中颖电子股份有限公司 2025 年第三季度报告 证券代码：300327 证券简称：中颖电子 公告编号：2025-050 中颖电子股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业收入（元） | 314,456,043.46 | -3.01% | 966,523,700.13 | -1.13% | | 归属于上市公司股东的净利润（元） | 15,983,753.82 | -15.55% | 57,046,349.86 | -36.59% | | 归属于上市公司股东的扣除非经常性 损益的净利润（元） | 16,719,251.77 | -15.08% | 55,089,390.69 | -36.99% | | 经营活动产生的现金流 ...

Core Insights - As of October 22, a total of 83 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stock with the longest consecutive net inflow is Fanwei Network, which has seen net buying for 11 trading days [1] - Other notable stocks with significant consecutive net inflows include Mindray Medical, Yidian Tianxia, Deep Technology, Maixinlin, New Hec, Shengnong Development, Zhongying Electronics, and Shenjian Co. [1]

Core Viewpoint - Zhongying Electronics experienced a 5.01% decline in stock price, closing at 26.56 CNY per share, with a trading volume of 229 million CNY and a turnover rate of 2.50%, resulting in a total market capitalization of 9.067 billion CNY [1] Company Overview - Zhongying Electronics Co., Ltd. is located at 767 Lane 3, Jinzong Road, Changning District, Shanghai, established on July 13, 1994, and listed on June 13, 2012 [1] - The company's main business involves the design and sales of IC products, along with related after-sales and technical services [1] - Revenue composition is as follows: 81.45% from industrial control and 18.55% from consumer electronics [1] Shareholder Information - Among the top ten circulating shareholders of Zhongying Electronics, one fund under GF Fund ranks as a significant holder [2] - The GF CSI 1000 ETF (560010) entered the top ten circulating shareholders in the second quarter, holding 1.4997 million shares, which accounts for 0.44% of circulating shares [2] - The estimated floating loss for the ETF today is approximately 2.0995 million CNY [2] Fund Performance - The GF CSI 1000 ETF (560010) was established on July 28, 2022, with a latest scale of 30.718 billion CNY [2] - Year-to-date return is 24.07%, ranking 2088 out of 4218 in its category; the one-year return is 25.55%, ranking 1698 out of 3875; and since inception, the return is 6.12% [2] - The fund manager, Luo Guoqing, has a tenure of 10 years and 14 days, with total fund assets of 67.565 billion CNY [2] - The best fund return during Luo's tenure is 79.87%, while the worst is -48.08% [2]

Core Insights - Zhongying Electronics experienced a stock price increase of 7.16% on October 20, with a trading volume of 1.036 billion yuan [1] - The company reported a financing net purchase of 50.94 million yuan on the same day, with a total financing and securities balance of 544 million yuan [1] Financing Summary - On October 20, Zhongying Electronics had a financing purchase amount of 170 million yuan, with a current financing balance of 541 million yuan, representing 5.67% of its market capitalization [1] - The financing balance is above the 80th percentile of the past year, indicating a high level of financing activity [1] - In terms of securities lending, there were no shares repaid, with 21,800 shares sold, amounting to 610,200 yuan at the closing price [1] - The securities lending balance of 2.5944 million yuan is above the 90th percentile of the past year, also indicating a high level of activity [1] Company Overview - Zhongying Electronics, established on July 13, 1994, and listed on June 13, 2012, is located in Changning District, Shanghai [1] - The company specializes in the design and sales of IC products, providing related after-sales and technical services [1] - The revenue composition of the company is 81.45% from industrial control and 18.55% from consumer electronics [1] Shareholder and Financial Performance - As of October 10, the number of shareholders for Zhongying Electronics was 48,000, a decrease of 4% from the previous period [2] - The average number of circulating shares per person increased by 4.17% to 7,089 shares [2] - For the first half of 2025, the company reported a revenue of 652 million yuan, a slight decrease of 0.20% year-on-year, and a net profit of 41.06 million yuan, down 42.20% year-on-year [2] - Since its A-share listing, Zhongying Electronics has distributed a total of 1.107 billion yuan in dividends, with 272 million yuan distributed over the past three years [2] - Institutional holdings show that as of June 30, 2025, major shareholders include Southern CSI 1000 ETF, Hong Kong Central Clearing Limited, and others, with increases in holdings compared to the previous period [2]

Core Insights - Zhongying Electronics' stock price increased by 2.38% on October 16, reaching 26.26 CNY per share, with a market capitalization of 8.964 billion CNY [1] - The company has seen an 8.19% increase in stock price year-to-date, but a 4.16% decline over the last five trading days [1] Financial Performance - For the first half of 2025, Zhongying Electronics reported a revenue of 652 million CNY, a slight decrease of 0.20% year-on-year, and a net profit of 41.0626 million CNY, down 42.20% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 1.107 billion CNY, with 272 million CNY distributed over the last three years [3] Shareholder Information - As of October 10, the number of shareholders decreased by 4.00% to 48,000, while the average number of tradable shares per person increased by 4.17% to 7,089 shares [2] - Notable institutional shareholders include Southern CSI 1000 ETF, which increased its holdings by 608,400 shares, and Hong Kong Central Clearing Limited, which added 367,200 shares [3]

Core Insights - The automotive-grade MCU chip market in China is projected to reach 26.8 billion yuan in 2024, representing a growth of 3.47% from 2023, and is expected to grow to 29.4 billion yuan in 2025 [1][9] - The increasing intelligence of electric vehicles is driving the demand for MCUs, with smart cars requiring up to 300 MCUs per vehicle, compared to 70 for traditional fuel vehicles and 150 for luxury fuel vehicles [7][9] - The MCU market in China is expected to grow to 62.51 billion yuan in 2024, with a year-on-year increase of 49.7 million yuan, and is projected to reach 65.64 billion yuan in 2025 [5] Industry Definition and Classification - Automotive-grade MCU chips are defined as chips that meet automotive standards and are used for vehicle control [2][3] - MCUs are categorized into different grades: consumer, industrial, automotive, QJ, and GJ, with automotive-grade being one of the highest standards [2] Market Size and Growth - The automotive MCU chip market in China is expected to grow significantly, with a forecasted market size of 26.8 billion yuan in 2024 and 29.4 billion yuan in 2025 [1][9] - The overall MCU market in China is projected to reach 62.51 billion yuan in 2024 and 65.64 billion yuan in 2025 [5] Industry Chain - The upstream of the automotive MCU chip industry includes semiconductor equipment and materials, while the midstream involves design, wafer foundry, and packaging testing [11][12] - The downstream applications primarily involve automotive manufacturers such as BYD, Geely, and Tesla [11] Policy Environment - The automotive chip sector is crucial for the transformation and upgrading of the automotive industry, with various policies introduced to support the development and application of automotive chips [13][14] Competitive Landscape - The automotive MCU chip market in China is becoming increasingly competitive, with key players including Zhaoyi Innovation, Zhongying Electronics, and Guomin Technology [16] - Companies like Zhongwei Semiconductor and Zhaoyi Innovation are focusing on MCU chip development and have reported significant revenue from automotive electronic chips [17][18]

Core Viewpoint - The company anticipates reducing its inventory to an appropriate level by the end of this year, addressing investor concerns regarding the pricing of long-term wafer foundry contracts compared to current market prices [1] Group 1 - Investors inquired about the difference between the company's long-term wafer foundry prices and the current market prices [1] - The company responded that it expects to lower its inventory by the end of this year [1]

Core Viewpoint - Zhongying Electronics has shown a positive stock performance with a year-to-date increase of 11.37%, despite a slight decline in revenue and net profit for the first half of 2025 [1][2]. Financial Performance - As of September 30, 2025, Zhongying Electronics reported a revenue of 652 million yuan, a year-on-year decrease of 0.20%, and a net profit attributable to shareholders of 41.06 million yuan, down 42.20% year-on-year [2]. - The company has distributed a total of 1.107 billion yuan in dividends since its A-share listing, with 272 million yuan distributed over the past three years [3]. Stock Market Activity - On October 14, 2025, Zhongying Electronics' stock price rose by 2.00% to 27.03 yuan per share, with a trading volume of 62.98 million yuan and a turnover rate of 0.69%, resulting in a total market capitalization of 9.227 billion yuan [1]. - The stock has seen a net inflow of main funds amounting to 4.69 million yuan, with significant buying activity from large orders [1]. Shareholder Information - The number of shareholders increased to 50,000, reflecting a 4.17% rise, while the average circulating shares per person decreased by 4.00% to 6,806 shares [2]. - Notable institutional holdings include Southern CSI 1000 ETF, which increased its holdings by 608,400 shares, and Hong Kong Central Clearing Limited, which added 367,200 shares [3].

Group 1 - The core point of the article is that Zhongying Electronics (300327) has projected that by September 30, 2025, the number of its shareholders will be approximately 50,000 [1]

Core Points - Zhongying Electronics' stock price increased by 2.06% on October 9, reaching 27.78 CNY per share, with a trading volume of 295 million CNY and a market capitalization of 9.483 billion CNY [1] - The company has seen a year-to-date stock price increase of 14.46%, with a 2.58% rise over the last five trading days, 10.90% over the last 20 days, and 13.90% over the last 60 days [1] - The main business revenue composition includes 81.45% from industrial control and 18.55% from consumer electronics [1] Financial Performance - For the first half of 2025, Zhongying Electronics reported a revenue of 652 million CNY, a year-on-year decrease of 0.20%, and a net profit attributable to shareholders of 41.0626 million CNY, down 42.20% year-on-year [2] - The company has distributed a total of 1.107 billion CNY in dividends since its A-share listing, with 272 million CNY distributed over the last three years [3] Shareholder Information - As of September 20, 2025, the number of shareholders for Zhongying Electronics was 48,000, with an average of 7,089 circulating shares per person [2] - Notable institutional shareholders include Southern CSI 1000 ETF, which increased its holdings by 608,400 shares, and Hong Kong Central Clearing Limited, which increased its holdings by 367,200 shares [3]