Ingenic Semiconductor: Hosted Institutional Research Session on January 30 with Participation from Nomura, ChinaAMC, and Others

On February 2, 2026, Ingenic Semiconductor Co.,Ltd. (300223) announced that the company hosted an institutional research session on January 30, 2026, with participation from Dai Jie of Nomura, Lü Jiawei and Wu Hao of China Asset Management, Lin Zhaotian of Guosen Securities Proprietary Business, Cheng Ziying of CITIC Securities Electronics, and Yang Dan of Yinhua Fund Management. The specific content is as follows:

Question: What has been the magnitude of price increases since the third quarter, and what is the adjustment rhythm? Answer: The company began adjusting prices starting from the third quarter of last year. The actual implementation of the new prices basically commenced progressively in the fourth quarter. There are variations among different customers and different products, making it impossible to provide an average increase percentage. The company has already adjusted the validity periods for many quotations, for example, changing from annual or quarterly quotes to monthly quotes. The company reserves the right to update prices based on actual market conditions.

Question: What is the proportion of memory sales overseas versus domestically? Answer: Before 2025, domestic sales accounted for slightly over 20%, while overseas sales accounted for slightly over 70%. However, under the current circumstances of memory shortages and rising prices, domestic customers are purchasing very actively. It is possible that the domestic proportion could exceed 30% in the future.

Question: Who are the foundries for DRAM? Answer: DRAM was primarily manufactured at Powerchip Semiconductor Manufacturing Corp. previously, including the 25nm process and earlier technology nodes. The company began planning and laying out more advanced process products two to three years ago. Currently, three new foundries have been added, but due to confidentiality agreements between the parties, the company cannot currently disclose information regarding these new foundries.

Question: What is the capacity situation for memory products this year? Answer: Last year, the company stocked up on some inventory in advance, with memory inventory being relatively higher than usual. The company also signed supply agreements for this year with major wafer fabs. Meeting the demand of existing customers is not a significant issue, but there are also many new customers currently, and demand from this segment is very strong, making it difficult to fully satisfy all of it.

Question: Are DRAM prices still increasing? Answer: Prices are currently still being raised progressively. This requires comprehensive judgment based on supply conditions, market conditions, and competitor information.

Question: What is the difference in the magnitude of price increases between automotive-grade and consumer-grade memory? Answer: Overall, the price increase for consumer-grade memory is certainly larger.

Question: What is the gross margin situation for memory chips? Answer: Memory chips are primarily targeted at the industrial market, and the gross margin is relatively stable, typically around 30%. During the upward cycle of the chip industry in 2021, the gross margin gradually increased somewhat, reaching a peak in 2022. Afterwards, as the industry cycle declined, it gradually decreased, but the overall fluctuation range was not large. With the current price adjustments, the gross margin for memory chips is expected to gradually improve to some extent subsequently.

Question: What is the magnitude of the current round of price increases from memory chip wafer fabs? Answer: Due to long-term agreements signed with major wafer fabs last year, the current price increase幅度 is not yet large. However, as memory supply becomes increasingly tight, it is currently impossible to determine how much it will increase subsequently. Overall, we believe that the increase in our selling prices can cover the rise in costs.

Question: Has NOR Flash seen price increases, and where is it fabricated? Answer: There have been some price increases currently, with varying magnitudes, but it is not expected to increase beyond DRAM. It is currently primarily outsourced to Wuhan Xinxin Semiconductor Manufacturing Corp.

Question: What is the expected magnitude of price increases for automotive-grade memory in this round? Answer: It is currently impossible to judge. Memory is in very short supply now; we can only see the current situation.

Question: When will the volume production node for the new DRAM process occur? Answer: Products using the new process are already being sold in volume. On one hand, we began providing samples to customers around the end of 2024 and have been assisting customers with qualification throughout last year. On the other hand, competitors have reduced support for automotive-grade customers this year. Under the circumstances of severe shortages, some customers have also shortened their qualification cycles.

Question: What is the progress on 3D DRAM? Answer: Tape-out is expected around mid-year. It will not contribute revenue this year; revenue contribution is expected next year or the year after.

Question: Will LED drivers also see price increases? Answer: Price adjustments will be decided later based on market conditions; there is a possibility of price adjustments.

Question: Is packaging and testing capacity currently tight? Answer: Packaging and testing capacity is also relatively tight; the entire supply chain appears to be tight currently.

Question: Does the company have revenue guidance? Answer: Judging from the current market situation, the trend certainly indicates better growth compared to 2025.

Ingenic Semiconductor Co.,Ltd. (300223) main business: Research, development, and sales of integrated circuit chip products, etc. Ingenic Semiconductor's third-quarter report for 2025 shows that for the first three quarters, the company's operating revenue was 3.437 billion yuan, a year-on-year increase of 7.35%; net profit attributable to shareholders was 256 million yuan, a year-on-year decrease of 15.99%; and net profit after deducting non-recurring gains and losses was 201 million yuan, a year-on-year decrease of 36.69%. In the third quarter of 2025 alone, the company's single-quarter operating revenue was 1.187 billion yuan, a year-on-year increase of 8.5%; single-quarter net profit attributable to shareholders was 52.6272 million yuan, a year-on-year decrease of 50.78%; and single-quarter net profit after deducting non-recurring gains and losses was 40.3918 million yuan, a year-on-year decrease of 66.11%. The debt-to-asset ratio was 8.22%, investment income was 22.0045 million yuan, financial expenses were -89.4873 million yuan, and the gross margin was 34.19%. In the past 90 days, a total of 2 institutions have given ratings for this stock, both with a 'Buy' rating. The following is detailed earnings forecast information: Margin trading data shows that the net financing outflow for this stock in the past 3 months was 756 million yuan, and the financing balance decreased; net securities lending inflow was 2.7996 million yuan, and the securities lending balance increased.