Sundown Co., Ltd.: Holding an earnings presentation on April 1st, with participation from multiple institutions including Huatai Securities Co., Ltd. and Industrial Securities Co., Ltd.

Securities Star News: On April 2, 2026, Sanbang Co., Ltd. (300661) issued an announcement stating that the company held a performance briefing on April 1, 2026. 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Shanghai Securities Proprietary Trading Division, Huafu Securities Co., Ltd., Shiwang Mangxin Fund Management Co., Ltd., Great Wall Fund Management Co., Ltd., Yinghua Fund Management Co., Ltd., Geely Securities Investment Trust Co., Ltd., Guoxin Securities Co., Ltd., Xi’an Pubu Asset Management Co., Ltd., Citigroup 环球金融亞洲有限公司, IGWT Investment Investment Company, China Mobile Capital Holding Co., Ltd., Shenzhen Kunpeng Henglong Investment Co., Ltd., Jianyin International Securities Co., Ltd., China Haizhong Fund Management Co., Ltd., Hongta Securities Co., Ltd., Guotai Haitong Asset Management, China Merchants Securities Co., Ltd., Founder Securities Co., Ltd., Shanghai Qiuyang Yuliang Investment Management Co., Ltd., Yiru Financial Holdings Co., Ltd., Soochow Securities Co., Ltd., Beijing Yutian Capital Management Co., Ltd., Borui Fund Management Co., Ltd., Shanghai Bangyang Investment Management Co., Ltd., Everbright Securities Co., Ltd., Shanghai Zhongyu Asset Management Center (Limited Partnership), Boshi Fund Management Co., Ltd., J&T Schroders Fund Management Co., Ltd., China CITIC Construction and Investment Securities Co., Ltd., China Taizheng Securities Co., Ltd., Chengtong Securities Co., Ltd., Shanghai Duxi Qintai Private Fund Management Co., Ltd., Hongyun Private Fund Management (Hainan) Co., Ltd., Shanghai Yiheyuan Asset Management Co., Ltd., Dajia Asset Management Co., Ltd., Beijing Yiyuanada Investment Management Co., Ltd., Guoyuan Securities Co., Ltd., Donghai Securities Co., Ltd., Guohai Securities Co., Ltd., Chuangjin Hexin Fund Management Co., Ltd., Ping An Securities Co., Ltd., Shenzhen Minghui Investment Co., Ltd., Shanghai Mingyuan Investment Management Co., Ltd., Baersai Jia (Shanghai) Investment Management Co., Ltd., Beijing Fengpei Investment Management Co., Ltd., Founder Securities Co., Ltd., All-Weather Private Securities Fund Investment Management (Zhuhai) Partnership (Limited Partnership), Schroder Investment Management (Hong Kong) Co., Ltd., Nomura Orient International Securities Co., Ltd., Orient Securities Co., Ltd., Suzhou Gaoxin Investment Management Co., Ltd., Shanghai Hedao Asset Management Co., Ltd., Huiahua Wealth Management Co., Ltd., Ping An Bank Co., Ltd., Xi’an Duncheng Private Fund Management Co., Ltd., Shanghai Heou Investment Management Co., Ltd., Guangdong Bangzheng Asset Management Co., Ltd., Panhou Momentum (Shanghai) Capital Management Co., Ltd., Shenzhen Shengao Private Securities Fund Management Co., Ltd., Tianfeng Securities Co., Ltd., Tongtai Fund Management Co., Ltd., Beijing Zhongze Holding Group Co., Ltd., Shanghai Yimu Asset Management Co., Ltd., Shanghai Nantube Asset Management Co., Ltd., Wen Tian Private Securities Investment Fund Management (Guangzhou) Co., Ltd., East Asia Qianhai Securities Co., Ltd., Huaxi Securities Co., Ltd., Xingzheng Global Fund Management Co., Ltd., JIASHI Fund Management Co., Ltd., Shanghai Ningquan Asset Management Co., Ltd., Penghua Fund Management Co., Ltd., Shanghai Hanlun Private Fund Management Co., Ltd., Guangdong Zhengyuan Private Fund Management Co., Ltd., China International Finance Co., Ltd., Shanghai Jiashi Private Fund Management Co., Ltd., Macquarie Group Limited, Guangzhou Zhiben Fulili Investment Co., Ltd., Beijing Xinhang Capital Management Co., Ltd., Shenzhen Shangcheng Asset Management Co., Ltd., Huachuang Securities Co., Ltd., Shanghai Changchun Ivy Private Fund Management Co., Ltd., Oriental Securities Co., Ltd., Renqiao (Beijing) Asset Management Co., Ltd., Great Life Fund Management Co., Ltd., Nomura Investment Management Hong Kong Co., Ltd. Shanghai Representative Office, UBS Securities Co., Ltd., Hangzhou Shenwo Investment Management Partnership (Limited Partnership), Caixin Fund Management Co., Ltd., Yuhui Capital Management (Beijing) Co., Ltd., Auspice Capital Advisors, Guishan Private Fund Management (Suzhou) Co., Ltd., CITIC Futures Co., Ltd. participated.

The specific contents are as follows:

I. Company basic information introduction

The company focuses on R&D and sales of high-performance, high-quality analog integrated circuits. It has a relatively comprehensive matrix of analog signal and mixed-signal integrated circuit product offerings, fully covering areas such as signal chains, power management, and sensors. At present, it has 38 major categories with more than 6,800 products available for sale.

In 2025, the company achieved operating revenue of 3.89B yuan, an increase of 16.46% year over year; net profit attributable to shareholders of listed companies was 547 million yuan, an increase of 9.36% year over year; net profit after excluding non-recurring gains and losses attributable to shareholders of listed companies was 428 million yuan, a decrease of 5.23%. As of the end of 2025, the company’s total assets were 6.95B yuan, an increase of 20.50% from the end of the previous year; net assets attributable to shareholders of listed companies were 5.29B yuan, an increase of 14.86% from the end of the previous year.

The company adheres to independent R&D, oriented toward technological innovation, and continuously increases R&D investment. In 2025, R&D investment was 1.05B yuan, accounting for 26.81% of revenue, up 20.03% year over year, and it launched nearly 900 new products with fully independent intellectual property rights. The company’s R&D personnel were 1,335, accounting for 72.75% of total headcount, up 12.75% year over year; cumulatively, it has obtained 588 authorized patents and filed 141 additional patent applications.Q&A session

Answer: II. Q&A session

Q: What is the structure of the company’s downstream application areas for its products in 2025?

Answer: The company’s products are widely used in industries and energy, automobiles, networking and computing, consumer electronics, and other fields. In 2025, industrial application accounted for approximately 55% of revenue; of this, industry and energy accounted for over 30%, networking and computing accounted for more than 15%, and automobiles accounted for over 7%. Consumer electronics accounted for approximately 45% of revenue; of this, phones accounted for nearly 20%, and a wide range of non-phone consumer categories accounted for nearly 30%.

Q: Under the circumstances of rising costs and price increases by some peers, what is the company’s pricing strategy?

Answer: Because analog chip unit prices are low, quantities are large, and there are relatively more suppliers, the price of a single product usually gradually declines over its lifecycle and generally does not fluctuate with changes in market demand. The company’s products are diverse with broad application fields and various manufacturing processes, and its business demonstrates a certain resilience and risk-resistance capability. At the same time, the company develops and promotes products in line with its own planning, and there is not a high overlap with products from international peers. It fully participates in free-market competition and adopts market-based pricing strategies. The company currently has no plans to raise prices, and it will continue to monitor the situation going forward.

Because the company has many products with relatively long product lifecycles and broad application fields, a large customer base, and continuous growth in total product volume and the number of high-end products, the average product price has remained relatively stable for many years.

Q: In 2025, the company added four new product categories. Which specific product categories are they, and where are they applied?

Answer: In 2025, the company newly disclosed four major categories of products: magnetic sensors, EEPROMs, DIMM peripheral products, and auxiliary power chipsets. Among them, auxiliary power chipsets include products such as PD Bias, TEC Driver, and EML Bias, which are mainly used in optical modules and optical communications. Magnetic sensors are widely used in signal acquisition scenarios across various levels and types, coordinating with the company’s signal-chain products to complete signal acquisition and conditioning. EEPROM and DIMM peripheral products can be used to store data such as microcontroller parameters, configuration files, calibration data, and plug-and-play information, which can be widely applied in automotive electronics, home appliances, and intelligent wearable devices, among other areas.

Q: How is the company progressing in automotive electronics?

Answer: The company continues to make active investments and comprehensive layout in the automotive electronics field. At present, automotive-grade products have broad coverage across sensors, signal chains, and power management. More than 500 products that have passed ECQ100 certification have already entered mass production and deliveries. Over the past few quarters, the revenue from the company’s automotive-grade products has shown stable and rapid growth. It is expected that over the next 3–5 years, automotive electronics will grow to a scale representing 10%–15% of revenue.

Q: What are the share-based payment expenses for 2025? Roughly how much will it be in 2026?

Answer: Since the company’s listing, it has implemented a long-lasting equity incentive mechanism. The corresponding share-based payment expense is calculated on a rolling basis each year. In 2026, the company’s share-based payment expense is expected to be around 200 million yuan. Of this, the equity incentive plans before 2025 are expected to result in share-based payment expenses for 2026 of approximately 152 million yuan, and the newly added equity incentive plans in 2026 are expected to result in share-based payment expenses for 2026 of approximately 48 million yuan. The final amount will be based on actual occurrences.

Sanbang Co., Ltd. (300661) main business: R&D and sales of analog integrated circuits.

Sanbang Co., Ltd.’s 2025 annual report shows that the company’s main operating revenue for the year was 3.9B yuan, up 16.46% year over year; attributable parent net profit was 547 million yuan, up 9.36% year over year; net profit excluding non-recurring items was 428 million yuan, down 5.23% year over year. Of this, in the fourth quarter of 2025, the company’s single-quarter main operating revenue was 1.1B yuan, up 21.65% year over year; single-quarter net profit attributable to the parent company was 204 million yuan, down 5.35% year over year; single-quarter net profit excluding non-recurring items was 196 million yuan, down 2.98% year over year. The liability ratio was 23.4%. Investment income was 26.1643 million yuan. Financial expenses were -8.5734 million yuan. Gross margin was 50.94%.

In the company’s most recent 90 days, a total of 3 institutions have issued ratings, including 1 buy rating and 2 “increase holdings” ratings.

The following is detailed information on earnings forecasts:

Margin financing and securities lending data show that over the past 3 months, net outflow of margin financing for this stock was 243 million yuan, and the margin financing balance decreased; net inflow of securities lending was 207.6k yuan, and the securities lending balance increased.

The above content is compiled from public information by Securities Star and generated by an AI algorithm (filing number: 310104345710301240019), and does not constitute investment advice.