NATIONAL SILICON INDUSTRY GROUP (688126) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached RMB 801.61 million, up 10.6% year-over-year, driven by a 13% increase in main business income and a 16% rise in 300mm wafer sales.

• Net loss attributable to shareholders was RMB -208.53 million, slightly higher than the prior year.

• The semiconductor wafer market showed moderate recovery, with global 300mm wafer shipments up 5.7% year-over-year.

Financial highlights

• Operating income: RMB 801.61 million, up from RMB 724.80 million year-over-year.

• Net loss attributable to shareholders: RMB -208.53 million (Q1 2024: RMB -197.72 million).

• Basic and diluted EPS: -0.076 RMB (Q1 2024: -0.072 RMB).

• Operating cash flow: RMB -166.50 million, improved from RMB -343.88 million year-over-year.

• R&D investment: RMB 79.30 million, up 29.24% year-over-year, representing 9.89% of revenue.

Outlook and guidance

• The semiconductor market is gradually recovering, especially for 300mm wafers, but price recovery depends on further market improvement.

• High fixed costs from capacity expansion and sustained R&D investment are expected to continue impacting profitability.