以下文章来源于创投日报 ，作者黄修眉 李明明 该公司核心产品Lifemotion® 体外膜肺氧合（ECMO）系统于2023年上市，是国内首家成功研 制体外膜肺氧合（ECMO）系统并获批上市的国产企业，实现了我国在该领域"零的突破"。 创投日报 . 投资人都在关注的主流媒体平台，《科创板日报》出品。 中证协于今日（1月5日）公布2026年第一批首发企业现场检查抽签名单，其中包括6家申报科 创板IPO企业， 具体为：频准激光、汉诺医疗、高凯技术、韬盛科技、锐石创芯、蓝箭航天。 具体来看，频准激光IPO申请于2025年12月8日获受理，保荐机构为中信建投证券，审核进程 为已问询。 频准激光致力于高端光纤激光器的研发与生产，以应用导向的精密光纤激光器为核心竞争力。 其主要瞄准量子信息、激光雷达、先进工业和医疗美容等市场，推出波长、线宽、脉冲波形等 精准调控的高端光纤激光器产品。 汉诺医疗IPO申请于2025年12月23日获受理，保荐机构中信证券，审核进程为已受理。 招股书显示，汉诺医疗是一家具有全球竞争潜力的高端创新医疗器械企业，专注于体外生命支 持（ECLS）领域的技术创新，致力以前瞻性的医学工程技术向全世界提供稳 ...

Core Viewpoint - The merger between Skyworks Solutions and Qorvo is a strategic response to market pressures, creating a new RF industry giant valued at up to $22 billion with annual sales of approximately $7.7 billion, aiming to save over $500 million in operating costs annually [2][5][53]. Group 1: Merger Details - The merger is structured as a "cash and stock" transaction, allowing the new entity to continue operating under the Skyworks Solutions name with the same NASDAQ ticker symbol SWKS [2][5]. - This merger marks a significant shift in the RF front-end industry, potentially restructuring the competitive landscape and signaling the end of an era for the two leading companies [5][6]. Group 2: Market Context - Skyworks and Qorvo have maintained a dominant position in the RF front-end market, particularly in China, despite larger competitors like Qualcomm and Broadcom having different business models [4][5]. - The RF industry has seen multiple mergers and acquisitions that have reshaped market dynamics, with this merger being particularly impactful due to its strategic focus on efficiency rather than competition [6][8]. Group 3: Industry Dynamics - The RF front-end industry is characterized by a high degree of order and stability, with a projected market size of approximately $15.4 billion by 2025, indicating significant growth potential [14]. - The industry has evolved through three stages: initial technological barriers, design capabilities, and now market strategies, with the current phase focusing on efficiency and cost reduction [19][51]. Group 4: Competitive Pressures - The RF front-end market is facing saturation, with global smartphone shipments plateauing around 1.2 billion units annually, leading to increased competition and reduced growth opportunities for major players [55][59]. - Both Skyworks and Qorvo have experienced declining profit margins due to rising competition from Chinese manufacturers and the need to maintain pricing power in a saturated market [60][66]. Group 5: Future Opportunities - The merger is seen as a strategic move to consolidate resources and enhance bargaining power within the supply chain, allowing the new entity to better navigate the competitive landscape [80]. - The restructuring of the RF industry presents a unique opportunity for Chinese manufacturers to transition from being technology followers to active participants in shaping industry standards [75][79].

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]

Group 1: Chemical Sector Insights - The chemical sector reported a slight increase in profitability in the first three quarters of 2025, with overall revenue up by 2.6% year-on-year and net profit up by 9.4% [6][7] - Notable profit growth was observed in sub-sectors such as pesticides (201%), fluorochemicals (124.6%), adhesives and tapes (91.7%), and potassium fertilizers (62.2%), while significant declines were seen in organic silicon (-73.0%), soda ash (-68.7%), nylon (-52.3%), and titanium dioxide (-46.3%) [6][7] - The report suggests a long-term optimistic outlook for the chemical sector due to supply-side improvements and low inventory levels, while short-term caution is advised due to falling oil prices and potential price declines in chemical products [6] Group 2: Qingdao Beer Company Analysis - Qingdao Beer Company reported a revenue of 29.367 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 1.41%, with a net profit of 5.274 billion yuan, up by 5.70% [11][12] - The company experienced a slight decline in Q3 revenue, attributed to a generally weak market demand, with a total sales volume of 6.894 million kiloliters, up by 1.61% year-on-year [12][13] - The company is expected to achieve stable growth for the full year, supported by product structure upgrades and cost reductions, with a projected net profit of 4.653 billion yuan for 2025 [14] Group 3: Zhejiang Dingli Company Overview - Zhejiang Dingli reported a revenue of 6.675 billion yuan for the first three quarters of 2025, an increase of 8.82% year-on-year, with a net profit of 1.595 billion yuan, up by 9.18% [16][17] - The company faced challenges in export sales, with a 13.7% decline in high-altitude work platform exports, which accounted for 61.21% of total sales [19] - The company is focusing on R&D and innovation to maintain its competitive edge, launching new products and exploring electric and digital technologies [18] Group 4: Kaili Medical Company Insights - Kaili Medical achieved a revenue of 1.459 billion yuan in the first three quarters of 2025, a year-on-year increase of 4.37%, but reported a net profit decline of 69.25% [21][22] - The company’s Q3 revenue was 495 million yuan, reflecting a significant year-on-year increase of 28.41%, driven by a recovery in hospital procurement [22][23] - Despite the revenue growth, the company faced pressure on profit margins due to increased costs and competitive pricing in the medical device sector [23] Group 5: Zhuosheng Microelectronics Performance - Zhuosheng Microelectronics reported a revenue of 2.769 billion yuan for the first three quarters of 2025, a decrease of 17.77% year-on-year, with a net loss of 171 million yuan [26][27] - The company’s Q3 revenue showed a slight year-on-year decline of 1.62%, but a quarter-on-quarter increase of 12.36%, indicating a potential recovery trend [28] - The company is focusing on improving production capacity and product mix, particularly in high-end RF modules, to enhance profitability in the upcoming quarters [28][29] Group 6: Non-Bank Financial Sector Performance - The non-bank financial sector saw a 0.5% decline in the index, with significant growth in net profits for listed brokerages, which increased by 62% year-on-year in the first three quarters of 2025 [32][33] - The financial market is expected to remain active, driven by improved brokerage revenues from trading and margin financing activities [33] - Regulatory developments are anticipated to enhance investor protection and market stability, which could positively impact the sector's performance [33] Group 7: North American Cloud Providers and AI Chip Market - North American cloud providers reported a 75% year-on-year increase in capital expenditures in Q3 2025, focusing heavily on AI infrastructure [36][37] - Qualcomm announced its entry into the AI chip market with the launch of AI200 and AI250 chips, aiming to compete with Nvidia in the high-end AI data center segment [38] - The overall electronic industry is experiencing a recovery in demand, with rising prices for storage chips and increased domestic production efforts [36][39] Group 8: Rongchang Bio's Financial Performance - Rongchang Bio achieved a revenue of 1.720 billion yuan in the first three quarters of 2025, a year-on-year increase of 42.27%, while net losses narrowed by 48.60% [41] - The company reported a Q3 revenue of 622 million yuan, reflecting a 33.13% increase year-on-year, indicating strong commercial performance [41] - The improvement in financial performance is attributed to the successful commercialization of core products and effective cost management strategies [41]

Core Viewpoint - Left Blue Microelectronics has been recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise, highlighting its strong capabilities in the RF front-end industry and marking its entry into the ranks of high-quality development benchmark enterprises in China [1][2]. Group 1: Recognition and Achievements - The company has been included in the seventh batch of national-level specialized small giant enterprises, reflecting its deep accumulation in the RF front-end sector and continuous innovation capabilities [1][3]. - This recognition follows previous accolades, including provincial-level specialized small giant enterprise, provincial industrial design center, and potential unicorn enterprise in Jiangsu [3][4]. Group 2: Market Position and Strategy - Left Blue Microelectronics focuses on the RF front-end niche market, emphasizing customized high-performance products and rapid technical services to create a differentiated competitive advantage [3][4]. - The company has established a strong brand image and market reputation in the domestic RF front-end field by deeply understanding customer needs and accurately positioning its product direction [3][4]. Group 3: Future Outlook - The company aims to leverage this recognition to enhance its research and development investments, deepen technological innovation, and improve the overall competitiveness of RF filters [5]. - There is a commitment to expand into new application scenarios and emerging markets to strengthen future growth potential [5].

Core Viewpoint - The company, ZTE Microelectronics (卓胜微), is positioned as a leading domestic player in the SAW filter market, aiming to break the monopoly held by international competitors, particularly Japan's Murata, which dominates with over 90% market share [2][3]. Group 1: Company Performance - As of September 30, 2025, ZTE Microelectronics' stock closed at 83.12 yuan, reflecting a 2.64% increase with a turnover rate of 3.32% and a trading volume of 148,800 lots, resulting in a transaction value of 1.238 billion yuan [1]. - On the same day, the net inflow of main funds was 55.0516 million yuan, accounting for 4.45% of the total transaction value [4]. Group 2: Market Position and Strategy - The global RF front-end market is highly concentrated, with significant technological barriers in the design and manufacturing of filters, primarily dominated by foreign leading companies [3]. - The company has achieved mass production of high-end SAW filters and has a comprehensive product lineup, including duplexers, triplexers, and single-chip multi-band filters, indicating strong production capabilities [3]. - The company is focused on enhancing its high-end, customized, and differentiated capabilities in response to customer demands, supported by the Chip ZTE resource platform [3].

Core Viewpoint - The rapid development of Angrui Micro in the RF front-end industry is significantly influenced by the U.S. sanctions against Chinese telecom giants, leading to a wave of domestic substitution opportunities [3][12]. Group 1: Company Development - Angrui Micro's IPO application was accepted on March 28, marking a significant event in the RF front-end industry [1]. - The company has achieved rapid growth, with projected sales in 2024 expected to match that of Weijie Chuangxin, positioning itself among the top tier of RF front-end manufacturers [1]. - Angrui Micro has successfully developed a series of RF front-end chips for high-end flagship smartphones, including the challenging Sub3G L-PAMiD product [3][12]. Group 2: Market Dynamics - The U.S. pressure on Chinese companies has led domestic smartphone manufacturers to recognize the importance of a local supply chain, benefiting companies like Angrui Micro [3]. - The RF front-end market in China is still relatively small, with total sales around 200 billion, compared to a global market size of approximately 1200 billion [9]. Group 3: Supply Chain and Collaboration - Effective supply chain management is crucial for RF front-end companies to ensure security and stability under U.S. pressure [5]. - Collaboration among multiple leading smartphone manufacturers is necessary to drive the entire domestic RF front-end industry, as individual companies alone cannot achieve significant impact [7]. - Angrui Micro has established partnerships with domestic GaAs, SOI, and filter manufacturers, contributing to a higher proportion of domestic procurement [9]. Group 4: Investment and R&D - The rapid development of the domestic supply chain requires RF front-end manufacturers to double their R&D investments due to the need for multiple iterations and maintaining both domestic and overseas supply chains [11]. - Angrui Micro is committed to investing in domestic supply chain development, driven by both customer demand and the need for supply security [11]. Group 5: Long-term Strategy - Domestic substitution is a long-term process, and while rapid progress can be made, surpassing established foreign competitors remains challenging [12]. - Angrui Micro has demonstrated a long-term vision by steadily developing competitive products and leveraging opportunities for domestic substitution since 2019 [12][15].

Core Viewpoint - The RF front-end market has seen significant growth, with several companies emerging, including卓胜微 and 唯捷创芯, which have successfully gone public. However, recent financial performance has raised concerns, particularly for the upcoming IPO of 昂瑞微, which may face pressure due to the industry's current challenges [1]. Market Overview - The global RF front-end market for mobile devices is projected to reach $15.4 billion (approximately 110 billion RMB) in 2024, growing to $17 billion (approximately 120 billion RMB) by 2030. When considering the automotive and defense sectors, the total market size could reach $70 billion (approximately 500 billion RMB) by 2030, indicating substantial growth potential [1]. - Domestic RF front-end companies have low sales figures, with the largest, 卓胜微, reporting sales of only 4 billion RMB, significantly lower than major US competitors like Skyworks and Qorvo, suggesting considerable room for growth [1]. Growth Opportunities for 昂瑞微 1. **5G High-End Modules** - 昂瑞微 has achieved breakthroughs in 5G high-end modules and has begun shipping to major brand clients, indicating a significant growth opportunity in this segment [2]. 2. **Automotive Electronics** - The electrification and intelligence of vehicles are accelerating, with China's electric vehicle penetration rate reaching 51%. 昂瑞微 has made progress in the automotive RF front-end market, which offers higher ASP and better gross margins [3]. 3. **Satellite Communication** - The development of satellite communication, including the use of Beidou and TianTong satellites, presents new opportunities for 昂瑞微, which has successfully entered the market with its products [4]. 4. **Low Altitude Economy** - The rise of low-altitude applications, such as drones and eVTOLs, creates a growing demand for RF front-end chips, indicating a promising market potential [5]. 5. **High-Speed High-Power WiFi RF Front-End** - The transition to WiFi7 and the anticipated WiFi8 will drive demand for RF front-end solutions, particularly as AI applications increase the need for high-performance WiFi [6]. 6. **6G Communication** - The upcoming 6G technology, expected to commercialize around 2030, will require advanced RF front-end designs, presenting new market opportunities [7]. 7. **Multi-Protocol Low-Power Connectivity** - The demand for various short-range communication protocols, such as Bluetooth and ZigBee, offers expansion opportunities for 昂瑞微 in the low-power connectivity market [8]. 8. **End-Side AI Audio Bluetooth** - The growth of AI applications has led to a surge in demand for end-side audio Bluetooth products, providing a significant market opportunity for 昂瑞微 [9]. 9. **Internationalization** - Despite challenges in global trade, 昂瑞微 has made progress in expanding its overseas sales, indicating potential for further international growth [10]. Industry Challenges - Domestic RF front-end companies have primarily focused on low-end market replacements, with high-end modules still dominated by US and Japanese firms. The initial growth driven by domestic substitution is expected to diminish as product lines mature, necessitating continued innovation and differentiation [11].

Core Viewpoint - Wuhan Fangu announced the termination of its investment in Wuhan Guangju Microelectronics to protect the company's and shareholders' interests and control investment risks [2][3] Group 1: Investment Decision - On March 12, 2025, Wuhan Fangu approved a capital increase plan to invest RMB 100 million in Wuhan Guangju, with RMB 11.2068 million allocated to registered capital and RMB 88.793194 million to capital reserves [2] - The investment aimed to support Wuhan Guangju's business development and capacity expansion [2] Group 2: Challenges Faced by Wuhan Guangju - The operating environment for Wuhan Guangju has significantly changed due to external policy fluctuations and intensified domestic industry competition, leading to increased uncertainty in its medium to long-term development [2] - Supply chain challenges include geopolitical impacts on core raw material supplies, limited procurement channels, and rising material prices, particularly for key materials like photoresist and high-purity electronic gases [2] - Capacity expansion challenges arise from reliance on imported key production equipment, with uncertainties in procurement costs and delivery timelines, despite efforts to localize the supply chain [2] Group 3: Market Competition - The domestic RF front-end market is experiencing intensified competition with severe product homogeneity, leading to irrational price competition in 2025, which has significantly reduced product prices for Wuhan Guangju [3] - The company faces challenges in turning profitable in the short term due to these competitive pressures [3] Group 4: Termination Agreement - Following a reassessment of the investment project, Wuhan Fangu decided to terminate the investment to mitigate uncertainties and enhance capital efficiency [3] - On September 25, 2025, a termination agreement was signed, requiring Wuhan Guangju to refund the RMB 100 million investment and corresponding interest within 30 days [3]

Core Viewpoint - The article discusses the growth and challenges faced by China's RF front-end companies in the context of U.S. sanctions and the competitive landscape dominated by foreign firms, highlighting both opportunities and risks in the industry. Group 1: Market Dynamics - Following U.S. sanctions in 2019, China's RF front-end companies experienced significant growth, with many emerging firms like Zhaoshengwei, Weijiechuangxin, and others contributing to the sector [1] - In 2023, domestic smartphone manufacturers successfully launched flagship models using fully domestic chips, allowing local RF front-end manufacturers to achieve mass production of a full range of RF front-end chips [1] - Despite initial growth, by 2025, many domestic RF front-end companies faced a growth bottleneck, with notable declines in revenue and profitability among key players [1][2] Group 2: Competitive Landscape - The top five global RF front-end companies are predominantly American, with Qualcomm, Broadcom, Skyworks, and Qorvo leading the market, while domestic companies collectively generate less than 20 billion yuan in sales [2] - The new U.S. tariff policies since April 2025 have prompted Chinese smartphone brands to seek domestic RF front-end solutions, creating a second wave of opportunities for local manufacturers [2] - The article anticipates that by 2026, domestic RF front-end companies could overcome current challenges and see revenue growth, particularly in the high-integration module segment [2] Group 3: Technological Challenges - Domestic RF front-end companies face significant hurdles in patent accumulation, particularly in filter and SOI switch technologies, where foreign competitors have a stronghold [3] - The need for customized high-integration modules for different smartphone brands requires substantial R&D investment, posing a challenge for domestic firms [4] - The article emphasizes the importance of innovation and patent accumulation for domestic companies to compete effectively against established foreign players [3][5] Group 4: Future Outlook - The increasing demand for advanced communication technologies, such as 6G and satellite communication, necessitates ongoing investment in RF front-end technology development [5] - The article suggests that while domestic RF front-end companies have made progress, they must remain vigilant and committed to long-term development to close the gap with leading global firms [6]