Core Insights - The collaboration between ChipLink Integrated and Li Auto has reached a significant milestone with the mass production of silicon carbide (SiC) products, marking a new phase in their strategic partnership [2] - The SiC products are expected to enhance the efficiency and range of Li Auto's electric vehicles, particularly in the i-series models [2] - ChipLink Integrated has reported over 1 billion yuan in SiC revenue for 2024, reflecting a year-on-year growth of over 100% [3] Group 1 - The partnership event between ChipLink Integrated and Li Auto signifies the successful implementation of their strategic cooperation in the SiC product domain [2] - The mass production of SiC products is a critical component of Li Auto's pure electric strategy [2] - The SiC products demonstrate superior performance in terms of conduction resistance and application junction temperature compared to mainstream market products [2] Group 2 - ChipLink Integrated has established the first domestic 8-inch SiC MOSFET production line, achieving mass production with industry-leading performance metrics [3] - The company has completed customer validation for China's first integrated DrMOS 55nm BCD chip, with mass production expected in the second half of the year [3] - ChipLink Integrated anticipates that revenue from AI-related projects will reach double digits as several projects, including server power chips and robotic laser radar chips, are expected to ramp up production by 2026 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue of 3.495 billion yuan in the first half of 2025, representing a year-on-year growth of 21.38%, while the net profit attributable to shareholders was a loss of 170 million yuan, reducing losses by 63.82% [1] - The company has seen significant growth in its four main business areas: automotive, industrial control, consumer electronics, and AI-related applications, contributing to a steady increase in revenue [2] - The transition to a system-level foundry model has enhanced the company's growth potential, allowing it to provide comprehensive chip system services, which has led to a substantial increase in revenue from module packaging [3] - Continuous breakthroughs in product development and market expansion, particularly in the AI sector, have positioned the company favorably for future growth [4] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 1.762 billion yuan, a year-on-year increase of 15.39%, and achieved a net profit of 12 million yuan, marking a return to profitability [1] - The company expects revenues for 2025-2027 to be 8.411 billion yuan, 10.605 billion yuan, and 13.256 billion yuan, respectively, with corresponding net profits of -446.71 million yuan, 662.39 million yuan, and 1.33282 billion yuan [8] Business Segments - Revenue from automotive, industrial control, and consumer electronics grew by 23%, 35%, and 2% respectively in the first half of 2025, with AI-related applications contributing 196 million yuan, accounting for 6% of total revenue [2] - The module packaging business saw a revenue increase of 141%, with automotive power module revenue growing over 200% [3] Market Position and Strategy - The company has successfully transitioned to a system-level foundry model, enhancing its service offerings and market recognition, particularly in automotive and AI sectors [3] - The company is actively expanding its presence in emerging markets, with significant advancements in automotive and data center technologies [4]

Core Viewpoint - The company, ChipLink Integrated (688469.SH), has successfully applied its MEMS sensor chips in various fields, including voice interaction, posture recognition, motion capture, robotic manipulation, environmental perception, and navigation positioning [1] Group 1 - The MEMS sensor chips are utilized in AI glasses microphone chips and robotic laser radar chips, indicating significant breakthroughs in these applications [1]