Core Viewpoint - The article discusses the challenges and opportunities faced by the domestic filter industry in China, particularly in the context of the growing demand for RF front-end (RFFE) components driven by advancements in 5G technology and other communication systems. It emphasizes the need for domestic companies to balance technology advancement, compliance, and cost control to succeed in a competitive landscape dominated by international giants [2][3][16]. Market Size and Competitive Landscape - The global RFFE market for mobile terminals is projected to reach $18 billion in 2024, with filters accounting for nearly half of this market. High-end 5G smartphones require over 60 filters per device, making filter costs a significant part of the bill of materials (BOM) [3]. - The domestic filter industry consists of three main types of players: IDM (Integrated Device Manufacturer), Fabless, and Foundry. Key players include Haoda Electronics and Deqing Huaying in the IDM category, while Weijie Chuangxin and Angruiwei focus on design innovation as Fabless companies [3]. - Current domestic products primarily consist of Normal SAW and TC-SAW filters, which are priced 20%-30% lower than those of international leaders like Murata and TDK, indicating a significant technology and brand premium gap [3]. Patent Risks and Compliance - Patent risks pose a significant threat to the industry, exemplified by Murata's malicious lawsuit against Zhaoshengwei in April 2024, highlighting the necessity for domestic firms to establish compliance systems and patent protections to avoid setbacks in their technological advancements [3]. Modular Transformation and Strategic Approaches - International giants like Skyworks and Qualcomm have adopted a modular approach, integrating filter technology into their power amplifier (PA) designs to create multifunctional modules, enhancing customer loyalty and creating a closed-loop ecosystem [5]. - The case of Murata's failed attempt to enter the transmitter module market due to a lack of PA design capabilities illustrates the importance of collaboration between PA manufacturers and filter companies to achieve optimal performance and cost balance [5]. Domestic Industry Strategies - Domestic filter manufacturers have accumulated sufficient technology in mid-to-low-end Normal SAW and TC-SAW products, leading to overcapacity and intensified competition. Companies like Weijie Chuangxin and Angruiwei are adopting flexible strategies by prioritizing "self-developed PA + outsourced filters" to mitigate financial pressures [6][7]. - IDM companies like Zhaoshengwei are facing challenges due to high capital expenditures and underutilization of production capacity, with an estimated utilization rate of around 65% for their filter production lines in 2024 [12]. Collaborative Innovation - The industry consensus suggests that a collaborative model where PA manufacturers lead and filter companies support is the most efficient path forward. This model allows for specialization in core technologies, such as substrate materials and high-Q design, while mitigating patent risks and cost pressures [8][16]. - The collaborative approach enhances module performance through optimized integration, improved thermal management, and cost flexibility, allowing for rapid production and compliance with international standards [10][11]. Future Outlook - The domestic RF front-end industry is at a critical juncture, transitioning from single-device breakthroughs to building a modular ecosystem. By strengthening patent layouts and enhancing collaborative efforts, domestic companies can potentially shift from being "followers" to "co-builders" of global RF front-end standards [16].

Summary of Conference Call on China Semiconductor Industry Industry Overview - The conference call focused on the **China Semiconductor** industry, highlighting the performance and outlook for 2025, particularly the first half and the anticipated challenges in the second half of the year [1][4]. Key Points and Arguments 1. **Sales Performance**: - China semiconductor companies reported better-than-seasonal sales in **1Q25**, with a sequential sales decline of **8%** for fabless and IDMs, compared to a normal seasonal decline of approximately **15%** [3][4]. - The gross margins for fabless and IDM subsectors increased by **1 percentage point (ppt)** and **2 ppts** respectively, marking significant recoveries since **2021** [3][7]. 2. **2Q25 Expectations**: - Most companies expect sales growth in **2Q25** to align with seasonal trends, projecting an increase of **10-15%** sequentially [3][4]. 3. **Demand Concerns for 2H25**: - There are rising concerns regarding demand in the second half of **2025**, with expectations of flat sales compared to normal seasonality due to fading pull-in demand and diminishing subsidy effects [1][3][22]. - Factors contributing to this concern include: - Potential expiration of the **90-day tariff truce** affecting export orders [23]. - Limited growth in smartphone sales, indicating a fading subsidy effect [23]. - Anticipated demand weakness for solar systems post-subsidy cut-off [23]. - Elevated inventory levels leading to potential price pressure [24]. 4. **Subsector Preference Order**: - The preferred investment order within the semiconductor subsectors is: **WFE > OSAT > Foundry > IDM > fabless** [1][3]. - **AMEC** is identified as the top pick in the WFE sector, while **JCET** is favored among OSAT players due to elevated utilization and acquisition strategies [1][3][37]. 5. **Market Share Projections**: - Local WFE suppliers are expected to capture **50%** market share by **2030**, up from approximately **20%** in **2024** [3]. 6. **Investment Strategy**: - The report suggests a selective approach towards fabless players due to demand uncertainty and potential margin pressures in **2H25** [3][37]. - A cautious stance is recommended for Android smartphone component suppliers like **Maxscend**, given limited unit growth and potential price pressures [37]. Additional Important Insights - The **A-share semiconductor index** has declined by **1%** year-to-date, outperforming the tech index and CSI 300 by **3%** and **1%** respectively, currently trading at a **47x forward P/E**, which is around the average historical valuation [37]. - The report emphasizes the importance of monitoring inventory levels and pricing strategies as they could significantly impact the market dynamics in the latter half of **2025** [24][25]. This summary encapsulates the critical insights from the conference call regarding the current state and future outlook of the China semiconductor industry, highlighting both opportunities and risks for investors.

证券代码：300782 证券简称：卓胜微 公告编号：2025-047 关于 2023 年限制性股票激励计划第二个归属期第一批次 归属结果暨股份上市的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 重要内容提示： 1、本次归属限制性股票数量：31.1404万股，占归属前公司总股本的0.0583%。 2、本次归属限制性股票人数：160 人。 3、本次归属限制性股票的上市流通日：2025 年 5 月 28 日，本次归属的限 制性股票不设限售期。 江苏卓胜微电子股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召 开第三届董事会第十一次会议、第三届监事会第十一次会议，审议通过了《关于 公司 2023 年限制性股票激励计划第二个归属期归属条件成就的议案》。 近日，公司办理了 2023 年限制性股票激励计划第二个归属期第一批次归属 股份的登记工作，现将有关事项说明如下： 一、 本次激励计划简述及已履行的相关审批程序 江苏卓胜微电子股份有限公司 （一）2023 年限制性股票激励计划简述 2023 年 4 月 19 日，公司 2023 年第一次临时股东 ...

Investment Rating - The report maintains a Neutral rating for Maxscend with a 12-month target price of Rmb86, indicating an upside potential of 23.2% from the current price of Rmb69.81 [2][11]. Core Insights - Management is optimistic about the company's RF modules expansion, the ramp-up of in-house capacity utilization, and new growth opportunities in the long term [1][2]. - The smartphone market is anticipated to take time to transition to the next product cycle (6G), and the shift from fabless to fab-lite may also require time to enhance efficiency and profitability [2]. Summary by Sections 2025 Business Outlook - Management expects quarterly revenues and margins to increase sequentially in 2025, driven by RF modules expansion, improved smartphone seasonality in the second half of 2025, and normalizing depreciation as utilization rates rise [3]. - Inventory levels are projected to decline but remain relatively high due to geopolitical tensions [3]. Xinzhuo Project Development Progress - The 6" and 12" wafer production lines have commenced mass production, with the 12" production line currently achieving a capacity of 4,000 wafers per month, aiming for 5,000 wafers per month by the end of 2025 [4]. - As capacity increases, the depreciation cost per wafer is expected to decrease, leading to margin improvements [4]. New Growth Opportunities - Management is positive about the potential of LEO satellite direct-to-cell functions, which could create additional RF module opportunities for Maxscend [8]. - There are also long-term prospects in high-end markets such as AI and robotics, allowing the company to leverage its in-house capacity more effectively [8].

Core Viewpoint - The company, ZTE Microelectronics, is positioning itself as a leader in the domestic RF front-end chip industry by investing heavily in its own wafer fabrication plant, which is seen as a critical technological foundation for future growth [1][2]. Group 1: Investment in Wafer Fabrication - The establishment of a wafer fabrication plant is crucial for the RF front-end industry, as major international players like Skyworks and Qorvo own their own facilities, while most domestic firms operate on a fabless model [2]. - The trend towards modularization in the RF front-end industry increases the barriers to entry, as higher integration levels are required for RF module products [2][3]. - The company believes that the fabless model is inefficient for RF front-end due to the non-standardized processes involved, making in-house fabrication essential for maintaining competitive advantage [2]. Group 2: Market Changes and Technological Evolution - The company has identified significant market changes, such as the transition from 3G to 4G and then to 5G, as key drivers for its rapid growth [3]. - Current technological advancements necessitate new application forms that traditional RF front-end definitions cannot accommodate, leading to a need for innovative manufacturing resources [3]. Group 3: Patent Dispute with Murata - The company is currently involved in a patent dispute with Japan's Murata, with five patents in question, primarily related to structural and parameter aspects that do not affect the core architecture of its products [4][5]. - The company has initiated a strategy to counter the patent claims and has previously filed for the invalidation of a Murata patent, which was deemed non-innovative by the National Intellectual Property Administration [5]. - The company emphasizes its commitment to fair competition and robust intellectual property management, investing significant resources in legal partnerships to safeguard its innovations [6].

Group 1 - The implementation of the "Private Economy Promotion Law" on May 20 is a significant boost for private enterprises in China, marking a milestone in the development of the private economy [2] - The law is expected to instill confidence in private entrepreneurs, encouraging them to engage in innovation and entrepreneurship [2] - As a representative of Jiangsu's private enterprises, the company Zhuoshengwei (300782) participated in a face-to-face event organized by the National Development and Reform Commission [2] Group 2 - Zhuoshengwei is focused on technological innovation in the RF chip sector, aiming to provide high-performance and differentiated products and services [2] - The company has reported smooth progress in ramping up its 12-inch production line capacity, with cost pressures easing and product performance advantages becoming evident [3] - The L-PAMiD product, developed by the company, is the first domestically produced supply chain product in the industry, entering the verification and small batch delivery phase, with expectations for significant growth in the second half of the year [3] Group 3 - The second-generation SOI process development is progressing well, with WiFi7 modules already achieving scale shipments in the smartphone sector [3] - The company is committed to building a self-controlled RF front-end chip industry chain and accelerating the construction of an industrial ecosystem under the support of the new law [3] - The legal and policy support from the "Private Economy Promotion Law" provides the company with more confidence to deepen its core technology development [3]

Core Insights - The filter industry is increasingly vital in the RF front-end market, especially driven by 4G and 5G technologies, impacting communication signal purity and device performance [1][17] - The global filter market is experiencing steady growth, with a compound annual growth rate (CAGR) of 8.04% from 2018 to 2022, and is projected to reach $9.204 billion by 2025 [1][17] - The demand for filters is expected to surge with the proliferation of 5G smartphones and the commercialization of 6G frequency bands [1][17] Industry Overview - RF front-end components include power amplifiers, low-noise amplifiers, RF switches, filters, duplexers, and antenna tuners, with filters being the largest segment [3] - Filters are essential for eliminating unwanted noise and ensuring effective signal processing [3][15] Industry Development History - The filter industry in China has evolved through four stages, from reliance on imported technology in the 1980s to significant domestic advancements in the 2020s, particularly in the context of 5G commercialization [7] - Domestic companies have made breakthroughs in SAW and BAW filters, although high-end technology still relies on imports [7][19] Industry Chain - The filter industry has a complete supply chain, including raw material supply (copper, aluminum), manufacturing processes, and diverse applications in communication, automotive, and consumer electronics [9] - The demand for filters is growing due to advancements in 5G, IoT, and AI technologies [9] Key Companies - Major players in the filter market include international giants like Broadcom, Qorvo, and Murata, alongside domestic firms such as Wuhan Fangu and Dafu Technology, which are gaining market share through innovation [19][20] - Wuhan Fangu reported a revenue of 252 million yuan in 2024, a 37.7% increase year-on-year [22] - Dafu Technology's revenue from RF products reached 1.161 billion yuan in 2024 [24] Industry Trends - Continuous technological upgrades are expected, with a focus on higher frequencies, lower losses, and smaller sizes, driven by new materials like GaN and LTCC [26] - The application scope of filters is expanding beyond traditional uses to include automotive, industrial automation, and emerging fields like low-orbit satellite communication [27] - The acceleration of domestic substitution is a key driver for future industry growth, with expectations for Chinese companies to increase their global market share significantly by 2030 [29]

Group 1 - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 0.38%, driven by gains in sectors such as leisure goods, office supplies, and daily chemicals, while ports and shipping sectors faced declines [1] - The chip technology stocks showed strong fluctuations, with the chip ETF (159995) rising by 0.41%, and notable increases in component stocks such as WenTai Technology (up 3.35%), Weir Shares (up 2.48%), and Zhaosheng Micro (up 1.68%) [1] Group 2 - The U.S. Department of Commerce officially announced the repeal of the Biden administration's AI diffusion rules and introduced three additional policy measures to strengthen global semiconductor export controls, specifically targeting Huawei's Ascend chips [3] - Xiangcai Securities emphasized the critical importance of independent AI chip development for the supply chain security of AI technology, highlighting the growing significance of domestic AI chip companies following NVIDIA's reduction of specifications for customized AI chips in China [3] - The chip ETF (159995) tracks the National Chip Index, comprising 30 leading companies in the A-share chip industry, including SMIC, Cambricon, Changdian Technology, and Northern Huachuang [3]

Core Viewpoint - The actual controllers of Zhaosheng Microelectronics (300782.SZ) are planning to reduce their holdings due to personal financial needs, despite the company's declining performance in recent years [1][2]. Group 1: Shareholding and Reduction Plans - The actual controllers, Xu Zhihan, Feng Chenhui, and Yi Gebing, hold 35.37 million shares (6.62%), 40.49 million shares (7.57%), and 32.76 million shares (6.13%) respectively [1]. - They plan to reduce their holdings by up to 5.35 million shares (1% of total share capital) within three months after the announcement [1]. - The potential cash-out from the maximum reduction could amount to approximately 400 million yuan based on the closing price of 73.40 yuan per share on May 16 [1]. Group 2: Company Performance and Financials - Zhaosheng Microelectronics has faced operational pressure, with net profits declining from 21.35 million yuan in 2021 to projected figures of 10.69 million yuan in 2022, 11.22 million yuan in 2023, and 4.02 million yuan in 2024 [2][3]. - The company reported a net loss of 46.62 million yuan in the first quarter of this year, marking its first loss since 2018 [4]. - Since the peak on June 30, 2021, the company's stock price has dropped by approximately 80% [5]. Group 3: Company Background - Zhaosheng Microelectronics specializes in the research, development, production, and sales of radio frequency integrated circuits, providing solutions for various RF components and low-power Bluetooth microcontroller chips [2].

Core Viewpoint - The actual controllers of Zhaosheng Microelectronics (卓胜微) plan to reduce their shareholding by up to 5.35 million shares, representing 1% of the total share capital, between June 10, 2025, and September 9, 2025 [1][2]. Shareholding Reduction Plan - The shareholding reduction will be executed through block trading or competitive bidding methods [1][2]. - The reduction period is set for three months following the announcement, starting fifteen trading days after the disclosure [2]. Shareholder Information - The actual controllers, Xu Zhihan (许志翰), Feng Chenhui (冯晨晖), and Tang Zhuang (唐壮), collectively control 32.92% of the voting rights of the company [2][3]. - Yi Gebing (易戈兵) has delegated all voting rights associated with his 6.13% shareholding to Tang Zhuang [3]. Company Background - Zhaosheng Microelectronics was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on June 18, 2019, with an initial public offering of 25 million shares at a price of 35.29 yuan per share [3]. - The total funds raised from the IPO amounted to 882.25 million yuan, with a net amount of 828.86 million yuan after deducting issuance costs [3]. Recent Fundraising Activities - In February 2021, the company raised 3.00 billion yuan through a private placement of shares at a price of 565.85 yuan per share, with a net amount of approximately 2.97 billion yuan after expenses [4]. - The total fundraising from the two public offerings since listing amounts to approximately 3.89 billion yuan [4]. Future Fundraising Plans - The company has announced a plan to raise up to 3.50 billion yuan through a new issuance of A-shares, intended for expansion of RF chip manufacturing and to supplement working capital [4][5].