Core Viewpoint - The company reported significant growth in revenue and profit for the first half of 2025, driven by new product launches and market expansion, particularly in the industrial sector [1][3]. Financial Performance - In H1 2025, the company achieved revenue of 636 million yuan, a year-on-year increase of 40.32% - The net profit attributable to shareholders was 90 million yuan, up 106.02% year-on-year - The net profit excluding non-recurring items was 68 million yuan, reflecting a 50.56% increase year-on-year - In Q2 2025, revenue reached 335 million yuan, a year-on-year increase of 33.88% and a quarter-on-quarter increase of 11.01% - The Q2 net profit attributable to shareholders was 49 million yuan, up 145.64% year-on-year and 20.32% quarter-on-quarter [1]. Product Development and Market Position - The company has established deep partnerships with leading home appliance brands, becoming the preferred supplier for major domestic brands such as Midea, Haier, and Gree - The company has successfully developed and mass-produced several high and low voltage integrated power and driver chips, enhancing its product matrix in the home appliance sector [2]. - The company has introduced a full suite of power chip solutions for mobile phone brands, covering applications from 10W to 140W, including advanced GaN devices [2]. Industrial Market Growth - The company has significantly increased its investment in the industrial sector, resulting in a 57% year-on-year revenue growth in H1 2025 - Key products include high-reliability AC-DC power supplies and a series of integrated power chips for servers and communication devices, which have entered mass production [3]. - The company has developed a comprehensive power solution system for the industrial power market, which is expected to drive substantial growth in emerging fields such as renewable energy and AI computing over the next two years [3]. Future Outlook - The company is expected to maintain a second growth curve beyond its core home appliance business, with continued revenue and profit contributions from industrial applications - Projections for net profit attributable to shareholders for 2025-2027 are 170 million yuan, 224 million yuan, and 280 million yuan, respectively, with corresponding EPS estimates of 1.29 yuan, 1.71 yuan, and 2.13 yuan [4].

（校对/黄仁贵） 报告期内，营业收入增长的主要原因如下： （1）新产品门类增长。公司"功率系统整体解决方案"的相关多元化战略得到有效落地，DC-DC、Driver、Discrete、Power Module等产品线新品持续推出，报告期内非AC-DC品类营业收入同比大幅提升73%。 （2）新市场有力拓展。近三年来公司重点投入研发的工业应用领域，随着拳头产品"高耐压高可靠AC-DC"在大多数工业客户取 得大面积突破和量产，公司跟进推出适用于服务器和通信设备的48V输入数模混合高集成电源芯片系列和内置算法的数模混合电 机驱动芯片、超大电流EFUSE芯片、超大功率理想二极管芯片等大功率工控芯片，报告期内工业市场营业收入同比大幅提升 57%。 报告称，未来两年上述应用于新能源、机器人和AI计算新兴领域的新产品，将推动公司实现阶梯式显著增长。公司新品Design- Win正在从"Chipown AC-DC Inside"，加速提升为客户提供一站式"Power System Total Solution"，大幅提升新品推广效率，通过 为客户创造价值，提高客户粘性。 8月16日，芯朋微发布2025年半年度报告称，上半年，公司 ...

Core Viewpoint - The report evaluates the progress of Wuxi Chipone Microelectronics Co., Ltd.'s "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan for 2025, emphasizing the company's commitment to enhancing core competitiveness, improving investor returns, and strengthening governance structures [1][2][3]. Group 1: Focus on Core Business - The company has focused on the research and sales of power integrated circuits for 20 years, emphasizing self-innovation and providing high-efficiency, low-power products [1]. - In the first half of 2025, the company's R&D expenses amounted to 125.2443 million yuan, accounting for 19.69% of its operating income [1]. - New product lines have been launched, including integrated chips with digital control and various power management solutions, achieving significant technological advancements [1]. Group 2: Investor Return Mechanism - The company has implemented cash dividends and share buybacks since its listing in 2020, with a total buyback amount of 198.3409 million yuan and cash dividends of 200.3431 million yuan by June 30, 2025 [2]. - In the first half of 2025, the company distributed a cash dividend of 0.4 yuan per share, totaling 51.6207 million yuan, which represents 46.37% of the net profit attributable to shareholders for the 2024 fiscal year [2]. - The company aims to balance performance growth with shareholder returns to enhance long-term value for investors [2]. Group 3: Project Management and Innovation - The company is focused on enhancing project management for fundraising and investment projects, particularly in the development of power chips and digital power management solutions [3]. - Significant revenue growth of 57% year-on-year was reported in the industrial market for the first half of 2025, driven by successful product launches [3]. Group 4: Governance Structure - The company has revised its articles of association and governance structure to comply with the latest regulations, including the cancellation of the supervisory board and strengthening the audit committee's role [4]. - Management has participated in training programs to enhance self-regulation and ensure compliance with governance standards [4]. Group 5: Shareholder Engagement - The company emphasizes high-quality information disclosure and maintains open communication channels with investors through various platforms [5]. - Over 140 interactions with brokers, institutions, and individual investors have been conducted to enhance understanding of the company's operations and build investor confidence [5]. Group 6: Future Commitments - The company will continue to assess the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan and fulfill its responsibilities to investors while promoting stable development in the capital market [7].