3PEAK(SH:688536) Zhong Zheng Wang·2025-10-28 11:45Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, indicating strong growth momentum and improved profitability [1][3]. Revenue Performance - In Q3 2025, the company achieved a revenue of 582 million yuan, representing a year-on-year growth of 70.29% and a quarter-on-quarter increase of 10.29% [1]. - The net profit attributable to shareholders was 60 million yuan, an increase of 93 million yuan year-on-year and a quarter-on-quarter growth of 20.35% [1]. Product Segmentation - The signal chain chips generated revenue of 370 million yuan, reflecting a year-on-year growth of 26.83% [2]. - The power management chips saw a remarkable revenue increase of 323.69%, reaching 211 million yuan, becoming the main driver of the company's performance [2]. - The growth in these segments is attributed to rising demand in industrial, automotive, telecommunications, and consumer electronics markets, along with enhanced competitiveness from business integration with Chuangxin Micro [2]. Research and Development - The company invested 151 million yuan in R&D, a year-on-year increase of 11.71%, accounting for 26.04% of revenue [3]. - Although the R&D expenditure as a percentage of revenue decreased by 13.66 percentage points compared to the previous year, this was due to a much higher growth rate in revenue [3]. - The company continues to strengthen its R&D efforts in core technology areas, particularly in signal chain and power management, laying a solid foundation for future growth [3]. Cash Flow and Financial Health - The net cash flow from operating activities was 127 million yuan, showing a substantial year-on-year increase of 634.88%, indicating strong operational quality [3]. - Total assets reached 6.757 billion yuan, an increase of 8.97% from the end of the previous year, while net assets attributable to shareholders grew by 9.98% to 5.830 billion yuan, reflecting a robust asset structure and improved capital efficiency [3]. Overall Outlook - The company is expected to continue benefiting from the rapid growth of its power management chip business, stable growth in signal chain products, and strong cash flow, positioning it well in the domestic analog chip market [3].