Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][29] Core Views - The company achieved a revenue of 1.531 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 80.47%. The revenue for Q3 2025 reached a record high of 582 million yuan, with a year-on-year increase of 70.29% and a quarter-on-quarter increase of 10.29% [1][4] - The gross profit margin for the first three quarters of 2025 was 46.46%, a decrease of 3.0 percentage points year-on-year. However, the gross profit margin for Q3 2025 slightly increased to 46.60% compared to the previous quarter [2][4] - The company has successfully expanded its market presence in industrial, automotive, communication, and consumer electronics sectors, with all four markets showing revenue growth in Q3 2025 [3][4] Summary by Sections Financial Performance - Revenue for Q3 2025 was 582 million yuan, with signal chain chip revenue at 370 million yuan and power management chip revenue at 211 million yuan, marking significant year-on-year growth of 26.83% and 323.69% respectively [1][3] - The net profit attributable to shareholders for the first three quarters of 2025 was 126 million yuan, a year-on-year increase of 228% [1][4] Cost and Expenses - Research and development expenses for the first three quarters of 2025 increased by 6.64% to 420 million yuan, while the R&D expense ratio decreased by 19.0 percentage points to 27.43% [2][4] - The total expense ratio for the first three quarters decreased by 18.7 percentage points year-on-year, indicating improved cost management [2][4] Market Expansion - The company has doubled its customer base in the automotive sector in Q3 2025 and has successfully entered the supply chains of major clients such as GoerTek, BYD, BAT, DJI, and ZTE [3][4] - The company is actively building a dual-circulation supply chain system and has made progress in developing its 12-inch COT process platform, with some products already in mass production [3][4]

Core Viewpoint - The financial performance of the company, Si Rui Pu, has shown significant growth in the third quarter of 2025, continuing the trend from the first half of the year, with substantial increases in revenue and net profit [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 1.531 billion yuan, a year-on-year increase of 80.47% [1] - The net profit attributable to shareholders reached 126 million yuan, an increase of 225 million yuan compared to the same period last year, representing a growth of over 140% [1] - The net cash flow from operating activities was 127 million yuan, a year-on-year increase of 634.88% [1] - In Q3 2025, the company reported operating revenue of 582 million yuan, a year-on-year increase of 70.29% and a quarter-on-quarter increase of 10.29% [1] - The net profit attributable to shareholders for Q3 was 60 million yuan, an increase of 93 million yuan year-on-year, with a quarter-on-quarter growth of 20.35% [1] - The comprehensive gross margin for Q3 was 46.60%, an increase of 0.26 percentage points from the previous quarter [1] Business Segments - In the first three quarters, revenue from signal chain chip products was 1.012 billion yuan, a year-on-year increase of 42.64%, while revenue from power management chip products reached 517 million yuan, a significant increase of 274.08% [2] - The company is transitioning from a focus on wireless communication to a broader industrial base, with a comprehensive layout in automotive, communication, and consumer markets [2] - The automotive segment saw rapid revenue growth in Q3, with a doubling of the number of large-scale revenue customers [2] - The consumer segment experienced over 3.5 times year-on-year revenue growth in the first three quarters, with continued growth in Q3 [2] Strategic Outlook - The company plans to continue focusing on core application areas such as industrial, automotive, communication, and consumer sectors, while actively exploring domestic and international growth opportunities [3] - Following the acquisition of Shenzhen Chuangxinwei, the company has achieved external growth, with Chuangxinwei reporting over 22% revenue growth in the first three quarters [3] - The company aims to enhance its market share in key segments through increased R&D investment and efficient management across various operational areas [3]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, driven by strong performance in its signal chain and power management chip products [4][5]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 1.531 billion yuan, an increase of 80.47% year-on-year [4]. - The net profit attributable to shareholders was 126 million yuan, an increase of 225 million yuan compared to the same period last year [4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 83 million yuan, an increase of 252 million yuan year-on-year [4]. - In Q3 2025, the company reported operating revenue of 582 million yuan, a year-on-year increase of 70.29% and a quarter-on-quarter increase of 10.29% [5]. - The net profit attributable to shareholders in Q3 2025 was 60 million yuan, an increase of 93 million yuan year-on-year and a quarter-on-quarter increase of 20.35% [5]. - The gross profit margin for Q3 2025 was 46.60%, an increase of 0.26 percentage points from the previous quarter [6]. Product Performance - Signal chain chip products generated revenue of 1.012 billion yuan in the first three quarters of 2025, a year-on-year increase of 42.64% [4]. - Power management chip products achieved revenue of 517 million yuan, a significant year-on-year increase of 274.08% [4]. - In Q3 2025, revenue from signal chain chip products was 370 million yuan, a year-on-year increase of 26.83% [5]. - Revenue from power management chip products in Q3 2025 was 211 million yuan, a remarkable year-on-year increase of 323.69% [5]. Impairment Provisions - The company recognized a total impairment provision of 23,714,267.05 yuan for credit and asset impairment for the first three quarters of 2025 [12][16]. - The credit impairment loss was calculated based on expected credit losses from receivables, amounting to 89,944.01 yuan [14]. - The asset impairment loss related to inventory was 23,624,323.04 yuan, reflecting slower turnover rates for certain inventory types [15][16]. Corporate Governance Changes - The company announced the cancellation of its supervisory board, with the audit committee of the board taking over its responsibilities [21]. - The company also reported changes in its registered capital and the issuance of new shares, increasing its total share count and registered capital [22][23].

Core Viewpoint - Si Rui Pu (688536.SH) reported a significant increase in revenue and a turnaround in net profit for the third quarter of 2025, indicating strong business performance and growth potential [1] Financial Performance - The total operating revenue for the first three quarters of 2025 reached 1.531 billion yuan, representing a year-on-year growth of 80.47% [1] - The net profit attributable to shareholders was 126 million yuan, compared to a loss of 98.726 million yuan in the same period last year [1] - The basic earnings per share stood at 0.95 yuan [1]

Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, indicating strong growth momentum and improved profitability [1][3]. Revenue Performance - In Q3 2025, the company achieved a revenue of 582 million yuan, representing a year-on-year growth of 70.29% and a quarter-on-quarter increase of 10.29% [1]. - The net profit attributable to shareholders was 60 million yuan, an increase of 93 million yuan year-on-year and a quarter-on-quarter growth of 20.35% [1]. Product Segmentation - The signal chain chips generated revenue of 370 million yuan, reflecting a year-on-year growth of 26.83% [2]. - The power management chips saw a remarkable revenue increase of 323.69%, reaching 211 million yuan, becoming the main driver of the company's performance [2]. - The growth in these segments is attributed to rising demand in industrial, automotive, telecommunications, and consumer electronics markets, along with enhanced competitiveness from business integration with Chuangxin Micro [2]. Research and Development - The company invested 151 million yuan in R&D, a year-on-year increase of 11.71%, accounting for 26.04% of revenue [3]. - Although the R&D expenditure as a percentage of revenue decreased by 13.66 percentage points compared to the previous year, this was due to a much higher growth rate in revenue [3]. - The company continues to strengthen its R&D efforts in core technology areas, particularly in signal chain and power management, laying a solid foundation for future growth [3]. Cash Flow and Financial Health - The net cash flow from operating activities was 127 million yuan, showing a substantial year-on-year increase of 634.88%, indicating strong operational quality [3]. - Total assets reached 6.757 billion yuan, an increase of 8.97% from the end of the previous year, while net assets attributable to shareholders grew by 9.98% to 5.830 billion yuan, reflecting a robust asset structure and improved capital efficiency [3]. Overall Outlook - The company is expected to continue benefiting from the rapid growth of its power management chip business, stable growth in signal chain products, and strong cash flow, positioning it well in the domestic analog chip market [3].

Group 1 - The core point of the article is that Si Rui Pu (SH 688536) announced the convening of its fourth board meeting on October 28, 2025, to discuss the proposal for the third extraordinary shareholders' meeting in 2025 [1] - For the year 2024, Si Rui Pu's revenue composition is heavily weighted towards the integrated circuit industry, accounting for 99.96%, while other businesses contribute only 0.04% [1] - As of the report, Si Rui Pu has a market capitalization of 21.6 billion yuan [1] Group 2 - The A-share market has surpassed 4,000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a new "slow bull" pattern [1]

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、准确性和完整性承担个别及连带责任。 重要内容提示： 会议召开时间：2025 年 11 月 10 日（星期一）下午 16:00-17:00 | 证券代码：688536 | 证券简称：思瑞浦 | 公告编号：2025-065 | | --- | --- | --- | | 转债代码：118500 | 转债简称：思瑞定转 | | 思瑞浦微电子科技（苏州）股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 3 日（星期一）至 11 月 7 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮 箱（3peak@3peak.com）进行提问。公司将在说明会上对投资者普遍关 ...

| 证券代码：688536 | 证券简称：思瑞浦 | 公告编号：2025-062 | | --- | --- | --- | | 转债代码：118500 | 转债简称：思瑞定转 | | 思瑞浦微电子科技（苏州）股份有限公司 关于使用自有资金进行现金管理的公告 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。 重要内容提示： 基本情况 | 投资金额上限 | 260,000万元 | | --- | --- | | 投资种类 | 思瑞浦微电子科技（苏州）股份有限公司（以下简称"公司"） | | | 及控股子公司拟使用暂时闲置自有资金购买安全性高、流动性好的 | | | 中低风险的理财产品（"风险等级"为R2及以下），产品包括但不 | | | 限于结构性存款、银行理财、国债逆回购、货币市场基金、证券公司 | | | 保本收益凭证、固定收益产品等。以上理财产品不直接投资于股票 | | | 及其衍生产品、股票型证券投资基金。 | | 资金来源 自有资金 | | 已履行的审议程序：公司于2025年10月28日召开的第四届董事会第七次会议、 ...

思瑞浦微电子科技（苏州）股份有限公司 关于取消监事会、变更注册资本并修订《公司章程》 及公司部分制度的公告 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。 思瑞浦微电子科技（苏州）股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召开第四届董事会第七次会议，审议通过了《关于取消监事会、变更注 册资本并修订<公司章程>及其附件的议案》《关于修订公司部分治理制度的议 案》，上述议案尚需提交公司 2025 年第三次临时股东会审议。现将有关情况公告 如下： 一、取消监事会的原因及依据 根据《公司法》等相关规定，结合公司实际情况，公司将不再设置监事会， 取消监事设置，监事会的职权由董事会审计委员会行使，《监事会议事规则》废 止，同时对《公司章程》及公司内部制度中相关条款进行修订。 二、本次变更注册资本的情况 （一）发行新股情况 根据中国证券监督管理委员会出具的《关于同意思瑞浦微电子科技（苏州） 股份有限公司发行可转换公司债券购买资产并募集配套资金注册的批复》（证监 许可〔2024〕1287 号），公司已完成向特定对 ...

| 证券代码：688536 | 证券简称：思瑞浦 | 公告编号：2025-066 | | --- | --- | --- | | 转债代码：118500 | 转债简称：思瑞定转 | | 思瑞浦微电子科技（苏州）股份有限公司 关于更换持续督导保荐代表人的公告 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。 思瑞浦微电子科技（苏州）股份有限公司（以下简称"公司"）于近日收到 保荐机构国泰海通证券股份有限公司（以下简称"国泰海通证券"）《关于更换 思瑞浦微电子科技（苏州）股份有限公司持续督导保荐代表人的函》。国泰海通 证券为公司向特定对象发行股票项目的保荐机构，原指定陈启明先生、何可人先 生为保荐代表人，履行持续督导职责，持续督导期限至2025年12月31日。 1 附件：庄庄女士简历 庄庄，现任职于国泰海通证券股份有限公司，TMT 行业一部团队长、保荐 代表人。2017 年起从事投资银行业务，曾参与中微公司 IPO、思瑞浦 IPO、天岳 先进 IPO、裕太微 IPO、芯原股份 IPO、步科股份 IPO、华虹公司 IPO、思瑞浦 ...