国内射频前端芯片企业锐石创芯(重庆)科技股份有限公司(下称"锐石创芯")近日向上交所科创板递交招股说明书，拟募资8.09亿元，投向MEMS器件生产基 地二期(3.69亿元)、研发中心建设(3.30亿元)及补充流动资金(1.1亿元)。 公司是一家专注于射频前端芯片及模组的国家级专精特新重点"小巨人"企业，致力于突破射频通信领域的核心关键技术，推进射频前端产业国产化进程。 经过多年的技术沉淀和全国产化产业链布局，公司已构建覆盖芯片设计、滤波器制造、模组封装与测试的全产业链能力。依托于对射频前端领域的全面技 术布局，公司现已成为国内射频前端产品矩阵最完备的公司之一，产品可充分覆盖智能手机、无人机、卫星通信、物联网和智能穿戴设备等应用场景。 招股书显示，公司主营业务收入从2022年的3.69亿元增至2024年的6.66亿元，其中5G射频前端模组表现尤为亮眼，收入占比从2022年的8.5%飙升至2025年 上半年的47.23%，成为绝对主力。2025年上半年，公司营收达3.77亿元。 不过，锐石创芯亏损严重，2022年至2025年上半年，公司净利润分别为-3.28亿、-3.28亿、-3.53亿和-1.48亿元，累计亏损 ...

IPO Review and Registration Progress - Three companies were reviewed for IPO, with two approvals and one deferral. Yongda Co. faced a deferral, while Meidele and Haifiman received approvals [2][3] - Yongda Co. reported a revenue of 361 million yuan for the first three quarters of 2025, a year-on-year decline of 25.16%, and a net profit of 70 million yuan, down 3.34% [2] - Meidele's revenue from products used in the new energy battery sector accounted for about 60% of its main business income, with a high customer concentration [2] - Haifiman specializes in high-end audio products, facing inquiries regarding its technological advancements and acquisition rationality [3] Upcoming IPOs - Three companies are set to present for IPO this week: Zuxing New Materials, Mirui Technology, and Jintai Co., all targeting the Beijing Stock Exchange [4] - Zuxing New Materials has previously attempted IPOs in 2016 and 2020 but withdrew applications. Its revenue for 2022 to 2024 was 629 million, 690 million, and 707 million yuan, with net profits showing fluctuations [4][5] - Mirui Technology's revenue for the first three quarters of 2025 was 549 million yuan, down 0.95%, with a net profit of 51 million yuan, down 12.93% [6] New Stock Listings - Two new stocks were listed last week: Hai'an Group and Nante Technology, with Nante's first-day increase of 183.03% [13][14] - This week, Jingchuang Electric is scheduled to list, with an issue price of 12.1 yuan per share. For the first three quarters of 2025, it reported a revenue of 403 million yuan, up 9.48% [13] Recent IPO Approvals and Terminations - Two IPO registrations were approved: Zhixin Co. and Qiangyi Co. [10] - Zhixin Co. plans to raise 1.329 billion yuan for production line expansion and working capital, while Qiangyi Co. focuses on semiconductor testing hardware [11] - Two IPO applications were terminated due to voluntary withdrawals, including Mingshan Environmental Energy [12] Upcoming New Stock Subscriptions - Two new stocks are set for subscription this week: Muxi Co. and Angrui Micro, both targeting the Sci-Tech Innovation Board [15] - Muxi Co. aims to raise 3.904 billion yuan for GPU development projects, reporting a revenue of 1.236 billion yuan for the first three quarters of 2025, up 453.52% [15] - Angrui Micro plans to raise 2.067 billion yuan for 5G chip development, with a revenue of 1.335 billion yuan and a net loss of 63 million yuan for the same period [16]

Core Viewpoint - Shenzhen Feixiang Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to raise funds primarily for enhancing R&D capabilities and optimizing product performance, particularly in high-performance and ultra-compact PA integrated modules [1] Group 1: Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 1.022 billion to 2.458 billion, with a compound annual growth rate (CAGR) of 55.1%, significantly outpacing the overall growth rate of the global RF front-end industry [2] - The company is expected to achieve a net profit of 76.3 million for the first time in 2024, with gross margin increasing from 13.3% to 19.0% [2] - As of May 31, 2025, the company's R&D expenditure is projected to reach 135 million, accounting for 17.8% of revenue [3] Group 2: R&D and Innovation - The company has continuously increased its R&D investment, achieving breakthroughs in key technologies such as GaAs/SOI and high-integration modules, holding a total of 331 patents as of May 31, 2025 [3] - The R&D expenditures for 2022, 2023, and 2024 are projected to be 163 million, 194 million, and 272 million respectively, with R&D investment consistently exceeding 10% of revenue [3] Group 3: Sales and Distribution - The company primarily sells through distributors, who then resell to end customers, including smartphone manufacturers and ODMs, while also engaging in direct sales to select brand manufacturers [4] - The number of distributors has decreased from 39 at the end of 2022 to 32, with revenue per distributor increasing from 25 million to 73 million [4] Group 4: Industry Outlook - The global RF front-end chip market is expected to grow from 159.5 billion in 2024 to 234.3 billion in 2029, with a CAGR of 10.1%, driven by the widespread application of 5G technology and the expansion into new fields [5] - The domestic RF front-end chip market in China is projected to grow from 33.6 billion in 2024 to 53 billion in 2029, with a CAGR of 12.1%, supported by government policies and increasing domestic technological capabilities [5] Group 5: Competitive Position - As a leading company in PA and PA integrated module shipments globally, Feixiang Technology is well-positioned to seize opportunities in the market [6] - The company aims to focus its fundraising efforts on areas such as BAW filters and millimeter-wave modules, where international giants currently hold technological barriers [6]

Core Viewpoint - The mobile phone industry has undergone significant transformation over the past 30 years, evolving from basic communication devices to essential smart terminals that integrate various functionalities, including communication, internet access, social media, payment, navigation, and AI tools [1] Group 1: Development of RF Front-End Chips - The importance of RF front-end chips has increased alongside the evolution of mobile phone functionalities, as their performance, integration, and size directly impact communication quality and overall functionality [2] - The market for RF front-end components has gained attention, with several Chinese manufacturers emerging, including successful IPOs from companies like Zhaosheng Microelectronics and Weijie Chuangxin [2][5] - The RF front-end industry has transitioned from being overlooked to attracting significant capital investment, but the current phase requires industry players to focus on hard work and sustainable growth [2] Group 2: Historical Context and Market Dynamics - Early RF front-end companies were primarily American firms, with major players like Qorvo, Skyworks, Broadcom, Qualcomm, and Japan's Murata dominating the market, each generating over $3 billion in annual sales [3] - Domestic RF front-end companies began to emerge later, with Ruideke Microelectronics being one of the first successful players, achieving significant sales and listing on NASDAQ in 2010 [4] Group 3: Current Market Landscape - By 2024, Zhaosheng Microelectronics is projected to exceed sales of 4 billion yuan, while other leading companies like Feixiang Technology and Weijie Chuangxin are expected to surpass 2 billion yuan in sales [5] - The RF front-end market has seen substantial growth since 2019, with domestic manufacturers capturing approximately 15% of the global market share, indicating further growth potential [5] Group 4: Challenges and Opportunities - The RF front-end industry is currently facing challenges, including losses reported by leading companies like Zhaosheng Microelectronics and Weijie Chuangxin, attributed to intense competition and market pressures [6] - Despite these challenges, the industry is entering a critical phase of domestic replacement, with opportunities for high-end modular replacements driven by international trade disputes [6] Group 5: Future Growth Areas - The demand for RF front-end chips is expected to increase significantly due to the growing prevalence of mid-to-high-end smartphones that support multiple communication standards [7] - Brand manufacturers typically outsource mid-to-low-end phones to ODMs, which leads to lower procurement amounts for RF front-end chips, while self-developed high-end phones represent a more lucrative market for RF front-end suppliers [8] Group 6: Strategic Focus for Manufacturers - Focusing on brand clients is crucial for RF front-end manufacturers, as securing supplier codes from major brands can create a competitive advantage and ensure stable revenue streams [9] - Diversification into automotive applications and other areas can provide additional growth opportunities, helping companies mitigate risks associated with intense competition in the RF front-end market [10] Group 7: Industry Outlook - The RF front-end sector is moving towards a more rational competitive landscape, with excess market speculation being eliminated, leading to a healthier long-term development phase [11] - Companies must prioritize product iteration, technological updates, and reasonable R&D investments to maintain competitiveness and contribute to supply security in the RF front-end chip market [11]

Core Viewpoint - The domestic RF front-end industry is facing unprecedented challenges, with leading companies like ZTE Microelectronics, Weijie Chuangxin, and Huizhiwei reporting significant losses, indicating a severe market downturn driven by intense competition and overcapacity [1][4]. Group 1: ZTE Microelectronics - ZTE Microelectronics reported a revenue of 756 million yuan in Q1 2025, a year-on-year decline of 36.47%, with a net profit loss of 46.62 million yuan [1]. - The company has shifted its focus from RF switch products to integrated modules, achieving self-production of RF filters and power amplifiers, but this transition has not yielded the expected results, leading to a decline in revenue from RF switches [2]. - The Fab-Lite strategy adopted by ZTE Microelectronics aims to enhance supply chain control but has resulted in increased R&D costs and fixed asset depreciation, contributing to a 64.2% drop in net profit in 2024 [3]. Group 2: Weijie Chuangxin - Weijie Chuangxin, a leading player in the RF power amplifier sector, reported a revenue of 2.103 billion yuan in 2024, down 29.46% year-on-year, with a net profit loss of 23.73 million yuan [4][6]. - The company has maintained a strong market position in the RF power amplifier field, with a 40% market share in 4G PA and 30% in 5G products, but has faced challenges due to declining prices and increased competition [5]. - Despite its strong R&D capabilities and market presence, Weijie Chuangxin has struggled to maintain profitability, oscillating between profit and loss [6]. Group 3: Huizhiwei - Huizhiwei has focused on technological innovation as its core competitive advantage, achieving significant breakthroughs in RF front-end chip technology [7][8]. - The company has developed a reconfigurable RF front-end technology that combines SOI and GaAs materials, allowing it to compete effectively against international suppliers [8][9]. - Huizhiwei's Phase8L L-PAMiD module has achieved mass production and is positioned to enhance the domestic RF front-end industry's competitiveness against international players [9][10]. Group 4: Market Dynamics - The competition in the domestic RF front-end market is characterized by both technological and capital challenges, with companies needing to invest heavily in R&D while also managing operational costs [11]. - The market is expected to undergo significant changes, with the introduction of new products and technologies potentially reshaping the competitive landscape [12][13]. - The year 2025 is anticipated to mark the beginning of a more intense phase of competition in the domestic RF front-end sector, as companies strive to establish their market positions [13].

Core Viewpoint - The article highlights the significant performance of Zijin Mining in Q1 2025, showcasing its revenue growth and profit increase, alongside the upcoming stock unlock events in the A-share market. Group 1: Zijin Mining Performance - Zijin Mining reported a Q1 2025 revenue of 789.28 billion, representing a year-on-year growth of 5.55% and a net profit of 101.67 billion, up 62.39% year-on-year, attributed to improved operational management and increased production of key minerals [3][5]. - The production data indicates a 13% increase in gold output and a 9% increase in copper output, while zinc production saw a 10% decline. The company's gross profit margin reached 59.94%, an increase of 5.44 percentage points year-on-year [5]. Group 2: Stock Unlock Events - Next week, 31 stocks will have their lock-up lifted, with a total unlock market value exceeding 11 billion [8]. - Among the stocks, 10 will have unlock values over 500 million, with Zhuozhao Point Glue and Weijie Chuangxin leading at 1.799 billion and 1.753 billion respectively [9]. - The unlock ratio, which reflects the impact on stock prices, shows that 15 of the 31 stocks have an unlock ratio exceeding 5%, with 8 stocks over 10% [12]. - Zhuozhao Point Glue has the highest unlock ratio at 71.66%, followed by Jindao Technology at 37.5%, and others exceeding 25% [13].

Investment Rating - The report maintains a "Buy" rating for the company 卓胜微 (300782) [2] Core Insights - The company plans to raise 3 billion yuan to expand its RF chip production lines, addressing the urgent domestic demand for 5G RF front-end chips and modules, while also focusing on customized and modular new products [5] - The global RF front-end module market is projected to reach approximately 26.54 billion USD in 2024, indicating significant growth potential [5] - The company has successfully launched the L-PAMiD series products, which are crucial in the RF front-end field, and aims to enhance its market share and brand influence through continuous product optimization [6] Financial Projections - The company is expected to achieve revenues of 4.49 billion yuan, 5.21 billion yuan, and 6.10 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 431.58 million yuan, 481.87 million yuan, and 563.33 million yuan [7] - The projected growth rates for revenue are 2.58%, 16.01%, and 17.14% for the years 2024, 2025, and 2026 respectively [9] - The earnings per share (EPS) are forecasted to be 0.81 yuan, 0.90 yuan, and 1.05 yuan for the years 2024, 2025, and 2026 respectively [9]