Core Viewpoint - Jiejie Microelectronics reported a revenue of 2.502 billion yuan for the first three quarters of 2025, a year-on-year increase of 24.70%, while net profit attributable to shareholders was 347 million yuan, a slight increase of 4.30% [1] Financial Performance - In Q3 2025, Jiejie Microelectronics achieved a revenue of 901 million yuan, a year-on-year growth of 21.19%, but net profit decreased by 15.65% to 100 million yuan [1] - The gross margin for Q3 2025 was 28.11%, down 12.04 percentage points year-on-year and 3.75 percentage points quarter-on-quarter [5] - For the first three quarters of 2025, the gross margin was 32.77%, with Q1 and H1 margins at 36.88% and 35.57%, respectively [4] Industry Context - The power semiconductor industry has faced demand adjustments and price competition over the past two years, leading to a decline in overall profit levels [1] - As of 2025, demand is expected to improve, and price competition is gradually easing, which may enhance profits for leading manufacturers [1] Product Performance - In Q1 2025, the gross margins for different product lines were as follows: thyristors at 44.16%, protective devices at 33.19%, and MOSFETs at 41.05% [4] - The company has adjusted prices for some products due to intense market competition, with a slight decrease in prices for certain thyristor products and a 10%-15% drop for some MOSFET products [4] Inventory and Orders - As of Q3 2025, contract liabilities reached 16.1626 million yuan, a 75.57% increase from the beginning of the year, indicating a rise in order volume [6] - Inventory stood at 781 million yuan, a 30.39% increase from the start of the year, driven by increased sales volume [6] Market Expansion - Jiejie Microelectronics is expanding into emerging markets such as aerospace, automotive electronics, IT products, and robotics while maintaining its position in traditional markets [8] - By H1 2025, revenue from the automotive sector accounted for 15.79% of total revenue, with industrial and consumer sectors at 43.55% and 36.25%, respectively [9]

Core Viewpoint - Jiejie Microelectronics reported a revenue of 2.502 billion yuan for the first three quarters of 2025, a year-on-year increase of 24.70%, while net profit attributable to shareholders was 347 million yuan, a slight increase of 4.30% [1] Financial Performance - In Q3 2025, Jiejie Microelectronics achieved a revenue of 901 million yuan, a year-on-year growth of 21.19%, but net profit decreased by 15.65% to 100 million yuan [1] - The gross margin for Q3 2025 was 28.11%, down 12.04 percentage points year-on-year and 3.75 percentage points quarter-on-quarter [1][6] - The gross margin for the first three quarters of 2025 was 32.77%, with Q1 and H1 margins at 36.88% and 35.57%, respectively [6] Industry Context - The power semiconductor industry has faced demand adjustments and price competition over the past two years, leading to a decline in overall profit levels [1] - According to Guosen Securities, demand is expected to improve in 2025, with price competition easing and leading manufacturers likely to see profit recovery [1] Product Performance - The gross margins for different product lines in Q1 2025 were as follows: thyristors at 44.16%, protective devices at 33.19%, and MOSFETs at 41.05% [6] - In Q2 2025, the gross margins for these products were reported as 45.43%, 29.20%, and 27.81%, respectively, indicating a decline from Q1 [6] Inventory and Contracts - As of Q3 2025, contract liabilities reached 16.1626 million yuan, a 75.57% increase from the beginning of the year, indicating a rise in order volume [8] - Inventory stood at 780 million yuan, a 30.39% increase from the start of the year, driven by increased sales volume [8] Market Expansion - Jiejie Microelectronics is expanding into emerging markets such as aerospace, automotive electronics, IT products, and robotics while maintaining its position in traditional markets [9] - The automotive sector accounted for 15.79% of the company's revenue in the first half of 2025, with over 100 vehicle-grade MOSFETs in mass production [9]

Group 1 - The core point of the news is that Jiangsu Jiejie Microelectronics Co., Ltd. experienced a stock decline of 5.03%, with a current share price of 31.13 yuan and a total market capitalization of 25.903 billion yuan [1] - The company was established on March 29, 1995, and went public on March 14, 2017, focusing on the research, design, production, and sales of power semiconductor discrete devices [1] - The revenue composition of the company's main business includes power semiconductor devices at 67.12%, power semiconductor chips at 30.73%, other (supplementary) at 1.42%, and power device packaging and testing at 0.73% [1] Group 2 - From the perspective of the top ten circulating shareholders, Southern Fund has a fund that entered the top ten shareholders of Jiejie Microelectronics, holding 7.3814 million shares, which accounts for 1.02% of the circulating shares [2] - The Southern CSI 500 ETF (510500) has a total scale of 113.438 billion yuan and has achieved a return of 33.74% this year, ranking 1755 out of 4220 in its category [2] - The fund manager, Luo Wenjie, has a cumulative tenure of 12 years and 175 days, with the best fund return during his tenure being 154.11% [3]

Core Points - The report details the fundraising and usage status of Jiangsu JieJie Microelectronics Co., Ltd. for the first half of 2025, confirming compliance with regulatory requirements [1][2][3] Fundraising Overview - The company raised a total of CNY 1,195 million through the issuance of convertible bonds, with a net amount of CNY 1,169.68 million after deductions [1][2] - As of June 30, 2025, the balance of the raised funds was CNY 0, with cumulative usage amounting to CNY 1,165.11 million and interest accrued of CNY 62.49 million [1][2] Fund Management - The company established a fundraising management system to ensure proper use and storage of funds, which was approved by the board and shareholders [1][2] - A tripartite supervision agreement was signed with the sponsor and bank to ensure funds are used for designated projects [1][2] Fund Usage - The company replaced CNY 19.21 million of self-raised funds with the raised funds for project investments, which was approved by the board and independent directors [2][3] - The company plans to permanently supplement working capital with any remaining funds from the fundraising projects, as approved in a shareholder meeting [2][3] Project Status - The timeline for the "automotive-grade" semiconductor packaging project has been extended to December 31, 2024, without changing the project content or investment amount [3][4] - The company reported that the usage of raised funds aligns with disclosures, with no violations or misuses identified [3][5]