Core Viewpoint - The domestic analog chip industry is experiencing "collective growth with internal differentiation" driven by technological iteration and market demand in Q3 2025, with financial reports from 10 representative companies revealing both resilience among leading firms and competitive dynamics in a recovering market [1] Revenue Landscape - The total revenue of 10 analog chip manufacturers reached 7.087 billion yuan in Q3 2025, showing an overall growth trend [2] - Leading the high-growth segment, Jiehuate achieved a revenue increase of 71.18% year-on-year, followed by SIRUIPO and NAXINWEI with increases of 70.29% and 62.81% respectively, driven by technological breakthroughs in high-end analog chips and overall industry recovery [2][5] - Nanchip Technology ranked second in growth with a revenue increase of 40.26%, benefiting from its strong presence in consumer electronics and expectations of further growth in the second half of the year [2] Profitability Analysis - The total net profit attributable to shareholders of the 10 manufacturers was 346 million yuan, with a non-recurring net profit of 170 million yuan, indicating significant differentiation in profitability compared to revenue [6] - Shengbang's net profit reached 142 million yuan, up 34.02% year-on-year, while Awei Electronics reported a net profit of 119 million yuan, up 37.93% [6] - Conversely, NAXINWEI and Jiehuate reported net losses of 62 million yuan and 165 million yuan respectively, highlighting the competitive pressures within the industry [7] R&D Investment Trends - The total R&D investment among the 10 manufacturers was 1.184 billion yuan, reflecting varying recognition and strategic focus on technological iteration [8] - Jiehuate led in R&D investment with 258 million yuan, a 52.19% increase year-on-year, representing 34.20% of its revenue [8][11] - Nanchip Technology and Awei Electronics also increased their R&D investments significantly, with growth rates of 51.32% and 21.04% respectively, indicating a heightened focus on innovation [11] Market Dynamics - The competition among leading firms is intensifying as the analog chip sector approaches a critical phase, with companies emphasizing high-quality R&D investments to maintain competitive advantages [11][12] - The differentiation in R&D investment and its effectiveness in translating into competitive strength will be crucial as the industry undergoes potential reshuffling [12]

Summary of Tian De Yu's Q3 2025 Earnings Call Company Overview - **Company**: Tian De Yu - **Industry**: Display Driver and Electronic Price Tag Solutions Key Financial Metrics - **Q3 2025 Revenue**: 480 million CNY, a decrease of 25.1% quarter-over-quarter and 23.6% year-over-year [2][4] - **Net Profit**: 42 million CNY, a decrease of 47% quarter-over-quarter and 53% year-over-year [2][4] - **Total Assets**: 2.74 billion CNY, with cash holdings of 1.89 billion CNY, representing 69% of total assets [3] - **Inventory Turnover Days**: 54 days, maintaining a range of 50-60 days [3] Business Segment Performance - **Display Driver Business**: Remained stable in the first three quarters of 2025 [5] - **Non-Display Driver Business**: Significant growth, with its share increasing from 19.3% in the previous year to 29.8% in Q3 2025, driven primarily by electronic price tags [2][5] - **Electronic Price Tags**: Contributed significantly to revenue, with a peak share of 36% in Q2 2025 [5] Market Outlook - **Q4 2025 and 2026 Forecast**: Optimistic outlook, particularly for electronic price tags, with expectations of over 30% growth as major retailers in Europe and the US transition from traditional to electronic price tags [2][6] - **Product Development**: Continued leadership in electronic price tags with new multi-camera and large-screen products [6] Profitability and Margin Trends - **Gross Margin**: Experienced a decline due to increased market competition and pricing pressure, but expected to stabilize in Q4 2025 [8] - **Cost Management**: Despite revenue growth, expenses increased by 27.9% year-over-year, impacting net profit stability [3] Competitive Position - **Electronic Price Tag Market**: Tian De Yu maintains a leading position despite new competitors entering the market, supported by product diversity and technological services [9][10] - **Technological Advantages**: New generation four-color products and strong customer support through AI tools for product validation enhance market share [10] Future Product Strategies - **Display Driver Chips**: Focus on AMOLED technology with mass production initiated in 2025, alongside advancements in TDDI technology for LCD drivers [11] - **Collaboration with Major Brands**: Partnerships with companies like Xiaomi and Baidu to expand market reach in large-size display drivers [6][12] Additional Insights - **Audio and Fast Charging Solutions**: Progress in audio motor driver chips and fast charging protocol chips, with significant partnerships established for broader application scenarios [13] - **Overall Business Confidence**: Despite underwhelming performance in 2025, the company is confident in growth prospects for 2026 across various segments, including electronic price tags and large-size display drivers [12]

Market Overview - The semiconductor sector experienced a decline of 3.33% on October 31, with Tian De Yu leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers in the semiconductor sector included: - Xinxiangwei (688593) with a closing price of 21.26, up 4.37% [1] - Wensheng Co. (688720) at 56.80, up 4.14% [1] - Dawi Co. (002213) at 28.02, up 3.89% [1] - Major decliners included: - Dade Yu (688252) at 24.48, down 10.95% [2] - Lankai Technology (688008) at 136.30, down 10.33% [2] - Yanshi Micro (688172) at 24.53, down 8.44% [2] Capital Flow - The semiconductor sector saw a net outflow of 15.575 billion yuan from institutional investors, while retail investors had a net inflow of 8.926 billion yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Notable net inflows from institutional investors included: - Wenta Technology (600745) with a net inflow of 31.8 million yuan, representing 6.98% of its total [3] - Dawi Co. (002213) with a net inflow of 81.76 million yuan, representing 3.61% [3] - Conversely, significant net outflows were observed in: - Lankai Technology (688008) with a net outflow of 99.29 billion yuan [2] - Yanshi Micro (688172) with a net outflow of 4.99 billion yuan [2]

Core Insights - Tian De Yu (688252.SH) reported its Q3 2025 results, revealing that 12 institutional investors hold a total of 289 million shares, accounting for 70.77% of the total share capital [1] - The top ten institutional investors collectively hold 70.71% of the shares, with a decrease of 1.88 percentage points compared to the previous quarter [1] - There were two public funds that increased their holdings, while 188 public funds did not disclose their holdings this quarter [1] Institutional Holdings - The top institutional investors include Hengfeng Limited, Ningbo Qunzhi Optoelectronics Co., Ltd., Corich LP, and others [1] - The social security fund disclosed one new holding in Tian De Yu, specifically the Huatai-PineBridge Fund Management Co., Ltd. - Social Security Fund 1802 Portfolio [2] - Foreign investment showed mixed results, with one foreign fund increasing its holdings (Hong Kong Central Clearing Limited) by 0.58%, while Corich LP reduced its holdings by 1.40% [2] Public Fund Activity - The public funds that increased their holdings include Invesco Great Wall SSE STAR 50 Index Enhanced A and HSBC Jintrust Pearl River Delta Mixed Fund [1] - A significant number of public funds (188) did not disclose their holdings this quarter, including Southern STAR 3-Year Open Mixed Fund and others [1]

Core Viewpoint - Tiande Yu is a leading enterprise in the integrated single-chip field for mobile smart terminals, with high performance and low power consumption, indicating significant investment value [1] Group 1: Business Performance - In Q3 2025, Tiande Yu reported revenue of 1.698 billion yuan, ranking 21st in the industry, while the industry leader, Holtek, achieved 21.783 billion yuan [2] - The net profit for the same period was 195 million yuan, placing Tiande Yu 19th in the industry, with the top performer, Holtek, at 3.199 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Tiande Yu's debt-to-asset ratio was 14.11%, lower than the industry average of 24.46%, indicating strong solvency [3] - The gross profit margin was 23.31%, which is below the industry average of 36.52%, suggesting room for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 19.11% to 16,200, while the average number of shares held per shareholder decreased by 16.04% [5] - The top circulating shareholder, Hong Kong Central Clearing Limited, increased its holdings by 2.367 million shares [5] Group 4: Management Compensation - The chairman and general manager, Guo Yinglin, received a salary of 4.2959 million yuan in 2024, an increase of 1.4 million yuan from the previous year [4] Group 5: Market Outlook - Analysts from Changcheng Securities noted that Tiande Yu's performance in the first half of 2025 showed rapid growth, driven by display drivers and electronic price tags [5] - Guo Yinglin's management is focused on expanding into industrial control and retail application markets, with a positive outlook on future profitability [6]

Core Insights - The company reported a revenue of 1.698 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 14.44%, and a net profit of 195 million yuan, up 1.67% year-on-year [1] - In Q3, the company achieved a revenue of 490 million yuan and a net profit of 42.82 million yuan [1] - The company attributed short-term performance fluctuations to revenue decline due to high base last year and significant market changes, with a notable drop in Q3 revenue compared to the sequential growth seen last year [1] Business Overview - The company specializes in the research, design, and sales of integrated single-chip solutions for mobile smart terminals, with a focus on four main product lines: display driver chips, camera voice coil motor driver chips, fast charging protocol chips, and electronic price tag driver chips [1] - The product applications span various fields including mobile phones, tablets, smart speakers, wearables, fast charging/power banks, smart retail, smart office, and smart healthcare, catering to diverse market needs [2] - The company has established stable partnerships with well-known downstream enterprises such as BOE, Innolux, and Huawei, and its products are widely used by major brands like Samsung, vivo, OPPO, and Xiaomi [2] R&D and Innovation - The company invested 150 million yuan in R&D during the first three quarters of the year, emphasizing technology and product innovation as core drivers for growth [2] - The R&D team has significantly improved its capabilities, leading to faster product iteration and enhanced market competitiveness, resulting in an increasing market share [2] - As of the first half of the year, the company holds 72 patents, including 68 invention patents, and has a total of 99 integrated circuit layout designs and 58 software copyrights, contributing to product quality and market influence [3]

证券代码：688252 证券简称：天德钰 公告编号：2025-044 深圳天德钰科技股份有限公司 第二届董事会第十五次会议决议公告 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。 深圳天德钰科技股份有限公司（以下简称"公司"）第二届董事会第十三次会议于 2025 年 10 月 30 日在公司会议室以现场与通讯相结合的方式召开。会议通知已于 2025 年 10 月 24 日以邮件方式发出，应参加本次会议表决的董事 7 人，实际参加本次会议表 决的董事 7 人。会议由董事长郭英麟先生主持，公司董事会秘书列席了会议。本次会议 的召集、召开程序均符合《中华人民共和国公司法》《深圳天德钰科技股份有限公司章 程》的规定。 经与会董事审议和表决，会议形成决议如下： （一）审议通过了《关于调整 2023 年限制性股票激励计划首次授予及预留授予（第三 批次）授予价格的议案》 根据《公司 2023 年限制性股票激励计划》相关规定，同意公司 2023 年限制性股票 激励计划首次授予价格调整为 10.912 元/股；预留授予（第三批次）价格调整为 ...

证券代码：688252 证券简称：天德钰 公告编号：2025-042 深圳天德钰科技股份有限公司 关于作废 2023 年限制性股票激励计划部分已授予尚 未归属的限制性股票的公告 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。 深圳天德钰科技股份有限公司（以下简称 "公司"）于 2025 年 10 月 30 日召开的第二届董事会第十五次会议审议通过了《关于作废 2023 年限制性股票 激励计划部分已授予限制性股票的议案》等议案，现将相关事项公告如下： （二）2023 年 8 月 26 日，公司于上海证券交易所网站（www.sse.com.cn） 披露了《深圳天德钰科技股份有限公司关于独立董事公开征集委托投票权的公告》 （公告编号：2023-028）。根据公司其他独立董事的委托，独立董事韩建春先生 作为征集人就公司 2023 年第一次临时股东大会审议的本激励计划相关议案向公 司全体股东公开征集投票权。 （三）公司于 2023 年 8 月 4 日至 2023 年 8 月 14 日在公司内部通过内部网 站公示的方式对本次拟激励对象 ...

薪酬与考核委员会对本激励计划首次授予部分第二个归属期 133 名激励对 象及预留授予（第三批次）第一个归属期 7 名激励对象进行了核查，认为各激励 对象符合《公司法》《证券法》等法律、法规和规范性文件及《公司章程》规定 的任职资格，符合《管理办法》《上市规则》等法律、法规和规范性文件规定的 激励对象条件，符合本激励计划规定的激励对象范围，其绩效考核结果合规、真 实，不存在虚假、故意隐瞒等相关情况，本次共计 140 名激励对象作为公司本次 限制性股票激励计划激励对象的主体资格合法、有效，激励对象获授限制性股票 的归属条件已经成就。 深圳天德钰科技股份有限公司薪酬与考核委员会 关于 2023 年限制性股票激励计划首次授予第二个归属期及 预留授予（第三批次）第一个归属期归属名单的核查意见 深圳天德钰科技股份有限公司（以下简称"公司"）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》"）、《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》"）和《深圳天德钰科技股份有限公司章 ...

证券代码：688252 证券简称：天德钰 公告编号：2025-040 深圳天德钰科技股份有限公司 关于调整 2023 年限制性股票激励计划授予价格的公 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。 深圳天德钰科技股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召 开的第二届董事会第十五次会议审议通过了《关于调整 2023 年限制性股票激励 计划首次授予及预留授予（第三批次）授予价格的议案》，现将有关事项说明如 下： 一、 限制性股票授予情况 （一）2023 年 8 月 4 日，公司召开第一届董事会第十五次会议审议，通过 了《关于<公司 2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于< 公司 2023 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大 会授权董事会办理 2023 年限制性股票激励计划相关事宜的议案》等议案。公司 独立董事对相关议案发表了同意的独立意见。 同日，公司召开第一届监事会第九次会议，审议通过了《关于<公司 2023 年限制性股票激励计划（草案）> ...