2025 Latest Financial Reports of YAGEO/FHG Hi-Tech/Samsung Electro-Mechanics/Murata

Q3 2025 Revenue Analysis of Global Passive Component Enterprises: Leaders in the Forefront and Local Enterprises' Breakthrough​

YAGEO Corporation: Record-breaking Revenue Driven by AI and Automotive Electronics​

The Q3 2025 revenue of YAGEO Corporation has been released, with relevant information sourced from news reports on October 27, 2025. YAGEO delivered an outstanding performance in Q3 2025: its monthly revenue in September reached NTD 11.681 billion, up 12.2% year-on-year (YoY) and 8.6% quarter-on-quarter (QoQ), hitting a historical high; its Q3 revenue amounted to NTD 33.087 billion, up 4.25% YoY, also setting a new quarterly record. The cumulative revenue from January to September reached NTD 96.962 billion, up 5.8% YoY. Currently, the company's production capacity remains fully utilized, and the book-to-bill ratio (B/B ratio) stays above 1.2, indicating strong market demand.​

The core drivers of revenue growth come from two key areas: the accelerated construction of AI servers and data centers has boosted demand for high-margin tantalum capacitors. KEMET, a subsidiary of YAGEO, raised the price of tantalum capacitors twice in October, covering both distributors and direct customers. This business segment has achieved positive growth for six consecutive quarters. The automotive electronics and energy storage business has also seen a strong recovery: its revenue in the first nine months reached NTD 1.054 billion, up 36.1% YoY, which has already matched the full-year revenue of 2024, with a QoQ growth rate of 26% in Q3. The optimization of product structure has also contributed to profit improvement: YAGEO is transitioning from single-component supply to "system solutions" to enhance its pricing power. Additionally, the company completed the acquisition of Japan's Shibaura Electronics in October (with a total scale of approximately NTD 22.8 billion), further expanding its sensor business and driving a significant increase in the average selling price (ASP) of products in Q3. This acquisition integrates Shibaura's NTC thermistor technology, which will help YAGEO expand into the European and American markets.​

FHG Hi-Tech: Leading the Mid-end Market with Breakthroughs in Automotive Certification​

As of November 6, 2025, FHG Hi-Tech (Stock Code: 000938.SZ) has officially released its Q3 2025 revenue. The following analysis is based on the company's official disclosure (announcement date: October 30, 2025):​

I. Core Financial Data for Q3 2025 (July-September 2025)​

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Data Source: FHG Hi-Tech Q3 2025 Report (CNINFO)​

In terms of business performance, FHG Hi-Tech maintains a solid leading position in the mid-end MLCC market. It holds over 45% of the domestic market share in the consumer electronics MLCC segment below 5GHz (e.g., mobile phone power supplies, home appliances, PCB decoupling), ranking first among domestic enterprises. It also has significant price competitiveness: the average price of its similar products is approximately 18% lower than YAGEO's and 25% lower than Murata's. FHG Hi-Tech has made breakthroughs in the automotive sector: as of Q3, 12 types of MLCC have obtained AEC-Q200 certification (an increase of 6 types compared to the end of 2024), and it has entered the secondary supply chain of new energy vehicle manufacturers such as BYD and NIO for the first time, supplying products for Battery Management Systems (BMS) and in-vehicle entertainment systems. However, it has not yet obtained ISO 26262 functional safety certification (ASIL-B/D), so it cannot enter core safety systems such as ADAS and electric drives for the time being. In terms of high-frequency products, FHG Hi-Tech is still in the catch-up phase: the 28GHz MLCC is still in the sample testing stage with a Q-factor of approximately 380-400, far lower than Murata's (1250+) and YAGEO's (1050+). The company clearly stated: "High-frequency and high-end products are not the current strategic focus; resources will be concentrated on mid-end volume expansion and basic automotive certification."​

Samsung Electro-Mechanics: Dual Drive from AI and Automotive, Release of High-end Production Capacity​

As of November 6, 2025, Samsung Electro-Mechanics (Stock Code: 006120.KS) has officially released its Q3 2025 revenue (covering July 1-September 30, 2025). The following analysis is based on the company's official announcement (release date: October 31, 2025):​

I. Core Financial Data for Q3 2025​

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Exchange Rate Reference: 1 USD ≈ 1,870 KRW (average exchange rate in Q3 2025)​

Data Source: Samsung Electro-Mechanics Q3 2025 Revenue (English Version)​

II. Key Business Highlights​

1. AI Servers Drive Volume Growth of High-end MLCC: Revenue from high-frequency MLCC (28GHz and above) reached KRW 72 billion, accounting for 27.9% of total revenue, up 28% YoY. The main customers include Samsung Electronics, NVIDIA, and AMD for power supply modules of AI accelerator cards. The Q-factor of 28GHz MLCC increased to 980 (compared to 920 in Q3 2024), but it still lags significantly behind Murata's (1250+).​

1. Accelerated Penetration in Automotive Business: Orders for automotive-grade MLCC reached KRW 46 billion, accounting for 17.8% of total revenue, up 19% YoY. It has successfully entered the BMS and On-Board Charger (OBC) systems of new models such as Hyundai IONIQ7 and Kia EV9. The number of products with ISO 26262 ASIL-B certification increased to 185, but it has not yet obtained ASIL-D certification (Murata has already mass-produced such products).​

1. Optimization of Production Capacity and Yield: The capacity utilization rate of the high-end MLCC production line at Samsung Electro-Mechanics' Suwon plant in South Korea reached 95%, a historical high. Through improvements in ceramic powder technology, the yield rate of 28GHz MLCC increased to 82% (compared to 76% in Q3 2024).​

Samsung Electro-Mechanics maintained steady growth in Q3 2025, and its "AI + Automotive" dual-engine strategy achieved remarkable results. However, it still cannot shake Murata's absolute leading position in terms of high-end technical barriers (high-frequency performance, functional safety certification). Its core competitiveness lies in the internal synergy of the Samsung Group and the cost-efficiency balance in the mid-to-high-end market, making it suitable for application scenarios that are price-sensitive and do not require top-tier performance.​

Murata Manufacturing Co., Ltd.: High-end Technology Builds Barriers, Industry-leading Gross Profit Margin​

As of November 6, 2025, Murata Manufacturing Co., Ltd. (Stock Code: 6981.T) has officially released its Q3 2025 revenue (covering July 1-September 30, 2025). The following is an authoritative collation and in-depth analysis based on the company's official announcement (release date: October 30, 2025):​

I. Core Financial Data for Q3 2025​

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Exchange Rate Reference: 1 USD ≈ 154.5 JPY (average exchange rate in Q3 2025)​

Data Source: Murata Manufacturing Q3 2025 Revenue (English Version)​

II. Key Business Highlights​

1. Continuous Leadership in High-end MLCC: Revenue from high-frequency MLCC (28GHz and above) reached JPY 112 billion, accounting for 23.2% of total revenue, up 32% YoY. The Q-factor exceeded 1250 (loss < 0.03dB), ranking first globally and dominating the RF chain of 5G base stations and AI servers. The main customers include high-end communication and aerospace enterprises such as Apple, Huawei, Ericsson, and SpaceX.​

1. Comprehensive Leadership in Automotive Safety Certification: Orders for automotive-grade MLCC reached JPY 68 billion, accounting for 14.1% of total revenue, up 24% YoY. The number of products with ISO 26262 ASIL-D certification exceeded 200, exclusively supplying Tesla HW4.0, Toyota L2+ systems, and NIO NT3.0. Murata holds 31% of the global automotive-grade MLCC market share (Yole data), far higher than YAGEO (18%) and Samsung Electro-Mechanics (12%).​

1. Remarkable Results of Modular Strategy: The combined revenue of RF modules and power modules reached JPY 135 billion, up 19% YoY, becoming the second-largest growth driver. Apple's iPhone 17 Pro series fully adopts Murata's Ultra-Thin RF Filter Module (thickness < 0.3mm).​

Murata's Q3 2025 performance once again confirms its status as the global leader in passive components: in terms of technology, it has built dual moats with a 28GHz Q-factor of over 1250 and more than 200 products with ASIL-D certification; in terms of business, it has secured partnerships with top-tier customers such as Apple, Tesla, and SpaceX, holding over 50% of the high-end market share; in terms of finance, its 42.1% gross profit margin leads the industry, and its profitability continues to outperform competitors.