SHANGHAI FUDAN (01385) announced that, based on a preliminary review and analysis of the Group's unaudited management accounts for the full year ending December 31, 2025, (1) it is expected that operating revenue will be approximately RMB 3.93 billion to RMB 4.03 billion, representing an increase of RMB 340 million to RMB 440 million compared to approximately RMB 3.59 billion in the same period last year, a year-on-year increase of about 9.46% to 12.25%.
(2) Net profit attributable to owners of the parent company is expected to be approximately RMB 190 million to RMB 283 million, a decrease of RMB 383 million to RMB 290 million from approximately RMB 573 million in the same period last year, translating to a year-on-year decrease of about 66.82% to 50.58%.
(3) Net profit attributable to owners of the parent company after deducting non-recurring gains and losses is expected to be approximately RMB 125 million to RMB 185 million, a reduction of RMB 339 million to RMB 279 million compared to approximately RMB 464 million in the same period last year, a year-on-year decrease of about 73.07% to 60.14%.
The primary reasons for the anticipated increase in revenue alongside the decrease in net profit during this period are: (I) Impact of Main Business Operations. In 2025, the semiconductor industry exhibited significant structural divergence in market conditions, with substantial differences in downstream application demand. The company achieved revenue growth, maintained a stable gross profit margin, and saw its gross profit increase by RMB 200 million to RMB 260 million compared to the same period last year. FPGA products demonstrated strong applications in areas such as wired and wireless communications, satellite communications, video imaging, industrial control, artificial intelligence, and specialized high-reliability fields; the company's products maintained strong competitiveness, leading to revenue growth. Various product lines within the security and identification chips segment showed mixed market performance; however, overall revenue saw a slight increase driven by RFID and sensor chips. The non-volatile memory market faced intense competition, resulting in a decline in annual revenue. Benefiting from a favorable market layout and stable product quality, MCU chips experienced rapid shipment growth in the automotive-grade and white goods markets compared to the previous year.
(II) Impact of Expenses and Costs. 1. Against a backdrop of increasing international uncertainty and fluctuations in the integrated circuit supply chain, the company implemented a strategic inventory stocking policy in recent years to ensure continuous and stable deliveries to customers, particularly increasing inventory for key materials constrained by overseas production capacity. On one hand, amid increasingly tense international trade conditions, the company's inventory effectively enhanced supply chain security and resilience, supported the strong market performance of related products, and ensured stable operating revenue. On the other hand, downstream demand for some stocked products underwent structural changes, and sales of some inventories fell short of expectations. Adhering to the principle of prudence, the company conducted impairment tests and measurements on its inventory, leading to an increase in inventory write-down losses of approximately RMB 250 million compared to the previous year. 2. To enhance product competitiveness and supply chain resilience, the company continued to strengthen the construction of a diversified supply system and intensified efforts in developing new processes and products; simultaneously, affected by changes in the international trade environment, shifts occurred in the supply chain and customer demand, making it difficult for some capitalized R&D projects to achieve expected economic benefits, resulting in the write-off of some development expenditures. Due to the aforementioned factors, R&D expenses increased by approximately RMB 180 million compared to the previous year. 3. The amount of value-added tax additional deductions recognized by the company as an integrated circuit design enterprise, as well as special government subsidies for R&D, decreased, leading to a reduction in other income of approximately RMB 90 million.
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