【编者按】 为了更好地提升资本市场服务实体经济质效，中国基金报与上海证券交易所联合开设《百亿千万计划——与投资大咖走进 上市公司》栏目，与管理规模百亿元级的机构投资者、中国基金报逾千万粉丝一道，共同走进优质沪市公司。本期，我们 来到国内电源管理芯片龙头希荻微，独家对话公司创始人、董事长兼总经理陶海。 中国基金报记者 南深 牛思若 希荻微电子集团股份有限公司（以下简称希荻微"）成立于2012年，是较早一批由海外大厂背景团队归国创立的芯片设计 企业，目前已经发展成为国内领先的电源管理及信号链芯片供应商，于2022年1月21日在科创板上市。 近年来，作为国家级专精特新"小巨人"企业，希荻微始终保持高额研发投入，如2024年全年公司研发投入占比达到了 46.31%，产生批量专利等技术成果的同时，也给公司短期业绩带来一定压力。不过，今年上半年随着公司加速国产替代与 AI端侧布局，以及加强供应链管理，其营业收入大增102%，毛利大增71.5%，净利润大幅减亏62%。与此同时，公司被认 定为"广东省集成电路芯片（希荻微）工程技术研究中心"。 在访谈中，希荻微董事长陶海回答了公司保持高研发投入的原因、当前业务重点及未来增长点 ...

【编者按】 为了更好地提升资本市场服务实体经济质效，中国基金报与上海证券交易所联合开设《百亿千万计划 ——与投资大咖走进上市公司》栏目，与管理规模百亿元级的机构投资者、中国基金报逾千万粉丝一 道，共同走进优质沪市公司。本期，我们来到国内电源管理芯片龙头希荻微，独家对话公司创始人、董 事长兼总经理陶海。 希荻微电子集团股份有限公司（以下简称希荻微"）成立于2012年，是较早一批由海外大厂背景团队归 国创立的芯片设计企业，目前已经发展成为国内领先的电源管理及信号链芯片供应商，于2022年1月21 日在科创板上市。 近年来，作为国家级专精特新 "小巨人"企业，希荻微始终保持高额研发投入，如2024年全年公司研发 投入占比达到了46.31%，产生批量专利等技术成果的同时，也给公司短期业绩带来一定压力。不过， 今年上半年随着公司加速国产替代与AI端侧布局，以及加强供应链管理，其营业收入大增102%，毛利 大增71.5%，净利润大幅减亏62%。与此同时，公司被认定为"广东省集成电路芯片（希荻微）工程技术 研究中心"。 在访谈中，希荻微董事长陶海回答了公司保持高研发投入的原因、当前业务重点及未来增长点、存货和 应收账款管理 ...

【编者按】 为了更好地提升资本市场服务实体经济质效，中国基金报与上海证券交易所联合开设《百亿千万计划——与投资 大咖走进上市公司》栏目，与管理规模百亿元级的机构投资者、中国基金报逾千万粉丝一道，共同走进优质沪市 公司。本期，我们来到国内电源管理芯片龙头希荻微，独家对话公司创始人、董事长兼总经理陶海。 目前研发回报丰厚 中国基金报： 公司为何如此重视研发？不管是研发投入还是研发人员薪酬水平，投入都挺重 的。 陶海： 希荻微是一家芯片设计企业，而设计是整个半导体行业最重要的一个环节。芯片设计 具有技术密集型特征，相关企业想要持续发展，最核心的竞争力就是来自研发。一方面产品 技术、制造需要不停创新；另一方面人员投入要保证， 要吸引 芯片行业 全世界最好、能力 最强的人才 到希荻微这个平台上来 。 另外，也只有保持高研发投入，希荻微才能在研发、设计方面从学习国外先进技术，逐渐过 渡到国产化。我们的目标是无论技术、制造还是团队，都要百分之百国产化，做到自主可 控。 中国基金报记者 南深 牛思若 希荻微电子集团股份有限公司（以下简称 希荻微"）成立于 2012 年，是较早一批由海外大 厂背景团队归国创立的芯片设计企业，目 ...

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].

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company reported a significant reduction in losses for H1 2025, with revenue reaching 466 million yuan, a year-on-year increase of 102.7%, and a net profit loss of 45 million yuan, which is a reduction of 73 million yuan compared to the previous year [5][6] - The growth in revenue is attributed to the recovery in the consumer electronics market and increased demand for high-performance power management chips, along with the successful outsourcing of some products [6] - The company is expected to benefit from emerging markets in AI and automotive electronics, with ongoing mergers and acquisitions potentially providing new growth momentum [6][7] Financial Performance Summary - For H1 2025, the company achieved a revenue of 466 million yuan, with a gross margin of 29.4%, down 5.34 percentage points year-on-year [5][6] - The revenue breakdown includes 182 million yuan from power management chips, 142 million yuan from autofocus and optical stabilization chips, and 96 million yuan from sensor chips [6] - The company forecasts revenues of 546 million yuan in 2024, 959 million yuan in 2025, and 1.207 billion yuan in 2026, with corresponding growth rates of 39%, 76%, and 26% respectively [4][7] Profitability Forecast - The net profit forecast for the company is projected to be -46 million yuan in 2025 and 54 million yuan in 2027, with corresponding P/E ratios of -140.9 and 120.9 [4][7] - The report indicates that the company is expected to transition from losses to profitability by 2026, with a net profit of 18 million yuan [4][6] Market Position and Strategy - The company is actively expanding its product offerings in the AI sector, with shipments to major clients and ongoing development of next-generation products [6] - In the automotive electronics sector, the company is launching new high-performance chip products, enhancing its competitive position [6] - The acquisition of a company focused on analog and mixed-signal products is expected to strengthen the company's market position in consumer electronics [6][7]

Core Viewpoint - The recent financial report of Xidi Micro (688173) shows significant revenue growth and a reduction in losses, indicating a positive trend in the company's performance despite ongoing challenges in profitability [1]. Financial Performance - Total revenue for the first half of 2025 reached 466 million yuan, a year-on-year increase of 102.73% [1]. - The net profit attributable to shareholders was -44.6884 million yuan, improving by 61.98% compared to the previous year [1]. - In Q2 2025, total revenue was 289 million yuan, up 169.43% year-on-year, with a net profit of -17.4236 million yuan, an increase of 74.62% year-on-year [1]. - Gross margin stood at 29.4%, down 15.37% year-on-year, while net margin improved to -13.04%, up 74.48% year-on-year [1]. - The total of selling, administrative, and financial expenses was 65.779 million yuan, accounting for 14.1% of revenue, a decrease of 57.45% year-on-year [1]. Cash Flow and Assets - Cash and cash equivalents decreased by 43.80% to 610 million yuan due to operational losses and capital expenditures [3]. - Accounts receivable increased by 44.61% to 187 million yuan, reflecting higher sales volume [3]. - The company reported a significant increase in construction in progress by 63.88%, attributed to investments in the headquarters building project [3]. Market and Product Insights - The global analog chip market is projected to grow from $91.26 billion in 2024 to $129.69 billion by 2029, indicating a robust market opportunity for the company [9]. - The company is focusing on automotive-grade power management chips and has successfully entered the supply chain of major automotive manufacturers [9][10]. - The company has established collaborations with Qualcomm and MediaTek, primarily in the consumer electronics and automotive sectors [11]. Strategic Outlook - The company aims to enhance its product offerings and market presence in the analog chip sector, with a commitment to innovation and customer-centric development [15]. - The company is actively working on improving its supply chain management to reduce production costs and enhance operational efficiency [13].

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].

Core Viewpoint - The company 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] Revenue Performance - The company achieved a revenue of 466 million yuan, representing a year-on-year growth of 102.73% [1] - The growth in revenue was primarily attributed to the recovery in the consumer electronics market, leading to higher demand from end customers for power management chips [1] Profitability - The net profit attributable to shareholders was -44.6884 million yuan, indicating a loss during the reporting period [1] - The basic earnings per share were -0.11 yuan, reflecting the company's current financial challenges despite revenue growth [1] Product Line Contributions - The revenue growth was also supported by the company's audio coil motor driver chip product line, which saw significant growth due to the implementation of outsourced production for certain products [1] - Additionally, the newly added sensor chip product line in the third quarter of 2024 contributed to the revenue increase during the reporting period [1]

Core Insights - The company, 希荻微, reported a significant increase in revenue for the first half of 2025, achieving 466 million yuan, which represents a year-on-year growth of 102.73% [1] - Despite the revenue growth, the company recorded a net loss attributable to shareholders of 44.6884 million yuan, with a basic earnings per share of -0.11 yuan [1] - The increase in revenue is primarily attributed to the recovery in the consumer electronics market, leading to higher demand for high-performance power management chips [1] - Additionally, the company's audio coil motor driver chip product line, part of its smart visual perception business, has seen significant revenue growth due to the gradual implementation of self-sourced outsourcing for certain products [1]