9月26日，跨国科技公司安波福（Aptiv）CEO凯文·克拉克（Kevin Clark）在谈及潜在的关税影响时对第 一财经记者表示："到目前为止，安波福受关税的影响微乎其微，这得益于我们全球各地的供应链部 署。" 过去五年，中国新能源汽车的发展取得了显著增长。克拉克表示，安波福在中国的业务也持续保持增 长，并已将生产基地投资或迁移到上海及周边地区。他还称，中国拥有庞大的研发人才库，在人工智能 等方面展现出巨大的发展潜力，这也是安波福聚焦的领域。 在谈及中国市场激烈的竞争环境以及挑战时，克拉克表示，跨国企业需要适应中国市场飞快的发展迭代 速度。他同时强调，中国的新兴技术公司虽然发展迅速，但仍有提升空间。他并不认同"所有整车厂都 在寻求垂直整合、自主研发技术"的观点。据他观察，几乎所有从垂直整合起步的整车制造商，都会在 达到一定规模后，发现这种垂直整合模式难以维持竞争力，并会逐步将外部供应商纳入解决方案，尤其 在拓展海外市场时更是如此。 克拉克透露，目前安波福在中国销售的产品所用的原料或零部件，超过80%都来自本土供应商。尤其在 半导体芯片和系统级芯片领域投入大量的本地化资源，针对中国市场的特定需求，持续进行相应 ...

Core Viewpoint - The special integrated circuit industry is expected to have bottomed out, with stable gross margins maintained [1][2]. Group 1: Financial Performance - Unisoc reported a revenue of 3.047 billion yuan for the first half of 2025, a year-on-year increase of 6.07%, and a net profit of 653 million yuan, up 4.39% year-on-year [1]. - In Q2, Unisoc's revenue reached 2.021 billion yuan, a year-on-year increase of 16.68% and a quarter-on-quarter increase of 97.00%; the net profit was 553 million yuan, up 38.53% year-on-year and 450.56% quarter-on-quarter [1]. - Fudan Microelectronics forecasted a revenue of approximately 1.82 billion to 1.85 billion yuan for the first half of 2025, representing a year-on-year increase of 1.44% to 3.12% [1]. Group 2: Industry Trends - The recovery in the special integrated circuit sector is driven by new products and new fields, with Unisoc maintaining a leading position in FPGA and system-level chip products [1]. - Unisoc has launched several new products for aerospace applications, including aerospace FPGAs and memory solutions, which are seeing successful market promotion and adoption by core users [1]. - Fudan Microelectronics is actively expanding into new products and markets, with growth across various product lines in the integrated circuit design sector, excluding volatile memory [1]. Group 3: Gross Margin Stability - Unisoc's gross margins for 2024 and the first half of 2025 were reported at 55.56%, 55.77%, and 57.95% respectively, with integrated circuit product gross margins at 71.12%, 71.69%, and 74.56% [2]. - Fudan Microelectronics also indicated that its gross margin levels remained stable year-on-year for the first half of 2025 [2].

Core Insights - The company reported a revenue of 3.047 billion yuan for the first half of 2025, representing a year-on-year growth of 6.07%, while the net profit attributable to shareholders was 692 million yuan, a decline of 6.18% [2] Group 1: Special Integrated Circuits - The company demonstrated strong technical capabilities and market competitiveness in the special integrated circuit sector, optimizing its R&D structure and significantly shortening development cycles [2] - The self-built packaging line was successfully put into production, achieving product quality at an industry-leading level [2] - The company maintained its leading position in FPGA and system-level chip products, with new high-performance products achieving mass delivery [2] - In special memory, the company retained its advantage as the most advanced and comprehensive in the domestic market, with new switch chip products being delivered in bulk [2] - Notably, breakthroughs were made in aerospace applications, with new FPGA and read-refresh chips being adopted by core users [2] Group 2: Intelligent Security Chips - The intelligent security chip business achieved new breakthroughs in product technology and market expansion, maintaining a leading position in the global SIM card chip market [3] - eSIM products were introduced to multiple leading smartphone manufacturers and achieved mass shipments [3] - In the financial IC card sector, the world's first open soft and hardware architecture security chip E450R was piloted in bank cards [3] - Significant progress was made in the automotive electronics sector, with automotive security chip solutions being mass-produced for several leading Tier 1 suppliers and OEMs, with annual shipments reaching millions [3] Group 3: Quartz Crystal Frequency Devices - The quartz crystal frequency device business showed steady growth, benefiting from the recovery of the consumer electronics market and rapid development in network communication and smart automotive sectors [3] - The company successfully developed new products such as the SMD2016 high-frequency differential crystal oscillator, enhancing market competitiveness [3] - Several products met the reliability standards of AEC-Q200/100 in automotive-grade products [3] - The company is actively laying out emerging market fields such as aerospace information, artificial intelligence, and low-altitude economy, with the construction of a production base for ultra-micro quartz crystal resonators progressing smoothly [3] Group 4: R&D Investment and Future Outlook - The company continues to maintain high levels of R&D investment, achieving good progress in RF-SOC and digital signal processor DSP fields [3] - The company plans to deepen technological innovation and seize opportunities for domestic substitution, focusing on the three main business segments of special integrated circuits, intelligent security chips, and quartz crystal frequency devices for future development [3]