KP2360X ----- PSR PWM IC 适用于适配器 KP2204X ----- SSR PWM IC 支持 CCM 工作模式的快充 感谢信任 相比于传统 Si 器件，GaN 能够显著降低功率损耗､ 提高效率，符合电源行业趋高频化、高功率密度等 长期发展需求。必易微坚持自主技术创新,在深刻 理解电源系统和 GaN 器件的基础上，研发出一系列 稳定可靠、易于使用的合封 GaN 芯片，最终获得了 市场的认可与支持! （来源：必易微） （来源：必易微） 必易微将持续积极探索 GaN 在能源与电力、家居 家电、工业控制及自动化、智能物联领域的应用 价值,助力客户轻松实现低功耗、高效率且稳定 可靠的终端产品。 衷心感谢广大客户与供应商伙伴的长期信任与 支持!让我们继续携手同行,共同推动半导体 行业的技术创新与稳健发展。 关于必易微 深圳市必易微电子股份有限公司（股票代码：688045）是一家高性能模拟及数模混合集成电路供应商，聚焦电源管理、电机驱动、电池管理等关键核心技 术，为能源与电力、家居家电、工业控制及自动化、智能物联等领域客户提供一站式芯片解决方案和系统集成服务。 深圳市必易微电子股份有限公司（股票代 ...

Core Viewpoint - The company reported a revenue of 552 million in H1 2025, reflecting a year-on-year growth of 12.93%, but faced a net loss of 95 million, which is a 39.82% increase in losses compared to the previous year, indicating short-term profit pressure despite revenue improvement [1] Revenue and Profit Analysis - H1 2025 revenue improved with a year-on-year growth of 12.93%, reaching 552 million, but the net loss expanded to 95 million, a 39.82% increase in losses year-on-year [1] - The gross margin decreased to 39.10%, down 3.78 percentage points year-on-year, indicating weakened profitability [1] - Revenue from power, electric drive, and motor products was 501 million, accounting for 90.71% of total revenue, with a gross margin of 37.42%, which is the lowest for the historical period [1] - Other business revenue increased by 50.93% to 51 million, representing 9.29% of total revenue [1] - Overseas business revenue dropped to 24 million, a decrease of 44.72% year-on-year, with its share of total revenue falling from 18.42% in 2023 to 4.37% [1] Quarterly Performance - In Q2 2025, revenue was 319 million, showing a year-on-year increase of 10.29% and a quarter-on-quarter increase of 36.62%, reflecting a recovery in downstream demand [2] - The net loss for Q2 2025 was 51 million, with losses expanding by 74.35% year-on-year and 17.52% quarter-on-quarter [2] Cost and Expense Management - The expense ratio in H1 2025 decreased by 3.10 percentage points year-on-year but remained high at 54.30%, further compressing profits [2] - Financial expense ratio increased to 2.98%, primarily due to increased loan scale, interest, and reduced deposit interest [2] - Accounts receivable management improved, with accounts receivable decreasing by 0.22% compared to the end of 2024, marking seven consecutive quarters of reduction [2] R&D and Capacity Expansion - The company has increased R&D investments since the second half of 2023, focusing on integrated circuits, data centers, motor drives, commercial satellites, and energy storage, which may lead to future growth [3] - The production capacity for communication and server power supplies has been expanded by nearly 50%, with new projects expected to double the capacity for special power supplies by October 2025 [3] Investment Outlook - The company is expanding its application areas for special power supplies into low-orbit satellites, servers, and new energy sectors, enhancing its competitive position [3] - Forecasted net profits for 2025-2027 are 45 million, 145 million, and 217 million respectively, with corresponding EPS of 0.08, 0.27, and 0.40, indicating positive marginal expectations [3]