Core Points - The stock price of Lihua Microelectronics has decreased by 2.04% on November 4, trading at 23.09 CNY per share with a market capitalization of 3.356 billion CNY [1] - Year-to-date, the stock price has increased by 2.29%, but it has seen declines of 4.98% over the last five trading days, 12.54% over the last 20 days, and 1.58% over the last 60 days [2] - The company reported a revenue of 270 million CNY for the first nine months of 2025, a year-on-year decrease of 28.62%, and a net profit of 22.38 million CNY, down 55.55% year-on-year [2] Company Overview - Lihua Microelectronics, established on August 12, 2002, is located in the High-tech Industrial Park of Tsinghua Information Port, Nanshan District, Shenzhen, Guangdong Province [2] - The company specializes in the research and design of communication chips, with 94.84% of its revenue coming from self-developed chips and core technologies [2] - As of September 30, the number of shareholders increased by 10.38% to 12,200, while the average circulating shares per person decreased by 9.41% to 11,877 shares [2] Financial Performance - Since its A-share listing, Lihua Microelectronics has distributed a total of 131 million CNY in dividends, with 96.426 million CNY paid out in the last three years [3]

Core Insights - The Hong Kong International Autumn Lighting Fair showcased approximately 3,000 exhibitors, with Lihe Microelectronics debuting its Matter-certified PLC Bridge, which redefines smart home connectivity standards [1][2] Group 1: Product Innovation - Lihe Microelectronics' PLC Bridge is the world's first Matter-certified solution, enabling seamless interconnectivity across brands without hardware modifications, thus providing a cost-effective upgrade path for existing and new devices [2] - The product allows control of various brand devices through platforms like Apple and Samsung, demonstrating an "plug-and-play, seamless interconnect" experience [2] Group 2: Company Background - Founded in 2002, Lihe Microelectronics is a pioneer in high-speed PLC technology and the initiator of the PLC Partner Ecosystem (PLCP), with a complete technology system from chips to solutions [3] - The company's technology significantly reduces costs and complexity by utilizing existing power lines, making it applicable in smart homes, lighting, hotels, smart grids, and photovoltaic systems [3] Group 3: Industry Impact - Lihe Microelectronics' participation in the fair signifies a breakthrough for Chinese PLC technology on the global stage, enhancing its influence in the smart interconnectivity sector [3] - The company aims to drive innovation in PLC technology and expand its ecosystem, promoting more devices to achieve seamless connectivity and enhancing global smart living experiences [4]

Core Viewpoint - The company, Lihe Microelectronics (688589.SH), has announced the early termination of a share reduction plan by its director, Feng Zhenggang, based on his confidence in the company's future development prospects [1] Summary by Relevant Sections - **Company Announcement** - Lihe Microelectronics received a notice from director Feng Zhenggang regarding the early termination of his share reduction plan [1] - The decision reflects Feng's positive outlook on the company's future [1]

| 证券代码：688589 | 证券简称：力合微 | 公告编号：2025-056 | | --- | --- | --- | | 债券代码：118036 | 债券简称：力合转债 | | 深圳市力合微电子股份有限公司 关于董事提前终止减持计划暨减持股份结果公告 本公司董事会、全体董事及相关股东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： 董事持有的基本情况 本次减持计划实施前，深圳市力合微电子股份有限公司（以下简称"公司"） 董事冯震罡先生持有公司股份 3,448,128 股，占公司总股本的比例为 2.37%，上 述股份来源于冯震罡先生在公司首次公开发行前持有的股份（含上市以来资本公 积转增股本取得的股份），并已上市流通。 减持计划的实施结果情况 近日，公司收到董事冯震罡先生出具的《关于提前终止股份减持计划暨减持 股份计划实施结果告知函》，冯震罡先生基于对公司未来发展前景的信心、对公 司价值以及当前市场环境的整体判断，结合自身资金需求的变化，决定提前终止 本次减持股份计划；本次减持计划实施期间，冯震罡先生通过集中竞价交易方式 ...

Core Viewpoint - Lihua Microelectronics, a significant player in the domestic communication chip sector, has shown a mixed performance in its financial results for Q3 2025, with low revenue and net profit rankings compared to industry peers, despite having a higher gross margin and debt ratio than the industry average [2][3]. Group 1: Company Overview - Lihua Microelectronics was established on August 12, 2002, and went public on July 22, 2020, on the Shanghai Stock Exchange, with its headquarters in Shenzhen, Guangdong Province [1]. - The company specializes in the research and design of communication chips and is categorized under the electronic - semiconductor - digital chip design industry [1]. Group 2: Financial Performance - For Q3 2025, Lihua Microelectronics reported a revenue of 270 million, ranking 46th among 48 companies in the industry, significantly lower than the top competitor, OmniVision Technologies, which reported 21.783 billion [2]. - The net profit for the same period was 22.38 million, placing the company 32nd in the industry, again trailing behind the leading firms [2]. Group 3: Financial Ratios - As of Q3 2025, Lihua Microelectronics had a debt-to-asset ratio of 30.09%, which is higher than the previous year's 29.42% and above the industry average of 24.46% [3]. - The gross margin for Q3 2025 was 46.27%, an increase from 43.23% in the previous year and above the industry average of 36.52% [3]. Group 4: Executive Compensation - Chairman Liu Kun's compensation increased from 3.735 million in 2023 to 3.95 million in 2024, reflecting a rise of 215,000 [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 10.38% to 12,200, while the average number of circulating A-shares held per shareholder decreased by 9.41% [5].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first nine months of 2025, primarily due to delays in the smart grid market and increased R&D investments in the non-grid IoT sector [6][7]. Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 26,981.07 million yuan, a year-on-year decrease of 28.62% [6]. - The net profit attributable to shareholders was 2,238.00 million yuan, down 55.55% compared to the previous year [6]. - The company has a backlog of orders amounting to 19,809.54 million yuan as of September 30, 2025 [6]. Non-Recurring Gains and Losses - The report indicates that the company has identified non-recurring gains and losses, but specific amounts and reasons for classification are not detailed [4]. Shareholder Information - The report includes details about the total number of shareholders and the top ten shareholders, but specific figures are not provided [5]. Convertible Bond Information - The "Lihe Convertible Bond" can be converted into shares starting January 4, 2024, with an initial conversion price of 43.78 yuan per share, which has been adjusted multiple times due to various corporate actions [7][8]. - As of September 30, 2025, a total of 33,000 yuan of the "Lihe Convertible Bond" has been converted into 906 shares, representing 0.00090% of the company's total issued shares [9].

Group 1 - The core point of the article is that Lihua Microelectronics (力合微) reported a significant decline in its third-quarter performance for 2023, with revenue and net profit both decreasing year-on-year [1] Group 2 - For the first three quarters of 2023, Lihua Microelectronics achieved revenue of approximately 270 million yuan, representing a year-on-year decrease of 28.62% [1] - The net profit attributable to shareholders of the listed company was approximately 22.38 million yuan, down 55.55% year-on-year [1] - The basic earnings per share were reported at 0.15 yuan, reflecting a decrease of 58.33% compared to the previous year [1] Group 3 - As of the report date, Lihua Microelectronics had a market capitalization of 3.6 billion yuan [2]

Financial Performance - The company's operating revenue for the third quarter was ¥71,532,279.64, a decrease of 37.56% compared to the same period last year[4] - The total profit for the quarter was -¥3,720,183.21, reflecting a decline of 144.38% year-on-year[4] - The net profit attributable to shareholders was -¥2,465,651.27, down 130.31% from the previous year[4] - For the period from January to September 2025, the company achieved operating revenue of CNY 269.81 million, a year-on-year decrease of 28.62%[14] - The net profit attributable to shareholders for the same period was CNY 22.38 million, down 55.55% year-on-year, primarily due to delays in bidding and supply in the smart grid market[14] - Total operating revenue for the first three quarters of 2025 was CNY 269,810,697.45, a decrease of 28.7% compared to CNY 378,013,595.05 in the same period of 2024[24] - Operating profit for the first three quarters of 2025 was CNY 22,424,107.33, a decline of 60.2% from CNY 56,265,937.91 in 2024[25] - Net profit for the first three quarters of 2025 was CNY 22,379,987.44, down 55.7% compared to CNY 50,349,120.70 in the same period of 2024[25] Earnings Per Share - The basic earnings per share for the quarter was -¥0.02, a decrease of 133.33% compared to the same period last year[5] - The diluted earnings per share for the quarter was also -¥0.02, showing a similar decline of 133.33%[5] - Basic and diluted earnings per share for the first three quarters of 2025 were CNY 0.15, a decrease from CNY 0.36 in the previous year[26] Research and Development - Research and development expenses totaled ¥21,741,755.43, accounting for 30.39% of operating revenue, an increase of 10.36 percentage points year-on-year[5] - Research and development expenses for the first three quarters of 2025 were CNY 53,168,260.45, an increase of 7.6% compared to CNY 49,284,833.02 in 2024[24] - The company is increasing its R&D investment in non-grid IoT applications, which is expected to enhance its market position in this sector[14] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date was ¥48,950,099.26, reflecting a 53.15% increase[5] - The company's cash and cash equivalents decreased from CNY 710.60 million on December 31, 2024, to CNY 394.53 million by September 30, 2025[19] - Cash inflow from operating activities for the first three quarters of 2025 was $283.08 million, compared to $340.91 million in the same period of 2024, representing a decrease of approximately 16.9%[27] - Net cash flow from operating activities for the first three quarters of 2025 was $48.95 million, an increase from $31.96 million in 2024, indicating a growth of about 53%[27] - Cash and cash equivalents at the end of the first three quarters of 2025 amounted to $393.30 million, down from $549.71 million at the end of the same period in 2024, a decrease of approximately 28.5%[28] Liabilities and Equity - Total liabilities as of the reporting date were CNY 451,918,720.65, a slight decrease from CNY 462,421,550.49 in the previous year[21] - The company reported a total equity of CNY 1,049,812,744.03, a decrease from CNY 1,071,175,090.91 in the previous year[21] Market Conditions - The decline in revenue was attributed to slower bidding progress and supply rhythm in the smart grid market, despite a 30% increase in non-electric IoT revenue year-to-date[10] - Revenue from non-grid IoT products increased by 30% compared to the same period last year, supporting the company's multi-track collaborative development strategy[14] - As of September 30, 2025, the company had a backlog of orders amounting to CNY 198.10 million[14]

Core Insights - Shenzhen Lihua Microelectronics Co., Ltd. was awarded the title of "AI Vehicle-Home Ecosystem Gold Partner" at the Global Developer Conference and AI Terminal Ecosystem Conference, highlighting its strong technical foundation and contributions to the ecosystem [1] Company Summary - Lihua Microelectronics aims to break down interoperability barriers among different brands and types of smart devices, facilitating smart interconnectivity across mobile terminals, automotive terminals, and home spaces, thereby supporting the vision of "full-brand intelligent connectivity" [1] - The company's PLC (Power Line Communication) technology redefines the value of infrastructure by activating existing power line resources in homes and buildings, achieving "zero-cost coverage expansion" without the need for new network construction [1] - The communication success rate of Lihua Microelectronics' technology reaches 99.99%, significantly exceeding the reliability threshold of wireless technologies, with transmission distances exceeding one kilometer, overcoming spatial connectivity limitations [1] Industry Summary - The industry is experiencing a renewed recognition of the "value of connectivity," with PLC technology rapidly emerging as a mainstream communication method for the Internet of Things (IoT) due to its ability to utilize power lines, eliminate the need for additional wiring, and provide stable and reliable communication suitable for both pre-installation and retrofitting [1]

Group 1 - The core point of the announcement is that the shareholder, Lihua Technology, plans to reduce its stake in Lihua Micro (688589.SH) by up to 4.3598 million shares, accounting for 3% of the total share capital [1][3] - The reduction will be executed through centralized bidding and block trading on the Shanghai Stock Exchange, with the timing, quantity, and price of the reduction being uncertain [3] - The company assures that this reduction will not lead to changes in the controlling shareholder or actual controller, nor will it adversely affect the company's governance structure, equity stability, or ongoing operations [3] Group 2 - Lihua Micro focuses on the research and development of IoT communication chips and solutions, with applications in smart grids, energy management, and industrial interconnectivity [3] - Industry experts believe that the company has long-term growth potential due to the ongoing upgrades in the IoT industry [3] - The management emphasizes its commitment to enhancing core competitiveness and profitability through continued focus on main business development, technological innovation, and market expansion [3]