昂瑞微的“反常规”成绩单：虽亏损但为何更具长期价值？

Core Viewpoint - OnMicro is expected to report a loss exceeding 100 million yuan for the year 2025, with the loss magnitude further expanding compared to the previous year, reflecting the company's strategic determination during an industry downturn [1][3]. Loss Analysis - The RF chip industry is currently facing phase-specific pressures, with weak demand in the consumer electronics market leading to a decline in mobile phone shipments and inventory reduction. This has resulted in operational challenges for upstream chip companies, including industry leaders [3]. - OnMicro has chosen a differentiated strategy by not engaging in price competition in a shrinking market. Instead, the company has made a prudent decision to actively divest low-margin projects with limited growth potential, effectively streamlining operations during the industry downturn [3][4]. Strategic Confidence - While many companies are anxious due to fluctuations in the consumer electronics market, OnMicro has built a performance "buffer" through diversified business layouts. The company has long pursued a diversification strategy, focusing on stable demand sectors such as IoT, smart meters, and industrial control, which provide ongoing business support [5]. Strategic Ambition - Historically, domestic RF chip companies have focused on the mid-to-low-end replacement market. However, OnMicro aims to break this pattern by targeting the high-end market, concentrating on high-tech RF front-end modules, which have been dominated by overseas giants [8]. - The company is actively collaborating with leading domestic chip manufacturing and packaging enterprises to overcome technical bottlenecks and establish a self-sufficient supply chain, reflecting a commitment to high-end and independent development [8]. Industry Outlook - The semiconductor industry is characterized by significant cyclicality, with alternating peaks and troughs. Currently, the RF chip industry is in an adjustment phase following the transition from 4G to 5G, leading to a cooling market demand. However, historical experience suggests that downturns can be optimal periods for forward-looking companies to optimize their layouts and accumulate strength [9]. - The long-term growth logic of the RF chip industry remains clear, with advancements in 5G and the acceleration of 6G research driving upgrades towards high-frequency, wide-band, and low-power technologies. OnMicro is focusing on high-integration module development, with its 5G L-PAMiD module already in mass production for flagship models [10].