Group 1 - The Ministry of Foreign Affairs stated that there have been no recent negotiations or discussions between China and the US regarding tariffs [2] - The Ministry of Foreign Affairs welcomed more foreign visitors to China, highlighting a 173% year-on-year increase in inbound travel orders for the upcoming holiday [2] - The Ministry of Industry and Information Technology (MIIT) released key points for automotive standardization work for 2025, focusing on accelerating the development of automotive chip standards [3][4] Group 2 - The Shanghai State-owned Assets Supervision and Administration Commission held a meeting to discuss the collaborative development between state-owned and private enterprises [5] - Chengdu introduced 20 policies to enhance its electricity supply capacity, aiming to build a modern first-class power grid [6] - The National Medical Products Administration emphasized the importance of smart regulation in the pharmaceutical sector during a recent conference [7] Group 3 - The China Securities Regulatory Commission is seeking opinions on guidelines for managing the investment behavior of securities practitioners [8] - The Ministry of Industry and Information Technology initiated a recommendation process for energy-saving and carbon-reduction technologies in key industries for 2025 [9] - The National Data Bureau called for the acceleration of public data development and utilization policies to enhance economic and social development [11] Group 4 - The Henan Provincial Government issued a development plan for the electric vehicle industry cluster, aiming to enhance the local economy [12] - Companies such as Zhaosheng Microelectronics and Huayang Group reported significant growth in their respective product lines and production capabilities [14] - Securities firms are focusing on industries less affected by external demand and those benefiting from macroeconomic policies, such as essential consumption and urban renewal projects [15][16]

Core Viewpoint - The company,卓胜微, has introduced the L-PAMiD product series, marking the first fully domestically supplied product line in the industry, which is currently being efficiently advanced based on self-built production lines [1] Group 1 - The L-PAMiD product series is undergoing validation or introduction with all brand clients, and some clients have begun small batch deliveries [1] - The product is expected to enter a ramp-up phase in the second half of the year, although significant revenue contributions are not anticipated this year [1]

Group 1: Financial Performance - In Q1 2025, the company reported a revenue of 36.47 billion CNY, a decrease of 7.56% compared to the same period last year [3] - The net profit attributable to shareholders was -46.623 million CNY, a decline of 123.57% year-on-year [3] - The gross margin for Q1 2025 was 31.01%, impacted by increased depreciation costs and a competitive environment [3] Group 2: Product Development and Innovation - The L-PAMiD product series is the first fully domestically supplied product in the industry, currently undergoing validation with brand clients [4] - The second-generation SOI process is progressing well, expected to enhance product competitiveness and achieve international leading performance [4] - The company is focusing on the development of WiFi7 modules, which have begun large-scale shipments in smartphone terminals [5] Group 3: Strategic Outlook and Market Position - The company is enhancing its core capabilities and focusing on technology as a key competitive barrier [3] - The semiconductor industry is characterized by a "no progress means regression" competition, necessitating continuous R&D investment [4] - The company aims to strengthen its patent portfolio to mitigate risks and support differentiated market demands [5] Group 4: Market Trends and Challenges - The emergence of new communication demands (6G, satellite communications) is driving the need for advanced RF front-end chip capabilities [4] - The domestic market is experiencing intensified competition in low-end RF front-end products, while high-end products are seeing increased demand for differentiation and integration [4] - The company is prepared to address challenges posed by tariffs and geopolitical factors, focusing on supply chain security and controllability [3]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company is experiencing a continuous evolution towards integration and modularization in the RF front-end product platform, which is crucial for meeting the demands of mobile smart terminal miniaturization and functionality [8][9]. - The company reported a significant decline in revenue and net profit for Q1 2025, with revenue at 756 million yuan (-36.47% YoY) and a net loss of 47 million yuan (-123.57% YoY) [4][8]. - The overall gross margin and net margin for Q1 2025 were 31.01% (-11.77 percentage points YoY) and -6.20% (-22.76 percentage points YoY), respectively, primarily due to increased depreciation and a slowdown in downstream demand [8]. - The company is expanding its product offerings from discrete components to RF modules, with applications extending into communication base stations, automotive electronics, and Bluetooth headsets [9]. Financial Summary - Revenue projections for 2025-2027 are 5.25 billion yuan, 8.91 billion yuan, and 12.68 billion yuan, respectively, with corresponding P/E ratios of 77, 45, and 32 [10]. - The company’s R&D investment as a percentage of revenue is expected to rise from 12.22% in 2022 to 22.22% in 2024, indicating a strong commitment to innovation [9]. - The company has achieved scale production capabilities for various products, including filters and modules, which have been successfully integrated into multiple brand clients [9]. Industry Context - The RF front-end chip market is characterized by high concentration globally and low domestic self-sufficiency, making the adoption of fully domestic solutions critical for reducing external risks and ensuring stable industry development [9]. - The trend towards high integration, cost-effectiveness, and customization in RF front-end solutions is driven by advancements in communication protocols and the increasing complexity of RF front-end devices [9].

申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 昔日芯片赛道的 " 明星选手 " 卓胜微，竟在 2025 年一季度交出了一份 " 血亏 " 成绩单！财报数据一经披露，瞬间引爆资本市场 —— 营收 7.56 亿元，同 比暴跌 36.47% ，归母净利润直接狂泻至 -4662.3 万元！曾经的行业领头羊，如今深陷亏损泥潭，这场 " 业绩大跳水 " ，让无数投资者惊掉下巴！ 公司一季度营业收入为 7.56 亿元，同比下降 36.47% 。主要原因是上年行业季节性周期变化较弱，使得本期收入相比上年同期下降。 一季度计提资产减值准备合计 1.09 亿元，转回或转销 6303.26 万元，资产减值准备的计提导致公司 2025 年 3 月 31 日合并报表利润总额减少 4640.86 万 元。其中，资产减值损失主要系计提的存货跌价准备增加所致，反映出公司可能存在存货积压或产品滞销的情况，进而影响了利润。 一季度财务费用为 545.99 万元，较上年同期的 127.85 万元增加了 327.05% ，主要系借款利息增加所致。财务费用的增加加重了公司的负担，对净利润产 生了负面影响。 一季度研发费用为 1.78 亿元 ...

一、主要会计数据和财务指标 前十大流通股东累计持有： 17181.54万股，累计占流通股比： 38.39%，较上期变化： -520.36万股。 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 无锡汇智联合投资企业(有限合伙) | 5920.90 | 13.23 | 不变 | | YI,GEBING(易戈兵) | 3275.75 | 7.32 | 不变 | | 南通金信灏嘉投资中心(有限合伙) | 1911.84 | 4.27 | 不变 | | FENG CHENHUI(冯晨晖) | 1012.29 | 2.26 | 不变 | | 天津浔渡创业投资合伙企业(有限合伙) | 966.92 | 2.16 | 不变 | | 香港中央结算有限公司 | 938.86 | 2.10 | -419.72 | | 许志翰 | 884.33 | 1.98 | 不变 | | 易方达创业板ETF | 865.62 | 1.93 | -68.24 | | 姚立生 | 797.95 | 1.78 | 不变 | | 华泰柏瑞沪深300ETF | 60 ...

证券代码：300782 证券简称：卓胜微 公告编号：2025-043 江苏卓胜微电子股份有限公司 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。 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》，董事会认 为公司 2023 年限制性股票激励计划第二个归属期归属条件已经成就，同意公司 按规定为符合条件的 172 名激励对象办理 39.8885 万股第二类限制性股票归属相 关事宜，现将有关事项说明如下： 一、本次股权激励计划批准及实施情况 （一）本次股权激励计划方案及履行的程序 1、本次股权激励计划主要内容 公司《2023 年限制性股票激励计划（草案）》及其摘要已经公司第二届董事 会第二十次会议、第二届监事会第十九次会议及公司 2023 年第一次临时股东大 会审议通过，主要内容如下： （1）股权激励方式：第二类限制性股票。 （ ...

证券代码：300782 证券简称：卓胜微 公告编号：2025-042 江苏卓胜微电子股份有限公司 关于调整公司 2023 年限制性股票激励计划相关事项 及作废处理部分限制性股票的公告 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。 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 调整 2023 年限制性股票激励计划相关事项的议案》《关于作废处理 2023 年限制 性股票激励计划部分限制性股票的议案》。现将有关事项说明如下： 4、2023 年 4 月 19 日，公司召开 2023 年第一次临时股东大会，审议通过《关 于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2023 1 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权董 事会办理 2023 年限制性股票激励计划相关事宜的议案》，公司 2023 年限制性股 票激励计划获得批准，并于同日披露了《关于公司 2023 年限制性股票激励计划 内幕信息知情人及激 ...

证券代码：300782 证券简称：卓胜微 公告编号：2025-041 江苏卓胜微电子股份有限公司 关于调整公司 2022 年限制性股票激励计划相关事项 及作废处理部分限制性股票的公告 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。 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《关于调 整 2022 年限制性股票激励计划相关事项的议案》《关于作废处理 2022 年限制性 股票激励计划部分限制性股票的议案》。现将有关事项说明如下： 一、本次股权激励计划已履行的相关审批程序 1、2022 年 1 月 27 日，公司召开了第二届董事会第十二次会议，审议并通过 《关于公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司 <2022 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授 权董事会办理 2022 年限制性股票激励计划相关事宜的议案》，公司独立董事对本 次股权激励计划的相关事项发表了独立意见。 2、2022 年 1 月 2 ...

上海兰迪律师事务所 关于江苏卓胜微电子股份有限公司 2022 年限制性股票激励计划 调整首次授予价格暨作废部分限制性股票的 法 律 意 见 书 中国上海市虹口区东大名路 1089 号北外滩来福士广场东塔 16 楼(200082) 16th Floor, East Tower, Raffles City, No.1089, Dongdaming Road, Hongkou District, 200082, Shanghai, China Tel: 8621-66529952 Fax: 8621-66522252 www.landinglawyer.com 上海兰迪律师事务所 . I 关于江苏卓胜微电子股份有限公司 2022 年限制性股票激励计划 调整首次授予价格暨作废部分限制性股票的 法律意见书 致:江苏卓胜微电子股份有限公司 上海兰迪律师事务所接受江苏卓胜微电子股份有限公司(以下简称"卓胜微" 或"公司",证券代码为 300782）的委托,为公司实施 2022 年限制性股票激励 计划所涉及的相关事宜出具法律意见书。 本所律师根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司股权激励管理办法》《 ...