Group 1 - The core point of the news is that Jingfeng Mingyuan (688368.SH) reported its Q3 2025 results, revealing significant changes in institutional investor holdings [1] - As of October 30, 2025, a total of 12 institutional investors disclosed holdings in Jingfeng Mingyuan A-shares, with a combined holding of 19.6544 million shares, accounting for 22.32% of the total share capital [1] - The top ten institutional investors collectively held 22.30% of the shares, which represents a decrease of 3.19 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two public funds increased their holdings, while two others decreased their holdings, with a reduction rate of 1.42% [2] - Three new public funds disclosed their holdings this period, while 107 public funds from the previous quarter did not disclose their holdings this time [2] - The funds that did not disclose include notable names such as 嘉实前沿科技沪港深股票A and 博时半导体主题混合A [2] Group 3 - In the social security fund sector, one social security fund, the National Social Security Fund 406 Portfolio, did not disclose its holdings this period [3]

Core Viewpoint - Jingfeng Mingyuan is a leading domestic analog chip design company specializing in semiconductor power management chips, with strong technical research and development capabilities [1] Group 1: Business Performance - In Q3 2025, Jingfeng Mingyuan reported revenue of 1.117 billion yuan, ranking 13th in the industry, with the industry leader, Weiting Technology, at 3.521 billion yuan [2] - The main business composition includes LED lighting driver chips at 376 million yuan (51.44%), motor control driver chips at 192 million yuan (26.21%), AC/DC power chips at 128 million yuan (17.56%), and high-performance computing power chips at 34.794 million yuan (4.76%) [2] - The net profit for the same period was 27.367 million yuan, ranking 14th in the industry, with the industry leader at 677 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 40.63%, up from 35.91% year-on-year, which is higher than the industry average of 16.92% [3] - The gross profit margin for Q3 2025 was 39.53%, an increase from 36.11% year-on-year, exceeding the industry average of 36.44% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 37.18% to 8,574, while the average number of circulating A-shares held per shareholder decreased by 27.11% [5] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and several mutual funds, with notable changes in their holdings [5] Group 4: Future Outlook - The company is expected to achieve net profits of 96 million yuan, 184 million yuan, and 260 million yuan from 2025 to 2027 [5] - The company plans to acquire 100% of Yichong Technology to enhance business synergy and revenue [6]

Group 1: Company Performance - Anker Innovation reported a revenue of 21.019 billion with a year-on-year growth of 27.79% and a net profit of 1.933 billion, up 31.34% [1] - Hongjing Technology achieved a revenue of 15.510 billion, a staggering growth of 595.49%, and a net profit of 107.5 million, increasing by 448.91% [1][2] - CICC recorded a revenue of 20.761 billion, growing by 54.36%, and a net profit of 6.567 billion, up 129.75% [3] - Tongfeng Electronics reported a revenue of 1.072 billion, with an 11.37% increase, and a net profit of 79.91 million, up 28.88% [4] - Changshu Bank achieved a revenue of 9.052 billion, growing by 8.15%, and a net profit of 3.357 billion, up 12.82% [6] - Jingfeng Mingyuan reported a revenue of 1.117 billion, with a 2.67% increase, and a net profit of 23.33 million, turning from loss to profit [8] - Magmita's revenue was 6.791 billion, growing by 15.05%, but net profit fell by 48.29% to 213 million [9] - Huilong Pharmaceutical reported a revenue of 742 million, down 12.92%, with a net loss of 50.8047 million [10] - Dongwei Semiconductor achieved a revenue of 964 million, growing by 41.60%, and a net profit of 48.55 million, up 58.46% [22] - Spring Autumn Electronics reported a revenue of 3.197 billion, with a 7.21% increase, and a net profit of 231 million, up 63.91% [24] - Jiangnan New Materials achieved a revenue of 7.569 billion, growing by 18.34%, and a net profit of 165 million, up 21.95% [25] - Fuda Alloy reported a revenue of 3.497 billion, with a 30.03% increase, and a net profit of 55.5042 million, up 33.52% [26] - Zhongjin Gold achieved a revenue of 53.976 billion, growing by 17.23%, and a net profit of 3.679 billion, up 39.18% [28] - Shoukai Holdings reported a revenue of 23.186 billion, with a 60.31% increase, but a net loss of 3.105 billion [29] - Nanshan Aluminum achieved a revenue of 26.325 billion, growing by 8.66%, and a net profit of 3.772 billion, up 8.09% [30][32] Group 2: Company Background - Anker Innovation specializes in the research, design, and sales of consumer electronics products, including mobile device peripherals and smart hardware [1] - Hongjing Technology focuses on providing comprehensive solutions in smart living, urban management, and smart parks [2] - CICC is engaged in investment banking, equity sales and trading, proprietary investment and trading, wealth management, and investment management [3] - Tongfeng Electronics specializes in the research, production, and sales of film capacitors and their materials [4][5] - Changshu Bank provides retail banking, corporate banking, financial market services, and village bank services [6][7] - Jingfeng Mingyuan focuses on the research and sales of power management and control driver chips [8][9] - Magmita specializes in the research, production, and sales of smart home control products, power products, and industrial automation products [9] - Huilong Pharmaceutical is involved in the research, production, and sales of innovative and high-quality generic drugs for cancer treatment [10][11] - Dongwei Semiconductor specializes in the research and sales of high-performance power devices [22][23] - Spring Autumn Electronics focuses on the research, design, production, and sales of precision molds and components for consumer electronics [24] - Jiangnan New Materials specializes in the research, production, and sales of copper-based new materials [25][26] - Fuda Alloy focuses on the research, production, and sales of electrical contact materials [26][27] - Zhongjin Gold is involved in geological exploration, mining, and smelting of gold and non-ferrous metals [28][29] - Shoukai Holdings specializes in real estate development, property management, urban renewal, and real estate finance [29][30] - Nanshan Aluminum focuses on the development, production, processing, and sales of aluminum and aluminum alloy products [30][31][32]

Core Insights - The company reported a total revenue of 1.117 billion yuan for Q3 2025, with a net profit attributable to shareholders of 23.33 million yuan, ranking 79th among disclosed peers [1] - Operating cash flow decreased by 114 million yuan year-on-year, representing a decline of 43.61% compared to the same period last year [1] Financial Metrics - The latest debt-to-asset ratio stands at 40.63%, ranking 97th among disclosed peers, an increase of 4.72 percentage points from the same period last year [3] - The latest gross profit margin is 39.53%, a slight decrease of 0.06 percentage points from the previous quarter [3] - Return on equity (ROE) is reported at 1.99%, ranking 79th among disclosed peers [3] - The diluted earnings per share (EPS) is 0.27 yuan, ranking 63rd among disclosed peers [3] - Total asset turnover is 0.54 times, while inventory turnover is 2.54 times, a decrease of 0.26 times year-on-year, reflecting a decline of 9.22% compared to the same period last year [3] Shareholder Structure - The number of shareholders is 8,574, with the top ten shareholders holding a total of 60.76 million shares, accounting for 69.01% of the total share capital [3] - The largest shareholder is Hu Liqiang, holding 24.3 million shares [3]

Core Viewpoint - Jingfeng Mingyuan (688368.SH) reported a significant increase in revenue and net profit for Q3 2025, indicating strong financial performance and growth potential [1] Financial Performance - In Q3 2025, the company achieved operating revenue of 386 million yuan, a year-on-year increase of 9.14% [1] - The net profit attributable to shareholders reached 7.57 million yuan, up 3,136.11% year-on-year, reflecting a substantial growth [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.16 million yuan, an increase of 645.93% year-on-year [1] Year-to-Date Performance - For the first three quarters of 2025, the company reported total operating revenue of 1.12 billion yuan, a year-on-year increase of 2.67% [1] - The net profit attributable to shareholders for the year-to-date period was 23.33 million yuan, up 142.96% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 13.73 million yuan, reflecting a year-on-year increase of 159.35% [1]

Financial Performance - The company achieved operating revenue of CNY 385.62 million in Q3 2025, a year-on-year increase of 9.14%[3] - The net profit attributable to shareholders reached CNY 75.68 million, up 131.81% year-on-year, with a significant increase of CNY 31.36 million compared to the previous year[4] - For the year-to-date period, the company reported total operating revenue of CNY 1.12 billion, reflecting a 2.67% increase year-on-year[5] - The company achieved a turnaround from loss to profit compared to the same period last year, resulting in an increase in basic and diluted earnings per share[10] - The net profit attributable to shareholders of the listed company increased due to continuous optimization of product structure, leading to a rise in gross profit margin and gross profit amount[10] - The basic earnings per share for the first three quarters of 2025 were CNY 1.21, a recovery from a loss of CNY 0.04 per share in the same period of 2024[33] - Net profit for the first three quarters of 2025 was ¥27,366,932.46, compared to a net loss of ¥29,583,101.21 in 2024, marking a significant turnaround[20] Revenue and Costs - The revenue from motor control driver chips increased by 24.86%, with its proportion of total revenue rising by 4.58 percentage points year-on-year[5] - Total operating revenue for the first three quarters of 2025 reached ¥1,117,105,017.69, a 2.5% increase from ¥1,088,020,033.15 in the same period of 2024[19] - Total operating costs decreased to ¥1,110,336,254.99, down 3.1% from ¥1,145,572,718.76 year-over-year[19] - The gross profit for the first three quarters of 2025 was CNY 295.14 million, resulting in a gross margin of approximately 34.0%, compared to a gross margin of 29.5% in the first three quarters of 2024[32] Research and Development - Research and development expenses totaled CNY 104.20 million in Q3 2025, a decrease of 4.18% compared to the same period last year[4] - Research and development expenses as a percentage of operating income decreased by 3.76 percentage points, mainly due to an increase in operating income and a decrease in R&D expenses[10] - Research and development expenses for the first three quarters of 2025 were ¥278,807,668.26, slightly lower than ¥292,632,983.99 in 2024[19] - Research and development expenses increased to CNY 178.71 million in the first three quarters of 2025, up from CNY 170.26 million in the same period of 2024, reflecting a focus on innovation[32] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period was CNY 147.44 million, down 43.61% year-on-year due to timing differences in bank acceptance bills[6] - The net cash flow from operating activities decreased by 43.61% year-on-year, primarily due to timing differences in the maturity of bank acceptance bills and increased cash payments to employees[10] - The company's cash and cash equivalents were CNY 158,358,378.71, down from CNY 280,476,364.28, a decline of about 43.5%[15] - The company's cash and cash equivalents at the end of the period were ¥149,607,625.72, down from ¥274,837,703.56 at the end of 2024[25] - The ending cash and cash equivalents balance for the first three quarters of 2025 was $84.71 million, down from $155.70 million in 2024[36] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 8,574[12] - The top three shareholders held a combined 61.49% of the shares, with Hu Liqiang holding 24.22%, Xia Feng holding 22.18%, and Hainan Jingzhe Rui Venture Capital Partnership holding 15.09%[12] Financial Position - The company's net assets attributable to shareholders decreased by 6.90% to CNY 1.17 billion compared to the end of the previous year[5] - As of September 30, 2025, total assets amounted to CNY 1,974,022,466.79, a decrease from CNY 2,147,443,356.56 as of December 31, 2024, reflecting a decline of approximately 8.06%[15] - Total liabilities decreased to CNY 802,061,890.72 from CNY 830,341,397.88, representing a reduction of approximately 3.41%[17] - The company's equity attributable to shareholders decreased to CNY 1,171,960,576.07 from CNY 1,258,862,606.31, a decline of about 6.9%[17] Investment Activities - Investment activities resulted in a net cash outflow of ¥66,409,950.24, contrasting with a net inflow of ¥15,727,937.98 in the same period of 2024[25] - The company reported a significant investment income of CNY 128.30 million in the first three quarters of 2025, compared to CNY 14.79 million in the same period of 2024, highlighting improved investment performance[32] Other Financial Metrics - The weighted average return on net assets rose to 0.66%, an increase of 2.46 percentage points year-on-year[3] - The company received a non-recurring gain of 681,626.48 yuan from tax refund fees during the reporting period[10] - The company has not identified any significant non-recurring gains or losses that were not listed in the relevant disclosure announcements[10] - The company's financial expenses decreased to ¥6,424,458.94 from ¥9,464,351.02 in the previous year, indicating improved cost management[19]

Core Viewpoint - The company Jingfeng Mingyuan announced a share buyback plan involving its associate Shanghai Hanfeng Electronic Technology Co., Ltd, which will reduce its ownership stake from 10.2757% to 6.7706% [1] Group 1: Share Buyback Details - Shanghai Hanfeng Electronic plans to repurchase shares worth 14.24032877 million yuan, with 8.25 million yuan to be paid in cash and the remaining 5.99032877 million yuan to be reinvested as principal in Hanfeng Electronic [1] - The buyback has been approved by the company's third board of directors' strategic committee and supervisory committee meetings [1]

证券代码：688368 证券简称：晶丰明源 公告编号：2025-076 （一）本次交易的基本情况 本次交易不构成关联交易 本次交易不构成重大资产重组 1、本次交易概况 上海晶丰明源半导体股份有限公司 关于参股公司拟回购公司所持股权的公告 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、准确性和完整性承担法律责任。 重要内容提示： 上海晶丰明源半导体股份有限公司（以下简称"公司"或"晶丰明源"） 参股公司上海汉枫电子科技有限公司（以下简称"汉枫电子"）拟以 1,424.032877 万元回购公司所持股权，其中 825.00 万元以现金形式回购公司所持部分股权， 剩余回购款 599.032877 万元继续作为投资本金投入汉枫电子。本次回购完成后 公司持有的股权比例将从 10.2757%变更为 6.7706%。 本次交易已经公司第三届董事会战略委员会第十次会议、第三届董事会 第三十二次会议、第三届监事会第二十九次会议审议通过。本次交易未达到股 东大会审议标准。 本次交易尚需交易各方完成协议签署、款项支付，且需履行工商变更等 手续，履行过程中存在可能受到不可预计或 ...

上海晶丰明源半导体股份 有限公司 章 程 二○二五年十月 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 根据《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》）和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以下 简称"公司"）。 公司由上海晶丰明源半导体有限公司以整体变更方式设立，在上海市工商局 注册登记并取得营业执照，统一社会信用代码为 913100006810384768。 第三条 公司于 2019 年 9 月 10 日经中国证券监督管理委员会（以下简称"中 国证监会"）注册，首次向社会公众发行人民币普通股 1,540 万股，于 2019 年 10 月 14 日在上海证券交易所上市。 第四条 公司注册名称：上海晶丰明源半导体股份有限公司 公司英文名称：Shanghai Bright Power Semiconductor Co., Ltd. 1 | 第一章 总 则 . . | | --- | | 第二章 经营宗旨和范围 . | | 第三章 股 份 | | 第一节 股份发行 . | | 第二节 股 ...

证券代码：688368 证券简称：晶丰明源 公告编号：2025-077 上海晶丰明源半导体股份有限公司 关于变更注册资本及修订《公司章程》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。 上海晶丰明源半导体股份有限公司（以下简称"公司"）于 2025 年 10 月 17 日召开第三届董事会第三十二次会议，审议通过了《关于变更注册资本及修 订<公司章程>的议案》，该事项已经公司 2024 年第二次临时股东大会授权董事 会办理，无需提交股东大会审议。现将有关情况公告如下： 上述变更最终以工商登记机关核准的内容为准。修订后的《公司章程》已同 日披露于上海证券交易所网站（www.sse.com.cn）。 特此公告。 上海晶丰明源半导体股份有限公司 基于前述事项，公司股本总数和注册资本发生变动，拟对《上海晶丰明源半 导体股份有限公司章程》（以下简称"《公司章程》"）相关条款进行修订。具 体内容如下： | | 修订前 | | | 修订后 | | | --- | --- | --- | --- | --- | --- | | 第六 ...