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, registering a 12.2% year-on-year increase and an 8.6% quarter-on-quarter growth to hit a historical high. The company’s Q3 revenue amounted to NTD 33.087 billion, up 4.25% year-on-year, also setting a new quarterly record. Over the first nine months, its cumulative revenue totaled NTD 96.962 billion, representing a 5.8% year-on-year rise. Currently, YAGEO’s production capacity remains fully utilized, and its book-to-bill ratio (B/B ratio) has stayed above 1.2, a clear sign of robust market demand.
The core drivers behind the revenue growth stem from two key sectors. The accelerated construction of AI servers and data centers has fueled a surge in demand for high-margin tantalum capacitors. KEMET, a subsidiary of YAGEO, implemented two tantalum capacitor price hikes in October, which applied to both distributors and direct customers. This business segment has achieved positive growth for six consecutive quarters. Meanwhile, the automotive electronics and energy storage business has witnessed a strong recovery. Its revenue in the first nine months reached NTD 1.054 billion, soaring 36.1% year-on-year and matching the full-year revenue of 2024. Notably, the segment achieved a 26% quarter-on-quarter growth rate in Q3. Product structure optimization has also boosted profitability: YAGEO is shifting from single-component supply to providing "system solutions" to strengthen its pricing power. In addition, the company completed the acquisition of Japan’s Shibaura Electronics in October, with the total transaction scale reaching approximately NTD 22.8 billion. This acquisition has expanded YAGEO’s sensor business and driven a significant increase in the average selling price (ASP) of its products in Q3. By integrating Shibaura’s NTC thermistor technology, the move will help YAGEO further 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, with the following analysis based on the company’s official disclosure issued on October 30, 2025. In Q3 2025 (July-September), FHG Hi-Tech achieved an operating revenue of RMB 1.362 billion, up 9.4% year-on-year and 6.4% quarter-on-quarter, driven by the recovery of consumer electronics that spurred demand for mid-end MLCC. Its net profit attributable to listed company shareholders reached RMB 141 million, increasing 12.8% year-on-year and 10.2% quarter-on-quarter, as its gross profit margin rose to 22.7%. The company’s non-recurring net profit stood at RMB 138 million, up 13.5% year-on-year and 11.0% quarter-on-quarter, reflecting enhanced profitability of its core business. The gross profit margin climbed 0.6 percentage points both year-on-year and quarter-on-quarter, thanks to optimized cost control and minor adjustments to product structure. Its R&D investment reached RMB 175 million, growing 15.2% year-on-year and 8.3% quarter-on-quarter, with a focus on automotive-grade and high-frequency MLCC processes. The data is derived from FHG Hi-Tech’s Q3 2025 Report on CNINFO.
In terms of business operations, FHG Hi-Tech maintains a firm 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, covering application scenarios such as mobile phone power supplies, home appliances and PCB decoupling, ranking first among domestic manufacturers. It boasts significant price competitiveness: the average price of its similar products is about 18% lower than that of YAGEO and 25% lower than that of Murata. The company has made notable breakthroughs in the automotive sector. As of Q3, 12 types of its MLCC have obtained AEC-Q200 certification, doubling the number compared to the end of 2024. It has entered the secondary supply chain of new energy vehicle manufacturers including BYD and NIO for the first time, supplying components for Battery Management Systems (BMS) and in-vehicle entertainment systems. However, it has not yet obtained ISO 26262 functional safety certification (ASIL-B/D), preventing it from accessing core safety systems like ADAS and electric drives for the time being. In the high-frequency product segment, FHG Hi-Tech is still in the catch-up stage. Its 28GHz MLCC is still undergoing sample testing, with a Q-factor of around 380-400, far lower than Murata’s 1250+ and YAGEO’s 1050+. The company clearly stated that high-frequency and high-end products are not its current strategic focus, and it will concentrate resources on scaling up mid-end product supply and completing basic automotive certification.
Samsung Electro-Mechanics: Dual Drive from AI and Automotive Sectors, 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 the period from July 1 to September 30, 2025. The following analysis is based on the company’s official announcement issued on October 31, 2025. The company’s Q3 revenue reached KRW 258 billion, approximately USD 178 million, up 9.3% year-on-year and 6.2% quarter-on-quarter, driven by dual demand from AI servers and automotive electronics. Its operating profit stood at KRW 41.2 billion, rising 14.1% year-on-year and 8.7% quarter-on-quarter, as the gross profit margin of high-end MLCC increased to 37.5%. The net profit reached KRW 39.8 billion, growing 13.8% year-on-year and 9.0% quarter-on-quarter, with an effective tax rate maintained at around 22%. The MLCC business accounted for 68% of total revenue, up 2.1 percentage points year-on-year and 1.3 percentage points quarter-on-quarter, remaining the absolute core of its business. Samsung Electro-Mechanics invested KRW 48.5 billion in R&D, a year-on-year increase of 16.5% and a quarter-on-quarter increase of 7.2%, focusing on 6G and satellite communication high-frequency MLCC. The exchange rate reference for this quarter is 1 USD ≈ 1,870 KRW (average exchange rate in Q3 2025), and the data is sourced from Samsung Electro-Mechanics’ Q3 2025 Revenue report (English version).
In terms of key business performance, the high-frequency MLCC (28GHz and above) business drove substantial growth, with revenue reaching KRW 72 billion, accounting for 27.9% of total revenue and surging 28% year-on-year. Its main customers include Samsung Electronics, NVIDIA and AMD, supplying power modules for their AI accelerator cards. The Q-factor of its 28GHz MLCC increased to 980 from 920 in Q3 2024, though it still lags significantly behind Murata’s 1250+. The automotive-grade business achieved accelerated market penetration: orders for automotive-grade MLCC reached KRW 46 billion, accounting for 17.8% of total revenue and increasing 19% year-on-year. The products have been successfully integrated into the BMS and On-Board Charger (OBC) systems of new models such as Hyundai IONIQ7 and Kia EV9. The number of products holding ISO 26262 ASIL-B certification rose to 185, while ASIL-D certification, which Murata has already achieved for mass-produced products, is still pending. In terms of production capacity and yield optimization, the capacity utilization rate of the high-end MLCC production line at the company’s Suwon plant in South Korea hit a historical high of 95%. Through improvements in ceramic powder technology, the yield rate of 28GHz MLCC increased to 82% from 76% in Q3 2024. Samsung Electro-Mechanics maintained steady growth in Q3 2025, and its "AI + Automotive" dual-engine strategy yielded remarkable results. However, it still cannot shake Murata’s absolute leading position in high-end technical fields such as high-frequency performance and 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 well-suited for price-sensitive application scenarios that do not require top-tier performance.
Murata Manufacturing Co., Ltd.: High-end Technology Builds Competitive Barriers, Boasting Industry-topping Gross Profit Margin
As of November 6, 2025, Murata Manufacturing Co., Ltd. (Stock Code: 6981.T) has officially released its Q3 2025 revenue, covering the period from July 1 to September 30, 2025. The following is an authoritative collation and in-depth analysis based on the company’s official announcement issued on October 30, 2025. Murata’s Q3 revenue reached JPY 482 billion, approximately USD 3.12 billion, up 11.2% year-on-year and 7.5% quarter-on-quarter, driven by the dual growth of its high-end MLCC and module businesses. Its operating profit stood at JPY 98.5 billion, rising 18.3% year-on-year and 10.2% quarter-on-quarter, due to the increased proportion of high-margin products. The net profit reached JPY 72 billion, a year-on-year increase of 16.8% and a quarter-on-quarter increase of 9.7%, with an effective tax rate of approximately 28%. The MLCC business accounted for 58% of total revenue, up 1.8 percentage points year-on-year and 0.9 percentage points quarter-on-quarter, remaining its largest revenue source. The company’s gross profit margin climbed to 42.1%, increasing 2.3 percentage points year-on-year and 1.5 percentage points quarter-on-quarter, maintaining the highest level in the industry. The exchange rate reference is 1 USD ≈ 154.5 JPY (average exchange rate in Q3 2025), and the data is sourced from Murata Manufacturing’s Q3 2025 Revenue report (English version).
In terms of key business highlights, Murata continues to lead the high-end MLCC market. Its revenue from high-frequency MLCC (28GHz and above) reached JPY 112 billion, accounting for 23.2% of total revenue and jumping 32% year-on-year. The product’s Q-factor exceeded 1250 with a loss of less than 0.03dB, maintaining its global leading position and dominating the RF chain of 5G base stations and AI servers. Its core customers include high-end communication and aerospace enterprises such as Apple, Huawei, Ericsson and SpaceX. In the automotive safety certification sector, Murata holds an all-round leading position. Orders for automotive-grade MLCC reached JPY 68 billion, accounting for 14.1% of total revenue and increasing 24% year-on-year. It has over 200 products certified with ISO 26262 ASIL-D, exclusively supplying Tesla HW4.0, Toyota L2+ systems and NIO NT3.0. According to Yole data, Murata holds 31% of the global automotive-grade MLCC market share, far surpassing YAGEO’s 18% and Samsung Electro-Mechanics’ 12%. Murata’s modular strategy has also achieved remarkable results. The combined revenue of its RF modules and power modules reached JPY 135 billion, a year-on-year increase of 19%, becoming its second-largest growth driver. Apple’s iPhone 17 Pro series fully adopts Murata’s Ultra-Thin RF Filter Module, which has a thickness of less than 0.3mm.
Murata’s Q3 2025 performance once again confirms its status as the global leader in passive components. Technically, it has built dual competitive barriers with a 28GHz MLCC Q-factor of over 1250 and more than 200 products holding ASIL-D certification. Commercially, it has established stable partnerships with top-tier customers such as Apple, Tesla and SpaceX, holding over 50% of the high-end market share. Financially, its 42.1% gross profit margin leads the industry, and its profitability consistently outperforms its competitors. #MLCC #Murata #Samsung #YAGEO #FHG Hi-Tech #ICGOODFIND
