Shenzhen Sunmoon Microelectronics Co. Ltd. A

Ming Microelectronics has responded to the Shanghai Stock Exchange's inquiry letter regarding its 2025 annual report. The company's full-year revenue reached 665 million yuan, up 9.48% year-on-year, but net profit attributable to the parent company was a loss of 46.46 million yuan, a year-on-year plunge of 755.32%. Overall gross margin fell from 24.36% to 21.40%, while selling expenses surged 63.89% due to team expansion and marketing efforts. Direct sales revenue grew 13.54%, but gross margin plummeted 10.27 percentage points to 13.83%. Revenue from external packaging and testing services soared 188.3%, with a gross margin of negative 22.36%. The company stated that the marginal contribution was positive and could help dilute fixed costs. At the end of 2025, the book balance of inventory was 210 million yuan, with significant impairment provisions made for three consecutive years. The company believes the provisions are adequate and reasonable. Notes receivable reached 143 million yuan, a year-on-year surge of 42.51%, of which 112 million yuan had been discounted or endorsed but not yet matured and were in a pledged state, a year-on-year surge of 761.54%. This was mainly because the acceptors were small and medium-sized banks, and the risks had not been transferred, so the company continued to recognize the notes receivable and corresponding liabilities. Sales to the top five customers accounted for 41.71% of total revenue, and distribution revenue accounted for 65.25%. Sales to the largest customer were 88 million yuan. The annual auditor verified that the transactions were genuine and pricing was fair. The first quarter 2026 report shows revenue surging 94.91% to 215 million yuan, with net profit turning positive to 23.68 million yuan, but net cash flow from operating activities was negative 25.45 million yuan, a year-on-year plunge of 342.74%.