瑞萨支持Wolfspeed重组，亏损加剧

Core Viewpoint - Renesas Electronics reported a significant decline in sales and profits for the first half of 2025, primarily due to losses associated with the restructuring of Wolfspeed, leading to a net loss of 175.3 billion yen [1][7]. Financial Performance Summary - For the first half of 2025, sales decreased by 10.9% year-on-year to 633.4 billion yen, with operating profit down by 484 billion yen to 175.7 billion yen, and net profit down by 514 billion yen to 151.1 billion yen [2][8]. - In the second quarter of 2025, sales fell by 9.5% year-on-year to 324.6 billion yen, while gross margin increased by 0.1 percentage points to 56.8%. Operating profit decreased by 187 billion yen to 91.9 billion yen, with an operating margin decline of 2.5 percentage points to 28.3% [2][10]. Business Segment Performance - The automotive segment reported sales of 161.8 billion yen with a gross margin of 52.4%, showing growth compared to the previous quarter. However, the operating margin decreased by 6.3 percentage points due to impairment losses related to silicon carbide (SiC) power devices [10][11]. - The industrial/infrastructure/IoT segment also saw growth in sales and operating profit, although gross margin slightly declined [10]. Inventory and Production Insights - Inventory levels and days on hand decreased, influenced by increased shipments and the disposal of work-in-progress due to factory shutdowns. The company plans to expand its chip storage and increase finished goods inventory in response to rising demand [12][15]. Future Outlook - The company anticipates a 4.4% year-on-year decline in sales for the third quarter, projecting sales of 330 billion yen, with a slight increase in gross margin to 56.5% but a decrease in operating margin to 27.0% [15][16]. - The CEO indicated that while there are no significant unexpected events, uncertainties remain, particularly regarding the impact of U.S. tariff policies, which were initially expected to affect sales forecasts [9].