报告期内，公司坚定聚焦战略发展方向，加大芯片产品在非电网物联网领域应用布局，持续加大物联网 相关业务的研发投入，研发费用同比增加。这一战略性投入已转化为实实在在的市场回报：非电网物联 网相关营业收入同比增长超30%。 这意味着，在传统电网业务收缩的同时，公司的第二增长曲线正在快速崛起。非电网物联网业务涵盖智 能家居、智慧城市、工业物联网等多个应用场景，市场空间广阔，为公司打开了新的成长通道。 2月27日，力合微发布2025年度业绩快报。报告显示，公司全年实现营业收入35,788.03万元，同比下降 34.79%；实现归属于母公司所有者的净利润2,092.48万元，同比下降75.19%。 力合微表示，业绩变动主要受智能电网市场招标采购规模减少及招标节奏影响，导致电网板块经营业绩 下降。作为公司传统优势领域，电网业务的下滑对整体业绩形成较大拖累。 电力线载波通信（PLC）芯片作为智能电网建设的关键部件，其需求与电网投资节奏密切相关。2025年 电网招标采购的阶段性调整，直接影响了公司相关业务的当期确认收入。 尽管整体业绩承压，但公司在非电网物联网领域的战略布局正加速见效。 截至2025年底，公司订单充足，在手订单 ...

Core Viewpoint - The company, Lihe Micro, announced a significant decline in its expected financial performance for 2025, primarily due to the impact of the smart grid market's procurement scale and pace on its electric grid segment [1] Financial Performance Summary - The projected revenue for 2025 is estimated to be between 340 million to 370 million yuan, representing a year-on-year decline of 32.58% to 38.05% [1] - The expected net profit attributable to the parent company is forecasted to be between 17 million to 22 million yuan, indicating a year-on-year decrease of 73.91% to 79.84% [1] - The non-recurring net profit is anticipated to be between 4.5 million to 6.5 million yuan, reflecting a substantial year-on-year drop of 91.39% to 94.04% [1] Market and Segment Analysis - The decline in performance is attributed to the electric grid segment's underperformance due to the smart grid market's procurement dynamics [1] - Despite the challenges in the electric grid sector, the company has increased its investment and focus on the non-electric grid Internet of Things (IoT) sector, which has seen revenue growth exceeding 30% [1]

Core Viewpoint - The company is actively expanding its presence in the non-electric IoT market, focusing on applications such as smart home, smart hotels, smart photovoltaic systems, and smart high-speed rail [1] Group 1: Business Expansion - The company has reported a year-on-year revenue growth rate exceeding 30% in its non-electric IoT-related business [1] - Future plans include further deepening the layout of non-electric business to support significant growth [1] Group 2: Market Applications - Key market applications being targeted include smart home/whole-home intelligence, smart hotels, smart photovoltaic systems, and smart high-speed rail [1] - The company aims to establish a solid foundation for multi-track collaborative development through its non-electric business initiatives [1]

Core Viewpoint - The company, Lihe Microelectronics (688589.SH), forecasts a significant decline in net profit for the year 2025, projecting a net profit attributable to shareholders of RMB 17 million to 22 million, representing a decrease of RMB 62.3367 million to 67.3367 million compared to the previous year, which translates to a year-on-year decline of 73.91% to 79.84% [1] Group 1 - In 2025, the company's performance in the power grid sector is expected to decline due to a reduction in the scale and pace of bidding procurement in the smart grid market [1] - The company is focusing on strategic development directions by increasing the application of chip products in non-power grid IoT fields and continuously enhancing R&D investment related to IoT [1] - R&D expenses are projected to increase year-on-year, contributing to the decline in net profit attributable to shareholders and net profit after deducting non-recurring gains and losses [1] Group 2 - During the reporting period, revenue from non-power grid IoT-related businesses is expected to grow by over 30% [1]

Core Viewpoint - The company, Lihe Micro, anticipates a significant decline in net profit for the year 2025, projecting a decrease of 73.91% to 79.84% compared to the previous year, primarily due to reduced procurement scale in the smart grid market and a strategic shift towards non-grid IoT applications [1] Financial Performance - The expected net profit attributable to shareholders for 2025 is projected to be between 17 million and 22 million yuan [1] - The net profit after deducting non-recurring gains and losses is expected to be between 4.5 million and 6.5 million yuan, reflecting a year-on-year decrease of 91.39% to 94.04% [1] Business Strategy - The decline in the grid segment's performance is attributed to a decrease in market bidding and procurement pace [1] - The company is focusing on strategic development by increasing its investment in chip products for non-grid IoT applications, leading to a rise in R&D expenses compared to the previous year [1] Revenue Growth - Despite the overall decline in net profit, revenue from non-grid IoT-related businesses has grown by over 30% during the reporting period [1]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first nine months of 2025, primarily due to delays in the smart grid market and increased R&D investments in the non-grid IoT sector [6][7]. Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 26,981.07 million yuan, a year-on-year decrease of 28.62% [6]. - The net profit attributable to shareholders was 2,238.00 million yuan, down 55.55% compared to the previous year [6]. - The company has a backlog of orders amounting to 19,809.54 million yuan as of September 30, 2025 [6]. Non-Recurring Gains and Losses - The report indicates that the company has identified non-recurring gains and losses, but specific amounts and reasons for classification are not detailed [4]. Shareholder Information - The report includes details about the total number of shareholders and the top ten shareholders, but specific figures are not provided [5]. Convertible Bond Information - The "Lihe Convertible Bond" can be converted into shares starting January 4, 2024, with an initial conversion price of 43.78 yuan per share, which has been adjusted multiple times due to various corporate actions [7][8]. - As of September 30, 2025, a total of 33,000 yuan of the "Lihe Convertible Bond" has been converted into 906 shares, representing 0.00090% of the company's total issued shares [9].