Core Viewpoint - The company reported significant revenue growth in the first half of 2025, driven by a recovery in the consumer electronics market and increased demand for high-performance power management chips, while also narrowing its losses compared to the previous year [1][2]. Financial Performance - In 2025H1, the company achieved revenue of 466 million yuan, a year-on-year increase of 102.7%, with a net loss attributable to shareholders of 45 million yuan, a reduction in loss of 73 million yuan year-on-year [1][2]. - The second quarter of 2025 saw revenue of 289 million yuan, a year-on-year increase of 169.4%, with a net loss attributable to shareholders of 17 million yuan, a reduction in loss of 51 million yuan year-on-year [1][2]. Product Performance - The revenue breakdown for 2025H1 includes: - Power management chips: 182 million yuan - Autofocus and optical image stabilization chips: 142 million yuan - Port protection and signal switching chips: 47 million yuan - Sensor chips and others: 96 million yuan [2]. - The overall gross margin for 2025H1 was 29.4%, a decrease of 5.34 percentage points year-on-year [2]. Market Expansion and Strategic Initiatives - The company is making strides in emerging markets such as AI and automotive electronics, with multiple breakthroughs in AI-related products and ongoing development of high-performance chips for smart devices and vehicles [3]. - The company is also pursuing acquisitions, with a focus on integrating the target company Chengxin Micro, which specializes in analog and mixed-signal products, into its supply chain to enhance its market position in consumer electronics [3]. Future Outlook - The company forecasts net profits attributable to shareholders for 2025-2027 to be -46 million, +18 million, and +54 million yuan, respectively, with corresponding price-to-earnings ratios of -141, +373, and +121 times [4].

2025年上半年，希荻微的经营业绩持续向好，不仅在消费电子和汽车电子领域持续深耕，还在AI服务 器、机器人等前沿应用领域取得了突破性进展。此外，公司被认定为"广东省集成电路芯片工程技术研 究中心"，并获得广东省高新技术企业协会授予的"广东省名优高新技术产品"认证。 希荻大厦是希荻微上市时的募集资金项目，董事长陶海表示，这是希荻微迈向"全球化科技企业"的新起 点。在这里将设立全球研发中心，整合电源管理芯片、端口保护及信号切换芯片、自动对焦和光学防抖 芯片三大方向，与国内外高校共建联合创新平台；客户体验中心，展示公司为AI手机、智能汽车、云 计算等前沿应用打造的"端到端"解决方案，让客户零距离感受中国芯片的实力；人才孵化基地，通 过"产学研用"一体化培养体系，吸引数百名行业精英加入，并定向培育下一代模拟芯片领军人物；技术 应用实验室，开放共享实验室资源，支持客户携带产品原型入驻，与我们的工程师团队开展"面对面"联 合调试；战略合作枢纽，作为连接企业与全球头部客户的战略窗口，这里不仅承载着技术体验功能，更 肩负着深度需求洞察、定制化方案共创与商业价值落地的核心使命。(文穗) 希荻微成立于2012年，是国内领先的电源 ...

Core Insights - The completion ceremony of the Xidi Building marks a significant milestone for Xidi Microelectronics Group, celebrating its 13th anniversary and emphasizing its commitment to deepening its foundational work while aiming for global aspirations [1] Company Development - Xidi Microelectronics was founded in 2012 in a small office in Nanhai, Foshan, and has evolved from a startup team to a more established entity [1] - The Xidi Building will serve as an innovative headquarters, integrating technology research and development, mass production testing, operational management, and an integrated circuit innovation center [1] Strategic Goals - The company aims to leverage the unique advantages of the Guangdong-Hong Kong-Macao Greater Bay Area to position the Xidi Building as a global technology enterprise starting point [1] - Plans include establishing a global R&D center focusing on power management chips, port protection and signal switching chips, and autofocus and optical stabilization chips, in collaboration with domestic and international universities [1] Customer Engagement and Talent Development - A customer experience center will be set up to showcase end-to-end solutions for cutting-edge applications such as AI smartphones, smart cars, and cloud computing, allowing clients to experience the strength of Chinese chips firsthand [1] - A talent incubation base will be created to attract hundreds of industry elites and cultivate the next generation of leaders in analog chips through an integrated "industry-university-research-application" training system [1] Technical Collaboration - A technology application laboratory will be established to share lab resources and support clients in joint debugging with the company's engineering team [1] - The Xidi Building will act as a strategic window connecting the company with global top clients, focusing on deep demand insights, customized solution co-creation, and the realization of commercial value [1]

Core Insights - The company reported a significant revenue increase of 102.73% year-on-year, reaching 466 million yuan, while narrowing its net loss to 44.68 million yuan [1] - The growth is attributed to the company's penetration in consumer electronics and automotive electronics, as well as successful expansion into emerging markets like AI terminal applications [1][2] - The company achieved a gross profit of 137 million yuan, a 71.57% increase year-on-year, with a quarterly revenue of 289 million yuan in Q2, reflecting a 62.52% quarter-on-quarter growth [1] Revenue Breakdown - Power management chips generated 182 million yuan in revenue, serving as a core pillar for the company [1] - Autofocus and optical image stabilization chips contributed 142 million yuan, becoming another important growth driver [1] - Other businesses, including port protection, signal switching chips, and sensor chips, also showed steady development, contributing to a diversified and healthy business ecosystem [1] AI and Automotive Electronics - The company made significant strides in the AI sector, launching a DC/DC chip compatible with silicon anode batteries for AI smartphones, entering the supply chains of major brands like Xiaomi, OPPO, and vivo [2] - In the automotive electronics sector, the company's automotive-grade chips have been applied in brands such as Audi, Hyundai, and Xiaopeng, with ongoing new product launches [2] - The company is actively pursuing the acquisition of Chengxin Micro, which is expected to enhance resource integration and strengthen its industry position [2] R&D and Innovation - The company invested 134 million yuan in R&D, marking an 11.18% year-on-year increase, with over 60% of its workforce dedicated to research [2] - The company holds 247 invention patents, showcasing its commitment to technological innovation [2] - Its core technologies in power management and optical stabilization have allowed several products to enter global leading chip platform reference designs, competing effectively with international products [2] Future Outlook - The company is poised to leverage its technological accumulation and clear strategy to unlock long-term growth potential as market demand recovers [3]

Core Viewpoint - The company, Xidi Microelectronics Group Co., Ltd., reported a significant increase in revenue for the first half of 2025, driven by a recovery in the consumer electronics market and increased demand for high-performance power management chips [1] Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 466 million yuan, representing a year-on-year growth of 102.73% [1] - The revenue growth was attributed to the rising demand for power management chips and the successful outsourcing of production for certain products in the audio coil motor driver chip product line [1][2] Group 2: Product Performance - The revenue breakdown by product structure shows that power management chips generated 182 million yuan, autofocus and optical image stabilization chips contributed 142 million yuan, port protection and signal switching chips accounted for 46.6 million yuan, and sensor chips and others brought in 9.55 million yuan [2] - The company has accelerated the application of its chips in AI edge devices, launching customized DC/DC chip products for silicon anode batteries, which have become a preferred solution for enhancing battery life in AI smartphones [2] Group 3: Market Expansion - The company has successfully shipped products to well-known global brands such as Xiaomi, OPPO, vivo, and Transsion, extending its product applications to cutting-edge fields like AI glasses [2] - In the smart automotive electronics sector, the company has introduced new high-performance chip products, including automotive-grade low-side and high-side switch chips, to meet market demands [3] Group 4: Technological Advancements - The company has signed a technology licensing agreement with a South Korean firm to gain exclusive rights to autofocus and optical image stabilization patents in Greater China, positioning itself as a preferred supplier for audio coil motor driver chips among Chinese smartphone brands [4] - The company is transitioning its audio coil motor driver chip business from a trading model to a self-production model, increasing the self-production ratio quarterly [4]

Core Viewpoint - Halo Microelectronics Group Co., Ltd. reported significant growth in revenue for the first half of 2025, with a 102.73% increase compared to the same period last year, driven by rising demand for high-performance power management chips and the expansion of its product lines [3][4]. Company Overview and Financial Indicators - The company is a leading semiconductor and integrated circuit design enterprise in China, focusing on the research, design, and sales of analog integrated circuits and mixed-signal integrated circuits, including power management chips and signal chain chips [6][11]. - For the reporting period, the company achieved operating revenue of approximately 466.45 million yuan, compared to 230.09 million yuan in the same period last year [4]. - The net loss attributable to shareholders narrowed to approximately 44.69 million yuan from 117.54 million yuan year-on-year, indicating improved operational efficiency and cost control [4][5]. Industry Context - The integrated circuit industry is experiencing rapid growth due to advancements in AI, 5G communication, IoT, and autonomous driving technologies, which are driving innovation and upgrades within the sector [6]. - The global analog chip market is projected to exceed $100 billion by 2025, with a compound annual growth rate of 5.1% [6]. - China's integrated circuit industry, despite its late start, is becoming a major driver of global growth, supported by strong market demand and favorable policies [6]. Main Business Operations - The company’s product offerings include DC/DC chips, lithium battery charging management chips, port protection and signal switching chips, and voice coil motor driver chips, which are widely used in consumer electronics and automotive applications [6][8][9]. - The company has successfully integrated its products into the supply chains of major global brands such as Samsung, OPPO, and Xiaomi, enhancing its market presence [8][9]. Research and Development - The company invests significantly in R&D, with R&D expenses accounting for 28.65% of operating revenue, although this represents a decrease from the previous year due to increased revenue [4][5]. - The company is focusing on expanding its chip applications in AI and enhancing its product offerings to meet the growing demands of the market [6][11].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company focuses on automotive electronics and aims to enhance its market penetration in key applications such as smart cockpits, automotive antennas, body control, and advanced driver-assistance systems (ADAS) [3]. - The company is expected to achieve significant revenue growth driven by the rapid launch of new products in the consumer electronics sector and the consolidation of acquired entities [3]. - The company aims to become a leading player in the analog chip sector, providing high-performance power management chips and solutions for global high-efficiency smart system applications [10]. Summary by Sections Financial Performance - The company is projected to achieve total revenue of 1.07 billion in 2025, 1.53 billion in 2026, and 1.89 billion in 2027, with corresponding net profits of 0.14 billion, 1.57 billion, and 2.36 billion respectively [3]. - The earnings per share (EPS) are expected to improve from a loss of 0.71 yuan in 2024 to a profit of 0.58 yuan by 2027 [3]. - The company’s revenue in 2024 is anticipated to grow by 38.58% year-on-year, reaching 5.46 billion [10]. Product Development - The company has established a strong presence in the power management chip market, with a diverse product line that includes DC/DC converters, lithium battery charging management, and various other power conversion chips [10]. - The company has successfully integrated its products into major platforms such as Qualcomm and MediaTek, enhancing its market position in consumer electronics [10]. - The automotive electronics segment is expected to see increased demand due to the growth of electric and intelligent vehicles, with the company’s products meeting automotive standards [3][10]. Market Trends - The global smartphone market is projected to continue its growth, with a 2.4% increase in shipments in Q4 2024, which will positively impact the company's revenue from consumer electronics [33]. - The automotive industry is experiencing rapid growth, particularly in the electric vehicle segment, which is expected to double the demand for automotive power management integrated circuits (PMICs) [51]. Strategic Acquisitions - The acquisition of Zinitix is expected to provide new revenue streams and enhance the company’s product offerings, particularly in touch control and haptic feedback technologies [3][73]. - The integration of Zinitix is anticipated to contribute positively to the company’s financial performance, with a focus on expanding its customer base and market share [73].

公司代码：688173 公司简称：希荻微 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、重大风险提示 公司已在报告中详细描述可能存在的相关风险，敬请查阅第三节 管理层讨论与分析"四、风险因素"部 分内容。 3、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 4、公司全体董事出席董事会会议。 5、立信会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 6、公司上市时未盈利且尚未实现盈利 □是 √否 √适用 □不适用 1.1公司股票简况 7、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 因公司2024年度实现归属于母公司所有者的净利润为负，且充分考虑到公司目前处于快速发展期，经营 规模不断扩大，资金需求较大，为更好地维护全体股东的长远利益，公司拟定的2024年度利润分配预案 为：不派发现金红利，不送红股，也不以资本公积转增股本。公司2024年度 ...