P&S(SZ:300184) Chang Jiang Shang Bao·2025-08-11 00:43Core Viewpoint - The semiconductor industry is experiencing an upturn, contributing to the performance growth of Liyuan Information, which reported significant increases in revenue and profit for the first half of 2025 [1][2]. Financial Performance - In the first half of 2025, Liyuan Information achieved total revenue of 4.034 billion yuan, a year-on-year increase of 17.46% [2]. - The net profit attributable to shareholders reached 96.13 million yuan, up 65.79% year-on-year [2]. - The net profit after deducting non-recurring gains and losses was 90.99 million yuan, reflecting a 69.35% increase [2]. - The net cash flow from operating activities was 242 million yuan, compared to a negative 1.79 million yuan in the same period last year [2]. Industry Trends - The semiconductor industry has shown improved conditions compared to the same period in 2024, with a recovery in demand from the communication and consumer markets [2]. - The automotive market continues to trend towards smart and electric vehicles, while the industrial market sees a rebound in robot demand and an increase in demand for new energy-related equipment [2]. - The security monitoring market is experiencing growth in both quantity and quality of smart cameras, leading to a surge in demand for edge computing chips [2]. - The AI market maintains high demand for computing power, accelerating the commercialization of edge AI chips [2]. Business Segments - Liyuan Information's core business of electronic component distribution performed well, generating revenue of 3.799 billion yuan, a year-on-year increase of 18.05%, with a gross margin improvement of 0.3 percentage points [2]. - The "Power Products and Other Businesses" segment, which includes self-developed chips, achieved revenue of 235 million yuan, with a gross margin of 23.78%, up 2.64 percentage points year-on-year, contributing significantly to profit growth [3]. Research and Development - The company is committed to continuous R&D investment, transitioning from distribution to a dual-core strategy that includes chip design and distribution [3]. - Liyuan Information has made progress in self-developed chip products, including microcontrollers (MCUs), power devices (SJ-MOSFET), and small-capacity storage chips (EEPROM) [3]. - The MCU products are characterized by low power consumption and high cost-effectiveness, successfully entering markets such as security monitoring and automotive electronics [3]. - The company has obtained 26 integrated circuit layout design certificates, 30 invention patents, 68 utility model patents, 186 software copyrights, and 5 design patents [3]. Product Development - Liyuan Information's wholly-owned subsidiary, Xinyuan Semiconductor, launched a low-power MCU product with a 96MHz M0+ core in May 2025, with more new product models expected to be released in the second half of 2025 [4].