Core Viewpoint - Liyang Chip (688135.SH) reported a revenue of 618.39 million yuan for the fiscal year 2025, marking a year-on-year growth of 26.69%, despite a net loss attributable to shareholders of 9.19 million yuan [1] Group 1: Financial Performance - The company achieved a historical high in revenue since its establishment, with a quarterly growth starting from Q2 2025 [1] - The net profit attributable to shareholders was -9.19 million yuan, while the net profit after deducting non-recurring gains and losses was -11.62 million yuan [1] Group 2: Revenue Drivers - Revenue growth was driven by sustained strong demand for certain product categories from 2024 and improved terminal demand from existing customers [1] - New customers and products were successfully introduced and entered mass production testing, contributing to significant growth in testing revenue for related chips [1] - Notable increases in testing revenue were observed in high-performance computing, storage, automotive electronics, industrial control, and specialty chips [1]

| 证券代码：688135 | 证券简称：利扬芯片 | 公告编号：2026-021 | | --- | --- | --- | | 转债代码：118048 | 转债简称：利扬转债 | | 广东利扬芯片测试股份有限公司 2025 年度业绩快报公告 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。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计， 具体数据以广东利扬芯片测试股份有限公司（以下简称"公司"）2025年年度的 定期报告为准，敬请投资者注意投资风险。 一、2025 年度主要财务数据和指标 单位：人民币万元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度（％） | | --- | --- | --- | --- | | 营业总收入 | 61,839.44 | 48,812.56 | 26.69 | | 营业利润 | -913.88 | -5,581.62 | 不适用 | | 利润总额 | -1,087.86 | -5,599.17 | 不适用 | | 归属于母公司所有者的净利润 | -91 ...

南财智讯2月27日电，利扬芯片发布2025年度业绩快报，报告期内公司实现营业收入6.18亿元，同比增 长26.69%；归属于上市公司股东的净利润-919.83万元；基本每股收益-0.05元。 ...

Core Viewpoint - Liyang Chip (688135.SH) is expected to report losses for the year 2025, with a projected net profit attributable to shareholders ranging from -11.50 million to -8.50 million yuan, indicating a reduction in losses compared to the previous year [1] Financial Performance - In 2024, Liyang Chip achieved an operating revenue of 488 million yuan, a year-on-year decrease of 2.97% [1] - The net profit attributable to shareholders for 2024 was -61.62 million yuan, down from a profit of 21.72 million yuan in the previous year [1] - The net profit excluding non-recurring gains and losses for 2024 was -65.68 million yuan, compared to a profit of 11.37 million yuan in the previous year [1] - The net cash flow from operating activities for 2024 was 204 million yuan, an increase of 3.98% year-on-year [1] Fundraising Activities - Liyang Chip raised a total of 535.05 million yuan from its initial public offering, with a net amount of 470.94 million yuan after deducting issuance costs [2] - The company plans to use the raised funds for chip testing capacity construction, R&D center construction, and working capital [2] - In 2024, Liyang Chip issued convertible bonds, raising a total of 520 million yuan, with a net amount of 512.89 million yuan after costs [2] Shareholder Activities - Liyang Chip announced a plan to issue A-shares to specific investors, aiming to raise up to 970 million yuan for various projects [3] - The company reported a significant share reduction by its controlling shareholder, Huang Jiang, who sold 6 million shares between November 17, 2025, and January 12, 2026, totaling approximately 161.38 million yuan [3] - A recent share transfer involved several shareholders, resulting in a decrease in their combined holding from 35.45% to 32.16% of the total shares [4]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company, Liyang Chip, is positioned as an independent third-party professional chip testing service provider, focusing on integrated circuit testing solutions and related services. It has established a strategic layout of "one body and two wings" to enhance its long-term competitive advantage [9][14]. - The company has seen a significant increase in revenue, with a projected growth in total revenue from 503.08 million yuan in 2023 to 964.95 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 21.76% [1]. - The net profit is expected to recover from a loss of 61.62 million yuan in 2024 to a profit of 36.09 million yuan by 2027, indicating a strong turnaround in profitability [1]. Summary by Sections Company Overview - Liyang Chip was established in 2010 and specializes in integrated circuit testing, having developed over 44 categories of testing solutions applicable to various end-use scenarios, including advanced processes like 3nm and 5nm [14][9]. - The company is expanding its high-end testing capacity to meet the growing demand from existing and potential clients, particularly in sectors like automotive electronics and AI [9][14]. Market Dynamics - The integrated circuit design industry is growing, accounting for 44.6% of China's semiconductor industry, which is expected to drive demand for testing services [9][40]. - The company is strategically expanding its operations in the Yangtze River Delta region, aiming to increase its market share from 8% to 21% by 2024 [9][14]. Business Strategy - The "one body and two wings" strategy involves focusing on integrated circuit testing as the core business while expanding into wafer thinning and advanced imaging sensor technologies [9][14]. - The company has established production bases in Dongguan and Shanghai, enhancing its capacity and operational efficiency [9][19]. Financial Performance - The company reported a revenue of 4.4 billion yuan in the first three quarters of 2025, a 23.11% increase year-on-year, driven by improved demand from existing customers and new product launches [26]. - The report forecasts revenues of 6.3 billion yuan in 2025, 7.9 billion yuan in 2026, and 9.6 billion yuan in 2027, with corresponding price-to-sales ratios of 11, 9, and 7, respectively [1][26]. Competitive Landscape - The report highlights the competitive advantage of independent third-party testing firms like Liyang Chip, which can provide objective testing results compared to integrated packaging and testing companies [38][39]. - The company is well-positioned to benefit from the ongoing shift in the semiconductor industry, as it captures market share from traditional players [9][45].

Group 1 - The core viewpoint of the news highlights the recent fluctuations in the stock price of Liyang Chip (688135), which has shown an upward trend with significant trading volumes and varying turnover rates [1][2] - On February 12, the stock price increased by 3.66% to 34.24 yuan, with a trading volume of 408 million yuan and a turnover rate of 5.89% [1] - On February 13, the stock price further rose by 2.95% to 35.25 yuan, with trading volume increasing to 455 million yuan and a turnover rate of 6.27% [1] Group 2 - The company announced an annual performance forecast on January 30, 2026, predicting a net loss of 8.5 million to 11.5 million yuan for 2025, which represents a significant narrowing of losses compared to 2024 [2] - The increase in operating revenue is expected to begin from the second quarter, reaching new highs each quarter [2] - The company plans to raise up to 970 million yuan through a private placement of A-shares to fund integrated circuit testing projects and technology research and development, which may impact its long-term business strategy [2] - Recent share reductions by the company's actual controller indicate a need to monitor shareholder movements [2]

Meeting Overview - The first extraordinary general meeting of Guangdong Liyang Chip Testing Co., Ltd. was held on February 11, 2026, at the company's conference hall in Dongguan, Guangdong Province [2] - The meeting was convened by the board of directors and chaired by Chairman Huang Jiang, utilizing a combination of on-site and online voting methods [2][3] Attendance and Voting - All 9 current directors attended the meeting, along with the general manager and the board secretary [3] - The voting procedures complied with the Company Law, Securities Law, and the company's articles of association [2] Resolutions Passed - The following key resolutions were approved during the meeting: - Approval of the proposal regarding the company's compliance for issuing A-shares to specific targets [4] - Approval of the detailed plan for the issuance of A-shares, including types, methods, pricing, and subscription details [5][6] - Approval of the total amount and use of raised funds, confirming that the funds will be directed towards technology innovation [6][7] - Approval of the company's dividend return plan for the next three years (2026-2028) [7] - Authorization for the board to handle matters related to the issuance of A-shares [7] Independent Director Election - The company completed the election of independent directors Liu Ziyu and Xu Jianming, following the expiration of the terms of previous independent directors [13] - The new independent directors will serve until the end of the current board's term [13] Committee Adjustments - Adjustments were made to the board's specialized committees, with Liu Ziyu appointed as the chair of the nomination committee and Xu Jianming as the chair of the remuneration and assessment committee [14]

| 证券代码：688135 | 证券简称：利扬芯片 | 公告编号：2026-020 | | --- | --- | --- | | 转债代码：118048 | 转债简称：利扬转债 | | 广东利扬芯片测试股份有限公司 关于补选独立董事完成暨调整董事会专门委员会委 员的公告 1 刘子玉女士、徐建明先生的董事会专门委员会委员任期自董事会审议通过之 日起至公司第四届董事会任期届满之日止。 广东利扬芯片测试股份有限公司董事会 特此公告。 2026 年 2 月 12 日 2 二、调整董事会专门委员会委员的情况 为充分发挥董事会专门委员会作用，对公司第四届董事会专门委员会委员做 相应调整。根据《上海证券交易所科创板上市公司自律监管指引第 1 号——规范 运作》《上市公司独立董事管理办法》等有关法律、法规及《公司章程》的相关 规定，公司于 2026 年 2 月 11 日召开第四届董事会第十八次会议，审议通过了《关 于调整公司第四届董事会专门委员会委员的议案》，补选独立董事刘子玉女士、 徐建明先生担任公司第四届董事会专门委员会委员，并经董事长黄江先生提名， 由刘子玉女士担任提名委员会主任委员、徐建明先生担任薪酬与考核委员会主 ...

证券代码：688135 证券简称：利扬芯片 公告编号：2026-018 广东利扬芯片测试股份有限公司 2026年第一次临时股东会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 本次会议由公司董事会召集，董事长黄江先生主持。会议采用现场投票和网 络投票相结合的方式进行表决。本次会议的召集、召开程序及表决程序符合《公 司法》《证券法》及《公司章程》的规定。 （五） 公司董事和董事会秘书的列席情况 二、 议案审议情况 表决情况： | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | | 票数 | 比例（%） | 票数 | 比例（%） | 票数 | 比例 （%） | | 普通股 | 73,702,427 | 98.8608 | 209,250 | 0.2806 | 640,033 | 0.8586 | 2、 议案名称：《关于公司 2026 年度向特定对象发 ...

本公司董事会及全体董事保证公告内容不存在虚假记载、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法律责任。 | 证券代码：688135 | 证券简称：利扬芯片 | 公告编号：2026-019 | | --- | --- | --- | | 转债代码：118048 | 转债简称：利扬转债 | | 广东利扬芯片测试股份有限公司 第四届董事会第十八次会议决议公告 一、董事会会议召开情况 表决情况：同意 9 票；反对 0 票；弃权 0 票； 特此公告。 广东利扬芯片测试股份有限公司董事会 2026 年 2 月 12 日 1 广东利扬芯片测试股份有限公司（以下简称"公司"）第四届董事会第十八 次会议于 2026 年 2 月 11 日在公司会议室以现场结合通讯方式召开，本次会议的 通知已于会议前通过电子邮件形式送达全体董事，经全体董事一致同意豁免本次 会议的通知时限。本次会议由黄江先生主持，并已在董事会会议上就豁免通知时 限的相关情况做出说明，与会的各位董事已知悉所议事项的相关必要信息。本次 会议由黄江先生主持，会议应到董事 9 人，实际到会董事 9 人。 本次会议的召集、召开和表决程序符合《 ...