电网业务短期承压 力合微2025年净利润同比下降75.19%

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the fiscal year 2025, primarily due to reduced bidding and procurement scales in the smart grid market, impacting its traditional electric grid business [1] Group 1: Financial Performance - The company achieved an operating revenue of 357.88 million yuan, a year-on-year decrease of 34.79% [1] - The net profit attributable to the parent company was 20.92 million yuan, down 75.19% year-on-year [1] Group 2: Business Impact - The decline in the electric grid segment, a traditional strength of the company, significantly dragged down overall performance [1] - The demand for power line carrier communication (PLC) chips, crucial for smart grid construction, is closely tied to the investment rhythm in the electric grid [1] Group 3: Strategic Developments - Despite the overall performance pressure, the company's strategic focus on non-electric grid IoT applications is beginning to yield results [1] - Revenue from non-electric grid IoT-related businesses grew by over 30% year-on-year, indicating a rapid emergence of a second growth curve for the company [1] Group 4: Future Outlook - As of the end of 2025, the company has a solid order backlog amounting to 242.56 million yuan, which includes signed contracts and bid amounts [2] - This order reserve provides a strong foundation for future operational development and sets a positive stage for a rebound in performance in 2026 [2]