Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company has launched an equity incentive plan aimed at reducing costs and increasing efficiency, which is expected to accelerate performance release [1] - The demand for FPGA chips is surging due to their applications in various fields such as artificial intelligence, 5G communication, and aerospace, with the market for satellites in China projected to exceed 2 trillion yuan [2] - The company is recognized as a leading player in the domestic FPGA sector, actively developing advanced products and expanding its market presence [2] - The company has diversified its product lines, including RFID chips, non-volatile memory, and low-power MCUs, which are expected to contribute to sustained revenue growth [3] Financial Summary - The company forecasts revenue growth from 3.59 billion yuan in 2024 to 5.90 billion yuan in 2027, with a compound annual growth rate of approximately 23.78% [6] - The net profit is projected to decline significantly in 2025 to 232 million yuan, before rebounding to 1.30 billion yuan by 2027 [6] - The earnings per share (EPS) is expected to increase from 0.70 yuan in 2024 to 1.57 yuan in 2027, reflecting a positive long-term outlook [6]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company has launched an equity incentive plan aimed at reducing costs and increasing efficiency, which is expected to accelerate performance release [1] - The demand for FPGA chips is surging due to their applications in various fields such as artificial intelligence, 5G communication, and aerospace, with the market for satellites in China projected to exceed 2 trillion yuan [2] - The company is recognized as a leading player in the domestic FPGA sector, actively developing advanced products and expanding its market presence [2] - The company has diversified its product lines, including RFID chips, non-volatile memory, and low-power MCUs, which are expected to contribute to sustained revenue growth [3] Financial Summary - The company forecasts revenue growth from 3.59 billion yuan in 2024 to 5.90 billion yuan in 2027, with a compound annual growth rate of approximately 23.78% [6] - The net profit is projected to decline significantly in 2025 to 232 million yuan, before rebounding to 1.30 billion yuan by 2027 [6] - The earnings per share (EPS) is expected to increase from 0.70 yuan in 2024 to 1.57 yuan in 2027, reflecting a positive trend in profitability [6]

A股证券代码：688385 证券简称：复旦微电 公告编号：2026-006 港股证券代码：01385 证券简称：上海复旦 上海复旦微电子集团股份有限公司 2025年度业绩快报公告 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，具体数据以公司2025年年 度的定期报告为准，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.以上财务数据及指标以公司未经审计的合并报表数据填列。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素情况 1、报告期经营情况 公司实现营业收入约为39.82亿元，较上年度增长约10.92%。公司实现归属于母公司所有者的净利润约 为2.32亿元，较上年度下降约59.42%；实现归属于母公司所有者的扣除非经常性损益的净利润约为1.43 亿元，较上年度下降约69.29%。 2、报告期财务状况 截至2025年12月3 ...

Core Viewpoint - Fudan Microelectronics (688385.SH) reported a total operating revenue of 3.982 billion yuan for the year 2025, representing a year-on-year increase of 10.92%, while the net profit attributable to the parent company was 232 million yuan, reflecting a significant year-on-year decline of 59.42% [1][1]. Group 1: Financial Performance - The company achieved total operating revenue of 3.982 billion yuan in 2025, marking a 10.92% increase compared to the previous year [1]. - The net profit attributable to the parent company was 232 million yuan, which is a decrease of 59.42% year-on-year [1]. - The overall gross profit increased by approximately 229 million yuan compared to the same period last year, with the gross margin remaining stable [1]. Group 2: Industry Insights - The semiconductor industry experienced notable structural differentiation in 2025, with significant variations in downstream application demand [1]. - FPGA products showed strong performance in various fields such as wired and wireless communication, satellite communication, industrial control, artificial intelligence, and high-reliability applications, contributing to revenue growth [1]. - The market performance of security and identification chips varied across subcategories, with overall revenue experiencing slight growth driven by RFID and sensor chips [1]. - The non-volatile memory market faced intense competition, leading to a decline in annual revenue [1]. - MCU chips saw rapid growth in shipments in the automotive and white goods markets due to favorable market positioning and stable product quality [1].

智通财经APP讯，复旦微电(688385.SH)披露2025年度业绩快报，2025年度公司实现营业总收入39.82亿 元，同比增长10.92%;归属于母公司所有者的净利润2.32亿元，同比下降59.42%。 2025年，半导体行业的景气度呈现出明显的结构性分化，下游应用需求差异显著。FPGA产品在有线无 线通信、卫星通信、工业控制、人工智能以及高可靠等领域应用良好，公司产品竞争力强，营收增长; 安全与识别芯片各子线产品市场表现不同，在RFID与传感芯片带动下整体营收小幅增长;非挥发存储器 市场竞争激烈，全年营收下降;MCU芯片因良好市场布局和稳定产品质量，在车规和白色家电市场出货 较上年快速增长。公司整体营业收入实现增长，毛利率保持稳定，毛利较上年同期增加约为2.29亿元。 ...

Core Viewpoint - The company reported a total revenue of approximately 3.98 billion RMB for 2025, reflecting a year-on-year growth of 10.92%, while net profit attributable to the parent company decreased by 59.42% to about 232 million RMB [1] Group 1: Financial Performance - Total revenue for 2025 was approximately 3.98 billion RMB, a year-on-year increase of 10.92% [1] - Net profit attributable to the parent company was approximately 232 million RMB, a decrease of 59.42% compared to the previous year [1] - The net profit excluding non-recurring gains and losses was about 143 million RMB, down approximately 69.29% year-on-year [1] - Basic earnings per share were 0.28 RMB [1] Group 2: Industry Insights - The semiconductor industry showed significant structural differentiation in demand, with notable variations in downstream applications [1] - FPGA products performed well in various fields including wired and wireless communication, satellite communication, industrial control, and artificial intelligence, contributing to revenue growth [1] - The market performance of security and identification chips varied across subcategories, with overall revenue experiencing slight growth driven by RFID and sensor chips [1] - The non-volatile memory market faced intense competition, leading to a decline in annual revenue [1] - MCU chips saw rapid growth in shipments in the automotive and white goods markets due to strong market positioning and stable production quality [1] Group 3: Cost and Expenses - The decrease in net profit was primarily due to increased R&D expenses and asset impairment losses, along with a reduction in other income [2] - R&D expenses amounted to approximately 1.22 billion RMB, an increase of about 192 million RMB year-on-year, driven by efforts to enhance product competitiveness and supply chain resilience [2] - Asset impairment losses were approximately 437 million RMB, an increase of about 268 million RMB compared to the previous year, attributed to strategic inventory buildup and changes in downstream demand structure [2] Group 4: Other Income - Other income decreased to approximately 143 million RMB, down about 91 million RMB year-on-year, due to reduced VAT rebates and government subsidies for R&D [3]

于2025年度，半导体行业的景气度呈现出明显的结构性分化，下游应用需求差异显著。FPGA産品在有 綫无綫通信、卫星通信、工业控制、人工智能以及高可靠等领域应用良好，公司産品竞争力强，营收增 长；安全与识别芯片各子綫産品市场表现不同，在RFID与传感芯片带动下整体营收小幅增长；非挥发 存储器市场竞争激烈，全年营收下降；MCU芯片因良好市场布局和稳定産品质量，在车规和白色家电 市场出货较上年快速增长。公司整体营业收入实现增长，毛利率保持稳定，毛利较上年同期增加约爲人 民币2.29亿元。 截至2025年12月31日，集团总资产约为人民币91.97亿元，较2025年度初期增长约1.72%；归属于母公司 的所有者权益约为人民币61.19亿元，较2025年度初期增长约3.81%；归属于母公司所有者的每股净资产 约为人民币7.43元，较2025年度初期增长约3.48%。 格隆汇2月13日丨上海复旦(01385.HK)公布截至2025年12月31日止年度初步业绩公告，集团于2025年度 实现营业总收入约为人民币39.82亿元，较上年度增长约10.92%；归属于母公司所有者的净利润约为人 民币2.32亿元，较上年度下降约59. ...

Core Insights - The company reported a total revenue of approximately 3.982 billion RMB for 2025, representing a year-on-year increase of 10.92%. However, the net profit attributable to the parent company was about 232 million RMB, a significant decrease of 59.42% compared to the previous year. The net profit excluding non-recurring gains and losses was approximately 143 million RMB, down about 69.29% year-on-year, with basic earnings per share at 0.28 RMB [1] Group 1: Financial Performance - Total revenue for 2025 was approximately 3.982 billion RMB, up 10.92% year-on-year [1] - Net profit attributable to the parent company decreased to about 232 million RMB, down 59.42% year-on-year [1] - Net profit excluding non-recurring items was approximately 143 million RMB, a decline of 69.29% compared to the previous year [1] - Basic earnings per share stood at 0.28 RMB [1] Group 2: Industry and Product Performance - The semiconductor industry experienced significant structural differentiation in demand, with notable variations in downstream applications [1] - FPGA products showed strong performance in various fields such as wired and wireless communication, satellite communication, industrial control, and artificial intelligence, contributing to revenue growth [1] - Revenue from security and identification chips saw slight growth driven by RFID and sensor chips, while the non-volatile memory market faced intense competition leading to a decline in revenue [1] - MCU chips benefited from good market positioning and stable production quality, resulting in rapid growth in shipments in the automotive and white goods markets [1] - Overall revenue growth was achieved, with a stable gross margin and an increase in gross profit of approximately 229 million RMB compared to the previous year [1] Group 3: Cost and Expenses - The decrease in net profit was primarily due to increased R&D expenses and asset impairment losses, along with a reduction in other income [2] - R&D expenses amounted to approximately 1.223 billion RMB, an increase of about 192 million RMB year-on-year, driven by efforts to enhance product competitiveness and supply chain resilience [2] - Asset impairment losses were approximately 437 million RMB, an increase of about 268 million RMB compared to the previous year, attributed to strategic inventory buildup and changes in downstream demand structure [2] - Other income decreased to approximately 143 million RMB, down about 91 million RMB year-on-year, due to reduced VAT rebates and government subsidies [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 上海復旦微電子集團股份有限公司 Shanghai Fudan Microelectronics Group Company Limited* (在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ) (股 份 編 號 : 1385) 內幕消息 截至2025年12月31日止年度初步業績公告 本公告乃上海復旦微電子集團股份有限公司（「本公司」，連同其附屬公司統稱「本集團」） 董事會（「董事會」）根據香港聯合交易所有限公司主板證券上市規則（「上市規則」）第 13.09 條及香港法例第 571 章證券及期貨條例第 XIVA 部項下內幕消息條文（定義見上 市規則）而作出。 I. 截至 2025 年 12 月 31 日止年度（「2025 年度」）主要財務數據和指標 | | | | 人民幣萬元 | | --- | --- | --- | --- | | 項目 | 2025 年度 | 上年同期 | ...

格隆汇2月13日丨复旦微电(688385.SH)公布2025年度业绩快报，公司实现营业收入约为39.82亿元，较上 年度增长约10.92%。公司实现归属于母公司所有者的净利润约为2.32亿元，较上年度下降约59.42%；实 现归属于母公司所有者的扣除非经常性损益的净利润约为1.43亿元，较上年度下降约69.29%。 2025年，半导体行业的景气度呈现出明显的结构性分化，下游应用需求差异显著。FPGA产品在有线无 线通信、卫星通信、工业控制、人工智能以及高可靠等领域应用良好，公司产品竞争力强，营收增长； 安全与识别芯片各子线产品市场表现不同，在RFID与传感芯片带动下整体营收小幅增长；非挥发存储 器市场竞争激烈，全年营收下降；MCU芯片因良好市场布局和稳定产品质量，在车规和白色家电市场 出货较上年快速增长。公司整体营业收入实现增长，毛利率保持稳定，毛利较上年同期增加约为2.29亿 元。 ...