卓胜微: 2025年半年度报告

Core Viewpoint - Jiangsu Maxscend Microelectronics Company Limited reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the RF integrated circuit market and a need for strategic adjustments to maintain competitiveness [3][10]. Financial Performance - The company's revenue for the reporting period was approximately 1.70 billion yuan, a decrease of 25.42% compared to the same period last year [3]. - The net profit attributable to shareholders was a loss of approximately 147.39 million yuan, a decline of 141.59% year-on-year [3]. - The basic earnings per share were -0.2757 yuan, down 141.54% from the previous year [3]. - The total assets at the end of the reporting period were approximately 14.33 billion yuan, showing a slight increase of 0.68% from the previous year [3]. Business Overview - The company specializes in RF integrated circuits, focusing on the research, development, production, and sales of RF switches, low-noise amplifiers, filters, and power amplifiers, primarily for mobile smart terminals [4][10]. - The company has established a complete ecosystem in the RF field, integrating design, research, process, device, material, and integration technology resources [4][10]. Industry Context - The global semiconductor market is expected to grow by 11.2% in 2025, reaching approximately 697.1 billion USD, driven by advancements in AI, 5G, IoT, and other emerging technologies [11]. - The integrated circuit industry in China is transitioning from a major importer to a self-sufficient producer, with a focus on enhancing domestic capabilities and reducing reliance on foreign technology [11][12]. - The RF front-end market is highly concentrated, with international firms dominating, but domestic companies are increasingly making breakthroughs and competing effectively [16]. Strategic Focus - The company is committed to enhancing its core technology and resource platform, aiming to become a leading RF solution provider in China [4][10]. - The company is leveraging its Fab-lite business model to optimize production processes and reduce dependency on external foundries, thereby enhancing supply chain stability [9][10]. - The company aims to expand its market presence in high-end RF module products and capitalize on emerging opportunities in communication base stations, automotive electronics, and IoT applications [10][16].