Core Insights - Shanghai Fuhuan Microelectronics is set to complete its "A+H" dual listing on the Hong Kong Stock Exchange, positioning itself as a leader in the Chinese visual IC industry [1] - Despite its leading position in the global smart visual processing chip market, the company's financial data reveals a concerning trend of declining revenue and sharply reduced net profit, with a nearly 98% drop in net profit in the first half of 2025 [1][5] - The company has a robust market position and a clear strategy to leverage AI for growth, but faces significant challenges related to profitability and customer concentration [3][7] Company Overview - Fuhuan Microelectronics has over 20 years of experience in the industry, utilizing a "fabless" business model that focuses on IC design and sales while outsourcing manufacturing and testing [1] - The company's product architecture covers a complete visual processing chain, including smart video, smart IoT, and smart mobility, with smart video contributing 67.3% of total revenue in 2024 [2] Market Opportunities - The global AI SoC market is projected to grow from $43.8 billion in 2025 to $109 billion by 2029, with a compound annual growth rate of 25.6% [3] - Fuhuan Microelectronics aims to capitalize on this opportunity through its "AI for All" strategy, focusing on high-performance, cost-effective AI visual ICs [3] Financial Performance - The company's total revenue declined from 2.11 billion RMB in 2022 to 1.79 billion RMB in 2024, with a further 14.1% decrease in the first half of 2025 [4] - Net profit fell from 378 million RMB in 2022 to 232 million RMB in 2024, with a drastic drop to 1.8 million RMB in the first half of 2025, attributed to reduced procurement from its largest customer and intense price competition [5] Risks and Challenges - The company faces structural vulnerabilities due to high customer concentration, with the top five customers accounting for 88.4% of revenue in 2024, and the largest customer contributing 66.7% [6] - The supply chain is also highly concentrated, with the top five suppliers representing 80.6% of total procurement, exposing the company to risks from potential disruptions [6] Strategic Outlook - Fuhuan Microelectronics is at a critical juncture, with the potential for significant market opportunities in AI and IoT, but must address its profitability challenges and customer dependency to ensure sustainable growth [7]

Group 1 - The company Fuhang Micro announced that on October 30, 2025, it will accept investor research from institutions such as Chuangjin Hexin Fund, with participation from the company's Vice General Manager and Board Secretary Wan Jianjun, and Investor Relations Director Wu Siwen [1] - The announcement highlights the company's engagement with investors and its commitment to transparency in addressing investor inquiries [1] Group 2 - The news also touches on a broader economic issue, indicating that a government shutdown in the U.S. could impact food security for 42 million people, emphasizing the potential socio-economic implications of government actions [1]

Financial Performance - The company achieved a quarterly revenue of 4.52 billion CNY in Q3, a year-on-year decrease of 9.8% but a quarter-on-quarter increase of 22.2% [2] - The net profit attributable to shareholders decreased by 26.7% year-on-year but increased by 604% quarter-on-quarter, primarily driven by the smart IoT and automotive sectors [2] Supply Chain and Cost Management - Storage costs can account for 30% to 40% of product costs depending on whether KGD is included, with the company planning to raise prices due to rising storage costs [3] - The wafer prices are stable with slight decreases, while packaging and testing prices are expected to remain stable with potential localized increases if upstream capacity tightens [4] Gross Margin Insights - The gross margin improved in Q3 due to low supply chain inventory replenishment, increased new product shipments, and a nearly 20% revenue growth in the automotive sector, which has a higher gross margin [5] - Different business segments have varying gross margins: automotive at approximately 40%, professional video at about 37%, and smart IoT at around 22% [5] Market Trends and Customer Demand - Downstream professional video clients have begun to replenish inventory, indicating a strong demand similar to the tight supply conditions seen in 2021 [2] - The automotive sector is less affected by storage price increases, while the AIoT sector faces more pressure due to lower profit margins [7] Product Development and Future Outlook - The company plans to launch new products in the AIoT sector, including applications for transportation, home, and retail environments, which are expected to drive sales growth [8] - The company aims to achieve a revenue scale of 5 billion CNY within 3-5 years, focusing on smart video, smart IoT, and automotive sectors [18] International Expansion Strategy - Current overseas revenue primarily comes from Hong Kong, with future strategies to stabilize in Southeast Asia, expand to Europe, and eventually enter the Americas [16] Industry Position and Market Share - The company holds a leading position in the smart visual processing chip market with an estimated revenue of 220 million USD in 2024 and a market share of approximately 21.3% [14]

| 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]

| 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 ...