Group 1 - The commercial aerospace sector has seen increased market attention and institutional research activity since the beginning of the year, with 14 listed companies in this field receiving two or more institutional inquiries in January alone [1] - Chaojie Fastening Systems has been the most frequently researched company, receiving 7 inquiries, while Taily Technology and Lianang Microelectronics have received 4 and 3 inquiries respectively [1] - Chaojie Fastening's core business in the commercial aerospace sector involves manufacturing rocket body structural components, with a production capacity of 10 rockets per year expected to be completed by mid-2024 [1] Group 2 - The core goal of reusable rocket technology is to enhance launch frequency and economic efficiency, which will lead to sustained after-sales demand and increased manufacturing needs [2] - Taily Technology is the exclusive supplier of vacuum packaging products for China's aerospace sector, providing reliable support for astronauts' work and life in space [2] - Lianang Microelectronics has developed pHEMT chips for low-orbit satellite terminal customers, marking a significant step in its commercial aerospace strategy [2] Group 3 - The surge in institutional research on commercial aerospace companies is driven by multiple factors, including rapid industry growth and the synergy of policy, technology, and demand [3] - The commercial aerospace sector is increasingly impacting various industries such as smart cities and precision agriculture, prompting a faster industry chain response [3] - Future growth drivers for the industry include space tourism, resource development, integration with emerging technologies, and international market expansion [3]

Market Overview - The semiconductor sector experienced a slight increase of 0.02% on January 23, with Zhenlei Technology leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up by 0.33%, while the Shenzhen Component Index closed at 14439.66, up by 0.79% [1] Top Gainers in Semiconductor Sector - Tanguo Technology (688270) saw a closing price of 215.93, with a significant increase of 20.00% and a trading volume of 306,400 shares, resulting in a transaction value of 6.166 billion [1] - Hangyu Micro (300053) closed at 22.96, up by 13.10%, with a trading volume of 1,644,800 shares and a transaction value of 3.686 billion [1] - Biyi Micro (688045) closed at 53.16, increasing by 12.72%, with a trading volume of 85,500 shares and a transaction value of 451 million [1] Top Losers in Semiconductor Sector - Jingchen Co. (688123) closed at 164.00, down by 7.87%, with a trading volume of 123,800 shares and a transaction value of 2.062 billion [2] - Mingwei Electronics (688699) closed at 55.07, decreasing by 6.53%, with a trading volume of 112,200 shares and a transaction value of 624 million [2] - Liandong Technology (301369) closed at 128.15, down by 5.79%, with a trading volume of 18,900 shares and a transaction value of 24.7 million [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 9.034 billion from institutional investors, while retail investors saw a net inflow of 7.113 billion [2] - Speculative funds recorded a net inflow of 1.921 billion [2] Individual Stock Capital Flow - Tanguo Technology (688270) had a net inflow of 5.91 billion from institutional investors, while it faced a net outflow of 4.03 billion from speculative funds [3] - Ziguang Guowei (002049) saw a net inflow of 3.13 billion from institutional investors, with a net outflow of 1.79 billion from speculative funds [3] - Wenta Technology (600745) recorded a net inflow of 2.71 billion from institutional investors, while speculative funds experienced a net outflow of 1.52 billion [3]

Core Viewpoint - The company, Hangzhou Lian Microelectronics Co., Ltd., anticipates a significant reduction in losses for the fiscal year 2025, with projected revenues increasing by approximately 16.26% compared to the previous year, despite still reporting a net loss [2][4]. Financial Performance Summary - The company expects to achieve an operating revenue of approximately 359,500.00 million yuan for 2025, reflecting a year-on-year increase of about 16.26% [2][4]. - The projected net loss attributable to shareholders is around 12,100.00 million yuan, which represents a reduction in losses of approximately 54.47% compared to the previous year [2][4]. - The net profit attributable to shareholders after excluding non-recurring gains and losses is expected to be a loss of about 16,100.00 million yuan, indicating a year-on-year reduction in losses of approximately 39.46% [2][4]. - The company anticipates an EBITDA of approximately 112,000.00 million yuan, which is an increase of about 75.91% compared to the previous year [4]. Previous Year Comparison - In the previous year, the company reported an operating revenue of 309,231.66 million yuan [6]. - The net loss attributable to shareholders was 26,575.71 million yuan [7]. - The net profit attributable to shareholders after excluding non-recurring gains and losses was a loss of 26,595.86 million yuan [8]. - The EBITDA for the previous year was 63,669.83 million yuan [9]. Reasons for Performance Changes - The primary reasons for the change in net profit include increased depreciation and amortization expenses due to expansion projects, which amounted to approximately 112,370.00 million yuan, an increase of about 18,463.00 million yuan year-on-year [11]. - The company made a provision for inventory impairment of approximately 12,560.00 million yuan during the reporting period [11]. - Interest expenses related to convertible bonds were recorded at 13,540.00 million yuan [11]. - The acquisition of minority shares in a subsidiary led to a profit reduction of about 4,310.00 million yuan [11]. Business Segment Performance - The semiconductor silicon wafer segment showed a recovery in profitability, with average sales prices increasing and production scale expanding, particularly for 12-inch wafers, which saw significant growth in sales volume [12]. - The sales volume of semiconductor silicon wafers (equivalent to 6-inch) was approximately 1,939.41 million pieces, a year-on-year increase of about 28.20%, with 12-inch wafer sales increasing by approximately 61.90% [13]. - The revenue from the semiconductor silicon wafer business is expected to be around 267,867.85 million yuan, a year-on-year increase of about 19.66% [14]. - The revenue from the semiconductor power device chip business is projected to be 84,386.52 million yuan, a slight decrease of about 2.16% [14]. - The revenue from compound semiconductor RF and optoelectronic chips is expected to be approximately 32,744.47 million yuan, reflecting a year-on-year increase of about 10.84% [14]. Non-Recurring Gains and Losses - The company experienced a significant increase in non-recurring gains and losses, with a year-on-year increase of approximately 39.95 million yuan, primarily due to the appreciation of stock holdings and gains from the disposal of certain stocks [15].

Core Viewpoint - The company, Lianmicro, expects a reduction in losses for the year 2025, driven by growth in the semiconductor industry and improved profitability in its silicon wafer segment [1] Group 1: Financial Performance - Lianmicro anticipates revenue of approximately 35.95 billion yuan for 2025, representing a year-on-year increase of 16.26% [1] - The company projects a net loss of around 1.21 billion yuan for 2025, a decrease from a net loss of 2.66 billion yuan in the previous year [1] - EBITDA is expected to reach about 11.2 billion yuan, reflecting a year-on-year growth of approximately 75.91% [1] Group 2: Factors Affecting Performance - The continuous losses are attributed to depreciation and amortization expenses, inventory write-down provisions, convertible bond interest expenses, and fair value changes [1] - Depreciation and amortization expenses are estimated at around 11.24 billion yuan, with inventory write-down provisions and convertible bond interest expenses at 1.26 billion yuan and 1.35 billion yuan, respectively [1] Group 3: Market Demand and Sales Data - The company reported a significant increase in silicon wafer sales, with an estimated volume of approximately 19.39 million pieces for 2025, marking a year-on-year growth of 28.20% [3] - The sales volume of 12-inch silicon wafers is expected to reach 1.79 million pieces, a substantial increase of 61.90% [3] - The average selling price of silicon wafers is projected to rise quarterly starting from Q1 2025, driven by product upgrades and increased production scale [2] Group 4: Revenue Breakdown - The semiconductor silicon wafer business is expected to generate revenue of approximately 26.79 billion yuan, a year-on-year increase of about 19.66% [3] - Revenue from 12-inch silicon wafers is projected to be around 8.59 billion yuan, reflecting a growth of 65.63% [3] - The semiconductor power device chip business is expected to generate revenue of 8.44 billion yuan, a slight decline of 2.16% [3] Group 5: Future Outlook - The company aims to strengthen market marketing and expand market share as part of its 2026 operational plan [4] - Average shipment prices have been increasing since Q1 2025, with expectations for continued price growth as the silicon wafer industry and related applications improve [4]

转自：证券时报 人民财讯1月21日电，立昂微(605358)1月21日公告，预计2025年度实现归属于上市公司股东的净利润为 亏损1.21亿元左右，同比减亏。报告期内，公司归属于上市公司股东的净利润同比大幅减亏，主要得益 于半导体硅片板块盈利能力的复苏。 ...

| 证券代码：605358 | 证券简称：立昂微 | 公告编号：2026-009 | | --- | --- | --- | | 债券代码：111010 | 债券简称：立昂转债 | | 杭州立昂微电子股份有限公司 2025 年年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 业绩预告的具体适用情形：净利润为负值。 ● 杭州立昂微电子股份有限公司（以下简称"公司"）预计2025年度实现营业收入 359,500.00万元左右，同比增长约16.26%。预计实现归属于上市公司股东的净利润为亏损 12,100.00万元左右，同比减亏约54.47%。 ● 预计归属于上市公司股东的扣除非经常性损益的净利润为亏损16,100.00万元左右，同 比减亏约39.46%。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1、经财务部门初步测算，预计2025年度实现营业收入359,500.00万元左右，与上年同期 相比增加50,268.34万元左右，同比 ...

Core Viewpoint - Lianmicro expects a net loss of approximately 121 million yuan for the fiscal year 2025, an improvement from a loss of 266 million yuan in the previous year, while projecting a revenue of around 3.595 billion yuan, representing a year-on-year growth of approximately 16.26% [1] Financial Performance - The anticipated net loss for 2025 is around 121 million yuan, compared to a loss of 266 million yuan in the same period last year [1] - Projected revenue for 2025 is approximately 3.595 billion yuan, indicating a year-on-year increase of about 16.26% [1] Business Drivers - The primary reason for the performance change is the recovery in profitability within the semiconductor wafer segment [1] - There is a shift towards high-end product structures, with significant growth in the production and sales volume of 12-inch wafers [1] - Improvements in gross margin are attributed to increased sales prices and decreased unit costs, along with an increase in non-recurring gains [1]

Core Viewpoint - The company, Lian Micro, is forecasting a net loss of approximately 121 million yuan for the year 2025, which represents a year-on-year reduction in losses of about 54.47% [1] Financial Performance - The net profit attributable to shareholders, excluding non-recurring gains and losses, is expected to be a loss of around 161 million yuan, reflecting a year-on-year reduction in losses of approximately 39.46% [1] - The main reasons for the changes in net profit include increased depreciation and amortization expenses of about 1.12 billion yuan, which rose by approximately 184.63 million yuan year-on-year [1] - The company has made a provision for inventory impairment of about 125.6 million yuan based on a cautious principle [1] - Interest expenses for convertible bonds amounted to 135.4 million yuan during the reporting period [1] - The acquisition of minority equity in a subsidiary led to a profit reduction of approximately 43.1 million yuan [1] Business Segment Performance - The semiconductor wafer segment has shown a recovery in profitability, with the average selling price of products gradually increasing from the first quarter of 2025 [1] - The production and sales scale of the company is steadily expanding, particularly with a significant increase in the sales volume of 12-inch wafers [1] - The comprehensive gross margin of the wafer business is expected to rise from 4.72% in 2024 to approximately 9% in 2025, driven by increased selling prices and reduced unit costs [1] - The negative gross margin situation for 12-inch wafers improved significantly, narrowing from -70.68% in 2024 to about -27% in 2025 [1] Non-Recurring Gains - Non-recurring gains attributable to shareholders increased significantly, with a year-on-year rise of approximately 39.95 million yuan, primarily due to fair value changes from stock holdings and increased investment income from the disposal of certain listed company stocks [1]

Core Viewpoint - Lian Micro (605358.SH) expects a net loss of approximately 121 million yuan for the fiscal year 2025, an improvement from a loss of 266 million yuan in the previous year, while projecting a revenue of around 3.595 billion yuan, representing a year-on-year growth of approximately 16.26% [1] Group 1 - The primary reason for the performance change is the recovery in profitability within the semiconductor wafer segment [1] - The company is upgrading its product structure towards high-end products, leading to significant growth in the production and sales volume of 12-inch wafers [1] - There has been an increase in sales prices and a decrease in unit costs, which have contributed to the improvement in gross margin [1] Group 2 - Additionally, there has been an increase in non-recurring gains, further supporting the expected financial performance [1]

Core Viewpoint - The company, Lian Micro (605358.SH), expects to achieve an operating revenue of approximately 3.595 billion yuan in 2025, representing a year-on-year growth of about 16.26% [1] Financial Performance - The company anticipates a net loss attributable to shareholders of approximately 121 million yuan, which reflects a year-on-year reduction in loss of about 54.47% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be a loss of around 161 million yuan, indicating a year-on-year reduction in loss of approximately 39.46% [1]