Core Viewpoint - The company reported significant revenue growth in the first half of 2025, driven by a recovery in the consumer electronics market and increased demand for high-performance power management chips, while also narrowing its losses compared to the previous year [1][2]. Financial Performance - In 2025H1, the company achieved revenue of 466 million yuan, a year-on-year increase of 102.7%, with a net loss attributable to shareholders of 45 million yuan, a reduction in loss of 73 million yuan year-on-year [1][2]. - The second quarter of 2025 saw revenue of 289 million yuan, a year-on-year increase of 169.4%, with a net loss attributable to shareholders of 17 million yuan, a reduction in loss of 51 million yuan year-on-year [1][2]. Product Performance - The revenue breakdown for 2025H1 includes: - Power management chips: 182 million yuan - Autofocus and optical image stabilization chips: 142 million yuan - Port protection and signal switching chips: 47 million yuan - Sensor chips and others: 96 million yuan [2]. - The overall gross margin for 2025H1 was 29.4%, a decrease of 5.34 percentage points year-on-year [2]. Market Expansion and Strategic Initiatives - The company is making strides in emerging markets such as AI and automotive electronics, with multiple breakthroughs in AI-related products and ongoing development of high-performance chips for smart devices and vehicles [3]. - The company is also pursuing acquisitions, with a focus on integrating the target company Chengxin Micro, which specializes in analog and mixed-signal products, into its supply chain to enhance its market position in consumer electronics [3]. Future Outlook - The company forecasts net profits attributable to shareholders for 2025-2027 to be -46 million, +18 million, and +54 million yuan, respectively, with corresponding price-to-earnings ratios of -141, +373, and +121 times [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company reported a significant reduction in losses for H1 2025, with revenue reaching 466 million yuan, a year-on-year increase of 102.7%, and a net profit loss of 45 million yuan, which is a reduction of 73 million yuan compared to the previous year [5][6] - The growth in revenue is attributed to the recovery in the consumer electronics market and increased demand for high-performance power management chips, along with the successful outsourcing of some products [6] - The company is expected to benefit from emerging markets in AI and automotive electronics, with ongoing mergers and acquisitions potentially providing new growth momentum [6][7] Financial Performance Summary - For H1 2025, the company achieved a revenue of 466 million yuan, with a gross margin of 29.4%, down 5.34 percentage points year-on-year [5][6] - The revenue breakdown includes 182 million yuan from power management chips, 142 million yuan from autofocus and optical stabilization chips, and 96 million yuan from sensor chips [6] - The company forecasts revenues of 546 million yuan in 2024, 959 million yuan in 2025, and 1.207 billion yuan in 2026, with corresponding growth rates of 39%, 76%, and 26% respectively [4][7] Profitability Forecast - The net profit forecast for the company is projected to be -46 million yuan in 2025 and 54 million yuan in 2027, with corresponding P/E ratios of -140.9 and 120.9 [4][7] - The report indicates that the company is expected to transition from losses to profitability by 2026, with a net profit of 18 million yuan [4][6] Market Position and Strategy - The company is actively expanding its product offerings in the AI sector, with shipments to major clients and ongoing development of next-generation products [6] - In the automotive electronics sector, the company is launching new high-performance chip products, enhancing its competitive position [6] - The acquisition of a company focused on analog and mixed-signal products is expected to strengthen the company's market position in consumer electronics [6][7]

Core Viewpoint - The company has successfully launched a high-performance analog chip specifically designed for mobile satellite communication, which is now in mass production [1] Group 1 - The new chip provides stable, efficient, and precise power management for mobile satellite communication [1] - The product ensures reasonable distribution and efficient utilization of power during satellite communication, enhancing stability and reliability [1]

为加强与投资者的互动交流，进一步提升投资者关系管理水平，希荻微电子 集团股份有限公司（以下简称"公司"）将参加由广东证监局、广东上市公司协 会与深圳市全景网络有限公司联合举办的"向新提质 价值领航——2025 年广东 辖区投资者集体接待日暨辖区上市公司中报业绩说明会"，现将相关事项公告如 下： 证券代码：688173 证券简称：希荻微 公告编号：2025-071 希荻微电子集团股份有限公司 关于参加 2025 年广东辖区投资者集体接待日 暨辖区上市公司中报业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 2025 年 9 月 16 日 本次活动将在深圳市全景网络有限公司提供的网上平台采用网络远程的方 式举行，投资者可登录"全景路演"网站（http://rs.p5w.net）参与本次互动交流， 活动时间为 2025 年 9 月 19 日（周五）15:30-17:00。 届时，公司将通过网络互动模式，就公司业绩、公司治理、发展战略、经营 状况等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者积极参与。 ...

Core Viewpoint - The analog chip industry is entering an upward cycle, with expected global market growth of 3.3% in 2025 and 5.1% in 2026, reaching $82.2 billion and $86.4 billion respectively. The long-term growth is driven by AI applications such as data centers, autonomous driving, and humanoid robots, indicating significant potential for domestic companies [3][7][12]. Industry Overview - The global analog chip market has a CAGR of 4.77% from 2004 to 2024, with a projected market size of $79.6 billion in 2024, which is a 2.0% decrease from the previous year. The market is expected to recover in 2025 and 2026 [3][12]. - The Chinese analog chip market is projected to reach ¥195.3 billion in 2024, with a CAGR of 11% from 2025 to 2029. The market is driven by sectors such as industrial, automotive, and AI [18][21]. Key Applications and Growth Areas - Key growth areas for analog chips include industrial applications, AI, and automotive sectors. The industrial sector is expected to see a recovery in procurement and new product introductions, while the automotive sector is experiencing a shift towards electrification and intelligence [7][21][37]. - AI applications are expected to significantly increase the demand for analog chips, particularly in power management and signal processing [31][34]. Domestic Market Potential - China accounts for approximately 35% of the global analog chip market, making it a crucial revenue source for international manufacturers. However, the domestic self-sufficiency rate remains low, indicating substantial room for growth [7][34]. - Major international players like TI and ADI derive significant revenue from China, with TI's revenue from China estimated at $3 billion in 2024, while ADI's is around $2.1 billion [34][35]. Competitive Landscape - The competitive landscape is characterized by a mix of established international firms and emerging domestic players. The industry is seeing increased competition as domestic companies aim to capture market share in high-end applications [51][52]. - The growth model for analog chip companies often involves a combination of product diversification and customer base expansion, with established firms leveraging extensive product lines and customer relationships to drive revenue [23][28]. Investment Strategy - The report recommends investing in companies with high-end and platform capabilities, as these firms are better positioned to capitalize on the growth opportunities in the analog chip market [5][8].

Core Insights - Xi Di Micro celebrated its 13th anniversary and the topping-out ceremony of its new headquarters in Foshan, emphasizing its commitment to deepening its industry presence and aiming for greater heights [1][2] - The company has established a diverse product matrix in the analog chip sector, breaking the long-standing foreign monopoly and gaining international recognition for its technology and product compatibility [1] Company Overview - Founded in 2012 in Foshan, Xi Di Micro has focused on the analog chip field for 13 years, developing a range of products including DC/DC chips, lithium battery management chips, port protection and signal switching chips, as well as autofocus and optical stabilization chips [1] - The company has successfully commercialized its first switch charging chip in 2014 and has since expanded its product offerings [1] - Xi Di Micro's client base includes leading global mobile brands such as Samsung and Xiaomi, as well as renowned automotive manufacturers like Audi and Hyundai Kia, creating a diversified customer system across consumer electronics and automotive electronics [1] Strategic Goals - The new headquarters will serve as an innovation base, integrating functions such as technology research and development, mass production testing, operational management, and an integrated circuit innovation center [2] - Xi Di Micro aims to leverage the advantages of the Guangdong-Hong Kong-Macao Greater Bay Area for industrial collaboration and talent acquisition, positioning itself as a showcase for the integrated circuit industry in Foshan and the Greater Bay Area [2] - The company plans to continue focusing on technological iteration and product innovation in the analog chip sector to accelerate high-quality development [2]

Core Viewpoint - The company, Xidiwei, reported that as of June 30, 2025, it had a total of 14,232 shareholders [2] Summary by Category - **Shareholder Information** - The number of shareholders for the company is 14,232 as of the specified date [2]

Core Insights - The completion ceremony of the Xidi Building marks a significant milestone for Xidi Micro, coinciding with its 13th anniversary, aiming to establish an innovative headquarters in the Guangdong-Hong Kong-Macao Greater Bay Area [1][2] Company Overview - Xidi Micro, founded in 2012, is a leading domestic supplier of power management and signal chain chips, focusing on the research, design, and sales of analog integrated circuit products [1] - The company has strategically diversified its offerings across various sectors, including consumer electronics, automotive, cloud computing, and wearable applications, enabling it to achieve growth during industry downturns and accelerate during recoveries [1] Recent Performance - In the first half of 2025, Xidi Micro reported positive operational performance, making significant advancements in consumer electronics, automotive electronics, AI servers, and robotics [1] - The company has been recognized as a "Guangdong Province Integrated Circuit Chip Engineering Technology Research Center" and received certification for "Guangdong Province Excellent High-tech Products" from the Guangdong Provincial High-tech Enterprise Association [1] Xidi Building Initiatives - The Xidi Building will serve as a global R&D center, integrating three main directions: power management chips, port protection and signal switching chips, and autofocus and optical stabilization chips [2] - It will feature a customer experience center showcasing end-to-end solutions for AI smartphones, smart vehicles, and cloud computing applications [2] - The building will also include a talent incubation base to attract industry elites and cultivate the next generation of leaders in analog chips through an integrated "industry-university-research-application" training system [2] - A technology application laboratory will provide shared resources for clients to collaborate with engineers on product prototypes [2] - The strategic cooperation hub will connect enterprises with global leading clients, focusing on technology experience, demand insights, customized solutions, and commercial value realization [2]

Core Insights - The completion ceremony of the Xidi Building marks a significant milestone for Xidi Microelectronics Group, celebrating its 13th anniversary and emphasizing its commitment to deepening its foundational work while aiming for global aspirations [1] Company Development - Xidi Microelectronics was founded in 2012 in a small office in Nanhai, Foshan, and has evolved from a startup team to a more established entity [1] - The Xidi Building will serve as an innovative headquarters, integrating technology research and development, mass production testing, operational management, and an integrated circuit innovation center [1] Strategic Goals - The company aims to leverage the unique advantages of the Guangdong-Hong Kong-Macao Greater Bay Area to position the Xidi Building as a global technology enterprise starting point [1] - Plans include establishing a global R&D center focusing on power management chips, port protection and signal switching chips, and autofocus and optical stabilization chips, in collaboration with domestic and international universities [1] Customer Engagement and Talent Development - A customer experience center will be set up to showcase end-to-end solutions for cutting-edge applications such as AI smartphones, smart cars, and cloud computing, allowing clients to experience the strength of Chinese chips firsthand [1] - A talent incubation base will be created to attract hundreds of industry elites and cultivate the next generation of leaders in analog chips through an integrated "industry-university-research-application" training system [1] Technical Collaboration - A technology application laboratory will be established to share lab resources and support clients in joint debugging with the company's engineering team [1] - The Xidi Building will act as a strategic window connecting the company with global top clients, focusing on deep demand insights, customized solution co-creation, and the realization of commercial value [1]

证券日报网讯9月9日晚间，希荻微发布公告称，公司2025年半年度业绩说明会定于2025年9月17日召 开。 ...