证券代码：688589 证券简称：力合微公告编号：2026-004 转债代码：118036 转债简称：力合转债 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以深圳市力合微 电子股份有限公司（以下简称"公司"）2025年年度报告为准，请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：人民币 万元 ■ 注：1、本报告期初数同法定披露的上年年末数。 2、以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司 2025年年度报告为准。 3、公司于2025年6月实施了权益分派方案，以实施权益分派股权登记日登记的公司总股本扣减公司回购 专用证券账户中股份为基数，向全体股东每10股派发现金红利3元（含税），同时以资本公积金每10股 转增2股，为保持基本每股收益可比性，公司对上年同期数进行同步调整计算。 深圳市力合微电子股份有限公司 2025年年度业绩快报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 2025年，公司实现营业收入35,788.03万元，较上年同期下降34.7 ...

与此同时，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，推动非电网物联网相关营业收入同比增长超30%，为公司长 远发展培育新的增长动力。截至2025年底，公司订单充足，在手订单金额24,256.32万元（包括已签合同 金额及中标金额），为后续经营发展提供了坚实保障。 格隆汇2月27日丨力合微(688589.SH)公布2025年年度业绩快报，2025年，公司实现营业收入35,788.03万 元，较上年同期下降34.79%，实现归属于母公司所有者的净利润2,092.48万元，较上年同期下降 75.19%，归属于母公司所有者的扣除非经常性损益的净利润589.21万元，较上年同期下降92.20%，主要 受智能电网市场招标采购规模减少及招标节奏影响，公司电网板块经营业绩下降所致。 ...

Core Insights - AMD will support a $300 million loan for Crusoe, which is backed by Goldman Sachs and secured by chip products [1] Group 1 - The loan amount is $300 million, indicating significant financial backing for Crusoe [1] - The loan is facilitated by Goldman Sachs, a major player in investment banking [1] - The loan is secured by chip products, highlighting the importance of semiconductor technology in financing [1]

智通财经APP讯，力合微(688589.SH)发布2025年年度业绩预告，预计2025年年度实现归属于母公司所 有者的净利润人民币1700万元至2200万元，与上年同期相比，将减少6,233.67万元到6,733.67万元，同比 下降73.91%到79.84%。 2025年，受智能电网市场招标采购规模减少及节奏影响，公司电网板块经营业绩下降。同时，公司聚焦 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研发投入，研发费用 同比增加，公司归属于母公司所有者的净利润及扣除非经常性损益的净利润下滑。报告期内，非电网物 联网相关营业收入增长超过30%。 ...

Core Viewpoint - Lihua Microelectronics (688589.SH) forecasts a significant decline in net profit for 2025, projecting a decrease of 6,233.67 million to 6,733.67 million RMB, representing a year-on-year drop of 73.91% to 79.84% [1] Group 1: Financial Performance - The company expects net profit attributable to shareholders to be between 17 million to 22 million RMB for 2025 [1] - The anticipated decline in profit is attributed to reduced bidding and procurement scale in the smart grid market [1] - The net profit and net profit excluding non-recurring gains and losses are both expected to decline due to increased R&D expenses [1] Group 2: Business Strategy - The company is focusing on strategic development by increasing the application of chip products in non-grid IoT sectors [1] - R&D investment in IoT-related areas has increased, with revenue from non-grid IoT-related operations growing by over 30% during the reporting period [1]

Core Viewpoint - The company, Lihe Micro (688589.SH), expects a significant decline in both revenue and net profit for the fiscal year 2025 compared to the previous year, primarily due to reduced procurement in the smart grid market and increased R&D expenses in the IoT sector [1] Financial Performance Summary - The company anticipates an annual revenue of RMB 340 million to 370 million for 2025, representing a decrease of RMB 177 million to 209 million, or a decline of 32.58% to 38.05% year-on-year [1] - The expected net profit attributable to the parent company is projected to be between RMB 17 million and 22 million, down by RMB 62.34 million to 67.34 million, reflecting a year-on-year decrease of 73.91% to 79.84% [1] - The net profit excluding non-recurring gains and losses is forecasted to be between RMB 4.5 million and 6.5 million, which is a reduction of RMB 69 million to 71 million, indicating a decline of 91.39% to 94.04% year-on-year [1] Business Segment Analysis - The decline in performance is attributed to a decrease in the operating results of the company's grid segment due to reduced bidding and procurement scale in the smart grid market [1] - The company is focusing on strategic development by increasing the application of chip products in non-grid IoT fields and has significantly raised its R&D investment, leading to increased R&D expenses year-on-year [1] - Despite the overall decline, revenue from non-grid IoT-related operations has grown by over 30% during the reporting period [1]

Core Viewpoint - The company, Lihe Micro (688589.SH), expects a significant decline in both revenue and net profit for the fiscal year 2025 compared to the previous year, primarily due to reduced procurement in the smart grid market and increased R&D expenses in the IoT sector [1] Financial Performance Summary - The projected revenue for 2025 is estimated to be between RMB 340 million and RMB 370 million, representing a decrease of RMB 177 million to RMB 209 million, or a year-on-year decline of 32.58% to 38.05% [1] - The expected net profit attributable to the parent company for 2025 is forecasted to be between RMB 17 million and RMB 22 million, which is a reduction of RMB 62.34 million to RMB 67.34 million, translating to a year-on-year decline of 73.91% to 79.84% [1] - The anticipated net profit excluding non-recurring gains and losses is projected to be between RMB 4.5 million and RMB 6.5 million, indicating a decrease of RMB 69 million to RMB 71 million, or a year-on-year decline of 91.39% to 94.04% [1] Business Segment Analysis - The decline in performance is attributed to a decrease in the operating performance of the company's grid segment due to reduced bidding and procurement scale in the smart grid market [1] - The company is focusing on strategic development by increasing the application of chip products in non-grid IoT fields and has significantly raised R&D investments, leading to increased R&D expenses [1] - Despite the overall decline, revenue from non-grid IoT-related operations has grown by over 30% during the reporting period [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 - Unisoc has initiated the listing guidance for the Beijing Stock Exchange at the beginning of 2026, marking a significant step in its capital market journey after years of development and transformation from a foreign entity to a domestic player in the semiconductor industry [1][11]. Group 1: Company Background and Development - Unisoc originated from Infineon's storage R&D department in Xi'an in 2004, evolving through foreign investment, acquisition, and integration into the Unisoc system [3]. - The company has seen a shift in its shareholder structure, with significant investments from state-owned capital and industry capital, reflecting a strong "national team" presence [3][9]. - After years of losses, Unisoc achieved a profit of 5.683 million yuan in the first half of 2025, marking a turning point for the company ahead of its IPO [3][6]. Group 2: Financial Performance - In 2024, Unisoc reported revenues of 1.21 billion yuan, a year-on-year increase of 32.42%, while net losses narrowed to 24 million yuan, a reduction of 87.74% compared to the previous year [5]. - The company’s R&D expenses decreased by 22.34% year-on-year, indicating a strategic adjustment in response to market demand [5]. - In the first half of 2025, Unisoc's revenue reached 750 million yuan, with net profit increasing by over 139.54% year-on-year [6]. Group 3: Market Position and Challenges - Unisoc's business focuses on integrated circuit design, particularly in the memory sector, with products aimed at communications, IoT, and AI markets [5]. - The company is heavily reliant on the semiconductor industry's cyclical nature, which has led to significant fluctuations in its performance [5][12]. - The upcoming IPO process will be scrutinized for the sustainability of its profitability and the impact of industry cycles on its operations [12]. Group 4: Listing Strategy - Unisoc's choice to list on the Beijing Stock Exchange aligns with the current trend of domestic memory chip companies seeking capital market access [11]. - The company’s "specialized, refined, distinctive, and innovative" attributes, along with a significant R&D investment ratio, make it a suitable candidate for this market [12]. - However, the company faces challenges such as the need for audited financial reports and the uncertainty surrounding the commercialization of its AI-related products [12].

Core Viewpoint - The article discusses the development journey of Unisoc, a semiconductor company that originated from Infineon's storage R&D department in Xi'an, China, and highlights its transition from foreign investment to local integration, culminating in a significant shift in its ownership structure towards state-owned enterprises and industry capital [1][5]. Group 1: Company Development - Unisoc was established in 2004, evolving from a foreign semiconductor entity to a local company, with significant investments from state-owned and industry capital [1][5]. - The company has experienced a narrowing of net profits over the years, finally achieving a profit of 5.683 million yuan in the first half of 2025, marking a pivotal moment before its IPO [1][4]. - The development of Unisoc serves as a microcosm for observing trends in the semiconductor industry, reflecting the broader shifts in technology and market dynamics [1]. Group 2: Financial Performance - In 2024, Unisoc reported revenues of 1.21 billion yuan, a year-on-year increase of 32.42%, while net losses narrowed to 24 million yuan, a reduction of 87.74% compared to the previous year [3][4]. - The company's R&D expenses decreased by 22.34% year-on-year, indicating a strategic adjustment based on market demand [3]. - The improvement in financial performance is attributed to a recovery in the storage market, enhanced market expansion efforts, and better product pricing and sales [4]. Group 3: Ownership Structure - The current ownership structure of Unisoc features a significant presence of state-owned enterprises, with Beijing Unisoc Storage Technology Co., Ltd. holding 59.63% of the shares [7]. - The top ten shareholders include various state-owned funds and industry capital, reflecting a strong "national team" influence in the company's capital structure [7]. Group 4: Market Position and IPO Plans - Unisoc's IPO journey aligns with the timing of its industry transformation, having completed a shareholding reform in 2023 and planning to list on the Beijing Stock Exchange in 2026 [9]. - The choice of the Beijing Stock Exchange is strategic, as it caters to innovative small and medium enterprises, which aligns with Unisoc's focus on specialized and new technologies [9]. - However, the company faces challenges in maintaining profitability and stability, particularly due to the cyclical nature of the DRAM industry and uncertainties in the commercialization of AI-related products [9].