Sou Hu Cai Jing·2026-01-23 10:18Core Viewpoint - Fudan Microelectronics anticipates a revenue of 3.93 billion to 4.03 billion RMB for the year 2025, reflecting growth despite challenges in the semiconductor industry [1] Group 1: Revenue and Profitability - The company reported a 12.7% year-on-year increase in main revenue for the first three quarters of 2025, reaching 3.024 billion RMB [3] - The net profit attributable to shareholders decreased by 22.69% year-on-year to 330 million RMB, while the net profit excluding non-recurring items fell by 21.21% to 303 million RMB [3] - In Q3 2025, the company achieved a quarterly main revenue of 1.186 billion RMB, a significant increase of 33.28% year-on-year, with net profit rising by 72.69% to 137 million RMB [3] Group 2: Business Segments and Market Dynamics - The semiconductor industry is experiencing structural differentiation in demand, with Fudan Microelectronics' FPGA products showing strong performance across various applications, contributing to revenue growth [2] - The revenue from security and identification chips saw slight growth, driven by RFID and sensor chips, while non-volatile memory revenue declined due to intense competition [2] - MCU chips benefited from a solid market presence and quality, leading to rapid growth in the automotive and white goods sectors [2] Group 3: Cost and Inventory Management - The company has implemented a strategic inventory buildup to ensure stable delivery amid international uncertainties, which has enhanced supply chain resilience but also led to increased inventory impairment losses of approximately 250 million RMB [2] - R&D expenses rose by about 180 million RMB due to increased efforts in developing new processes and products, alongside some capitalized R&D projects facing challenges in achieving expected economic benefits [2] - A reduction in government subsidies and VAT deductions for integrated circuit design has resulted in a decrease in other income by approximately 90 million RMB [2]