乐鑫科技(688018):ESPRESSIF SYSTEMS 2025 Q2 & HALF-YEAR REPORT

时间:2025年08月30日 20:16:06 中财网
原标题:乐鑫科技:Espressif Systems 2025 Q2 & Half-Year Report

ESPRESSIF SYSTEMSBuild Smart with Espressif
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
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SHARE CONNECT INNOVATECommunities
Initiatives Applications
ESP32 Google Trends Brand Awareness 100 The ESP32 and Espressif brands have a strong sense of 75 recognition among users. This recognition has become a key factor in our competitive advantage and success. Users identify 50 with the ESP32 brand due to its reliability, performance, and versatility, which have been proven across various applications 25 and industries. This strong brand awareness not only fosters customer retention but also attracts new users, thereby solidifying 100 The ESP32 and Espressif brands have a strong sense of 75 recognition among users. This recognition has become a key factor in our competitive advantage and success. Users identify 50 with the ESP32 brand due to its reliability, performance, and versatility, which have been proven across various applications 25 and industries. This strong brand awareness not only fosters customer retention but also attracts new users, thereby solidifying Espressif's position in the market. 0 2019-07 2025-06 Espressif Google Trends Exceptional IC Design Capability 100 Espressif independently designs and develops its own chip products, with core IPs being self-developed. These chips are 75 equipped with rich features, ensuring that Espressif’s products stand out in the market and avoid the pitfalls of homogenized 50 competition. By controlling the entire design process, Espressif can innovate rapidly and introduce unique functionalities that set 25 our products apart from competitors, providing a distinctive edge in the IoT semiconductor industry.100
Espressif independently designs and develops its own chip
products, with core IPs being self-developed. These chips are 75
equipped with rich features, ensuring that Espressif’s products stand out in the market and avoid the pitfalls of homogenized 50
competition. By controlling the entire design process, Espressif can innovate rapidly and introduce unique functionalities that set 25
our products apart from competitors, providing a distinctive edge in the IoT semiconductor industry.
0
2019-07 2025-06
Full-Stack Engineering Capability
Espressif possesses comprehensive engineering development capabilities that span from IP development to
complete chip design, operating systems, ?rmware, software frameworks, application solutions, hardware design,
edge AI, cloud, and apps. This full-stack engineering expertise allows Espressif to offer highly integrated solutions
that meet a wide range of customer needs. The ability to control and optimize every layer of the technology stack is
unique in the industry and enables Espressif to deliver superior products and services that are seamlessly integrated
and highly ef?cient.
Superior Cost-Effective and Stable Support
Espressif's products are known for their high performance and low cost, making them competitive in the market. We
provide the cost ef?ciency necessary to promote large-scale commercialization in downstream industries.
Additionally, we ensure the long-term availability of our products and offer stable and enduring software support,
ensuring that customers can rely on their investments for extended periods. This commitment to value and reliability
strengthens customer trust.
Extensive Developer Community Support
Espressif has garnered support from a vast community of professional engineers who are familiar with Espressif's
development platform and actively promote its value proposition. This large and engaged community not only aids in
the rapid adoption and dissemination of Espressif’s technologies but also contributes to continuous improvement
through feedback and shared knowledge. The robust community support ampli?es Espressif's market presence and

SoCs AI AFE (Audio Front-End) Algorithms ESP8266, ESP32, ESP32-S, ESP32- quali?ed as a?“Software Audio Front-End C, ESP32-H and ESP32-P Series Solution” for Amazon Alexa Built-in devices. Espressif offers integrated, reliable, and energy-ef?cient SoCs for Wi-Fi, 3A Audio Algorithms Bluetooth Low Energy, Thread and Zigbee including Acoustic Echo Cancelation (AEC), to various segments of the IoT market. Audio Noise Suppression (ANS) and Automatic Gain Control (AGC), which signi?cantly reduce noise and echo in calls, keeping high-quality voice intercoms stable at all times. OS ESP-IDF Cloud Espressif’s of?cial IoT Development Framework. It provides a self-suf?cient SDK for any generic ESP RainMaker application-development on these platforms, A comprehensive, development-free and using programming languages such as C and maintenance-free AIoT solution for private C++. Cloud deployment. ESP-IDF currently powers millions of devices in It is an all-inclusive solution that covers the ?eld, and enables building a variety of everything from the underlying chip to device network-connected products, ranging from ?rmware, third-party voice-assistant simple light bulbs and toys to major appliances integrations, mobile apps and the dashboard. and industrial devices. Customers can build their own AIoT devices and ecosystem, with ESP RainMaker.

      
      
      
Business Highlights
Key Financial Data
Three Months Ended Six Months Ended
CNY Jun 30, 2025 Jun 30, 2024 Jun 30, 2025 Jun 30, 2024
Consolidated Statement of Income Data
687,690,927 533,020,855 1,245,540,796 920,212,266
Revenue
Gross pro?t 321,088,233 235,129,242 563,035,750 397,496,784
20,891,691
16,063,290 37,911,612 28,915,851
Selling expenses
20,014,920
General and administrative expenses 17,125,846 37,868,504 31,997,654142,052,489
Research and development expenses 114,836,190 268,244,538 218,682,370Net income 168,598,092 98,797,587 263,039,765 152,713,070
Net income attributable to Espressif 167,557,823 97,726,982 261,262,177 151,642,464Earnings per share:
Basic 1.6868 1.2940
Diluted 1.6868 1.2940
Consolidated Cash Flow Data
Net cash provided by operating activities 39,450,437 -13,668,172 114,422,825 -25,676,834Non-GAAP Adjustment
Stock-based compensation 13,481,337 8,929,762 18,790,505 15,331,190Non-GAAP net income attributable to Espressif 181,039,160 106,656,744 280,052,682 166,973,654Jun 30, 2025 Dec 31, 2024
Consolidated Balance Sheet Data
1,467,140,559
Working capital 1,432,356,145
Total assets 3,217,701,484 2,649,465,358
Long-term obligations 122,223,035 116,956,630
Total shareholders’ equity 2,462,361,328 2,179,369,221
N.B.: Due to the company's implementation of a capital reserve to equity conversion in 2025, the earnings per share for each reporting period have been recalculated
based on the adjusted share count.
Key Financial Indicators
Three Months Ended Six Months Ended
Jun 30, 2025 Jun 30, 2024 Jun 30, 2025 Jun 30, 2024
46.69% 44.11% 45.20% 43.20%
Gross margin
R&D-to-sales ratio 20.66% 21.54% 21.54% 23.76%
26.69% 19.08% 23.24% 17.78%
EBITDA margin
Net income margin 24.52% 18.54% 21.12% 16.60%
Weighted ROE 11.30% 7.91%
Financial Analysis
Espressif’s total revenue in the ?rst half of 2025 was CNY 1.246 billion, representing a 35.35% year-on-year increase
from CNY 920.21 million in the ?rst half of 2024. The overall gross margin was 45.20%, slightly higher than the same
period last year, mainly due to a more favorable product mix and improved cost control. Consequently, the net
income attributable to Espressif was CNY 261.26 million, re?ecting a 72.29% year-on-year increase, driven by strong
revenue growth and higher pro?tability.
This performance was supported by the rising penetration of intelligent solutions across multiple sectors. Beyond
the continued expansion in smart home and consumer electronics, industries such as industrial automation, energy
management, and healthcare are increasingly adopting wireless SoC solutions to accelerate digital transformation.
The broad-based demand re?ects a structural shift toward more connected, intelligent devices in both consumer
and industrial markets.
Revenue by Area Revenue by Sales Top-5 Customer
in H1 2025 Mode in H1 2025 Concentration Rate

China's Rest of Direct Indirect
2020 21 22 23 24 H1 25
Mainland the World
Revenue by Product Category

      
      
      
      
      
45.2% 43.2%     
      
 23.2% 17.8% 23.8% 21.5%21.1% 
    16.6%11.3%
  6.6% 6.1%  7.9%

  
  
  
  
  
  
  
  
  

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ESP 8266 32-bit Tensilica MCU Single-Core @160MHzESP32 ESP32 - C6 C6 32-bit RISC-V MCU Single-Core @160MHz ESP32 ESP32 - C3 C3 32-bit RISC-V MCU Single-Core @160MHz ESP32 ESP32 - C2 C2 32-bit RISC-V MCU Single-Core @120MHz R
Legacy Growth Emerging
Market The market for wireless SoCs is truly diverse, including applications for smart homes (e.g., smart lights, air conditioners, ovens, coffee machines, etc.), consumer electronics (e.g., smart speakers, drones, etc.), industrial automation (e.g., mechanical arms), smart agriculture (e.g., soil PH detector, CO detector, etc.), healthcare (e.g., 2 monitoring devices for diabetes, blood pressure, etc.), energy control (solar energy devices, EV chargers, etc.), the internet of vehicles (OBD devices, dashboards, etc.), and education (talking pens, interactive whiteboards, etc.). The smart home sector continues to be our main revenue contributor, delivering growth in line with expectations. At the same time, IoT adoption across non-smart-home applications is accelerating, with these segments growing at a signi?cantly faster pace and helping to support our gross margin. This year, we have also seen new application scenarios for Espressif’s chips in areas such as electronic musical instruments, automated pig feeding systems, and the apparel manufacturing industry. We believe that as engineering communities share and apply their expertise across different industries, our technologies are reaching an ever-wider range of sectors. Smart Consumer Industrial Smart Home Electronics Automation Agriculture Smart Ovens Smart Speakers Mechanical Arms Soil PH Detector Energy Internet of Healthcare Education Management VehiclesMANAGEMENT REPORT ESPRESSIF SYSTEMS 2025 Q2 & HALF-YEAR REPORTDeveloper Community Content Cumulative Number of GitHub ESP32 ProjectsBOOKS2016-12 2025-06 Daily Increase on GitHub 1.32 M 15.00 M 787 K
Most Viewed ESP32 Most Viewed ESP32 Most Viewed ESP32
2016-12 2025-06 Always a on Social Media Posted on 15 Aug 2025 Posted on 5 Aug 2025 Posted on 19 Aug 2025 Posted on 5 Aug 2025 Bojíte se o své auto, kolo nebo psa? ????——???AI???????? ESP32-Based DryAger/Homebrew Why This 1.8” Knob Board Is Perfect Ano? Pak se mrkněte na tenhle Heltec ???????????? Fermenter for Remote Projects (With My Free UI!) Capsule Sensor vybaveny ?ídícím ?ipem ESP32-S3, LoRa konektivitou a Overall, this was a fun mix of GNSS (GPS) lokaliza?ním systémem s electronics and basically playing with Meshtastic podporou. food. The ESP32 made it super easy to tie everything together: sensors, relays, fans, and remote control via …… https://www.youtube.com/watch? https://www.bilibili.com/video/ v=8pHF0OAG2TI BV1zp4RzgE9BResearch and Development R&D Investment R&D investment is at the heart of Espressif Systems’ development. During the reporting period, R&D cost CNY 268.24 million, which marked a 22.66% increase compared with that of 2024. At the same time, the R&D-to-sales ratio was 21.54% in H1 2025. Espressif’s escalating R&D investment cost can be attributed to the increase in the number of R&D staff and their corresponding compensation levels, driven by the ongoing expansion of the team to support a growing portfolio of major projects. Fiscal Year CNY June 30, 2025 June 30, 2024 change (%) R&D Expenses 268,244,538 218,682,370 22.66 R&D-to-sales ratio 21.54% 23.76%List of Intellectual Property Rights Applied and Granted
H1 2025 Cumulative number
Applied for Granted Applied for Granted
Invention patents 10 3 161 101
3 3 39 33
Utility model patents
Design patents 0 0 11 11
Software copyright 0 0 27 26
Others 5 4 79 39
18 10 317 210
Total
N.B.: The number of patents that have been “applied for" does not include the rejected applications in China, or the PCT patent applications not submitted to any
particular country, or any patent applications beyond the reporting period. The number of “granted" patents includes those with expired IP rights. The category of
“others” includes overseas (non-Chinese) patent applications, i.e. the PCT patent applications, U.S. patent applications through the PCT route or the Paris Convention
route, as well as patent applications in India.
R&D Employees We are proud of our talented, diverse and multicultural workforce. By June 30, 2025, across our nine branches worldwide, we had employed 840 people, more than 70% of whom are in engineering roles. Meanwhile, we have expanded our business beyond Wi-Fi MCUs, thus offering innovative solutions to wireless connectivity and processing, including AI, RISC-V MCU, Wi-Fi 6, Bluetooth LE, Thread, Zigbee and other IoT-related technologies. Since the research and development of software and hardware are inextricably intertwined, we constantly invest in software technology, too. Hence, we are currently focused on AIoT technologies, including toolchains, compilers, operating systems, application frameworks, AI algorithms, Cloud products, apps, etc. Our aim is to make Espressif a one-stop solution-provider offering anything relating to hardware, software and the Cloud. Fiscal Year June 30, 2025 June 30, 2024 R&D employees 589 519 R&D employees as a percentage of total employees 70.12% 71.29% Total compensation of R&D employees (CNY in thousands) 206,006 169,820 361 339 Average half-year compensation of R&D employees (CNY in thousands) R&D Expenses R&D Employees 7777..4%4% 776.6.1%1% 228.2%8.2% 775.5.0%0% 7711.8%.8% 226.6.5%5% 7700..1%1% 224.4.4%4% 589 2211..5%5% 490 553 1919..6%6% 484 404 440 3372021 2022 2023 2024 H1 2025 2021 2022 2023 2024 H1 2025
R&D expenses (in million) R&D-to-sales ratio R&D employees R&D employees %N.B.: Following the acquisition of M5Stack in 2024, M5Stack brought in its own production line and manufacturing staff, leading to a decrease in the proportion of R&D
personnel.
Risks and Uncertainties Financial Risk The Company performs periodic credit evaluations of its customers’ ?nancial condition and generally requires of its customers no collateral. The Company provides an allowance for expected credit losses, based on the net amount expected to be collected on such receivables. Losses have not been signi?cant for any of the periods presented in this report. R&D Risk Espressif’s research and development strategy is focused on leveraging new technologies for the creation of innovative AIoT products. Any delays or changes in the development of these technologies by our industry partners, or a failure of our products to achieve market acceptance, could compromise our competitive position. others. Intense competition from current players, as well as new entrants, such as Silicon Labs and Nordic, may reduce our product sales and market share. Suppliers
A signi?cant portion of the Company’s products is fabricated by the Taiwan Semiconductor Manufacturing Company Limited (TSMC). The inability of TSMC to deliver wafers to the Company in a timely manner could impact the production of the Company’s products for a certain period of time, which could have an adverse effect on the Company’s business, ?nancial condition, results of operations and cash ?ow. Customers
The Company sells directly to end customers, distributors, solution providers and contract manufacturers. Our customers are a mix of several big customers and numerous small customers. The concentration ratio for our top-?ve customers was 24.86% in H1 2025.
Consolidated Financial Statements Consolidated Balance Sheet (unaudited)Consolidated Balance Sheet (unaudited)Consolidated Income Statement (unaudited)Consolidated Cash Flow Statement (unaudited)Consolidated Cash Flow Statement - Indirect Method (unaudited)Consolidated Statement of Changes in Equity













































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Declaration
Further Information
Terms and Conditions of the Report
Responsibility Statement
The Board of Directors, and the executive management of the Company warrant that the contents of this report are
true, accurate and complete, and do not contain any false information, misleading statements or material omissions,
severally and jointly accepting any legal responsibility thereof. Shanghai, August 29, 2025
Espressif Systems
Executive Management
Board of Directors
Teo Swee Ann Teo Swee Ann
Founder and Chairman Founder and CEO
Ng Pei Chi Wang Jue
Information Technology Of?cer Deputy General Manager
Wang Jue Shao Jingbo
Deputy General Manager Financial Director
Teo Teck Leong
Shareholder-elected
Chen Myn
Independent Director
Lee Kian Soon
Independent Director
Leong Foo Leng
Independent Director
Forward-looking Statements
This report contains forward-looking statements and/or assessments about the business, ?nancial condition, performance and strategy of the Espressif Group. These statements and/or assessments are based on assumptions and management expectations resting upon currently available information and current estimates. These are subject to a multitude of uncertainties and risks, many of which are partially or entirely beyond Espressif’s control. Espressif’s actual
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