2025年度业绩快报公告 证券代码：688261 证券简称：东微半导 公告编号：2026-002 苏州东微半导体股份有限公司 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。 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，具体数据以苏州东微半导 体股份有限公司（以下简称"公司"）2025年年度报告披露的数据为准，提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.上述数据均按四舍五入原则保留至小数点后两位数。 3）报告期内，公司基于谨慎性考虑，对可能出现减值迹象的相关资产进行了减值测试，2025年转回的 信用减值损失为356.07万元，计提的存货跌价损失为4,087.83万元。 4）报告期内，公司实施了限制性股票激励计划，本报告期内摊销的股份支付费用为1,393.16万元，若剔 除股份支付费用的影响，公司2025年度实现归属于母公司所有者的净利润为5,798.80万元，较上年同期 增长44.12%，实现归属于母公司所有 ...

Core Viewpoint - Weimars (688612.SH) has achieved rapid growth in its operating performance, with a record net profit of approximately 557 million yuan in 2025, marking a year-on-year increase of 39.22% [1][3]. Financial Performance - In 2025, Weimars reported an operating revenue of approximately 6.342 billion yuan, a slight decrease of 0.48% compared to the previous year [3]. - The net profit attributable to shareholders reached about 557 million yuan, representing a year-on-year growth of 39.22%, while the non-recurring net profit was approximately 521 million yuan, up 46.71% year-on-year [3]. R&D Investment - Weimars has consistently increased its R&D investment for four consecutive years, with expenditures rising from 76.56 million yuan in 2020 to 385 million yuan in 2024, and 309 million yuan in the first three quarters of 2025 [4]. - The company focuses on optimizing product performance through technological innovation, which enhances its market competitiveness in the rapidly evolving electric vehicle sector [4]. Market Position and Strategy - Weimars specializes in the electric vehicle sector, primarily producing onboard power products such as onboard chargers and integrated power products [4]. - The company has secured 26 overseas patents related to magnetic integration technologies and has established partnerships with major automotive manufacturers like XPeng Motors and Changan Automobile [4]. - By aligning its product structure with market demand and increasing the sales proportion of high-value products, Weimars has improved its profitability [3].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 70.4 CNY per share based on a 30x PE for 2026 [6][12]. Core Insights - The company is a leading third-party provider of on-board high-voltage power systems in China, benefiting from strong demand from major clients like Xiaomi and NIO, and is expected to maintain high growth rates in revenue and profit [12][46]. - The company has a robust product matrix in the new energy vehicle sector, focusing on high-performance and integrated power solutions, with significant growth potential in both domestic and overseas markets [12][31]. - The HVDC (High Voltage Direct Current) technology presents a substantial market opportunity, with the company leveraging its existing technology to enter this growing segment [12][46]. Summary by Sections 1. Company Overview - Established in 2011, the company has become a top player in the on-board power supply sector, achieving a market share of 8% in the domestic OBC industry by mid-2025 [12][46]. - The company has developed strong relationships with major automotive manufacturers, including Xiaomi, NIO, and Renault, which enhances customer loyalty and market presence [12][18]. 2. Financial Performance - The company reported revenues of 1,835 million CNY in 2023, with projections of 4,154 million CNY by 2025, reflecting a growth rate of 114.8% [6][12]. - Net profit is expected to reach 230.35 million CNY in 2025, representing a year-on-year increase of 143.49% [6][12]. 3. Market Dynamics - The demand for on-board power systems is driven by the rapid growth of the new energy vehicle market, with global sales projected to reach 2,070 million units in 2025 [46][49]. - The company is actively expanding its overseas market presence, with expectations of significant revenue growth from international clients [12][46]. 4. Research and Development - The company places a high emphasis on R&D, which has enabled it to maintain a competitive edge in technology and product offerings [12][31]. - Ongoing investments in R&D are aimed at developing next-generation products, including those utilizing GaN and SiC semiconductor technologies [12][31]. 5. Future Outlook - The company anticipates continued growth in both domestic and international markets, with a projected CAGR of 6.2% for the domestic market and 18.1% for the overseas market from 2025 to 2030 [12][49]. - The HVDC market is expected to reach 176.8 billion CNY by 2030, providing a significant growth avenue for the company [12][46].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 70.4 CNY per share based on a 30x P/E ratio for 2026 [1]. Core Insights - The company is a leading player in the automotive power supply sector, benefiting from significant growth in demand from major clients such as Xiaomi and NIO, as well as expanding overseas projects [6][12]. - The company has a strong focus on R&D, which has allowed it to maintain a competitive edge in product offerings, particularly in the high-performance and high-integration segments of automotive power supplies [12][31]. - The HVDC (High Voltage Direct Current) technology presents a substantial market opportunity, with projections indicating a market size of 176.8 billion CNY by 2030, leveraging the company's existing technological advantages [12][31]. Summary by Sections 1. Company Overview - The company was established in 2011 and has become a leading third-party automotive power supply provider in China, achieving a market share of 8% in the OBC (On-Board Charger) sector by mid-2025 [12]. - The company has developed a diverse product matrix, including on-board chargers, DC/DC converters, and integrated power systems, catering to the growing demand in the new energy vehicle market [12][13]. 2. Financial Performance - The company reported revenues of 1.835 billion CNY in 2023, with projections of 4.154 billion CNY by 2025, reflecting a growth rate of 114.8% [1]. - The net profit attributable to shareholders is expected to reach 230.35 million CNY in 2025, representing a year-on-year increase of 143.49% [1]. 3. Market Dynamics - The automotive power supply market is experiencing rapid expansion, driven by increasing demand for new energy vehicles, with global sales projected to reach 20.7 million units in 2025 [46]. - The company is actively expanding its overseas market presence, with significant growth in international revenues, which accounted for over 17% of total revenue in the first half of 2025 [12][16]. 4. R&D and Technological Advancements - The company places a high emphasis on R&D, with plans to invest in new product development and production capacity, including a fundraising initiative to raise up to 528 million CNY for these purposes [28][30]. - The transition towards HVDC technology is expected to enhance the company's product offerings and market position, as it aligns with industry trends towards higher efficiency and reliability [12][31]. 5. Competitive Landscape - The domestic automotive power supply market is characterized by a clear competitive hierarchy, with the company positioned among the top players, including competitors like BYD and Weimars [39][41]. - The company has established deep partnerships with major automotive manufacturers, which enhances customer loyalty and market penetration [18][20].

Core Viewpoint - The company, Yingboer, has shown significant growth in revenue and net profit, indicating strong operational performance and investor interest in the stock. Group 1: Financial Performance - As of January 16, Yingboer reported a financing buy-in amount of 35.40 million yuan, with a net financing buy of 3.62 million yuan, indicating active trading interest [1] - For the period from January to September 2025, Yingboer achieved operating revenue of 2.36 billion yuan, a year-on-year increase of 46.70%, and a net profit attributable to shareholders of 149 million yuan, reflecting a substantial growth of 191.18% [2] Group 2: Shareholder and Market Activity - As of November 10, the number of Yingboer's shareholders increased to 25,600, with an average of 7,313 circulating shares per person, showing a slight increase in shareholder engagement [2] - On January 16, Yingboer's total margin trading balance reached 477 million yuan, accounting for 5.71% of its market capitalization, which is above the 80th percentile of the past year, indicating a high level of leverage [1] Group 3: Shareholding Structure - As of September 30, 2025, the top ten circulating shareholders included notable institutional investors, with changes in holdings reflecting a mix of reductions and new entries among major shareholders [3]

Core Viewpoint - The company, Yingboer, has shown significant growth in revenue and net profit, indicating strong performance in the electric vehicle components sector, particularly in motor controllers and related products. Group 1: Stock Performance - On January 16, Yingboer’s stock price increased by 2.05%, reaching 27.39 CNY per share, with a trading volume of 166 million CNY and a turnover rate of 2.66%, resulting in a total market capitalization of 8.38 billion CNY [1] - Year-to-date, Yingboer’s stock has risen by 9.30%, with a 3.16% increase over the last five trading days and a 14.03% increase over the last 20 days, although it has decreased by 12.85% over the past 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Yingboer reported a revenue of 2.36 billion CNY, reflecting a year-on-year growth of 46.70%, and a net profit attributable to shareholders of 149 million CNY, which is a 191.18% increase compared to the previous year [2] Group 3: Shareholder Information - As of November 10, Yingboer had 25,600 shareholders, an increase of 0.47% from the previous period, with an average of 7,313 circulating shares per shareholder, up by 1.25% [2] - The company has distributed a total of 799.05 million CNY in dividends since its A-share listing, with 186.06 million CNY distributed over the last three years [3] - Among the top ten circulating shareholders, notable changes include a decrease in holdings by several funds, while new shareholders have entered the list [3]

Core Viewpoint - The stock of Yingboer has shown a mixed performance with a recent increase in price, while the company has reported significant growth in revenue and net profit for the year 2025 [1][2]. Group 1: Stock Performance - On January 8, Yingboer’s stock price increased by 2.06%, reaching 26.78 CNY per share, with a trading volume of 291 million CNY and a turnover rate of 4.92%, resulting in a total market capitalization of 8.194 billion CNY [1]. - Year-to-date, Yingboer’s stock has risen by 6.86%, with a 7.81% increase over the last five trading days, a 1.44% decrease over the last 20 days, and a 13.22% decline over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Yingboer achieved a revenue of 2.358 billion CNY, representing a year-on-year growth of 46.70%, and a net profit attributable to shareholders of 149 million CNY, which is a remarkable increase of 191.18% [2]. Group 3: Shareholder Information - As of November 10, 2025, Yingboer had 25,600 shareholders, an increase of 0.47% from the previous period, with an average of 7,313 circulating shares per shareholder, up by 1.25% [2]. - The company has distributed a total of 79.9048 million CNY in dividends since its A-share listing, with 18.6058 million CNY distributed over the last three years [3]. Group 4: Institutional Holdings - As of September 30, 2025, the third-largest circulating shareholder is Yongying Low Carbon Environmental Smart Selection Mixed Fund, holding 5.0143 million shares, a decrease of 1.5835 million shares from the previous period [3]. - New institutional shareholders include Hong Kong Central Clearing Limited, which holds 2.6927 million shares [3].

Core Viewpoint - The stock of Yingboer has shown fluctuations with a recent increase of 2.04%, while the company has experienced a decline in stock price over the year and recent trading periods [1] Financial Performance - For the period from January to September 2025, Yingboer achieved a revenue of 2.358 billion yuan, representing a year-on-year growth of 46.70% [2] - The net profit attributable to shareholders for the same period was 149 million yuan, marking a significant increase of 191.18% year-on-year [2] Stock and Shareholder Information - As of November 10, 2025, Yingboer had 25,600 shareholders, an increase of 0.47% from the previous period, with an average of 7,313 circulating shares per shareholder, up by 1.25% [2] - Since its A-share listing, Yingboer has distributed a total of 799.048 million yuan in dividends, with 186.058 million yuan distributed over the last three years [3] Major Shareholders - As of September 30, 2025, the third-largest circulating shareholder is Yongying Low Carbon Environmental Smart Selection Mixed Fund A, holding 5.0143 million shares, a decrease of 1.5835 million shares from the previous period [3] - Hong Kong Central Clearing Limited is a new major shareholder, holding 2.6927 million shares [3]

Financial Performance - The company's operating cash flow improved by 269.56% in the first three quarters of 2025, indicating progress in operational efficiency and capital turnover [3] - The company achieved a turnaround to profitability in Q3 2025, driven by scale effects, cost control, and reduced asset impairment impacts [39] Operational Efficiency - The company optimized product design and deepened supply chain collaboration to enhance operational efficiency and reduce material costs [3] - Cost control measures were implemented, including managing expenses and adjusting structures to ensure effective resource utilization [43] Product Innovation - The company launched the 9th generation vehicle power supply platform "Ruihu," which features innovations in components, topology, and design, providing a competitive edge [43] - Continuous investment in R&D for new platform products, focusing on SiC and GaN technologies to enhance product value [6] Market Strategy - The company is actively expanding its overseas market presence and deepening partnerships with leading new energy vehicle manufacturers to secure high-quality orders [4][43] - The company has established strategic collaborations with major automotive manufacturers, including Honda, Hyundai, and Volvo, since 2018 [19] Pricing and Profitability - The pricing of vehicle power supply products is influenced by technology costs, competitive environment, and customization demands, with short-term pressure on prices due to industry competition [5][6] - The gross margin for overseas markets is generally higher than for domestic markets due to less competitive pressure and longer development cycles [7] Future Outlook - The company plans to expand production capacity significantly, with a new factory in Anhui expected to begin trial production in September 2026 [29] - The company is focusing on integrating power supply systems with emerging technologies, including AI and hydrogen fuel cells, to enhance its market position [33][36]

Core Viewpoint - In Q3 2025, the company achieved a revenue growth of 69% year-on-year, with a sequential increase in gross margin [4][8][11]. Financial Performance - In Q3 2025, the company reported revenue of 990 million yuan, a year-on-year increase of 69.4% and a quarter-on-quarter increase of 20.2%. The net profit attributable to shareholders was 110 million yuan, up 580.6% year-on-year and 322.7% quarter-on-quarter [4][8]. - For the first three quarters of 2025, the company achieved a total revenue of 2.36 billion yuan, representing a year-on-year growth of 46.7%, and a net profit of 150 million yuan, up 191.2% year-on-year [8][11]. Business Development - The company has established long-term partnerships in the new energy passenger vehicle sector with major automakers such as GAC Honda, Dongfeng Nissan, and Geely [4][24]. - In the new energy commercial vehicle sector, collaborations include companies like Geely Remote, Beiqi Foton, and SAIC Maxus [4][24]. - The company has also formed partnerships in the non-road vehicle sector with clients such as XCMG, SANY, and Doosan [4][24]. Market Expansion - The company has made significant progress in the low-altitude economy sector, collaborating with leading firms like EHang and Eviation [5][25]. - A joint venture with EHang has been established, with the construction of a factory nearing completion and entering trial production [6][25]. Product Innovation - The company focuses on advanced transmission modules and eVTOL systems, leveraging its "integrated chip" technology for high efficiency and lightweight designs [7][28]. - The company has developed a sixth-in-one power system that integrates multiple components, enhancing performance and reducing space requirements in vehicles [32][33]. Strategic Collaborations - The company has engaged in deep collaborations with Fengli Intelligent Technology and other firms to enhance product offerings in various sectors, including new energy vehicles and eVTOL [41][43]. - A strategic partnership with Guangdong Gaoyu Technology aims to innovate in the flying car sector, focusing on key components like motors and controllers [40][41].