4 November 2025 | 8:51AM HKT Equity Research Vanchip (688153.SS): WiFi FEM and automotive grade as new drivers; 3Q25 GM/ OP beat on better product mix; Sell 3Q25 GM beat our estimate at 27.9% due to continuous product optimization, driving operating income to turn positive to Rmb11mn (vs. Rmb13mn loss in 2Q25), which is also better than our expectation. Nevertheless, 3Q25 net income of Rmb18mn was lower than our positive expectation due to lower non-op income. We are positive on Vanchip's migration to highe ...