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Anhui XDLK Microsystem Corporation (688582) · A-shares · MEMS inertial sensors/analog chip design

Report date: 2026-09-13 | Price data: The research note does not provide a clear price data cutoff date; it only mentions relevant market pages (including a market link with a 2026-09-11 timestamp and a weekly review commentary for September 7 to September 11, 2026), but no specific closing prices, technical indicator values, or capital flow data were extracted from these pages, so all quantitative price and technical data in this section are missing. | Sources: 30 | Report engine: v1 (v2 available)
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Close35.92 (-2.18% on the day; -9.18% over 5 sessions; -13.57% over 20 sessions)
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52-week range34.86 (2026-07-21) – 82.59 (2025-09-18)
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One-week range (about 95% coverage)29.86 – 41.56 (-16.9% ~ +15.7%)

As of the 2026-09-30 close; calculated from daily price data (adjusted prices) and refreshed automatically each trading day. The one-week range reflects historical volatility only and is not a forecast. The report below was written on 2026-09-13; its prices and short-term scenarios reflect data at that time.

Anhui XDLK Microsystem Corporation (688582)

Individual Stock Analysis Report | Industry: MEMS Inertial Sensors / Analog Chip Design | Report Date: September 13, 2026 | The research notes do not provide a clear price data cutoff date; they only mention relevant market data pages (including a market data link with a 2026-09-11 timestamp and a weekly review commentary covering September 7 to September 11, 2026), but no specific closing prices, technical indicator values, or capital flow data were extracted from these pages. Therefore, all quantitative price and technical analysis data in this section are missing.

This report is automatically compiled and generated by AI based on publicly available information, for reference only, and does not constitute investment advice.

1. Core Summary

XDLK Microsystem's performance in the first half of 2026 experienced a precipitous decline, which is currently the most decision-relevant fact: the company achieved operating revenue of RMB 156.6 million, down 38.14% year-over-year; net profit attributable to shareholders of the parent company was only RMB 36.4771 million, down 76.36% year-over-year; net profit attributable to shareholders after deducting non-recurring items was RMB 26.0311 million, plummeting 82.35% year-over-year; net cash flow from operating activities was only RMB 1.8829 million, plunging 99.01% year-over-year. The company explained in its financial report that the main reasons for the performance decline were high customer concentration, and the impact of end-customer factors and relevant policies causing fluctuations in customer order pickup pace, which led to a significant decline in revenue recognition, while increased R&D investment and higher share-based payment expenses further dragged down profits.

By comparison, the company's full-year 2025 performance was still impressive: operating revenue of RMB 523.74 million, up 29.48% year-over-year; net profit attributable to shareholders of the parent company of RMB 303.41 million, up 36.56% year-over-year; comprehensive gross margin of 85.77%, up 0.74 percentage points year-over-year. However, looking at the quarterly rhythm, Q4 2025 revenue of RMB 120 million had already declined 7.77% year-over-year and net profit attributable to shareholders of the parent company of RMB 70 million declined 23.11% year-over-year; Q1 2026 revenue of approximately RMB 50–51 million declined 41.86% year-over-year and net profit attributable to shareholders of the parent company of approximately RMB 3 million plunged 94.25% year-over-year; Q2 revenue of RMB 105 million declined 36.2% year-over-year and net profit attributable to shareholders of the parent company of RMB 33.92 million declined 69.1% year-over-year. The downward trend persisted throughout the first half of 2026.

From a business structure perspective, the revenue contraction of the core product MEMS gyroscope was the main source of this performance decline: in H1 2026, gyroscope revenue was RMB 112.8 million, accounting for 72.00%, down 49.04% year-over-year, with a gross margin of 85.92%; while MEMS accelerometer revenue was RMB 21.9 million, accounting for 13.99%, up approximately 39.04% year-over-year; inertial measurement unit (IMU) revenue was RMB 18.49 million, accounting for 11.81%, up approximately 26.84% year-over-year, but IMU gross margin was only 39.23% and accelerometer gross margin was 66.90%, both significantly lower than gyroscope. The structural shift dragged down overall gross margin, with H1 2026 comprehensive gross margin falling to 77.53%, down approximately 9.0 percentage points year-over-year.

The company adopts a Fabless model, with products consisting of one MEMS chip plus one ASIC control circuit chip. Downstream applications cover mature fields including high-end industrial, oil exploration, surveying and mapping, unmanned systems, and high-reliability, and are expanding into emerging directions such as autonomous driving, low-altitude economy, commercial aerospace, and humanoid robots. In H1 2026, R&D investment was RMB 70.4843 million, up 21.30% year-over-year, accounting for 45.01% of revenue; the debt-to-asset ratio was only 2.56%, and net assets attributable to shareholders of the parent company at period end were RMB 2.534 billion. The financial structure remains sound, but high R&D investment coexists with performance decline, and short-term profitability pressure is relatively prominent.

2. Company Overview

2.1 Basic Information

ItemContent
Securities AbbreviationXDLK Microsystem
Securities Code688582
Listing Date2023-06-30 (IPO issue price RMB 27, issued 55.21 million shares, raised approximately RMB 1 billion)
Establishment Date2012-07-30
Registered LocationBengbu City, Anhui Province
Office LocationBeijing
SW Industry ClassificationElectronics—Semiconductors—Analog Chip Design
Concept SectorsMEMS, sensors, autonomous driving, robotics, commercial aerospace, etc.
Actual ControllerJin Xiaodong
ChairmanChen Binggen (also serves as Party Secretary, Chairman of Anhui North Microelectronics Research Institute Group Co., Ltd., and Director of East China Institute of Optoelectronic Integrated Devices)
General Manager & Board SecretaryLin Ming
Shareholding StructureAs of the latest available period (Source: Huaxi Securities F10 hx168, update date 2026-08-22): MEMSLink Corporation 20.11% (controlled by actual controller), Hainan XDLK Investment Co., Ltd. 13.42% (controlled by actual controller), Anhui North Microelectronics Research Institute Group Co., Ltd. 13.36% (reducing holdings), Xuan Peiqi 2.87%, Hong Kong Central Clearing 2.82%, North Electronic Research Institute 2.28%, Jin Xiaodong 1.31%, etc.
Important Equity EventsAnnounced 2026-06-22, 151.52 million IPO restricted shares (37.72% of total share capital) unlocked for trading on 2026-06-30, 4 shareholders, locked up for 36 months (Source: Shanghai Securities News 2026-06-22 restricted share listing announcement, hx168 F10)

2.2 Main Business and Product Layout

  • MEMS Gyroscope (core mainstay): 2025 revenue RMB 404.5 million, accounting for 77.23%, gross margin 89.66%; H1 2026 revenue RMB 112.8 million, accounting for 72.00%, gross margin 85.92% (Source: East Money business analysis, Sina Finance 2026-08-31 article; product proportions consistent across both sources, cross-verifiable)
  • MEMS Accelerometer: 2025 revenue RMB 74.42 million, accounting for 14.21%, gross margin 79.37%; H1 2026 revenue RMB 21.9 million, accounting for 13.99%, gross margin 66.90%
  • Inertial Measurement Unit (IMU): 2025 revenue RMB 32.07 million, accounting for 6.12%, gross margin 53.09%; H1 2026 revenue RMB 18.49 million, accounting for 11.81%, gross margin 39.23%
  • Technical Services: 2025 revenue RMB 11.85 million, accounting for 2.26%, gross margin 83.61%; H1 2026 revenue RMB 2.5 million, accounting for 1.60%, gross margin 86.99%
  • Other: H1 2026 revenue RMB 953,500, accounting for 0.61%, gross margin 48.29%
  • Operating Model: Fabless model, not directly engaged in chip production; procures MEMS wafers, ASIC wafers, and packaging services; completes design, testing, and calibration in-house; each product contains one MEMS chip + one ASIC control circuit chip
  • Application Fields: Mature base consists of high-end industrial, oil exploration, surveying and mapping, unmanned systems, high-reliability (special/military); emerging expansion includes autonomous driving (passenger vehicle modules + L3/L4 unmanned logistics vehicles), low-altitude economy (aircraft in airworthiness certification stage), commercial aerospace (satellites already in operation for 3-4 years), humanoid robots, industrial robots

2.3 Industry Chain Upstream/Downstream Position and Cost-Profit Structure

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Reporting PeriodOperating RevenueYoYNet Profit Attributable to ParentYoY
H1 2026RMB 156.6 million-38.14%RMB 36.4771 million-76.36%
Q2 2026RMB 105 million-36.2%RMB 33.92 million-69.1%
Q1 2026Approx. RMB 50–51 million-41.86%Approx. RMB 3 million-94.25%
FY2025RMB 523.74 million+29.48%RMB 303.41 million+36.56%
FY2024RMB 404.50 millionData missingRMB 222.17 millionData missing
FY2023RMB 317.09 millionData missingRMB 165.40 millionData missing
FY2022RMB 226.86 millionData missingRMB 116.61 millionData missing

The latest financial report is the 2026 semi-annual report, with data as of 2026-06-30, disclosed on the evening of 2026-08-17 / 2026-08-18. H1 2026 net profit attributable to parent after deducting non-recurring items was RMB 26.0311 million (YoY -82.35%); net cash flow from operating activities was RMB 1.8829 million (YoY -99.01%); basic earnings per share RMB 0.09 (YoY -76.92%), diluted earnings per share after deducting non-recurring items RMB 0.06; comprehensive gross margin 77.53% (down approximately 9.0pct YoY); ROE 1.44% (down 5.00pct YoY); debt-to-asset ratio 2.56%; R&D investment RMB 70.4843 million (YoY +21.30%), accounting for 45.01% of revenue; net profit after excluding share-based payment impact RMB 52.3053 million (YoY -67.95%, company metric, non-accounting standard); total assets at period end RMB 2.6 billion, net assets attributable to parent RMB 2.534 billion (up 0.19% from year-end). Q2 2026 net profit after deducting non-recurring items RMB 28.45 million (-73.6%); Q1 2026 gross margin 77.78% (-6.14pct). H1 2026 by product: MEMS gyroscope RMB 112.8 million (72.00%, YoY -49.04%, gross margin 85.92%), MEMS accelerometer RMB 21.9 million (13.99%, YoY approx. +39.04%, gross margin 66.90%), IMU RMB 18.49 million (11.81%, YoY approx. +26.84%, gross margin 39.23%), technical services RMB 2.5 million, other RMB 953,500. FY2025 supplementary: net profit after deducting non-recurring items RMB 290 million (+36.91%); comprehensive gross margin 85.77% (+0.74pct); R&D expenses RMB 122.6 million (+11.95%), accounting for 23.40% of revenue; proposed cash dividend of RMB 1.48 per 10 shares, total dividend RMB 59.4574 million, dividend payout ratio 40.20%. FY2025 by product: gyroscope RMB 404.5 million (77.23%, +15.27%, gross margin 89.66%), accelerometer RMB 74.42 million (14.21%, +167.31%), IMU RMB 32.07 million (6.12%, +53.36%). Q4 2025 single-quarter revenue RMB 120 million (-7.77%), net profit attributable to parent RMB 70 million (-23.11%). Reasons for performance decline: high customer concentration, end-customer factors and relevant policies causing fluctuations in customer order pickup pace leading to significant decline in revenue recognition, while increased R&D investment and higher share-based payment expenses dragged down profits; top five customers' accounts receivable balance accounted for 74.07%, with the largest customer's accounts receivable at RMB 97.17 million (28.7% of total receivables at period end). Key figures are consistent across multiple sources including Jiemian, China Fund News, Shanghai Securities News, Securities Times, East Money, and Sina Finance, with high credibility.

3.2 Profit Forecast

3.3 Valuation Levels and Institutional Ratings

4. Recent News and Announcements

4.1 H1 2026 Performance Decline

XDLK Microsystem (688582.SH) reported net profit of RMB 36.4771 million for the 2026 interim report, down 76.36% from the same period last year; H1 net profit attributable to parent declined 76.36%, revenue declined 38%, net profit after deducting non-recurring items plummeted 82%, and operating cash flow contracted sharply, nearly depleted.

4.2 Shareholder Reduction

On June 26, 2026, XDLK Microsystem announced that shareholder North Electronic Research Institute, holding more than 5%, reduced its holdings by 1.161 million shares, cashing out RMB 69.9067 million; the combined shareholding ratio of the shareholder and its concert parties dropped to 15.88%. In addition, the company previously announced that two shareholders planned to reduce their holdings by no more than 12 million shares in total, accounting for nearly 3% of total share capital (no more than 2.987%).

4.3 Partial IPO Restricted Shares Listing and Trading

The company issued an announcement on the listing and trading of partial IPO restricted shares, dated June 22, 2026.

4.4 Change of Registered Capital and Amendment of Articles of Association

The company issued an announcement regarding the change of registered capital, amendment of the Articles of Association, and other partial governance systems, dated January 27, 2026.

4.5 2025 Annual Report

The company released the 2025 Annual Report Summary, with a disclosure date of March 24, 2026.

4.6 Semi-Annual Assessment Report on the 2026 Special Action Plan for Quality Improvement, Efficiency Enhancement, and Heavy Returns

The company released the semi-annual assessment report on the company's 2026 special action plan for quality improvement, efficiency enhancement, and heavy returns, dated August 17, 2026.

4.7 Participation in STAR Market Collective Performance Briefing

The company issued an announcement regarding participation in the STAR Market 2026 semi-annual chip design industry collective performance briefing.

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

The research notes do not contain any specific price, price change, trading volume, turnover rate, technical indicators (MA, MACD, KDJ, Bollinger Bands, RSI, etc.), or capital flow quantitative values for 688582 XDLK Microsystem; only a list of source links from which the above data can be obtained exists. In accordance with compilation requirements, this section does not fabricate numbers, dates, or sources that did not appear. Therefore, quantitative analysis content on stock price trends and technical aspects cannot be presented, and technical conclusions are temporarily unavailable.

5.3 Short-Term Outlook (Next Week, Scenario Projection, for Reference Only)

⚠️ Risk Warning: The following content is solely a subjective scenario projection based on existing materials. The research notes do not provide any price, trading volume, turnover rate, or technical indicator data, so each scenario cannot correspond to specific price ranges or volume thresholds. It is intended only as a reference for observational thinking and does not constitute investment advice.

① Key Technical Levels

LevelRangeDescription
Short-term ResistanceData missingThe research notes do not provide data such as Bollinger Band upper rail, recent swing highs, or 52-week highs, so a range cannot be given.
First SupportData missingThe research notes do not provide MA5/10/20 moving average cluster or recent swing low data, so a range cannot be given.
Strong SupportData missingThe research notes do not provide Bollinger Band lower rail or 52-week low data, so a range cannot be given.

② Next Week Scenarios (Subjective Weight, Not Statistical Probability)

  • Consolidation (weight: medium (subjective judgment, not statistical probability)): If the stock price fluctuates narrowly near the recent moving average cluster and trading volume does not significantly increase, it may maintain a consolidation pattern; specific price ranges cannot be given due to missing data.
  • Weaker Downside (weight: medium (subjective judgment, not statistical probability)): If it breaks below recent swing lows or moving average support and capital continues to flow out on a net basis, it may continue a weaker downside trend; specific price ranges cannot be given due to missing data.
  • Rebound Strengthening (weight: low (subjective judgment, not statistical probability)): If sector catalysts emerge or trading volume continues to expand and the price effectively holds above upper resistance, a rebound may unfold; specific price ranges cannot be given due to missing data.

③ Capital and Liquidity Background

The research notes do not provide turnover rate, daily trading volume range, or top ten shareholder concentration for 688582 XDLK Microsystem, nor do they indicate whether institutional shareholders such as public funds/social security/QFII appear on the shareholder register. With the above data missing, no judgment can be made regarding capital and liquidity background. If shareholder data is obtained subsequently, note that its disclosure typically lags by more than one quarter, the structure may have already changed, and the latest disclosure standards should prevail.

The research notes do not provide the stock's recent normal trading volume range, so specific volume thresholds cannot be calibrated; once trading volume data is obtained, volume confirmation signals can be set based on its own range.

④ Key Points to Watch (Observational Thinking Only, Not Trading Instructions)

  • Watch whether closing prices and key moving average positions such as MA5/10/20 and Bollinger Bands can be supplemented subsequently, to clarify short-term resistance and support ranges.
  • Watch changes in trading volume and turnover rate; if volume significantly deviates from recent norms, it can serve as an observational clue for capital entry or exit.
  • Watch top ten shareholders and institutional holdings (if disclosed) and their disclosure timing, to assess chip structure and liquidity environment.
  • The above are all observational thinking, not trading instructions.

The above scenario projections could not be calculated based on a specific data date because the research notes do not provide specific closing prices, technical indicators, or capital flow data for 688582 XDLK Microsystem; relevant price ranges and volume thresholds are all marked as data missing. Short-term stock prices are also subject to multiple disturbances including news, capital flows, and overall market conditions. Technical indicators themselves have lag and limitations, do not guarantee future actual movements, and do not constitute buy or sell recommendations. Please make independent judgments based on the latest market information and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

7. Risk Warnings

  • Customer Concentration Risk: The company's customer concentration reached as high as 82.74% in 2025. The H1 2026 performance decline was attributed by the company to high customer concentration and the impact of end-customer factors and relevant policies causing fluctuations in customer order pickup pace. The top five customers' accounts receivable balance accounted for 74.07%, with the largest customer's accounts receivable at RMB 97.17 million, representing 28.7% of total receivables at period end. If major customers' order pickup pace continues to fluctuate or collection is delayed, the company's revenue recognition and cash flow will come under direct pressure.
  • Operating Cash Flow Near Depletion Risk: H1 2026 net cash flow from operating activities was only RMB 1.8829 million, down 99.01% year-over-year, forming a stark contrast with the same-period net profit attributable to parent of RMB 36.4771 million. If subsequent accounts receivable collection falls short of expectations or customer payment cycles lengthen, the company's cash flow situation may become further strained.
  • Product Mix and Gross Margin Decline Risk: H1 2026 core product MEMS gyroscope revenue declined 49.04% year-over-year. Although the higher-margin gyroscope still accounted for 72.00%, comprehensive gross margin has fallen to 77.53%, down approximately 9.0 percentage points year-over-year; the faster-growing IMU gross margin is only 39.23% and accelerometer gross margin is 66.90%. If the proportion of low-margin products continues to increase, overall profitability may be further diluted.
  • R&D and Share-Based Payment Expenses Eroding Profit Risk: H1 2026 R&D investment was RMB 70.4843 million, up 21.30% year-over-year, accounting for 45.01% of revenue. Combined with share-based payment expenses, the company's net profit after excluding share-based payment impact still declined 67.95% year-over-year. Against the backdrop of declining revenue, rigid expense outlays may continue to pressure profits.
  • Restricted Share Unlocking and Shareholder Reduction Risk: On June 30, 2026, 151.52 million IPO restricted shares (37.72% of total share capital) unlocked for trading; on June 26, 2026, shareholder North Electronic Research Institute, holding more than 5%, reduced its holdings by 1.161 million shares, cashing out RMB 69.9067 million, with the combined shareholding ratio of the shareholder and its concert parties dropping to 15.88%. Previously, other shareholders also planned to reduce holdings by no more than 12 million shares in total (nearly 3% of total share capital). Increased supply of shares may pressure the stock price.
  • Emerging Application Expansion Below Expectations Risk: The company's emerging fields such as autonomous driving, low-altitude economy (aircraft in airworthiness certification stage), commercial aerospace, and humanoid robots are still in the expansion or early stages. If order ramp-up pace in related scenarios is slower than expected, the company will find it difficult to rely on emerging businesses to hedge against order pickup fluctuations in mature fields (high-end industrial, oil exploration, surveying and mapping, unmanned systems, high-reliability, etc.).

8. Conclusion and Outlook

From a growth logic perspective, XDLK Microsystem's long-term highlights lie in the domestic substitution space for MEMS inertial sensors and multi-scenario expansion capability. The company demonstrated growth in 2025: full-year revenue grew 29.48% year-over-year, net profit attributable to parent grew 36.56% year-over-year, gross margin remained above 85%, gyroscope revenue was RMB 404.5 million with a gross margin of 89.66%, accelerometer revenue surged 167.31% year-over-year, and IMU revenue grew 53.36% year-over-year, showing that the product line is gradually forming a relay beyond gyroscopes. In H1 2026, accelerometers and IMU grew approximately 39.04% and 26.84% respectively against the trend, with combined proportion rising to approximately 25.8%, reducing dependence on a single gyroscope product in the business structure; if emerging application directions such as autonomous driving, low-altitude economy, commercial aerospace, and humanoid robots gradually materialize, they are expected to provide incremental demand over the medium to long term.

However, short-term performance uncertainty is equally prominent. The company's H1 2026 revenue and profit declined significantly, officially attributed to high customer concentration and end-customer and policy factors causing order pickup pace fluctuations. This means the pace of revenue recognition is not entirely within the company's own control, and quarterly performance may experience significant fluctuations. At the same time, the top five customers' accounts receivable balance accounted for 74.07%, with the largest customer's accounts receivable at RMB 97.17 million, representing 28.7% of total receivables at period end. The collection and bad debt risks brought by customer concentration cannot be ignored. R&D investment at 45.01% of revenue and share-based payment expenses also create sustained pressure on the profit side, with net profit after excluding share-based payment impact still declining 67.95% year-over-year.

In addition, shareholder-level actions deserve attention. On June 22, 2026, the company announced that 151.52 million IPO restricted shares (37.72% of total share capital) would unlock for trading on June 30, 2026; on June 26, shareholder North Electronic Research Institute, holding more than 5%, reduced its holdings by 1.161 million shares, cashing out RMB 69.9067 million, with the combined shareholding ratio of the shareholder and its concert parties dropping to 15.88%. Previously, two shareholders also announced plans to reduce holdings by no more than 12 million shares in total (nearly 3% of total share capital). The performance decline, restricted share unlocking, and shareholder reductions are relatively concentrated in time, which may disturb market sentiment. Overall, the company's medium-to-long-term growth logic coexists with short-term operational fluctuations and chip structure changes. Going forward, key areas to track include the recovery of customer order pickup pace, the progress of emerging application order materialization, and whether gross margin can stabilize.

Data Sources


This report was automatically retrieved, compiled, and generated by AI based on publicly available channel information. Information is current as of: the research notes do not provide a clear price data cutoff date; they only mention relevant market data pages (including a market data link with a 2026-09-11 timestamp and a weekly review commentary covering September 7 to September 11, 2026), but no specific closing prices, technical indicator values, or capital flow data were extracted from these pages. Therefore, all quantitative price and technical analysis data in this section are missing. There may be timeliness differences; specific data should be subject to the company's official announcements and authoritative data terminals. This report is solely for information compilation and research reference, does not constitute any investment advice, and investors should make independent judgments and bear investment risks themselves.

Reports are generated by AI from public online information and may contain errors or outdated information. They are for research only, not investment advice. Verify material facts against company filings and authoritative sources.