Core Viewpoint - The stock of Zhaosheng Microelectronics has experienced a significant decline in 2023, with a year-to-date drop of 16.65% and a recent 5-day decline of 6.61% [1] Financial Performance - For the first half of 2025, Zhaosheng Microelectronics reported a revenue of 1.704 billion yuan, representing a year-on-year decrease of 25.42% [2] - The net profit attributable to the parent company for the same period was -147 million yuan, a year-on-year decrease of 141.59% [2] Stock and Market Activity - As of October 17, Zhaosheng Microelectronics' stock price was 74.68 yuan per share, with a market capitalization of 39.95 billion yuan [1] - The stock has seen a trading volume of 171 million yuan and a turnover rate of 0.51% on the same day [1] - The company has a total of 79,400 shareholders as of September 30, with a decrease of 2.08% from the previous period [2] Shareholder and Institutional Holdings - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 9.1102 million shares, a decrease of 278,400 shares from the previous period [3] - E Fund's ChiNext ETF and Huatai-PB's CSI 300 ETF are also among the top shareholders, with changes in their holdings noted [3] Business Overview - Zhaosheng Microelectronics, established on August 10, 2012, specializes in the research, development, production, and sales of radio frequency integrated circuits [1] - The company's main revenue sources include product sales (99.08%), with minor contributions from other services and royalties [1]

Economic Overview - Jiangsu province accounts for 1% of China's land area, 6% of the population, and generates over 10% of the national GDP, maintaining the second-largest GDP in the country for several years [1][2] - The manufacturing sector in Jiangsu contributes approximately 14% to the national total, with an industrial output value of 4.66 trillion yuan [2][3] - In 2024, Jiangsu's GDP is projected to reach 13.7 trillion yuan, marking the highest growth increment in the country [2] Industrial Structure - The proportion of strategic emerging industries in Jiangsu's industrial output is expected to reach 41.8% in 2024, with high-tech industries surpassing 50% for the first time [2][3] - Jiangsu has cultivated 14 national advanced manufacturing clusters, the highest in the country, with a balanced development across all 13 prefecture-level cities [3][4] Innovation and Transformation - Traditional industries in Jiangsu are undergoing digital transformation, with over 56,000 digital projects implemented, achieving a 70.1% CNC rate in key processes [6][7] - The province has initiated a "1650" industrial system, focusing on 16 advanced manufacturing clusters and 50 industrial chains [4][6] Private Sector and Government Support - Private enterprises are crucial for Jiangsu's economic dynamism, with policies aimed at fostering a supportive environment for private investment [7][8] - The government is enhancing financial support for technology and industry, with a strategic fund of 500 billion yuan launched to boost emerging industries [12][13] Export and Market Expansion - Jiangsu companies are increasingly focusing on international markets, with significant export growth reported, such as a 13.3% increase in export revenue for a local pharmaceutical company [11] - Many firms are also exploring domestic market opportunities, particularly in high-demand sectors like precision tools [11] Future Challenges and Goals - Jiangsu recognizes the need to address challenges such as insufficient domestic demand and external pressures, while continuing to push for breakthroughs in key technologies [13]

Core Viewpoint - The company, ZTE Microelectronics (卓胜微), is positioned as a leading domestic player in the SAW filter market, aiming to break the monopoly held by international competitors, particularly Japan's Murata, which dominates with over 90% market share [2][3]. Group 1: Company Performance - As of September 30, 2025, ZTE Microelectronics' stock closed at 83.12 yuan, reflecting a 2.64% increase with a turnover rate of 3.32% and a trading volume of 148,800 lots, resulting in a transaction value of 1.238 billion yuan [1]. - On the same day, the net inflow of main funds was 55.0516 million yuan, accounting for 4.45% of the total transaction value [4]. Group 2: Market Position and Strategy - The global RF front-end market is highly concentrated, with significant technological barriers in the design and manufacturing of filters, primarily dominated by foreign leading companies [3]. - The company has achieved mass production of high-end SAW filters and has a comprehensive product lineup, including duplexers, triplexers, and single-chip multi-band filters, indicating strong production capabilities [3]. - The company is focused on enhancing its high-end, customized, and differentiated capabilities in response to customer demands, supported by the Chip ZTE resource platform [3].

Core Viewpoint - The stock of Zhaosheng Microelectronics has shown fluctuations with a recent increase of 2.01%, while the company faces a significant decline in revenue and profit for the first half of 2025 [1][2]. Financial Performance - As of September 30, Zhaosheng Microelectronics' stock price is 82.61 CNY per share, with a market capitalization of 44.192 billion CNY [1]. - For the first half of 2025, the company reported a revenue of 1.704 billion CNY, a year-on-year decrease of 25.42%, and a net profit of -147 million CNY, a decline of 141.59% [2]. Shareholder Information - As of September 19, the number of shareholders increased to 81,100, with an average of 5,527 circulating shares per person, a decrease of 2.70% [2]. - The company has distributed a total of 884 million CNY in dividends since its A-share listing, with 265 million CNY distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 9.1102 million shares (a decrease of 278,400 shares), and E Fund's ChiNext ETF, holding 8.5486 million shares (a decrease of 107,700 shares) [3].

Market Performance - The market saw an increase last week, with the China Securities Xinhua National Brand Index rising by 1.10% to 2019.88 points [1] - The Shanghai Composite Index rose by 0.21%, the Shenzhen Component Index by 1.06%, the ChiNext Index by 1.96%, and the CSI 300 Index by 1.07% [1] Strong Performing Stocks - Notable strong performers included Hu Silicon Industry, which increased by 19.75%, and Anji Technology, which rose by 19.05% [1] - Other significant gainers included Xinlitai (up 15.81%), Yangguang Power, and Zhongwei Company (both over 14%) [1] Year-to-Date Performance - Since the beginning of the second half of the year, Zhongji Xuchuang has surged by 183.63%, leading the gains [2] - Yangguang Power and Kewo Si have also shown substantial increases of 132.40% and 82.81%, respectively [2] Market Outlook - Starstone Investment suggests that the market's trading sentiment has declined due to risk aversion ahead of the long holiday, but this may indicate that funds are waiting for clearer policy and fundamental information [2] - The overall market remains strong, with no systemic risks identified, and various sectors are expected to present opportunities [2] Sector Rotation - Source Le Sheng Asset notes a clear rotation pattern this year, with sectors such as new consumption, innovative pharmaceuticals, technology, and high-dividend stocks experiencing alternating rises [3] - The investment strategy has been adjusted to reduce the proportion of technology stocks while increasing exposure to the manufacturing sector, focusing on technology, non-ferrous metals, manufacturing, and innovative pharmaceuticals [3]

Core Viewpoint - Zhaosheng Microelectronics (stock code: 300782) has announced updates regarding its application for a private placement of shares, which includes responses to the Shenzhen Stock Exchange's inquiry letter and updates to the relevant documents [1] Group 1 - On May 15, 2025, Zhaosheng Microelectronics received an inquiry letter from the Shenzhen Stock Exchange regarding its application for a private placement of shares [1] - The company, along with relevant intermediaries, has addressed the issues raised in the inquiry letter and made necessary revisions, which have been disclosed on the Giant Tide Information Network [1] - The financial data in the application documents has been updated following the release of the company's semi-annual report for 2025 [1] Group 2 - The private placement of shares is subject to approval by the Shenzhen Stock Exchange and requires registration consent from the China Securities Regulatory Commission before implementation [1] - There is uncertainty regarding whether the application will pass the Shenzhen Stock Exchange's review and receive registration approval from the China Securities Regulatory Commission [1] - The company will fulfill its information disclosure obligations based on the progress of this matter and reminds investors to be aware of investment risks [1]

江苏卓胜微电子股份有限公司 审计报告及财务报表 二〇二四年度 江苏卓胜微电子股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-100 | 审计报告 江苏卓胜微电子股份有限公司全体股东： 务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 司所有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了卓胜微 2024 年 12 月 31 日的合并及母公司财 务状况以及 2024 年度的合并及母公司经营成果和现金流量。 二、 形成审计意见的基础 我们按照中国注册会计师 ...

关于江苏卓胜微电子股份有限公司 2025 年度向特定对象发行 A 股股票之 发行保荐书 保荐机构 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二五年九月 江苏卓胜微电子股份有限公司 发行保荐书 关于江苏卓胜微电子股份有限公司 2025 年度向特定对象发行 A 股股票之发行保荐书 中国证券监督管理委员会、深圳证券交易所： 江苏卓胜微电子股份有限公司（以下简称"卓胜微"、"发行人"或"公司"）拟 申请向特定对象发行不超过 160,482,959 股（含 160,482,959 股）的人民币普通股（A 股） 股票（以下简称"本次证券发行"、"本次发行"或"向特定对象发行 A 股股票"）， 并已聘请中国国际金融股份有限公司（以下简称"中金公司"）作为本次证券发行的保 荐机构（以下简称"保荐机构"或"本机构"）。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《证券发行上市保荐业务管理办法》（以下简称"《保 荐办法》"）、《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）、《发 行证券的公司信息披露内容与格 ...

关于江苏卓胜微电子股份有限公司 2025 年度向特定对象发行 A 股股票之 上市保荐书 保荐机构 一、发行人基本情况 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二五年九月 江苏卓胜微电子股份有限公司 上市保荐书 深圳证券交易所： 中国国际金融股份有限公司（以下简称"保荐机构"、"本机构"或"中金公司"） 接受江苏卓胜微电子股份有限公司（以下简称"卓胜微"、"发行人"或"公司"）的委 托，就发行人 2025 年度向特定对象发行 A 股股票并在创业板上市事项（以下简称"本 次发行"）出具本上市保荐书。 保荐机构及其保荐代表人根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《证券发行上市保荐业务管理办法》 （以下简称"《保荐办法》"）、《上市公司证券发行注册管理办法》（以下简称"《注册管 理办法》"），以及《深圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"）、 《深圳证券交易所股票发行上市审核业务指引第 2 号——上市保荐书内容与格式》（以 下简称"《指引第 2 号》"）等法律法规和中国证券监督管理委员会 ...

证券代码：300782 证券简称：卓胜微 关于江苏卓胜微电子股份有限公司 申请向特定对象发行股票的 审核问询函的回复 保荐机构（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二五年九月 | 问题一 4 | | --- | | 问题二 65 | | 其他问题（一） 104 | | 其他问题（二） 105 | 关于江苏卓胜微电子股份有限公司申请向特定对象发行股票的审核问询函的回复 深圳证券交易所： 根据贵所于 2025 年 5 月 15 日出具的《关于江苏卓胜微电子股份有限公司申 请向特定对象发行股票的审核问询函》（审核函〔2025〕020023 号），江苏卓胜 微电子股份有限公司（以下简称"卓胜微"、"公司"、"发行人"或"申请人"）与保 荐机构中国国际金融股份有限公司（以下简称"保荐机构"）、北京市天元律师事 务所（以下简称"律师"）、立信会计师事务所（特殊普通合伙）（以下简称"会计 师"）对问询函所涉及的问题认真进行了逐项核查和落实，现回复如下，请予审 核。 如无特别说明，本回复报告中的简称与《江苏卓胜微电子股份有限公司 2025 年度向特定对象发行 A 股股票 ...