NATIONAL SILICON INDUSTRY GROUP (688126) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 reached RMB 2.64 billion, up 6.56% year-over-year, driven by over 30% growth in 300mm semiconductor wafer sales, though unit prices remained under pressure.

• Net loss attributable to shareholders was RMB -631 million, widening from RMB -536 million in the same period last year, mainly due to lower 200mm wafer sales, reduced processing service income, increased R&D, and higher financial expenses.

Financial highlights

• Operating income for the first nine months: RMB 2.64 billion, up 6.56% year-over-year.

• Net loss attributable to shareholders: RMB -631 million, compared to RMB -536 million last year.

• Basic and diluted EPS: RMB -0.230, down from RMB -0.195 year-over-year.

• Gross margin declined as cost increases outpaced revenue growth.

• R&D investment totaled RMB 253 million, up 21.63% year-over-year, representing 9.58% of revenue.

Outlook and guidance

• 300mm wafer sales volume grew over 30% year-over-year, but price pressure and weak demand for 200mm SOI wafers are expected to continue impacting profitability.

• Ongoing expansion projects and increased R&D spending will likely keep financial expenses elevated in the near term.