中经记者 陈佳岚 广州报道 国产射频芯片厂商锐石创芯（重庆）科技股份有限公司（以下简称"锐石创芯"）IPO有了新进展。 2025年12月30日晚，上海交易所官网显示，锐石创芯科创板上市申请获受理。 本次IPO，锐石创芯拟募集资金约8.09亿元，用于MEMS器件生产基地二期建设项目、研发中心建设及 补充流动资金三大项目。 公开资料显示，锐石创芯成立于2017年4月，专注于射频前端芯片及模组的研发、设计、制造和销售。 公司产品涵盖L-PAMiD、DiFEM等模组以及射频滤波器、射频开关等分立器件，应用于智能手机、无 人机、物联网、卫星通信等领域。其中，智能手机厂商方面，已成功进入包括OPPO、小米、vivo、荣 耀、三星、传音等全球主流手机品牌的供应链体系。 《中国经营报》记者留意到，锐石创芯是国内少数具备滤波器自主生产能力的射频前端企业之一，主 打"国产替代"战略，但在业绩层面仍面临持续亏损、毛利率低下等多重挑战。 探索科技首席分析师王树一对记者表示，目前中国射频前端芯片行业中低端产品已经基本实现自主可 控，卓胜微、唯捷创芯、飞骧科技等这些企业在手机等中低端射频器件上的出货量已经相当可观。但是 对于高性能器件， ...

Core Viewpoint - The recent financial report of ZTE Microelectronics (卓胜微) for the first half of 2025 shows significant declines in revenue and net profit, indicating financial distress and challenges in operational performance [1]. Financial Performance - Total revenue for the first half of 2025 was 1.704 billion yuan, a decrease of 25.42% year-on-year [1]. - The net profit attributable to shareholders was -147 million yuan, down 141.59% compared to the previous year [1]. - In Q2 2025, total revenue was 948 million yuan, a decline of 13.43% year-on-year, with a net profit of -101 million yuan, reflecting a 164.35% decrease [1]. - Gross margin was 28.75%, down 31.73% year-on-year, while net margin was -8.68%, a drop of 156.18% [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 131 million yuan, accounting for 7.69% of revenue, an increase of 52.9% year-on-year [1]. - The company reported a significant increase in accounts receivable, which reached 627 million yuan, representing 155.95% of the latest annual net profit [1]. Cash Flow and Debt - Operating cash flow per share was 0.48 yuan, an increase of 188.95% year-on-year, indicating improved cash generation despite losses [1]. - The company’s interest-bearing debt rose to 2.532 billion yuan, a 56.74% increase compared to the previous year [1]. - The net cash flow from operating activities increased by 189.01% due to reduced inventory [3]. Business Outlook - The company is focusing on improving its production capabilities, particularly with the ramp-up of its 12-inch production line, which is expected to enhance performance in the future [8]. - The long-term outlook suggests that the company has developed comprehensive solutions for RF front-end products, which could strengthen its competitive position in the market [8]. Investment Sentiment - Analysts project that the company's performance for 2025 will yield a net profit of 392 million yuan, with an average earnings per share of 0.73 yuan [6]. - The largest fund holding ZTE Microelectronics is Wan Jia Growth Mixed Fund, which has maintained its position, reflecting investor confidence despite recent performance challenges [7].

Core Viewpoint - Jiangsu Maxscend Microelectronics Company Limited reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the RF integrated circuit market and a need for strategic adjustments to maintain competitiveness [3][10]. Financial Performance - The company's revenue for the reporting period was approximately 1.70 billion yuan, a decrease of 25.42% compared to the same period last year [3]. - The net profit attributable to shareholders was a loss of approximately 147.39 million yuan, a decline of 141.59% year-on-year [3]. - The basic earnings per share were -0.2757 yuan, down 141.54% from the previous year [3]. - The total assets at the end of the reporting period were approximately 14.33 billion yuan, showing a slight increase of 0.68% from the previous year [3]. Business Overview - The company specializes in RF integrated circuits, focusing on the research, development, production, and sales of RF switches, low-noise amplifiers, filters, and power amplifiers, primarily for mobile smart terminals [4][10]. - The company has established a complete ecosystem in the RF field, integrating design, research, process, device, material, and integration technology resources [4][10]. Industry Context - The global semiconductor market is expected to grow by 11.2% in 2025, reaching approximately 697.1 billion USD, driven by advancements in AI, 5G, IoT, and other emerging technologies [11]. - The integrated circuit industry in China is transitioning from a major importer to a self-sufficient producer, with a focus on enhancing domestic capabilities and reducing reliance on foreign technology [11][12]. - The RF front-end market is highly concentrated, with international firms dominating, but domestic companies are increasingly making breakthroughs and competing effectively [16]. Strategic Focus - The company is committed to enhancing its core technology and resource platform, aiming to become a leading RF solution provider in China [4][10]. - The company is leveraging its Fab-lite business model to optimize production processes and reduce dependency on external foundries, thereby enhancing supply chain stability [9][10]. - The company aims to expand its market presence in high-end RF module products and capitalize on emerging opportunities in communication base stations, automotive electronics, and IoT applications [10][16].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is positioned as a leading player in the RF front-end market, with a comprehensive product lineup and a strategic shift towards a Fab-Lite model, enhancing its competitive edge [1][15] - The RF front-end market is projected to grow significantly, with a shift towards domestic alternatives due to geopolitical factors, presenting growth opportunities for local manufacturers [2][12] - The company's Chip Project is progressing well, with ongoing capacity expansion and a recent fundraising initiative aimed at enhancing production capabilities [3][18] Summary by Sections 1. RF Full Product Layout and Fab-Lite Model - The company focuses on RF front-end chip development, including RF switches, low-noise amplifiers, filters, and power amplifiers, and is expanding into low-power Bluetooth MCU chips [1][15] - The company has successfully transitioned to a Fab-Lite model, establishing a 6-inch SAW filter production line that has entered mass production [15][18] - The management team has a strong background, with founders holding significant shares and experience in the industry, which supports the company's strategic direction [21][24] 2. RF Front-End Market Growth and Domestic Substitution - The global RF front-end market is expected to grow from USD 19.2 billion in 2022 to USD 26.9 billion by 2028, with a CAGR of 5.8% [2] - Domestic manufacturers are gaining market share in the filter and L-PAMiD module sectors, driven by a push for local supply chains amid trade tensions [2][12] 3. Chip Project Progress and Capacity Expansion - The Chip Project has reached mid-delivery stages, with the 6-inch filter production line achieving full product layout and the 12-inch IPD platform entering mass production [3][18] - A new round of fundraising aims to raise up to CNY 3.5 billion for expanding RF chip manufacturing, positioning the company favorably for future growth [3][18] 4. Profit Forecast and Investment Recommendations - Revenue projections for 2025, 2026, and 2027 are CNY 4.91 billion, CNY 5.61 billion, and CNY 6.67 billion, respectively, with expected growth rates of 9.5%, 14.2%, and 19.0% [4][6] - The company is anticipated to return to profitability in the second half of 2025 as production capacity utilization improves [25]

Core Insights - The explosive growth in AI computing power demand is creating historic opportunities for storage chips, which are essential components in the semiconductor industry and represent a significant portion of the global chip market [1][3]. Industry Overview - The Chinese storage chip market is projected to exceed 1.5 trillion yuan by 2025, with a surge in demand for high-end storage products like HBM and DDR5 [1]. - AI model training is driving exponential increases in memory bandwidth requirements, with Nvidia's H100 AI server needing 640GB of HBM and 2TB-4TB of DDR5, leading to a projected HBM market size of $30 billion by 2025, accounting for 28% of the global DRAM market [3]. Policy Support - China's "14th Five-Year Plan" identifies storage chips as a key area for breakthroughs, with the National Big Fund Phase III focusing on advanced processes and storage technologies to support local companies like Yangtze Memory Technologies and Changxin Memory Technologies [3]. Market Trends - Historical trends show that technological revolutions create new demands that benefit core component suppliers first, as seen in the 5G commercialization and the electric vehicle revolution [3]. Company Analysis - **GigaDevice**: A leader in the global NOR Flash market and automotive DRAM, producing a full range of storage chips with clients including Samsung, Apple, and Huawei [5]. - **Lanqi Technology**: A global leader in memory interface chips, with over 50% market share in DDR5 interface chip shipments and recognized by Intel [5]. - **Jiangbolong**: A leader in storage module packaging and testing, with a partnership with SanDisk to develop 218-layer 3D flash memory technology, achieving a 200% year-on-year revenue increase in enterprise storage products by Q1 2025 [6]. - **Yangtze Memory Technologies**: Engaged in traditional storage and computing industry, focusing on enterprise SSDs, server manufacturing, and AI glasses [8]. - **Confidential Storage Chip Company (Code: 666XXX)**: Specializes in HBM and DDR5 development, with core technologies in 3D stacking and hybrid bonding, expected to see an 80% revenue growth by 2025 and a net profit margin increase to 25% [10].

Core Insights - The report provides a comprehensive analysis of the current state and future prospects of the RF device market in China from 2025 to 2031, highlighting key trends, challenges, and opportunities within the industry [1][3]. Group 1: Industry Overview - The RF device industry is defined and categorized, including distinctions between RF devices and similar concepts such as electronic components and power semiconductors [4][5]. - The report outlines the classification of RF devices based on various criteria, including control signal characteristics and internal carrier participation in conduction [4][5]. Group 2: Macro Environment Analysis - A PEST analysis is conducted, examining the policy, economic, social, and technological environments affecting the RF device industry in China [5][6]. - The report details the regulatory framework and standardization efforts within the RF device sector, including current and upcoming standards [5][6]. Group 3: Global Market Insights - The global RF device market is analyzed, including historical development, current market size, and competitive landscape [6][7]. - Key regions such as the US, Europe, and Japan are examined for their respective RF device market conditions and standards [6][7]. Group 4: Supply and Demand Analysis - The report assesses the supply and demand dynamics within the Chinese RF device market, including production and consumption statistics of representative companies [8][9]. - It highlights the import and export trends over the past five years, providing insights into trade dynamics and market structure [8][9]. Group 5: Competitive Landscape - The competitive landscape of the RF device industry in China is analyzed, including the entry processes of competitors and strategic positioning [9][10]. - The report discusses the market concentration and competitive clusters within the industry, providing a detailed overview of major players [9][10]. Group 6: Investment Opportunities - The report identifies potential investment opportunities within the RF device industry, focusing on weak links in the supply chain and emerging market segments [10][11]. - It also provides strategic recommendations for entering and exiting the market, along with an assessment of investment risks and values [10][11].

Core Viewpoint - Skyworks has significantly increased its presence in the chip spot market over the past two years, driven by rising demand in various sectors, including drones, and has seen a notable increase in prices for certain models [3][16]. Group 1: Company Overview - Skyworks is a non-typical analog chip manufacturer specializing in radio frequency (RF) chips, particularly in the RF front-end (RFFE) segment, which plays a crucial role in wireless communication modules [5][6]. - The global RF front-end market is dominated by major players, with Skyworks holding a 15% market share, alongside Broadcom, Qualcomm, Qorvo, and Murata, which collectively account for about 80% of the market [7][10]. Group 2: Market Position and Performance - Skyworks leads the power amplifier (PA) market with a 43% share, while also holding a 22.6% share in the RF switch market and 10% in the SAW filter market [10][11]. - The RF front-end components, particularly filters and power amplifiers, are projected to grow significantly, with expected market sizes of $2.1 billion and $1.4 billion by 2026, respectively [12]. Group 3: Business Segments and Revenue - Skyworks' revenue is primarily derived from two business segments: mobile business (60-67% of revenue) and broad markets (including IoT, automotive, and industrial applications) [14]. - The company has seen its revenue grow from approximately $800 million in 2009 to over $5 billion in recent years, with a peak of $5.486 billion in fiscal year 2022 [18][20]. Group 4: Challenges and Risks - Skyworks faces challenges due to its heavy reliance on mobile business, particularly on Apple, which contributes significantly to its revenue. A recent shift in Apple's sourcing strategy is expected to reduce Skyworks' demand by 20-25% [21][23]. - The company has experienced a shift in revenue sources, with the U.S. market's share increasing from over 50% in 2018 to 77% in 2024, while its reliance on the Chinese market has decreased [25]. Group 5: Future Outlook - Skyworks is actively diversifying its business to reduce dependence on the smartphone market, with broad markets revenue increasing from about 30% in fiscal year 2021 to over 35% in fiscal year 2024 [26]. - Despite facing challenges, Skyworks maintains a strong cash flow, with free cash flow exceeding $1.6 billion for two consecutive years, supporting ongoing R&D and product development [31].

Core Viewpoint - Jiangsu Zhaosheng Microelectronics Co., Ltd. plans to issue A-shares to specific targets, which may dilute immediate returns for shareholders, but the company has committed to measures to mitigate this impact [1][3][12]. Financial Impact Analysis - The company estimates that the issuance will increase the total share capital from 53,452.87 million shares to 69,531.66 million shares, depending on various profit scenarios for 2025 [1][2]. - Under three hypothetical scenarios regarding net profit changes, the basic earnings per share (EPS) could decrease from 0.75 yuan to as low as 0.52 yuan [1][2]. Necessity and Rationality of the Issuance - The issuance is deemed necessary to enhance supply chain security, improve technological capabilities, and protect core intellectual property, thereby strengthening the company's competitive position [3][4]. - The investment projects align with national development strategies and market trends, leveraging the company's long-term advantages in market position and technology [3][4]. Relationship with Existing Business - The funds raised will be used for expanding RF chip manufacturing and supplementing working capital, directly enhancing the company's core business capabilities [4][5]. - The company has a strong technical foundation in RF integrated circuits, with a focus on innovation and R&D to maintain competitive advantages [5][6]. Measures to Mitigate Dilution of Immediate Returns - The company plans to enhance operational efficiency and profitability through the timely execution of investment projects [10][11]. - Strict management of raised funds will be implemented to ensure they are used effectively for designated projects, minimizing risks associated with fund usage [9][10]. Commitment from Management and Control - The board and senior management have committed to fulfilling the measures to compensate for the dilution of immediate returns, ensuring shareholder interests are protected [12][13]. - The actual controllers of the company have also made commitments to uphold these measures and not interfere with the company's management [13][14].

Core Viewpoint - Jiangsu Zhuosheng Microelectronics Co., Ltd. plans to issue up to 160,457,680 A-shares to raise no more than 3,475 million yuan for expanding RF chip manufacturing capacity and supplementing working capital [1][10]. Group 1: Background and Purpose of the Issuance - The integrated circuit industry is a strategic and foundational sector crucial for national economic and social development, with a focus on enhancing capital strength and profitability [1][2]. - The issuance aims to support the development of the integrated circuit industry, which is expected to benefit from significant opportunities amid global technological changes and domestic policy support [2][3]. Group 2: Market Trends and Opportunities - The global integrated circuit industry is entering a period of disruptive technological change, with China's integrated circuit sector poised for major growth [2][3]. - The RF front-end industry is a vital component of the integrated circuit sector, driven by the increasing demand for RF front-end chip solutions due to advancements in communication technology [3][4]. - The global RF front-end module market is projected to reach approximately 26.54 billion USD by 2024, with significant growth driven by the smartphone market and emerging technologies [3][4]. Group 3: Domestic Industry Landscape - China's integrated circuit industry has rapidly developed, with the industry scale expected to grow from 653.2 billion yuan in 2018 to 1,045.8 billion yuan by 2024, reflecting a compound annual growth rate of 9.5% [3]. - The domestic RF front-end industry still has a low self-sufficiency rate, with major international players holding about 80% of the global market share [5][6]. - The increasing demand for high-performance domestic RF front-end products presents opportunities for local manufacturers amid geopolitical uncertainties [5][6]. Group 4: Company Strategy and Development - The company has transitioned from a Fabless model to a Fab-Lite model, establishing a complete industrial ecosystem from R&D to sales [7][8]. - The planned issuance will enhance the company's manufacturing capabilities for RF front-end chips, enabling it to meet the growing demand for high-end customized products [8][10]. - The company has developed a strong technical foundation and a stable management team, which will support the successful implementation of the fundraising projects [25][26]. Group 5: Financial Considerations and Impact - The total amount raised from the issuance will be used for expanding RF chip manufacturing capacity and supplementing working capital, which is essential for the company's operational efficiency [10][17]. - The issuance is expected to improve the company's capital structure and reduce financial risks, enhancing its ability to withstand macroeconomic fluctuations [10][11]. - The company aims to maintain a stable profit distribution policy while ensuring that the interests of all shareholders, especially minority investors, are protected [28][29].

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]