J P M O R G A N Asia Pacific Equity Research 21 July 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Power Semiconductor Sector Updates on China end market demand trends We provide an updated view on the China market demand outlook into 3Q25, base ...