证券日报网讯 12月18日，慧智微在互动平台回答投资者提问时表示，2025年前三季度公司实现营业收 入56784.48万元，较上年同期增长48.04%，主要原因系本期公司持续完善射频前端产品线，产品结构不 断优化，同时公司积极开拓市场，公司芯片销量较上年同期增长较多，推动营业收入实现大幅增长。 （编辑 楚丽君） ...

12月5日，北京昂瑞微电子技术股份有限公司（下称"昂瑞微"，SH:688790）开启申购，将在上海证券交易所科创板上市。据贝多商业&贝多财经了解，昂瑞 微于2025年3月递交招股书，10月15日过会。 同时，昂瑞微预计其2025年度的营收约为19.05亿元至22.75亿元，同比变动-9.32%至8.26%；预计归母净利润约为-1.13亿元至-4170.88万元，同比变 动-74.41%至35.54%；预计扣非后净利润约为-1.38亿元至-6670.88万元，同比变动-25.30%至39.37%。 天眼查App信息显示，昂瑞微成立于2012年7月，前身为北京中科汉天下电子技术有限公司（即"北京汉天下"）。目前，该公司的注册资本为7464.8766万 元，法定代表人为钱永学，主要股东包括北京鑫科股权投资合伙企业（有限合伙）（下称"北京鑫科"）等。 | | | | 序号 | 项目名称 | 项目投资金额 | 拟投入募集 资金 | 项目实施主 | | --- | --- | --- | --- | --- | | | 5G 射频前端芯片及模组研发和产 业化升级项目 | 109,612.25 | 109,612.25 | ...

Core Viewpoint - Angrui Micro's IPO aims to raise approximately 2.067 billion yuan, with a share price set at 83.06 yuan per share, reflecting strong investor confidence and strategic partnerships in the RF chip market [1][2][3][4]. Company Overview - Angrui Micro, established in 2012, specializes in RF and analog integrated circuit design and is recognized as a national-level "little giant" enterprise [3]. - The company focuses on the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips, providing high-performance, reliable, low-power, and highly integrated products [3]. IPO Details - The IPO will issue 24.8829 million shares, all through public offering, with the subscription starting on December 5 and results announced on December 9 [1][2]. - The total expected fundraising amount is 2.067 billion yuan, with a net amount of approximately 1.932 billion yuan after deducting issuance costs [1][2]. Market Potential - The global RF front-end market is projected to reach 24.7 billion USD by 2028, indicating significant growth opportunities for Angrui Micro [3]. - From 2022 to 2024, the company's revenue is expected to grow from 923 million yuan to 2.101 billion yuan, with a compound annual growth rate exceeding 50% [3]. Business Applications - Angrui Micro has diversified its business across various sectors, including automotive communication, satellite communication, and IoT, with products already in mass production for major automotive brands and flagship mobile devices [3]. - The company’s RF SoC revenue is projected to reach 295 million yuan in 2024, reflecting a year-on-year growth of 49.5% [3]. Fund Utilization - The funds raised from the IPO will be allocated to the R&D and industrialization of 5G RF front-end chips and modules, RF SoC development, and the construction of headquarters and R&D centers [4]. - These investments are crucial for enhancing R&D capabilities and expanding into high-end markets and emerging applications in satellite and automotive wireless communication [4].

Group 1 - The core viewpoint of the news is that Weijie Chuangxin's stock has seen a significant increase, with a 5.07% rise on November 28, reaching a price of 36.28 yuan per share, and a total market capitalization of 15.612 billion yuan [1] - Weijie Chuangxin specializes in the research, design, and sales of RF front-end chips, with its main revenue coming from RF power amplifier modules (79.96%), followed by receiving modules (19.75%) and other products (0.29%) [1] - The company has experienced a cumulative stock price increase of 9.07% over the past four days, indicating strong market performance [1] Group 2 - Manulife Fund holds a significant position in Weijie Chuangxin, with its Manulife Smart Growth Mixed A Fund (020267) holding 102,400 shares, accounting for 4.06% of the fund's net value, making it the third-largest holding [2] - The fund has generated a floating profit of approximately 179,200 yuan today and a total of 293,800 yuan during the four-day increase [2] - The Manulife Smart Growth Mixed A Fund has shown strong performance this year with a return of 41.35%, ranking 1261 out of 8127 in its category [2]

Group 1 - The core viewpoint of the news is that Huizhi Microelectronics has shown significant financial activity, with a notable increase in revenue and a rise in shareholder numbers, despite reporting a net loss [1][2]. Group 2 - As of October 30, Huizhi Microelectronics' stock price decreased by 0.84%, with a trading volume of 74.13 million yuan [1]. - The financing data indicates that on the same day, the company had a financing buy-in amount of 5.5963 million yuan and a financing repayment of 11.4781 million yuan, resulting in a net financing buy of -5.8818 million yuan [1]. - The total balance of margin trading for Huizhi Microelectronics reached 158 million yuan, accounting for 4.13% of its circulating market value, which is above the 70th percentile of the past year [1]. - The company had no short selling activity on October 30, with a short selling balance of 0.00 shares, indicating a high level of short selling availability compared to the past year [1]. Group 3 - As of September 30, the number of Huizhi Microelectronics' shareholders increased to 17,700, reflecting a 9.39% rise, while the average circulating shares per person decreased by 8.59% to 18,296 shares [2]. - For the period from January to September 2025, Huizhi Microelectronics reported a revenue of 568 million yuan, marking a year-on-year growth of 48.04%, while the net profit attributable to the parent company was -122 million yuan, showing a year-on-year increase of 58.98% [2]. Group 4 - Huizhi Microelectronics, established on November 11, 2011, and listed on May 16, 2023, specializes in the research, design, and sales of RF front-end chips and modules, with 55.01% of its revenue coming from 5G modules and 44.80% from 4G modules [1].

Group 1 - The core point of the news is that Weijie Chuangxin's stock price has dropped by 5.01% to 34.71 CNY per share, with a trading volume of 1.11 billion CNY and a market capitalization of 14.936 billion CNY as of October 10 [1] - Weijie Chuangxin specializes in the research, design, and sales of RF front-end chips, providing products such as RF power amplifier modules, RF switch chips, Wi-Fi RF front-end modules, and receiver modules, which are widely used in various wireless communication-enabled devices [1] - The company's main business revenue composition includes RF power amplifier modules at 79.96%, receiver modules at 19.75%, and other products at 0.29% [1] Group 2 - Among the top shareholders of Weijie Chuangxin, the Jiashi Fund's ETF has increased its holdings by 18.4 thousand shares, bringing its total to 2.0413 million shares, which represents 1.27% of the circulating shares [2] - The Jiashi ETF has a current scale of 27.806 billion CNY and has achieved a year-to-date return of 80.31%, ranking 99 out of 4220 in its category [2] - The fund manager, Tian Guangyuan, has a total asset scale of 44.323 billion CNY, with the best fund return during his tenure being 157.04% [3]

Core Viewpoint - Shenzhen Feixiang Technology Co., Ltd. has officially submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step for a leading company in the RF front-end chip sector in China towards global expansion [1][5] Group 1: Company Overview - Feixiang Technology is recognized for its precise grasp of industry trends and continuous technological advancements in products [3] - The company became the first domestic enterprise in China to launch a 5G RF front-end solution that fully supports all 5G frequency bands in 2020, seizing early market opportunities [3] - Feixiang's PA integration technology allows for the integration of low, mid, and high-frequency PA circuits into a single GaAs chip, significantly reducing circuit board space and meeting the compact design needs of mobile terminals and automotive applications [3] Group 2: Market Position - According to Frost & Sullivan data, Feixiang ranks fifth globally and first in China in terms of revenue from PA and PA integrated transceiver modules by 2024, and it ranks first globally in terms of shipment volume [3] - The company's success is attributed to its technological advantages and deep penetration into downstream markets, covering diverse fields such as mobile smart devices, Wi-Fi products, smart home, IoT, automotive communication, and satellite communication [3] - Feixiang has successfully entered the supply chains of leading mobile technology brands and well-known ODM manufacturers, establishing a stable and extensive customer base that further strengthens its market competitiveness [3] Group 3: Future Prospects - The ongoing IPO process is supported by the company's leading market position, which is expected to serve as a solid foundation for its capital market journey [5] - The company aims to leverage the IPO as an opportunity to transition from a leading position in China to a global leader in the RF front-end chip sector [5]

Group 1 - The core viewpoint of the news is that Weijie Chuangxin's stock price increased by 5.06%, reaching 37.19 yuan per share, with a trading volume of 231 million yuan and a turnover rate of 3.75%, resulting in a total market capitalization of 16.003 billion yuan [1] - Weijie Chuangxin (Tianjin) Electronic Technology Co., Ltd. specializes in the research, design, and sales of RF front-end chips, primarily providing RF power amplifier module products, and also supplies RF switch chips, Wi-Fi RF front-end modules, and receiver modules, which are widely used in various terminal products with wireless communication capabilities [1] - The main business revenue composition of Weijie Chuangxin includes RF power amplifier modules at 79.96%, receiver modules at 19.75%, and other supplementary products at 0.29% [1] Group 2 - From the perspective of Weijie Chuangxin's top ten circulating shareholders, a fund under Nuoan Fund holds a position, specifically Nuoan Growth Mixed A (320007), which reduced its holdings by 1.5469 million shares in the second quarter, now holding 5.387 million shares, accounting for 3.35% of circulating shares, with an estimated floating profit of approximately 9.6428 million yuan [2] - Nuoan Growth Mixed A (320007) was established on March 10, 2009, with a latest scale of 18.447 billion yuan, achieving a year-to-date return of 42.97% and a one-year return of 62.52% [2]

Core Insights - Weijie Chuangxin's stock price decreased by 0.81% on September 25, with a trading volume of 194 million yuan [1] - The company experienced a net financing outflow of 470,400 yuan on the same day, with a total financing and securities balance of 205 million yuan [1] Company Overview - Weijie Chuangxin (Tianjin) Electronic Technology Co., Ltd. specializes in the research, design, and sales of RF front-end chips, primarily providing RF power amplifier module products [2] - The company's revenue composition includes 79.96% from RF power amplifier modules, 19.75% from receiving modules, and 0.29% from other sources [2] - As of June 30, 2025, the company reported a revenue of 987 million yuan, a year-on-year decrease of 7.93%, and a net profit attributable to shareholders of -9.43 million yuan, a decrease of 183.72% [2] Shareholder and Institutional Holdings - Since its A-share listing, Weijie Chuangxin has distributed a total of 23.01 million yuan in dividends [3] - As of June 30, 2025, the top ten circulating shareholders include Noan Growth Mixed A, which holds 5.39 million shares, a decrease of 1.55 million shares from the previous period [3] - The Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF increased its holdings by 184,000 shares, while several other funds exited the top ten circulating shareholders list [3]

Core Viewpoint - The report from Dongwu Securities highlights the growth potential of L-PAMiD's domestic supply chain and performance iteration, which is expected to drive Zhaosheng Micro's mass production delivery and open new growth opportunities [1] Group 1: Product Development - Zhaosheng Micro's L-PAMiD product has successfully passed validation from several mainstream clients and has entered the mass production delivery phase [1] - L-PAMiD is a flagship product for the company's future revenue growth, integrating various RF components into a front-end module, marking the industry's first fully domestic supply chain series [1] Group 2: Market Outlook - The product is currently being delivered in small batches to some clients, with expectations to ramp up production in the second half of the year, potentially creating new growth avenues for the company [1] - The overall market demand for RF front-end chips is currently in a seasonal downturn, leading to a downward revision of the company's revenue forecasts for 2025-2026 to 4.599 billion and 5.450 billion yuan, respectively [1] Group 3: Financial Projections - The net profit forecasts for 2025-2026 have been adjusted down to 303 million and 723 million yuan, with a new projection for 2027 net profit set at 1.117 billion yuan [1] - Despite the downward revisions, the company is viewed positively as an industry leader with strong future growth potential, maintaining a "buy" rating [1]