金吾财讯 | 第一上海发研报指，上海复旦(01385)2025Q3实现收入11.9亿元，同比增长33.3%。各产品线 营业收入分别为：安全与识别芯片2.4亿元、非挥发性记忆体3.4亿元、智能电表芯片1.4亿元、FPGA及 其他芯片4.4亿元、测试服务收入0.3亿元。毛利率61.1%，同比增加9pct，环比增加5.5pct，同比增长主 要受益于FPGA产品出货量增加。营业利润1.4亿元，同比增长98%。归母净利润1.37亿元，扣非归母净 利润1.21亿元，同比增长59.2%。扣非每股收益为0.16元，去年同期为0.10元。 高可靠领域行业需求增长，下一代FPGA产品将于2026年贡献收入：本季度FPGA业务收入同比增长 34.7%，订单主要来自28nmFPGA产品需求。公司28nmFPGA产品自2018年研发成功后推出市场已有6 年，下一代1xnmFinFET的FPGA产品预计2026年开始贡献收入，明年有望继续扩大公司在FPGA产品的 市场份额。此外，基于1xnmFinFET的可编程芯片(PSoC)产品在高可靠和工控领域的应用也非常广泛， 目前PSoC产品占FPGA业务收入的25%。展望2025财年，公司FP ...

Core Insights - The article highlights the recognition of Wu Minqiu, chairman of Winbond Electronics, as the recipient of the 19th Pan Wen-yuan Award, a prestigious honor in Taiwan's technology industry, emphasizing his significant contributions to the semiconductor sector [1][13]. Group 1: Background and Early Life - Wu Minqiu was born in 1948 in Anhui and moved to Taiwan as an infant, where he developed resilience in a challenging environment [3][16]. - His education at Cheng Kung University and Stanford University shaped his character, where he learned to survive in scarcity [3][16]. Group 2: Career Beginnings - In 1989, Wu made a bold decision to leave his high-paying job at Intel to establish Winbond Electronics with over 40 semiconductor experts, despite the nascent state of Taiwan's semiconductor industry [5][18]. - Initial funding challenges were overcome with the help of venture capitalist Hu Dinghua, who provided NT$800 million and connections to other financial institutions [5][18]. Group 3: Business Strategy and Challenges - Wu's strategy focused on independent research and development in the non-volatile memory sector, which was initially overlooked but later proved to be a wise decision as demand surged in the consumer electronics era [7][20]. - Winbond faced significant losses from 2012 to 2017, totaling NT$23 billion, yet Wu maintained his commitment to R&D and avoided layoffs during this period [9][20]. Group 4: Recovery and Growth - The company's turnaround was marked by a focus on technology, leading to partnerships with major clients like Nintendo and Apple, and establishing Winbond as a leader in NOR Flash technology [9][22]. - Wu's leadership resulted in a remarkable recovery from annual losses to stable profitability within five years, showcasing the importance of core technology independence [9][22]. Group 5: Recognition and Legacy - Wu's receipt of the Pan Wen-yuan Award is seen as a recognition of both his personal achievements and Winbond's innovative business model, reflecting a shift in Taiwan's semiconductor industry from technology importation to self-innovation [11][24]. - His story serves as an inspiration, illustrating the journey of Taiwan's semiconductor industry and the value of perseverance and innovation in overcoming adversity [12][25].