Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 2.931 billion yuan, a year-on-year growth of 23.3%, and net profit attributable to shareholders at 218 million yuan, a substantial increase of 137.18% [2] - For the first nine months of 2025, the company achieved cumulative revenue of 8.13 billion yuan, a year-on-year increase of 19.99%, and net profit attributable to shareholders of 550 million yuan, a remarkable surge of 97.24% [2] - The company maintained a high level of R&D investment, with Q3 2025 R&D expenses at 384 million yuan, accounting for 13.1% of revenue, and cumulative R&D investment for the year at 1.079 billion yuan, also 13.27% of revenue, reflecting a year-on-year growth of 15.78% [2] Financial Performance - The net cash flow from operating activities for the first nine months of 2025 was 2.674 billion yuan, a year-on-year increase of 35.99%, indicating improved cash flow health and collection capability [3] - As of September 30, 2025, the company's total assets were 52.214 billion yuan, a growth of 3.6% from the previous year, and shareholders' equity was 21.395 billion yuan, up 2.51%, demonstrating stable financial structure and continuous enhancement of shareholder equity [3]

Summary of Nexchip (688249.SS) Conference Call Company Overview - **Company**: Nexchip - **Ticker**: 688249.SS - **Industry**: Semiconductor, focusing on CIS, PMIC, Logic IC, and MCUs Key Financial Highlights - **3Q25 Revenue**: Rmb2.9 billion, representing a 23% year-over-year (YoY) increase and an 11% quarter-over-quarter (QoQ) increase, exceeding Goldman Sachs estimates by 9% [1][4] - **Gross Margin**: Improved to 26.1%, higher than Goldman Sachs estimate of 25.5% and last quarter's 24.3% [1][4] - **Operating Profit**: Rmb246 million, up 15% YoY and 49% QoQ, 12% above Goldman Sachs estimates [1][4] - **Net Income**: Rmb218 million, a significant increase of 137% YoY and 11% QoQ, although 11% below Goldman Sachs estimates due to unexpected non-operating losses [1][4] Product Diversification and Technology Migration - **Product Range**: Nexchip is diversifying its product offerings from DDIC to include CIS, PMIC, Logic ICs, and MCUs [1] - **Technology Nodes**: The company is migrating towards advanced technology nodes, including 40nm, 28nm, and 22nm, with trial production of 28nm logic ICs starting [1][4] - **Revenue Contribution**: Expected decline in traditional DDIC revenue contribution from 59% in 2025E to 53% in 2026E and 47% in 2027E, indicating a shift towards diversified revenue streams [1][4] Earnings Revisions - **Net Income Revisions**: 2025E net income revised down by 3% due to larger-than-expected non-operating losses, while 2026E and 2027E net income estimates increased by 1% each [6][7] - **Revenue Revisions**: 2025E-27E revenues increased by 3%, 1%, and 1% respectively, reflecting a more positive outlook on capacity ramp-up [6][7] Valuation and Price Target - **Target Price**: Increased by 14.6% to Rmb41.7, based on a target P/E of 62.0x for 2026E, which is at the high end of Nexchip's historical trading range [1][7] - **Current Valuation**: The stock is trading at a 54x 2026E P/E, with a fair valuation considering the average trading P/E of 31x since August 2023 [1][7] Risks and Considerations - **Key Risks**: Include slower or faster-than-expected capacity expansion, demand fluctuations in DDIC and CIS, R&D pace, and competitive intensity [15] Conclusion - **Rating**: Neutral, with a fair valuation and moderate upside potential to the target price [1][7]

Group 1: Company Performance - Company SiTwei (688213) reported a net profit of 303 million yuan for Q3 2025, a year-on-year increase of 145.14% [1] - SiTwei's Q3 revenue reached 2.531 billion yuan, up 44.56% year-on-year, with a total revenue of 6.317 billion yuan for the first three quarters, reflecting a 50.14% increase [1] - The company's net profit for the first three quarters was 699 million yuan, a 155.99% increase year-on-year, with basic earnings per share of 1.75 yuan [1] Group 2: Dividend and Financial Metrics - SiTwei proposed a cash dividend of 1.25 yuan per 10 shares (tax included), totaling 50.16 million yuan [1] - The company's R&D investment increased by approximately 37% year-on-year in Q3 [1] - Accounts receivable increased by 158% compared to the end of the previous year, while prepaid accounts increased by 346% [1] Group 3: Industry Insights - Foundry company Jinghe Integrated (688249) reported Q3 revenue of 2.931 billion yuan and a net profit of 218 million yuan, a year-on-year increase of 137% [2] - For the first three quarters, Jinghe Integrated achieved a net profit of 550 million yuan, up approximately 97% year-on-year [2] - R&D expenses for Jinghe Integrated reached 1.079 billion yuan, a year-on-year increase of 15.78% [3] Group 4: Stock Performance and Shareholding Changes - Since July, Jinghe Integrated's stock price has increased by approximately 78%, with significant changes in major shareholders [4] - Huajin Technology (603296) became the second-largest circulating shareholder with a 6% stake after acquiring 6% of shares from Lichuang Investment for about 2.393 billion yuan [4] - Other funds, such as Meidi Venture Capital and Huaxia's index fund, have reduced their holdings in Jinghe Integrated [4]

Group 1: Company Performance - SiTwei reported a net profit of 303 million yuan in Q3 2025, a year-on-year increase of 145.14% [2] - The company's Q3 revenue reached 2.531 billion yuan, up 44.56% year-on-year, with a total revenue of 6.317 billion yuan for the first three quarters, reflecting a 50.14% increase [2] - SiTwei's net profit for the first three quarters was 699 million yuan, a 155.99% increase year-on-year, with basic earnings per share of 1.75 yuan [2] Group 2: Dividend and Financial Metrics - SiTwei proposed a cash dividend of 1.25 yuan per 10 shares (including tax), totaling 50.1631 million yuan [2] - The company's R&D investment in Q3 increased by approximately 37% year-on-year, while accounts receivable rose 1.58 times compared to the end of last year [2] - By the end of the reporting period, prepaid accounts increased by 3.46 times year-on-year, and the net cash flow from operating activities turned negative [2] Group 3: Industry Insights - Jinghe Integrated reported Q3 revenue of 2.931 billion yuan and a net profit of 218 million yuan, a year-on-year increase of 137% [3] - For the first three quarters, Jinghe Integrated achieved a net profit of 550 million yuan, up approximately 97% year-on-year [3] - The company attributed its performance growth to increased sales volume and the transfer of photomask-related technology, despite a 70% year-on-year decline in non-recurring net profit due to higher R&D expenses and increased management costs [3] Group 4: Shareholder Dynamics - Since July, Jinghe Integrated's stock price has risen approximately 78%, with significant changes in major shareholders [3] - Huajin Technology became the second-largest circulating shareholder with a 6% stake, while other major shareholders like Midea Venture Capital and Huaxia CSI Star Market 50 ETF reduced their holdings [3] - On July 29, Huajin Technology acquired 6% of Jinghe Integrated's shares at a price of 19.88 yuan per share, totaling approximately 2.393 billion yuan [3]

Group 1: Guizhou Moutai - Guizhou Moutai reported a net profit of 646.27 billion yuan for the first three quarters of 2025, an increase of 6.25% year-on-year [1][2] - The company's revenue for the first three quarters reached 1,284.54 billion yuan, reflecting a growth of 6.36% compared to the previous year [1][2] Group 2: Midea Group - Midea Group achieved a net profit of 378.83 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 19.51% [3][4] - The company's revenue for the same period was 3,630.57 billion yuan, up 13.82% year-on-year [3][4] Group 3: Mindray Medical - Mindray Medical reported a net profit of 75.7 billion yuan for the first three quarters of 2025, a decline of 28.83% year-on-year [5][6] - The company's revenue for the first three quarters was 258.34 billion yuan, down 12.38% compared to the previous year [5][6] Group 4: SanHuan Group - SanHuan Group's net profit for the first three quarters of 2025 was 19.59 billion yuan, reflecting a growth of 22.16% year-on-year [7][8] - The company's revenue for the same period reached 65.08 billion yuan, an increase of 20.96% year-on-year [7][8] Group 5: Longyuan Power - Longyuan Power reported a net profit of 43.93 billion yuan for the first three quarters of 2025, a decrease of 21.02% year-on-year [9][10] - The company's revenue for the same period was 222.21 billion yuan, down 17.29% compared to the previous year [9][10] Group 6: China Nuclear Power - China Nuclear Power's net profit for the first three quarters of 2025 was 80.02 billion yuan, a decline of 10.42% year-on-year [12][13] - The company's revenue for the same period reached 616.35 billion yuan, an increase of 8.16% year-on-year [12][13] Group 7: Fenjie Media - Fenjie Media reported a net profit of 42.40 billion yuan for the first three quarters of 2025, an increase of 6.87% year-on-year [14][15] - The company's revenue for the same period was 96.07 billion yuan, reflecting a growth of 3.73% year-on-year [14][15] Group 8: Tianfu Communication - Tianfu Communication achieved a net profit of 14.65 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 50.07% [17][18] - The company's revenue for the same period was 39.18 billion yuan, up 63.63% year-on-year [17][18] Group 9: Lingyi Technology - Lingyi Technology reported a net profit of 19.41 billion yuan for the first three quarters of 2025, reflecting a growth of 37.66% year-on-year [19][20] - The company's revenue for the same period reached 375.90 billion yuan, an increase of 19.25% year-on-year [19][20] Group 10: Rongsheng Petrochemical - Rongsheng Petrochemical's net profit for the first three quarters of 2025 was 8.88 billion yuan, a growth of 1.34% year-on-year [21] - The company's revenue for the same period was 2,278.15 billion yuan, down 7.09% compared to the previous year [21] Group 11: ShenNan Circuit - ShenNan Circuit reported a net profit of 23.26 billion yuan for the first three quarters of 2025, an increase of 56.30% year-on-year [22] - The company's revenue for the same period was 167.54 billion yuan, reflecting a growth of 28.39% year-on-year [22] Group 12: Jiangbolong - Jiangbolong achieved a net profit of 7.13 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 27.95% [23] - The company's revenue for the same period reached 167.34 billion yuan, up 26.12% year-on-year [23] Group 13: New Yisheng - New Yisheng reported a net profit of 63.27 billion yuan for the first three quarters of 2025, reflecting a growth of 284.37% year-on-year [24] - The company's revenue for the same period was 165.05 billion yuan, an increase of 221.70% year-on-year [24] Group 14: China Merchants Bank - China Merchants Bank achieved a net profit of 1,137.72 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 0.52% [25] - The company's revenue for the same period was 2,514.2 billion yuan, down 0.51% compared to the previous year [25] Group 15: Zhongwei Company - Zhongwei Company reported a net profit of 12.11 billion yuan for the first three quarters of 2025, a growth of approximately 32.66% year-on-year [26] - The company's revenue for the same period reached 80.63 billion yuan, an increase of approximately 46.40% year-on-year [26] Group 16: Microchip Biotech - Microchip Biotech's non-public offering was approved, aiming to raise up to 9.5 billion yuan for innovative drug research and development [27] Group 17: Longyuan Power's Fundraising - Longyuan Power plans to raise up to 50 billion yuan through a private placement to invest in renewable energy projects [28] Group 18: North University Pharmaceutical - North University Pharmaceutical's chairman was detained for investigation, but the company's operations remain normal [29] Group 19: Deyang Shares - Deyang Shares reported a net profit of 23.47 billion yuan for the first three quarters of 2025, a growth of 4.79% year-on-year [30] Group 20: Xiechuang Data - Xiechuang Data achieved a net profit of 6.98 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 25.30% [31] Group 21: Zhifei Biological - Zhifei Biological reported a net loss of 12.06 billion yuan for the first three quarters of 2025, primarily due to lower sales and increased provisions [32] Group 22: Softcom Power - Softcom Power achieved a net profit of 9.89 billion yuan for the first three quarters of 2025, reflecting a growth of 30.21% year-on-year [33] Group 23: Magmi Technology - Magmi Technology reported a net profit of 2.13 billion yuan for the first three quarters of 2025, a decline of 48.29% year-on-year [34] Group 24: Huali Group - Huali Group's net profit for the first three quarters of 2025 was 24.35 billion yuan, a decrease of 14.34% year-on-year [35]

格隆汇10月29日丨晶合集成(688249.SH)公布2025年第三季度报告，营业收入为29.31亿元，同比上升 23.30%；归属于上市公司股东的净利润为2.18亿元，同比上升137.18%；归属于上市公司股东的扣除非 经常性损益的净利润为2398.96万元，同比下降71.68%。 ...

Core Viewpoint - The company, 思特威-W, reported significant growth in its Q3 2025 financial results, with a net profit of 303 million yuan, marking a year-on-year increase of 145.14% [1]. Financial Performance - In Q3 2025, the company achieved a revenue of 2.531 billion yuan, up 44.56% year-on-year, and a net profit of 303 million yuan, reflecting a 145.14% increase [1]. - For the first three quarters of 2025, the total revenue reached 6.317 billion yuan, a 50.14% increase year-on-year, with a net profit of 699 million yuan, up 155.99% [1]. - The basic earnings per share for the first three quarters stood at 1.75 yuan [1]. Dividend Distribution - The company proposed a cash dividend of 1.25 yuan per 10 shares (including tax), totaling approximately 50.16 million yuan [2]. Research and Development - In Q3, the company's R&D investment increased by about 37% year-on-year [1]. - The company has successfully launched multiple high-end 50 million pixel products based on Lofic HDR 2.0 technology, contributing to significant revenue growth in the smartphone sector [1]. Accounts Receivable and Cash Flow - As of September 30, the company's accounts receivable increased by 1.58 times compared to the end of the previous year [1]. - The company reported a negative net cash flow from operating activities due to a significant increase in prepaid accounts, which outpaced the increase in cash received from sales [2]. Collaboration and Market Position - The company has intensified collaboration with its wafer foundry partner, 晶合集成, focusing on process development, product innovation, and capacity supply [2]. - The domestic Stacked BSI platform has successfully mass-produced several CMOS image sensor products that balance performance and cost advantages [2]. Stock Performance - Since July, the stock price of 晶合集成 has increased by approximately 78%, with notable changes in major shareholders [5]. - 华勤技术 has become the second-largest circulating shareholder, acquiring 6% of the total shares from 力晶创投 at a price of 19.88 yuan per share, totaling around 2.393 billion yuan [5].

合肥晶合集成电路股份有限公司（以下简称"公司"）第二届董事会第二十 七次会议于 2025 年 10 月 29 日以现场和通讯相结合的方式在公司会议室召开， 会议通知于 2025 年 10 月 23 日以电子邮件方式送达全体董事。本次会议由董事 长蔡国智召集并主持，应到董事 9 名，实到董事 7 名，董事邱文生先生因公未能 亲自出席会议，委托董事长蔡国智先生代为出席并表决；董事陈小蓓女士因公未 能亲自出席会议，委托董事郭兆志先生代为出席并表决。 证券代码：688249 证券简称：晶合集成 公告编号：2025-068 合肥晶合集成电路股份有限公司 第二届董事会第二十七次会议决议公告 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。 一、董事会会议召开情况 本次会议的召集和召开符合《中华人民共和国公司法》《中华人民共和国证 券法》《上海证券交易所科创板股票上市规则》等有关法律、行政法规、部门规 章、规范性文件和《合肥晶合集成电路股份有限公司章程》的有关规定，会议决 议合法、有效。 二、董事会会议审议情况 审议通过《关于公司 202 ...

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： 合肥晶合集成电路股份有限公司（以下简称"公司"）《2025 年限制性股票 激励计划》（以下简称"《激励计划》"或"本激励计划"）及其摘要规定的预留授 予条件已经成就，根据公司 2024 年年度股东会的授权，公司于 2025 年 10 月 29 日召开第二届董事会第二十七次会议，审议通过了《关于向 2025 年限制性股票 激励计划激励对象授予预留部分限制性股票的议案》，确定 2025 年 10 月 29 日为 预留授予日，以人民币 12.00 元/股的授予价格向 60 名激励对象授予 270.00 万股 限制性股票。现将有关事项说明如下： 证券代码：688249 证券简称：晶合集成 公告编号：2025-065 合肥晶合集成电路股份有限公司 关于向 2025 年限制性股票激励计划激励对象 授予预留部分限制性股票的公告 一、限制性股票授予情况 （一）本次限制性股票授予已履行的决策程序和信息披露情况 1、2025 年 3 月 14 日，公司召开第二届董事会第十七次会议 ...

合肥晶合集成电路股份有限公司董事会薪酬与考核委员会 关于 2023 年限制性股票激励计划首次授予部分 第一个归属期归属名单的核查意见 合肥晶合集成电路股份有限公司（以下简称"公司"）董事会薪酬与考核委 员会依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《国有控股上市公司(境内)实施股权激励试行 办法》《关于规范国有控股上市公司实施股权激励制度有关问题的通知》《上市公 司股权激励管理办法》（以下简称"《管理办法》"）、《上海证券交易所科创板股票 上市规则》（以下简称"《上市规则》"）、《科创板上市公司自律监管指南第 4 号 ——股权激励信息披露》等相关法律、行政法规、规范性文件及《合肥晶合集成 电路股份有限公司章程》（以下简称"《公司章程》"）的有关规定，对公司 2023 年限制性股票激励计划（以下简称"本激励计划"）首次授予部分第一个归属期归 属名单进行了核查，发表核查意见如下： 经核查，本次拟归属的 333 名激励对象符合《公司法》《证券法》等法律、 法规和规范性文件以及《公司章程》规定的任职资格，符合《管理办法》《上市 规则》等法律、法规和规 ...