昨天，联芸科技（688449）发布2025年度业绩快报，初步核算显示，受益于行业回暖及核心竞争力提升，公司全年营收 利润双增，扣非净利润增幅显著，经营态势稳健向好。公司提示，本次数据未经审计，具体以年度定期报告为准。 | | | | -- | | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | 增减变动幅度(%) | | 营业总收入 | 133,134.22 | 117,378.39 | 13.42 | | 营业利润 | 14.219.78 | 11.821.37 | 20.29 | | 利润总额 | 14,209.64 | 11,805.86 | 20.36 | | 归属于母公司所有者的 净利润 | 14.209.64 | 11.805.86 | 20.36 | | 归属于母公司所有者的 扣除非经常性损益的净 | 10.148.57 | 4.406.79 | 130.29 | | 利润 | | | | | 基本每股收益(元) | 0.31 | 0.32 | -3.13 | | 加权平均净资产收益率 | 7.86% | 17.33% | 减少 9.47个百分点 | | ...

Core Viewpoint - The company reported a robust growth in its 2025 annual performance, driven by the recovery in the storage industry and the rapid development of the AI sector, leading to increased demand for storage products [2][4]. Financial Performance - The total operating revenue for 2025 reached 1,331.34 million yuan, representing a year-on-year increase of 13.42% [2][3]. - The net profit attributable to the parent company was 142.10 million yuan, up 20.36% compared to the previous year [2][3]. - The net profit attributable to the parent company, excluding non-recurring gains and losses, surged by 130.29% to 101.49 million yuan [2][3]. - Basic earnings per share were 0.31 yuan, showing a slight decrease of 3.13% from the previous year [3]. - The weighted average return on net assets decreased by 9.47 percentage points to 7.86% [3]. Asset and Equity Growth - As of December 31, 2025, total assets amounted to 2,332.19 million yuan, reflecting an 11.78% increase from the beginning of the year [2][3]. - The equity attributable to the parent company reached 1,904.77 million yuan, marking an 11.40% growth [2][3]. Industry and Product Insights - The growth in performance was primarily attributed to the increased shipment of PCIe 3.0, PCIe 4.0, and enterprise-level SATA controller chip products, which contributed to a steady rise in overall gross margin [4]. - The company has been focusing on new customer development and product introduction, leveraging its technological advantages and one-stop solution capabilities [4]. - Research and development expenses were approximately 505.96 million yuan, supporting technological innovation and product upgrades [4]. - The company recognized share-based payment expenses of about 53.58 million yuan during 2025, and after excluding this impact, the net profit attributable to the parent company was approximately 195.68 million yuan, indicating stable performance in core business profitability [4].

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - The demand for AI computing power is driving a persistent shortage in storage [2][8] - Major storage companies are experiencing strong performance, with AI demand expected to continue creating incremental opportunities [6] - The supply of niche storage is under pressure from mainstream storage, leading to a sustained tight supply situation [7] Summary by Sections Investment Recommendations and Targets - Key investment targets include domestic storage chip design companies such as Zhaoyi Innovation, Puran, Jucheng, Dongxin, Beijing Junzheng, and Hengsuo [2][8] - Domestic storage module manufacturers like Jiangbolong, Demingli, and Baiwei Storage are also highlighted [2] - Companies benefiting from storage technology iterations include Lanke Technology, Lianyun Technology, and Aojie Technology [2] - Semiconductor equipment firms such as Zhongwei Company, Jingzhida, and Beifang Huachuang are recommended [2] - Domestic packaging and testing companies like Shentek, Huicheng, and Tongfu Microelectronics are included in the investment targets [2] Market Dynamics - TrendForce has revised upward the price growth rates for DRAM and NAND Flash products for the first quarter, with DRAM contract prices expected to rise by 90-95% and NAND Flash by 55-60% [7] - AI computing demand is becoming the dominant factor in storage demand, with significant price increases anticipated for Server DRAM and Enterprise SSDs [7] - The AI inference process is expected to significantly alter data center storage structures, leading to increased demand for active data storage [7] Niche Storage Supply - Niche storage products like NOR Flash and MLC/SLC NAND Flash are expected to remain in tight supply due to reduced production from major suppliers focusing on mainstream products [7] - The global capacity for MLC NAND Flash is projected to decrease by 41.7% in 2026 due to supply constraints [7]

Financial Performance Summary - In 2025, the company achieved total operating revenue of 1,331.34 million RMB, representing a year-on-year increase of 13.42% [3] - The net profit attributable to the parent company was 142.10 million RMB, up 20.36% year-on-year [3] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 101.49 million RMB, showing a significant increase of 130.29% [3][5] - As of December 31, 2025, total assets reached 2,332.19 million RMB, an increase of 11.78% from the beginning of the year [3] - The equity attributable to the parent company was 1,904.77 million RMB, up 11.40% from the beginning of the year [3] Factors Influencing Performance - The company benefited from the recovery in the storage industry and the rapid development of the AI sector, leading to increased demand for storage products [4] - Significant growth in the shipment volume of PCIe 3.0, PCIe 4.0, and enterprise-level SATA controller chips contributed to a steady increase in overall gross margin [4] - The company focused on consolidating and expanding its core competitive advantages by enhancing R&D investment and talent acquisition, with R&D expenses amounting to approximately 505.96 million RMB, up from 425.18 million RMB in the previous year [4] - The company confirmed share-based payment expenses of approximately 53.58 million RMB, compared to 39.32 million RMB in the previous year, indicating a robust performance in core business profitability [4]

Group 1 - The company achieved total operating revenue of approximately 1.33 billion yuan in 2025, representing a year-on-year increase of 13.42% [1] - The net profit attributable to the parent company was approximately 142 million yuan, reflecting a year-on-year growth of 20.36% [1] - The net profit after deducting non-recurring items was approximately 101 million yuan, showing a significant year-on-year increase of 130.29% [1] Group 2 - The growth in performance was primarily driven by the recovery in the storage industry and the rapid development of the AI industry, leading to sustained demand for storage products [3] - The company saw a notable increase in the shipment volume of its PCIE3.0, PCIE4.0, and enterprise-grade SATA controller chip products, which contributed to a steady improvement in overall gross margin [3] - Research and development expenses for the company were approximately 506 million yuan, indicating an increase compared to the same period last year, while maintaining a stable R&D expense ratio [3] Group 3 - The company confirmed share-based payment expenses of approximately 53.58 million yuan for 2025 [3] - After excluding this factor, the net profit attributable to the parent company was approximately 196 million yuan, indicating robust profitability in core business operations [3] - The significant year-on-year growth of 130.29% in net profit after deducting non-recurring items was mainly due to increased operating revenue and a higher proportion of high-margin product shipments [3]

Buyback Announcements - GoerTek has repurchased 1.14% of its shares, spending 1.108 billion yuan, with a total of 40.5481 million shares repurchased at prices ranging from 20.35 to 34.09 yuan per share [18] - Midea Group has repurchased 0.35% of its shares, spending 1.998 billion yuan, with a total of 26.9437 million shares repurchased at prices ranging from 69.50 to 80.44 yuan per share [17] - SF Holding has repurchased approximately 48.2887 million A-shares, with a total amount of about 1.899 billion yuan [1] Stock Trading Anomalies - Maoye Commercial has experienced a significant stock price increase, with a cumulative deviation of 20% over two trading days, indicating potential market overheating and high speculation risk [2] - Jinhui Liquor reported a cumulative stock price deviation of over 20% over three trading days, confirming normal production and no undisclosed major information [3] - Yangtze Optical Fiber has noted that the global optical fiber and cable market environment is normal, with new products related to data centers representing a small proportion of total demand [4] Profit Distribution Plans - Ningbo Fuda plans to distribute a cash dividend of 0.7 yuan per 10 shares, totaling 101 million yuan, which accounts for 59.85% of the net profit attributable to shareholders for the first three quarters of 2025 [5] Corporate Investments - Southwest Securities has received approval from the China Securities Regulatory Commission to issue bonds totaling up to 14 billion yuan [6] - Guoneng Rixin plans to increase its stake in Sanas Zhihui to 31% through an investment of 17.625 million yuan, enhancing its capabilities in new energy asset operation services [7] Production Updates - Weiyuan Co. has successfully launched a 250,000 tons/year electrolyte solvent project, enhancing its production capacity for various chemical products [8] Financial Performance - Lianyun Technology reported a net profit of 142 million yuan for 2025, a year-on-year increase of 20.36%, driven by growth in storage product demand [12] - Shanghai Yizhong reported a net profit of 64.132 million yuan for 2025, a significant increase of 819.42%, attributed to the inclusion of its core product in the national medical insurance directory [13]

Group 1 - Far East Holdings announced that its subsidiary won a contract order worth 3.075 billion yuan, including contracts for green building cables and smart manufacturing cables [1] - Yifan Pharmaceutical received a drug registration certificate for Vitamin K1 injection, which is used to treat vitamin K deficiency-related bleeding [2] - Guangdong Electric Power A's Maoming Bohua Power Plant's Unit 4 has successfully commenced commercial operation, with a total investment of 7.484 billion yuan and an expected annual power generation of 8.6 billion kWh [4] Group 2 - Longfly Fiber reported that the global fiber optic cable industry market environment is normal, with product price fluctuations needing comprehensive assessment [25] - Shanghai Yizhong's net profit for 2025 increased by 819.42%, with total revenue of 317 million yuan, a growth of 82.72% [22] - Guizhou Power's subsidiary received a government subsidy of 200 million yuan [8] Group 3 - Zhongxing Communications plans to invest 117 million yuan in the Jianxing Zhanlu Fund, which focuses on new information technology and advanced manufacturing [10] - Suwen Electric Power's subsidiary established a joint investment fund with a total commitment of 68.5 million yuan, with Suwen contributing 5 million yuan [26] - ST Kaiyuan announced that its stock may face delisting risk due to expected negative net assets for 2025 [27]

2025年，公司以巩固和扩大核心竞争优势为目标，持续强化新产品的研发投入与人才储备。一方面加快 下一代主控芯片的迭代升级，另一方面将研发人才团队建设视作技术创新的核心支撑，扩充嵌入式主控 芯片研发团队。报告期内研发费用约为50,595.76万元，较上年同期的42,518.48万元实现增长。伴随公司 营收规模同步增长，研发费用率维持平稳，研发资源配置高效，为公司持续开展技术创新、推动产品升 级提供坚实支撑。 格隆汇2月2日丨联芸科技(688449.SH)公布2025年度业绩快报，2025年度公司实现营业总收入13.31亿 元，同比增长13.42%；实现归属于母公司所有者的净利润1.42亿元，同比增长20.36%；实现归属于母公 司所有者的扣除非经常性损益的净利润1.01亿元，同比增长130.29%。 受益于存储行业景气度回升，叠加AI产业快速发展，存储产品需求持续增加。2025年公司PCIE3.0、 PCIE4.0及企业级SATA主控芯片产品出货量明显增长，带动综合毛利率稳步提升；同时，公司依托自身 产品的技术优势与一站式解决方案能力，持续推进新客户开发及存储主控产品导入。在此基础上，公司 数据存储主控芯片的整 ...

每经AI快讯，2月2日，联芸科技(688449.SH)公告称，2025年实现营业总收入13.31亿元，同比增长 13.42%；归属于母公司所有者的净利润1.42亿元，同比增长20.36%。受益于存储行业景气度回升，叠加 AI产业快速发展，存储产品需求持续增加。2025年公司PCIE3.0、PCIE4.0及企业级SATA主控芯片产品 出货量明显增长，带动综合毛利率稳步提升；同时，公司依托自身产品的技术优势与一站式解决方案能 力，持续推进新客户开发及存储主控产品导入。在此基础上，公司数据存储主控芯片的整体经营业绩相 较于去年实现增长。 ...

证券代码：688449 证券简称：联芸科技 公告编号：2026-003 联芸科技（杭州）股份有限公司 2025 年度业绩快报公告 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。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计， 具体数据以联芸科技（杭州）股份有限公司（以下简称"公司"）2025年年度的 定期报告为准，提请投资者注意投资风险。 一、2025 年度主要财务数据和指标 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 1、报告期的经营情况、财务状况 2025 年度公司实现营业总收入 133,134.22 万元，同比增长 13.42%；实现归 属于母公司所有者的净利润 14,209.64 万元，同比增长 20.36%；实现归属于母公 司所有者的扣除非经常性损益的净利润 10,148.57 万元，同比增长 130.29%。截 至 2025 年 12 月 31 日，公司总资产 233,219.29 万元，较年初增长 11.78%；归属 于母公司的所有者权益 ...