风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 嘉实上证科创板芯片ETF（588200）成立日期2022年9月30日，最新规模278.06亿。今年以来收益 80.31%，同类排名99/4220；近一年收益85.94%，同类排名43/3852；成立以来收益164.69%。 嘉实上证科创板芯片ETF（588200）基金经理为田光远。 截至发稿，田光远累计任职时间4年217天，现任基金资产总规模443.23亿元，任职期间最佳基金回报 157.04%， 任职期间最差基金回报-46.65%。 10月10日，唯捷创芯跌5.01%，截至发稿，报34.71元/股，成交1.11亿元，换手率1.85%，总市值149.36 亿元。 资料显示，唯捷创芯(天津)电子技术股份有限公司位于天津开发区信环西路19号2号楼2701-3室，成立日 期2010年6月2日，上市日期2022年4月12日，公司主营业务涉及唯捷创芯是专注于射频前端芯片研发、 设计、销售的集成电路设计企业,主要为客 ...

从唯捷创芯十大流通股东角度 数据显示，诺安基金旗下1只基金位居唯捷创芯十大流通股东。诺安成长混合A（320007）二季度减持 154.69万股，持有股数538.7万股，占流通股的比例为3.35%。根据测算，今日浮盈赚取约964.28万元。 10月9日，唯捷创芯涨5.06%，截至发稿，报37.19元/股，成交2.31亿元，换手率3.75%，总市值160.03亿 元。 诺安成长混合A（320007）成立日期2009年3月10日，最新规模184.47亿。今年以来收益42.97%，同类 排名1925/8238；近一年收益62.52%，同类排名742/8082；成立以来收益195.52%。 资料显示，唯捷创芯(天津)电子技术股份有限公司位于天津开发区信环西路19号2号楼2701-3室，成立日 期2010年6月2日，上市日期2022年4月12日，公司主营业务涉及唯捷创芯是专注于射频前端芯片研发、 设计、销售的集成电路设计企业,主要为客户提供射频功率放大器模组产品,同时供应射频开关芯片、 Wi-Fi射频前端模组和接收端模组等集成电路产品,广泛应用于智能手机、平板电脑、无线路由器、智能 穿戴设备等具备无线通讯功能的各类终端产 ...

机构持仓方面，截止2025年6月30日，唯捷创芯十大流通股东中，诺安成长混合A（320007）位居第五 大流通股东，持股538.70万股，相比上期减少154.69万股。嘉实上证科创板芯片ETF（588200）位居第 十大流通股东，持股204.13万股，相比上期增加18.40万股。兴全趋势投资混合(LOF)（163402）、香港 中央结算有限公司、南方中证500ETF（510500）、易方达供给改革混合（002910）退出十大流通股东 之列。 9月25日，唯捷创芯跌0.81%，成交额1.94亿元。两融数据显示，当日唯捷创芯获融资买入额2253.30万 元，融资偿还2300.34万元，融资净买入-47.04万元。截至9月25日，唯捷创芯融资融券余额合计2.05亿 元。 责任编辑：小浪快报 融资方面，唯捷创芯当日融资买入2253.30万元。当前融资余额2.05亿元，占流通市值的3.39%，融资余 额超过近一年90%分位水平，处于高位。 截至6月30日，唯捷创芯股东户数1.24万，较上期增加17.92%；人均流通股12951股，较上期增加 19.78%。2025年1月-6月，唯捷创芯实现营业收入9.87亿元，同比减少 ...

Company Overview - Weijie Chuangxin (Tianjin) Electronic Technology Co., Ltd. specializes in the research, design, and sales of RF front-end chips, primarily providing RF power amplifier module products, as well as RF switch chips, Wi-Fi RF front-end modules, and receiving end modules [2] - The company's main business revenue composition includes RF power amplifier modules at 79.96%, receiving end modules at 19.75%, and other supplementary products at 0.29% [2] Financial Performance - For the first half of 2025, Weijie Chuangxin achieved operating revenue of 987 million yuan, a year-on-year decrease of 7.93%, and a net profit attributable to shareholders of -9.43 million yuan, a year-on-year decrease of 183.72% [2] - Since its A-share listing, the company has distributed a total of 23.01 million yuan in dividends [3] Shareholder and Market Activity - As of June 30, 2025, the number of shareholders for Weijie Chuangxin increased by 17.92% to 12,400, with an average of 12,951 circulating shares per person, up by 19.78% [2] - On September 18, 2023, the company experienced a financing buy-in of 28.31 million yuan, with a net financing buy of -9.48 million yuan, indicating a high level of financing activity [1] - The total financing and securities lending balance reached 217 million yuan, with the financing balance accounting for 3.69% of the circulating market value, which is above the 90th percentile level over the past year [1]

Company Overview - Weijie Chuangxin (Tianjin) Electronic Technology Co., Ltd. specializes in the research, design, and sales of RF front-end chips, primarily providing RF power amplifier module products, RF switch chips, Wi-Fi RF front-end modules, and receiver modules for various wireless communication devices [2][3] - The company's main business revenue composition includes RF power amplifier modules (79.96%), receiver modules (19.75%), and other (0.29%) [2] Financial Performance - For the first half of 2025, Weijie Chuangxin achieved operating revenue of 987 million yuan, a year-on-year decrease of 7.93%, and a net profit attributable to the parent company of -9.43 million yuan, a year-on-year decrease of 183.72% [2] - Since its A-share listing, the company has distributed a total of 23.01 million yuan in dividends [3] Stock Performance - As of September 5, the stock price of Weijie Chuangxin was 32.77 yuan per share, with a market capitalization of 14.101 billion yuan [1] - The stock has seen a year-to-date decline of 2.06%, a 6.77% drop over the last five trading days, and a 14.74% increase over the last 60 days [1] - The company has appeared on the trading leaderboard twice this year, with the most recent instance on April 11, where it recorded a net purchase of 5.6415 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 17.92% to 12,400, with an average of 12,951 circulating shares per person, up by 19.78% [2] - Notable institutional shareholders include Noan Growth Mixed Fund and Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, with changes in their holdings reported [3]

Company Overview - Weijie Chuangxin (Tianjin) Electronic Technology Co., Ltd. specializes in the research, design, and sales of RF front-end chips, primarily providing RF power amplifier module products, RF switch chips, Wi-Fi RF front-end modules, and receiving end modules for various wireless communication devices [2] - The company's main business revenue composition includes RF power amplifier modules at 79.96%, receiving end modules at 19.75%, and other products at 0.29% [2] Financial Performance - For the first half of 2025, Weijie Chuangxin reported operating revenue of 987 million yuan, a year-on-year decrease of 7.93%, and a net profit attributable to shareholders of -9.43 million yuan, a year-on-year decrease of 183.72% [2] - Since its A-share listing, the company has distributed a total of 23.01 million yuan in dividends [3] Shareholder and Market Activity - As of June 30, 2025, the number of shareholders for Weijie Chuangxin increased by 17.92% to 12,400, with an average of 12,951 circulating shares per person, up 19.78% [2] - On August 28, 2023, the stock price increased by 4.78%, with a trading volume of 448 million yuan. The financing buy-in amount was 42.51 million yuan, while the financing repayment was 49.89 million yuan, resulting in a net financing buy-in of -7.38 million yuan [1] - The total balance of margin trading for Weijie Chuangxin reached 217 million yuan, with the financing balance accounting for 3.66% of the circulating market value, indicating a high level compared to the past year [1] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included Noan Growth Mixed A, holding 5.39 million shares (a decrease of 1.55 million shares), and Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, holding 2.04 million shares (an increase of 184,000 shares) [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company turned profitable in Q2 2025, with a revenue of 9.87 billion yuan, a year-over-year decrease of 7.93%, and a net profit attributable to shareholders of -9.43 million yuan [1]. - The company is experiencing pressure on gross margins due to price competition and weak downstream demand recovery, leading to a downward revision of net profit forecasts for 2025-2027 [4]. - New product launches, including the L-PAMiD and L-PAMiF modules, are progressing well, with successful customer integration and mass production [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 4.78 billion yuan, a year-over-year decline of 21.66%, but a quarter-over-quarter increase of 148% in net profit to 8.69 million yuan [1]. - The gross margin for Q2 2025 was 28.02%, an increase of 4.0 percentage points year-over-year and 6.8 percentage points quarter-over-quarter [1]. - For the first half of 2025, the revenue from the RF power amplifier module was 7.89 billion yuan, accounting for 80% of total revenue, with a gross margin of 23.98% [2]. Product Development - The company is launching new products such as the Phase 7LE Plus module targeting flagship smartphones and the Phase 8L module for mid-to-high-end markets, with successful customer integration [3]. - The new generation of Wi-Fi 7 modules has achieved mass production in the AI edge sector, with successful cost reduction strategies validated by client projects [3]. Financial Forecasts - The revised net profit forecasts for 2025, 2026, and 2027 are 200 million yuan, 311 million yuan, and 424 million yuan, respectively, with corresponding P/E ratios of 76.5x, 49.2x, and 36.1x [4][5]. - The company expects a revenue of 2.507 billion yuan in 2025, reflecting a year-over-year growth of 19.2% [5].

Summary of Weijie Chuangxin Conference Call Company Overview - **Company**: Weijie Chuangxin - **Industry**: RF Front-End Chip Market, WiFi Technology, Cellular Communication Key Points Financial Performance - In the first half of 2025, Weijie Chuangxin reported a net profit decline, primarily due to intensified competition in the RF front-end chip market and falling product prices. The net profit attributable to shareholders was negative 9.43 million yuan, a year-on-year decrease of 183.72% [2][3] - Revenue for the first half of 2025 was 987 million yuan, down 7.93% year-on-year. However, the second quarter saw a gross margin increase of 6.75 percentage points to 28.02% [2][3] - The company expects full-year revenue growth of 8%-20% in 2025, with sequential revenue increases in the second half [2][7] Product Performance - **RF Power Amplifier Modules**: Revenue reached 789 million yuan, with 5G PA module revenue at 388 million yuan. The second-generation Face 7 Le Plus module showed significant performance improvements [5] - **WiFi Products**: WiFi 7 revenue surpassed that of WiFi 6, with high-power WiFi modules in mass production. The company achieved 19.81% of its main business revenue from receiving end products, totaling 195 million yuan [6][8] - **Automotive Products**: Achieved tens of millions in revenue with excellent gross margins, becoming a growth point [2][6] Market Trends and Strategy - The company is focusing on high-margin products and customized material development to enhance profitability and customer loyalty. The share of low-margin 4G/2G products has decreased significantly [3][9] - There is a clear trend of domestic manufacturers replacing foreign companies in the video front-end business, with an estimated replacement of 200-300 million USD over the next three years [3][16] - The company is actively seeking partnerships or acquisitions with firms that have resource integration advantages [3][15] Future Outlook - The company is advancing from 5G to 6G technology, with ongoing development in the N104 frequency band and plans for the Face 8L SA to enter mass production within the year [11][12] - New applications in emerging fields such as drones and smart gateways are expected to drive significant revenue growth in the coming years [10][12] - The company anticipates stable pricing in the second half of 2025, with no significant declines expected [17] Competitive Landscape - Weijie Chuangxin is positioned as a leading domestic player in the WiFi FEM market, with significant revenue from high-end mobile devices and plans to expand into new sectors like AI companion products and automotive applications [22][23] - The company has made progress with major clients, including Samsung, focusing on new projects and advanced modules [27] Inventory and Supply Chain Management - The company maintains a healthy inventory level, with effective supply chain management to meet future demand and challenges [24][26] Conclusion Weijie Chuangxin is navigating a competitive landscape with strategic product development and market positioning, focusing on high-margin products and emerging technologies to drive future growth. The company is well-prepared for the anticipated shifts in the market and technology landscape.

报告期内，射频功率放大器模组贡献了78,891.87万元的营业收入，5G射频功率放大器模组实现营业收入38,789.76万元，占公司 射频功率放大器模组产品营收的49.17%。 其中，基于第一代产品的量产经验，推出的第二代产品Phase7LEPlus模组在效率和功耗等关键性能上实现了显著提升，目标市 场锁定2025年秋季的品牌手机旗舰机型。报告期内，公司已达成年初目标，搭载该产品的智能手机将在2025年下半年面世。这 一产品的推出，不仅进一步巩固了公司在高端市场的地位，还为公司带来了新的市场机会和增长潜力。与此同时，公司同步推 进的Phase8L模组专注于中高端手机市场，采用全集成设计，支持Sub-3GHz全频段覆盖，具备面积小、价格适中且性能卓越的特 点，能够满足中高端手机对高性能、小尺寸和低成本的需求，进一步加速了5G射频分立方案向高集成度方案的转化。截至2025 年6月末，该模组产品已成功导入多家品牌客户并实现批量出货。 报告期内，公司的接收端产品向头部手机批量出货，实现营收19,491.56万元，占公司主营业务收入的比例为19.81%。截至报告 期末，公司已完成第四代LNA Bank产品矩阵的全面升级 ...

Core Viewpoint - Vanchip (Tianjin) Technology Co., Ltd. reported a significant decline in financial performance for the first half of 2025, with a notable drop in revenue and net profit, attributed to intensified competition in the RF front-end chip market and price pressures on certain products [4][6]. Company Overview - Vanchip specializes in the research, design, and sales of integrated circuit products, particularly RF front-end modules, which are essential for modern electronic devices [6]. - The company is headquartered in Tianjin, China, and operates under the stock code 688153 on the Shanghai Stock Exchange [3]. Financial Performance - For the first half of 2025, the company reported revenue of approximately CNY 986.67 million, a decrease of 7.93% compared to the same period in the previous year [4]. - The total profit for the period was a loss of approximately CNY 21.35 million, a decline of 206.58% year-on-year [4]. - The net profit attributable to shareholders was approximately CNY -9.43 million, down 183.72% from the previous year [4]. - The company’s net assets at the end of the reporting period were approximately CNY 3.95 billion, a decrease of 1.04% from the end of the previous year [4]. Industry Context - The RF front-end chip market is characterized by intense competition, primarily dominated by major players from the US and Japan, which hold over 80% of the market share [6]. - The industry is undergoing a transformation driven by advancements in 5G technology, AI, and the Internet of Things (IoT), which are increasing the demand for high-performance RF solutions [6][10]. - The Chinese RF front-end industry is in a critical phase of upgrading, with domestic manufacturers aiming to catch up technologically and increase market penetration [6]. Market Trends - The demand for RF front-end chips is expanding beyond consumer electronics into industrial applications, automotive electronics, and IoT devices, creating new market opportunities for domestic companies [6]. - The integration of AI technologies in mobile devices is driving the need for enhanced RF front-end capabilities, particularly in terms of bandwidth and low latency [12][13]. - The wearable device market is experiencing rapid growth, with a projected increase in demand for RF front-end solutions that support advanced functionalities [15]. Future Outlook - The ongoing development of 5G-Advanced and the anticipated transition to 6G technology are expected to further enhance the value of RF front-end modules and expand their applications across various sectors [6][7]. - The market for Wi-Fi technologies, particularly Wi-Fi 6 and Wi-Fi 7, is projected to grow significantly, indicating a robust demand for RF solutions that can support these advancements [8].