A power supply system, which has a switched-tank converter with an adjustable conversion ratio, includes a first-stage power converter, a second-stage power converter, and a controller. The first-stage power converter converts a supply voltage to a first output voltage, and modulates the first output voltage according to a modulation signal. A second-stage power converter converts the first output voltage to a second output voltage, and generates a power signal according to the output power of the second output voltage. The controller determines, according to the power signal, whether the output power exceeds a threshold to generate the modulation signal.
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