尽管头部酒企批价在节前出现环比小幅回暖，但同比仍显疲软。中金证券最新调研数据显示，双节前一 周，茅台批价环比上涨30-50元／瓶，五粮液批价环比上涨10-20元／瓶，不过从整体动销来看，同比去 年双节仍下滑约20%，与此前预期基本一致。 随着中秋国庆长假临近尾声，白酒行业传统的旺季特征并未如期显现。数据显示，白酒整体批价同比去 年双节下滑约20%，尽管头部酒企节前批价环比小幅回暖，但礼盒销量下跌，而大众价位的白酒产品销 量相对稳健。 业内人士认为，中秋国庆假期在白酒消费中的"旺季权重"正逐步降低，展望后市，白酒行业将进入"U 型"复苏周期，2025年四季度或将迎来供需拐点。 白酒批价同比下滑20% 旺季重要性下降，白酒消费场景转向 为何白酒传统旺季效应减弱？中泰资管研究部总经理助理陈太中分析，中秋国庆假期在白酒消费中的 "旺季权重" 正逐步降低，而春节的消费占比持续提升，这一趋势背后既有结构性的长期因素，也有周 期性短期因素。 "现在消费者更愿意把假期预算花在旅游出行等服务消费上，亲友聚会场景减少，直接影响了白酒消费 需求，而情绪体验类消费占比正逐步提升。" 陈太中表示。 上海消费者蒋先生也告诉记者，往年中秋 ...

新华财经上海10月8日电（记者 魏雨田）随着中秋国庆长假临近尾声，白酒行业传统的旺季特征并未如 期显现。数据显示，白酒整体批价同比去年双节下滑约 20%，尽管头部酒企节前批价环比小幅回暖， 但礼盒销量下跌，而大众价位的白酒产品销量相对稳健。 业内人士认为，中秋国庆假期在白酒消费中的 "旺季权重" 正逐步降低，展望后市，白酒行业将进入 "U 型" 复苏周期，2025 年四季度或将迎来供需拐点。 为何白酒传统旺季效应减弱？中泰资管研究部总经理助理陈太中分析，中秋国庆假期在白酒消费中的 "旺季权重" 正逐步降低，而春节的消费占比持续提升，这一趋势背后既有结构性的长期因素，也有周 期性短期因素。 "现在消费者更愿意把假期预算花在旅游出行等服务消费上，亲友聚会场景减少，直接影响了白酒消费 需求，而情绪体验类消费占比正逐步提升。" 陈太中表示。 上海消费者蒋先生也告诉记者，往年中秋会买几瓶白酒走亲访友，今年和家人一起去湖北、贵州、山西 旅游，"旅游花了近2万元，在白酒上的支出自然就缩减了。" "U 型" 复苏，今年四季度或迎供需拐点 面对白酒行业当前市场态势，机构普遍认为，行业或将进入"U型"复苏的周期。 华创证券研报表 ...

Financial Data and Key Metrics Changes - The company reported revenue of $120.1 million for Q1 2025, reflecting a 2% increase compared to Q4 and a 15% decline year-over-year [15][8] - Non-GAAP gross margin was 69%, up 690 basis points from Q4, indicating resilience despite lower revenue levels [16][8] - Non-GAAP operating margin was 26.2%, and adjusted EBITDA margin was 33.4%, demonstrating financial discipline [17][8] - Free cash flow for Q1 was $23.3 million, with a free cash flow margin of 19.4% [17][8] Business Line Data and Key Metrics Changes - The communications and computing segment experienced its first year-on-year growth in two years, while industrial and automotive grew 6% sequentially, marking its first quarter of sequential growth in six quarters [9][10] - Revenue from new products continued to grow at a strong double-digit pace, both sequentially and year-on-year [10][12] Market Data and Key Metrics Changes - The company noted improvements in bookings across various end markets, particularly in cloud and AI-related sectors [33][34] - The industrial sector showed positive trends with PMI above 50 for the past four years, while automotive remained flat [34][35] Company Strategy and Development Direction - The company is focused on cost controls, operational efficiency, and delivering value to shareholders while navigating macroeconomic uncertainties [7][8] - There is a strong emphasis on expanding design win rates in small and mid-range FPGAs, with a goal of achieving high teens percentage of new product revenue for the full year 2025 [10][12] - The company is committed to driving innovation and expanding customer engagements, with a strong belief in sustainable growth [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the second half of 2025, closely monitoring the impact of tariffs and customer demand [13][20] - The company expects a U-shaped recovery in the long term, supported by improving demand signals and a strong backlog [12][13] - Management remains confident in the strength of their product portfolio and market position, despite potential macroeconomic challenges [12][34] Other Important Information - The company repurchased approximately $25 million of common stock during the quarter, reducing dilution by 4.6% [19][20] - The balance sheet remains strong, with no debt and ready access to capital for future growth investments [18][19] Q&A Session Summary Question: Update on 2025 revenue outlook - Management sees no change in the 2025 revenue outlook, citing improving demand signals and a better book-to-bill ratio [26] Question: Differences in growth rates between segments - The decline in the communications and computing segment was primarily due to client revenue decline related to older platforms, while server and communication businesses have shown growth [28] Question: Impact of tariffs on customer positioning - Management noted strong demand from cloud customers and improvements in industrial sectors, while remaining cautious about potential tariff impacts [34][35] Question: Design win momentum and growth drivers - Design win momentum remains strong, driven by differentiation in product attributes, with both unit recovery and ASP improvements contributing to growth [37] Question: Inventory levels and normalization - Channel inventory is expected to take longer to normalize than initially anticipated, but internal inventory has seen significant reductions [46][48] Question: Competitive landscape in low power, small size FPGAs - The company remains confident in its unique architecture and product advantages, despite increased competition from larger players [80] Question: New product growth expectations - New product growth is expected to accelerate, with contributions from Nexus and Avant products layering in over the next few years [108][110]