Core Viewpoint - Shanghai Hejing Silicon Materials Co., Ltd. reported a strong performance in Q3 2025, driven by industry recovery and technological breakthroughs, with significant year-on-year growth in both revenue and net profit [2]. Financial Performance - In Q3 2025, the company achieved revenue of 380 million yuan, a year-on-year increase of 25.85% [2]. - The net profit attributable to shareholders was 45.08 million yuan, reflecting a year-on-year growth of 47.02% [2]. - For the first three quarters, total revenue reached 1.006 billion yuan, up 19.05% year-on-year [2]. - The net profit for the same period was 105 million yuan, marking a year-on-year increase of 32.86% [2]. Industry Dynamics - The company noted that the recovery in industry sentiment and the return of downstream customer inventory levels to reasonable ranges contributed to increased sales volume and high capacity utilization [2]. - There is a resurgence in demand for epitaxial wafers, particularly driven by the recovery in the demand for power devices and analog chips [2]. Strategic Initiatives - Shanghai Hejing is actively developing and expanding production for 12-inch large-size silicon wafers, as well as ramping up mass production of 12-inch 55nm CIS epitaxial wafers and researching 28nm P/P- epitaxial wafers [2]. - The increase in demand for 12-inch products has led to higher sales volumes, contributing to revenue and profit growth [2]. - The company's differentiated strategy for 8-inch products is being further implemented, promoting high-end domestic substitution in the power device sector [2].

格隆汇10月24日丨上海合晶(688584.SH)公布，2025年第三季度实现营业收入3.80亿元，同比增长 25.85%；归母净利润4508.40万元，同比增长47.02%。前三季度公司营业收入为10.06亿，同比增长 19.05%；归母净利润1.05亿元，同比增长32.86%。主要原因为行业景气度回升，下游客户库存水位回归 合理，产品销量增加，产能利用率维持高位，带动营业收入和归属于上市公司股东的净利润的上升。同 时，公司积极布局12英寸大尺寸硅片的研发与建厂扩产，以及12英寸55nm CIS外延片量产及28nmP/P- 外延片研发，12英寸客户需求增加带动销量提升，收入和利润同比增长。此外，公司8英寸产品差异化 策略进一步落实，推动功率器件领域外延片高端国产化替代。 ...

上海合晶(688584.SH)公告称，2025年第三季度，公司营业收入3.80亿元，同比增长25.85%；净利润 4508.40万元，同比增长47.02%。前三季度公司营业收入为10.06亿，同比增长19.05%；净利润1.05亿 元，同比增长32.86%。主要原因为行业景气度回升，下游客户库存水位回归合理，产品销量增加，产 能利用率维持高位，带动营业收入和归属于上市公司股东的净利润的上升。同时，公司积极布局12英寸 大尺寸硅片的研发与建厂扩产，以及12英寸55nm CIS外延片量产及28nmP/P-外延片研发，12英寸客户 需求增加带动销量提升，收入和利润同比增长。此外，公司8英寸产品差异化策略进一步落实，推动功 率器件领域外延片高端国产化替代。 ...

Core Viewpoint - Shanghai Hejing (688584.SH) reported a significant increase in revenue and net profit for the first half of the year, driven by industry recovery and increased demand from downstream customers [1] Financial Performance - The company achieved operating revenue of 625.08 million yuan, representing a year-on-year growth of 15.26% [1] - The net profit attributable to the parent company was 59.71 million yuan, with a year-on-year increase of 23.86% [1] Industry Dynamics - The growth in performance is attributed to the recovery in industry sentiment, with downstream customer inventory levels returning to reasonable levels, leading to increased product sales and high capacity utilization [1] - The demand for power devices and analog chips has rebounded, contributing to the growth in epitaxial wafer demand [1] Strategic Initiatives - The company is actively investing in the research and development of 12-inch large silicon wafers and expanding production capacity [1] - The mass production of 12-inch 55nm CIS epitaxial wafers and the research and development of 28nm P/P- epitaxial wafers are underway, with increased customer demand for 12-inch products driving sales growth [1] - The differentiated strategy for 8-inch products is being implemented to promote high-end domestic substitution in the power device sector [1]