乐鑫科技(688018):ESPRESSIFSYSTEMSQ32025REPORT
Initiatives Applications ESP32 Google Trends Brand Awareness 100 The ESP32 and Espressif brands have a strong sense of 75 recognition among users. This recognition has become a key factor in our competitive advantage and success. Users identify 50 with the ESP32 brand due to its reliability, performance, and versatility, which have been proven across various applications 25 and industries. This strong brand awareness not only fosters customer retention but also attracts new users, thereby solidifying 100 The ESP32 and Espressif brands have a strong sense of 75 recognition among users. This recognition has become a key factor in our competitive advantage and success. Users identify 50 with the ESP32 brand due to its reliability, performance, and versatility, which have been proven across various applications 25 and industries. This strong brand awareness not only fosters customer retention but also attracts new users, thereby solidifying Espressif's position in the market. 0 2019-07 2025-09 Espressif Google Trends Exceptional IC Design Capability 100 Espressif independently designs and develops its own chip products, with core IPs being self-developed. These chips are 75 equipped with rich features, ensuring that Espressif’s products stand out in the market and avoid the pitfalls of homogenized 50 competition. By controlling the entire design process, Espressif can innovate rapidly and introduce unique functionalities that set 25 our products apart from competitors, providing a distinctive edge in the IoT semiconductor industry.100 Espressif independently designs and develops its own chip products, with core IPs being self-developed. These chips are 75 equipped with rich features, ensuring that Espressif’s products stand out in the market and avoid the pitfalls of homogenized 50 competition. By controlling the entire design process, Espressif can innovate rapidly and introduce unique functionalities that set 25 our products apart from competitors, providing a distinctive edge in the IoT semiconductor industry. 0 2019-07 2025-09 Full-Stack Engineering Capability Espressif possesses comprehensive engineering development capabilities that span from IP development to complete chip design, operating systems, ?rmware, software frameworks, application solutions, hardware design, edge AI, cloud, and apps. This full-stack engineering expertise allows Espressif to offer highly integrated solutions that meet a wide range of customer needs. The ability to control and optimize every layer of the technology stack is unique in the industry and enables Espressif to deliver superior products and services that are seamlessly integrated and highly ef?cient. Superior Cost-Effective and Stable Support Espressif's products are known for their high performance and low cost, making them competitive in the market. We provide the cost ef?ciency necessary to promote large-scale commercialization in downstream industries. Additionally, we ensure the long-term availability of our products and offer stable and enduring software support, ensuring that customers can rely on their investments for extended periods. This commitment to value and reliability strengthens customer trust. Extensive Developer Community Support Espressif has garnered support from a vast community of professional engineers who are familiar with Espressif's development platform and actively promote its value proposition. This large and engaged community not only aids in the rapid adoption and dissemination of Espressif’s technologies but also contributes to continuous improvement through feedback and shared knowledge. The robust community support ampli?es Espressif's market presence and Key Financial Data (Unaudited) Three Months Ended Nine Months Ended CNY Sep 30, 2025 Sep 30, 2024 Sep 30, 2025 Sep 30, 2024 Consolidated Statement of Income Data 666,706,221 539,802,521 1,912,247,017 1,460,014,787 Revenue Gross pro?t 319,845,390 227,468,464 882,881,140 624,965,248 21,202,823 15,669,020 59,114,434 44,584,871 Selling expenses 24,222,903 General and administrative expenses 18,401,225 62,091,408 50,398,878155,163,791 Research and development expenses 121,655,135 423,408,329 340,337,505Net income 116,499,045 99,183,742 379,538,810 251,896,811 Net income attributable to Espressif 115,500,538 99,472,328 376,762,715 251,114,792Earnings per share: Basic 2.4280 1.9405 Diluted 2.4280 1.9405 Consolidated Cash Flow Data Net cash provided by operating activities 195,644,872 117,326,698 310,067,697 91,649,864Non-GAAP Adjustment Stock-based compensation 11,339,881 10,109,422 30,130,386 25,440,612Non-GAAP net income attributable to Espressif 126,840,419 109,581,750 406,893,101 276,555,404Sep 30, 2025 Dec 31, 2024 Consolidated Balance Sheet Data 3,635,516,285 1,432,356,145 Working capital Total assets 4,984,509,028 2,649,465,358 Long-term obligations 126,585,594 116,956,630 Total shareholders’ equity 4,349,275,947 2,179,369,221 N.B.: Due to the company's implementation of a capital reserve to equity conversion in 2025, the earnings per share for each reporting period have been recalculated based on the adjusted share count. Key Financial Indicators (Unaudited) Three Months Ended Nine Months Ended Sep 30, 2025 Sep 30, 2024 Sep 30, 2025 Sep 30, 2024 47.97% 42.14% 46.17% 42.81% Gross margin R&D-to-sales ratio 23.27% 22.54% 22.14% 23.31% 22.28% 21.16% 22.90% 19.03% EBITDA margin Net income margin 17.47% 18.37% 19.85% 17.25% Weighted ROE 15.93% 12.91% Financial Analysis Espressif’s total revenue in the ?rst three quarters of 2025 was CNY 1,912.25 million, marking an increase of 30.97% from CNY 1,460.01 million in the ?rst three quarters of 2024. The overall gross margin was 46.17%. Therefore, the net income attributable to Espressif was CNY 376.76 million, which marked an increase of 50.04% year-on-year, mainly due to the increase of revenue. Although Q3 revenue declined by 3.05% quarter-on-quarter, it still recorded a solid 23.51% year-on-year increase. This moderation was partly due to China’s Q2 consumption stimulus policies, which may have pulled forward some downstream demand from Q3. Beyond the smart home, other sectors—including industrial, energy, and healthcare— experienced even faster growth, re?ecting expanding adoption of our wireless SoC solutions in a wider range of digitalization scenarios. Revenue by Area Revenue by Sales Top-5 Customer in the First Three Mode in the First Three Concentration Rate, Quarters of 2025 Quarters of 2025 2020 - Q3 2025 2020 21 22 23 24 25Q1-Q3 Mainland the World Revenue by Product Category in the First Three Quarters of 2025
Market The market for wireless SoCs is truly diverse, including applications for smart homes (e.g., smart lights, air conditioners, ovens, coffee machines, etc.), consumer electronics (e.g., smart speakers, drones, etc.), industrial automation (e.g., mechanical arms), smart agriculture (e.g., soil PH detector, CO detector, etc.), healthcare (e.g., 2 monitoring devices for diabetes, blood pressure, etc.), energy control (solar energy devices, EV chargers, etc.), the internet of vehicles (OBD devices, dashboards, etc.), and education (talking pens, interactive whiteboards, etc.). The smart home sector continues to be our main revenue contributor, delivering growth in line with expectations. At the same time, IoT adoption across non-smart-home applications is accelerating, with these segments growing at a signi?cantly faster pace and helping to support our gross margin. Consumer Industrial Smart Smart Home Electronics Automation Agriculture Smart Ovens Smart Speakers Mechanical Arms Soil PH Detector Energy Internet of Healthcare Education Management VehiclesDeveloper Community Content Cumulative Number of GitHub ESP32 Projects 115 K BOOKS Global Code Hosting Platform Social Networking Site Developer-written books 166,900 145,100 > 300 ESP32 and ESP8266 ESP32 Group Members Covering more than 10 Projects languages 2016-12 2025-09 Daily Increase on GitHub ESP32 Projects 152 Chinese Video Sharing Platform Global Video Sharing Platform 1.34 M 18.00 M 843 K Most Viewed ESP32 Most Viewed ESP32 Most Viewed ESP32 Video (2025) Short (2025) Video (2025) 2016-12 2025-09-30 Always a Hot Topic on Social Media Posted on 20 Oct 2025 Posted on 15 Oct 2025 Posted on 2 Oct 2025 Posted on 20 Oct 2025 ????? ??? ?? ?? ???? MeowKit – The Next Flipper Zero GlassUnit (HUDSIGHT) ESP32C3-遥控?业电脑绣花机绕线器-多 ????? ?? ???? esp32 Style ESP32 Tool? とりあえず基本となるプログラムを 路微型步进电机?动控制 esp32 Dual core P4 +C6 128*64の透過液晶でテスト。本番は ???? ???? ?? ??? ??? ????? ??? This week I’ve got something fun for 240*240のLCDになる。 ??? x265 ??? ??? ????? ?????? ?? you — a brand new ESP32 gadget LCDとレンズ あと?週間もある 待 called MewKit, fresh on Kickstarter. ちわびるyp Back in the day, using an ESP32 meant 弾道計算はまだだけどなんとかなりそ grabbing a dev board and wiring うではある(AI???におまかせ） everything yourself. Now? Devices like this come with almost everything built in…… https://x.com/_soeil/status/ https://www.bilibili.com/video/ 1980310947488231737 BV18t4Yz4EAU/Risks and Uncertainties Financial Risk The Company performs periodic credit evaluations of its customers’ ?nancial condition and generally requires of its customers no collateral. The Company provides an allowance for expected credit losses, based on the net amount expected to be collected on such receivables. Losses have not been signi?cant for any of the periods presented in this report. R&D Risk Espressif’s research and development strategy is focused on leveraging new technologies for the creation of innovative AIoT products. Any delays or changes in the development of these technologies by our industry partners, or a failure of our products to achieve market acceptance, could compromise our competitive position. others. Intense competition from current players, as well as new entrants, such as Silicon Labs and Nordic, may reduce our product sales and market share. Suppliers A signi?cant portion of the Company’s products is fabricated by the Taiwan Semiconductor Manufacturing Company Limited (TSMC). The inability of TSMC to deliver wafers to the Company in a timely manner could impact the production of the Company’s products for a certain period of time, which could have an adverse effect on the Company’s business, ?nancial condition, results of operations and cash ?ow. Customers The Company sells directly to end customers, distributors, solution providers and contract manufacturers. Our customers are a mix of several big customers and numerous small customers. The concentration ratio for our top-?ve customers was 22.6% in the ?rst three quarters of 2025. Consolidated Financial Statements Consolidated Balance Sheet (unaudited)Consolidated Balance Sheet (unaudited)Consolidated Income Statement (unaudited)Consolidated Cash Flow Statement (unaudited) F I S S Y S S E T Declaration Further Information Terms and Conditions of the Report Responsibility Statement The Board of Directors, the Board of Supervisors and the executive management of the Company warrant that the contents of this report are true, accurate and complete, and do not contain any false information, misleading statements or material omissions, severally and jointly accepting any legal responsibility thereof. Shanghai, 27 October 2025 Espressif Systems Executive Management Board of Directors Teo Swee Ann Teo Swee Ann Founder and Chairman Founder and CEO Ng Pei Chi Wang Jue Information Technology Of?cer Deputy General Manager Wang Jue Shao Jingbo Deputy General Manager Financial Director Teo Teck Leong Shareholder-elected Chen Myn Independent Director Lee Kian Soon Independent Director Leong Foo Leng Independent Director Forward-looking Statements This report contains forward-looking statements and/or assessments about the business, ?nancial condition, performance and strategy of the Espressif Group. These statements and/or assessments are based on assumptions and management expectations resting upon currently available information and current estimates. These are subject to a multitude of uncertainties and risks, many of which are partially or entirely beyond Espressif’s control. Espressif’s actual R E P M S S E 中财网
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