[Table_Title] Research Report 31 Jul 2025 电子 Technology 全球科技业绩快报: Samsung Electronics 2Q25 Global Tech Snapshots: Samsung Electronics 2Q25 姚书桥 Barney Yao 纪雨岑 Grace Chi barney.sq.yao@htisec.com grace.yt.chi@htisec.com [Table_yemei1] Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 利润率与成本控制 公司整体利润率：2025 年第二季度，公司层面的营业利润率收缩 2.2 个百分点至 6.3%。 移动部门利润率：尽管部分组件价格下降，移动（MX）部门在 2025 年第二季度仍保持了两位数的盈利能力。 HBM 利润率：预计 2025 年下半年，HBM3E 与传统 DRAM 之间的利润率差异将显著缩小。 NAND 利润率改善措施：公司正在提高服务器 SSD 的销售份额以改善利润率。 AI 战 ...

Investment Rating - The report does not explicitly provide an investment rating for the eSIM industry Core Insights - The eSIM technology represents a significant evolution in telecommunications, transitioning from traditional physical SIM cards to embedded SIMs, which are crucial for the Internet of Things (IoT) and 5G applications [7][8] - The report highlights the global adoption of eSIM technology, with various countries commercializing it and establishing a robust industrial ecosystem, while also addressing challenges in standardization and data security [7][8] Industry Development Overview - The report outlines the historical development of telecommunications cards, detailing the evolution from magnetic cards to IC cards, SIM, USIM, and finally to eSIM technology [15][20][22] - eSIM technology is characterized by its ability to support remote configuration and management, making it suitable for a wide range of applications in consumer electronics and IoT [23][49] Current Status of eSIM Industry Technical Standards - The GSMA has established a comprehensive standardization framework for eSIM technology, which is recognized by international organizations, facilitating its global interoperability and scalability [40][44] - The report notes that the CCSA and TAF are actively developing eSIM standards in China, aligning with international standards while promoting innovation [46][48] Application Areas - eSIM technology is increasingly utilized in consumer electronics, enabling seamless network switching for travelers and enhancing connectivity for remote work and e-commerce [49][50] - In the IoT sector, eSIM technology is gaining traction across various industries, including smart homes, healthcare, automotive, and energy management, due to its flexible configuration and efficient management capabilities [51][52] Market Size - In 2023, global eSIM chip shipments reached 446 million, with significant contributions from smartphones, tablets, and wearables [58][60] - The report forecasts that by 2025, approximately 1 billion eSIM-enabled smartphones will be connected globally, indicating a strong growth trajectory for the eSIM market [62] Industry Chain - The eSIM industry chain is well-established in the US and Europe, with key players in chip manufacturing, security certification, and product design leading the market [68]