Vanchip (688153.SS): L-PAMiD/ L-PAMiF ramping up in 2H25; Margins recovery in 2Q25 2Q GM came in higher at 28.0% (vs. 21.3% in 1Q25), better than our expectation due to product optimization. With opex also lower than expected, 2Q net income was better than our expectation at Rmb9mn, turning positive from 1Q25's Rmb18mn net loss. We are positive on Vanchip's migration to higher-end 5G PA modules (e.g. LPAMiD, LPAMiF) and product line expansions from cellular PA to WiFi PA, automotive PA and receiver products ...