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公众号记得加星标⭐️，第一时间看推送不会错过。 来源 ：内容 编译自日经 。 随着日本投入数十亿美元用于制造人工智能芯片，该国在传统功率半导体领域鲜为人知的主导地位正 受到新兴中国企业的挑战。尽管处境艰难，但本土厂商迟迟未能形成统一阵线。 东芝与罗姆之间一项重要的功率芯片联盟，除了合作生产项目外，一直难以取得实质性成果。据知情 人士透露，最初于2024年初宣布的深入合作谈判已"陷入停滞"。 缺乏明显进展凸显了日本电源芯片行业进行重大重组的困难，该行业拥有五大主要参与者：三菱电 机、富士电机、东芝、罗姆和电装，每家公司的全球市场份额均不足 5%。 电源芯片不像逻辑芯片和内存芯片那样光鲜亮丽，后者因人工智能的蓬勃发展而备受关注，但它们却 是从电网到电动汽车等各个领域的重要组成部分。它们的作用是管理电流，就像电水龙头一样。此 外，先进的电源芯片可以显著提高能源效率，这对于一个约90%能源依赖进口的岛国来说至关重要。 东芝和罗姆就电源芯片展开了两次合作谈判。其中一次于2023年12月宣布，旨在开展制造合作，即 一家公司利用其工厂生产另一家公司设计的产品，以降低投资成本。第二次是罗姆几个月后宣布的一 项更广泛的合作，旨 ...

Core Viewpoint - STMicroelectronics reported a loss in Q2 for the first time in over a decade, primarily due to restructuring and impairment costs amounting to $190 million, leading to a significant stock price drop of 16.6% [2][3] Financial Performance - The company experienced an operating loss of $133 million in Q2, which was below analyst expectations of a profit of $56.2 million [2] - Revenue for Q2 increased to $2.76 billion from $2.52 billion in the previous quarter, surpassing expectations [3] - The company anticipates Q3 revenue to reach $3.17 billion, exceeding analyst forecasts of $3 billion [3] Market Position and Strategy - STMicroelectronics heavily relies on in-house manufacturing, accounting for approximately 80% of sales, which poses challenges during market slowdowns [2] - The company has initiated a cost-cutting plan aimed at saving hundreds of millions by restructuring its manufacturing facilities, including a workforce reduction of 5,000 employees by 2027 [4] Acquisition Plans - STMicroelectronics plans to acquire NXP's MEMS sensor business for up to $950 million, enhancing its position in the sensor market [6][7] - The acquisition is expected to generate approximately $300 million in revenue in 2024 and improve profit margins significantly [7] - The deal will be financed through existing cash and is expected to close in the first half of 2026, pending regulatory approvals [7]

Financial Performance - The company's operating revenue increased by 28.27% year-on-year in 2024 and by 35.96% in Q1 2025, driven by the expansion of new and existing customers and deeper product line promotion [2][3]. - Cash flow has significantly decreased over the past two quarters due to substantial revenue growth, with measures in place to improve cash flow, including enhancing operating performance and optimizing debt structure [2][4]. Debt Management - The company plans to balance debt financing and financial risk by dynamically adjusting strategies, including increasing net profit to strengthen net assets and reduce the debt-to-asset ratio [4][5]. - As of the end of 2024, the credit line utilization rate was 40.35%, indicating a sufficient safety margin [4][5]. Inventory Management - The company increased inventory reserves to meet sales growth trends and supply chain tightening, with inventory turnover days reduced to 63.5 days, a decrease of 7.1 days year-on-year [5][6]. - A dynamic safety inventory system has been established to ensure inventory quality and value, minimizing related loss risks [5][13]. Supplier Relationships - The company maintains stable partnerships with major suppliers like TDK and Samsung, with collaboration lasting over ten years [5][6]. - Strategies to mitigate risks from high supplier concentration include expanding agency brands and optimizing the supply chain system [5][6]. Market Strategy - The company aims to enhance its market share in the electronic components distribution market, leveraging global economic recovery and emerging technologies like 5G and AI [6][10]. - Plans to improve market share include strengthening upstream and downstream cooperation, optimizing product structure, and enhancing customer service [6][10]. Digital Transformation - The company is accelerating its digital transformation, implementing SAP-ERP systems to improve business processes and operational efficiency [12][13]. - Digital tools are expected to automate processes, reduce labor costs, and enhance collaborative efficiency [12][13]. Corporate Social Responsibility - The company actively engages in social welfare activities, focusing on student support and community contributions [10][19]. - Initiatives include donations and fundraising for educational institutions, enhancing the company's image and long-term development prospects [10][19]. International Trade - The company's products are primarily exported to Japan, Taiwan, Hong Kong, and Southeast Asia, with no additional tariffs due to existing trade agreements [10][20].

Core Viewpoint - Onsemi plans to cut 9% of its workforce, approximately 2,400 employees, to maintain innovation amid declining demand and revenue, with expected annual savings of $105 million to $115 million [2][6]. Group 1: Workforce Reduction and Financial Impact - The company anticipates a challenging start to 2025, prompting the workforce reduction to adjust its financial scale while continuing to innovate [2]. - The layoffs are expected to incur costs of $50 million to $60 million, which will be recorded in 2025 [2]. - Onsemi's fourth-quarter revenue fell by 15% to $1.72 billion, with the automotive sector accounting for about half of its revenue [2]. Group 2: Strategic Focus and Innovation - CEO Hassane El-Khoury emphasized that the cuts will not affect R&D spending, focusing instead on pausing ancillary projects that do not impact the company's core business [3][4]. - The company aims to prepare for rising demand in artificial intelligence, indicating that approximately 12 million Onsemi power chips are needed to power 112,000 GPUs [5]. - Onsemi's strategy includes reallocating resources to higher-margin chips while outsourcing other manufacturing processes to enhance competitiveness [7]. Group 3: Market Context and Future Outlook - The semiconductor industry is facing demand fluctuations, particularly in the electric vehicle sector, which has seen a slowdown [7]. - Onsemi's recent layoffs are part of a broader strategy to manage costs and optimize operations in response to current market challenges [7]. - Despite the workforce reduction, Onsemi plans to reinvest some savings into new business initiatives and growth opportunities to strengthen its market position [7].