Investment Rating - The investment rating for the company is "Outperform the Market" [6][28]. Core Views - The company achieved a record high revenue in Q2 2025, with a revenue of 1.187 billion yuan, representing a year-over-year increase of 58.20%. However, the net profit attributable to shareholders was -295 million yuan, indicating a continued loss but with a narrowing loss margin compared to the previous year [1]. - The company is focusing on diversifying its product offerings in emerging fields, with over 3,200 product models available as of mid-2025. New products have been launched in sectors such as renewable energy, automotive electronics, and communication [3]. - Despite short-term profit pressures due to intense market competition and high R&D investments, the company is expected to successfully expand into new markets and launch new products, maintaining the "Outperform the Market" rating [3]. Financial Performance Summary - In the first half of 2025, the company's revenue from power management chips reached 1.105 billion yuan, accounting for 93% of total revenue, with a gross margin increase of 0.76 percentage points to 28.44% [2]. - The revenue from DC-DC chips grew by 82.92% year-over-year to 674 million yuan, representing 57% of total revenue, while the gross margin for these chips improved by 0.3 percentage points to 25.50% [2]. - The company forecasts a gradual improvement in net profit, with estimates of -130 million yuan in 2025, followed by positive net profits of 52 million yuan in 2026 and 146 million yuan in 2027 [5][26].