Core Insights - Shanghai Dongnaozhihe Technology Co., Ltd. has been officially registered and established in the Minhang "Brain Intelligence Land," marking a significant step in gathering global cutting-edge brain-computer interface (BCI) technology resources [1][3] Company Overview - Dongnaozhihe has attracted top talents from the semiconductor and neuroscience fields, with founder Gong Yi having extensive experience in semiconductor technology and industrialization [3] - The company has partnered with an experienced international team specializing in biosensor chip development to work on ultra-low power, high-throughput brain-specific chips and systems [3] - The core team is led by Pei Weihua, a researcher from the Chinese Academy of Sciences, who has over 20 years of experience in neural interface technology [3] Technology and Innovation - Dongnaozhihe aims to develop a unique hydraulic-driven flexible neural touch electrode technology, focusing on both research-grade and medical-grade applications [3] - The company plans to establish a comprehensive core technology layout for invasive brain-computer interfaces, aspiring to become one of the top global BCI companies [3] Industry Environment - Since the 12th Five-Year Plan, brain science and artificial intelligence research, including BCI, have gained increasing importance in China's national science and technology planning [3] - Recent policies at both national and local levels have been introduced to encourage the development of BCIs, including integrating relevant technologies into medical insurance systems and establishing dedicated wards in medical institutions [3] Strategic Goals - Dongnaozhihe intends to leverage Shanghai's advantages in talent, capital, and industrial chain support to accelerate technology transfer and product development [4] - The company will actively participate in the formulation of domestic and international standards and the construction of the industry ecosystem [4] - The National Brain-Computer Interface Conference is scheduled to be held in December 2025 at Brain Intelligence Land, bringing together global experts and technology teams to discuss the future applications and development paths of the BCI industry in China [4]

Group 1 - Shanghai Dongnao Zhihuo Technology Co., Ltd. has officially registered and established the Shanghai Brain-Computer Interface Future Industry Cluster, the first of its kind in the country, focusing on brain-computer interface technology development [2] - The company has gathered top talents from the semiconductor and neuroscience fields, with founder Gong Yi also serving as the chairman of Dongwei Semiconductor (stock code: 688261.SH) [2] - Dongnao Zhihuo aims to become a leading global brain-computer interface company by developing proprietary hydraulic-driven flexible neural interface electrode technology [2] Group 2 - Since the 12th Five-Year Plan, brain science and artificial intelligence research, including brain-computer interface technology, have gained increasing importance in China's national science and technology planning [3] - The government is supporting the industry through top-level design, with initiatives to promote the integration of brain-computer interfaces into medical insurance and the establishment of specialized wards [3] - The 2025 National Brain-Computer Interface Conference will be held in December at the Brain-Intelligence Heaven cluster, bringing together global experts and cutting-edge technology talents [3]

Core Viewpoint - The company focuses its business primarily on the domestic market, with a low proportion of overseas sales [2] Summary by Relevant Sections - **Business Focus** - The company's operations are concentrated in the domestic market, indicating a strategic choice to prioritize local opportunities over international expansion [2]

证券代码：688261 证券简称：东微半导 公告编号：2025-050 苏州东微半导体股份有限公司 关于举办 2025 年第三季度业绩说明会的公告 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。 重要内容提示： ● 会议问题征集：投资者可于 2025 年 11 月 21 日（星期五）14:00 点前访 问网址 https://eseb.cn/1t8J593VBe0 或使用微信扫描下方小程序码进行会前 提问，公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的 问题进行回答。 一、说明会类型 苏州东微半导体股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日在上海证券交易所网站（www.sse.com.cn）披露了《苏州东微半导体股份有限 公司 2025 年第三季度报告》。为便于广大投资者更加全面深入地了解公司经营业 绩、发展战略等情况，公司定于 2025 年 11 月 21 日（星期五）15:00-16:00 在 "价值在线"（www.ir-online.cn）举办 2025 年第三季度业绩说 ...

Group 1 - Dongwei Semiconductor (688261.SH) closed at 66.91 yuan, with a decline of 2.25% [1] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on February 10, 2022, issuing 16.844092 million shares, accounting for 25.00% of the total shares post-issuance, at a price of 130.00 yuan per share [1] - Currently, the stock is in a state of decline from its initial offering price [1] Group 2 - The total funds raised by Dongwei Semiconductor during its IPO amounted to 2.19 billion yuan, with a net amount of 2.007 billion yuan after deducting issuance costs, which was 1.068 billion yuan more than the original plan of 939 million yuan [1] - The funds are intended for upgrading and industrialization of super junction and shielding gate power devices, R&D of new structure power devices, and construction of a research and development engineering center [1] - The total issuance costs were 183 million yuan, with the lead underwriter, China International Capital Corporation, receiving 156 million yuan in underwriting fees [1] Group 3 - The company announced a cash dividend of 1.476 yuan per share (including tax) and a capital reserve transfer of 0.4 shares for every share held, resulting in a total cash dividend distribution of approximately 99.45 million yuan and a transfer of 26.95 million shares [2] - Following this distribution, the total share capital will increase to 94,326,914 shares [2] - For the 2023 annual dividend distribution, the company plans to distribute 1.79 yuan in cash for every 10 shares and transfer 3 shares for every 10 shares held, with the record date set for July 3, 2024 [2]

Core Viewpoint - The Chinese innovative drug market is entering a rapid development phase, with local leading companies like Heng Rui benefiting from policy support and industry expansion opportunities [1] Company Performance - Heng Rui Pharmaceutical reported a revenue of 23.188 billion yuan for the first three quarters of 2025, a year-on-year increase of 14.85%, and a net profit of 5.751 billion yuan, up 24.50% [2] - The company has received a total cash dividend of over 9.3 billion yuan, enhancing investor returns [1] - The company has established a differentiated competitive advantage through over 50 billion yuan in R&D investment and has 24 innovative drugs approved for sale in China [1] Industry Trends - The innovative drug sector is experiencing accelerated commercialization and increased business development (BD) transactions, leading to a sustained trend of rapid growth in performance [1] - Other innovative drug companies, such as Zai Lab and DiZhe Pharmaceutical, are also reporting significant revenue growth, with Zai Lab achieving a 54.49% increase in revenue to 593 million yuan [3] - The industry is expected to continue its growth trajectory, supported by favorable national policies and increasing international collaboration [4][5] R&D Focus - Heng Rui's innovative drugs, including Rivoceranib and Darsylis, are addressing unmet clinical needs, contributing to their revenue growth [2] - Zai Lab emphasizes its differentiated product pipeline focusing on oncology and autoimmune diseases, aiming to fill domestic gaps in treatment options [3] - The industry is witnessing a rise in R&D investments, with companies like Yi Fang Bio reporting a total R&D investment of 190 million yuan for the first three quarters of 2025 [4] Future Outlook - Analysts predict a new round of growth for the pharmaceutical sector, particularly in innovative drugs, as the international standing of Chinese innovative drug companies rises [5] - The innovative drug sector is expected to remain a key investment theme in the pharmaceutical industry through 2026, driven by increased BD transactions and international collaborations [5]

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]