复旦微电（688385.SH）2025 年半年报点评 FPGA 国产领先厂商，FPAI 等新产品值得期待 2025 年 08 月 29 日 ➢ 事件：8 月 27 日，复旦微电发布 2025 年半年度报告。公司 25H1 实现收 入 18.39 亿元，同比增长 2.49%；实现归母净利润 1.94 亿元，同比下降 44.38%； 实现扣非归母净利润 1.82 亿元，同比下降 40.96%。 其中，公司 2Q25 单季度实现收入 9.51 亿元（YoY+5.50%，QoQ+7.09%）； 归母净利润 0.57 亿元（YoY-69.26%，QoQ-57.82%），扣非归母净利润 0.49 亿元（YoY-67.92%，QoQ-62.89%）。 ➢ 25H1 营收有所增长，存货跌价准备增加等导致业绩下滑。2025 年上半年， 公司营收同比增长 2.49%，综合毛利率 56.80%，同比增加 0.31pct，但归母净 利润同比下滑 44.38%，主要由于公司确认的集成电路设计企业增值税加计抵减 额及政府补助专项验收减少，其他收益下降；以及存货中部分产品需求下降及库 龄变长等原因计提存货跌价准备增加，2025 年上半年公 ...

格隆汇8月15日丨复旦微电(688385.SH)在投资者互动平台表示，AI芯片主要包括GPU、FPGA、ASIC 等。公司目前可应用于AI方面的芯片主要是FPGA以及PSoC类的产品，在通信、工业控制及高可靠领域 有广泛应用。公司正在推进新一代边缘计算芯片PSoC和智能通信芯片RFSoC的开发，并拥有面向人工 智能应用的融合现场可编程（FPGA）和人工智能（AI）的可重构芯片（FPAI），可应用于智慧安防、 智慧工业、智慧农业、智慧物流等多领域。 ...

格隆汇8月15日丨复旦微电(688385.SH)在投资者互动平台表示，AI芯片主要包括GPU、FPGA、ASIC 等。公司目前可应用于AI方面的芯片主要是FPGA以及PSoC类的产品，在通信、工业控制及高可靠领域 有广泛应用。公司正在推进新一代边缘计算芯片PSoC和智能通信芯片RFSoC的开发，并拥有面向人工 智能应用的融合现场可编程（FPGA）和人工智能（AI）的可重构芯片（FPAI），可应用于智慧安防、 智慧工业、智慧农业、智慧物流等多领域。 ...

Core Viewpoint - Fudan Microelectronics (688385) reported a stable growth in high-reliability product orders for the first half of 2025, with a focus on enhancing operational efficiency and product competitiveness in the second half of 2025 [2][5]. Group 1: Business Performance - In the first quarter of 2025, the company's main revenue was 888 million yuan, a decrease of 0.54% year-on-year, while the net profit attributable to shareholders was 136 million yuan, down 15.55% year-on-year [6]. - The company has a debt ratio of 27.55% and a gross profit margin of 58.14% [6]. Group 2: Product Development and Supply Chain - The procurement cycle for customized wafers is approximately 4 months, with a packaging and testing cycle of 1-2 months, while the overall chip production cycle is longer [2]. - The company is currently able to meet existing order demands and is focusing on increasing the supply of next-generation FPGA products [2]. Group 3: Market Outlook - For the second half of 2025, the company aims to improve operational quality by enhancing R&D efficiency, reducing product costs, and increasing sales efforts to lower inventory levels and strengthen cash flow [5]. - The company is actively promoting the application of FPAI chips, primarily targeting high-reliability users, with plans to expand into industrial control and intelligent driving sectors in the future [3]. Group 4: Product Composition - SOC products represented by PSoC account for approximately 30% of the FPGA product line [4]. Group 5: Analyst Ratings and Predictions - Recently, two institutions have given buy ratings for the stock within the last 90 days [7]. - Detailed earnings forecasts indicate net profit predictions for 2025 ranging from 7.37 billion to 11.36 billion yuan, with varying target prices from different institutions [9]. Group 6: Financing Activity - In the past three months, the stock has seen a net inflow of 26.18 million yuan in financing, indicating an increase in financing balance, while the net inflow of short selling was 1.65 million yuan [9].