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美芯晟(688458) - 2025 Q3 - 季度财报

Key Highlights This section provides an overview of the company's significant financial performance, non-recurring gains and losses, and operational drivers for the reporting period Key Financial Data The company achieved significant financial growth in Q3 2025 and year-to-date, with net profit attributable to shareholders increasing over 130%, while negative operating cash flow was primarily due to increased inventory purchases and R&D intensity decreased Key Accounting Data and Financial Indicators The company achieved significant growth in operating revenue and net profit in Q3 2025 and year-to-date, despite negative operating cash flow due to increased inventory purchases and a decreased R&D investment ratio Key Financial Indicators for Q3 2025 and Year-to-Date | Item | Current Period | YoY Change (%) | Year-to-Date | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 156,491,252.08 RMB | 66.31 | 421,577,338.13 RMB | 46.47 | | Net Profit Attributable to Shareholders of Listed Company | 5,312,920.40 RMB | 132.74 | 10,319,756.59 RMB | 132.00 | | Net Cash Flow from Operating Activities | N/A | N/A | -82,491,902.27 RMB | -62.97 | | Total R&D Investment | 37,525,614.36 RMB | -5.85 | 111,356,930.85 RMB | 3.42 | | R&D Investment as % of Operating Revenue | 23.98 | Decrease of 18.38 percentage points | 26.41 | Decrease of 11 percentage points | Non-recurring Gains and Losses Items and Amounts Non-recurring gains and losses for the current period and year-to-date primarily stemmed from fair value changes in financial assets/liabilities and disposal of non-current assets, collectively positively impacting net profit Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Current Period Amount (RMB) | Year-to-Date Amount (RMB) | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 163,166.60 | 334,694.49 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 5,784,283.17 | 15,472,975.05 | | Other Non-operating Income and Expenses | -262.86 | -23,769.09 | | Less: Income Tax Impact | 892,095.78 | 2,360,212.42 | | Total | 5,055,091.13 | 13,423,688.03 | Changes and Reasons for Key Accounting Data and Financial Indicators Operating revenue growth was driven by new product launches, market expansion, and increased customer demand, while profit growth resulted from improved gross margin and reduced expense ratios due to efficiency gains, and negative operating cash flow was due to increased inventory purchases - Operating revenue growth was primarily driven by the company's new product ramp-up, new market expansion, and increased customer demand8 - Total profit growth was mainly due to improved comprehensive gross margin and reduced expense ratios resulting from enhanced human efficiency8 - Net cash flow from operating activities decreased primarily due to increased inventory purchases for operations9 - Basic earnings per share increased mainly due to the rise in net profit for the current period9 Overview of Operations in Q1-Q3 2025 The company achieved significant operational growth in Q1-Q3 2025, with steady increases in sales revenue and gross margin driven by new product shipments, market expansion, and customer demand, particularly in wireless charging and signal chain products, while continuing to invest in AI edge, robotics, and automotive sectors - Year-to-date sales revenue reached CNY 421.58 million, a 46.47% year-on-year increase; Q3 sales revenue increased by 66.31% year-on-year10 - Year-to-date net profit attributable to shareholders was CNY 10.32 million, a 132.00% year-on-year increase; Q3 saw a 132.74% year-on-year increase and a 297.76% quarter-on-quarter increase10 - Combined sales revenue from wireless charging and signal chain product lines was CNY 299.15 million, representing a 111.01% year-on-year increase and accounting for 70.96% of total sales revenue10 - The company's comprehensive gross margin in Q3 was 34.34%, an increase of 10.79 percentage points year-on-year10 - Q3 expense ratio decreased by 25.20 percentage points year-on-year, primarily due to improved human efficiency from continuous new product launches and increased sales performance11 - The company is accelerating its presence in emerging fields, with AI edge and robotics-related products entering mass production for several well-known brands, and will continue to focus and invest in the AI edge, robotics, and automotive product sectors11 Key Accounting Data and Financial Indicators (Current Period and Year-to-Date) | Item | Current Period Amount (RMB) | Current Period YoY Change (%) | Year-to-Date Amount (RMB) | Year-to-Date YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 156,491,252.08 | 66.31 | 421,577,338.13 | 46.47 | | Total Profit | 2,667,613.12 | 110.52 | 786,835.94 | 101.44 | | Net Profit Attributable to Shareholders of Listed Company | 5,312,920.40 | 132.74 | 10,319,756.59 | 132.00 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 257,829.27 | 101.10 | -3,103,931.44 | 94.00 | | Net Cash Flow from Operating Activities | N/A | N/A | -82,491,902.27 | -62.97 | | Basic Earnings Per Share (RMB/share) | 0.05 | 133.33 | 0.09 | 131.03 | | Diluted Earnings Per Share (RMB/share) | 0.05 | 133.33 | 0.09 | 131.03 | | Weighted Average Return on Net Assets (%) | 0.29 | Increase of 1.10 percentage points | 0.55 | Increase of 2.22 percentage points | | Total R&D Investment | 37,525,614.36 | -5.85 | 111,356,930.85 | 3.42 | | R&D Investment as % of Operating Revenue (%) | 23.98 | Decrease of 18.38 percentage points | 26.41 | Decrease of 11 percentage points | | Total Assets (End of Reporting Period) | 1,969,746,866.77 | -1.36 (vs. End of Previous Year) | | | | Shareholders' Equity Attributable to Shareholders of Listed Company (End of Reporting Period) | 1,851,928,977.18 | -1.97 (vs. End of Previous Year) | | | - Total assets at the end of the reporting period were CNY 1,969,746,866.77, a 1.36% decrease from the end of the previous year4 - Shareholders' equity attributable to shareholders of the listed company at the end of the reporting period was CNY 1,851,928,977.18, a 1.97% decrease from the end of the previous year4 Shareholder Information This section details the company's shareholder structure, including the total number of common shareholders and the holdings of the top ten shareholders, highlighting significant ownership and concerted action agreements Total Number of Common Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings As of the reporting period end, the company had 7,977 common shareholders, with Leavision Incorporated as the largest shareholder at 15.96%, having a concerted action agreement with other entities, and the company's share repurchase account holding 4.72% of shares - Total number of common shareholders at the end of the reporting period: 7,97713 Top 10 Shareholders' Holdings (As of End of Reporting Period) | Shareholder Name | Shareholder Nature | Number of Shares Held (shares) | Shareholding Ratio (%) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Leavision Incorporated | Overseas Legal Person | 17,805,040 | 15.96 | 17,805,040 | | WI HARPER FUND VII HONG KONG LIMITED | Overseas Legal Person | 6,240,029 | 5.59 | 0 | | Dongyang Boruixing Enterprise Management Partnership (Limited Partnership) | Other | 4,749,504 | 4.26 | 0 | | Auspice Bright Incorporated | Overseas Legal Person | 3,883,466 | 3.48 | 3,883,466 | | Wang Bo | Domestic Natural Person | 3,608,372 | 3.24 | 0 | | Zhuhai Hengqin Boshengxin Investment Partnership (Limited Partnership) | Other | 2,744,728 | 2.46 | 2,744,728 | | Wang Xiaobin | Domestic Natural Person | 2,260,000 | 2.03 | 0 | | Zhuhai Hengqin Xuanyu Investment Partnership (Limited Partnership) | Other | 2,034,854 | 1.82 | 2,034,854 | | China Construction Bank Co., Ltd. - Xinao Leading Growth Mixed Securities Investment Fund | Other | 1,972,442 | 1.77 | 0 | | China Construction Bank Co., Ltd. - Xinao Advanced Manufacturing Stock Securities Investment Fund | Other | 1,879,253 | 1.68 | 0 | - Leavision Incorporated, Auspice Bright Incorporated, Zhuhai Hengqin Boshengxin Investment Partnership (Limited Partnership), and Zhuhai Hengqin Xuanyu Investment Partnership (Limited Partnership) signed a Concerted Action Agreement15 - As of the end of the reporting period, the company's dedicated share repurchase securities account held 5,262,415 A-shares, representing a 4.72% shareholding ratio, which is not included in the top 10 shareholders list15 Other Reminders This section highlights additional important information for investors, specifically detailing the company's ongoing share repurchase program and its progress Other Important Information Regarding the Company's Operations During the Reporting Period Requiring Investor Attention The company approved a share repurchase plan on January 16, 2025, to use over-raised funds for employee stock ownership or equity incentives, having repurchased 1,393,700 shares, or 1.2495% of total share capital, for CNY 49.95 million by September 30, 2025 - The company approved a share repurchase plan on January 16, 2025, intending to use over-raised funds to repurchase A-shares for employee stock ownership plans and/or equity incentives16 - As of September 30, 2025, the company had cumulatively repurchased 1,393,700 shares, representing 1.2495% of its total share capital16 - The total repurchase transaction amount was CNY 49,954,672.12, with a highest price of CNY 41.525/share and a lowest price of CNY 30.12/share16 Quarterly Financial Statements This section presents the company's unaudited consolidated financial statements, including the balance sheet, income statement, and cash flow statement, for the reporting period Type of Audit Opinion The financial statements for this quarter are unaudited - The financial statements for this quarter are unaudited17 Financial Statements The company disclosed unaudited consolidated financial statements, showing a slight decrease in total assets and equity but growth in financial assets and receivables, significant increases in operating revenue and net profit, negative operating cash flow, and cash outflows from investing and financing activities primarily due to share repurchases Consolidated Balance Sheet As of September 30, 2025, total assets were CNY 1,969.75 million, slightly down from year-end 2024, with decreased cash but increased financial assets and receivables, while non-current assets grew due to equity investments, fixed assets, and deferred tax assets, and total liabilities rose, notably in lease liabilities Consolidated Balance Sheet Key Data (As of September 30, 2025 vs. December 31, 2024) | Item | September 30, 2025 (RMB) | December 31, 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 319,521,221.50 | 589,077,962.08 | Decrease | | Financial Assets Held for Trading | 999,188,706.40 | 901,706,684.23 | Increase | | Accounts Receivable | 274,791,848.71 | 191,088,269.83 | Increase | | Inventories | 120,564,677.25 | 126,545,325.23 | Decrease | | Total Current Assets | 1,809,329,982.85 | 1,870,272,014.71 | Decrease | | Investments in Other Equity Instruments | 17,020,000.00 | 7,020,000.00 | Increase | | Fixed Assets | 30,348,014.45 | 27,063,377.94 | Increase | | Deferred Income Tax Assets | 67,920,007.98 | 58,073,821.15 | Increase | | Total Non-current Assets | 160,416,883.92 | 126,641,467.66 | Increase | | Total Assets | 1,969,746,866.77 | 1,996,913,482.37 | Decrease | | Accounts Payable | 40,923,593.32 | 50,043,253.74 | Decrease | | Taxes Payable | 3,529,415.90 | 1,156,560.66 | Increase | | Total Current Liabilities | 107,140,513.07 | 105,072,051.12 | Increase | | Lease Liabilities | 10,677,376.52 | 2,743,671.86 | Significant Increase | | Total Liabilities | 117,817,889.59 | 107,815,722.98 | Increase | | Total Equity Attributable to Parent Company Shareholders | 1,851,928,977.18 | 1,889,097,759.39 | Decrease | Consolidated Income Statement In Q1-Q3 2025, total operating revenue grew by 46.47% to CNY 421.58 million, with net profit turning profitable at CNY 10.32 million from a prior-year loss, while total operating costs increased, and fair value changes and asset impairment losses impacted profit Consolidated Income Statement Key Data (Q1-Q3 2025 vs. Q1-Q3 2024) | Item | Q1-Q3 2025 (RMB) | Q1-Q3 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 421,577,338.13 | 287,829,328.38 | Increase | | Total Operating Costs | 432,832,652.08 | 371,790,049.57 | Increase | | Operating Costs | 275,046,857.72 | 220,912,873.26 | Increase | | R&D Expenses | 111,356,930.85 | 107,673,240.20 | Increase | | Total Profit | 786,835.94 | -54,679,517.56 | Turned Profitable | | Net Profit | 10,319,756.59 | -32,249,296.24 | Turned Profitable | | Net Profit Attributable to Parent Company Shareholders | 10,319,756.59 | -32,249,296.24 | Turned Profitable | | Basic Earnings Per Share (RMB/share) | 0.09 | -0.29 | Increase | | Diluted Earnings Per Share (RMB/share) | 0.09 | -0.29 | Increase | - Fair value change gains decreased from CNY 19,867,295.39 in Q1-Q3 2024 to CNY 13,906,773.24 in Q1-Q3 202523 - Asset impairment losses increased from CNY -4,490,198.31 in Q1-Q3 2024 to CNY -4,820,138.33 in Q1-Q3 202523 Consolidated Cash Flow Statement In Q1-Q3 2025, net cash flow from operating activities was negative CNY 82.49 million, an increased outflow year-on-year, while net cash outflow from investing activities significantly decreased to CNY 127.74 million, and financing activities had a net outflow of CNY 59.08 million, mainly due to share repurchases, resulting in a reduced period-end cash balance Consolidated Cash Flow Statement Key Data (Q1-Q3 2025 vs. Q1-Q3 2024) | Item | Q1-Q3 2025 (RMB) | Q1-Q3 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -82,491,902.27 | -50,617,346.88 | Net Outflow Increased | | Net Cash Flow from Investing Activities | -127,742,724.94 | -479,744,046.13 | Net Outflow Decreased | | Net Cash Flow from Financing Activities | -59,081,441.85 | -102,347,513.02 | Net Outflow Decreased | | Net Increase in Cash and Cash Equivalents | -270,811,040.78 | -634,311,513.71 | Net Outflow Decreased | | Cash and Cash Equivalents at Period End | 317,937,462.48 | 366,462,758.73 | Decrease | - Cash received from sales of goods and rendering of services increased from CNY 312,531,471.15 in Q1-Q3 2024 to CNY 324,574,616.97 in Q1-Q3 202526 - Cash paid for goods and services increased from CNY 219,828,064.68 in Q1-Q3 2024 to CNY 281,151,450.86 in Q1-Q3 2025, which is the primary reason for the increased cash outflow from operating activities26