北京商报讯（记者 马换换 李佳雪）1月21日晚间，上交所官网显示，锐石创芯（重庆）科技股份有限公 司（以下简称"锐石创芯"）科创板IPO进入问询阶段。 本次冲击上市，锐石创芯拟募集资金约8.09亿元，扣除发行费用后，将用于投资MEMS器件生产基地二 期工程建设项目、研发中心建设项目、补充流动资金。 据了解，锐石创芯是一家专注于射频前端芯片及模组的高科技创新企业，致力于突破射频通信领域的核 心关键技术，主营业务为射频前端模组及射频分立器件的研发、设计、制造和销售。 ...

Core Viewpoint - Ruishi Chuangxin has been accepted for IPO on the Sci-Tech Innovation Board, with ongoing financial challenges reflected in continuous net losses during the reporting period [2][3]. Financial Performance - The company's revenue for the reporting period (2022 to the first half of 2025) was as follows: 370 million CNY, 649 million CNY, 668 million CNY, and 377 million CNY respectively [3][5]. - The net profit during the same period showed consistent losses: -328 million CNY, -328 million CNY, -353 million CNY, and -148 million CNY [3][5]. Research and Development - Ruishi Chuangxin has invested heavily in R&D, with expenses amounting to 253 million CNY, 272 million CNY, 216 million CNY, and 100 million CNY during the reporting period, representing 68.52%, 41.97%, 32.30%, and 26.51% of revenue respectively [4][5]. - The company aims to maintain high R&D investment due to the high technical barriers and long development cycles in the RF front-end industry [4]. Profitability Challenges - The company's gross margin for its main business was significantly lower than the average of comparable companies, recorded at 7.95%, 13.90%, 8.79%, and 9.79% during the reporting period, compared to industry averages of 26.31%, 23.49%, 20.90%, and 21.09% [7][8]. - The low gross margin is attributed to product structure differences and strategic pricing to expand market share [8]. Fundraising and Investment Plans - Ruishi Chuangxin plans to raise 809 million CNY, which will be allocated to the second phase of the MEMS device production base, R&D center construction, and working capital [8][9]. - The total investment for the second phase of the MEMS device production base is 369 million CNY, while the R&D center construction is estimated at 330 million CNY [9].

Core Viewpoint - The article discusses the recent developments regarding Ruishi Chuangxin's IPO and highlights the competitive landscape in the RF front-end module market, particularly focusing on the challenges posed by both domestic and international competitors in the SAW filter segment. Group 1: Company Overview - Ruishi Chuangxin, established in April 2017, focuses on RF front-end modules and RF discrete devices, recently included in the first batch of companies for IPO inspection by the China Securities Association [1]. - The company emphasizes its unique position as one of the few domestic manufacturers capable of producing RF filters, although it may overlook competition from third-party manufacturers [1][2]. Group 2: Market Competition - The RF front-end market is dominated by overseas giants like Qualcomm, Broadcom, and others, holding approximately 76% of the global market share [2]. - Domestic competitors such as Maijie Technology, Haoda Electronics, and Xinwei Communication are also entering the SAW filter market, potentially competing with Ruishi Chuangxin's planned production capacity [1][4]. Group 3: Financial Performance - Ruishi Chuangxin's gross profit margin has been significantly lower than its peers, with figures of 7.95%, 13.90%, 8.79%, and 9.79% from 2022 to the first half of 2025, compared to an average of 21.09% for comparable companies [6][7]. - The company reported a net loss of -16.80 billion yuan as of mid-2025, indicating ongoing financial challenges despite a revenue increase of 34.94% due to a pricing strategy aimed at gaining market share [10]. Group 4: Product Strategy - In 2024, Ruishi Chuangxin implemented a price reduction strategy for its core 5G RF front-end modules, resulting in an 11.90 percentage point drop in gross margin [1][9]. - The company aims to enhance its competitive edge by developing high-performance filter production lines, which is considered a core competency [2][5].

Company Overview - Ruishi Chuangxin (Chongqing) Technology Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board [1] - The company focuses on the research, design, manufacturing, and sales of radio frequency front-end modules and discrete devices [1] Business Objectives - Ruishi Chuangxin aims to raise approximately 809 million yuan through this IPO [1] - The funds will be allocated to the construction of the second phase of the MEMS device production base, the establishment of a research and development center, and to supplement working capital [1]

Group 1 - Zhejiang Xingyao Semiconductor Co., Ltd. has completed over 100 million RMB in Series C financing, with investors including Wenzhou Innovation Investment Fund and Hengyuan Yujin Fund [1] - This financing follows the completion of a B+ round financing in May 2023, marking the second funding round within the year [1] - The funds will be used to enhance the technical research and development of RF front-end product lines, expand production capacity, and strengthen market development and ecosystem cooperation [1] Group 2 - Founded in 2020, Xingyao Semiconductor focuses on the research, development, production, and sales of RF filter chips and RF front-end modules, with headquarters in Wenzhou, Zhejiang [2] - The company has over 550 employees, with a research team of more than 160, including experts with experience from leading companies like Qualcomm and Apple [2] - Xingyao Semiconductor has applied for over 150 patents and has established a complete industry chain from research and development to manufacturing and testing [2] Group 3 - The company has mass-produced over 120 RF filter products and more than 30 module products, covering a full range of RF filter products used in consumer electronics [3] - Its products are utilized in devices from major brands such as Samsung, Honor, Huawei, OPPO, and Vivo, with innovations like the TF-SAW high-end filter being domestically first [3] - In 2023, Xingyao Semiconductor launched RF module chips for 5G networks and filter chips for Wi-Fi 7 technology [3] Group 4 - The company has achieved a monthly production capacity of 7,000 wafers with a yield rate of over 98% for its 5G RF filter wafer production line, which officially commenced operations in 2024 [5] - Xingyao Semiconductor acquired a testing factory in Tianjin, enhancing its testing capacity to 250,000 pieces per month [5] Group 5 - The company has established strategic partnerships with major mobile manufacturers, including Huqian Technology and Longqi Technology, enhancing its business collaboration [6] - Xingyao Semiconductor has raised over 1.5 billion RMB across multiple financing rounds, with significant investments from state-owned and private equity funds [7][9] - The company’s largest single financing round was a 1 billion RMB Series B round led by China Mobile's industry chain development fund [8]

Core Insights - Zhejiang Xingyao Semiconductor Co., Ltd. has completed over 100 million C-round financing, with investors including Wenzhou Innovation Investment Fund and Hengyuan Yu Fund [1] - This financing is the second round of funding for the company in 2023, following a B+ round in May [1] - The funds will be used to enhance technology research and development for RF front-end product lines, expand production capacity, and strengthen market development and ecosystem cooperation [1] Company Overview - Founded in 2020, Xingyao Semiconductor specializes in the research, development, production, and sales of RF filter chips and RF front-end modules, headquartered in Wenzhou, Zhejiang [2] - The company was established by experts from national talent programs and has a strong R&D team of over 160 members, many with experience from leading global RF companies [2][3] - Xingyao Semiconductor has produced over 120 RF filter products and 30 module products, serving major consumer electronics brands like Samsung, Huawei, and OPPO [3] Market Position and Product Development - The company focuses on RF filter technology for 5G and Wi-Fi 7 applications, with significant growth expected in the Wi-Fi chip market, projected to reach $120 billion by 2028 [4] - Xingyao's production capacity includes over 20 billion units of core products, with a new 750 million yuan investment in a 5G RF filter wafer production line that has achieved a monthly output of 7,000 wafers with a yield rate of over 98% [4] Financing History - Xingyao Semiconductor has raised over 1.5 billion yuan across multiple financing rounds, with the most recent B-round in July 2024 setting a record for the largest single financing in the domestic RF front-end sector [6][8] - The company has attracted strategic investments from major mobile manufacturers and has established deep business relationships with them [5][6] Shareholding Structure - The top five shareholders of Xingyao Semiconductor include state-owned capital and private equity funds, with significant stakes held by Wenzhou Ningchen Technology Co., Ltd. and various investment funds [8][9]

Group 1: Financial Performance - As of Q3 2025, the company achieved a revenue of 1.065 billion CNY, with a net profit margin of 12.36% and a significant reduction in net loss by 76.84% compared to the previous quarter [2][3] - The company's inventory stood at approximately 3.016 billion CNY by the end of Q3 2025, attributed to increased raw material reserves to support production ramp-up [4][5] Group 2: Market Outlook and Strategy - The global RF front-end module market is projected to reach approximately 26.54 billion USD in 2024, indicating significant growth potential [3][5] - The company is focusing on expanding its RF chip manufacturing capacity to meet the rising demand for customized and high-end module products, driven by the urgent need for domestic alternatives in 5G technology [3][4] Group 3: Challenges and Future Plans - Short-term performance is pressured by high capital expenditures during production line construction, leading to increased fixed asset depreciation and elevated costs during the ramp-up phase [5][6] - The company aims to enhance its core competitiveness by investing in new technologies and expanding its resource platform, with a focus on AI, robotics, and smart driving markets [5][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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is showing improvement quarter by quarter, with a significant increase in capacity utilization [1] - Despite a decline in revenue year-on-year due to seasonal demand weakness in the mobile phone sector, the company is experiencing a sequential increase in revenue and net profit from Q1 to Q3 2025, driven by rising industry sentiment and continuous ramp-up of self-owned production capacity [7][8] - The company has successfully increased its market share in high-end RF module products, with the revenue share of RF front-end modules reaching 44.35% in the first half of 2025 [7] - The company is expected to see continued improvement in performance in Q4 2025, supported by the ramp-up of production capacity and product structure adjustments [7] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.769 billion yuan (down 17.77% year-on-year) and a net profit attributable to shareholders of -171 million yuan (down 140.13% year-on-year) [7] - In Q3 2025, the company reported revenue of 1.065 billion yuan (down 1.62% year-on-year, up 12.36% quarter-on-quarter) and a net profit of -23 million yuan (down 132.84% year-on-year, up 76.84% quarter-on-quarter) [7] - The overall gross margin for Q3 2025 was 23.37%, a decrease of 13.77 percentage points year-on-year and a decrease of 3.58 percentage points quarter-on-quarter [7] Production Capacity and Utilization - The company is experiencing a gradual increase in production capacity utilization, with the impact of depreciation from the chip production line gradually diminishing [7] - The 12-inch RF chip production line has reached a capacity scale of 5,000 wafers per month, and the 6-inch filter production line has achieved comprehensive layout and scale production capabilities [7] Revenue and Profit Forecast - The company forecasts revenues of 4.015 billion yuan, 4.974 billion yuan, and 5.784 billion yuan for 2025, 2026, and 2027 respectively [8] - The expected net profits for the same years are -150 million yuan, 307 million yuan, and 705 million yuan respectively [8] - The current market capitalization corresponds to a PE ratio of 130 and 57 times for 2026 and 2027 respectively [7][8]

Core Viewpoint - Tianhe Defense is focusing on its "Qinmo" series materials for panel-level chip packaging and insulated thermal conductive copper-clad boards, while its subsidiary Chengdu Tongliang is the main platform for its RF chip business [2]. Group 1: Company Overview - The "Qinmo" series materials are primarily targeted at panel-level chip packaging and insulated thermal conductive copper-clad boards [2]. - Chengdu Tongliang's product offerings include four main categories: high-reliability RF transceiver front-end chips/modules for base stations, wireless communication RF transceiver chips/modules, radar perception chips/modules, and customized equipment products [2]. Group 2: Product Details - Specific products from Chengdu Tongliang include low-noise amplifiers, driver amplifiers, power amplifiers, switches, low-noise switches, RF front-end modules, and radar perception chips/modules [2].