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]

证券研究报告 | 2025年08月28日 唯捷创芯（688153.SH） 优于大市 二季度环比扭亏为盈，WiFi 模组在 AI 端侧批量出货 二季度扭亏为盈，毛利率同环比提高。公司 2025 上半年实现收入 9.87 亿元 （YoY -7.93%），实现归母净利润-943 万元，扣非归母净利润-2043 万元； 毛利率同比下降 1.2pct 至 24.54%，研发费用同比下降 8.75%至 2.03 亿元， 研发费率同比下降0.2pct至20.55%。其中2Q25营收4.78亿元(YoY -21.66%， QoQ -5.99%)，归母净利润 869 万元(YoY -48%，QoQ +148%)，扣非归母净利 润 229 万元(YoY -67%，QoQ +110%)，环比扭亏为盈；毛利率为 28.02%（YoY +4.0pct，QoQ +6.8pct）。 上半年两大产品线收入均同比减少，接收端模组毛利率同比提高。分产品线 看，2025 上半年公司射频功率放大器模组收入 7.89 亿元(YoY -7.61%)，占 比 80%，毛利率同比下降 2.2pct 至 23.98%，其中 5G 射频功率放大器模组收 入 3 ...

唯捷创芯（天津）电子技术股份有限公司2025 年半年度报告 公司代码：688153 公司简称：唯捷创芯 唯捷创芯（天津）电子技术股份有限公司 唯捷创芯（天津）电子技术股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在生产经营过程中可能面临的各种风险及应对措施，敬请查 阅"第三节 管理层讨论与分析"之"四、风险因素"。敬请投资者予以关注，注意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人孙亦军、主管会计工作负责人辛静及会计机构负责人（会计主管人员）辛静声 明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注 ...

Core Viewpoint - The company has implemented a "Quality Improvement and Efficiency Enhancement Return Action Plan" for 2025, focusing on enhancing core competitiveness and shareholder value through various strategic initiatives [1][2][3] Group 1: Business Focus and Core Competitiveness - The company specializes in the research, design, and sales of RF front-end chips, with products widely used in smartphones, tablets, routers, and AI devices, establishing itself as a leading supplier in the domestic RF front-end sector [1] - The company is advancing its product lines, particularly in high-integration RF modules and Wi-Fi modules, to meet market demands and maintain a competitive edge [2][3] Group 2: R&D Investment and Technological Leadership - The company invested CNY 202.72 million in R&D during the first half of 2025, accounting for 20.55% of its revenue, demonstrating a strong commitment to innovation [3] - The company has accumulated 83 domestic invention patents, 84 utility model patents, and 154 integrated circuit layout design registrations, showcasing its technological strength [3] Group 3: Corporate Governance and Operational Efficiency - The company has improved its governance structure, holding multiple board meetings and ensuring compliance with legal regulations to promote stable and healthy development [6] - A new stock incentive plan was approved, linking performance assessments of core team members to the company's overall revenue and profit, aligning interests between shareholders and management [4][5] Group 4: Shareholder Returns and Value Distribution - The company has established a "sustainable, stable, and scientific" shareholder return mechanism, including a three-year dividend plan to ensure reasonable returns for investors [7] - A share repurchase plan was executed, with CNY 119.99 million spent to buy back 3,615,973 shares, reinforcing market confidence and protecting investor interests [7] Group 5: Information Disclosure and Investor Relations - The company emphasizes high-quality information disclosure, publishing regular reports and announcements to keep investors informed [8] - Various channels are utilized for investor communication, enhancing understanding of the company's performance and development goals [8] Group 6: Management Responsibility and Compliance - The company has organized training for its board and management to enhance compliance awareness and risk management capabilities [9] - A market value management system was established to promote rational market value and support sustainable development [9]

Core Viewpoint - The article highlights the significant performance of Zijin Mining in Q1 2025, showcasing its revenue growth and profit increase, alongside the upcoming stock unlock events in the A-share market. Group 1: Zijin Mining Performance - Zijin Mining reported a Q1 2025 revenue of 789.28 billion, representing a year-on-year growth of 5.55% and a net profit of 101.67 billion, up 62.39% year-on-year, attributed to improved operational management and increased production of key minerals [3][5]. - The production data indicates a 13% increase in gold output and a 9% increase in copper output, while zinc production saw a 10% decline. The company's gross profit margin reached 59.94%, an increase of 5.44 percentage points year-on-year [5]. Group 2: Stock Unlock Events - Next week, 31 stocks will have their lock-up lifted, with a total unlock market value exceeding 11 billion [8]. - Among the stocks, 10 will have unlock values over 500 million, with Zhuozhao Point Glue and Weijie Chuangxin leading at 1.799 billion and 1.753 billion respectively [9]. - The unlock ratio, which reflects the impact on stock prices, shows that 15 of the 31 stocks have an unlock ratio exceeding 5%, with 8 stocks over 10% [12]. - Zhuozhao Point Glue has the highest unlock ratio at 71.66%, followed by Jindao Technology at 37.5%, and others exceeding 25% [13].