WINGTECH(SH:600745) Zheng Quan Shi Bao Wang·2025-10-24 11:17Core Viewpoint - Wentech Technology (600745) reported a significant decline in revenue for Q3 2025, with a 77.38% year-on-year drop, while net profit increased by 279.29% [1] Financial Performance - Q3 2025 revenue was 4.427 billion yuan, down 77.38% year-on-year; net profit was 1.04 billion yuan, up 279.29% [1] - For the first three quarters of 2025, total revenue was 29.769 billion yuan, a 44% decline; net profit reached 1.513 billion yuan, an increase of 265.09% [1] Business Segments - Semiconductor business revenue in Q3 2025 was 4.3 billion yuan, a 12.20% increase year-on-year, with a gross margin of 34.56% and a net profit of 724 million yuan [1] - In the Chinese market, semiconductor revenue reached a quarterly historical high, growing approximately 14% year-on-year, with automotive business revenue increasing over 26% [1] - The Asian market, excluding China, saw single-digit growth, while Europe experienced over 10% growth due to inventory replenishment trends [1] Product Performance - Major product lines showed strong revenue growth, with MOSFET products increasing over 13% and logic and analog chips growing over 15% [2] - New generation 80V and 100V MOSFET products were launched and began mass production [2] - Revenue from wide bandgap and IGBT products tripled compared to the same period last year, despite their smaller revenue share [2] Business Challenges - The product integration business faced significant revenue decline due to being placed on an entity list and cautious actions from suppliers and customers [2] - In Q3 2025, product integration revenue was 110 million yuan, accounting for 2.50% of total revenue, with a net profit of 370 million yuan primarily from asset sales [2] Post-Report Events - The impact of the "loss of control" incident at subsidiary Anshi Semiconductor was noted, with uncertainty regarding the future performance of the semiconductor business [3] - Anshi Semiconductor's recent communications aimed to reassure clients about product quality from its Chinese factories [4]