase quarter-on-quarter and a 41.3% increase year-on-year [5][12] Revenue Breakdown - Revenue distribution by region shows that the China market remains the core pillar, contributing 86.2% of revenue in Q3 2025, up from 84.1% in Q2 2025 [7][8] - The wafer foundry business continues to dominate, accounting for 95.2% of total revenue in Q3 2025, with consumer electronics demand being the strongest at 43.4% [7][8] Capacity and Production - SMIC's monthly capacity increased from 991,300 8-inch equivalent wafers in Q2 2025 to 1,022,800 in Q3 2025, indicating ongoing capacity expansion [9][10] - Wafer sales reached 2,499,465 units in Q3 2025, a 4.6% increase from Q2 2025 and a 17.8% increase year-on-year [10] Cost Management and R&D Investment - Operating expenses decreased significantly by 42.6% quarter-on-quarter and 37.4% year-on-year, totaling $171.742 million [12][15] - R&D expenditure reached $203.147 million, reflecting an 11.7% increase from Q2 2025 and a 13.2% increase year-on-year, supporting technological advancements [12][15] Financial Health - As of September 30, 2025, SMIC's total current assets amounted to $14.145 billion, with a current ratio of 1.8, indicating solid short-term liquidity [16] - The company reported total equity of $33.076 billion, with a debt-to-equity ratio of 34.8%, suggesting a more reasonable capital structure [16] Future Outlook - SMIC anticipates stable revenue growth in Q4 2025, with a projected revenue increase of 0% to 2% and a gross margin between 18% and 20% [16][17] - The company is expected to strengthen its leadership position in the domestic integrated circuit manufacturing industry while enhancing its global market share [17]

Core Viewpoint - The company reported strong financial performance in Q3, with significant year-on-year growth in revenue and net profit, indicating a positive trend in its operational efficiency and market position [1][2]. Financial Performance - Q3 revenue reached 17.162 billion RMB, a year-on-year increase of 9.9% [2] - Q3 net profit was 1.517 billion RMB, reflecting a year-on-year growth of 43.1% [2] - For the first three quarters, total revenue was 49.510 billion RMB, up 18.2% year-on-year [2] - Net profit for the first three quarters amounted to 3.818 billion RMB, an increase of 41.1% year-on-year [2] Profitability Metrics - The gross margin for Q3 was 25.5%, up 4.8 percentage points from the previous quarter [1] - Capacity utilization increased to 95.8%, a rise of 3.3 percentage points quarter-on-quarter [1] Earnings Per Share - Basic earnings per share for Q3 were 0.19 RMB, a 46.2% increase compared to the same period last year [2] - Diluted earnings per share also stood at 0.19 RMB, reflecting the same growth rate [2] Research and Development - Total R&D expenditure was 1.447 billion RMB in Q3, a 13.6% increase year-on-year [2] - R&D spending accounted for 8.4% of revenue, an increase of 0.2 percentage points from the previous year [2] Future Guidance - The company expects Q4 revenue to remain flat or grow by 2% quarter-on-quarter, with gross margin projected to be between 18% and 20% [1][2]

Major Announcements - Guotai Group acquired 100% equity of Beikuan Baomao for 110 million yuan through public bidding [3] - People's Tongtai stock price has risen for four consecutive trading days, with a total increase of 46.43%, indicating potential rapid decline risk due to market sentiment [4] - Huasheng Lithium's stock price has deviated significantly, with a 62% revenue increase in the first three quarters, but still reporting a net loss of 10.3 million yuan [5] - Haishi Ke received approval for clinical trials of innovative drug HSK39297 for age-related macular degeneration, showing high development potential [6] - Angli Education postponed its response to an asset acquisition inquiry for no more than five trading days [7] - Shuguang Co. terminated its plan to issue shares to specific targets, with the Shanghai Stock Exchange halting the review [8] Performance Overview - JD Group reported third-quarter revenue of 299.1 billion yuan, a year-on-year increase of 14.9%, with net profit of 5.3 billion yuan [10] - SMIC achieved third-quarter net profit of 1.517 billion yuan, a 43.1% year-on-year increase, with revenue of 17.162 billion yuan [11][12] - Tencent Holdings reported third-quarter revenue of 192.87 billion yuan, a 15% year-on-year increase, with operating profit of 72.57 billion yuan [13] - Lu'an Huaneng's coal sales in October reached 3.78 million tons, a year-on-year increase of 3.28% [14] Shareholding Changes - Haicheng Bangda's director Wang Xiping plans to reduce his holdings by up to 0.97% due to personal financial needs [16] - Qisheng Technology's major shareholder reduced their stake to 40% through a block trade [17] - Tianwei Electronics' major shareholder Xie Kai reduced his holdings to below 5% [18] - Zhongzi Technology's major shareholders collectively reduced their stake by 1.35% [19] Major Contracts - Lichong Group's subsidiaries received project confirmations with an estimated total sales of approximately 1.135 billion yuan [21] - Anhui Construction's subsidiary won a project bid worth 1.753 billion yuan [22]