Core Insights - Aojie Technology (688220.SH) reported its Q3 2025 results, showing a revenue of 2.88 billion yuan for the first three quarters, representing a year-on-year growth of 13.42% [1] - The company recorded a net loss attributable to shareholders of 327 million yuan, with a non-recurring net profit loss of 488 million yuan [1] - Basic earnings per share stood at -0.81 yuan [1] Financial Performance - Revenue for the first three quarters reached 2.88 billion yuan, marking a 13.42% increase compared to the previous year [1] - The net loss attributable to shareholders was 327 million yuan, indicating financial challenges [1] - The non-recurring net profit loss was 488 million yuan, reflecting ongoing operational difficulties [1] - Basic earnings per share were reported at -0.81 yuan, highlighting the company's current financial strain [1]

Core Points - The company announced a provision for asset impairment in accordance with accounting standards to reflect its financial status and operating results objectively and fairly as of September 30, 2025 [1] - The total credit impairment losses and asset impairment losses recognized for the first three quarters of 2025 amounted to 73.5142 million yuan [1] Summary by Category Financial Performance - The company reported a total of 73.5142 million yuan in credit impairment losses and asset impairment losses for the first three quarters of 2025 [1] Accounting Practices - The company is adhering to the "Accounting Standards for Business Enterprises No. 8 - Asset Impairment" and related accounting policies to ensure a prudent reflection of its financial condition [1] - The provision for impairment is based on the actual circumstances of the company and is aimed at objectively and fairly presenting the financial status as of September 30, 2025 [1]

Core Viewpoint - Aojie Technology (688220.SH) reported a year-on-year revenue increase of 13.42% for the first three quarters of 2025, reaching 2.88 billion yuan, while reducing its net loss attributable to shareholders by 85.05 million yuan compared to the same period last year [1] Financial Performance - Total operating revenue for the first three quarters of 2025 was 2.88 billion yuan, reflecting a year-on-year growth of 13.42% [1] - The net profit attributable to shareholders was -327 million yuan, showing a reduction in losses by 85.05 million yuan compared to the previous year [1] - Basic earnings per share stood at -0.81 yuan [1]

证券代码：688220 证券简称：翱捷科技 公告编号：2025-037 翱捷科技股份有限公司 关于 2025 年前三季度计提资产减值准备的公告 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。 | 单位：万元 | | --- | | 项目 | 年前三季度计提金额 2025 | | --- | --- | | 信用减值损失（损失以"-"号填列） | 404.09 | | 应收账款坏账准备 | 404.59 | | 其他应收款坏账准备 | 1.58 | | 其他非流动资产坏账准备 | -2.08 | | 资产减值损失（损失以"-"号填列） | -7,755.52 | | 合同资产坏账准备 | 7.38 | | 无形资产减值准备 | -4.88 | | 存货跌价准备 | -7,758.02 | | 合计 | -7,351.42 | 注：上表中的合计数与各单项加总数尾数不符的情况，系四舍五入尾差所致。 二、 计提减值准备事项的具体说明 （一）信用减值损失 1 公司以预期信用损失为基础，对应收账款、其他应收款及其他非流动资产进 行减值 ...

Revenue and Profit - The company's revenue for Q3 2025 reached ¥982.32 million, an increase of 11.07% compared to the same period last year[4] - For the first nine months of 2025, the company achieved a total revenue of ¥2.88 billion, reflecting a year-on-year growth of 13.42%[6] - The total profit for Q3 2025 was a loss of ¥66.54 million, while the net profit attributable to shareholders was a loss of ¥82.01 million[4] - The gross profit for the first nine months of 2025 was ¥730 million, up 22.69% year-on-year, primarily driven by strong performance in the cellular baseband chip segment[6] - Total operating revenue for the first three quarters of 2025 reached ¥2,880,390,411.07, an increase of 13.4% compared to ¥2,539,638,300.17 in the same period of 2024[18] - Operating profit for the first three quarters of 2025 was a loss of ¥284,039,905.73, an improvement from a loss of ¥384,265,089.00 in the same period of 2024[20] - Net profit for the first three quarters of 2025 was a loss of ¥327,415,020.25, compared to a loss of ¥412,467,732.35 in the previous year, indicating a narrowing of losses[20] - The company reported a total comprehensive loss of ¥335,940,468.09 for the first three quarters of 2025, compared to a loss of ¥424,773,760.41 in the same period of 2024[21] Expenses and Costs - Research and development expenses for Q3 2025 amounted to ¥336.20 million, an increase of 8.60% year-on-year, representing 34.22% of total revenue[5] - Total operating costs increased to ¥3,249,497,710.14, up 10.3% from ¥2,946,699,399.97 year-over-year[19] - Cash paid for purchasing goods and services was ¥2,792,363,125.10, up from ¥2,166,060,795.64 in the same period last year[22] - Cash paid to employees increased to ¥752.30 million from ¥734.14 million year-over-year[23] Cash Flow and Liquidity - The cash flow from operating activities for the first nine months of 2025 was a net outflow of ¥290.07 million[5] - Cash inflows from operating activities totaled ¥3,278,319,664.36, a significant increase from ¥2,556,646,213.57 in the first three quarters of 2024[22] - The net cash flow from operating activities was -$290.07 million, an improvement from -$366.04 million in the previous period[23] - The total cash outflow from operating activities was $3.57 billion, compared to $2.92 billion in the previous period[23] - The ending cash and cash equivalents balance rose to $3.16 billion, up from $2.22 billion year-over-year[24] Assets and Liabilities - The total assets of the company at the end of Q3 2025 were ¥6.87 billion, a 5.02% increase from the end of the previous year[5] - Total assets as of September 30, 2025, reached RMB 6,865,109,971.11, an increase from RMB 6,536,868,670.00 as of December 31, 2024[15] - Cash and cash equivalents amounted to RMB 3,162,199,331.67, up from RMB 2,622,538,970.05 in the previous year, reflecting a growth of approximately 20.5%[15] - Total current liabilities rose to RMB 1,266,534,380.45, compared to RMB 736,294,799.95, indicating an increase of approximately 72%[16] - Total liabilities amounted to ¥1,351,107,599.93, compared to ¥855,090,183.65 in the previous year, reflecting a substantial increase[17] - The company’s total liabilities increased significantly, indicating a potential need for strategic financial management moving forward[16] Shareholder Information - The number of shares held by the largest shareholder, Alibaba (China) Network Technology Co., Ltd., is 64,557,440, representing 15.43% of total shares[12] - The company has a total of 23,356 common shareholders at the end of the reporting period[12] - The total equity attributable to shareholders was ¥5,514,002,371.18, down from ¥5,681,778,486.35 year-over-year[17] Future Outlook - The company expects significant revenue growth in the next year as multiple projects are set for acceptance and delivery[6] Non-recurring Items - Non-recurring gains and losses for the first nine months of 2025 totaled ¥54.59 million, reflecting an increase in government subsidies and fair value gains from investments[10] Accounting Standards - The company will not apply new accounting standards starting from 2025[25]

Core Viewpoint - Aojie Technology experienced a decline of 1.19% in stock price on October 27, with a trading volume of 865 million yuan, indicating a potential shift in investor sentiment and market dynamics [1]. Financing Summary - On October 27, Aojie Technology had a financing buy-in amount of 104 million yuan, with a net financing purchase of 30.07 million yuan after repaying 73.91 million yuan [1]. - The total financing and securities balance reached 739 million yuan, with the financing balance accounting for 2.13% of the circulating market value, indicating a high level compared to the past year [1]. - The company had a low short-selling balance of 4,820 shares, with a short-selling balance of 4.60 million yuan, which is below the 30th percentile of the past year [1]. Business Performance - As of June 30, Aojie Technology reported a total of 20,800 shareholders, an increase of 5.28% from the previous period, while the average circulating shares per person decreased by 5.01% to 17,307 shares [2]. - For the first half of 2025, Aojie Technology achieved a revenue of 1.898 billion yuan, reflecting a year-on-year growth of 14.67%, while the net profit attributable to the parent company was -245 million yuan, showing a year-on-year increase of 7.29% [2]. - The main business revenue composition includes 92.39% from chip product sales, 6.64% from customized chip services, 0.96% from semiconductor IP licensing, and 0.02% from testing services and others [1].

Investment Rating - The report maintains a positive outlook on AI growth and highlights key companies to focus on: ZhongJi InnoLight, Eoptolink Technology, Yuanjie Technology, ZTE, Hui Lyu Ecological Technology Groups Co., Ltd., Shenzhen JPT Opto-Electronics, Ruijie Networks, Aojie Technology, and Unisplendour [1][31]. Core Insights - The demand for optical modules is expected to increase significantly, with a forecast of 20 million units for 1.6T optical modules by 2026 [15][39]. - The communication industry is seen as the foundation of the digital economy, encompassing various sectors such as AI ecosystems, satellite internet, data elements, AIoT, internet of vehicles, and industrial internet [31][39]. - OpenAI's release of the AI browser ChatGPT Atlas is viewed as a significant development in redefining internet usage [6][38]. - Anthropic's agreement with Google Cloud for up to one million TPUs, valued at several billion dollars, indicates strong growth potential in AI infrastructure [10][39]. - The acquisition of a 94% stake in Wuhan Ruijing by Dugen Core is expected to enhance technical synergy in the optoelectronics field [12][39]. Summary by Sections Optical Module Demand - The report revises the demand forecast for 1.6T optical modules upwards, predicting a demand of over 20 million units by 2026, with a significant supply gap anticipated for high-speed optical modules [15][39]. AI and Communication - The report emphasizes the acceleration of AI-related investments and innovations, particularly in GPU capabilities and communication networks, which are crucial for enhancing AI efficiency [31][32]. Company Performance - The report includes a simulated investment portfolio for the communication sector, showing a strong performance with an average increase of 14.95% for selected stocks during the specified period [22][23].

Group 1 - The core focus of several fund managers in Q3 has been on PCB leading stocks, particularly East Mountain Precision, with notable increases in holdings by prominent funds [2][3] - The fund "Yongying Technology Smart Select" has shown significant performance, with a year-to-date return exceeding 200%, and has heavily invested in the PCB sector and optical module leaders [3][5] - Fund managers have expressed confidence in the A-share market, highlighting the potential for further asset allocation towards equity due to favorable domestic fiscal and monetary policies [10][11] Group 2 - Fund managers have adjusted their portfolios, with some reducing holdings in optical module leaders while increasing investments in the robotics industry [6][7] - The "Yongying Technology Smart Select" fund has seen its net asset value growth rate approach 100%, leading to a substantial increase in fund size from 11.66 billion to 115.21 billion [12] - There is a growing interest in Hong Kong stocks, with funds increasing their positions in companies like Alibaba and various biotech firms, reflecting a dual focus on technology and recovery sectors [9]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [3][36] Core Viewpoints - The report highlights that artificial intelligence (AI) is driving a semiconductor supercycle, with significant investments and collaborations in the sector, such as Anthropic's partnership with Google, which includes a deal for up to one million custom TPU chips [3] - Major memory manufacturers like Samsung and SK Hynix are expected to raise prices of DRAM and NAND storage products by up to 30% in response to the surge in AI-driven demand [3] - Amphenol reported a 53.35% year-on-year increase in revenue for Q3 2025, driven by the growing demand for data center solutions [3] - The report anticipates a substantial increase in overall computing power by 2035, predicting a growth of up to 100,000 times, emphasizing the transformative potential of general artificial intelligence [3] Summary by Sections 1. Market Review - The electronic industry saw a weekly increase of 8.49% from October 20 to October 24, with the communication sector leading at 11.55% [6] - The Philadelphia Semiconductor Index rose from 6,885.03 points to 6,976.94 points during the same period, indicating a positive trend since April 2025 [11] 2. Industry High-Frequency Data Tracking 2.1 Panel Prices - TV panel prices are expected to stabilize due to healthy inventory levels, with no significant changes anticipated for various sizes [17] 2.2 Memory Prices - Prices for DDR5 and DDR4 memory chips have shown an upward trend, with DDR5 increasing from $10.457 to $12.615 and DDR4 from $24.333 to $24.721 between October 20 and October 24 [21]

Core Points - The company will hold a Q3 2025 earnings presentation on November 5, 2025, from 13:00 to 14:00 [2][5] - The presentation will be conducted online via the Shanghai Stock Exchange Roadshow Center [2][3] - Investors can submit questions from October 29 to November 4, 2025, before 16:00 [2][4] Summary by Sections Meeting Details - The earnings presentation is scheduled for November 5, 2025, from 13:00 to 14:00 [2][5] - The location for the meeting is the Shanghai Stock Exchange Roadshow Center [2][5] - The format of the meeting will be an online interactive session [3][5] Participation Information - Investors can participate by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [4][5] - Questions can be pre-submitted through the Roadshow Center's website or via the company's email [4][6] Contact Information - The company’s securities department can be contacted at 021-60336588*1188 or via email at ir@asrmicro.com [6]