中国半导体供应链：二季度无晶圆厂库存下降，但三季度芯片供需更趋动态-China Semis Supply Chain_ 2Q saw lower fabless inventory, but 3Q chip supply_demand turning more dynamic

Accessible version China Semis Supply Chain 2Q saw lower fabless inventory, but 3Q chip supply/demand turning more dynamic Industry Overview 2Q25 review: mild NPM recovery with healthier inventory China semiconductor chipmakers we track (fabless/IDM/foundry/OSAT) reported 16-21% YoY revenue growth in 2Q25 with mild profitability recoveries – fabless/IDM companies' average NPM increased from 12% in 1Q25 to 13% in 2Q25; foundry and OSAT suppliers' average NPM was still lean at 5% but slightly better than 4% i ...