Investment Rating - The report maintains an investment rating of "Buy" for the company [7]. Core Insights - The company has shown significant year-on-year growth in revenue and profit, driven by the acceleration of domestic chip design and the application of EDA software and testing equipment [2][4]. - The strategic acquisition of LUCEDA enhances the company's capabilities in the silicon photonics chip design field, positioning it as a key beneficiary of domestic substitution [4]. - Continuous investment in R&D is expected to strengthen the company's technological advantages and product offerings [3]. Financial Performance - In Q3 2025, the company achieved revenue of 182 million RMB, a year-on-year increase of 57.31%, and a net profit of 21.33 million RMB, up 312.35% year-on-year [1]. - For the first three quarters of 2025, total revenue reached 428 million RMB, representing a 48.86% increase year-on-year, with net profit of 37.02 million RMB, up 380.14% year-on-year [1]. Cost Management - The company's sales and management expense ratios decreased to 8.34% and 9.28%, respectively, indicating effective cost control measures [2]. R&D Investment - The company invested 230 million RMB in R&D during the first three quarters of 2025, with a focus on EDA core algorithms and testing platforms, leading to a reduction in R&D expense ratio to 53.68% [3]. Strategic Acquisition - The completion of the LUCEDA acquisition allows the company to offer a comprehensive solution from design to testing in the silicon photonics sector, enhancing its market position [4]. Revenue and Profit Forecast - The company forecasts revenues of 760 million RMB, 987 million RMB, and 1.23 billion RMB for 2025, 2026, and 2027, respectively, with adjusted net profit estimates of 161 million RMB, 212 million RMB, and 279 million RMB for the same years [5].

Group 1 - The core viewpoint of the article highlights that Hangzhou Guangli Microelectronics Co., Ltd. reported significant growth in revenue and net profit for the first three quarters of 2025, with a revenue of 428 million yuan, representing a year-on-year increase of 48.86%, and a net profit of 37.0172 million yuan, up 380.14% [1] - In the third quarter alone, the company achieved a revenue of 182 million yuan, marking a year-on-year growth of 57.31%, and a net profit of 21.333 million yuan, which is a substantial increase of 321.35% [1] - Guangli Micro is recognized as a leading supplier of integrated circuit EDA software and wafer-level electrical testing equipment, focusing on improving chip yield and rapid monitoring technology, and has become a key partner for many large integrated circuit manufacturing and design companies both domestically and internationally [1] Group 2 - To enhance its industrial layout, Guangli Micro acquired 100% of the shares of LUCEDA through its wholly-owned subsidiary SMTX TECHNOLOGIES SINGAPORE PTE. LTD., aiming to strategically position itself in silicon photonics technology [1] - LUCEDA is a global leader in the field of automated software for silicon photonic chip design, and it will serve as a core anchor for Guangli Micro's future layout in the silicon photonics industry, facilitating the company's expansion from traditional EDA to PDA [2] - The company plans to integrate the technological advantages of both parties in the integrated circuit and photonic chip sectors to gradually build a comprehensive solution covering all aspects of silicon photonic chip design, manufacturing, testing, and yield improvement [2]

Performance Summary - In Q3 2025, the company achieved revenue of 182 million, a year-on-year increase of 57.3% [1] - Gross profit reached 120 million, up 74.3% year-on-year, with a gross margin of 65.2%, an increase of 6.4 percentage points compared to the same period last year [1] - Net profit after deducting non-recurring gains and losses was 12 million, a staggering increase of 6,260.6% year-on-year [1] - Cash received from sales and services was 89 million, down 43.1% year-on-year, while net cash flow from operating activities turned negative at -119 million due to increased material procurement [1] Operational Analysis - The significant revenue growth in Q3 is attributed to an increase in capacity growth from leading downstream wafer manufacturers compared to 2024 [2] - The rise in gross margin is expected to be driven by faster growth in high-margin software business compared to testing machines and accessories [2] - The company launched its first wafer-level aging testing system designed specifically for silicon carbide and gallium nitride power devices, expanding its testing equipment offerings [2] - In August 2025, the company acquired 100% of LUCEDA, a leading global silicon photonics chip design automation firm, aiming to transition from traditional EDA to PDA [2] - Future plans include developing a comprehensive solution covering all aspects of silicon photonics chip design, manufacturing, testing, and yield enhancement [2] Profit Forecast, Valuation, and Rating - Based on the operational data for the first three quarters of 2025, the company forecasts revenues of 750 million, 940 million, and 1.12 billion for 2025 to 2027, representing year-on-year growth of 37.7%, 24.3%, and 19.5% respectively [3] - The expected net profit attributable to shareholders is projected to be 130 million, 170 million, and 200 million for the same period, with year-on-year growth rates of 62.6%, 29.3%, and 16.1% respectively [3] - The company maintains a "buy" rating with corresponding price-to-sales ratios of 20.9, 16.8, and 14.1 for the years 2025 to 2027 [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a significant increase in revenue and profit for Q3 2025, with revenue reaching 182 million RMB, a year-on-year growth of 57.3%, and a net profit of 12 million RMB, reflecting a staggering growth of 6260.6% compared to the same period last year [2][3]. - The growth in revenue is attributed to increased capacity from leading downstream wafer manufacturers and a faster growth rate in high-margin software business compared to testing machines and accessories [3]. - The company has expanded its product offerings with the launch of a wafer-level aging test system designed for silicon carbide and gallium nitride power devices, enhancing its testing equipment portfolio [3]. - The acquisition of LUCEDA, a leader in silicon photonics chip design automation, is expected to facilitate the company's transition from traditional EDA to PDA, creating a comprehensive solution covering the entire silicon photonics design, manufacturing, testing, and yield enhancement process [3]. Financial Projections - Revenue projections for 2025 to 2027 are estimated at 750 million RMB, 940 million RMB, and 1.12 billion RMB, respectively, with year-on-year growth rates of 37.7%, 24.3%, and 19.5% [4][9]. - The net profit for the same period is projected to be 130 million RMB, 170 million RMB, and 200 million RMB, with corresponding growth rates of 62.6%, 29.3%, and 16.1% [4][9]. - The report indicates a projected P/S ratio of 20.9, 16.8, and 14.1 for the years 2025, 2026, and 2027, respectively [4].

Core Insights - Guangli Micro (301095.SZ) reported a total operating revenue of 428 million yuan for Q3 2025, ranking 66th among disclosed peers [1] - The company's net profit attributable to shareholders was 37.0172 million yuan, with a net cash inflow from operating activities of -133 million yuan, ranking 80th among peers and decreasing by 90.7286 million yuan compared to the same period last year [1] Financial Metrics - The latest debt-to-asset ratio is 8.83%, an increase of 2.38 percentage points from the previous quarter and 2.79 percentage points from the same period last year [3] - The latest gross profit margin is 61.37%, down by 1.44 percentage points compared to the same period last year [3] - The latest return on equity (ROE) is 1.18% [3] - The diluted earnings per share (EPS) is 0.19 yuan [3] - The total asset turnover ratio is 0.12 times, ranking 94th among disclosed peers [3] - The inventory turnover ratio is 0.61 times, ranking 107th among disclosed peers [3] Shareholder Structure - The number of shareholders is 20,600, with the top ten shareholders holding 114 million shares, accounting for 56.97% of the total share capital [3] - The top shareholders include: 1. Hangzhou Guangli Micro Equity Investment Co., Ltd. - 16.61% 2. Hangzhou Guangli Gongchuang Investment Partnership (Limited Partnership) - 9.48% 3. Yin Shi - 8.18% 4. Zheng Yongjun - 6.01% 5. Beijing Wuyuefeng Zhongqingzheng Technology Venture Capital Management Co., Ltd. - 4.91% 6. Hong Kong Central Clearing Limited - 3.14% 7. Yang Shenzhi - 2.96% 8. Hangzhou Guangli Gongjin Enterprise Management Partnership (Limited Partnership) - 2.75% 9. Shanghai Jianhe Industrial Software Partnership (Limited Partnership) - 1.63% 10. China Internet Investment Fund Management Co., Ltd. - 1.30% [3]

Group 1 - Guangli Micro (301095.SZ) reported its Q3 2025 results, with 14 institutional investors holding a total of 82.66 million A-shares, representing 41.27% of the total share capital [1] - The top ten institutional investors collectively hold 41.23% of the shares, a decrease of 2.98 percentage points compared to the previous quarter [1] Group 2 - Six new public funds were disclosed this quarter, including Southern Big Data 100 Index A and Guotai Haitong CSI 1000 Preferred Stock Initiation A [2] - A total of 81 public funds were not disclosed this quarter, including Noan Optimized Configuration Mixed A and Huaxia CSI 1000 ETF [2] - One new foreign institution was disclosed this quarter, namely Hong Kong Central Clearing Limited [2]

证券代码：301095 证券简称：广立微 公告编号：2025-066 杭州广立微电子股份有限公司 关于召开 2025 年第三次临时股东会的通知 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、召开会议的基本情况 1、股东会届次：2025 年第三次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所创业板股 票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公司规范运作》 等法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 11 月 18 日 14:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 18 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的 具体时间为 2025 年 11 月 18 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：2025 ...

证券代码：301095 证券简称：广立微 公告编号：2025-064 杭州广立微电子股份有限公司 第二届董事会第二十四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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 杭州广立微电子股份有限公司（以下简称"公司"）第二届董事会第二十四次 会议于 2025 年 10 月 29 日（星期三）在杭州市滨江区浦沿街道潮涌路 1095 号 11 楼北高峰会议室以现场结合通讯方式召开。会议通知已于 2025 年 10 月 24 日 通过书面、邮件及其他通讯方式送达全体董事，全体董事确认已收到本次董事会 会议的会议通知。本次会议应出席董事 7 人，实际出席董事 7 人，其中史峥、 LUMEIJUN（陆梅君）、杨华中、刘军、朱茶芬以通讯方式出席会议。本次会议 由董事长郑勇军先生主持，公司高级管理人员列席了本次会议。 本次会议的召集和召开符合有关法律、行政法规、部门规章和《公司章程》 的规定，形成的决议合法有效。 本议案已经第二届董事会审计委员会第十三次会议审议通过。 表决结果：7 票同意，0 票反对，0 票弃权。 （二）审议《关于购买董高 ...

Core Viewpoint - Guangli Micro reported significant growth in both revenue and net profit for the third quarter of 2025, indicating strong business performance and improved profitability [1] Financial Performance - The company's third-quarter revenue reached 182 million yuan, representing a year-on-year increase of 57.31% [1] - Net profit for the third quarter was 21.33 million yuan, showing a substantial year-on-year growth of 312.35% [1] - For the first three quarters of 2025, total revenue amounted to 428 million yuan, reflecting a year-on-year increase of 48.86% [1] - Net profit for the first three quarters was 37.02 million yuan, with a remarkable year-on-year growth of 380.14% [1] - Basic earnings per share were reported at 0.1878 yuan [1]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥181,760,104.59, representing a year-on-year increase of 57.31%[5] - Net profit attributable to shareholders was ¥21,332,997.69, a significant increase of 312.35% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥12,175,244.80, showing a remarkable growth of 6,260.58% year-on-year[5] - Basic earnings per share were ¥0.1083, up 313.36% from the previous year[5] - The company's net profit attributable to shareholders reached 37.02 million yuan, an increase of 380.14% compared to the same period last year, driven by rapid business growth[17] - The company's net profit for the current period is 35,084,751.77, compared to 11,140,291.10 in the previous period, representing a significant increase[31] - Operating profit improved to 22,097,614.84 from a loss of 20,425,952.88 in the previous period[31] - The company reported a total comprehensive income of 32,726,211.09, compared to 11,144,610.90 in the previous period[32] - Basic earnings per share rose to 0.1878 from 0.0389, showing a substantial increase[32] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥3,445,399,743.58, reflecting a 1.14% increase from the end of the previous year[5] - The total assets as of September 30, 2025, were ¥3,445,399,743.58, compared to ¥3,406,483,088.04 at the beginning of the period, showing a slight increase of about 1.1%[28] - The total liabilities increased to ¥304,122,552.73 from ¥257,906,474.78, reflecting an increase of approximately 17.8%[28] - The company's goodwill rose significantly to ¥278,924,779.35 from ¥32,876,361.14, indicating a substantial increase due to acquisitions[27] - The non-current assets totaled ¥1,305,458,098.08, up from ¥938,053,808.29, representing an increase of about 39.2%[27] Cash Flow - The company reported a significant increase in cash flow from operating activities, with a net cash flow of -¥132,576,607.36, indicating a decrease of 216.81% year-on-year[5] - The net cash flow from operating activities was -132.58 million yuan, a decrease of 216.81% year-on-year, due to increased material purchases based on business orders[17] - The net cash flow from investing activities was -983.57 million yuan, down 169.93% year-on-year, largely due to substantial payments for overseas subsidiary acquisitions and increased structured deposit investments[17] - The company's cash and cash equivalents decreased to ¥438,355,669.31 from ¥1,595,332,683.53, reflecting a decline of approximately 72.5%[26] - The cash and cash equivalents at the end of the period decreased to 438,355,669.31 from 1,832,927,074.86[34] - The company experienced a foreign exchange impact of 1,818,468.24 on cash and cash equivalents[34] Investments and Expenses - The company’s investment in fixed assets increased by 131.75% to ¥40,562.08 million, primarily due to the completion of the headquarters building[10] - The acquisition of Luceda NV contributed to a substantial increase in goodwill, which rose by 748.41% to ¥27,892.48 million[12] - Investment income for the period was 18.40 million yuan, up 131.85% year-on-year, primarily due to significant returns from structured deposits[17] - Other income amounted to 39.91 million yuan, reflecting a 72.38% increase year-on-year, mainly from government subsidies and increased VAT input credits[16] - Financial expenses totaled -16.10 million yuan, a rise of 57.76% from the previous year, attributed to a significant decline in bank deposit interest rates[16] - Research and development expenses increased to 229,580,161.45 from 201,176,036.35, reflecting a growth of approximately 14.1%[31] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,559[19] - The largest shareholder, Hangzhou Guangli Micro Equity Investment Co., held 16.60% of the shares, totaling 33,242,812 shares[19] Tax and Impairment - The company reported a tax expense of 3.73 million yuan, a year-on-year increase of 60.49%, in line with revenue growth[16] - The company experienced a decrease in credit impairment losses, amounting to -5.91 million yuan, down 39.51% year-on-year, due to increased bad debt provisions[17] Revenue and Costs - The total operating revenue for the current period reached ¥427,697,441.55, a significant increase from ¥287,321,539.26 in the previous period, representing a growth of approximately 48.9%[30] - The total operating costs amounted to ¥457,795,065.95, up from ¥334,562,508.78 in the previous period, indicating an increase of about 37%[30] - Total revenue from operating activities reached 430,867,493.36, up from 366,957,809.25, indicating an increase of about 17.4%[33]