前三季亏损扩至1.46亿元，研发占比下滑，东芯股份四季度能否扭转颓势？

Core Viewpoint - Dongxin Co., Ltd. reported a mixed performance in Q3 2025, showing revenue growth and reduced losses, but overall losses expanded in the first three quarters compared to the previous year [1][2]. Financial Performance - In Q3 2025, Dongxin achieved revenue of approximately 230 million yuan, a year-on-year increase of 27.03% and a quarter-on-quarter increase of 14.35% [1]. - The net profit attributable to shareholders was -35.22 million yuan, a reduction in losses by 4.00 million yuan compared to the same period last year [1]. - The gross profit margin for the reporting period was 26.64%, an increase of 10.57 percentage points year-on-year [1]. Year-to-Date Performance - For the first three quarters, the net profit attributable to shareholders was -146 million yuan, compared to -130 million yuan in the same period last year, indicating an increase in losses [2]. - Research and development (R&D) expenses as a percentage of revenue decreased from 35.34% in the previous year to 28.38% this year, highlighting challenges in profitability despite reduced R&D investment [2]. Market Context - The global memory chip market has been experiencing a strong uptrend, with memory chip prices rising for over six months, further accelerating in Q4 due to multiple factors [2]. - Dongxin's stock price has increased more than threefold since the beginning of the year, reflecting market enthusiasm despite ongoing profitability challenges [2]. Future Outlook - The fourth quarter is critical for Dongxin, requiring significant revenue growth and profit improvement to counteract the expanded losses from the first three quarters [2]. - The company needs to leverage market opportunities while enhancing cost control, product development, and market expansion efforts to improve its financial standing [2].