2025年11月26日，中国证监会披露锐石创芯（重庆）科技股份有限公司（简称"锐石创芯"）首次公开发 行股票并上市辅导工作完成报告。这一关键进展标志着这家集齐华为哈勃投资、OPPO、顺为资本等产 业巨头背书的射频前端"全产业链玩家"，已完成登陆资本市场的核心筹备工作，距离科创板上市目标迈 出实质性步伐。 锐石创芯自创立以来备受顶级资本青睐，历经7轮融资累计募资超十亿元。股东阵容中，OPPO以 7.1761%持股成为第一大外部股东，华为旗下哈勃投资、雷军系顺为资本分别持股6.905%、5.87%，同 时聚集了华勤、天珑、龙旗等产业链核心企业 。产业资本与财务资本的双重加持，不仅为公司技术研 发、产能扩张提供了充足资金支持，更助力其顺利切入OPPO、小米、中兴等头部终端厂商供应链，构 建起稳固的产业生态壁垒 。 若后续成功登陆科创板，公司将成为重庆集成电路领域首个科创板上市公司，进一步拓宽融资渠道，加 速技术迭代与产能释放。业内人士分析，随着5G、物联网、卫星通信等新兴应用场景的持续扩容，射 频前端市场需求将持续增长，具备全产业链能力与头部客户资源的锐石创芯，有望借助资本力量抢占更 大市场份额，为国产射频芯片的自 ...

Summary of the Conference Call for 卓胜微 (Zhuosheng Micro) Company Overview - **Company**: 卓胜微 (Zhuosheng Micro) - **Industry**: Semiconductor, specifically focusing on RF (Radio Frequency) components and modules Key Financial Metrics - **Revenue**: - For the first three quarters of 2025, revenue was 2.769 billion CNY, a decrease of 17.77% year-on-year [1] - Third quarter revenue was 1.065 billion CNY, an increase of 12.36% quarter-on-quarter [1] - **Net Profit**: - Net loss for the first three quarters was 171 million CNY, a decline of 140.13% year-on-year [1] - Third quarter net loss was 23.34 million CNY, a significant reduction of 76.84% quarter-on-quarter [1] - **Gross Margin**: - Overall gross margin was 26.68%, down 13.84% year-on-year [1] - Improvement in gross margin expected as production capacity utilization increases [1] Operational Insights - **Product Segmentation**: - RF discrete devices accounted for approximately 53% of revenue, while RF modules accounted for about 44% [1] - **R&D and Depreciation**: - R&D investment for the first three quarters was 644 million CNY, with depreciation amounting to 485 million CNY [2] - Full-year depreciation expected to be between 700 million to 750 million CNY [2] - **Inventory Management**: - Inventory stood at 3.016 billion CNY, a 19.64% increase year-on-year, to support production ramp-up and supply chain security [2] Industry Dynamics - **Market Competition**: - The merger of Skyworks and Corning is expected to impact the RF market, potentially reducing the number of major suppliers and creating opportunities for Zhuosheng Micro [8][9] - Concerns about over-competition and excess capacity in the domestic RF market were raised, with many companies competing for market share [17] - **Technological Advancements**: - Zhuosheng Micro is focusing on enhancing its technology capabilities in high-performance RF components and modules [5][6] - The company is also investing in special processes for 6-inch and 12-inch wafers to improve product offerings [6][7] Future Outlook - **Market Opportunities**: - The company anticipates growth in the fourth quarter due to improved product delivery and market demand [5][10] - There is a focus on developing customized products to meet client needs, particularly in the smartphone sector [49] - **Challenges**: - The company faces challenges related to high depreciation costs and competition from other domestic RF manufacturers [10][26] - The impact of AI on raw material supply chains continues to be a concern, affecting production capabilities [33] Additional Insights - **Patent Issues**: - The company is involved in patent disputes but believes its patents are robust and innovative [3] - **Customer Relationships**: - Strong relationships with major clients are crucial, and the company is working to enhance its product offerings to meet evolving customer demands [49] This summary encapsulates the key points discussed during the conference call, highlighting the financial performance, operational strategies, industry dynamics, and future outlook for Zhuosheng Micro.

Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company is experiencing a continuous evolution towards integration and modularization in the RF front-end product platform, which is crucial for meeting the demands of mobile smart terminal miniaturization and functionality [8][9]. - The company reported a significant decline in revenue and net profit for Q1 2025, with revenue at 756 million yuan (-36.47% YoY) and a net loss of 47 million yuan (-123.57% YoY) [4][8]. - The overall gross margin and net margin for Q1 2025 were 31.01% (-11.77 percentage points YoY) and -6.20% (-22.76 percentage points YoY), respectively, primarily due to increased depreciation and a slowdown in downstream demand [8]. - The company is expanding its product offerings from discrete components to RF modules, with applications extending into communication base stations, automotive electronics, and Bluetooth headsets [9]. Financial Summary - Revenue projections for 2025-2027 are 5.25 billion yuan, 8.91 billion yuan, and 12.68 billion yuan, respectively, with corresponding P/E ratios of 77, 45, and 32 [10]. - The company’s R&D investment as a percentage of revenue is expected to rise from 12.22% in 2022 to 22.22% in 2024, indicating a strong commitment to innovation [9]. - The company has achieved scale production capabilities for various products, including filters and modules, which have been successfully integrated into multiple brand clients [9]. Industry Context - The RF front-end chip market is characterized by high concentration globally and low domestic self-sufficiency, making the adoption of fully domestic solutions critical for reducing external risks and ensuring stable industry development [9]. - The trend towards high integration, cost-effectiveness, and customization in RF front-end solutions is driven by advancements in communication protocols and the increasing complexity of RF front-end devices [9].