تقرير شركة جيهوايت لعام 2025: ارتفاع الإيرادات بنسبة 58.15% لتصل إلى 2.655 مليار يوان، وتوسيع الخسائر إلى 717 مليون يوان

Sales Scale Expands Significantly

In 2025, Jihua Te achieved operating revenue of 265,502.48 million yuan, a significant year-on-year increase of 58.15%. This was mainly driven by the synergy of the company’s product technical advantages and commercialization capabilities in fields such as computing and storage, automotive electronics, and communications, which continued to expand its market share. Judging from quarterly data, revenue showed a quarter-by-quarter growth trend; in the fourth quarter it reached 71,259.99 million yuan, the highest for the full year, indicating that the company’s business maintained a good growth pace throughout the year.

After deducting trade, rent, and waste scrap income, etc., unrelated to the main business, amounting to 1,680.71 million yuan, the operating revenue related to the main business was 263,821.77 million yuan, up 57.41% year-on-year, and the core business growth momentum is also strong.

Loss Scale Continues to Expand

In 2025, the net profit attributable to shareholders of the listed company was -71,712.42 million yuan, further expanding the loss compared with -60,337.29 million yuan in 2024; non-recurring profit and loss adjusted net profit (扣非净利润) was -79,452.67 million yuan, and the loss also increased compared with -64,375.47 million yuan in 2024. The main reasons for the expansion of losses include: to build long-term competitiveness, the company continues to increase research and development, sales, and management investments; at the same time, fierce market competition has put pressure on product average prices, and the gross margin recovery was not as expected.

From quarterly data, the single-quarter loss amount increased quarter by quarter, and the loss in the fourth quarter reached 25,721.62 million yuan, showing that the pressure from losses further intensified at year-end. After deducting the impact of share-based payments, the company’s 2025 net profit was -65,965.05 million yuan, and the loss-expansion trend still continued compared with -62,551.38 million yuan in 2024.

Earnings Per Share Also Declines in Line

Affected by the expansion of net profit losses, both the company’s basic earnings per share and earnings per share excluding non-recurring items declined compared with the same period last year, reflecting that the extent of loss at the level of shareholders’ equity per share has deepened.

Expense Investments Grow Across the Board

In 2025, all expense items of the company showed significant growth. This is mainly because the company increased investment to expand the market and strengthen research and development capabilities in order to enhance long-term competitiveness:

High-Intensity R&D Investment Continues

In 2025, the company’s R&D investment was 95,727.80 million yuan. R&D investment as a proportion of operating revenue was 36.06%. Although it decreased slightly from 36.89% in 2024, this was mainly because the revenue growth rate (58.15%) was higher than the growth rate of R&D investment, so the overall R&D intensity remained at a relatively high level. The company continues to invest in R&D mainly for the development of new technologies and new products, to consolidate its technological advantages in the field of analog integrated circuits.

R&D Personnel Support Technological Innovation

The company has not disclosed the specific number and structure of R&D personnel in 2025, but based on the scale of R&D investment and the company’s technology development plan, the R&D team is the core support for the company to maintain technological leadership. The company operates using a virtual IDM model. It requires a stable and professional R&D team to continuously iterate and upgrade core technologies such as its self-developed BCD process platform.

Cash Flow Pressure Still Exists

In 2025, the company’s net cash flow from operating activities was -32,350.05 million yuan. Although it narrowed compared with -36,043.98 million yuan in 2024, it still remains in a net outflow state, reflecting that the company’s cash-generating ability from operating activities has not improved, and that it continues to rely on external funding to support operations.

Facing Multiple Operating Risks

Market Competition Risk

The global analog integrated circuit industry faces fierce competition. International leading manufacturers occupy the majority of market share. The company faces competitive pressure in multiple areas such as technology, brand, and customer resources. If it cannot continuously improve product competitiveness, its market share may be squeezed.

Technology Iteration Risk

Industry technology updates are fast. If the company cannot keep up with technology development trends and promptly launch new products that meet market demand, existing products may face risks of being technologically behind, which could affect the company’s profitability.

Gross Margin Volatility Risk

Market competition leads to pressure on product average prices. At the same time, costs such as R&D and raw materials continue to rise. If the company cannot effectively control costs or enhance the added value of its products, the gross margin may further decline, exacerbating losses.

Funding Pressure Risk

The company continues to incur losses and has net cash outflow from operating activities. If external financing conditions change, it may face the risk of a tight cash flow chain, which could affect R&D investment and business expansion.

Compensation of Directors, Supervisors, and Senior Management

During the reporting period, the total pre-tax compensation received by the chairman, Ma Wenwen, from the company was not disclosed; the total pre-tax compensation of the general manager, deputy general managers, and the financial controller was also not disclosed separately with specific data. The company did not list in detail the compensation situation of its core executives in its annual report, and the level of information transparency needs to be improved.

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