近日，昂瑞微披露2025年年度业绩预告，预计亏损超1亿元，且亏损幅度较上年进一步扩大。 一时间，"行业寒冬"、"经营承压"的议论此起彼伏。我们拨开亏损数字的表象， 尝试 深入剖析业绩背后的逻辑便会发现，这份成绩单的背后，彰显出公 司在行业低谷期难得的战略定力。 | 亏损背后 当前，射频芯片行业确实面临阶段性压力。消费电子市场需求疲软，手机出货量下滑带动库存去化，上游芯片企业普遍面临经营挑战，即便行业龙头亦未 能幸免，这是整个射频芯片领域共同遭遇的行业性难题。 公告中明确： 昂瑞微积极应对，策略上颇具差异化。它并未选择在竞争激烈的红海市场中参与价格内卷，争夺持续萎缩的市场份额，而是做出了一项审 慎且具前瞻性的决策：主动剥离一批盈利能力弱、发展潜力有限的低毛利项目。 这如同企业在行业淡季的战略"瘦身"，摒弃非核心业务的资源消耗，将有限的资金与研发力量，集中投向核心竞争力强、符合未来发展趋势的重点业务， 为后续的高质量发展轻装上阵。 因此，本次亏损的部分成因，是公司主动清理低效业务、优化资源配置的结果，本质上是为长期发展夯实基础。 | 核心底气 在多数企业受消费电子市场波动影响而焦虑之际，昂瑞微凭借多元化的业务布局 ...

Core Viewpoint - The merger between Skyworks Solutions and Qorvo is a strategic response to market pressures, creating a new RF industry giant valued at up to $22 billion with annual sales of approximately $7.7 billion, aiming to save over $500 million in operating costs annually [2][5][53]. Group 1: Merger Details - The merger is structured as a "cash and stock" transaction, allowing the new entity to continue operating under the Skyworks Solutions name with the same NASDAQ ticker symbol SWKS [2][5]. - This merger marks a significant shift in the RF front-end industry, potentially restructuring the competitive landscape and signaling the end of an era for the two leading companies [5][6]. Group 2: Market Context - Skyworks and Qorvo have maintained a dominant position in the RF front-end market, particularly in China, despite larger competitors like Qualcomm and Broadcom having different business models [4][5]. - The RF industry has seen multiple mergers and acquisitions that have reshaped market dynamics, with this merger being particularly impactful due to its strategic focus on efficiency rather than competition [6][8]. Group 3: Industry Dynamics - The RF front-end industry is characterized by a high degree of order and stability, with a projected market size of approximately $15.4 billion by 2025, indicating significant growth potential [14]. - The industry has evolved through three stages: initial technological barriers, design capabilities, and now market strategies, with the current phase focusing on efficiency and cost reduction [19][51]. Group 4: Competitive Pressures - The RF front-end market is facing saturation, with global smartphone shipments plateauing around 1.2 billion units annually, leading to increased competition and reduced growth opportunities for major players [55][59]. - Both Skyworks and Qorvo have experienced declining profit margins due to rising competition from Chinese manufacturers and the need to maintain pricing power in a saturated market [60][66]. Group 5: Future Opportunities - The merger is seen as a strategic move to consolidate resources and enhance bargaining power within the supply chain, allowing the new entity to better navigate the competitive landscape [80]. - The restructuring of the RF industry presents a unique opportunity for Chinese manufacturers to transition from being technology followers to active participants in shaping industry standards [75][79].