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]

| 证券代码：300613 | 证券简称：富瀚微 | 公告编号：2025-079 | | --- | --- | --- | | 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 第五届董事会第五次会议决议公告 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。 一、董事会会议召开情况 经审议，董事会认为：《2025 年第三季度报告》编制程序符合法律、行政 法规及中国证监会的有关规定，真实反映了本报告期公司的经营情况，所记载事 项不存在虚假记载、误导性陈述或重大遗漏，所披露的信息真实、准确、完整。 本议案已经公司董事会审计委员会审议通过。 表决结果：同意 9 票；反对 0 票；弃权 0 票。 公司《2025 年第三季度报告》具体内容详见巨潮资讯网（www.cninfo.com.cn）。 2、审议通过《关于注销部分股票期权的议案》 鉴于部分激励对象离职、激励对象在规定的行权期内未行权、公司层面行权 条件未完全成就、激励对象个人绩效考评未达到 100%，合计注销部分股票期权 241,994 份。本次注销事项在股东大会对董事会的授权范围 ...

| 证券代码：300613 | 证券简称：富瀚微 | 公告编号：2025-082 | | --- | --- | --- | | 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 关于股票期权激励计划符合行权条件的公告 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。 公司 2022 年股票期权激励计划预留授予符合行权条件的激励对象 3 名，可行 权的股票期权数量为 2,190 份，行权价格为 64.80 元/份。 2、本次可行权的股票期权数量合计 161,696 份，占目前总股本的 0.07%； 3、本次股票期权行权采用自主行权模式，且需公司在深圳证券交易所及中国 证券登记结算有限责任公司办理完成相关手续后方可实际行权，届时公司将发布 提示性公告，敬请投资者注意。 上海富瀚微电子股份有限公司（以下简称"公司"）2025 年 10 月 29 日召开第 五届董事会第五次会议审议通过了《关于股票期权激励计划符合行权条件的议案》， 现将有关具体情况公告如下： 一、 已履行的相关审批程序 特别提示： 1、公司 2021 年股票期权激励计 ...

| 证券代码：300613 | 证券简称：富瀚微 | 公告编号：2025-081 | | --- | --- | --- | | 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 关于注销部分股票期权的公告 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。 重要内容提示： 根据公司《2021 年股票期权激励计划（草案）》《2022 年股票期权激励计划 （草案）》的有关规定，激励对象符合行权条件的，必须在规定的行权期内行权， 在行权期内未行权的股票期权，不得递延至下期行权，该部分股票期权自动失效， 将由公司按照相关规定办理注销。 2021 年股票期权激励计划预留授予第三个行权期已于 2025 年 10 月 27 日届 满，在行权期内未行权的股票期权合计 155,109 份，该部分股票期权不得递延至 下期行权，已自动失效。 2022 年股票期权激励计划预留授予第二个行权期已于 2025 年 10 月 26 日届 满，在行权期内未行权的股票期权合计 2,190 份，该部分股票期权不得递延至下 期行权，已自动失效。 本次期权注销数量：合 ...

上海富瀚微电子股份有限公司 根据公司《上市公司股权激励管理办法》《2021 年股票期权激励计划（草案）》 《2022 年股票期权激励计划（草案）》《2021 年股票期权激励计划实施考核管理 办法》《2022 年股票期权激励计划实施考核管理办法》的有关规定，鉴于 2021 年、2022 年股票期权激励计划中分别有 5 名、7 名（含上述）激励对象因个人原 因离职，以及部分激励对象在规定的行权期内未行权、公司层面行权条件未完全 成就、激励对象个人绩效考评未达到 100%，合计注销 2021 年股票期权激励计划 预留授予部分已获授但尚未行权的股票期权 203,559 份；合计注销 2022 年股票 期权激励计划已获授但尚未行权的股票期权 38,435 份，其中首次授予部分 27,335 份，预留授予部分 11,100 份。 2、关于股票期权激励计划符合行权条件的核查意见 公司本次注销部分股票期权事项符合《上市公司股权激励管理办法》及公司 股票期权激励计划的相关规定，不存在损害公司及全体股东利益的情况。 上海富瀚微电子股份有限公司（以下简称"公司"）第五届董事会薪酬与考核 委员会第一次会议于 2025 年 10 月 ...

Financial Performance - The company's revenue for Q3 2025 was ¥452,497,645.48, a decrease of 9.82% compared to the same period last year[6] - Net profit attributable to shareholders was ¥59,008,289.22, down 26.74% year-on-year, while the net profit after deducting non-recurring gains and losses was ¥49,355,850.88, a decline of 31.59%[6] - The company experienced a 73.76% decrease in operating profit, amounting to ¥42,081,398.65, attributed to reduced sales and gross margin[11] - Total operating revenue for the current period was ¥1,140,540,038.97, a decrease of 12.43% from ¥1,302,214,976.42 in the previous period[21] - Net profit for the current period was ¥48,193,507.33, a significant decline of 70.02% compared to ¥160,871,513.20 in the previous period[22] - Basic and diluted earnings per share were both ¥0.36, down from ¥0.81 in the previous period[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥4,018,922,708.92, reflecting a 3.53% increase from the end of the previous year[6] - Total assets increased to ¥4,018,922,708.92, up from ¥3,881,910,295.72, reflecting a growth of 3.54%[19] - Total liabilities rose to ¥995,255,049.46, an increase of 9.36% from ¥910,112,696.74[19] - The company’s total liabilities increased by 64.20% in short-term borrowings, reaching ¥140,946,568.72, due to bank short-term loans and other financing activities[10] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥414,202,728.55, an increase of 59.81% compared to the same period last year[6] - Cash flow from operating activities was ¥1,572,800,606.51, an increase from ¥1,527,577,260.57 in the previous period[23] - Net cash flow from operating activities was $414,202,728.55, an increase of 59.8% compared to $259,187,276.35 in the previous period[24] - Cash outflow for operating activities totaled $1,223,775,217.51, a decrease of 7.1% from $1,317,902,224.23[24] Investments - The company reported a significant increase of 161.38% in trading financial assets, totaling ¥262,959,376.53, primarily due to the purchase of bank wealth management products[10] - The company initiated the process for overseas issuance of H shares and applied for listing on the Hong Kong Stock Exchange, aiming to enhance its international brand image[15] - The company’s investment activities generated a net cash outflow of ¥256,693,426.21, a 146.25% increase in outflow compared to the previous year[11] Shareholder Information - Total number of common shareholders at the end of the reporting period is 40,897[13] - The largest shareholder, Tibet Oriental Qihui Investment Co., Ltd., holds 15.62% of shares, totaling 36,325,156 shares, with 22,700,000 shares pledged[13] - The total number of shareholders with voting rights for preferred shares is zero, indicating no preferred shareholders[13] Other Financial Metrics - The company's basic earnings per share for Q3 2025 was ¥0.26, down 25.71% year-on-year[6] - The company’s weighted average return on equity was 2.10%, a decrease of 0.99% compared to the previous year[6] - Research and development expenses were ¥266,267,324.55, up from ¥252,540,295.52, indicating a growth of 5.43%[21] - The company reported a decrease in sales expenses to ¥30,751,561.42 from ¥17,957,844.69, reflecting a significant increase of 70.93%[21]