8月29日，深圳飞骧科技股份有限公司向港交所递交上市申请。 该公司是一家总部位于中国的无晶圆厂半导体公司，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。 2022年、2023年、2024年和2025年前5个月，飞骧科技净利润分别为-3.61亿元、-1.93亿元、0.76亿元和 0.13亿元。 曾递交科创板上市申请 根据招股书，飞骧科技专注于设计、研发和销售射频前端芯片。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。公司的产品可分为PA及PA集 成收发模组，包括5G L-PAMiD、5G L-PAMiF、5G PA模组、4G PA模组、2G-3G PA模组，以及Wi-Fi产 品；集成接收模组、LNA及开关。 飞骧科技在招股书中提到，香港联交所作为领先的国际金融市场之一，可为公司提供直接进入全球资本 市场的途径，提升公司的筹资能力，扩大公司的股东基础，并加强公司的国际视野；将为公司提供一个 更好的平台，以支持公司的业务发展；将进一步提升公司的品牌知名度、业务概况及企业形象， ...

Core Viewpoint - The Hong Kong stock market is experiencing an IPO boom, with the chip industry playing a significant role, exemplified by Shenzhen Feixiang Technology Co., Ltd. submitting its prospectus for listing on the Hong Kong Stock Exchange [2] Company Overview - Feixiang Technology, established in 2015, focuses on the design, research, and sales of RF front-end chips, with applications in smartphones, tablets, and wireless broadband routers [3] - The company operates on a fabless model, outsourcing manufacturing and testing processes to third-party companies [3] - Feixiang Technology has received multiple rounds of financing from institutions such as CICC Capital and Shenzhen High-tech Investment, and is listed among the 2024 GEI China unicorns [3] Financial Performance - The company's revenue grew from 1.021 billion RMB in 2022 to 2.458 billion RMB in 2024, achieving profitability in 2024 with a net profit of over 76 million RMB [4] - Revenue breakdown for 2025 shows that mobile smart devices accounted for 96.2% of total revenue in the first five months [3] - Despite a decline in revenue by 7.6% year-on-year in the first five months of 2025, the company maintained a gross margin increase, reaching 20% [6][4] Market Trends - The global RF front-end chip market is projected to grow from 107.2 billion RMB in 2020 to 159.5 billion RMB in 2024, with a compound annual growth rate (CAGR) of 10.4% [6] - The market is expected to reach 234.3 billion RMB by 2029, driven by the rapid development of smartphones, communication base stations, and the Internet of Things [6] Competitive Landscape - The RF front-end chip market has been historically dominated by international manufacturers, with major players like Skyworks, Broadcom, Qorvo, and Murata holding over 80% of the market share [7] - The trend towards domestic substitution is accelerating due to changes in international trade dynamics, enhancing the capabilities of China's chip industry [7] R&D and Innovation - Feixiang Technology invests significantly in R&D, with total expenditures reaching 272 million RMB in 2024, accounting for 11.1% of total revenue [8] - The company holds 21 core technologies and 331 patents, the most among RF front-end chip providers in China, focusing on ultra-wideband technology for high-speed wireless transmission [9] - Products are increasingly adopted by major smartphone brands such as Xiaomi, VIVO, and Samsung, indicating a growing market presence [9]