2025年10月31日，翱捷科技(688220.SH)发布2025年第三季报。截至2025年10月30日，共有82个机构投 资者披露持有翱捷科技A股股份，合计持股量达2.30亿股，占翱捷科技总股本的55.02%。其中，前十大 机构投资者包括阿里巴巴(中国)网络技术有限公司、宁波捷芯睿微企业管理合伙企业(有限合伙)、上海 浦东新星纽士达创业投资有限公司、深圳市前海万容红土投资基金(有限合伙)、招商银行股份有限公司- 银河创新成长混合型证券投资基金、GreatASR1 Limited、上海浦东新兴产业投资有限公司、香港中央 结算有限公司、GreatASR2 Limited、FANTASY TALENT INTERNATIONAL LIMITED，前十大机构投 资者合计持股比例达47.36%。相较于上一季度，前十大机构持股比例合计上涨了2.12个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计22个，主要包括博时智选量化多因子股票A、兴 全轻资产混合(LOF)、中航远见领航混合发起A、博时ESG量化选股混合A、华夏科技龙头两年持有混合 等，持股增加占比达0.48%。本期较上一季度持股减少的公募基金共计26 ...

Core Insights - Aojie Technology (688220.SH) reported its Q3 2025 results, showing a revenue of 2.88 billion yuan for the first three quarters, representing a year-on-year growth of 13.42% [1] - The company recorded a net loss attributable to shareholders of 327 million yuan, with a non-recurring net profit loss of 488 million yuan [1] - Basic earnings per share stood at -0.81 yuan [1] Financial Performance - Revenue for the first three quarters reached 2.88 billion yuan, marking a 13.42% increase compared to the previous year [1] - The net loss attributable to shareholders was 327 million yuan, indicating financial challenges [1] - The non-recurring net profit loss was 488 million yuan, reflecting ongoing operational difficulties [1] - Basic earnings per share were reported at -0.81 yuan, highlighting the company's current financial strain [1]

证券日报网讯 10月30日晚间，翱捷科技发布公告称，公司根据《企业会计准则第8号——资产减值》和 相关会计政策的规定，结合公司的实际情况，为客观、公允地反映公司截至2025年9月30日的财务状况 和2025年1月-9月份的经营成果，本着谨慎性原则，公司对合并报表范围内存在减值迹象的资产计提了 减值准备。2025年前三季度确认的信用减值损失和资产减值损失总额为7，351.42万元。 （编辑 任世碧） ...

Core Viewpoint - Aojie Technology (688220.SH) reported a year-on-year revenue increase of 13.42% for the first three quarters of 2025, reaching 2.88 billion yuan, while reducing its net loss attributable to shareholders by 85.05 million yuan compared to the same period last year [1] Financial Performance - Total operating revenue for the first three quarters of 2025 was 2.88 billion yuan, reflecting a year-on-year growth of 13.42% [1] - The net profit attributable to shareholders was -327 million yuan, showing a reduction in losses by 85.05 million yuan compared to the previous year [1] - Basic earnings per share stood at -0.81 yuan [1]

证券代码：688220 证券简称：翱捷科技 公告编号：2025-037 翱捷科技股份有限公司 关于 2025 年前三季度计提资产减值准备的公告 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。 | 单位：万元 | | --- | | 项目 | 年前三季度计提金额 2025 | | --- | --- | | 信用减值损失（损失以"-"号填列） | 404.09 | | 应收账款坏账准备 | 404.59 | | 其他应收款坏账准备 | 1.58 | | 其他非流动资产坏账准备 | -2.08 | | 资产减值损失（损失以"-"号填列） | -7,755.52 | | 合同资产坏账准备 | 7.38 | | 无形资产减值准备 | -4.88 | | 存货跌价准备 | -7,758.02 | | 合计 | -7,351.42 | 注：上表中的合计数与各单项加总数尾数不符的情况，系四舍五入尾差所致。 二、 计提减值准备事项的具体说明 （一）信用减值损失 1 公司以预期信用损失为基础，对应收账款、其他应收款及其他非流动资产进 行减值 ...

翱捷科技股份有限公司 2025 年第三季度报告 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。 翱捷科技股份有限公司 2025 年第三季度报告 证券代码：688220 证券简称：翱捷科技 | 利润 | | | | | | --- | --- | --- | --- | --- | | 经营活动产生的现金流 | 不适用 | 不适用 | -290,071,728.98 | 不适用 | | 量净额 | | | | | | 基本每股收益（元/股） | -0.20 | 不适用 | -0.81 | 不适用 | | 稀释每股收益（元/股） | -0.20 | 不适用 | -0.81 | 不适用 | | 加权平均净资产收益率 （%） | -1.48 | 不适用 | -5.85 | 不适用 | | 研发投入合计 | 336,196,626.63 | 8.60 | 1,004,647,581.40 | 11.07 | | 研发投入占营业收入的 | 34.22 | 减 少 0.78 个 | 34.88 | 减少0.74个 | | 比例（%） | ...

Core Viewpoint - Aojie Technology experienced a decline of 1.19% in stock price on October 27, with a trading volume of 865 million yuan, indicating a potential shift in investor sentiment and market dynamics [1]. Financing Summary - On October 27, Aojie Technology had a financing buy-in amount of 104 million yuan, with a net financing purchase of 30.07 million yuan after repaying 73.91 million yuan [1]. - The total financing and securities balance reached 739 million yuan, with the financing balance accounting for 2.13% of the circulating market value, indicating a high level compared to the past year [1]. - The company had a low short-selling balance of 4,820 shares, with a short-selling balance of 4.60 million yuan, which is below the 30th percentile of the past year [1]. Business Performance - As of June 30, Aojie Technology reported a total of 20,800 shareholders, an increase of 5.28% from the previous period, while the average circulating shares per person decreased by 5.01% to 17,307 shares [2]. - For the first half of 2025, Aojie Technology achieved a revenue of 1.898 billion yuan, reflecting a year-on-year growth of 14.67%, while the net profit attributable to the parent company was -245 million yuan, showing a year-on-year increase of 7.29% [2]. - The main business revenue composition includes 92.39% from chip product sales, 6.64% from customized chip services, 0.96% from semiconductor IP licensing, and 0.02% from testing services and others [1].

Investment Rating - The report maintains a positive outlook on AI growth and highlights key companies to focus on: ZhongJi InnoLight, Eoptolink Technology, Yuanjie Technology, ZTE, Hui Lyu Ecological Technology Groups Co., Ltd., Shenzhen JPT Opto-Electronics, Ruijie Networks, Aojie Technology, and Unisplendour [1][31]. Core Insights - The demand for optical modules is expected to increase significantly, with a forecast of 20 million units for 1.6T optical modules by 2026 [15][39]. - The communication industry is seen as the foundation of the digital economy, encompassing various sectors such as AI ecosystems, satellite internet, data elements, AIoT, internet of vehicles, and industrial internet [31][39]. - OpenAI's release of the AI browser ChatGPT Atlas is viewed as a significant development in redefining internet usage [6][38]. - Anthropic's agreement with Google Cloud for up to one million TPUs, valued at several billion dollars, indicates strong growth potential in AI infrastructure [10][39]. - The acquisition of a 94% stake in Wuhan Ruijing by Dugen Core is expected to enhance technical synergy in the optoelectronics field [12][39]. Summary by Sections Optical Module Demand - The report revises the demand forecast for 1.6T optical modules upwards, predicting a demand of over 20 million units by 2026, with a significant supply gap anticipated for high-speed optical modules [15][39]. AI and Communication - The report emphasizes the acceleration of AI-related investments and innovations, particularly in GPU capabilities and communication networks, which are crucial for enhancing AI efficiency [31][32]. Company Performance - The report includes a simulated investment portfolio for the communication sector, showing a strong performance with an average increase of 14.95% for selected stocks during the specified period [22][23].

Group 1 - The core focus of several fund managers in Q3 has been on PCB leading stocks, particularly East Mountain Precision, with notable increases in holdings by prominent funds [2][3] - The fund "Yongying Technology Smart Select" has shown significant performance, with a year-to-date return exceeding 200%, and has heavily invested in the PCB sector and optical module leaders [3][5] - Fund managers have expressed confidence in the A-share market, highlighting the potential for further asset allocation towards equity due to favorable domestic fiscal and monetary policies [10][11] Group 2 - Fund managers have adjusted their portfolios, with some reducing holdings in optical module leaders while increasing investments in the robotics industry [6][7] - The "Yongying Technology Smart Select" fund has seen its net asset value growth rate approach 100%, leading to a substantial increase in fund size from 11.66 billion to 115.21 billion [12] - There is a growing interest in Hong Kong stocks, with funds increasing their positions in companies like Alibaba and various biotech firms, reflecting a dual focus on technology and recovery sectors [9]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [3][36] Core Viewpoints - The report highlights that artificial intelligence (AI) is driving a semiconductor supercycle, with significant investments and collaborations in the sector, such as Anthropic's partnership with Google, which includes a deal for up to one million custom TPU chips [3] - Major memory manufacturers like Samsung and SK Hynix are expected to raise prices of DRAM and NAND storage products by up to 30% in response to the surge in AI-driven demand [3] - Amphenol reported a 53.35% year-on-year increase in revenue for Q3 2025, driven by the growing demand for data center solutions [3] - The report anticipates a substantial increase in overall computing power by 2035, predicting a growth of up to 100,000 times, emphasizing the transformative potential of general artificial intelligence [3] Summary by Sections 1. Market Review - The electronic industry saw a weekly increase of 8.49% from October 20 to October 24, with the communication sector leading at 11.55% [6] - The Philadelphia Semiconductor Index rose from 6,885.03 points to 6,976.94 points during the same period, indicating a positive trend since April 2025 [11] 2. Industry High-Frequency Data Tracking 2.1 Panel Prices - TV panel prices are expected to stabilize due to healthy inventory levels, with no significant changes anticipated for various sizes [17] 2.2 Memory Prices - Prices for DDR5 and DDR4 memory chips have shown an upward trend, with DDR5 increasing from $10.457 to $12.615 and DDR4 from $24.333 to $24.721 between October 20 and October 24 [21]