Littelfuse (NasdaqGS:LFUS) Q3 2025 Earnings Call October 29, 2025 09:00 AM ET Speaker4Good day, everyone, and welcome to the Littelfuse Third Quarter 2025 Earnings Conference call. Today's call is being recorded. At this time, I will turn the call over to the Head of Investor Relations, David Kelley. Please proceed.Speaker0Good morning, and welcome to the Littelfuse Third Quarter 2025 Earnings Conference call. With me today are Greg Henderson, President and CEO, and Abhi Khandelwal, Executive Vice President ...

Group 1 - The core viewpoint of the article emphasizes the importance of timely and relevant research reports in identifying investment opportunities and risks in the market [1] - The power semiconductor sector shows clear signals of a bottoming cycle, with A-share companies experiencing nearly 20% revenue growth and a recovery in gross margins [1] - Institutional insights suggest that changes in the supply landscape are catalyzing an earlier-than-expected price increase cycle, reinforcing the recovery logic in the sector [1] Group 2 - The article highlights the rapid establishment of pilot lines for solid-state batteries, indicating a growing opportunity for investment [1] - Besides battery equipment manufacturers, two new energy ETFs are identified as potential low-position investment opportunities [1]

Core Viewpoint - The Chinese semiconductor industry has undergone significant development from 2000 to 2021, driven by the collaboration of national, corporate, and financial forces, culminating in a complex landscape shaped by globalization and subsequent challenges from geopolitical tensions [2][57]. Group 1: Historical Development - From 2000 to 2012, the Chinese semiconductor industry entered its "root and sprout" phase, establishing an initial industrial chain [1]. - The year 2014 marked a pivotal moment with the establishment of the National Integrated Circuit Industry Investment Fund, which provided essential financial support for the industry [4][6]. - Between 2014 and 2017, this financial influx accelerated the growth of Chinese semiconductor companies through mergers, acquisitions, and investments, integrating them into the global supply chain [1][5]. Group 2: Financial Forces - The emergence of various financial institutions, such as Zhilu Capital and Wuyuefeng Capital, provided market-oriented investment capabilities, enhancing the ability to acquire overseas semiconductor firms [8][10]. - Notable acquisitions included the purchase of Rui Neng Semiconductor for 800 million RMB, which significantly advanced China's position in the power semiconductor sector [9]. - The establishment of the Zhongguancun Rongxin Industrial Alliance in 2015 facilitated collaboration among various investment institutions, enhancing the success rate of overseas acquisitions [22]. Group 3: Corporate Forces - Major corporations like Unisoc and Changjiang Electronics have expanded their influence through strategic acquisitions, such as Unisoc's purchase of RDA Microelectronics for 910 million USD, enhancing its capabilities in mobile communication chips [13][31]. - The collaboration between large enterprises and national funds has enabled significant mergers, such as Changjiang Electronics' acquisition of STATS ChipPAC for 780 million USD, positioning it among the top semiconductor packaging and testing companies globally [11][13]. - The rapid growth of these companies has contributed to the establishment of a competitive landscape in the semiconductor industry, with firms like Unisoc becoming a leading player in the global market [13][31]. Group 4: Challenges and Adjustments - The period from 2018 to 2020 saw increasing challenges due to U.S. sanctions and trade tensions, which hindered the ability of Chinese companies to pursue overseas acquisitions [39][46]. - The establishment of the second phase of the National Integrated Circuit Industry Investment Fund in 2019 aimed to strengthen domestic capabilities and support key sectors like IC design and AI [47][48]. - By 2021, the focus shifted towards restructuring and preparing for a new phase of development, as the global landscape for semiconductor investments became increasingly restrictive [56][54]. Group 5: Future Outlook - The Chinese semiconductor industry is entering a phase of self-reliance and independence, with a focus on enhancing domestic capabilities and reducing reliance on foreign technology [57]. - The collaboration among national, corporate, and financial forces is expected to continue driving innovation and growth in the sector, despite external pressures [57].