The embodiment of the invention discloses a power supply module. The power supply module comprises a substrate, at least one
inductance structure and a heat conduction structure. Wherein at least one bare
chip is arranged in the substrate, and a first bonding pad is arranged on the top surface of the substrate. The
inductor structure is arranged on the top surface of the substrate and is electrically connected with the bare
chip through the first bonding pad; the
inductor structure comprises a
magnetic core; the heat conduction structure at least reuses part of the
inductance structure or is an independent structure, the heat conduction structure comprises a first part formed between the top surface of the substrate and the bottom surface of the
magnetic core, a second part extending from the bottom surface of the
magnetic core to the top surface of the magnetic core and a third part formed on the top surface of the magnetic core, and the first part, the second part and the third part are connected together. Therefore, the heat conduction structure is formed and used as a heat conduction path of the bare
chip, so that the heat dissipation performance of the power supply module can be improved when the chip is embedded into the substrate.