SG Micro's 2Q25 revenues beat (+21% YoY/ +30% QoQ, 13% ahead of GSe) reflect the recovery of signal chain IC and PMIC sectors supported by healthier inventory level across the supply chain. GM improved to 51.0% in 2Q25, slightly higher than GSe of 50.4% while still lower than 52.2% in 2Q24, reflecting the ASP recovery will take time amid the ongoing competitions. Amid competition, we expect the company to keep investing in R&D to develop new products and technologies, supporting long-term growth potential. ...