Core Viewpoint - The company reported a total revenue of approximately 3.98 billion RMB for 2025, reflecting a year-on-year growth of 10.92%, while net profit attributable to the parent company decreased by 59.42% to about 232 million RMB [1] Group 1: Financial Performance - Total revenue for 2025 was approximately 3.98 billion RMB, a year-on-year increase of 10.92% [1] - Net profit attributable to the parent company was approximately 232 million RMB, a decrease of 59.42% compared to the previous year [1] - The net profit excluding non-recurring gains and losses was about 143 million RMB, down approximately 69.29% year-on-year [1] - Basic earnings per share were 0.28 RMB [1] Group 2: Industry Insights - The semiconductor industry showed significant structural differentiation in demand, with notable variations in downstream applications [1] - FPGA products performed well in various fields including wired and wireless communication, satellite communication, industrial control, and artificial intelligence, contributing to revenue growth [1] - The market performance of security and identification chips varied across subcategories, with overall revenue experiencing slight growth driven by RFID and sensor chips [1] - The non-volatile memory market faced intense competition, leading to a decline in annual revenue [1] - MCU chips saw rapid growth in shipments in the automotive and white goods markets due to strong market positioning and stable production quality [1] Group 3: Cost and Expenses - The decrease in net profit was primarily due to increased R&D expenses and asset impairment losses, along with a reduction in other income [2] - R&D expenses amounted to approximately 1.22 billion RMB, an increase of about 192 million RMB year-on-year, driven by efforts to enhance product competitiveness and supply chain resilience [2] - Asset impairment losses were approximately 437 million RMB, an increase of about 268 million RMB compared to the previous year, attributed to strategic inventory buildup and changes in downstream demand structure [2] Group 4: Other Income - Other income decreased to approximately 143 million RMB, down about 91 million RMB year-on-year, due to reduced VAT rebates and government subsidies for R&D [3]