必易微：第二季度盈利强劲回升，产品结构持续优化

Core Viewpoint - The company has demonstrated resilience in a complex external environment by focusing on technological innovation, leading to improved operational efficiency and profitability in the second quarter of 2025 [1][3]. Financial Performance - For the first half of 2025, the company achieved a net profit attributable to shareholders of 4.3179 million yuan, a year-on-year reduction in losses of 16.92%. In the second quarter, net profit increased by 132.88% quarter-on-quarter, reaching 4.3179 million yuan, and 9.3039 million yuan after excluding share-based payment expenses, reflecting a significant quarter-on-quarter growth of 377.44% [1][2]. - The comprehensive gross margin has improved for four consecutive quarters, reaching nearly 30% in the second quarter of 2025 [1]. Product and Market Development - The company is actively responding to the demand in emerging markets such as AI edge computing, home appliances, and robotics, leading to rapid growth in core product lines. Revenue from key products like motor drive control, DC-DC, linear regulators, and LED backlight drivers increased by 64.57% year-on-year, contributing to a nearly 30% quarter-on-quarter revenue growth in the second quarter [1][2]. - New product sales in the home appliance sector grew over 104% year-on-year, while fast charging business revenue exceeded 44 million yuan, marking a nearly 13% increase. Revenue from LED backlight driver chips rose by 40.31%, and motor drive control chips reached 15.6087 million yuan, up over 245% year-on-year [2]. Research and Development - The company maintained high R&D investment, with R&D expenses reaching 71.8466 million yuan in the first half of 2025, accounting for 25.42% of operating revenue. The R&D team expanded to 261 personnel, representing over 69% of the total workforce [2]. - The company continues to launch high-performance new products in areas such as AC-DC, DC-DC, battery management chips, signal chain products, isolation series, and MCUs, gradually forming system-level chip solutions across various application scenarios [2]. Operational Efficiency - The company is enhancing cost control and quality improvement in the supply chain by optimizing upstream and downstream collaboration mechanisms and strengthening process control in key areas, significantly improving overall operational efficiency [2]. - The combination of product structure upgrades and market price strategy adjustments has led to a steady increase in gross margin and the release of profit elasticity [2]. Strategic Focus - The company's operational focus remains on "cost reduction, efficiency enhancement, and structural optimization," despite challenges in traditional product lines. The proactive layout in growth sectors such as AI consumer electronics, smart terminals, and industrial automation is laying a foundation for steady performance recovery in the future [3].