Group 1: Company Overview and Performance - The company specializes in power semiconductor silicon wafers, chips, and device design, manufacturing, and packaging testing across high-end sectors [5] - Total revenue reached CNY 5.348 billion, a year-on-year increase of 20.89%, with a net profit of CNY 974 million, up 45.51% [5] - Q3 revenue was CNY 1.893 billion, reflecting a 21.47% increase year-on-year, while net profit for the same period was CNY 372 million, up 52.40% [5] Group 2: Market Trends and Growth Drivers - The semiconductor industry is experiencing a continuous uptrend, particularly in automotive electronics, AI, and consumer electronics, driving significant growth in the company's core business [6] - The company is committed to a technology-driven strategy, increasing investment in high-value new product development [6] - The gross margin has shown a positive trend, improving quarter by quarter, which supports profit growth [6] Group 3: Future Outlook and Strategic Plans - The company aims to maintain steady revenue growth, with a focus on high-margin products in emerging sectors like AI servers and automotive electronics [7] - Plans to enhance overseas business structure, with expectations for increased revenue from international markets, particularly in automotive and renewable energy sectors [8] - The company is optimistic about the growth of its overseas business, which is expected to improve overall gross margins [9] Group 4: Product Development and Capacity - The company has solid production capacity for small signal products, with expansion projects underway in its Vietnam factory to meet growing demand [10] - The energy storage sector is a key focus, with dedicated teams working on both small and large energy storage solutions [10] - The company is actively developing products for the humanoid robotics industry, laying a foundation for future market expansion [10] Group 5: Capital Expenditure Plans - Future capital expenditures will focus on the second phase of the Vietnam factory, expansion of 8-inch wafers, and continued investment in silicon carbide and IGBT packaging facilities [11]

Core Viewpoint - Yangjie Technology's stock has shown significant growth this year, with an 88.45% increase, reflecting strong performance in the semiconductor industry [1][2]. Financial Performance - For the period from January to September 2025, Yangjie Technology achieved a revenue of 5.348 billion yuan, representing a year-on-year growth of 20.89% [2]. - The net profit attributable to shareholders for the same period was 974 million yuan, marking a year-on-year increase of 45.51% [2]. Stock Market Activity - As of October 21, Yangjie Technology's stock price was 80.47 yuan per share, with a market capitalization of 43.723 billion yuan [1]. - The stock experienced a trading volume of 4.53 billion yuan and a turnover rate of 1.06% on the same day [1]. - Over the past five trading days, the stock price increased by 7.72%, and over the last 20 days, it rose by 21.08% [1]. Shareholder Information - As of October 10, the number of shareholders for Yangjie Technology increased to 61,000, up by 3.24% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 3.14% to 8,887 shares [2]. Dividend Distribution - Since its A-share listing, Yangjie Technology has distributed a total of 1.717 billion yuan in dividends, with 1.180 billion yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 8.312 million shares, an increase of 390,600 shares from the previous period [3]. - E Fund's ChiNext ETF and Southern CSI 500 ETF saw reductions in their holdings, while several other funds exited the top ten circulating shareholders list [3].

October 20, 2025 08:20 AM GMT Yangjie Technology | Asia Pacific Robust earnings growth plus market share gain; OW Expect 20%+ revenue CAGR: Management reiterated its 2025 target set in the employee stock incentive plan for 2027 revenue to be not less than Rmb10bn or net profit to be not less than Rmb1.5bn, indicating ~20% revenue CAGR. We expect with the contribution from Better Fuse, Yangjie's revenue will grow at 22% CAGR (2024- 27e). Gross margin should improve steadily helped by better product mix with ...

Core Viewpoint - Yangjie Technology's stock experienced a 3.94% increase on October 20, with a trading volume of 2.951 billion yuan, indicating strong market interest and activity [1]. Financing Summary - On October 20, Yangjie Technology had a financing buy-in of 296 million yuan and a repayment of 340 million yuan, resulting in a net financing outflow of 43.44 million yuan [1]. - The total financing and securities balance for Yangjie Technology reached 1.108 billion yuan as of October 20, with the financing balance accounting for 2.55% of the circulating market value, indicating a high level compared to the past year [1]. - In terms of securities lending, 9,600 shares were repaid, while 21,100 shares were sold, with a total selling amount of 1.6625 million yuan, and the remaining securities lending balance was 16.5774 million yuan, also at a high level compared to the past year [1]. Business Performance - For the period from January to September 2025, Yangjie Technology reported a revenue of 5.348 billion yuan, reflecting a year-on-year growth of 20.89%, and a net profit attributable to shareholders of 974 million yuan, which is a 45.51% increase year-on-year [2]. - The company's main business revenue composition includes 88.05% from semiconductor devices, 7.34% from semiconductor chips, 2.59% from semiconductor wafers, and 2.02% from other sources [1]. Shareholder Information - As of October 10, 2025, the number of shareholders for Yangjie Technology reached 61,000, an increase of 3.24%, while the average circulating shares per person decreased by 3.14% to 8,887 shares [2]. - The cumulative cash distribution since the company's A-share listing amounts to 1.717 billion yuan, with 1.180 billion yuan distributed in the last three years [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 8.312 million shares, an increase of 390,600 shares compared to the previous period, while E Fund's ChiNext ETF and Southern CSI 500 ETF saw reductions in their holdings [3].

Summary of Yangjie Technology Conference Call Company Overview - **Company**: Yangjie Technology - **Industry**: Automotive Electronics, Semiconductor Key Points Financial Performance - Automotive electronics revenue accounted for over 15% of total revenue, with a year-on-year growth exceeding 65% [2][4] - Revenue from consumer electronics and industrial markets grew by over 20% and 30%, respectively, benefiting from a favorable domestic economy and policy support [2][4] - Overseas revenue, driven by the launch of the Vietnam factory and release of overseas demand, accounted for over 26% of total revenue, with a year-on-year growth exceeding 30% [2][4] - Gross margin increased by over 4 percentage points year-on-year due to product mix optimization and cost reduction efforts, alongside a gain of over 60 million yuan from fair value changes in stocks, contributing to net profit growth [2][5] Future Growth Projections - The company aims to achieve revenue of 10 billion yuan or a net profit of no less than 1.5 billion yuan by 2027, with a projected compound annual growth rate (CAGR) of approximately 20% over the next 1-2 years and a gross margin of no less than 30% [2][6] - The HR segment is expected to maintain a high growth rate of 20%-30% [2][7] Strategic Initiatives - The company plans to complete the acquisition of Dongguan Better by December 2025, which has a higher gross margin than the parent company and is expected to significantly enhance overall gross margin post-consolidation [2][9] - Future capital expenditures will focus on the second phase of the Vietnam factory, expansion of 8-inch wafer production, and increased production of silicon carbide wafers and IGBT modules, shifting strategy from pure scale pursuit to maintaining and enhancing gross margin stability [3][23] Market Dynamics - The sanctions on Anshi Semiconductor may lead to order transfers to domestic manufacturers like Yangjie Technology, with the company already receiving inquiries from downstream customers and actively expanding product lines to meet demand [2][8][13] - The company is positioned to benefit from the potential overflow of orders from Anshi, particularly in the small signal product sector, where Yangjie ranks second globally [8][12][30] Competitive Landscape - The domestic power semiconductor industry has seen rapid growth since 2018, driven by a shift in strategy among leading domestic customers towards prioritizing domestic products [26] - Yangjie Technology has significant advantages in manufacturing capability and operational management, focusing on quality management and lean practices [27] International Expansion - The company plans to increase its overseas market share to 30% by 2027, 40% by 2030, and nearly 50% by 2035, reflecting a strategic response to post-pandemic market changes [28] - Overseas business currently contributes a gross margin of approximately 50%, highlighting the importance of international markets for overall profitability [29] Product Development - Yangjie has invested heavily in small signal products, with monthly production capacity of approximately 1 billion units in Vietnam and 2 billion units domestically, allowing for quick adaptation to new orders [16][17] - The company is also developing its energy storage business, which is expected to contribute significantly to revenue growth [18][19] Conclusion - Yangjie Technology is well-positioned for future growth, with strong performance in automotive electronics, strategic acquisitions, and a focus on expanding its international presence while maintaining robust gross margins and operational efficiency.

Core Viewpoint - The company has developed multiple product technologies, including IGBT, MOSFET, ESD, and TVS, which can be utilized in humanoid robots' small joint motors and stepper motors, indicating a strategic focus on the emerging robotics market [2] Group 1: Product Development - The company currently offers several technologies that are applicable in motor drives and sensing systems for humanoid robots [2] - The revenue from this sector is relatively small at present, as the field is still in its early development stage [2] Group 2: Market Outlook - The company is optimistic about the long-term growth potential of the smart robotics industry [2] - There will be a continued push for product research and market expansion in this area [2]

Core Viewpoint - Yangjie Technology (300373.SZ) reported significant growth in both revenue and net profit for the first three quarters of 2025, driven by the booming semiconductor industry and increased demand in various sectors such as automotive electronics and artificial intelligence [1][2]. Financial Performance - For the first three quarters of 2025, Yangjie Technology achieved revenue of 5.348 billion yuan, a year-on-year increase of 20.89%, and a net profit attributable to shareholders of 974 million yuan, up 45.51% [1]. - In Q3 2025, the company recorded revenue of 1.893 billion yuan, representing a 21.47% year-on-year growth, and a net profit of 372 million yuan, which is a 52.40% increase compared to the same period last year [1]. Gross Margin and R&D Investment - The gross margin for the first three quarters of 2025 was 35.04%, compared to 30.87% and 31.02% in the same periods of 2023 and 2024, respectively [3]. - R&D expenses increased by 10.35% year-on-year to 341 million yuan, reflecting the company's commitment to developing high-value new products [4]. Market Expansion and Product Development - Yangjie Technology's overseas revenue in H1 2025 reached 834 million yuan, a significant year-on-year increase of 34.97%, with overseas sales accounting for 24.13% of total revenue [4]. - The company is focusing on high-growth areas such as electric vehicles and renewable energy, leveraging domestic substitution policies to expand market share [4]. Strategic Acquisition - In September 2025, Yangjie Technology announced a major acquisition of Dongguan Better Electronics Technology Co., Ltd. for 2.218 billion yuan, marking the largest acquisition since its listing [5]. - Better Electronics specializes in power electronic protection components, and the acquisition is expected to enhance Yangjie Technology's product offerings and market position [6]. Stock Performance - Yangjie Technology's stock price has increased by over 80% this year, with a notable rise following a dip in early April [8]. - The stock opened high on October 20, 2025, and reached a peak of 82.48 yuan per share before closing at 78.79 yuan, with a total market capitalization of 42.8 billion yuan [1]. Shareholder Activity - Notably, the private equity firm Ruijun Asset has increased its stake in Yangjie Technology, reflecting growing investor confidence [9].

Group 1 - Yonghe Co., Ltd. reported a net profit of 469 million yuan for the first three quarters, a year-on-year increase of 220.39% [1] - Jinli Permanent Magnet achieved a net profit of 515 million yuan, reflecting a year-on-year growth of 161.81% [1][2] - Sanhe Pharmaceutical Auxiliary's net profit increased by 8.28% year-on-year, reaching 133 million yuan [2] Group 2 - Jiahuan Technology experienced a net profit decline of 26.53%, totaling 55.35 million yuan [3] - Wuchan Huaneng reported a net profit decrease of 15.10%, amounting to 453 million yuan [3] - Chuan Investment Energy's net profit fell by 4.54%, totaling 4.22 billion yuan [4][5] Group 3 - Dayang Bio's net profit grew by 56.12%, reaching 80 million yuan [5] - Weili Medical reported a net profit increase of 14.94%, totaling 192 million yuan [6] - People's Tongtai's net profit decreased by 45.69%, amounting to 112 million yuan [7] Group 4 - Jiuhuan Bio received a medical device registration certificate for its NT-proBNP test kit [8] - Jincheng Pharmaceutical's subsidiary obtained a drug registration certificate for a specific injection [9] - Guangdian Yuntong's subsidiary acquired a money service operator license in Hong Kong [10] Group 5 - Dash Intelligent won a bid for a project worth 96 million yuan related to the Shijiazhuang subway [10] - Alloy Investment's net profit increased by 124.87%, reaching 7.26 million yuan [11] - Kaile Co., Ltd. reported a net profit growth of 159.14%, totaling 21.63 million yuan [12] Group 6 - Chuanjinno's net profit surged by 175.61%, reaching 304 million yuan [14] - Rijiu Optoelectronics reported a net profit increase of 36.54%, totaling 76.91 million yuan [15] - Dazhu CNC's net profit grew by 142.19%, amounting to 492 million yuan [15] Group 7 - Nairui Radar expects a net profit increase of 181% for the first three quarters [17] - Suzhou Tianmai successfully acquired land use rights for a new manufacturing project [19] - Aokai Pharmaceutical announced clinical research data for its innovative drug at a major conference [21][22] Group 8 - Jilin Aodong's subsidiary passed the consistency evaluation for a specific injection [24] - Qinxin Environment announced the resignation of a board member [25] - *ST Baoying is planning a change in control, leading to a stock suspension [26] Group 9 - Jianlang Hardware's director plans to reduce holdings by up to 500,000 shares [27] - Taihe Technology's director intends to reduce holdings by up to 606,000 shares [29] - Zhongyuan Securities announced a cash dividend of 0.008 yuan per share [31] Group 10 - Beijing-Shanghai High-Speed Railway plans to distribute a cash dividend of 0.0385 yuan per share [32] - Zhuhai Guanyu expects a net profit increase of 36.88%-55.54% for the first three quarters [34] - Shenglong Co., Ltd. reported a net loss of 72.95 million yuan for the first three quarters [36] Group 11 - Shuangyuan Technology plans to distribute a cash dividend of 0.125 yuan per share [38] - Shaanxi Guotou A reported a net profit increase of 6.6%, totaling 996 million yuan [40] - Sunshine Nuohua intends to invest 15 million yuan in a biotech company [41] Group 12 - Yangjie Technology's net profit increased by 45.51%, reaching 974 million yuan [42] - Xingwang Yuda reported a net profit growth of 260%, totaling 38.37 million yuan [43] - Tongyou Technology turned a profit with a net profit of 9.29 million yuan [44]

Core Viewpoint - Yangjie Technology (300373.SZ) continues to show growth in Q3 2025, building on strong revenue and net profit increases in the first half of the year, driven by the semiconductor industry's upward trend in automotive electronics, artificial intelligence, and consumer electronics sectors [1][2] Financial Performance - For the first three quarters of 2025, Yangjie Technology achieved operating revenue of 5.348 billion yuan, a year-on-year increase of 20.89%, and a net profit attributable to shareholders of 974 million yuan, up 45.51% [1] - In Q3 alone, the company reported operating revenue of 1.893 billion yuan, a year-on-year growth of 21.47%, and a net profit of 372 million yuan, which represents a significant increase of 52.40% [1] Gross Margin and Cost Management - The company's gross margin improved to 35.04% in the first three quarters of 2025, with Q2 and Q3 gross margins at 33.1% and 37.32%, respectively, indicating a sequential increase [2] - Yangjie Technology has effectively countered short-term pressure on gross margin and profit margins from price adjustments through procurement strategies and continuous process improvements [2][3] Strategic Expansion and Acquisitions - The acquisition of Changsha Bodi Electric has been integrated into the consolidated financial statements, leading to a significant decrease in right-of-use assets and lease liabilities, while intangible assets increased by 42.01% [3] - Yangjie Technology plans to acquire 100% of Dongguan Better Electronics Technology Co., Ltd. for 2.218 billion yuan, marking a strategic move in its expansion efforts [3][5] Market Outlook - The company anticipates robust growth in the automotive electronics sector and steady growth in consumer electronics, along with strong demand in clean energy sectors such as photovoltaics and wind power [2] - Emerging fields like low-altitude economy, industrial/service robots, and intelligent driving are expected to provide diverse growth opportunities for power semiconductors in the future [2]

Core Insights - On October 20, a total of 8 companies released their Q3 2025 financial reports, with 4 companies reporting year-on-year profit growth and 4 reporting declines [1] - Among these companies, 6 reported year-on-year revenue growth, while 2 experienced declines [1] - Companies that saw simultaneous growth in both net profit and revenue include Xingwang Yuda and two others, while Xiangsheng Medical reported declines in both metrics [1] - The company with the highest profit growth rate was Xingwang Yuda, achieving a remarkable increase of 260.00% [1] Company Performance Summary - **Xingwang Yuda (002829)** - Earnings per share: 0.1800 CNY - Net profit: 38.37 million CNY - Net profit year-on-year growth: 260.00% - Revenue: 266.43 million CNY - Revenue year-on-year growth: 14.97% [1] - **Yangjie Technology (300373)** - Earnings per share: 1.8557 CNY - Net profit: 973.61 million CNY - Net profit year-on-year growth: 45.51% - Revenue: 5347.74 million CNY - Revenue year-on-year growth: 20.89% [1] - **Darui Electric (300976)** - Earnings per share: 1.7500 CNY - Net profit: 231.02 million CNY - Net profit year-on-year growth: 26.84% - Revenue: 2278.36 million CNY - Revenue year-on-year growth: 28.59% [1] - **Huiquan Brewery (600573)** - Earnings per share: 0.3940 CNY - Net profit: 98.56 million CNY - Net profit year-on-year growth: 23.70% - Revenue: 575.73 million CNY - Revenue year-on-year growth: -2.59% [1] - **Xiangsheng Medical (688358)** - Earnings per share: 0.8400 CNY - Net profit: 93.92 million CNY - Net profit year-on-year growth: -4.56% - Revenue: 343.17 million CNY - Revenue year-on-year growth: -5.27% [1] - **Xiangfenghua (300890)** - Earnings per share: 0.1676 CNY - Net profit: 19.95 million CNY - Net profit year-on-year growth: -64.64% - Revenue: 1130.90 million CNY - Revenue year-on-year growth: 8.16% [1] - **Tongyou Technology (300302)** - Earnings per share: 0.0194 CNY - Net profit: 0.93 million CNY - Net profit year-on-year growth: -70.37% - Revenue: 32.72 million CNY - Revenue year-on-year growth: 7.73% [1] - **Shenglong Shares (603178)** - Earnings per share: -0.3100 CNY - Net profit: -72.95 million CNY - Net profit year-on-year growth: -1163.12% - Revenue: 1253.80 million CNY - Revenue year-on-year growth: 10.35% [1]