作为中国视觉IC行业的先行者，上海富瀚微（300613）电子(300613.SZ)即将在港交所主板完成 其"A+H"股的双重上市布局。 根据弗若斯特沙利文的报告，2024年，其在全球智能视觉处理芯片市场收入排名第一，并在端侧智能视 觉处理芯片和车规级ISP芯片两大关键市场的出货量均位列全球首位。然而，与其龙头光环形成鲜明反 差的是，招股书揭示的财务数据却敲响了警钟。公司近年营收持续下滑，净利润更是急剧萎缩，尤其在 2025年上半年，净利润同比下滑至180万元，骤降近98%。 市场领导者的光环，与盈利能力崩塌的现实之间形成的巨大反差，富瀚微究竟是手握王牌、暂时承压， 还是其商业模式正面临深层次的结构性挑战？ 龙头地位稳固，AI赋能构筑核心护城河 作为一家并不普通的芯片设计公司，富瀚微深耕行业二十余年所积累的技术壁垒与市场地位，是理解其 价值的基石。 富瀚微采用行业主流的"fabless"（无晶圆厂）业务模式，专注于集成电路的设计与销售，而将晶圆制 造、封装和测试等重资产环节外包。这一模式使其能够将资源高度集中于技术创新。 其中，公司的产品架构全面覆盖了从端侧（如安防摄像头、车规级摄像头）进行图像信号采集与初步处 ...

作为中国视觉IC行业的先行者，上海富瀚微电子(300613.SZ)即将在港交所主板完成其"A+H"股的双重上 市布局。 智能物联网业务线则致力于推动AI芯片在日常消费场景中的普及，产品包括低功耗IPC SoC和智能显示 SoC，主要应用于家用摄像机、视频门铃、AI眼镜、智能家居电器等快速增长的消费电子领域。 在智能出行领域，富瀚微同时布局了后装市场和技术门槛更高、需遵循AEC-Q100及ISO 26262等标准的 前装市场，其车规级产品，如车规级ISP芯片，应用于驾驶员监控系统、全景式监控影像系统、摄像头 监控系统等关键车载视觉系统中。 如今，人工智能浪潮正为视觉芯片行业带来历史性的变革机遇。据弗若斯特沙利文预测，全球智能设备 AI SoC市场规模预计将从2025年的438亿美元增长至2029年的1090亿美元，复合年增长率高达25.6%。 根据弗若斯特沙利文的报告，2024年，其在全球智能视觉处理芯片市场收入排名第一，并在端侧智能视 觉处理芯片和车规级ISP芯片两大关键市场的出货量均位列全球首位。然而，与其龙头光环形成鲜明反 差的是，招股书揭示的财务数据却敲响了警钟。公司近年营收持续下滑，净利润更是急剧萎缩 ...

作为中国视觉IC行业的先行者，上海富瀚微电子(300613.SZ)即将在港交所主板完成其"A+H"股的双重上 市布局。 根据弗若斯特沙利文的报告，2024年，其在全球智能视觉处理芯片市场收入排名第一，并在端侧智能视 觉处理芯片和车规级ISP芯片两大关键市场的出货量均位列全球首位。然而，与其龙头光环形成鲜明反 差的是，招股书揭示的财务数据却敲响了警钟。公司近年营收持续下滑，净利润更是急剧萎缩，尤其在 2025年上半年，净利润同比下滑至180万元，骤降近98%。 市场领导者的光环，与盈利能力崩塌的现实之间形成的巨大反差，富瀚微究竟是手握王牌、暂时承压， 还是其商业模式正面临深层次的结构性挑战？ 龙头地位稳固，AI赋能构筑核心护城河 作为一家并不普通的芯片设计公司，富瀚微深耕行业二十余年所积累的技术壁垒与市场地位，是理解其 价值的基石。 智通财经APP了解到，富瀚微采用行业主流的"fabless"（无晶圆厂）业务模式，专注于集成电路的设计 与销售，而将晶圆制造、封装和测试等重资产环节外包。这一模式使其能够将资源高度集中于技术创 新。 目前，公司的业务主要由三大核心产品线构成：其中，智能视频是富瀚微的传统优势领域和主 ...

每经头条（nbdtoutiao）——"为了孩子吃上饭，自己只能靠喝水撑着"！美政府停摆危机逼近"临界 点"，4200万人吃饭成问题 每经AI快讯，富瀚微发布公告称，2025年10月30日，富瀚微接受创金合信基金等投资者调研，公司副 总经理、董事会秘书万建军、投资者关系总监吴斯文参与接待，并回答了投资者提出的问题。 （记者 曾健辉） ...

证券代码：300613 证券简称：富瀚微 上海富瀚微电子股份有限公司投资者关系活动记录表 编号：2025-004 A: 公司芯片大部分内嵌 DDR，客户因配套内存未到位而延迟采购芯片的情况不太存在， 目前多数客户基本处于积极备货状态。对于内嵌 DDR 涨价的影响，客户对成本上升导致 的价格提升较为接受和认可，公司 Q4 将对客户进行提价。 | 投资者关 | □特定对象调研 □分析师会议 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 系活动类 | □媒体采访 业绩说明会 | | | | | | | | | | 别 | □新闻发布会 □路演活动 | | | | | | | | | | | □现场参观 其他 | | | | | | | | | | 参与单位 | 尚诚资管 黄向前 张小郭 | 创金合信基金 | | | 平安基金 | 季清斌 | 中庚基金 | | 陆伟成 | | 名称及人 | 长江资管 汪中昊 | 金信基金 黄飙 | 光大证券 | | 孙啸 | 明汯投资 唐毅 | | 中邮证券 | ...

| 证券代码：300613 | 证券简称：富瀚微 | 公告编号：2025-084 | | --- | --- | --- | | 债券代码：123122 | 债券简称：富瀚转债 | | 上海富瀚微电子股份有限公司 关于部分股票期权注销完成的公告 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。 特别提示： 1、本次注销部分股票期权合计 241,994 份，占公司总股本 0.1%。 2、截至本公告日，公司已在中国证券登记结算有限责任公司深圳分公司办 理完成上述股票期权的注销手续。 上海富瀚微电子股份有限公司（以下简称"富瀚微"或"公司"）于 2025 年 10 月 30 日第五届董事会第五次会议审议通过了《关于注销部分股票期权的议 案》，鉴于： 综上，本次合计注销已获授但尚未行权的股票期权 241,994 份，本次注销部 分股票期权事项已取得股东大会的授权，无须提交股东会审议。注销具体情况如 下表所示： | | 年股票期权 2021 | 年股票期权 2022 | 年股票期权 2022 | | --- | --- | --- | --- | | | 预留授予（份） ...

Company and Industry Summary Company: 富瀚微 (Fuhang Micro) Key Industry Insights - Downstream customer inventory has significantly improved, with strong market demand and tight supply, reminiscent of 2021 [4] - The company plans to adjust product prices as customers are generally accepting of price increases to cope with upstream cost pressures [2][6] - Storage price increases are impacting gross margins, but wafer prices remain stable, and tight testing capacity may lead to localized price adjustments [2][7] - The automotive sector shows the highest gross margin, while home and IoT sectors have lower margins [2][8] Financial Performance - For Q3 2025, the company reported revenue of 452 million yuan, a year-on-year decrease of 9.82% but a quarter-on-quarter increase of 22.2% [3] - Net profit attributable to shareholders decreased by 26.74% year-on-year but increased by 604% quarter-on-quarter [3] Product and Market Developments - The company is focusing on AI and AIoT directions, planning to integrate AI capabilities into all SOC and SP products [5][23] - New product launches are planned in the AIoT space, including electronic dashboards and electronic photo albums, with a focus on high cost-performance [11][19] - The automotive sector is experiencing a trend towards smart driving and in-cabin video, increasing demand for external cameras and electronic rearview mirrors [14] Customer Dynamics - Most customers are currently in a "grab goods" state, showing high acceptance of price changes, which is expected to stabilize gross margins in Q4 and next year [9][10] - Different customer attitudes towards storage price increases vary by sector, with automotive being less affected due to lower KGD integration [10] Future Outlook - The company aims to achieve a revenue scale of 5 billion yuan within 3 to 5 years through fundraising in Hong Kong [5][23] - The security industry is expected to see stable growth driven by technology, with potential price increases based on supply chain conditions [25] - The company plans to launch three new chips in the NVR field and has a line of affordable AI products to cover cost-sensitive markets [26] Competitive Position - The company holds a leading position in the global market for intelligent visual processing chips, with projected revenue of 220 million USD and a market share of 21.3% in 2024 [18] Technological Advancements - The development of 6nm process high-performance chips is underway, aimed at real-time operation of large models for applications like real-time image recognition [21] - The company has significant technological advantages in dynamic SP cameras, particularly in electronic stabilization technology [22] Strategic Expansion - The company is gradually expanding its overseas presence, initially targeting Southeast Asia before moving to Europe and the Americas [20] Conclusion - The company is well-positioned in the AI and AIoT sectors, with a strong focus on innovation and customer collaboration to navigate cost pressures and market demands. The outlook remains positive with strategic plans for growth and product development.

Core Viewpoint - 富瀚微 is a leading digital signal processing chip supplier in China, with a strong technical foundation and diverse product lines, but its financial performance lags behind industry leaders in terms of revenue and net profit [1][2]. Financial Performance - In Q3 2025, 富瀚微 reported revenue of 1.141 billion yuan, ranking 25th out of 48 in the industry, significantly lower than the top competitor, 豪威集团, which had revenue of 21.783 billion yuan [2]. - The company's net profit for the same period was 48.1935 million yuan, placing it 30th in the industry, far behind 豪威集团's 3.199 billion yuan and 海光信息's 2.841 billion yuan [2]. Profitability and Debt Ratios - As of Q3 2025, 富瀚微's asset-liability ratio was 24.76%, slightly above the industry average of 24.46%, indicating stable debt repayment capability [3]. - The gross profit margin for the same period was 36.03%, which is lower than the previous year's 37.86% and below the industry average of 36.52%, suggesting a decline in profitability [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 3.45% to 40,900, while the average number of circulating A-shares held per shareholder decreased by 3.27% to 5,362.27 shares [5]. - Among the top ten circulating shareholders, 香港中央结算有限公司 held 2.2046 million shares, a decrease of 87,000 shares compared to the previous period [5]. Executive Compensation - The chairman and general manager, 杨小奇, received a salary of 751,000 yuan in 2024, a slight increase from 749,900 yuan in 2023 [4].

Core Insights - The company reported a decline in revenue and net profit for Q3 2025, with revenue at 452.5 million yuan, down 9.82% year-on-year, and net profit attributable to shareholders at 59 million yuan, down 26.74% [2][3] - For the first nine months of 2025, total revenue was 1.14 billion yuan, a decrease of 12.42%, and net profit attributable to shareholders was 82 million yuan, down 55.82% [2][3] - Despite the decline in revenue and profit, the company's operating cash flow showed significant improvement, with a net cash flow from operating activities of 414 million yuan, up 59.81% year-on-year [2][3] Financial Performance - Q3 2025 basic earnings per share (EPS) was 0.26 yuan, a decrease of 25.71% compared to the previous year [2][3] - The weighted average return on equity (ROE) for the first nine months was 2.92%, down 4.13 percentage points year-on-year [2][3] - Total assets as of September 30, 2025, were 4.02 billion yuan, an increase of 3.53% from the end of the previous year [4] - Shareholders' equity was 2.84 billion yuan, up 3.11% from the end of the previous year, indicating a stable financial structure [4]

Group 1 - The company Fuhang Microelectronics (SZ 300613) reported a revenue of approximately 1.141 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 12.42% [1] - The net profit attributable to shareholders of the listed company was approximately 82.03 million yuan, showing a year-on-year decline of 55.82% [1] - The basic earnings per share were 0.36 yuan, which is a decrease of 55.56% compared to the previous year [1]