Core Viewpoint - The company, Ziguang Guowei, reported strong performance in the first three quarters of 2025, with significant revenue and profit growth driven by increased sales in the special integrated circuit business [2] Financial Performance - The company achieved an operating income of 4.904 billion yuan, a year-on-year increase of 15.05% [2] - The net profit attributable to shareholders reached 1.263 billion yuan, reflecting a year-on-year growth of 25.04% [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.163 billion yuan, showing a year-on-year increase of 32.34% [2] - Compared to the entire previous year, the net profit attributable to shareholders after deducting non-recurring gains and losses increased by 237 million yuan, representing a growth of 26% [2] Business Outlook - The company is focused on delivering current tasks while actively pursuing new orders and market expansion for the upcoming year [2] - Relevant statements from the "Central Committee of the Communist Party of China on Formulating the 15th Five-Year Plan for National Economic and Social Development" are expected to positively impact the company's business development [2]

Core Viewpoint - The stock of Unisoc Microelectronics has experienced fluctuations, with a recent decline of 2.01% and a total market capitalization of 64.325 billion yuan, indicating a mixed performance in the market [1]. Financial Performance - For the period from January to September 2025, Unisoc Microelectronics achieved a revenue of 4.904 billion yuan, reflecting a year-on-year growth of 15.05%, while the net profit attributable to shareholders was 1.263 billion yuan, up by 25.04% [2]. - The company has distributed a total of 1.419 billion yuan in dividends since its A-share listing, with 750 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 12, the stock price of Unisoc Microelectronics was 75.71 yuan per share, with a trading volume of 759 million yuan and a turnover rate of 1.17% [1]. - The stock has seen a year-to-date increase of 18.00%, but has declined by 5.11% over the last five trading days and 11.48% over the last twenty days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on April 9, where it recorded a net purchase of 357 million yuan [1]. Shareholder Structure - As of October 31, the number of shareholders for Unisoc Microelectronics was 183,800, an increase of 2.27% from the previous period, with an average of 4,620 circulating shares per person, a decrease of 2.22% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 33.8843 million shares, which increased by 17.09 million shares compared to the previous period [3].

Core Insights - The company has significantly increased its R&D efforts this year, achieving breakthroughs in multiple core products that are now being applied in the market [1][3] - The new generation anti-counterfeiting chip T91-506 supports ultra-low voltage communication and has entered the electronic device and battery safety sectors [1] - The world's first open architecture security chip E450R was commercialized in June this year, leading the market in card issuance [1] - The eSIM solution has been adopted by several well-known device manufacturers, covering mobile communications, wearables, automotive electronics, and IoT terminals [1] Market Expansion - The smart security chip business is continuously expanding into overseas markets [3] - The special integrated circuit business, including high-end FPGA, clock, NFZ, and power products, has attracted multiple new clients [3] - NFZ products have progressed to the aerospace-grade directory access stage, and the company is involved in formulating the first domestic "Automotive Security Chip Application Field White Paper" to promote industry standardization [3] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of approximately 4.904 billion yuan, a year-on-year increase of 15.05% [3] - The net profit attributable to shareholders was approximately 1.263 billion yuan, up 25.04% year-on-year [3] - The net profit after deducting non-recurring items was approximately 1.163 billion yuan, reflecting a year-on-year growth of 32.34% [3] - The special integrated circuit business accounted for over 50% of revenue, while the smart security chip business made up over 40% [3] Industry Outlook - Industry experts believe that the company's product breakthroughs and applications have made substantial progress in "domestic substitution," "high-reliability security chips," and "industry standardization," which may lead to further growth in automotive electronics, financial security, and IoT applications [3] - However, short-term attention is needed on the global chip industry cycle and supply-demand changes [3]

Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 1.857 billion yuan, a year-on-year growth of 33.60%, and net profit at 571 million yuan, up 109.55% [1] - For the first three quarters of 2025, the company achieved a revenue of 4.904 billion yuan, reflecting a 15.05% increase, and a net profit of 1.263 billion yuan, which is a 25.04% increase [1] Business Performance - The company maintains a leading position in its two main businesses: special integrated circuits and smart security chips, with special integrated circuits accounting for over 50% of revenue and smart security chips over 40% in the first three quarters of 2025 [2] - The company has over 800 types of special integrated circuit products, with analog chips making up 40-50% and digital chips 50-60% of the revenue from this segment [2] Market Position - In the smart security chip sector, the company ranks highly in the domestic and global markets for SIM card chips, financial IC card chips, and other related products [3] - The company launched the world's first open architecture security chip, E450R, in June 2025, setting a new benchmark for financial security applications [3] Industry Opportunities - The integrated circuit industry is supported by favorable policies and is expected to grow significantly due to advancements in AI, IoT, big data, and cloud computing [4] - The global semiconductor market is projected to reach $728 billion in 2025, with a year-on-year growth of 15.4%, driven primarily by logic and memory chips [4] Future Outlook - The company plans to focus on market demand and capitalize on domestic substitution opportunities, while also expanding into emerging markets such as AI and low-altitude economy [5] - The company aims to prepare for future orders and expand market share in Q4 2025 and beyond, with a commitment to enhancing its R&D capabilities [5]

Core Viewpoint - Unisoc announced that its special integrated circuit business is expected to see uniform growth across various downstream customer sectors by 2025, with a stable customer structure compared to previous years [2]. Group 1 - The growth rate of the special integrated circuit business is projected to be consistent across all downstream customer fields [2]. - The customer structure remains relatively stable, showing no significant changes from previous years [2].

（编辑 袁冠琳） 证券日报网讯 紫光国微11月3日发布公告，在公司回答调研者提问时表示，公司2025年上半年的特种集 成电路订单，有较大一部分在Q3确认收入。2025年Q4期间，除了全力完成当前任务，还会为明年订单 积极准备，积极开拓新市场、扩大市场份额。2026年，公司将持续积极拓展市场，进一步巩固并提升市 场占有率。 ...

（文章来源：证券日报） 证券日报网讯紫光国微11月3日发布公告，在公司回答调研者提问时表示，2025年初至今，公司特种集 成电路订单同比增长；其中Q3订单同比也是增长态势，环比则有所下降。 ...

Core Viewpoint - Unisoc is a leading enterprise in the integrated circuit chip design sector in China, with a strong focus on chip design and sales, as well as the development and production of piezoelectric quartz crystal components and LED sapphire substrate materials [1] Group 1: Business Performance - In Q3 2025, Unisoc achieved a revenue of 4.904 billion yuan, ranking 10th in the industry out of 48 companies, surpassing the industry average of 2.912 billion yuan and the median of 1.156 billion yuan [2] - The net profit for the same period was 1.262 billion yuan, ranking 5th in the industry, exceeding the industry average of 348 million yuan and the median of 107 million yuan [2] - Revenue growth year-on-year was 15.05%, while net profit growth was 25.04%, driven by stable demand for special integrated circuits and improved cost control [6][7] Group 2: Financial Ratios - As of Q3 2025, Unisoc's asset-liability ratio was 27.02%, higher than the industry average of 24.46%, showing a slight increase from 26.84% in the same period last year [3] - The gross profit margin for the same period was 56.60%, significantly above the industry average of 36.52%, although it slightly decreased from 56.81% year-on-year [3] Group 3: Leadership and Shareholder Structure - The chairman, Chen Jie, aged 62, took office in October 2024, bringing extensive experience in chip research and management [4] - As of September 30, 2025, the number of A-share shareholders decreased by 0.53% to 182,400, with an average holding of 4,656.58 shares, an increase of 0.54% [5] Group 4: Future Outlook - Forecasts for net profit from 2025 to 2027 are 1.675 billion, 1.926 billion, and 2.613 billion yuan, with corresponding price-to-earnings ratios of 44, 39, and 28 times [6] - The company is expected to maintain a strong position in the FPGA and system-level chip markets, with growth opportunities in automotive electronics and eSIM sectors [7]

Core Insights - Unisoc's strong revenue and net profit growth in Q3 2025 is primarily driven by the robust demand for specialty integrated circuits [1][2][3] Financial Performance - For the first three quarters of 2025, Unisoc achieved a revenue of 4.904 billion yuan, a year-on-year increase of 15.05%, and a net profit attributable to shareholders of 1.263 billion yuan, up 25.04% [2] - In Q3 2025, the revenue reached 1.857 billion yuan, reflecting a year-on-year growth of 33.60%, while the net profit surged to 571 million yuan, marking a 109.55% increase [2] - The non-recurring net profit for the first three quarters was 1.163 billion yuan, up 32.34%, and for Q3, it was 510 million yuan, growing by 101.46% [2] Business Drivers - The growth in performance is attributed to increased downstream demand and sales volume in the specialty integrated circuit business [3] - Unisoc's core business includes specialty integrated circuits and smart security chips, with over 800 shelf products covering various sectors such as mobile communication, finance, and IoT [3] Market Context - The global semiconductor market reached a size of 346 billion USD in the first half of 2025, a year-on-year increase of 18.9%, driven by strong performances in logic chips and memory chips [3] - The global semiconductor market is projected to reach 728 billion USD in 2025, with a year-on-year growth of 15.4% [3] Governance and Structural Changes - Unisoc has optimized its governance structure, including a smooth leadership transition and changes in the board of directors, with the cancellation of the supervisory board [5] - The company has introduced a stock option incentive plan for 2025, enhancing the binding of core talents and fostering innovation [6] Strategic Initiatives - The company is exploring more dynamic incentive models at the subsidiary level, which includes introducing a partnership for core employees to share risks and benefits [6] - Recent reforms in governance and incentive systems reflect the management's commitment to long-term development and adaptability in a competitive semiconductor industry [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2025 performance met market expectations, with a revenue of 4.904 billion yuan for Q1-Q3, a year-on-year increase of 15.1%, and a net profit of 1.263 billion yuan, up 25.0% year-on-year. In Q3 alone, revenue reached 1.857 billion yuan, a 33.6% increase year-on-year, and net profit was 571 million yuan, a significant rise of 109.6% year-on-year [4][7] - The company's revenue growth is driven by increased demand in the special integrated circuit business, with a focus on eSIM and automotive safety chips, alongside the introduction of high-end AI visual perception and mid-to-high-end MCU products [7] - The gross margin for Q3 2025 was 58.32%, an increase of 3.86 percentage points year-on-year, while the net margin rose by 11.11 percentage points to 30.71% [7] - The company is positioned as a leader in the special integrated circuit market, with expanding demand in defense information technology, aerospace, and unmanned equipment sectors [7] - The report raises the profit forecast for 2025-2027, projecting net profits of 17.23 billion, 24.60 billion, and 34.95 billion yuan respectively, reflecting strong growth potential [7] Financial Data and Profit Forecast - For 2025, the total revenue is projected at 7.194 billion yuan, with a year-on-year growth rate of 30.5%. The net profit is expected to reach 1.723 billion yuan, a 46.1% increase year-on-year [6] - The earnings per share (EPS) for 2025 is estimated at 2.03 yuan, with a gross margin of 56.8% and a return on equity (ROE) of 12.7% [6][9]