Core Insights - ChipLink Integrated reported a loss of nearly 300 million yuan in Q3 2025, with a total loss of 463 million yuan for the first three quarters of the year, although this represents a 32.32% reduction in losses compared to the same period last year [1] - The company achieved a gross profit margin of 3.97% in the first three quarters, an increase of 4.40 percentage points year-on-year, attributed to expanded sales and ongoing cost control [1] - The completion of the equity integration of its subsidiary, ChipLink Yuezhou, marks a significant enhancement in the company's capital strength and industrial synergy capabilities [1] Financial Performance - The company expects to achieve an annual revenue of 8 to 8.3 billion yuan, representing a growth of 23% to 28% compared to the previous year [2] - The net profit is anticipated to continue reducing losses, with expectations for improved profitability in 2026 due to the passing of the depreciation peak and increased production line output [2] - Capital expenditures exceeded 10 billion yuan in 2023, with a more stable approach expected starting in 2024, and capital expenditures optimized to 2.548 billion yuan in the first three quarters of 2025 [2] Market Opportunities - The demand for power devices and analog ICs is expected to grow due to the increasing penetration of new energy vehicles, recovery in the new energy sector, and the development of AI and robotics [1] - The company is actively expanding into the 800V high-voltage direct current (HVDC) market to enhance the efficiency of end-to-end power supply systems for data centers [3] - ChipLink Integrated has made significant progress in the AI server market, with its 8-inch silicon carbide MOS devices already being sampled to European and American AI companies [3] Product Development - The company’s technology products cover over 50% of the value of AI server power supplies, positioning it to benefit from explosive growth in the computing power industry [4] - The automotive laser radar market is experiencing rapid growth, with the company’s laser radar chips in high demand as they enter the thousand-yuan era [4] - The company has developed various products for robotics, including VCSELs, pressure sensors, and IMUs, which are now in mass production [5]

Core Viewpoint - ChipLink Integrated Circuit Manufacturing Co., Ltd. reported strong financial performance in Q3 2025, with revenue of 1.927 billion yuan, a year-on-year increase of 15.52%, and a total revenue of 5.422 billion yuan for the first three quarters, reflecting a 19.23% growth [1] Financial Performance - The company expects to achieve an annual revenue of 8 to 8.3 billion yuan in 2025, representing a growth of 23% to 28% compared to the previous year [1] - The gross profit margin for the third quarter was 3.97%, marking five consecutive quarters of positive gross profit growth [1] Product Development and Market Expansion - ChipLink has made significant progress in the "New Energy + AI" sectors, with its self-developed 8-inch SiCMOSFET devices sent to AI companies in Europe and the U.S. [1] - The company has entered mass production of data transmission chips for AI servers and data centers, and launched a second-generation high-efficiency power management chip platform [2] - The company’s first 55nm BCD integrated DrMOS chip has passed customer validation, and the 180nm DrMOS has entered mass production [1][2] Industry Applications - In the robotics sector, ChipLink has achieved mass production of various components, including VCSELs and pressure sensors, and has secured contracts for its miniaturized drive modules [2] - The company is focusing on the 800V high-voltage direct current (HVDC) market to enhance the efficiency of end-to-end power systems for data centers [2] Sector-Specific Growth - In the new energy vehicle sector, revenue grew by 18% in the first three quarters, with over 1 million vehicles equipped with SiCMOSFETs [3] - The industrial control sector saw revenue growth exceeding 26%, driven by advancements in high-voltage and high-power solutions [3] - In the high-end consumer market, the company achieved significant market share with its IMU and high-performance microphones [3]

Core Viewpoint - ChipLink Integrated (688469.SH) reported a revenue of 5.422 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 19.23% [1] - The net profit attributable to shareholders of the parent company was a loss of 463 million yuan, which is an improvement of 221 million yuan compared to the same period last year [1] - The basic earnings per share stood at -0.07 yuan [1] Summary by Category - **Revenue Performance** - The total operating revenue for the first three quarters reached 5.422 billion yuan, marking a 19.23% increase year-on-year [1] - **Profitability** - The net profit attributable to the parent company's shareholders was -463 million yuan, showing a reduction in losses by 221 million yuan compared to the previous year [1] - Basic earnings per share were reported at -0.07 yuan [1]

关于芯联集成电路制造股份有限公司 增加 2025 年度日常关联交易预计的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为芯联 集成电路制造股份有限公司（以下简称"芯联集成"或"公司"）首次公开发行股票 并在科创板上市及持续督导的保荐机构，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律 监管指引第 1 号——规范运作》等相关法律、法规和规范性文件的规定，对芯联 集成增加 2025 年度日常关联交易预计的事项进行了核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 2025 年 10 月 24 日，公司召开第二届董事会独立董事专门会议第四次会议， 审议了《关于新增 2025 年度日常关联交易预计的议案》，全体独立董事一致同 意本次关联交易事项，并同意将该议案提交至董事会审议。 2025 年 10 月 24 日，公司召开第二届董事会审计委员会第七次会议审议通 过了《关于新增 2025 年度日常关联交易预计的议案》，表决结果：3 票同意，0 票反对，0 票弃权。 2025 年 10 月 24 日，公 ...

国泰海通证券股份有限公司 关于芯联集成电路制造股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为芯联 集成电路制造股份有限公司（以下简称"芯联集成"或"公司"）首次公开发行股票 并在科创板上市及持续督导的保荐机构，根据《证券发行上市保荐业务管理办法》 《科创板上市公司持续监管办法（试行）》《上海证券交易所科创板股票上市规则》 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》以及《上 市公司募集资金监管规则》等有关规定，对芯联集成使用首次公开发行股票并在 科创板上市的部分暂时闲置募集资金进行现金管理事项进行了核查，具体情况如 下： 一、募集资金基本情况 根据中国证券监督管理委员会于2023年3月13日出具的《关于同意绍兴中芯 集成电路制造股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕 548号），并经上海证券交易所同意，公司首次公开发行人民币普通股169,200.00 万股，每股面值为人民币1元，发行价格为每股人民币5.69元，募集资金总额为 人民币962,748.00万元（行使超额配售选择权之前），扣除 ...

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： | 投资标的名称 | | | 芯联先锋集成电路制造（绍兴）有限公司 | | --- | --- | --- | --- | | 投资金额（万元） | 180,000 | | | | 投资进展情况 | 完成 | 终止 | 交易要素变更 | | 特别风险提示（如有） | 无 | | | 一、基本情况 证券代码：688469 证券简称：芯联集成 公告编号：2025-059 芯联集成电路制造股份有限公司 关于公司申请新型政策性金融工具及向控股子公司增 资的进展公告 芯联集成电路制造股份有限公司董事会 司关于拟申请新型政策性金融工具事项及全资子公司为公司担保的公告》（公告 编号：2025-053）和《芯联集成电路制造股份有限公司关于公司向控股子公司增 资的公告》（公告编号：2025-054）。 公司本次增资的资金来源为新型政策性金融工具，政策性金融工具资金期限 长、利率低，能有效降低公司的整体资金成本，减轻公司融资负担，符合国家金 融重点支持政策。 本次增资巩固了上市 ...

证券代码：688469 证券简称：芯联集成 公告编号：2025-056 芯联集成电路制造股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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。 芯联集成电路制造股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召开第二届董事会第十次会议，审议通过了《关于使用部分闲置募集资金进行 现金管理的议案》，同意公司在保证不影响募集资金投资项目实施、确保募集资 金安全的前提下，使用最高不超过人民币 6.83 亿元（含本数）的暂时闲置募集 资金进行现金管理，用于购买安全性高、流动性好的保本型投资产品（包括但不 限于结构性存款、协定存款、定期存款、可转让大额存单、通知存款、收益权凭 证等）。在上述额度范围内，资金可以循环滚动使用，使用期限自董事会审议通 过之日起 12 个月内有效。在授权额度范围内，董事会授权公司总经理在上述额 度范围内行使投资决策权并签署相关合同文件，具体事项由公司财务部负责组织 实施。保荐机构国泰海通证券股份有限公司（以下简称"保荐机构"）发表了明 确 ...

证券代码：688469 证券简称：芯联集成 公告编号：2025-057 芯联集成电路制造股份有限公司 关于增加 2025 年度日常关联交易预计的公告 本公司董事会及全体董事保证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。 2025 年 10 月 24 日，公司召开第二届董事会第十次会议审议通过了《关于 新增 2025 年度日常关联交易预计的议案》，表决结果：9 票同意，0 票反对，0 票弃权。 本次新增日常关联交易金额预计事项无需提交公司股东大会审议。 （二）本次日常关联交易预计金额和类别 重要内容提示： 芯联集成电路制造股份有限公司（以下简称"公司"）本次日常关联交 易是公司及子公司正常生产经营所必需，定价公允、结算时间与方式合理，不损 害公司及中小股东的利益。公司选择的合作关联方均具备良好商业信誉和财务状 况，有利于公司正常业务的持续开展，公司主要业务不会因此形成对关联方的依 赖，不影响公司的独立性。 本次日常关联交易预计事项无需提交股东大会审议。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 2025 年 10 月 24 日，公 ...

证券代码：688469 证券简称：芯联集成 公告编号：2025-058 芯联集成电路制造股份有限公司 第二届监事会第八次会议决议公告 本公司监事会及全体监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。 监事会认为：公司 2025 年第三季度报告的编制和审核程序符合法律、 行政法规、公司章程和公司内部管理制度的相关规定；公司 2025 年第三 季度报告的内容和格式符合法律、行政法规、中国证券监督管理委员会 和上海证券交易所的相关规定，该报告内容真实、准确、完整反映了公 司的实际情况。 综上，监事会同意公司编制的 2025 年第三季度报告。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn） 披露的《芯联集成电路制造股份有限公司 2025 年第三季度报告》 表决结果：5 票赞成，0 票反对，0 票弃权。 2、审议通过《关于使用部分闲置募集资金进行现金管理的议案》 监事会认为，公司在确保不影响募集资金投资项目正常进行的前提 下，对部分暂时闲置募集资金进行现金管理，有利于提高募集资金的使 用效率，增加资金收益，使公司和股东利益 ...

Financial Performance - Q3 2025 revenue reached ¥1,926,756,627.44, an increase of 15.52% year-over-year, while year-to-date revenue was ¥5,421,954,397.61, up 19.23% compared to the same period last year[2] - Total profit for the quarter was -¥639,759,662.36, and year-to-date profit was -¥1,576,488,174.69, indicating significant losses[2] - The gross margin for Q3 was 4.75%, a decrease of 1.41 percentage points year-over-year, while the net margin was -33.20%, down 1.95 percentage points[3] - The company reported an EBITDA of ¥380,509,155.21 for Q3, a decrease of 29.07% year-over-year, and year-to-date EBITDA was ¥1,481,991,331.97, down 10.71%[2] - The net profit attributable to shareholders was -¥292,707,251.85 for Q3, with a year-to-date figure of -¥463,047,626.63[2] - The weighted average return on equity was -2.37% for Q3, with a year-to-date return of -3.78%[3] - The company experienced a 32.32% reduction in net loss year-to-date, attributed to increased sales and ongoing cost control measures[6] - Net loss attributable to shareholders of the parent company was ¥463,047,626.63, an improvement from a loss of ¥684,175,637.03 in the previous year[19] - Operating profit for the first three quarters was a loss of ¥1,577,423,042.18, slightly better than the loss of ¥1,649,464,570.68 in the same period last year[18] - The company reported a total comprehensive loss of ¥1,576,488,174.69 for the period, compared to a loss of ¥1,648,196,230.22 in the previous year[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥32,169,333,562.55, a decrease of 5.95% from the end of the previous year[3] - The company's total assets as of September 30, 2025, amounted to RMB 32.17 billion, a decrease from RMB 34.20 billion as of December 31, 2024[14] - Current assets decreased to RMB 8.40 billion from RMB 10.86 billion year-over-year[14] - Total liabilities decreased to ¥13,586,785,459.69 from ¥14,255,904,411.99, showing a reduction in financial obligations[16] - Total equity attributable to shareholders of the parent company increased to ¥13,215,262,816.32 from ¥12,321,013,873.28, reflecting a growth of 7.3%[16] Cash Flow - Cash flow from operating activities increased to ¥5,752,436,611.79, compared to ¥4,248,238,001.10 in the first three quarters of 2024, reflecting a growth of 35.4%[22] - The net cash inflow from operating activities was CNY 772,315,596.72, a decrease of 24.3% compared to CNY 1,019,878,641.46 in the previous period[23] - Total cash inflow from investment activities amounted to CNY 8,946,004,493.87, significantly higher than CNY 1,469,849,270.58 in the prior period[23] - The net cash outflow from investment activities was CNY -3,732,979,347.15, compared to CNY -3,281,912,030.11 previously, indicating increased investment expenditures[23] - Cash inflow from financing activities totaled CNY 4,415,839,960.83, down from CNY 12,473,821,865.18 in the last period[24] - The net cash outflow from financing activities was CNY -88,860,261.60, contrasting with a net inflow of CNY 3,104,574,219.65 previously[24] - The ending balance of cash and cash equivalents was CNY 2,108,592,096.95, a decrease from CNY 4,729,088,028.26 at the end of the previous period[24] Research and Development - Research and development expenses totaled ¥524,782,122.54 for the quarter, accounting for 27.24% of revenue, a decrease of 1.70 percentage points from the previous year[3] - Research and development expenses rose to ¥1,489,022,920.19, up from ¥1,352,021,798.87, indicating a focus on innovation and technology[18] Shareholder Information - The top shareholder, Shaoxing Yuecheng Integrated Circuit Industry Fund, holds 1,152,000,000 shares, representing 13.74% of total shares[7] - The company expects full-year revenue to reach between RMB 8 billion and RMB 8.3 billion, representing a year-over-year growth of 23% to 28%[10] - The company's net profit attributable to shareholders is projected to continue reducing losses compared to the previous year[10] Operational Insights - The company is deepening cooperation with clients to enhance product range and flexibility, aiming to increase customer stickiness[10] - The company reported an increase in accounts receivable to RMB 1.42 billion from RMB 1.35 billion year-over-year[14] - The company’s inventory increased to RMB 2.44 billion from RMB 2.18 billion year-over-year[14] - Total operating revenue for the first three quarters of 2025 reached ¥5,421,954,397.61, an increase of 19.2% compared to ¥4,547,418,766.97 in the same period of 2024[18] - Total operating costs increased to ¥7,098,091,851.53, up 12.5% from ¥6,309,094,941.16 year-over-year[18] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may affect financial reporting[25] - The company's credit rating has been assessed as AAA with a stable outlook, valid until July 30, 2026[11] - Cash and cash equivalents decreased to RMB 2.11 billion from RMB 5.19 billion year-over-year[14] - Cash paid to employees increased to CNY 1,332,410,619.78 from CNY 1,018,980,455.40, reflecting a rise of 30.7%[23] - Cash outflow for purchasing goods and services was CNY 3,549,020,395.13, up from CNY 2,684,948,570.06, indicating a 32.2% increase[23] - The company received CNY 272,404,604.68 in tax refunds, compared to CNY 589,073,982.88 in the previous period[23]