Core Viewpoint - The stock of Zhaosheng Microelectronics has shown fluctuations, with a recent increase of 2.02% and a total market capitalization of 37.772 billion yuan, despite a year-to-date decline of 21.19% [1] Financial Performance - For the period from January to September 2025, Zhaosheng Microelectronics reported a revenue of 2.769 billion yuan, representing a year-on-year decrease of 17.77%. The net profit attributable to shareholders was -171 million yuan, a significant decline of 140.13% year-on-year [2] Shareholder Information - As of November 20, 2025, the number of shareholders for Zhaosheng Microelectronics was 75,600, a slight decrease of 0.19% from the previous period. The average number of circulating shares per person increased by 0.19% to 5,928 shares [2] Dividend Distribution - Since its A-share listing, Zhaosheng Microelectronics has distributed a total of 884 million yuan in dividends, with 265 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, the fourth largest circulating shareholder was Hong Kong Central Clearing Limited, holding 10.0688 million shares, an increase of 958,600 shares from the previous period. The ninth largest shareholder, E Fund's ChiNext ETF, held 7.3024 million shares, a decrease of 1.2461 million shares [3]

Core Viewpoint - The company has successfully delivered radio frequency front-end products for satellite communication applications, including mobile terminals, and has made a small number of deliveries that meet NTN standards [1] Group 1 - The company is actively investing in and laying out new frontier technologies and application areas [1] - The company is expanding its business in line with its development plan, leveraging its technological reserves [1]

Core Viewpoint - The leading company in the RF front-end sector, Zhaosheng Microelectronics (卓胜微), is facing a patent infringement lawsuit initiated by Murata Manufacturing Co., Ltd. in Germany, with the lawsuit amounting to approximately 8.2 million RMB (1 million euros) [1] Group 1: Legal Actions and Responses - Zhaosheng Microelectronics has quickly initiated a response system to the lawsuit, forming a specialized team of domestic and international experts to contest Murata's claims [1] - In July 2024, Zhaosheng Microelectronics proactively filed a request for invalidation of Murata's "elastic wave device patent" with the National Intellectual Property Administration, which was declared invalid in January 2025 [1][2] - The invalidation of the patent is seen as a significant breakthrough for domestic companies in international patent disputes, reinforcing Zhaosheng's competitive advantage in the SAW filter sector [1] Group 2: Patent Validity and Strategic Positioning - In April 2025, Murata launched multiple patent infringement lawsuits in China and South Korea, but Zhaosheng Microelectronics clarified that the patents in question lack essential innovation and are based on previously invalidated patents [2] - Zhaosheng Microelectronics has been building a systematic layout for risk resistance since several years ago, transitioning from a Fabless model to a Fab-Lite model in 2019 to reduce reliance on overseas foundries [2] Group 3: Research and Development Investments - In 2024, Zhaosheng Microelectronics invested 999.7 million RMB in R&D, accounting for 22.22% of its revenue, with an average annual growth rate of 49% in R&D investment over the past three years [3] - As of June 2025, the company has obtained a total of 156 patents, establishing a robust patent protection network that aligns with its technological development [3] - The company has achieved large-scale production of its self-built 6-inch filter production line, with its core product MAX-SAW reaching international mainstream performance levels [3]

Core Viewpoint - The company, ZTE Microelectronics, is facing patent infringement lawsuits filed by Murata Manufacturing Co., Ltd. in Germany and South Korea, with a total claimed amount of approximately 9.208 million RMB [3][4]. Group 1: Lawsuit Details - The lawsuits involve ZTE Microelectronics and its wholly-owned subsidiary, Maxscend Technologies (HK) Limited, with the German case initiated on November 20, 2023, and the case number 7O14074/25 [3][4]. - Murata claims that its European patent EP3007358B1 is valid and that the defendants have infringed upon it, making four specific requests including a cessation of the infringing activities and compensation for damages [4]. - In addition to the German lawsuit, Murata has filed two related lawsuits in South Korea, with one case already in court and the other yet to be heard, involving a total claimed amount of approximately 1.008 million RMB [4]. Group 2: Company Response - ZTE Microelectronics has stated that it does not recognize the claims made by Murata and will actively defend its rights, emphasizing that the disputed patent only pertains to a specific model of filter product, which constitutes a small portion of its revenue [5]. - The company has invested significantly in research and development, with R&D expenditures as a percentage of revenue projected to increase from 12.22% in 2022 to 22.22% in 2024, and has filed numerous patents related to filters [5]. - ZTE Microelectronics has raised questions regarding the validity of the patents in question, citing that the technologies are based on known industry structures and that several related patents have been declared invalid [5][6].

Core Viewpoint - The company and its wholly-owned subsidiary, Maxscend Technologies (HK) Limited, are involved in a lawsuit with the plaintiff claiming damages estimated at 1 million euros (approximately 8.2 million RMB) [1] Group 1 - The company asserts that all its products are independently developed and does not recognize the claims made by the plaintiff [1] - The company plans to actively respond to the lawsuit [1] - The impact of this lawsuit on the company's current profits is considered minimal, with the final effect to be determined by the court's ruling [1]

证券代码：300782 证券简称：卓胜微 公告编号：2025-086 2.公司所处的当事人地位：江苏卓胜微电子股份有限公司（以下简称"公司"） 为被告一，公司全资子公司 Maxscend Technologies（HK）Limited 为被告二。 3.涉案的金额：原告主张的诉讼标的额暂估算为 100 万欧元（约合人民币 820 万元）。 4.对上市公司损益产生的影响：公司产品均为自主研发，公司对原告主张不予认 可，并将积极应诉。公司产品系列及产品型号众多，本次专利诉讼仅涉及一款具体 型号的滤波器产品，其占公司主营业务收入比例较低。本次诉讼事项对公司本期利 润的影响较小，最终实际影响以法院判决为准。 一、涉及诉讼的基本情况 公司于 2025 年 11 月 20 日收到德国慕尼黑第一地方法院送达的《起诉状》等诉 讼相关的完整材料。诉讼材料反映的基本情况如下（以下内容参考德国慕尼黑第一 地方法院《起诉状》）： 案号：7 O 14074/25 江苏卓胜微电子股份有限公司 关于公司及子公司涉及诉讼的公告 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、误导性陈述或重大遗漏。 重要内容提示： 1 ...

Core Insights - The company faced significant pressure in its performance for the first three quarters of 2025, with revenue of 2.769 billion yuan, a year-on-year decline of 17.8%, and a net profit attributable to shareholders of -171 million yuan, a year-on-year decrease of 140.1% [1] - In Q3 2025, the company reported revenue of 1.065 billion yuan, a quarter-on-quarter increase of 12.4%, with a net profit attributable to shareholders of -23 million yuan, indicating a substantial narrowing of losses [1][2] Financial Performance - For the first three quarters of 2025, the company's net profit margin was -2.22%, with a gross margin of 23.37%, reflecting a quarter-on-quarter decrease of 3.58 percentage points [1] - The company's R&D expenses for the first three quarters amounted to 644 million yuan, a year-on-year decrease of 14.4%, with an R&D expense ratio of 23.3% [4] Business Development - The revenue from the RF discrete devices segment for the first half of 2025 was 899 million yuan, while RF module revenue reached 756 million yuan, indicating a shift towards higher-end and integrated products [4] - The company's inventory increased by 9.4% quarter-on-quarter to 3.016 billion yuan by the end of Q3 2025, primarily to ensure the delivery of high-end module products [4] Strategic Initiatives - The company is pursuing a capital increase to expand production capacity, aiming to better meet the growing demand for customized and high-end module products [5] - The company is leveraging its self-built production lines to enhance its competitive edge in the high-end RF module market, positioning itself to capitalize on domestic substitution opportunities [5] Market Position - The company is recognized as a leading player in the domestic RF front-end sector, with a focus on building core barriers in the high-end RF module market through its Fab-Lite model [6] - Projections for the company's net profit attributable to shareholders are 257 million yuan and 611 million yuan for 2026 and 2027, respectively, with corresponding price-to-earnings ratios of 144 and 60 [6]

Core Viewpoint - The company emphasizes the importance of 6G communication technology and has initiated relevant research and development efforts to align with market demands and customer needs [1] Group 1 - The company is actively conducting preliminary research and layout work related to 6G technology [1] - The company has started the development of corresponding processes and products based on customer and market demands [1] - The company will continuously track the evolution of 6G technology and the standard-setting process to seize industry development opportunities [1] Group 2 - The company aims to ensure timely provision of supporting technologies and product solutions as the development of 6G progresses [1]

Core Viewpoint - The company, Zhaosheng Microelectronics (300782), indicated that its overall gross margin is influenced by multiple factors including depreciation of its subsidiary, market competition, and changes in product structure [1] Group 1 - The impact of self-produced wafer costs on gross margin improved in Q3 2025 compared to Q2 2025 [1] - The company expects that as the capacity utilization rate of its subsidiary increases, the negative impact of self-produced wafer costs on overall gross margin will gradually diminish [1] - Investors are advised to monitor the company's regular reports for specific future gross margin situations [1]

Core Viewpoint - The company is placing significant emphasis on the development of 6G communication technology and has initiated relevant research and development efforts to align with market and customer demands [1] Group 1 - The company has started preliminary research and layout work related to 6G technology [1] - The company is developing corresponding processes and products based on customer and market needs [1] - The company will continuously track the evolution of 6G technology and the standard-setting process [1] Group 2 - The company aims to seize industrial development opportunities in the 6G sector [1] - The company is committed to providing timely technical and product solutions as 6G development progresses [1]