2024年9月10日，新款苹果iPhone16手机正式发布，这款苹果手机当时吸引了来自全球的目光。 iPhone16手机备受瞩目的原因，就是该款手机加入了RFID（射频识别）功能，而要实现射频识别，主 要是在目标载体和手机上，要配备专门的射频芯片。iPhone16可以通过射频芯片识别，在智能家居管 理、物品追踪、以及零售支付上，实现新的生活应用场景。 其实，射频芯片在我们的生活里现在已经不少见，当你"嘀"的一声，在超市完成手机接触支付时，射频 芯片其实已经在为你服务了。随着5G时代到来和国产智能化手机的普及，国产射频芯片行业在国产替 代的东风里，迎来快速发展。 昂瑞微抓住美国打压带来的国产替代红利，紧跟头部大客户，并在2023年成功开发出可用于高端旗舰手 机的射频前端芯片系列，跻身国产射频前端厂商的第一梯队。 2025年9月，昂瑞微向上交所递交招股说明书，正式开启了科创板IPO之路，而从公司目前的状况来 看，这条路并非坦途。 国产替代伪命题 昂瑞微上市，不仅是企业寻求资本支持，更是中国半导体产业在国产替代浪潮下挣扎与崛起的缩影。 随着全球通信技术从4G迈入5G时代，终端设备对RFFE芯片提出了更高的要求，包括 ...

瞭望塔财经发现，在国产半导体替代的浪潮中，昂瑞微近三年营收从9.23亿元跃升至21.01亿元，年复合增长率达50.88%。然而，高速增长的表面下，公司 持续亏损、经营现金流持续为负、存货高企、客户集中度高风险等问题，以及实控人通过特别表决权机制掌控公司而股权仅占微不足道的3.86%的结构，都 构成了这家芯片企业IPO之路上的暗礁。 瞭望塔财经前言：钱永学仅凭3.86%的股权，却通过特别表决权掌控着62.43%的表决权，这艘年营收超20亿的芯片巨轮正驶向科创板，而船上却装着高存 货、负现金流与大幅下滑的业绩。 瞭望塔财经了解到，北京昂瑞微电子技术股份有限公司（以下简称"昂瑞微"）的科创板IPO申请将于10月15日上会审核，这家号称打破国际垄断的芯片企业 背后，隐藏着诸多令人担忧的隐患。 1、特别表决权：控制权与股权背离的治理隐患 昂瑞微的股权与控制权结构呈现出令人担忧的背离。公司实际控制人钱永学直接持股比例仅为3.86%，却通过特别表决权机制掌控了高达62.43%的表决权。 这种股权结构让钱永学能够对公司的重大决策、重要人事任命和经营方向实施决定性影响，而与其实际投入资本严重不匹配。 从公司治理角度看，这种结构 ...

在北京海淀区的一栋办公楼里，昂瑞微电子董事长钱永学正带领团队攻克 5G 射频前端的又一个技术 难题。这位在微波射频领域深耕二十多年的 " 行业老兵 " ， 自中国科学院微电子研究所毕业后 就再 没有离开过芯片行业。 2012 年，钱永学 及其联合创始人 创立了昂瑞微的前身 —— 中科汉天下。如今， 昂瑞微已成长 为 国内 射频 、 模拟 芯片 领域的 领军 企业 ，其产品已进入除苹果外的全球前十大智能手机品牌供应 链。 中科院走出的技术领军者 创始人钱永学于 1999 年进入中科院微电子研究所就读硕士学位，主要研究方向就是 GaAs 功率放 大器设计及工艺开发，是中国本土最早从事相关研究的人员之一 ，这 为他日后在芯片领域的创业奠 定了坚实基础。 硕士毕业后，钱永学加入了被誉为 " 中国射频芯片先驱 " 的锐 迪 科 (RDA) 担任研发经理， 参与锐 迪科大灵通和 GSM 功放研究，实现大规模 量产并实 现年产量超过千万颗级出货 ， 这段经历让他 积累了宝贵的产业经验。 2012 年，看中国内芯片产业的结构性机会，钱永学 及其联合创始人 共同创办中科汉天下。 次年 ， 昂瑞 微 推出国内首 款单芯片 CMO ...

Group 1 - The core viewpoint of the news is the performance and market position of Qizhong Technology, which saw a stock price increase of 5.11% to 12.96 CNY per share, with a total market capitalization of 15.41 billion CNY [1] - Qizhong Technology, established on January 18, 2018, specializes in advanced packaging and testing services for integrated circuits, covering various products including display driver chips and power management chips [1] - The revenue composition of Qizhong Technology is primarily from display driver ICs at 92.09%, followed by non-display driver ICs at 6.43%, and other sources at 1.48% [1] Group 2 - Among the top shareholders of Qizhong Technology, the Jiashi Fund's ETF (588200) increased its holdings by 1.0203 million shares, now holding 11.2625 million shares, which is 3.08% of the circulating shares [2] - The Jiashi ETF has a total scale of 27.806 billion CNY and has achieved a year-to-date return of 54.13%, ranking 318 out of 4222 in its category [2] - Over the past year, the Jiashi ETF has delivered a return of 163.1%, ranking 15 out of 3804 in its category [2]

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]

以下文章来源于东四十条资本 ，作者鲁智高 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 清华校友带队，干出一家深圳明星独角兽 飞骧科技的故事，始于一笔十年前的收购。 时间回到2015年，在将收购来的公司卖给星星科技后，看好手机射频行业的潘清寿又准备收购国民技术剥离的射频功率放大 器业务。正是在这个过程中，潘清寿结识了国民技术无线射频产品事业部总经理龙华，并为双方一起创业埋下伏笔。 同年5月，潘清寿和龙华等人在深圳成立飞骧科技，最终拿出4500万元将国民技术无线射频产品事业部资产组收入囊中。与此 同时，国民技术相关专利及无线射频产品事业部员工，也成为飞骧科技发展的基础。 估值达到约86亿元。 作者丨 鲁智高 来源丨 东四十条资本 一家深圳明星独角兽冲向港股。 近日，飞骧科技申请在港上市。在清华校友龙华的带领下，这家已盈利的半导体公司通过深耕射频前端芯片，不仅成功拿下小 米、荣耀等客户，而且功率放大器（PA）及PA集成收发模组的销量全球第一。 这些成绩的背后，离不开众多投资者的支持。 从深高新投、中金 ...

Group 1 - The core viewpoint of the news is that Qizhong Technology has seen a significant increase in stock price and trading volume, indicating positive market sentiment towards the company [1] - Qizhong Technology, established on January 18, 2018, specializes in advanced packaging and testing services for integrated circuits, with a focus on display driver chips, power management chips, and RF front-end chips [1] - The company's revenue composition shows that display driver ICs account for 92.09%, non-display driver ICs for 6.43%, and other products for 1.48% [1] Group 2 - Qizhong Technology's major shareholder, Guolianan Fund, increased its holdings in the company by 415,900 shares, bringing its total to 5,020,400 shares, which represents 1.37% of the circulating shares [2] - The Guolianan CSI Semiconductor Products and Equipment ETF Link A (007300) has achieved a year-to-date return of 30.78% and a one-year return of 99.24%, ranking 1427 out of 4222 and 358 out of 3800 respectively [2] - The fund has a total size of 1.669 billion and has delivered a cumulative return of 164.02% since its inception [2]

深圳飞骧科技股份有限公司（简称"飞骧科技"）即将登陆香港联合交易所，其最新披露的业绩数据勾勒 出高成长与强盈利韧性的清晰轨迹，为资本市场注入优质半导体标的。 据企业数据披露，2022至2024年，公司营收从人民币10.22亿元飙升至24.58亿元，复合年增长率高达 55.1%，远超全球射频前端芯片行业10.1%的同期增速；更关键的是，2024 年公司实现里程碑式突破， 录得纯利人民币7630万元，较2022年、2023年分别人民币3.61亿元、1.94亿元的净亏损，成功实现扭亏 为盈。 招股书显示，飞骧科技的应收账款规模近年来走高，但这并非单一公司问题，而是行业普遍现象。以行 业龙头卓胜微为例，其2024年报数据显示，卓胜微在该财年应收账款为5.79亿元，同比增长11.75%，高 于营收2.48%的增速。而唯捷创芯2024半年报数据显示，截至2024年6月，其应收账款金额为2.84亿元， 同比增幅82.24%，远高于营收20.28%的增速。 对于此类现象，有行业人士表示，半导体产业链中的应收账款增速偏高现象，主要源于行业特性、市场 策略及发展阶段三重因素的叠加影响。在半导体产业链中，下游客户集中度高、议价能力 ...

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]

来源：市场资讯 （来源：笔尖网官方账号） 《笔尖网》文/笔尖财经 近期，曾冲刺科创板IPO折戟的飞骧科技转战香港市场，该公司在港交所披露招股书，再次向资本市场 发起冲刺。 飞骧科技专注于设计、研发和销售射频前端芯片，下游应用领域包括移动智能设备、Wi-Fi产品、智能 家居及其他物联网、车载通信及卫星通信等。据悉，射频前端芯片由功率放大器(PA)、低噪声放大器 (LNA)、滤波器╱双工器及开关组成，其中PA为核心元件。 根据弗若斯特沙利文的资料，按2024年PA及PA集成收发模组的收益计，飞骧科技位居全球第五，在中 国公司中排名第一；按2024年PA及PA集成收发模组的出货量计，飞骧科技位居全球第一。 飞骧科技的产品覆盖5G、4G、3G、2G、Wi-Fi、NB-IoT等多种网络标准通信制式，兼容主流蜂窝基带 通信平台及Wi-Fi平台。凭借公司在射频前端芯片领域的先进研发能力、技术专长和创新，根据弗若斯 特沙利文的资料，飞骧科技于2020年成为中国首家推出完全支持所有5G频段的5G射频前端解决方案的 本土企业。此外，公司在泛连接领域拥有高附加值的产品线，涵盖Wi-Fi系列、卫星通信及车载通信等 终端应用。公司的产 ...