近日，恒瑞医药召开2025年第三季度业绩说明会。恒瑞医药董事、总裁、首席运营官冯佶在业绩说明会 上表示，中国创新药市场正迎来高速发展期，公司作为本土领军企业，将持续受益于政策支持及行业拓 展机遇。 与此同时，近期，迪哲医药、泽璟制药等多家创新药企接连举办三季度业绩说明会。创新药管线研发进 展、技术投入、行业发展前景等成为投资者重点关注的话题。业内人士表示，随着国内创新药商业化加 速放量和BD（商务拓展）交易持续升温，创新药行业业绩快速增长趋势有望延续。 ● 本报记者 李梦扬 近期，多家创新药企召开业绩说明会，创新药企的研发管线、市场开拓等情况颇受投资者关注。 11月5日，泽璟制药董事长、总经理盛泽林在公司第三季度业绩说明会上表示，公司拥有差异化竞争优 势的产品管线，在研药品注重肿瘤、出血及血液疾病、免疫炎症性疾病等领域，填补国内空白，为尚未 满足的临床需求提供治疗选择。同时，公司拥有国际水平的新药研发技术平台及完整的新药研发体系， 包括小分子药物研发及产业化平台、复杂重组蛋白生物新药和抗体新药研发及产业化平台。 "2025年前三季度，泽璟制药实现营业收入5.93亿元，同比增长54.49%，其中第三季度营业收入 ...

Summary of Conference Call Company Overview - **Company**: Dongwei Peninsula - **Industry**: Power Semiconductor Design Key Financial Highlights - **Revenue**: - For the first nine months, revenue reached 963 million yuan, a year-on-year increase of 41.6% [2][3] - Third-quarter revenue was 348 million yuan, a year-on-year growth of 3% [2] - **Net Profit**: - Net profit attributable to shareholders for the first nine months was 48.55 million yuan, up 58.46% year-on-year [2] - Third-quarter net profit was approximately 20.9 million yuan, a year-on-year increase of 53.09% [2] - **Non-recurring Profit**: - Non-recurring net profit for the first nine months was 20.38 million yuan, a significant increase of 374.48% [2] - Non-recurring net profit for the third quarter was 16.44 million yuan, up 524.69% year-on-year [3] Product and Market Insights - **Product Segmentation**: - Core products include Superjet, accounting for over 70% of revenue, and medium-low voltage shielding products, which exceeded 20% [6][7] - AI-related products are categorized under industrial and communication power supplies, contributing significantly to revenue [8] - **Growth Areas**: - The company has seen substantial growth in new power device modules, with revenue reaching over 10 million yuan [7] - AI-related revenue is expected to grow, with a stable upward trend in demand across various sectors [8] Supply Chain and Cost Management - **Supply Chain Strategy**: - The company is actively stocking up on wafer resources, particularly 12-inch wafers, to meet future demand [19][20] - Inventory levels have increased, reflecting a strategic decision to prepare for anticipated demand, especially in AI [18][19] - **Gross Margin**: - Average gross margin for the third quarter was around 16%, showing a slight year-on-year increase of 1.01 percentage points [11] Future Outlook - **Quarterly Projections**: - The company expects to maintain a stable revenue distribution, with the fourth quarter traditionally accounting for a higher percentage of annual revenue [16][17] - **Product Development**: - Focus on GaN (Gallium Nitride) technology is a priority, with ongoing partnerships and product development expected to yield results in the coming year [22][23] - **Market Positioning**: - The company aims to leverage its strengths in low-voltage products and expand into new markets, particularly in the context of increasing electrification and battery usage [30][31] Additional Insights - **Strategic Partnerships**: - Collaborations with leading semiconductor manufacturers and suppliers are being established to enhance product offerings and market competitiveness [22][26] - **Investment in R&D**: - The company is committed to investing in advanced technologies and projects to ensure long-term growth and innovation [31] This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, product insights, supply chain strategies, and future outlook.

Core Viewpoint - The company has reported its third-quarter financial results, including the recognition of asset impairment provisions totaling 5,943,632.83 yuan, reflecting a cautious approach to financial reporting and asset valuation [12][13][15]. Financial Data - The company has not conducted an audit for the third-quarter financial statements [3][10]. - The total amount of credit impairment losses recognized in the third quarter is 2,246,536.01 yuan, while the total asset impairment losses amount to 8,190,168.84 yuan [15]. Impairment Provisions - The total impairment provisions for the third quarter amount to 5,943,632.83 yuan, which will impact the company's total profit before tax [15][16]. - The company has conducted a thorough assessment of its credit and assets, adhering to the principles of prudence in accounting [13][16]. Shareholder Information - The company has approved a stock incentive plan for 2025, which includes granting a total of 1,837,971 shares, representing 1.50% of the company's total share capital [6][8]. - As of the reporting period, the company has completed the granting of 456,327 shares at a price of 21.77 yuan per share [7]. Related Transactions - The company has increased the expected amount for daily related transactions for 2025 by 30 million yuan, with unanimous approval from the board of directors [8].

Core Viewpoint - Dongwei Semiconductor reported significant growth in both revenue and net profit for the third quarter of 2025, indicating strong operational performance and positive market conditions [1] Financial Performance - In Q3 2025, the company achieved a revenue of 348 million yuan, representing a year-on-year increase of 33.26% [1] - The net profit attributable to shareholders for Q3 2025 was 20.97 million yuan, reflecting a year-on-year growth of 53.09% [1] - Basic earnings per share for Q3 2025 stood at 0.17 yuan [1] - For the first three quarters of 2025, the company reported a total revenue of 964 million yuan, which is a year-on-year increase of 41.60% [1] - The net profit attributable to shareholders for the first three quarters was 48.55 million yuan, showing a year-on-year growth of 58.46% [1] - Basic earnings per share for the first three quarters was 0.40 yuan [1]

Core Viewpoint - Dongwei Semiconductor (688261) reported strong financial performance for Q3 2025, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - Q3 2025 revenue reached 348 million yuan, representing a year-on-year increase of 33.26% [1] - Net profit for Q3 2025 was 20.97 million yuan, showing a year-on-year growth of 53.09% [1] - For the first three quarters of 2025, total revenue amounted to 964 million yuan, reflecting a year-on-year growth of 41.6% [1] - Net profit for the first three quarters of 2025 was 48.55 million yuan, with a year-on-year increase of 58.46% [1] Strategic Initiatives - The company actively optimized its product mix strategy during the reporting period [1] - Dongwei Semiconductor focused on iterative upgrades of its technology platform [1] - The company continued to explore emerging markets and deepen collaborations with excellent upstream and downstream partners [1] - There was a continuous expansion of production capacity, leading to an increase in sales scale [1]

Core Viewpoint - Dongwei Semiconductor (688261.SH) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong business performance and growth potential [1] Financial Performance - The total operating revenue for the first three quarters reached 964 million yuan, representing a year-on-year growth of 41.6% [1] - The net profit attributable to shareholders was 48.55 million yuan, showing a year-on-year increase of 58.46% [1] - The basic earnings per share were reported at 0.4 yuan [1]

Core Insights - Dongwei Semiconductor reported a revenue of 347,791,495.09 yuan for Q3 2025, representing a year-on-year growth of 33.26% [1] - The net profit attributable to shareholders of the listed company was 20,968,663.18 yuan, showing a year-on-year increase of 53.09% [1]

证券代码：688261 证券简称：东微半导 公告编号：2025-049 苏州东微半导体股份有限公司 关于 2025 年第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。 一、计提减值准备的情况概述 苏州东微半导体股份有限公司（以下简称"公司"）根据《企业会计准则》 和会计政策、会计估计的相关规定，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 年第三季度的经营成果，公司及下属子公司对截至 2025 年 9 月 30 日合并报表范围内相关信用及资产进行了充分的评估和分析，本着谨 慎性原则，公司对相关信用及资产进行了减值测试并计提了相应的减值准备。 2025 年第三季度公司计提各类信用及资产减值准备共计 5,943,632.83 元， 具体情况如下： 单位：元 币种：人民币 | 项目 | 资产名称 | 2025 年第三季度计提金额 (损失以"-"填列） | | --- | --- | --- | | 信用减值损失 | 应收账款坏账损失 | 181,884.59 | ...

Financial Performance - The company's revenue for Q3 2025 reached ¥347,791,495.09, representing a year-on-year increase of 33.26%[3] - The total profit for the period was ¥21,965,080.55, reflecting a significant increase of 58.70% compared to the same period last year[3] - Net profit attributable to shareholders was ¥20,968,663.18, up by 53.09% year-on-year[3] - The net profit after deducting non-recurring gains and losses surged by 304.70% to ¥10,656,782.25[3] - The total profit for the year-to-date period reached 71.73 million, driven by demand recovery in various sectors including industrial and automotive applications[9] - The net profit attributable to shareholders for the current reporting period was 53.09 million, with a year-to-date net profit of 58.46 million, reflecting a continuous increase in revenue and gross margin[9] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 304.70 million for the current period, with a year-to-date figure of 374.48 million, marking a growth of 77.37% year-on-year[9] - The company achieved a net profit of 2,676.16 million for Q3 2025, a significant increase of 95.39% compared to the same period last year[9] - The net profit attributable to shareholders, excluding non-recurring gains and losses, for the year-to-date period was 2,617.67 million, up 509.33% year-on-year[9] - Net profit for the first three quarters of 2025 was ¥40.90 million, representing a 33.5% increase from ¥30.64 million in 2024[24] Research and Development - The company's R&D investment totaled ¥23,191,821.76, an increase of 45.77% compared to the same period last year, accounting for 6.67% of revenue[4] - Research and development expenses for the current period totaled 45.77 million, reflecting increased investment in advanced product development and related costs[9] - Research and development expenses for the first three quarters of 2025 amounted to ¥65.42 million, up from ¥54.69 million in 2024, indicating a focus on innovation[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 12,628, indicating a broad shareholder base[11] - The top ten shareholders collectively hold significant stakes, with the largest shareholder owning 12.10% of the shares[12] - The company has implemented a 2025 Restricted Stock Incentive Plan, granting a total of 1,837,971 shares, which represents 1.50% of the company's total share capital as of the announcement date[14] - As of the end of the reporting period, the company has completed the registration of 456,327 shares of the first category of restricted stock for 117 incentive recipients, with a grant price of 21.77 RMB per share[15] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,153,923,941.61, a 1.74% increase from the end of the previous year[4] - The company's total liabilities as of September 30, 2025, were 215,684,021.24 RMB, compared to 200,139,616.66 RMB at the end of 2024[20] - The company's total equity attributable to shareholders as of September 30, 2025, was 2,949,253,439.08 RMB, up from 2,899,743,730.12 RMB at the end of 2024[21] - The company's cash and cash equivalents as of September 30, 2025, were 988,326,097.07 RMB, a decrease from 2,084,185,195.71 RMB at the end of 2024[18] - The company's inventory as of September 30, 2025, was 542,183,941.36 RMB, an increase from 360,602,241.41 RMB at the end of 2024[19] - The company's accounts receivable as of September 30, 2025, were 181,963,295.15 RMB, compared to 162,944,347.08 RMB at the end of 2024[18] Cash Flow - The company reported a net cash flow from operating activities of -¥211,966,422.19 for the year-to-date[3] - The net cash flow from operating activities for the current period was impacted by increased sales scale and cash payments for purchases and services[9] - Cash flow from operating activities for the first three quarters of 2025 showed a net outflow of ¥211.97 million, worsening from a net outflow of ¥7.72 million in 2024[27] - Cash inflow from investment activities in the first three quarters of 2025 was ¥7.20 billion, a substantial increase from ¥3.55 billion in 2024[27] - Cash outflow from investment activities for the first three quarters of 2025 totaled ¥8.12 billion, compared to ¥4.72 billion in 2024, indicating increased investment activity[27] - Net cash flow from financing activities for the first three quarters of 2025 was ¥35.40 million, a recovery from a net outflow of ¥63.15 million in 2024[27] Earnings Per Share - The basic earnings per share for the period was ¥0.17, a 54.55% increase year-on-year[4] - The basic earnings per share for the current period was 54.55, while the diluted earnings per share for the year-to-date period was 60.00, indicating improved profitability[9] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.40, compared to ¥0.25 in the same period of 2024, reflecting a 60% increase[25] Accounting Changes - The company will implement new accounting standards starting from 2025, which will involve adjustments to the financial statements at the beginning of the year[28] Announcement - The announcement was made by the board of Suzhou Dongwei Semiconductor Co., Ltd. on October 29, 2025[29]

Group 1 - The core viewpoint of the news is the performance and market position of Dongwei Semiconductor, which saw a stock price increase of 5.05% to 74.95 CNY per share, with a total market capitalization of 9.187 billion CNY [1] - Dongwei Semiconductor, established on September 12, 2008, and listed on February 10, 2022, focuses on high-performance power device research and sales, primarily in the industrial and automotive sectors [1] - The company's main business revenue composition includes power semiconductor products at 95.24%, wafers at 4.72%, and others at 0.04% [1] Group 2 - From the perspective of fund holdings, HSBC Jintrust Fund has a significant position in Dongwei Semiconductor, with its HSBC Jintrust Innovation Pioneer Fund (011077) holding 86,000 shares, accounting for 4.92% of the fund's net value [2] - The fund has generated an estimated floating profit of approximately 309,600 CNY today [2] - The HSBC Jintrust Innovation Pioneer Fund was established on March 16, 2021, with a current scale of 72.0885 million CNY and has achieved a year-to-date return of 29.38% [2]