Core Viewpoint - The company, Jingchen Co., announced a share buyback program, having repurchased a total of 1.072289 million shares, which represents 0.2546% of its total share capital as of October 31, 2025 [2] Summary by Category - **Share Buyback Details** - The company has conducted a share buyback through the Shanghai Stock Exchange trading system via centralized bidding [2] - The total number of shares repurchased is 1.072289 million [2] - The repurchased shares account for 0.2546% of the company's total share capital [2]

每经头条（nbdtoutiao）——"为了孩子吃上饭，自己只能靠喝水撑着"！美政府停摆危机逼近"临界 点"，4200万人吃饭成问题 （记者 王晓波） 每经AI快讯，晶晨股份（SH 688099，收盘价：85.5元）11月3日晚间发布公告称，截至2025年10月31 日，公司通过上海证券交易所交易系统以集中竞价交易方式累计回购公司股份约107.23万股，占公司总 股本的比例为0.2546%，回购成交的最高价为96元/股，最低价为65.82元/股，支付的资金总额约为人民 币7982.9万元。 2024年1至12月份，晶晨股份的营业收入构成为：集成电路占比100.0%。 截至发稿，晶晨股份市值为360亿元。 ...

格隆汇11月3日丨晶晨股份(688099.SH)公布，截至2025年10月31日，公司通过上海证券交易所交易系统 以集中竞价交易方式累计回购公司股份107.23万股，占公司总股本的比例为0.2546%，回购成交的最高 价为96.00元/股，最低价为65.82元/股，支付的资金总额约为人民币7982.90万元（不含佣金、过户费等 交易费用）。 ...

证券代码：688099 证券简称：晶晨股份 公告编号：2025-072 晶晨半导体（上海）股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性依法承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/11，由董事长暨实控人提议 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 4 9 | 4 | 10 | 日~2026 | 年 | 月 | 日 | | 预计回购金额 | 5,000万元~10,000万元 | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | | | | | | | 累计已回购股数 | 107.2289万股 | | | | | | | | 累计已回购股数占总股本比例 | 0.2546% | | | | | ...

晶晨股份公告称，公司于2025年4月10日通过回购股份方案，拟用5000万元-10000万元自有资金回购股 份，用于员工持股计划或股权激励，回购期限至2026年4月9日。截至2025年10月31日，公司累计回购股 份107.2289万股，占总股本的0.2546%，支付资金总额约7982.90万元，回购价格区间为65.82元/股-96.00 元/股。 ...

Group 1 - The core point of the news is that 晶晨股份 (Amlogic) has experienced a significant decline in its stock price, dropping 1.15% to 86.00 CNY per share, with a total market capitalization of 362.15 billion CNY and a cumulative drop of 12.8% over the past five days [1] - The company specializes in the research, design, and sales of system-level SoC chips and peripheral chips, with 99.98% of its revenue coming from product sales and 0.02% from leasing services [1] - The stock has seen a trading volume of 8.62 billion CNY and a turnover rate of 2.36% [1] Group 2 - From the perspective of fund holdings, 建信基金 (China Construction Bank Fund) has a significant position in 晶晨股份, with its 建信消费升级混合 (000056) fund holding 17,100 shares, representing 3.55% of the fund's net value [2] - The fund has incurred a floating loss of approximately 21.65 thousand CNY during the five-day decline, with a current floating loss of about 1.71 thousand CNY [2] - 建信消费升级混合 fund has a total scale of 53.68 million CNY and has achieved a year-to-date return of 5.34% [2] Group 3 - The fund manager of 建信消费升级混合 is 邱宇航, who has a tenure of 14 years and 117 days, with the fund's best return during his tenure being 124% and the worst being -6.31% [3] - The total asset scale of the fund is reported to be 53.68 million CNY [3]

Core Insights - The company reported Q3 2025 revenue of 1.741 billion yuan, a year-on-year increase of 7.20%, while net profit attributable to shareholders was 201 million yuan, reflecting a decline of 13.14% [1] - R&D investment reached 383 million yuan in Q3 2025, up 10.93% year-on-year, maintaining a high R&D expense ratio of 22.02% [2] - The company is benefiting from the growing edge computing market, with a focus on AIoT chip solutions expanding into new sectors such as smart automotive and industrial vision [3] - Revenue projections for 2025 to 2027 are 7.329 billion yuan, 9.067 billion yuan, and 10.979 billion yuan, respectively, with net profits of 1.062 billion yuan, 1.440 billion yuan, and 1.804 billion yuan [4] Financial Performance - Q3 2025 revenue was 1.741 billion yuan, a 7.20% increase year-on-year [1] - Net profit attributable to shareholders was 201 million yuan, down 13.14% year-on-year [1] - Net profit excluding non-recurring items was 173 million yuan, a decrease of 19.31% year-on-year [1] R&D and Product Development - R&D investment in Q3 2025 was 383 million yuan, a 10.93% increase year-on-year, with an R&D expense ratio of 22.02% [2] - The new generation AIoT chip S905X5, based on 6nm technology, is expected to be commercially available in H2 2024, with projected sales of 10 million units for the year [2] - Sales of smart vision chips exceeded 3 million units in the first three quarters, doubling from the previous year [2] Market Position and Collaborations - The company is strategically positioned to benefit from the edge computing market, with IDC predicting the Chinese edge computing server market will reach 13.2 billion USD by 2028 [3] - Collaborations with major companies like Google, Samsung, and Walmart highlight the adaptability and market appeal of the company's technology platform [3] - The acquisition of ChipMic Semiconductor aims to enhance the company's multi-dimensional communication technology stack [3] Investment Outlook - Revenue forecasts for 2025, 2026, and 2027 are 7.329 billion yuan, 9.067 billion yuan, and 10.979 billion yuan, respectively [4] - Projected net profits for the same period are 1.062 billion yuan, 1.440 billion yuan, and 1.804 billion yuan [4] - The company is rated with a target price of 119.7 yuan based on a 35x PE for 2026, maintaining a "Buy-A" investment rating [4]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 119.7 CNY, maintaining the rating [4]. Core Insights - The company reported a revenue of 1.741 billion CNY for Q3 2025, a year-on-year increase of 7.20%, while the net profit attributable to shareholders was 201 million CNY, reflecting a decline of 13.14% [1]. - The company is focusing on enhancing its AI and smart vision core technologies, with R&D expenses reaching 383 million CNY in Q3 2025, a 10.93% increase year-on-year, maintaining a high R&D expense ratio of 22.02% [2]. - The company is benefiting from the global trend towards edge computing, with its AIoT chip solutions expanding into new fields such as smart cars and industrial vision [3]. Financial Performance - The company expects revenues of 7.329 billion CNY, 9.067 billion CNY, and 10.979 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 1.062 billion CNY, 1.440 billion CNY, and 1.804 billion CNY for the same years [7]. - The company’s gross margin is expected to improve from 36.4% in 2023 to 40.8% by 2026 [9]. - The projected earnings per share (EPS) for 2025 is 2.52 CNY, with a price-to-earnings (PE) ratio of 38.8 [8]. Market Position and Growth Potential - The company is strategically positioned to benefit from the edge computing market, which is projected to reach 13.2 billion USD in China by 2028 [3]. - Collaborations with major companies like Google, Samsung, and Walmart highlight the adaptability and market appeal of the company's technology platform [3]. - The company has successfully launched new products, including the S905X5 AIoT chip and various smart vision chips, which have seen significant sales growth [2].

Core Insights - The article discusses the changes in the management scale of the top equity fund managers as of Q3 2025, highlighting significant movements among them [4][5]. Group 1: Fund Manager Rankings - Zhang Kun remains the top fund manager with a total management scale of 565.44 billion, showing an increase of 14.97 billion from Q2 [5]. - Xie Zhiyu's management scale increased by 60.91 billion to 453.57 billion, surpassing Ge Lan to become the second-largest [4][5]. - Ge Lan's management scale is now 435.44 billion, with an increase of 36.36 billion [5]. - New entrants to the top ten include Li Xiaoxing and Yang Ruiwen, while Gong Lili and Fang Min dropped out [4][5]. Group 2: Zhang Kun's Investment Adjustments - Zhang Kun increased his holdings in JD Health by 2.82%, making it his fourth-largest position, while Tencent Holdings remains the largest [6][8]. - He reduced his positions in several liquor and oil stocks, indicating a shift in investment strategy [6][9]. - Zhang Kun emphasizes the long-term potential of China's consumer market and the importance of free cash flow in reflecting intrinsic value [9]. Group 3: Xie Zhiyu's Investment Focus - Xie Zhiyu significantly increased his holdings in electronics, particularly in companies like Luxshare Precision and Chipone Technology, focusing on AI computing and semiconductor sectors [11][12]. - He maintains a cautious yet optimistic approach towards the AI technology wave, highlighting the importance of balancing optimism with caution [13]. Group 4: Ge Lan's Focus on Innovative Drugs - Ge Lan's fund saw an increase in the proportion of top holdings from 54.73% to 62.50%, with significant increases in positions in pharmaceutical companies like WuXi AppTec and Hengrui Medicine [14][17]. - She remains optimistic about the investment value in innovative drugs and medical devices, citing ongoing policy support as a key catalyst [18][19]. Group 5: Liu Yanchun's Strategy - Liu Yanchun reduced his holdings in five A-share companies while increasing investments in medical stocks like Mindray Medical and China Duty Free [20][22]. - He emphasizes the importance of a long-term perspective in navigating economic transitions and the potential for investment opportunities in technology sectors [23]. Group 6: Zhou Weiwen's Investment Strategy - Zhou Weiwen's management scale grew by 42.79 billion, focusing on capturing trends in AI and undervalued sectors [24][27]. - He increased investments in companies related to overseas computing power and servers, while reducing exposure to domestic AI applications [29].

Core Insights - The semiconductor industry is facing challenges such as rising storage chip prices and geopolitical factors, yet the company, Amlogic (688099.SH), reported strong performance in its Q3 2025 results, with record revenue and profit growth [1][2] Financial Performance - The company's revenue for the first three quarters reached 5.071 billion yuan, a year-on-year increase of 9.29% - Net profit attributable to shareholders was 698 million yuan, up 17.51% year-on-year - The non-recurring net profit was 630 million yuan, reflecting a 13.71% increase year-on-year [1][2] Product Development and Market Position - Amlogic ranks fourth globally among companies focused on smart terminal SoC chips and is the leading player in the household smart terminal SoC chip market in mainland China [2] - The company is experiencing a trend of improving gross margins, with an overall gross margin of 37.12% for the first three quarters, up 0.75 percentage points year-on-year [2] - The growth in high-end product offerings, particularly the 6nm advanced process chips and Wi-Fi 6 products, is driving profitability [2][4] Research and Development - R&D expenses increased by 9.64% year-on-year, focusing on "edge intelligence" and "multi-dimensional communication" strategies [3] - The acquisition of ChipMic Semiconductor is enhancing the company's technology matrix, expanding applications from local area networks to wide area networks [3] Product Strategy - The product evolution in 2025 is characterized by a dual-drive strategy, focusing on both advanced process chips and specialized chips for specific scenarios [4] - The 6nm process technology offers significant performance improvements and energy efficiency, making it suitable for high-end products [5] - The W series chips are experiencing explosive growth due to the rising demand for high-speed, low-latency network connections in the smart home market [6] Client Relationships and Market Outlook - Amlogic's growth is supported by a stable client base, including major tech giants like Google and Samsung, which provides a steady order flow and facilitates rapid product upgrades [7] - The company is positioned to benefit from the increasing demand for AIoT applications, with projected revenues of 7.564 billion yuan in 2025, growing to 11.264 billion yuan by 2027 [8]