乐鑫科技(688018):ESPRESSIF SYSTEMS Q3 2026 REPORT

原标题:乐鑫科技:Espressif Systems Q3 2026 Report

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1.5 Billion Global Leader 230 Patents 10,000 3 Million Global IoT Chip In Wi-Fi MCU In AIoT Satis?ed Active Ecosystem Shipment Market Technology Customers Developers(Cumulative) WorldwideMore developers join, Developer Flywheel Developer Growthlearn, and build with Espressif solutions.Ecosystem Application Expansion InnovationDevelopers create innovative The ecosystem grows with applications and solutions more partners, tools, and across diverse use cases.integrations, enabling greater possibilities.Developers create innovative The ecosystem grows with applications and solutions more partners, tools, and across diverse use cases.As a global semiconductor innovator, we deliver high-performance RISC-V SoCs and comprehensive solutions with integrated AI, in-house operating system, robust security, and seamless cloud integration—shaping the future of smart, connected systems.Al Agent Edge Al Co-processor Mesh Wi-Fi Sensing HMI Multimedia Cloud & Matter SecurityCloud & EcosystemAIAI & IoT ESP-CLAW ESP-VISION ESP-SRSDKEdge AI Agent Framework Low-Code Edge AI Speech RecognitionESP-WHO ESP-DL ESP-NNComputer Vision Deep Learning Neural Network LibraryIoTESP-Brookesia ESP-GMF ESP-loT-SolutionAl-Powered Ul Framework Audio&Video Processing Peripheral IntegrationIn-HouseOperating ESP-IDFCompilers & Tool ChainsSystemOf?cial loT OSThird-PartyBrand Awareness

The ESP32 and Espressif brands have a strong sense of recognition among users. This recognition has become a

key factor in our competitive advantage and success. Users identify with the ESP32 brand due to its reliability,

performance, and versatility, which have been proven across various applications and industries. This strong brand

awareness not only fosters customer retention but also attracts new users, thereby solidifying Espressif"s position in

the market.

Exceptional IC Design Capability

Espressif independently designs and develops its own chip products, with core IPs being self-developed. These

chips are equipped with rich features, ensuring that Espressif’s products stand out in the market and avoid the pitfalls

of homogenized competition. By controlling the entire design process, Espressif can innovate rapidly and introduce

unique functionalities that set our products apart from competitors, providing a distinctive edge in the IoT

semiconductor industry.

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

enhances our reputation as a trusted and innovative leader in the industry.Business Highlights (Unaudited)

Key Financial Data (Unaudited)

Three Months Ended Nine Months Ended

CNY Sep 30, 2026 Sep 30, 2025 Sep 30, 2026 Sep 30, 2025

Consolidated Statement of Income Data

Revenue 889,277,202 666,706,221 2,369,988,496 1,912,247,017

Gross pro?t 454,085,724 319,845,390 1,184,340,680 882,881,14027,192,217 21,202,823

Selling expenses 75,127,957 59,114,434

25,023,192 24,222,903

General and administrative expenses 72,425,306 62,091,408

188,725,772 155,163,791

518,391,823 423,408,329

Research and development expenses

Net income 220,015,954 116,499,045 555,294,495 379,538,810

Net income attributable to Espressif 218,695,118 115,500,538 552,921,175 376,762,715Earnings per share:

2.3673 1.7343

Basic

2.3673 1.7343

Diluted

Consolidated Cash Flow Data

Net cash provided by operating activities 245,874,272 195,644,872 318,320,784 310,067,697Sep 30, 2026 Dec 31, 2025

Consolidated Balance Sheet Data

Working capital 3,393,101,701 3,518,352,994

5,258,889,142 5,047,755,518

Total assets

Long-term obligations 163,620,528 141,345,125

Total shareholders’ equity 4,666,499,279 4,489,877,928

N.B.: Due to the company"s implementation of a capital reserve to equity conversion in 2026, 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, 2026 Sep 30, 2025 Sep 30, 2026 Sep 30, 2025

51.06% 47.97% 49.97% 46.17%

Gross margin

R&D-to-sales ratio 21.22% 23.27% 21.87% 22.14%

Net income margin 24.74% 17.47% 23.43% 19.85%

11.84% 15.93%

Weighted ROE

Financial Analysis

Revenue Overview:

Quarterly Revenue Seasonality

FY2021 FY2022 FY2023 FY2024

1,000

quarter revenue came in at CNY 889.28 million, up

33.4% YoY and 6.8% QoQ.

800

Although global smart home demand moderated to

single-digit growth amid a challenging macroeconomic

600

environment and ongoing geopolitical uncertainties,

Espressif continued to bene?t from the diversi?cation of

400

its application portfolio. Non-smart home segments—

including industrial automation, smart agriculture, energy

200

Q1 Q2 Q3 Q4

activities—continued to deliver solid growth.

Driven by robust community support and effective technical marketing, our direct sales share has exceeded 71%,

making us unique among semiconductor peers. Furthermore, our customer concentration continues to decline,

re?ecting a healthier and more diversi?ed revenue structure. Revenue by Area:

? China’s Mainland revenue saw a 38.5% YoY growth and a 8.4% QoQ increase for the third quarter, bringing the

?rst three quarters" cumulative YoY growth to 21.0%.

? Overseas revenue grew 23.1% YoY and a 3.2% QoQ increase for the third quarter, bringing the ?rst three quarters"

cumulative YoY growth to 30.9%.

Revenue by Area Revenue by Sales Mode Top-5 Customer

in the First Three in the First Three Concentration Rate,

Quarters of 2026 Quarters of 2026 2022 - Q3 2026

China"s Mailand Rest of the World Direct Indirect

2022 23 24 25 26 Q1-Q3

Financial Analysis (Continued)

Revenue by Product Category:

? Chips: Revenue for the ?rst three quarters grew by 10.4% YoY, re?ecting steady demand from the customer base

that prefers direct chip-level design and in-house hardware development. ? Modules & Development Kits: Revenue for the ?rst three quarters grew by 32.5% YoY, as the IoT ecosystem

continues to mature. An increasing number of customers are choosing pre-certi?ed module solutions to simplify

hardware development, shorten product development cycles, and concentrate engineering resources on software, AI, and application innovation.

Revenue by Product Category in the First Three Quarters of 2026

　　　　　　　　　　　　50.0%　　　　　46.2%　　　　　　　　　　　　　　22.1% 21.9%23.4%19.8%　　　　　　15.9%11.8%　3.1% 3.2%3.2% 3.1%　　　

　　　　　　　　　　　　　　　Basic IoTESP8266 ｜ Entry ESP32 ｜ C / H-Series? Sensor, Basic Connected Device, Low-cost IoT? Passive, Connectivity-focusedBasic IoT | Connectivity as a Feature　　　　　　　　Passive Active

Interaction

Uni?ed Developer Ecosystem across all segments

The Company"s product roadmap is structured around four application-oriented capability layers: Basic IoT,

Systematic Connectivity, Interactive Devices, and Physical AI & High-Interaction. This roadmap re?ects the

evolution of connected devices from simple sensing and communication toward intelligent, autonomous, and

interactive systems.

Basic IoT focuses on delivering reliable, cost-effective connectivity for large-scale embedded devices. Products

such as the ESP32-C series provide highly integrated Wi-Fi and Bluetooth connectivity with optimized power

consumption and cost ef?ciency, enabling broad adoption across smart home devices, consumer electronics,

industrial control, and other mainstream IoT applications.

Building upon basic connectivity, Systematic Connectivity addresses increasingly complex networking

environments where multiple wireless technologies operate together. The Company"s portfolio supports Wi-Fi,

Bluetooth LE, Thread, Zigbee, Matter, and Wi-Fi 6/6E, enabling devices to participate in heterogeneous networks

with improved bandwidth, lower latency, stronger reliability, and lower power consumption. This capability allows

customers to build scalable and interoperable connected systems rather than isolated devices. Interactive Devices combine connectivity with local intelligence to enable richer human-device interaction.

Products including the ESP32-S series integrate AI acceleration, vector instructions, graphics capabilities, and

multimedia processing to support voice interaction, vision processing, display control, and other real-time edge AI

applications, enabling a new generation of intelligent terminals. Looking further ahead, the Company is expanding toward Physical AI & High-Interaction. Products such as the

ESP32-P series provide signi?cantly higher computing performance, richer peripheral interfaces, multimedia

capabilities, and support for embedded Linux, forming the computing foundation for next-generation intelligent

control systems, robotics, and AI Agent applications. At the software layer, the Company is also investing in

technologies such as MCP integration, ESP-Claw, and AI-native development frameworks to help developers more

Key Products - Chip Matrix

　　ESP82661x Core @160 MHzESP32ESP32 -C6C61x HP Core @160 MHz 1x LP Core @20 MHzESP32ESP32 -C3C31x Core @160 MHzESP32ESP32 -C2C21x Core @120 MHzESP32ESP32 -H2H21x Core @96 MHzLegacy Growth Emerging / Sampling

Wi-Fi 4 BluetoothWi-Fi 6 ThreadWi-Fi 6E ZigbeeMatter Ultra-Low PowerProduct Market Tenure

ESPESP32-H432-H4ESPESP32-S3132-S31 <1 YEARESPESP32-P432-P42 YEARSESPESP32-C6132-C61 2 YEARSESPESP32-C532-C5 2 YEARSESP32-H2 4 YEARSESP32-H2ESPESP32-C632-C6 4 YEARSESP32-C2 5 YEARSESP32-C2ESP32-C3ESP32-C3 6 YEARSESPESP32-S332-S3 6 YEARSESP32-S2 7 YEARSESP32-S2ESP32 (Original) 11 YEARS (SINCE 2016)ESP32 (Original)ESP826613 YEARS (SINCE 2014)ESP82662014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027Product Lifecycle Classi?cation ? Sampling: The product has completed development and entered the sampling phase, undergoing customer design-in and validation. ? Emerging: The product has achieved initial mass production and begun generating revenue, though overall scale remains limited. In the IoT industry, a product’s market tenure serves as a critical indicator of credibility. It re?ects long-term validation

and stable performance across complex application environments—reliability that cannot be replicated by speed or

short-term iteration alone.

Long-Tail Value

IoT products typically have long lifecycles and prioritize reliability, stability, and long-term supply continuity. Once a

customer"s product enters mass production, the end product may remain in the market for 5–10 years or longer.

Throughout this period, the customer continues to require chips/modules for ongoing production, replenishment,

maintenance, and product variants, creating a recurring stream of demand. This creates a hardware equivalent of SaaS economics: not through subscription fees, but through long product

lifecycles, repeat purchases, and durable customer relationships. Key Products - M5Stack Development KitsIn addition to the ESP32 chip brand, Espressif also owns the M5Stack development kit brand. M5Stack?is renowned for its innovative approach to hardware development and offers a modular, open-source platform that simpli?es the creation of IoT and embedded system solutions, greatly enhancing deployment ef?ciency. Beyond its hardware prowess, M5Stack has cultivated an exceptionally vibrant global developer community, commanding high brand mindshare within the ecosystem. With an extensive lineup exceeding 400 products, M5Stack continues to drive rapid innovation by launching a new product every week. M5Stack enables developers to rapidly prototype and iterate. This vast community serves as a continuous validation engine, where grassroots innovation frequently translates into mature, market-ready solutions. In the ?rst half of 2026, M5Stack successfully debuted two new products through Kickstarter crowdfunding campaigns. Post-crowdfunding, the products sustained high traction with both new acquisitions and repeat purchases throughout standard retail, underscoring a robust long-tail effect. M5Stack is progressively becoming an "Everyday Carry" (EDC) staple for engineers, further reinforcing our Direct-to-Consumer (DTC) market strategy.AI is stepping out of the screen and into the real world. As intelligence ?nds its way onto our desks, into our pockets, and into ?eld devices, hardware is evolving into the essential infrastructure that bridges digital intelligence with physical experiences. Throughout 2026, from the Anthropic Developer Conference, the Meta Muse Gadget Board debut, and the Qoder exhibition at the Alibaba Apsara Conference, to the Netherlands Business ModelBusiness-to-Developer-to-Business (B2D2B)We believe developers are the primary drivers of technological innovation. By serving developers ?rst, we enable the creation of new products, new applications, and ultimately new markets. Our growth model is built on the global developer ecosystem through two complementary layers: Business-to-Developer (B2D) and Business-to-Developer-to-Business (B2D2B). B2D (Business-to-Developer) forms the foundation of our ecosystem. We regard developers as our primary direct users and continuously invest in a comprehensive development platform, including processors, software frameworks, operating systems, development tools, development kits, and technical support. Through our open-source ecosystem, technical community, developer events, and continuous software enhancements, we maintain long-term engagement with developers worldwide. In this sense, B2D resembles a direct-to-consumer (DTC) model, where the "consumer" is the global developer community. B2D2B (Business-to-Developer-to-Business) transforms developer adoption of our platform into enterprise adoption of our technologies. As developers build innovative products on our platform, they bring our technologies into their organizations and industries, driving the development and commercialization of intelligent hardware applications across industrial automation, energy management, smart agriculture, consumer electronics, AI-enabled devices, and many other markets. Together, these two layers form Espressif"s Developer Flywheel, where developers create new applications that drive enterprise adoption, while growing enterprise adoption attracts more developers, reinforcing a self-sustaining cycle of developer growth, application innovation, enterprise adoption, and ecosystem expansion.Behind Every Smart Devices is a DeveloperDeveloper-Centric Platform StrategyEspressif"s long-term development strategy is centered on continuously expanding the developer ecosystem served

by its technology platform. As intelligent connected devices evolve, the required skill sets and development

work?ows continue to diversify. Accordingly, the Company is broadening its technology portfolio to support an

increasingly diverse range of developer communities.

Today, Espressif"s platforms are widely adopted by Connected Device Developers, who focus on low-power wireless

IoT applications, and Smart Interaction Developers, who build products featuring displays, voice, cameras, touch

interfaces, and multimodal user experiences. As AI increasingly moves beyond digital applications into the physical

world, the Company is also expanding its engagement with Physical AI Developers building intelligent devices that

combine AI capabilities with sensing, connectivity, interaction, and physical control. Meanwhile, increasing demand

for higher bandwidth and lower latency is creating new opportunities among High-Performance Connectivity

Developers developing multimedia, industrial networking, and advanced wireless applications. Looking forward, the Company is making strategic investments to support the next generation of embedded

software development. This includes ongoing research and development of Linux-capable platforms and software

frameworks intended to serve Linux Application Developers, enabling more sophisticated embedded computing

Developer Community ContentCumulative Number of GitHub ESP32 Projects

　　　　　　　　　2016/12/31 2026/9/30Daily Increase on GitHub 2016Q4 2026Q3Always a on Social MediaOwnership of SecuritiesBasic information of securitiesShare types Ordinary share234,384,311 (as of Sep 30, 2026)Share capital Shanghai Stock Exchange (SSE)Listing688018.SHTicker2019-07-22Listing DateShareholder Structure as of Sep 30, 2026Financial RiskThe 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 RiskEspressif’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. Nordic, Silicon Labs, and others. Intense competition from current players 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 20.72% in the ?rst three quarters of 2026.

Consolidated Financial StatementsConsolidated Balance Sheet (unaudited)Consolidated Balance Sheet (unaudited)Consolidated Income Statement (unaudited)Consolidated Cash Flow Statement (unaudited)

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Declaration

Further Information

Terms and Conditions of the Report

Responsibility Statement

The Board of Directors, 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, 23 October 2026

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 Board Secretary

Wang Jue Shao Jingbo

Board Secretary 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

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List of abbreviationsInvestor Relations Social Mediafacebook.com/espressif

Of?cial Platforms

linkedin.com/company/espressif-systems

Investor Relations Social Mediafacebook.com/espressif

Of?cial Platforms

linkedin.com/company/espressif-systems

instagram.com/espressif_systems_of?cial github.com/espressif bilibili.espressif.com Copyright ? 2026 Espressif Systems (Shanghai) Co., Ltd. All rights reserved. All trade names, trademarks and registered trademarks mentioned in this document are the property of their respective owners, and are hereby acknowledged. The term “Espressif” refers to Espressif Systems (Shanghai) Co., Ltd. and/or its subsidiaries. This report is written in both Chinese and English. In case of any discrepancies between Chinese and foreign interpretations, the Chinese version shall prevail.

All amounts presented in these condensed Consolidated Financial Statements are shown in CNY unless stated otherwise. Slight discrepancies between the amounts presented may occur due to rounding.