Детальный анализ отчета за 2025 год компании杰华特: выручка выросла на 58.15% до 2.655 млрд юаней, убытки увеличились до 717 млн юаней

Revenue Scale Expands Significantly

In 2025, JHWATE achieved operating revenue of 265,502.48 million yuan, a substantial year-on-year increase of 58.15%. This was mainly driven by the coordinated synergy between the company’s product technical advantages and commercialization implementation capabilities in fields such as computing and storage, automotive electronics, and communications, which continuously pushed market share to expand. Judging from quarterly data, revenue shows a growth trend quarter by quarter; 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 1,680.71 million yuan of trade, rent, and scrap income and other income unrelated to the main business, operating revenue related to the main business was 263,821.77 million yuan, up 57.41% year-on-year. 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 items net profit was -79,452.67 million yuan, with losses also increasing compared with -64,375.47 million yuan in 2024. The main reasons for the loss expansion include: to build long-term competitiveness, the company continues to increase R&D, sales, and management spending; at the same time, fierce market competition leads to downward pressure on product average prices, and the gross margin recovery falls short of expectations.

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

Earnings Per Share Also Declines in Line

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

Expense Increases in All Areas

In 2025, all categories of expenses of the company showed significant growth. This was mainly because the company increased spending to expand the market and strengthen R&D capabilities, in order to enhance long-term competitiveness:

R&D Maintains High-Intensity Investment

In 2025, the company’s R&D investment was 95,727.80 million yuan. R&D investment accounted for 36.06% of operating revenue. Although this is slightly lower than 36.89% in 2024, it was mainly because the revenue growth rate (58.15%) was higher than the R&D investment growth rate. Overall R&D intensity remains 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 technical advantages in the field of analog integrated circuits.

R&D Personnel Support Technological Innovation

The company did not disclose 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 in a virtual IDM model. It uses core technologies such as its self-developed BCD process platform, which require a stable and professional R&D team to continuously iterate, upgrade, and improve.

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 remained in a net outflow state. This reflects that the company’s cash-generating ability from operating activities has not improved, and it continues to rely on external funding to support operations.

Facing Multiple Operating Risks

Market Competition Risk

The analog integrated circuit industry faces intense global competition. International leading companies occupy major market shares. The company faces competitive pressure on multiple fronts 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 rapidly. If the company cannot keep up with technology development trends and promptly launch new products that meet market demand, existing products may face the risk of being technologically behind, affecting the company’s profitability.

Gross Margin Volatility Risk

Market competition puts 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 product added value, gross margin may further decline, aggravating losses.

Funding Pressure Risk

The company continues to suffer losses and has net cash outflow from operating activities. If changes occur in the external financing environment, the company may face risks of tight funding, which could affect R&D investment and business expansion.

Compensation of Executives and Supervisors

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

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