增收不增利，盛科通信将迎年度净利“六连亏”

Core Viewpoint - Shengke Communication (688702) forecasts a significant loss for the year 2025, with an expected net loss ranging from 120 million to 160 million yuan, despite a projected revenue increase [1][5]. Financial Performance - The company anticipates 2025 annual operating revenue between 1.136 billion and 1.18 billion yuan, representing a year-on-year increase of 5.01% to 9.07% [1]. - The expected net profit attributable to shareholders is projected to be between -160 million and -120 million yuan, indicating an increase in losses of 51.73 million to 91.73 million yuan compared to the previous year [1]. - The net profit after deducting non-recurring gains and losses is expected to be between -258 million and -218 million yuan, reflecting an increase in losses of 109.53 million to 149.53 million yuan year-on-year [1]. Quarterly Performance - In the third quarter of 2025, Shengke Communication reported an operating revenue of 832 million yuan, a year-on-year increase of 2.98%, and achieved a net profit of 9.37 million yuan, successfully turning around from a loss of 76.2 million yuan in the same period last year [2][5]. - The third quarter's revenue was 324 million yuan, up 17.55% year-on-year, with a net profit of 33.06 million yuan, also marking a turnaround from a loss of 19.31 million yuan [2][3]. Research and Development - The company has increased its R&D investment, with a total of approximately 112 million yuan in the third quarter, accounting for 34.63% of operating revenue, although this is a decrease of 3.90 percentage points compared to the previous year [4][5]. - The continuous investment in R&D is aimed at supporting new product development and market expansion, which is seen as essential for sustainable growth and long-term competitiveness [5]. Market Context - Shengke Communication has reported losses for five consecutive years, indicating a potential sixth consecutive year of net losses [6]. - The company's main business focuses on the research, design, and sales of Ethernet switch chips and related products [8].