希荻微：第二季度客户延续旺盛需求

Core Viewpoint - The company, Xidi Micro (688173), reported strong customer demand in Q2, with unfulfilled orders from Q1 expected to be reflected in Q2 results. The company aims to continuously launch competitive innovative products to improve its overall gross margin [2]. Group 1: Business Overview - Xidi Micro is a leading domestic semiconductor and integrated circuit design company, focusing on the research, design, and sales of analog integrated circuits and mixed-signal integrated circuits, including power management chips and signal chain chips [2]. - The product portfolio includes DC/DC chips, lithium battery charging management chips, port protection and signal switching chips, power conversion chips, and voice coil motor driver chips, characterized by high efficiency, precision, and reliability [2]. Group 2: Automotive Sector Development - In the automotive power management chip sector, the company provides AEC-Q100 compliant products such as boost/buck DC-DC chips, LDO regulators, high/low side driver chips, and camera PMICs, having passed ISO 26262 automotive functional safety certification [2]. - The company's automotive-grade DC/DC chips have been integrated into Qualcomm's smart cockpit automotive platform and shipped to renowned automotive OEMs, including Audi, Hyundai, Kia, Xiaopeng, Hongqi, and others [3]. - The company has achieved bulk shipments of automotive-grade LDO regulator chips to several leading domestic clients and plans to accelerate new product introductions and market expansion to drive automotive business growth [3]. Group 3: Financial Performance - In Q1 2025, the company reported revenue of 178 million yuan, a year-on-year increase of 44.56%, while the net profit attributable to shareholders was -27.26 million yuan, a year-on-year improvement of 21.66 million yuan [3]. Group 4: Corporate Governance and Compliance - The company has initiated an internal anti-corruption investigation, uncovering potential illegal activities by current board members of its subsidiary Zinitix. As the largest shareholder, the company has formally requested a temporary shareholders' meeting to elect new directors [3]. - Based on legal advice, the nomination of new board candidates is expected to comply with Korean laws, as the company completed its acquisition of Zinitix in August 2024, securing actual control [4]. - The company has developed a comprehensive response strategy to protect shareholder rights through local administrative and judicial channels in Korea, maintaining a cautiously optimistic outlook on resolving the situation [4].