Chipown(SH:688508) Xin Lang Cai Jing·2025-09-22 10:28Core Viewpoint - The company reported significant growth in revenue and profit for the first half of 2025, driven by new product launches and market expansion, particularly in the industrial sector [1][3]. Financial Performance - In H1 2025, the company achieved revenue of 636 million yuan, a year-on-year increase of 40.32% - The net profit attributable to shareholders was 90 million yuan, up 106.02% year-on-year - The net profit excluding non-recurring items was 68 million yuan, reflecting a 50.56% increase year-on-year - In Q2 2025, revenue reached 335 million yuan, a year-on-year increase of 33.88% and a quarter-on-quarter increase of 11.01% - The Q2 net profit attributable to shareholders was 49 million yuan, up 145.64% year-on-year and 20.32% quarter-on-quarter [1]. Product Development and Market Position - The company has established deep partnerships with leading home appliance brands, becoming the preferred supplier for major domestic brands such as Midea, Haier, and Gree - The company has successfully developed and mass-produced several high and low voltage integrated power and driver chips, enhancing its product matrix in the home appliance sector [2]. - The company has introduced a full suite of power chip solutions for mobile phone brands, covering applications from 10W to 140W, including advanced GaN devices [2]. Industrial Market Growth - The company has significantly increased its investment in the industrial sector, resulting in a 57% year-on-year revenue growth in H1 2025 - Key products include high-reliability AC-DC power supplies and a series of integrated power chips for servers and communication devices, which have entered mass production [3]. - The company has developed a comprehensive power solution system for the industrial power market, which is expected to drive substantial growth in emerging fields such as renewable energy and AI computing over the next two years [3]. Future Outlook - The company is expected to maintain a second growth curve beyond its core home appliance business, with continued revenue and profit contributions from industrial applications - Projections for net profit attributable to shareholders for 2025-2027 are 170 million yuan, 224 million yuan, and 280 million yuan, respectively, with corresponding EPS estimates of 1.29 yuan, 1.71 yuan, and 2.13 yuan [4].