据证券之星公开数据整理，近期卓胜微（300782）发布2025年中报。截至本报告期末，公司营业总收入17.04亿元，同比下降25.42%，归母净利 润-1.47亿元，同比下降141.59%。按单季度数据看，第二季度营业总收入9.48亿元，同比下降13.43%，第二季度归母净利润-1.01亿元，同比下降 164.35%。本报告期卓胜微公司应收账款体量较大，当期应收账款占最新年报归母净利润比达155.95%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率28.75%，同比减31.73%，净利率-8.68%，同比减156.18%，销售费用、管理费用、 财务费用总计1.31亿元，三费占营收比7.69%，同比增52.9%，每股净资产18.74元，同比减0.82%，每股经营性现金流0.48元，同比增188.95%，每 股收益-0.28元，同比减141.54% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 22.85 Z | 17.04亿 | -25.42% | | 归母净利润(元) | 3.547, | -1.4 ...

Group 1: Company Overview and Business Model - The company has transitioned from a Fabless model to a Fab-Lite model, creating a complete resource platform through design, process, materials, devices, and integration capabilities [3] - The company has developed a full range of RF front-end product solutions, which is a core competitive advantage in the RF front-end market [3] Group 2: Short-term and Long-term Business Outlook - In the short term, the company faces pressure on performance due to seasonal factors and depreciation, but overall progress in team and technology continues [3] - For 2024, the company completed the 12-inch production line process and is actively advancing customer certification, with production capacity entering a ramp-up phase [3] - Long-term, the company aims to leverage emerging markets like AI to capture more opportunities with its comprehensive RF solutions [3] Group 3: Industry Trends and Competitive Landscape - The 5G construction phase is nearing completion, while the development of 6G and NTN is still exploratory, presenting opportunities for the global communication industry [3][6] - The global RF front-end market is primarily dominated by leading foreign companies, with increasing competition in the mid-to-low-end product segments [5][6] Group 4: Patent Disputes and Innovations - The company has initiated invalidation procedures for patents involved in disputes, asserting that its products are based on common industry technologies [4] - The company has achieved significant technological breakthroughs, including being the first to commercialize RF low-noise amplifiers based on RF CMOS technology [5] Group 5: Future Development and Strategic Vision - The company aims to enhance its high-end, customized, and differentiated capabilities in response to market demands [5] - The vision is to explore the boundaries of physical resources, adapting to unpredictable technological advancements and geopolitical uncertainties [7]