ANNUAL REPORT

Key Financial Data

Business Highlights

Management Report

Business Strategy

Developer Community Content

About Espressif

Contents

Message from the CEO

CONTENTS

Consolidated Financial Statements

Consolidated Balance Sheet

Further Information

Terms and Conditions of the Report

Management Report （Continued）

Core Competitiveness

Facts About Espressif

"We are seeing a structuraltransition in IoT from aconnectivity-driven phase to acapability-driven phase.”

Teo Swee AnnEspressif’s Founder & CEO

ESPRESSIF SYSTEM 2025 ANNUAL REPORT

Picture source: The Business Times ? SPH Media Limited. Permission required for reproduction.

MESSAGE FROM THE CEO

Message from the CEO

In 2025, we delivered strong results while continuing to invest in the technologies and ecosystemthat will de?ne the next phase of the IoT industry. Revenue increased by 27.8% year-over-year,and net pro?t grew by 47.4%. At the same time, we increased R&D expenses by 23.1%, re?ectinga deliberate commitment to deepen our core capabilities and expand the long-termcompetitiveness of our platform.The broader industry context is becoming clearer. We are seeing a structural transition in IoT froma connectivity-driven phase to a capability-driven phase. In the past, value was de?ned primarilyby how many devices could connect. Today, value increasingly depends on what each devicecan do once connected—how much computation it can perform locally, and how effectivelythose functions can evolve through software.AI is the central driver of this transition. As intelligence moves closer to the edge, demand risesfor devices that can sense, interpret, and respond with low latency and strong privacy. Inresponse, we continue to strengthen our “connectivity + processing” roadmap. On theconnectivity side, we expanded into Wi-Fi 6E; on the processing side, we are advancingproducts designed for edge AI workloads, powered by our increasingly sophisticated in-houseRISC-V designs.

Our ability to execute this strategy is powered by a truly global perspective. Espressif’s diverseteam is spread across key innovation hubs in India, Singapore, the Czech Republic, and Brazil.This distributed footprint allows us to tap into varied talent pools, stay close to our globalcustomer base, and maintain 24/7 development cycles.We also recognize that the current geopolitical climate introduces complexities to global trade.We take these potential effects on the supply chain very seriously. Because our chips aredesigned for industrial and smart-home applications that require long lifetimes, we have takenproactive steps to build a larger strategic inventory. This ensures that we can minimize anypotential disruptions and provide our customers with the stability and continuity they require fortheir long-term product roadmaps.Our long-term advantage is reinforced by our 2D2B (Developer-to-Business) model. We build adeveloper-?rst platform that encourages experimentation; we then support the conversion ofsuccessful designs into mass production. In the fourth quarter of 2025, the average dailyincrease of new ESP32-series projects on GitHub reached 164, a new historical high.This creates a reinforcing cycle. Open-source tooling lowers the barriers to building. Fasterdevelopment yields more real-world feedback. As solutions mature, the probability of designsadvancing into scaled deployment increases, attracting further developer participation. Overtime, this ?ywheel improves the scalability and resilience of our business model.As we look forward, we expect AI to further accelerate technology adoption. We will continue toinvest prudently in low-power computing architectures, advanced wireless technologies, andedge AI capabilities. Internally, we will also leverage AI to improve our own productivity, enablingfaster development cycles and more ef?cient execution across engineering and operations.Throughout this work, we remain committed to technological depth and sustainable long-termvalue creation. On behalf of the management team, I would like to thank our employees,customers, partners, developers, and shareholders for your continued trust and support.

MESSAGE FROM THE CEO

Espressif Systems (SSE: 688018.SH) is a leading fabless semiconductor company providing wireless connectivityand edge intelligence solutions for IoT devices. The Company has expanded beyond chip supply to become aplatform enabler for hardware digitalization and intelligent transformation, supported by an integrated combination ofsilicon, software, tools, and ecosystem resources.Built around the ESP32 product family, which has emerged as a preferred and highly recognizable platform amongglobal developers, Espressif has established strong ecosystem momentum. A large and active developer community,thousands of third-party software components, and long-term platform continuity drive sustained adoption.Through this ecosystem-led approach, Espressif enables customers to build, scale, and continuously evolveintelligent hardware products, positioning the Company to capture durable value as hardware digitalization andintelligence continue to deepen globally.

Facts About Espressif

ABOUT ESPRESSIF

1.5 Billion+

Global Leader

R&DCenters

R&DCenters

In AIoT

Technology

In AIoT

Technology

200+ Patents

200+ Patents

Employees

Employees

As a global semiconductor innovator, we deliver high-performance RISC-V SoCs and comprehensive solutions withintegrated AI, in-house operating system, robust security, and seamless cloud integration—shaping the future ofsmart, connected systems.

Build Smart with ESP32

ABOUT ESPRESSIF

Al Agent

Cloud &Ecosystem

Cloud &EcosystemOperatingSystem

OperatingSystemAI & IoTSDK

AI & IoTSDKIC Design

IC DesignAI

AIIoT

IoTIn-House

In-HouseThird-Party

Third-PartyConnectivity

ConnectivityComputing

ComputingESP-SR

ESP-SRSpeech Recognition

Speech RecognitionESP-WHO

ESP-WHOImage Recognition

Image RecognitionESP-DL

ESP-DLDeep Learning

Deep LearningESP-Brookesia

ESP-BrookesiaAl-Powered Ul Framework

Al-Powered Ul FrameworkESP-GMF

ESP-GMFAudio&Video Processing

Audio&Video ProcessingESP-loT-Solution

ESP-loT-SolutionPeripheral Integration

Peripheral IntegrationESP-IDF

ESP-IDFOf?cial loT OS

Of?cial loT OSCompilers & Tool Chains

Compilers & Tool ChainsWireless Communication

Core

ESPRESSIF SYSTEM 2025 ANNUAL REPORTCORE COMPETITIVENESS

Full-Stack Engineering CapabilityEspressif possesses comprehensive engineering development capabilities that span from IP development tocomplete 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 solutionsthat meet a wide range of customer needs. The ability to control and optimize every layer of the technology stack isunique in the industry and enables Espressif to deliver superior products and services that are seamlessly integratedand highly ef?cient.

The ESP32 and Espressif brands have a strong sense ofrecognition among users. This recognition has become a keyfactor in our competitive advantage and success. Users identifywith the ESP32 brand due to its reliability, performance, andversatility, which have been proven across various applicationsand industries. This strong brand awareness not only fosterscustomer retention but also attracts new users, thereby solidifyingEspressif's position in the market.

Exceptional IC Design CapabilityEspressif independently designs and develops its own chipproducts, with core IPs being self-developed. These chips areequipped with rich features, ensuring that Espressif’s productsstand out in the market and avoid the pitfalls of homogenizedcompetition. By controlling the entire design process, Espressifcan innovate rapidly and introduce unique functionalities that setour products apart from competitors, providing a distinctive edgein the IoT semiconductor industry.

2019-07

ESP32 Google Trends

Espressif Google Trends

2019-07

Superior Cost-Effective and Stable SupportEspressif's products are known for their high performance and low cost, making them competitive in the market. Weprovide 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 reliabilitystrengthens customer trust.Extensive Developer Community SupportEspressif has garnered support from a vast community of professional engineers who are familiar with Espressif'sdevelopment platform and actively promote its value proposition. This large and engaged community not only aids inthe rapid adoption and dissemination of Espressif’s technologies but also contributes to continuous improvementthrough feedback and shared knowledge. The robust community support ampli?es Espressif's market presence andenhances our reputation as a trusted and innovative leader in the industry.

Brand Awareness

Key Financial Indicators

BUSINESS HIGHLIGHTS

Key Financial Data

Business Highlights

Earnings per share:

Consolidated Balance Sheet Data

Consolidated Cash Flow Data

Non-GAAP Adjustment

Fiscal Year

Gross margin

Number of Espressif employees as of December 31

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 recalculatedbased on the adjusted share count.

ESPRESSIF SYSTEM 2025 ANNUAL REPORTBUSINESS HIGHLIGHTS

Financial Analysis

23.5%

23.5%

6.6%

6.6%

22.4%

22.4%

45.4%

45.4%

48.5%

48.5%

46.6%

46.6%

24.4%

24.4%

6.6%

6.6%

19.0%

19.0%

38.9%

38.9%

51.5%

51.5%

43.9%

20242025

2025 Revenueby Sales Mode

Top-5 CustomerConcentration Rate

Revenue by Product Category

Key Financial Indicators

43.9%

2021

22.3%

22.3%

23.9%

23.9%

28.1%

28.1%

26.4%

26.4%

29.0%

29.0%

0.8%

0.8%

0.6%

2024

61.2%

61.2%

39.0%

39.0%

38.2%

38.2%

ChipModule & DevKitsOthers

ChipModule & DevKitsOthers

71.3%

71.3%

DirectIndirect

The Company’s total revenue in 2025 reached CNY 2.57 billion, representing a year-on-year increase of 27.8% fromCNY 2.01 billion in 2024. This growth was primarily driven by continued expansion of the customer base and broaderadoption of the Company’s solutions.Revenue from the smart home segment increased by more than 20% year on year. Performance across otherbusiness segments was mixed, with industrial and energy management–related applications delivering relativelystronger growth.The overall gross margin stood at 46.6%, with the gross margin for IoT chips reaching 48.5%. The increase in grossmargin re?ects our continuous efforts to attract new, high-value customers. Due to the growth in business volume,our production costs have been further reduced through economies of scale. We remain committed to achievingsustainable pro?tability to support continued investment in research and development.

2024 Revenueby Sales Mode

DirectIndirect

75.2%

75.2%DirectIndirect

ESPRESSIF SYSTEM 2025 ANNUAL REPORTBUSINESS HIGHLIGHTS

Financial AnalysisHistorically, the ?rst quarter re?ects a seasonal low,largely attributable to the observance of the SpringFestival holidays in China, which entails anextended break across the industrial supply chain.From Q2 to Q4, the broadening diversi?cation ofdownstream applications has effectively mitigatedseasonality, with Q4 generally outperforming orremaining broadly in line with preceding quarters.However, 2025 exhibited a different pattern.In?uenced by a combination of macroeconomicfactors, changes in China’s demand-stimulussubsidy policies, and frequent adjustments to U.S.tariff policies amid ongoing geopolitical instability.As a result, Q2 unexpectedly emerged as the peakquarter for the year, potentially re?ecting a pull-forward of demand from the subsequent twoquarters.From a full-year perspective, both China’s Mainlandand overseas markets experienced demand growthin 2025. Revenue from China’s Mainland increasedby 23.1% year-over-year, while overseas revenuegrew by 40.4% year-over-year.

FY2025 Revenue

by Area 70.2%

70.2%

MCOS

MCOS 72.9%

72.9%

MCOS

MCOSFY2024 Revenue

by AreaN.B.: MC refers to China’s Mainland; OS refers to Overseas.

FY2024 Revenue

by Area

Q1

FY2021FY2022FY2023FY2024FY2025

FY2021FY2022FY2023FY2024FY2025

Million

Million

Quarterly Revenue Seasonality

Quarterly Revenue Seasonality

1,000

1,0001,500

1,5002,000

2,0002,500

2,5003,000

3,0002021 Total

2,565

2,5651,386

1,386

Total RevenueMC+MC-OS+OS-

Revenue Growth Drivers: China’s Mainland & Overseas

Products

Cloud

Matter

serviceSolution

OS-level development environments & software tools

CustomersBrands OEM/ODMsSolution Providers Makers Module Houses

SolutionSoCs

SoCsModules

ModulesDevKits

Solutions

…

HMI Smart

DevKitsDisplays

Audio

Face

Low-Power

…

MANAGEMENT REPORT

Espressif Systems’ business strategy emanates from our service/product areas and our engagement with thedeveloper ecosystem.Our product and service areas include AIoT chips, OS-level development environments, software tools, applicationsolutions, and value-added services, such as Cloud and Matter. The above-mentioned products ensure that we arein the heart of numerous commercial AIoT applications in different markets, including smart home, consumerelectronics, industrial automation, healthcare, etc.

Business Strategy

Management Report

Value-added services

ESPRESSIF SYSTEM 2025 ANNUAL REPORT

Espressif Systems is a global leader in wireless connectivity SoCs and AIoT solutions. Since launching our ?rst Wi-FiMCU in 2014, we have continuously expanded our product portfolio and deepened our technology stack. Today,Espressif offers a comprehensive range of self-developed wireless SoCs, covering Wi-Fi 4/6/6E, Bluetooth 6 (LE) ,Bluetooth Classic (BR/EDR), Thread, Zigbee, and Matter protocols, enabling diverse smart connectivity applicationsacross consumer, industrial, and commercial domains.In recent years, Espressif has made notable progress in the development of advanced edge computing platforms.Our RISC-V-based SoCs now integrate AI accelerators, and multimedia processing capabilities, enabling ef?cientdeployment of voice, vision, and large language model (LLM)-based applications on cloud.Espressif's competitive edge lies in its end-to-end in-house technology development, including RF components,connectivity IPs, RISC-V processor cores, secure boot and OTA frameworks, real-time operating systems, AItoolchains, and developer toolkits. This vertical integration enables us to deliver consistent software and hardwareexperiences across platforms, ensuring seamless development, high integration, and long-term support for ourcustomers.To simplify product adoption, we also offer a wide range of IoT modules and development kits, fully supported byEspressif’s software ecosystem and global community. This helps customers accelerate time-to-market whileoptimizing their supply chain through direct technical and logistical support from Espressif.

Key Products - IoT Chips

MANAGEMENT REPORTESPRESSIF SYSTEM 2025 ANNUAL REPORT

Technical Depth

Key TechnologiesConnectivity

ConnectivityTri-Band Wi-Fi 6E

2×2 MU-MIMO

Wi-Fi 4

Wi-Fi 4Wi-Fi 7

Wi-Fi Technologies

Wi-Fi 7Thread

Zigbee

Other Wireless Technologies

Thread

Technical Breadth

Computing

ComputingRISC-V Cores

AI RelatedVoice Wake-up

RISC-V CoresOf?ine Voice Commands

Face and Object Recognition

ISP | H.264 Encoder | JPEG Codec

Multimedia

Bluetooth 6 (LE)

32-bit Single-Core

96/120/160/240MHz

32-bit Dual-Core

96/240/400/500MHz

Of?ine Voice Commands32-bit Multiple-Core

Bluetooth Classic (BR/EDR)

FPU | Instruction Set Extensions

Key Products - Chip Matrix

High-Performance

Cost-Effective

1x Core @120 MHz

1x Core @120 MHzESP32 -

ESP32 -

C2

MANAGEMENT REPORT

1x Core @160 MHz

ESP32 -

ESP32 -

C3

1x Core @240 MHz

1x Core @240 MHzESP32 -

ESP32 -

S2

2x HP Core @240 MHz1x ULP Core @8 MHz

2x HP Core @240 MHz1x ULP Core @8 MHz

ESP

ESP

AI

AI

2x HP Core @240 MHz1x ULP Core @17.5 MHz

2x HP Core @240 MHz1x ULP Core @17.5 MHz

ESP32 -

ESP32 -

S3

AI

AI2x HP Core @400 MHz1x LP Core @40 MHzH.264 encoding

2x HP Core @400 MHz1x LP Core @40 MHzH.264 encodingESP32 -

ESP32 -P4

1x HP Core @160 MHz1x LP Core @20 MHz

1x HP Core @160 MHz1x LP Core @20 MHzESP32 -

ESP32 -

C6

1x Core @96 MHz

1x Core @96 MHzESP32 -

ESP32 -

H2

ESP32 -

ESP32 -C61

1x Core @160 MHz

1x Core @160 MHz

ESP

ESP

8266

8266

1x HP Core @ 240MHz1x LP Core @ 40MHz

1x HP Core @ 240MHz1x LP Core @ 40MHz

ESP32 -

ESP32 -

C5

RISC-V

N.B.:

All products shown above are 32-bit MCU-based chips.Except for ESP8266, ESP32, ESP32-S2 and ESP32-S3, all other products are based on RISC-V architecture.

RISC-V

2x Core @500 MHz2×2 MIMO

2x Core @500 MHz2×2 MIMOWi-Fi 4

2x Core @96 MHz

2x Core @96 MHz

ESP32 -

ESP32 -

H4

1x Core @96 MHz

1x Core @96 MHz

ESP32 -

ESP32 -H21

E22

ESP32

E22

ESP32

ESP32 -

ESP32 -

E22

Key Products - M5Stack Development Kits

MANAGEMENT REPORT

Espressif acquired a majority stake in M5Stack in 2024 Q2. M5Stackis renowned for its innovative approach tohardware development and offers a modular, open-source platform that simpli?es the creation of IoT and embeddedsystem solutions, greatly enhancing deployment ef?ciency. The M5Stack ecosystem is built around its ?agship maincontrol module, powered by Espressif’s all ESP32 series of chips, highlighting the deep technical synergy betweenthe two companies.Beyond its hardware prowess, M5Stack has cultivated an exceptionally vibrant global developer community,commanding high brand mindshare within the ecosystem. With an impressive pace of launching one new hardwareproduct every week and a diversi?ed portfolio of over 400 SKUs, M5Stack enables developers to rapidly prototypeand iterate. This vast community serves as a continuous validation engine, where grassroots innovation frequentlytranslates into mature, market-ready solutions.

Developers who gain experience with Espressif-based platforms during their education or prototyping phase aremore likely to continue using the same ecosystem in future professional or commercial projects.

M5Stack’s modular and standardized development kits signi?cantly lower the barrier to entry forstudents, educators, and creative developers. Its plug-and-play design makes embedded systems andIoT development more accessible, supporting classroom adoption, STEM programs, and hands-onexperimentation.

Edge AI StrategyIn recent years, Espressif has expanded its software capabilities around AI-enabled IoT applications. The Companyhas released multiple on-device AI frameworks, including ESP-WHO (image recognition), ESP-DL (deep learninginference), and ESP-SR (speech recognition), as well as cloud-side tools such as the ESP Private Agents Platform tosupport large-model-based applications and device–cloud collaboration. These components enable customers todeploy perception, interaction, and autonomous operation features on existing device categories with limitedadditional system complexity.On the hardware side, the Company observes that the IoT industry is transitioning from a connectivity-driven phaseto a capability-driven phase. Historically, device value was primarily determined by the number of connected nodes.As local computing performance improves, devices increasingly undertake recognition, decision-making, andcontinuous operation tasks. As a result, value is shifting toward the functional richness achievable per node ratherthan connectivity scale alone.In response to this shift, the Company has identi?ed edge-side capability enhancement as a long-termdevelopment direction. While maintaining advantages in cost ef?ciency and power consumption, next-generationproducts will progressively improve local execution capability and supporting software environments. This allowscustomers to expand functionality within existing device form factors without materially increasing systemcomplexity.The Company expects the adoption of edge intelligence to occur gradually, with commercialization driven byincreasing feature penetration rather than a single product replacement cycle. Accordingly, future business growthis expected to expand from shipment volume alone toward value growth per device node. As devices undertakemore tasks over their lifecycle, customers are placing greater emphasis on platform stability, compatibility, and long-term support.

MANAGEMENT REPORT

MANAGEMENT REPORT

AI Solutions

Large Language Models (LLM)

Espressif enables edge devices to access advanced AIcapabilities through secure, low-latency connections tocloud-based large language models.

ESP-WHO

A vision framework supporting face detection, recognition,liveness, and gestures. It delivers real-time edge inferencefor smart cameras and access control systems.

Image Recognition Framework

ESP-SRA low-power speech solution integrating Acoustic Front-End (AFE), wake word, and command recognition. Enablesfast, accurate, and ready-to-use voice interaction for edgedevices.

Speech Recognition Framework

ESP-DL

A lightweight neural network inference frameworkoptimized for Espressif ESP-series SoCs. It enablesef?cient on-device AI by providing APIs to load, debug,and run AI models with low memory and highperformance.

Deep-Learning Library for AIoT

AI COMPUTINGEDGE AI

ESPRESSIF SYSTEM 2025 ANNUAL REPORTMANAGEMENT REPORT

Business Model

Espressif operates under a Business-to-Developer-to-Business (B2D2B) model. By engaging developers throughopen platforms, software tools, and a global community, we in?uence technology selection at the design stage andultimately convert developer adoption into long-term enterprise customer relationships.

?A vibrant and active community attracts an increasing number of developers to the platform. As ecosystemresources expand — including open-source projects, technical documentation, and AI support — the barrier toentry declines, reinforcing a positive feedback loop in which community growth further strengthens platformattractiveness.?As more developers join, they select the platform during the design phase and build commercial prototypes anddemonstration products. At this stage, technical familiarity, toolchain maturity, and ecosystem support become keydecision factors, embedding the platform into early-stage product architecture.

?Once customer products move from prototype to formal product de?nition and mass production planning, theplatform choice is typically locked in. In the IoT industry, redesigning core connectivity and processingarchitecture involves signi?cant validation, ?rmware migration, and certi?cation efforts, making switching bothtime-consuming and costly.

?After entering mass production, customer products often remain in the market for 5 to 10 years. During this period,customers continue annual procurement while introducing model upgrades and feature enhancements based onthe same platform architecture. As functionality expands and lifecycle duration extends, the cumulative valuegenerated per project increases, supporting long-term and recurring revenue streams.

Business-to-Developer-to-Business (B2D2B)

N.B.: Rev. Δ denotes the revenue growth recorded in the respective year.

Revenue Growth Driven by Customer Lifetime ValueCNY Million

CNY Million

1,000

1,0001,500

1,5002,000

2,0002,500

2,5003,000

3,0002023 Total

2,565

2,5651,433

1,433

Total RevenueExisting Cust. (≤’22)New Cust. ’23New Cust. ’24New Cust. ’25

ESPRESSIF SYSTEM 2025 ANNUAL REPORTMANAGEMENT REPORT

The market for IoT is truly diverse, encompassing applications for smart homes, consumer electronics, industrialautomation, tools and equipment, smart agriculture, healthcare, energy control, and the Internet of Vehicles. Giventhis high degree of market fragmentation, the company’s B2D2B business model provides signi?cant competitiveadvantages.

1.Foundation for Sustained Demand

The Developer Platform Model operates on a fundamental multiplier: total demand is driven by the volume of design-in projects and the longevity of their lifecycles. By consistently increasing the number of active design projects, theplatform establishes a long-term foundation for recurring demand. Each project integration represents a multi-yearcommitment to the platform’s technology, ensuring a predictable and stable growth trajectory.

2. Market Penetration and Diversi?cation

The scaling of design projects naturally leads to increased industry fragmentation and a broader range of applicationscenarios. As the platform expands, its technology penetrates a diverse array of sectors, moving beyond specializedmarkets into a wide variety of commercial and industrial uses. This horizontal expansion allows the platform tocapture value across multiple independent growth drivers simultaneously.

3. Structural Resilience Against Volatility

This diversi?ed footprint serves as a strategic hedge against systemic risk. By distributing the platform’s presenceacross a vast range of industries, overall performance becomes increasingly decoupled from the cyclical volatility ofany single sector. Consequently, the business achieves greater structural resilience, maintaining steady performanceeven when speci?c market segments face temporary downturns.

Business ModelBusiness-to-Developer-to-Business (B2D2B)

B2D2B Model

Core Chip

Smart Home

Portable Energy Storage

Portable Energy StoragePhotovoltaic Inverter

Photovoltaic InverterSmart Agriculture

Module

ModuleDevelopment Board(DevKit)

Development Board

(DevKit)2D DeveloperCommunity

2D DeveloperCommunityBranch A(DIYEnthusiast)

Branch A(DIYEnthusiast)

Branch B(Product Prototype)

Developer Community Content

MANAGEMENT REPORT

Always a on Social Media

Usuário 'wewillmakeitnow' no Redditfez um PS4 portátil totalmentefuncional!A placa-m?e foi cortada e modi?cadapara torná-la o mais compactapossível, mantendo todas asfuncionalidades.

Make Your Coffee Machine Smart withESP32

? Turn your OLD coffee machine intoa SMART one! "In this video, I show how to use anoptocoupler in a real ESP32 project.? Safety WarningThis project involves working with highvoltage (mains power).

Posted on 23 Jan 2026

https://.youtube.com/watch?v=FOOzE7EWT_Y

Posted on 24 Jan 2026

https://x.com/IlirAliu_/status/2014797453254353325

Posted on 24 Jan 2026Posted on 2 Feb 2026

Posted on 6 Dec 2025

Searched on 5 Mar 2026

废弃的DVD光盘机搭配ESP32开发板制作CNC绘画仪

https://.bilibili.com/video/BV1nLz9BJEPH

I made a DIY kit to learn guitar

"Tuitar" is is a terminal-based guitartraining tool that runs standalone onESP32 hardware.Demo: https://.youtube.com/watch?v=tZm7cLaHAR0

https://x.com/IlirAliu_/status/2014797453254353325

- ESP32

BMPCC 4K, 6K, 6K Pro$

-18 LUFS.

.

Posted on 21 Jan 2026

Posted on 6 Feb 2026

Daily Increase on GitHubESP32 Projects2016Q4

Cumulative Number of GitHubESP32 Projects

Cumulative Number of GitHubESP32 Projects2016-12

130 K

https://.reddit.com/r/esp32/comments/1pstqx9/i_made_a_diy_kit_to_learn_guitar/

PID Control of a Ball and Beam Systemusing a ESP32 microcontroller.Weekly robotics and AI insights.Subscribe free:

130 KBOOKS

ESPRESSIF SYSTEM 2025 ANNUAL REPORTBooks about ESP ProductsMore than 300 books on how to use ESP products can be found in the developer community and cover over adozen languages.

MANAGEMENT REPORT

List of Intellectual Property Rights Applied and Granted

Applied for

N.B.: The number of intellectual property rights that have been “applied for" does not include the rejected applications in China, or the PCT patent applications notsubmitted to any particular country, or any patent applications beyond the reporting period. The number of “granted" patents includes those with expired IP rights. Thecategory of “others” includes overseas (non-Chinese) patent applications, i.e. the PCT patent applications, U.S. patent applications through the PCT route or the ParisConvention route, as well as patent applications in India.

Intellectual Property

R&D Expenses

Research and Development

R&D investment is at the heart of Espressif Systems’ development. During the reporting period, R&D cost CNY 603million, which marked a 23.07% increase compared with that of 2024. At the same time, the R&D-to-sales ratio was

23.52% in 2025.

Espressif’s escalating R&D investment cost can be attributed to the increase in the number of R&D staff and theirsubsequent compensation level, which increased signi?cantly year-over-year.

We seek to protect our technologies through a combination of patents, softwarecopyright and trade secrets. As of December 31, 2025, the Company had beengranted 227 intellectual property rights. We continue to ?le new applications relatingto our recent R&D innovations.

R&D Investment

MANAGEMENT REPORT

Granted

R&D employees

MANAGEMENT REPORTR&D EmployeesWe are proud of our talented, diverse and multicultural workforce. By December 31, 2025, across our nine branchesworldwide, we had employed 898 people, more than 70% of whom are in engineering roles. Meanwhile, we haveexpanded our business beyond Wi-Fi MCUs, thus offering innovative solutions to wireless connectivity andprocessing, 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 insoftware 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 aone-stop solution-provider offering anything relating to hardware, software and the Cloud.

R&D employeesR&D employees %

70.0%

71.8%

71.8%

77.4%

75.0%

75.0%

70.0%

70.0%

71.8%

71.8%

77.4%

75.0%

R&D ExpensesR&D Employees

75.0%

2021

R&D expenses (in million)R&D-to-sales ratio

23.5%

24.4%

24.4%

28.2%

19.6%

19.6%

23.5%

23.5%

24.4%

24.4%

28.2%

19.6%

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&Dpersonnel since 2024.

Shareholder Structure as of December 31, 2025

Basic information of securities

MANAGEMENT REPORT

Ownership of Securities

Espressif (Hong Kong) Investment Ltd.

Espressif Systems (Shanghai) Co., Ltd. Repurchase SpecialSecurities Account

N.B.:

RSIP: Restricted Stock Incentive PlanThe above-mentioned ratios have been recalculated on December 31, 2025.The grant price has been adjusted due to dividend distribution and the conversion of capital reserves into share capital.

Restricted Stock Incentive Plans

Stock-Based Compensation

MANAGEMENT REPORT

Stock-Based Compensation

Espressif has four ongoing restricted stock incentive plans. The fair value of the restricted stock incentive plans iscalculated by using the Black-Scholes model. The following table presents details of stock-based compensationcosts acknowledged in the Consolidated Statements of Income.

Fiscal Year

Selling expenses

Total stock-based compensation

Risks and Uncertainties

MANAGEMENT REPORT

R&D Risk

Competitors

Suppliers

Customers

ESPRESSIF SYSTEM 2025 ANNUAL REPORTCONSOLIDATED FINANCIAL STATEMENTS

Consolidated Balance Sheet

Consolidated FinancialStatements

Assets

AssetsCurrent assets:

Total current assets

Non-current assets:

Non-current assets:

Debt investment

Total assets

Consolidated Balance Sheet

CONSOLIDATED FINANCIAL STATEMENTS

Liabilities & Shareholders’ Equity

Liabilities & Shareholders’ EquityCurrent liabilities:

Total current liabilities

Non-current liabilities:

Total liabilities

Owners’ equity (or shareholders' equity):

Total Espressif shareholders’ equity

Total shareholders’ equity

Total liabilities and shareholders' equity

Consolidated Income Statement

CONSOLIDATED FINANCIAL STATEMENTS

Revenue

Taxes and surcharges

Net Income

Earnings per share

Year Ended

Net Income

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 recalculatedbased on the adjusted share count.

Consolidated Cash Flow Statement

CONSOLIDATED FINANCIAL STATEMENTS

Operating Activities

Cash paid for merchandise and services

Investing activities

Financing activities

Cash paid to repay debt

Impact of ?uctuation in exchange rates on cash and cash equivalents

Cash and cash equivalents at the end of the period

ESPRESSIF SYSTEM 2025 ANNUAL REPORTCONSOLIDATED FINANCIAL STATEMENTS

Consolidated Cash Flow Statement- Indirect Method

Additional information

Additional informationNet income

Net cash ?ow provided by operating activities

Consolidated Statement of Changes in Equity

CONSOLIDATED FINANCIAL STATEMENTS

CNY

Balance as ofDecember 31,2024

CNY

Balance as ofDecember 31,2023

N.B.: In June 2025, the Company capitalized its capital reserve into share capital, resulting in an increase in share capital of RMB 44,502,291. In September 2025, the Companyissued 10,440,288 ordinary shares at an issue price of RMB 170.29 per share, increasing share capital by RMB 10,440,288. The remaining proceeds, after deducting issuanceexpenses, were recorded in capital reserves.

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/orassessments are based on assumptions and management expectations resting upon currentlyavailable information and current estimates. These are subject to a multitude of uncertaintiesand risks, many of which are partially or entirely beyond Espressif’s control. Espressif’s actualbusiness development, ?nancial condition, performance and strategy may, therefore, differ fromwhat is discussed in this report.

ES

P

RES

SI

F

Declaration

S

YSTEMSBoard of Directors

Board of DirectorsTeo Swee Ann

Ng Pei Chi

Wang Jue

Teo Teck Leong

Chen Myn

Lee Kian Soon

Leong Foo Leng

Executive Management

Executive Management

Teo Swee Ann

Wang Jue

Shao Jingbo

FURTHER INFORMATION

Terms and Conditions of the Report

The Board of Directors, and the executive management of the Company warrant that the contents of this report aretrue, accurate and complete, and do not contain any false information, misleading statements or material omissions,severally and jointly accepting any legal responsibility thereof.Shanghai, 20 March 2026Espressif Systems

Further Information

Responsibility Statement

To the Shareholders ofEspressif Systems (shanghai) Co., Ltd.

OpinionWe have audited the ?nancial statements of Espressif Systems (Shanghai) Co., Ltd. (“the Company”), whichcomprise the consolidated balance sheet and balance sheet as of December 31, 2025, the consolidated incomestatement, the income statement, the consolidated cash ?ow statement, the cash ?ow statement, the consolidatedstatement of changes in equity, and the statement of changes in equity for the year then ended, and the notes to the?nancial statements.In our opinion, the enclosed ?nancial statements were prepared in accordance with the Accounting Standards forBusiness Enterprises (the “ASBE”) in all material aspects, and present fairly the consolidated and other ?nancialpositions of the company as of December 31, 2025, the consolidated and other results of company operations, andthe consolidated and other cash ?ows of the company for the year then ended.Basis For the OpinionWe conducted our audit in accordance with the Chinese Standards on Auditing for Certi?ed Public Accountants. Ourresponsibilities under those standards are further described in the section titled “Auditors’ Responsibilities for theAudit of the Financial Statements” of our report. We are independent of Espressif Systems (Shanghai) Co., Ltd. inaccordance with the Chinese Code of Ethics for Certi?ed Public Accountants, and we have ful?lled our other ethicalresponsibilities in accordance with these requirements. We have also complied with the independence requirementsapplicable to public interest entities. We believe that the audit evidence we have obtained is suf?cient andappropriate to provide a basis for our audit opinion.

Key Audit MattersKey audit matters are those matters that, in our professional judgement, were of the greatest signi?cance in ourauditing of the ?nancial statements for the ?nancial year from January 1, 2025 to December 31, 2025. These matterswere addressed in the context of our audit of the ?nancial statements as a whole, and in forming our opinionthereon, we do not provide a separate opinion on these matters.

FURTHER INFORMATION

Independent Auditor’s Report

FURTHER INFORMATION

ESPRESSIF SYSTEM 2025 ANNUAL REPORTFURTHER INFORMATION

Other InformationThe management of Espressif Systems (Shanghai) Co., Ltd. (henceforth, “the management”) is responsible for anyinformation on all aspects of the 2025 company report, apart from the ?nancial statements and the auditor’s reporton them.Our opinions on the ?nancial statements and the group management report do not cover the rest of the informationprovided here, and consequently we do not express an opinion or any other form of assurance conclusion thereof.In connection with our audit, our responsibility is to read the rest of the information provided and, in so doing,consider whether this information:

> is materially inconsistent with the consolidated ?nancial statements, with the group management report informationaudited for content or our knowledge obtained in the audit, or> appears to be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement of this otherinformation, we are required to report that fact. However, we have nothing to report in this regard.Management's Responsibilities for the FinancialStatementsThe management is responsible for the preparation of ?nancial statements that give a true and fair view, inaccordance with the ASBE, and for the design, implementation and maintenance of such internal controls as themanagement deems necessary, to enable the preparation of ?nancial statements that are free from materialmisstatements, whether due to fraud or error.In preparing the ?nancial statements, the management is responsible for assessing the Company’s ability to continueits operation, disclosing, as applicable, any matters related to ongoing concerns and using them as the basis ofaccounting, unless the management either intends to liquidate the Company or cease its operations, having norealistic alternative but to do so.Those charged with governance are responsible for overseeing the ?nancial reporting process of Espressif Systems.Auditor’s Responsibilities for the Auditing of theFinancial StatementsOur objectives are to obtain reasonable assurances about whether the ?nancial statements as a whole are free frommaterial misstatements, due to either fraud or errors, and to issue an auditor’s report that includes our true opinion.Reasonable assurances provide a high level of con?dence, but are not a guarantee that an audit conducted inaccordance with CSAs will always detect a material misstatement when and where it exists.Misstatements can arise from fraud or errors and are considered substantial if, individually or in aggregate, they couldreasonably be expected to in?uence the economic decisions of users, taken on the basis of these ?nancialstatements.As part of an audit in accordance with CSAs, we exercise our professional judgment and maintain professionalskepticism throughout the audit. We also:

ESPRESSIF SYSTEM 2025 ANNUAL REPORTFURTHER INFORMATION> Identify and assess the risks of substantial ?nancial misstatements, due to either fraud or errors; design andperform auditing procedures in response to those risks, and obtain auditing evidence that is suf?cient andappropriate for providing a basis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions,misrepresentations, or the override of internal controls.> Obtain an understanding of internal controls relevant to the audit, in order to design auditing procedures that areappropriate to the circumstances.> Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates andrelated disclosures made by the management.> Conclude on the appropriateness of the management’s use of a growing concern as the basis of accounting and,according to the auditing evidence obtained, determine whether a substantial uncertainty exists about events orconditions that may cast a signi?cant doubt on the Company’s ability to continue its operation. If we conclude thatthere is substantial uncertainty, we are required to draw users’ attention to our auditor’s report on the relateddisclosures in the ?nancial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusionsare based on the auditing evidence obtained up until the date of our auditor’s report. However, future events orconditions may force the Company to cease its operation altogether.> Evaluate the overall presentation, structure and content of the ?nancial statements, including the disclosures, anddetermine whether the ?nancial statements represent the underlying transactions and events in a manner thatachieves a fair presentation.> Obtain suf?cient and appropriate auditing evidence about the ?nancial information of entities or business activitiesof the Company, in order to express our auditing opinion on the Company’s consolidated ?nancial statements. We areresponsible for directing, supervising and executing group audits and assume full responsibility for auditing opinions.We communicate with those charged with governance, among other matters, on the planned auditing scope, timingand signi?cant audit ?ndings, including any signi?cant de?ciencies in internal controls that we may identify duringour audit.We also provide those charged with governance with a statement that we have complied with all relevant ethicalrequirements regarding our independence, and we also communicate with them all relationships and other mattersthat may reasonably be thought to bear on our independence and, where applicable, any other related protections.From the matters communicated to those charged with governance, we determine which matters are of the highestsigni?cance in the auditing of the ?nancial statements of the current period and are, therefore, the key auditing?ndings. We describe these ?ndings in our auditor’s report, unless a law or regulation prohibits such publicdisclosure about those ?ndings, or when -in extremely rare circumstances- we determine that a ?nding should notbe communicated in our report, because the adverse consequences of its disclosure would reasonably beexpected to outweigh the bene?ts of such communication for the public interest.Beijing, 20 March 2026Baker Tilly ChinaMa Gang Zhang WuyiChinese Certi?ed Public Accountant Chinese Certi?ed Public Accountant

FURTHER INFORMATION

List of abbreviations

Copyright ? 2026 Espressif Systems (Shanghai) Co., Ltd. All rightsreserved. All trade names, trademarks and registered trademarksmentioned in this document are the property of their respectiveowners, and are hereby acknowledged. The term “Espressif” refers toEspressif Systems (Shanghai) Co., Ltd. and/or its subsidiaries. Thisreport is written in both Chinese and English. In case of anydiscrepancies between Chinese and foreign interpretations, theChinese version shall prevail.All amounts presented in these condensed Consolidated FinancialStatements are shown in CNY unless stated otherwise. Slightdiscrepancies between the amounts presented may occur due torounding.

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