Core Viewpoint - The company has successfully validated and achieved scale shipments of products utilizing advanced packaging technology, laying a solid foundation for the development of RF front-end modules focused on miniaturization, low cost, and high performance [1] Group 1 - As of the end of the first half of 2025, products using advanced packaging technology have passed key customer validation and achieved scale shipments [1] - The production line specifically designed for advanced integration processes has successfully transitioned from technology implementation to large-scale production [1] - Advanced packaging technology is suitable for products with high requirements for size and shape, such as smart glasses [1] Group 2 - Related products are currently being advanced in some customer projects, although the overall progress remains in the early stages [1]

Core Viewpoint - The company has successfully achieved large-scale shipments of products utilizing advanced packaging technology, which has passed key customer validation as of mid-2025 [1] Group 1 - The production line specifically designed for advanced integration processes has successfully transitioned from technology implementation to large-scale production, establishing a solid foundation for the company's ongoing development of RF front-end modules focused on miniaturization, cost reduction, and high performance [1] - Advanced packaging technology is applicable to products with high requirements for size and shape, such as smart glasses [1] - Related products are currently being advanced in some customer projects, although the overall progress remains in the early stages [1]

Core Viewpoint - The company,卓胜微, has successfully validated and achieved scale shipments of products utilizing advanced packaging technology, with a focus on meeting the requirements of key clients by mid-2025 [1] Group 1: Product Development - Products employing advanced packaging technology have passed key customer validation and are now in scale production [1] - The production line specifically designed for advanced integration processes has successfully transitioned from technical implementation to large-scale production [1] Group 2: Market Application - Advanced packaging technology is particularly suitable for products with high demands on size and form, such as smart glasses [1] - Related products are currently being advanced in certain customer projects, although the overall market presence remains in the early stages [1]

8月22日，卓胜微在一场电话会议上披露了公司相关专利和诉讼进展。卓胜微表示，公司对村田主张不 予认可，并针对涉案的专利提起了专利无效的申请，目前相关的无效案件正在审理过程中。此外，公司 已经完成了在韩国、上海专利无效申请的提交。 ...

Financial Performance - In the first half of 2025, the company's revenue was 1.703 billion CNY, a year-on-year decrease of 25.42% [4] - The net profit attributable to shareholders was -147 million CNY, a decline of 141.59% compared to the previous year [4] - The gross margin dropped to 28.75% due to high costs from initial production phases and increased competition [4] Product Development and Technology - The company is focusing on high-performance RF front-end chips and modules, enhancing its research and development capabilities [2][3] - Key technologies include 6-inch specialty processes, 12-inch heterogeneous silicon-based processes, and advanced heterogeneous integration [3] - New products launched include L-PAMiD, WiFi7 modules, low-power Bluetooth chips, and automotive ultra-wideband (UWB) chips [4] Market Strategy - The company aims to strengthen its position in the RF industry by expanding its product line and enhancing high-end product offerings [5] - Future focus areas include mobile communication, WiFi wireless connections, and short-range communication technologies, with an emphasis on AI-driven smart hardware [5] - The company plans to explore applications in IoT, smart homes, health monitoring, and automotive electronics [5] Advanced Packaging and Production Capacity - Advanced packaging technologies have been successfully validated by key customers, leading to scale production [6] - The utilization rate of 6-inch and 12-inch production lines is gradually increasing, with future capacity adjustments based on market feedback [6] Inventory and Supply Chain Management - The increase in inventory is attributed to the need for raw material reserves to ensure stable production amid long lead times for certain materials [7] Patent and Legal Matters - The company is actively pursuing patent invalidation against claims made by Murata, with ongoing legal proceedings [7]

Core Viewpoint - The recent financial report of ZTE Microelectronics (卓胜微) for the first half of 2025 shows significant declines in revenue and net profit, indicating financial distress and challenges in operational performance [1]. Financial Performance - Total revenue for the first half of 2025 was 1.704 billion yuan, a decrease of 25.42% year-on-year [1]. - The net profit attributable to shareholders was -147 million yuan, down 141.59% compared to the previous year [1]. - In Q2 2025, total revenue was 948 million yuan, a decline of 13.43% year-on-year, with a net profit of -101 million yuan, reflecting a 164.35% decrease [1]. - Gross margin was 28.75%, down 31.73% year-on-year, while net margin was -8.68%, a drop of 156.18% [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 131 million yuan, accounting for 7.69% of revenue, an increase of 52.9% year-on-year [1]. - The company reported a significant increase in accounts receivable, which reached 627 million yuan, representing 155.95% of the latest annual net profit [1]. Cash Flow and Debt - Operating cash flow per share was 0.48 yuan, an increase of 188.95% year-on-year, indicating improved cash generation despite losses [1]. - The company’s interest-bearing debt rose to 2.532 billion yuan, a 56.74% increase compared to the previous year [1]. - The net cash flow from operating activities increased by 189.01% due to reduced inventory [3]. Business Outlook - The company is focusing on improving its production capabilities, particularly with the ramp-up of its 12-inch production line, which is expected to enhance performance in the future [8]. - The long-term outlook suggests that the company has developed comprehensive solutions for RF front-end products, which could strengthen its competitive position in the market [8]. Investment Sentiment - Analysts project that the company's performance for 2025 will yield a net profit of 392 million yuan, with an average earnings per share of 0.73 yuan [6]. - The largest fund holding ZTE Microelectronics is Wan Jia Growth Mixed Fund, which has maintained its position, reflecting investor confidence despite recent performance challenges [7].

Market Overview - The Shanghai Composite Index closed at 3825.76 points, above the annual line, with an increase of 1.45% [1] - The total trading volume of A-shares reached 25,788.42 billion yuan [1] Stocks Breaking Annual Line - A total of 24 A-shares have surpassed the annual line today, with notable stocks including NovaStar, Nasda, and Zhaoshengwei, showing significant deviation rates of 7.19%, 4.59%, and 4.07% respectively [1] - Stocks with smaller deviation rates that just crossed the annual line include China National Materials, Kweichow Moutai, and Ruisi Kanda [1] Top Stocks by Deviation Rate - The top three stocks with the highest deviation rates are: - NovaStar (7.19% deviation, latest price 174.84 yuan) [1] - Nasda (4.59% deviation, latest price 26.55 yuan) [1] - Zhaoshengwei (4.07% deviation, latest price 84.73 yuan) [1] Additional Notable Stocks - Other notable stocks with significant performance include: - Jin Yu Medical (3.28% deviation, latest price 31.57 yuan) [1] - China Merchants Heavy Industry (3.08% deviation, latest price 6.59 yuan) [1] - BOE Technology Group (2.18% deviation, latest price 4.18 yuan) [1]

Core Insights - The stock price of Zhaosheng Microelectronics (300782) closed at 84.73 yuan on August 22, 2025, with a 5.89% increase and a turnover rate of 6.72% [1] - The company reported a total revenue of 1.704 billion yuan for the first half of 2025, representing a year-on-year decrease of 25.42% [1] - The net profit attributable to shareholders was 147.39 million yuan, down 141.59% year-on-year [1] Financial Performance - Total revenue for the latest reporting period was 1.704 billion yuan, a decrease of 25.42% year-on-year [1] - Net profit attributable to shareholders was 147.39 million yuan, a decline of 141.59% year-on-year [1] - The company's non-recurring net profit was 151.41 million yuan, down 142.77% year-on-year [1] - Current ratio stands at 1.750, quick ratio at 0.806, and debt-to-asset ratio at 30.04% [1] Market Activity - The net inflow of main funds was 148 million yuan, accounting for 5.9% of the total transaction amount [1] - Large orders saw a net inflow of 12.6 million yuan, making up 5.04% of the transaction amount [1] - Small orders had a net inflow of 4.1 million yuan, representing 1.64% of the transaction amount [1] Company Overview - Zhaosheng Microelectronics was established in 2012 and is located in Wuxi City, primarily engaged in software and information technology services [2] - The company has invested in 6 enterprises and participated in 56 bidding projects [2] - It holds 27 trademark registrations and 263 patents, along with 40 administrative licenses [2]

Core Viewpoint - The financial performance of 卓胜微 (Zhuosheng Micro) has significantly declined in 2025, with a notable drop in revenue and net profit compared to previous years [1][2]. Financial Performance Summary - In the first half of 2025, the company reported revenue of 1.704 billion yuan, a year-on-year decrease of 25.42% [1] - The net profit attributable to shareholders was -147 million yuan, down from 354 million yuan in the same period last year [1] - The net profit after excluding non-recurring gains and losses was -151 million yuan, compared to 354 million yuan in the previous year [1] - The net cash flow from operating activities was 257 million yuan, a significant improvement from -289 million yuan in the same period last year [1] 2024 Financial Overview - For the year 2024, the company achieved revenue of 4.487 billion yuan, a year-on-year increase of 2.48% [1] - The net profit attributable to shareholders was 402 million yuan, reflecting a decline of 64.20% [1] - The net profit after excluding non-recurring gains and losses was 364 million yuan, down 66.80% year-on-year [1] - The net cash flow from operating activities was 80.281 million yuan, a decrease of 95.76% compared to the previous year [1] Shareholder Control and Shareholding Changes - The actual controllers of 卓胜微 are 许志翰 (Xu Zhihan), FENGCHENHUI (冯晨晖), and TANGZHUANG (唐壮), who collectively control 32.92% of the voting rights [1] - A recent announcement indicated that the actual controllers and their concerted actors completed a share reduction plan, selling a total of 5,345,304 shares, which is approximately 0.9992% of the total share capital, for a total amount of 380 million yuan [2] Fundraising Activities - 卓胜微 raised a total of 82.88574 million yuan from its initial public offering (IPO) in 2019, which was allocated for various R&D projects [3] - In 2021, the company raised approximately 300.55372 million yuan through a private placement of A-shares, with a net amount of 297.04744 million yuan after expenses [4] - The total fundraising amount from the two rounds of financing after the IPO is approximately 388.77872 million yuan [5] - A new fundraising plan was announced in July 2025, aiming to raise up to 347.5 million yuan for expansion projects and working capital [5]

Core Points - The Shanghai Composite Index closed at 3806.05 points, above the annual line, with a gain of 0.93% [1] - The total trading volume of A-shares reached 20258.59 billion yuan [1] - A total of 17 A-shares have surpassed the annual line, with notable stocks including Nova Star Cloud, Zhaosheng Micro, and Nasda, showing significant deviation rates [1] Summary by Category Stock Performance - Nova Star Cloud (301589) had a price increase of 8.61% with a deviation rate of 6.98% [2] - Zhaosheng Micro (300782) rose by 5.47% with a deviation rate of 3.66% [2] - Nasda (002180) increased by 5.87% with a deviation rate of 3.06% [2] Trading Metrics - The trading turnover rate for Nova Star Cloud was 7.53% [2] - Zhaosheng Micro had a turnover rate of 5.60% [2] - The turnover rate for Nasda was 2.21% [2] Other Notable Stocks - Other stocks that recently crossed the annual line include: - China Communications (688009) with a deviation rate of 0.10% [2] - Yilian Network (300628) with a deviation rate of 0.12% [2] - Ruisi Kanda (603803) with a deviation rate of 0.05% [2]