Leadyo(SH:688135) Ge Long Hui·2026-01-30 11:00Core Viewpoint - Liyang Chip (688135.SH) is expected to report a loss in 2025, with a net profit attributable to the parent company projected to be between -11.5 million and -8.5 million yuan, indicating a reduction in losses compared to the previous year [1] Financial Performance - The anticipated net profit excluding non-recurring gains and losses for 2025 is expected to be between -13.5 million and -9.5 million yuan, which represents a decrease in losses of 52.18 million to 56.18 million yuan compared to the previous year [1] - The company's revenue is expected to reach historical highs starting from the second quarter of 2025, driven by strong demand in certain product categories and improved demand from existing customers [1] Revenue Drivers - The increase in revenue is attributed to sustained testing demand from last year and the introduction of new products from newly acquired customers, leading to significant growth in testing revenue for various chip categories, including high-performance computing, storage, automotive electronics, industrial control, and specialty chips [1] Cost Factors - The rise in operating costs is due to the gradual release of production capacity, resulting in increased fixed costs such as depreciation, amortization, labor, electricity, and facility expenses [1] - The financial expenses have increased compared to the previous year due to the ongoing issuance of convertible bonds [1]