Key Insights - The report highlights a rebound in the electrolyte industry, with significant growth potential in fluorinated liquids, particularly for the company Xinzhou Bang, which reported a revenue of 6.616 billion yuan for the first three quarters of 2025, a year-on-year increase of 16.75% [6][10] - The company achieved a net profit of 748 million yuan, up 6.64% year-on-year, with a sales gross margin of 24.51%, reflecting a decline of 2.58 percentage points [6][10] - The report indicates that the company is well-positioned to benefit from the recovery in the electrolyte market, driven by rising prices of lithium hexafluorophosphate and improved operational efficiency [10][11] Group 1: Xinzhou Bang (Battery) - The company reported a revenue of 2.368 billion yuan in Q3 2025, a year-on-year increase of 13.60% and a quarter-on-quarter increase of 5.45% [7] - The net profit for Q3 2025 was 264 million yuan, down 7.51% year-on-year but up 4.03% quarter-on-quarter, indicating a mixed performance [7][8] - The company is focusing on optimizing its product structure and enhancing operational efficiency, with a stable growth trajectory in its organic fluorine chemicals and electronic information chemicals [9][10] Group 2: Weijian Medical (Personal Care Products) - The company achieved a revenue of 7.897 billion yuan in the first three quarters of 2025, a year-on-year increase of 30.10%, with a net profit of 732 million yuan, up 32.36% [13][14] - The medical segment saw a revenue increase of 44.4%, driven by strong growth in surgical consumables and high-end dressings [14] - The consumer segment also performed well, with a revenue of 4.01 billion yuan, up 19.1%, led by significant growth in the sales of sanitary products [15] Group 3: Longqi Technology (Consumer Electronics) - The company reported a revenue of 31.332 billion yuan for the first three quarters of 2025, a year-on-year decrease of 10.28%, but a net profit increase of 17.74% [21] - In Q3 2025, the revenue was 11.424 billion yuan, down 9.62% year-on-year, while the net profit increased by 64.46% [22] - The company is expanding its product portfolio under the "1+2+X" strategy, focusing on smart devices and automotive electronics [23][24] Group 4: Minxin Technology (Semiconductors) - The company reported a revenue of 464 million yuan in the first three quarters of 2025, a year-on-year increase of 37.73%, with a gross margin of 30.28% [25][26] - In Q3 2025, the revenue was 160 million yuan, up 21.9% year-on-year, indicating strong demand for pressure and inertial sensors [25][27] - The company is well-positioned to benefit from the growth of MEMS sensors in the AI era, with a diverse product matrix [26][28] Group 5: Yingly Technology (General Equipment) - The company reported a revenue of 2.121 billion yuan in the first three quarters of 2025, a year-on-year increase of 11.02%, with a net profit of 294 million yuan, up 29.59% [35][36] - The company is expanding its processing and coating capabilities in the blade and casing industry, which is expected to enhance its production capacity [37] - The gross margin for Q3 2025 was 38.03%, reflecting a significant improvement in profitability [38] Group 6: Weichai Power (Automotive Parts) - The company reported a revenue of 170.57 billion yuan for the first three quarters of 2025, a year-on-year increase of 5.3%, with a net profit of 8.88 billion yuan, up 5.7% [44] - In Q3 2025, the revenue was 57.42 billion yuan, up 16.1% year-on-year, driven by strong demand in the heavy truck sector [44] - The company is benefiting from the recovery in the heavy truck market, with significant growth in natural gas and electric vehicle sales [44]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10][11] Core Insights - The company has shown significant growth in revenue and profitability, with a year-on-year revenue increase of 37.73% for the first three quarters of 2025, reaching 464 million yuan [4][10] - The company is positioned as a leader in the MEMS (Micro-Electro-Mechanical Systems) sector, benefiting from the rise of AI technologies, with substantial growth in sales of pressure and inertial sensors [7][10] - The company has diversified its product offerings, moving from a single product focus to multiple growth drivers, indicating a strong platform-based business model [10] Financial Performance - For Q3 2025, the company achieved a revenue of 160 million yuan, a year-on-year increase of 21.9% [5] - The gross margin for Q3 2025 was 27.68%, up 4.67 percentage points year-on-year [5] - The net profit attributable to the parent company for Q3 2025 was 11 million yuan, an increase of 240 million yuan compared to Q3 2024 [5] Market Position and Product Development - The company has been recognized as one of the top ten MEMS companies in China, reflecting its technological advantages and market dominance [7] - The company has a comprehensive sensor product matrix covering various technologies, with applications in consumer electronics, healthcare, and industrial control [7] - New product launches, such as AI+AR glasses and TWS earphones, highlight the company's innovation and market responsiveness [8][10] Future Projections - Revenue projections for 2025-2027 are 681 million yuan, 904 million yuan, and 1.184 billion yuan, respectively, with corresponding net profits of 55 million yuan, 99 million yuan, and 154 million yuan [9][10] - The company is expected to maintain a strong growth trajectory, with EPS projected to reach 0.98 yuan in 2025 and 2.75 yuan by 2027 [9][10]

Market Overview - The semiconductor sector experienced a decline of 2.07% on October 30, with Minxin Technology leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers in the semiconductor sector included: - C Yicai: Closed at 30.00, up 12.15% with a trading volume of 812,500 shares and a turnover of 2.373 billion [1] - Guoxin Technology: Closed at 33.27, up 6.67% with a trading volume of 405,200 shares and a turnover of 1.334 billion [1] - Shenkong Technology: Closed at 55.07, up 6.35% with a trading volume of 165,100 shares and a turnover of 888.7 million [1] - Major decliners included: - Minxin Technology: Closed at 85.59, down 12.62% with a trading volume of 53,400 shares and a turnover of 471 million [2] - Jingchen Technology: Closed at 87.00, down 9.71% with a trading volume of 240,000 shares and a turnover of 2.135 billion [2] - Sida Semiconductor: Closed at 107.25, down 7.34% with a trading volume of 126,500 shares and a turnover of 1.369 billion [2] Capital Flow - The semiconductor sector saw a net outflow of 9.592 billion in main funds, while retail funds experienced a net inflow of 4.537 billion [2] - The capital flow for specific stocks indicated varying trends, with some stocks like C Yicai experiencing a net inflow of 1.40 billion from main funds [3]

Core Viewpoint - The performance of the Zhongzheng 1000 ETF Enhanced (561280) shows a positive trend with a year-to-date return of 52.00% since its establishment on August 31, 2023, indicating strong market interest and potential investment opportunities [1] Group 1: Fund Performance - The Zhongzheng 1000 ETF Enhanced opened at 1.514 yuan, reflecting a 0.46% increase [1] - The fund's performance benchmark is the Zhongzheng 1000 Index return [1] - The fund manager is Industrial Bank of China Credit Fund Management Co., Ltd., with Liu Zihao as the fund manager [1] Group 2: Stock Performance - Key stocks in the fund include: - Boqian New Materials: down 0.17% - Haoyuan Pharmaceutical: up 0.36% - Yingjixin: down 0.31% - Caixun Co.: down 0.28% - Jinma Amusement: up 0.13% - Panjiang Co.: down 0.38% - Jindawei: up 0.20% - Yiyuan Communication: up 0.02% - Minxin Co.: down 5.44% - Nami Technology: down 0.06% [1] Group 3: Recent Returns - The fund has achieved a return of 1.93% over the past month [1]

Core Viewpoint - Minxin Co., Ltd. (688286.SH) reported a significant turnaround in its financial performance for the first three quarters of 2025, achieving a total operating revenue of 464 million yuan, representing a year-on-year growth of 37.73% [1] Financial Performance - The company achieved a net profit attributable to shareholders of 36.55 million yuan, compared to a loss of 48.09 million yuan in the same period last year [1] - Basic earnings per share were reported at 0.66 yuan [1]

Core Insights - The company reported a revenue of 463,679,918.25 yuan for the first three quarters of 2025, representing a year-on-year growth of 37.73% [1] - The net profit attributable to shareholders of the listed company for the same period was 36,545,665.34 yuan [1] Financial Performance - Revenue for the first three quarters of 2025: 463.68 million yuan, up 37.73% year-on-year [1] - Net profit for the first three quarters of 2025: 36.55 million yuan [1]

证券代码：688286 证券简称：敏芯股份 公告编号：2025-063 经与会董事认真审议，形成如下决议： （一）审议并通过《关于<公司 2025 年第三季度报告>的议案》 苏州敏芯微电子技术股份有限公司 第四届董事会第十次会议决议公告 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： 苏州敏芯微电子技术股份有限公司（以下简称"公司"）第四届董事会第 十次会议通知已于 2025 年 10 月 24 日以邮件形式发出，会议于 2025 年 10 月 29 日以现场与通讯表决相结合的方式召开。本次会议由董事长李刚先生主持， 应到董事 7 名，实到董事 7 名，符合《公司法》和《公司章程》等有关法律法 规规定，表决形成的决议合法、有效。 二、董事会会议审议情况： 此议案已经董事会审计委员会审议通过。 公司已按照企业会计准则和上海证券交易所的有关规定编制了《2025 年第 三季度报告》，在所有重大方面公允地反映了公司 2025 年前三季度的财务状况 和经营成果。 表决结果：7 票同意，0 票反对，0 票弃权 ...

苏州敏芯微电子技术股份有限公司 关于召开 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： 会议召开时间：2025 年 11 月 10 日 （星期一）13:00-14:00 证券代码：688286 证券简称：敏芯股份 公告编号：2025-062 二、 说明会召开的时间、地点和方式 （一）会议召开时间：2025 年 11 月 10 日（星期一）13:00-14:00 （二）会议召开地点：上证路演中心 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 3 日（星期一）至 11 月 7 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@memsensing.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 苏州敏芯微电子技术股份有限公司（ ...

一、计提资产减值准备情况概述 根据《企业会计准则》以及公司会计政策、会计估计的相关规定，为了真实、 准确地反映公司截至 2025 年 9 月 30 日的财务状况，本着谨慎性原则，公司对截 至 2025 年 9 月 30 日公司及下属子公司的资产进行了减值测试，对可能发生资产 减值损失的相关资产计提减值准备。2025 年前三季度确认的各项资产减值损失 7,021,141.14 元，具体情况如下表： 证券代码：688286 证券简称：敏芯股份 公告编号：2025-061 苏州敏芯微电子技术股份有限公司 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。 苏州敏芯微电子技术股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开第四届董事会第十次会议，审议通过了《关于 2025 年前三季度计提资 产减值准备的议案》，本议案无需提交公司股东会审议。现将相关情况公告如下： （二）信用减值损失 对于应收账款，公司以预期信用损失为基础，参考历史信用损失经验，结合 当前状况以及 ...

Financial Performance - The company's revenue for the third quarter reached ¥159,692,587.43, representing a year-on-year increase of 21.90%[4] - The total profit for the period was ¥12,274,468.41, with a net profit attributable to shareholders of ¥11,354,892.99[4] - Year-to-date revenue amounted to ¥463,679,918.25, reflecting a growth of 37.73% compared to the same period last year[4] - Basic earnings per share for the third quarter were ¥0.21, with diluted earnings per share also at ¥0.21[4] - The weighted average return on equity was 1.07% for the quarter, down from 3.49% year-to-date[4] - Net profit for the first three quarters of 2025 was CNY 37,970,567.27, compared to a net loss of CNY 48,972,077.59 in the first three quarters of 2024[21] - Operating profit for the first three quarters of 2025 was CNY 38,106,100.45, a significant recovery from a loss of CNY 43,353,623.17 in the same period of 2024[20] - Basic earnings per share for the first three quarters of 2025 were CNY 0.66, compared to a loss per share of CNY 0.87 in the same period of 2024[21] Research and Development - Research and development expenses totaled ¥18,799,632.70, accounting for 11.77% of revenue, a decrease of 2.82 percentage points from the previous year[5] - The increase in revenue was primarily driven by significant sales growth in pressure and inertial sensor product lines due to ongoing R&D and market promotion efforts[8] - Research and development expenses for the first three quarters of 2025 were CNY 57,429,902.52, slightly down from CNY 58,334,789.14 in the first three quarters of 2024[20] Assets and Liabilities - The company's total assets increased by 3.16% to ¥1,249,098,683.33 compared to the end of the previous year[5] - Total current assets as of September 30, 2025, amount to ¥725,257,856.27, an increase from ¥645,563,445.92 as of December 31, 2024[15] - Cash and cash equivalents increased to ¥193,563,092.15 from ¥144,610,161.26[15] - Accounts receivable rose to ¥67,175,987.87 from ¥61,259,701.43[15] - Inventory decreased to ¥204,129,449.78 from ¥241,436,220.35[15] - Total non-current assets decreased to ¥523,840,827.06 from ¥565,310,278.99[16] - Total liabilities decreased to CNY 176,189,605.88 in 2025 from CNY 182,494,488.72 in 2024, indicating improved financial stability[20] - The company's total equity increased to CNY 1,072,909,077.45 in 2025 from CNY 1,028,379,236.19 in 2024, reflecting a stronger balance sheet[20] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥104,281,099.19[4] - The company reported a net cash flow from operating activities of CNY 104,281,099.19 for the first three quarters of 2025, reversing a negative cash flow of CNY 74,201,955.24 in the same period of 2024[22] - Net cash flow from investment activities was -$64.8 million, compared to -$48.0 million in the previous period, indicating a decline in investment performance[24] - Total cash inflow from financing activities was $14.9 million, down from $24.0 million year-over-year[24] - Net cash flow from financing activities improved to $9.4 million, compared to a negative $6.6 million in the previous period[24] - The ending balance of cash and cash equivalents increased to $193.2 million, up from $100.6 million in the previous year[24] - Cash outflow for investment activities totaled $271.5 million, compared to $382.1 million in the prior period, reflecting a reduction in investment spending[24] - Cash inflow from borrowing was $10.0 million, down from $20.0 million year-over-year, indicating a decrease in new debt financing[24] - Cash outflow for financing activities decreased significantly to $5.5 million from $30.6 million in the previous period, showing improved cash management[24] Shareholder Information - Total number of common shareholders at the end of the reporting period is 9,762[11] - The largest shareholder, Li Gang, holds 10,745,026 shares, representing 19.17% of total shares[11] Other Information - Non-recurring gains for the period included government subsidies amounting to ¥1,527,097.54[6] - The company will not apply new accounting standards starting from 2025, as per the announcement[25]