Listing Overview - Beijing Angrui Microelectronics Technology Co., Ltd. will list its ordinary shares on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 16, 2025 [1] - The stock code for Angrui Micro is 688790, with a total share capital of 99,531,688 shares after the public offering [3] - The number of shares offered in this public offering is 24,882,922, all of which are new shares with no existing shares being transferred [3] Share Structure and Liquidity - After the issuance, the number of unrestricted circulating shares at the initial listing will be 12,057,671 shares, accounting for 12.11% of the total share capital [4] - The company may face liquidity risks due to the limited number of circulating shares at the initial listing [4] Valuation Metrics - The offering price of 83.06 yuan per share corresponds to a diluted static price-to-sales ratio of 3.93 times based on the projected revenue for 2024 [6] - This price-to-sales ratio is lower than the average level of comparable companies in the industry, indicating potential valuation attractiveness [6] Comparable Company Analysis - As of December 2, 2025, comparable listed companies in the same industry have varying price-to-sales ratios, which are essential for assessing Angrui Micro's market position [5] Risk Factors - The stock will be subject to a price fluctuation limit of 20%, with no limit on the first five trading days, which may lead to significant price volatility [2] - The company has not yet achieved profitability and will be classified under the Sci-Tech Growth Tier upon listing, which may affect investor sentiment [2]

Core Viewpoint - The company, Angrui Micro, aims to become a world-class chip company in the RF and analog fields, focusing on technological innovation and long-term growth strategies as it prepares for its IPO on the STAR Market in December 2025 [1][8]. Group 1: Company Background and Development - Angrui Micro was founded in 2012 and is set to be listed on the STAR Market on December 16, 2025. The chairman, Qian Yongxue, emphasizes a pragmatic and low-profile approach, focusing on technology and products [1]. - The company has evolved from facing challenges in a competitive 2G market to becoming a key player in the 5G high-integration module supply chain, as well as expanding into satellite communication and vehicle networking [1][2]. - The breakthrough in technology came from adopting an innovative CMOS architecture, allowing the company to reduce the number of chips needed for functionality, which significantly lowered costs for Chinese smartphone manufacturers [2]. Group 2: Market Trends and Opportunities - The domestic RF front-end industry has gained momentum due to a wave of localization, with major smartphone manufacturers beginning to trust domestic suppliers, particularly in the high-barrier 5G module sector [3]. - Angrui Micro's 5G high-integration module, L-PAMiD, has achieved large-scale production and has entered the supply chains of several flagship brands, reflecting positive market feedback [3]. - The company is also focusing on satellite communication and vehicle networking as key growth areas, with plans to launch a complete set of 5G RF front-end products by mid-2026 [4][5]. Group 3: Future Strategies and Funding - The company plans to raise approximately 2 billion yuan through its IPO, primarily for R&D and industrial upgrades in 5G RF front-end chips and modules, as well as the construction of its headquarters and R&D center [7]. - The upgrade of 5G modules is a core project, driven by customer demands for new functionalities such as satellite communication and the trend towards thinner mobile devices [7]. - Angrui Micro is also exploring opportunities in low-power SoC chips for diverse markets, including electronic price tags and smart medical devices, with a focus on reliability and low power consumption [7]. Group 4: Competitive Landscape - The recent merger of international RF giants Skyworks and Qorvo indicates an acceleration of industry consolidation, which highlights the rise of domestic RF manufacturers [7]. - The company maintains a cautious approach to mergers and acquisitions, focusing on targets with solid technology and reasonable valuations, while continuing to invest in forward-looking technology [8].

Core Viewpoint - The company, Angrui Micro, aims to become a world-class chip manufacturer in the RF and analog fields, focusing on technological innovation and long-term growth strategies as it prepares for its IPO on the STAR Market in December 2025 [2][9]. Group 1: Company Background and Development - Angrui Micro was founded in 2012 and is positioned in the RF front-end chip market, which is crucial for precise communication in smart devices [2]. - The company has evolved from facing intense competition in the 2G market to becoming a key player in the 5G high-integration module supply chain [3][4]. - The founder, Qian Yongxue, emphasizes the importance of patience and strategic determination in achieving technological breakthroughs [3]. Group 2: Technological Innovations - The company achieved a significant technological breakthrough by using an innovative CMOS architecture, allowing a single chip to perform the functions of three to four traditional chips, which helped reduce costs for Chinese smartphone manufacturers [3]. - Angrui Micro has developed a 5G high-integration module, L-PAMiD, which has been mass-produced and integrated into flagship devices of major brands [4]. Group 3: Market Opportunities and Growth Strategies - The company is expanding into new growth areas such as satellite communication and vehicle networking, leveraging its core RF technology [6]. - Angrui Micro has developed satellite communication solutions applicable to various devices and has entered the supply chain of major automotive brands with its vehicle-grade RF chips [6][7]. - The company is also exploring opportunities in AI and Bluetooth technology, aiming to meet the high demands of low power consumption and high integration in emerging markets [7]. Group 4: IPO and Future Plans - The company plans to raise approximately 2 billion yuan through its IPO, focusing on R&D and industrial upgrades for 5G RF front-end chips and SoC development [8]. - Angrui Micro aims to enhance its product offerings in response to market demands for satellite communication and the trend towards thinner mobile devices [8]. - The company is committed to a long-term strategy, focusing on solid technological foundations and prudent acquisition strategies to expand its business boundaries [9].

每经记者｜闫峰峰 每经编辑｜吴永久 各位老铁，近期新股情绪持续高昂，让中签的投资者赚得盆满钵满，如12月5日上市的摩尔线程，即便 募资金额较多，发行价较高，但在上市首日涨幅达425.5%，中一签的投资者更是赚24.31万元。 而明日又将迎来1只科创板高价新股，那就是昂瑞微。公司是国产5G射频芯片龙头，产品打破国际垄 断。公司创始人兼实控人钱永学先生硕士毕业于中科院微电子研究所，公司获得华为、小米的投资。 值得注意的是，公司发行价高达83.06元/股，如果其明日能够取得近10只新股的上市首日平均涨幅 348.19%，那么中一签的投资者将赚超10万元。那么，昂瑞微明日上市会是一只10万元肉签吗？ 行业方面，公司主要聚焦射频前端芯片、射频SoC芯片领域。射频前端是无线通信设备的核心组件，主 要处理射频信号。根据Yole数据，全球射频前端市场规模由2020年的192亿美元增至2024年的255亿美 元、年均复合增长率达7.3%；预计2030年全球射频前端市场规模有望达308亿美元，2024年至2030年复 合增长率约为3.2%。 从供给端来看，目前，全球射频前端市场中，美国、日本等国际头部厂商占据该市场的绝大部分份额 ...

New Stock Issuance - The new stock "健信超导" (code: 787805) is issued at a price of 18.58[1] - The new stock "昂瑞微" (code: 688790) is listed at a price of 83.06[1] Rights Issues and Offers - "荃银高科" (code: 300087) has a tender offer period from December 4, 2025, to January 5, 2026[1] - "天普股份" (code: 605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] Delisting and Trading Alerts - "退市苏吴" (code: 600200) has 10 trading days remaining until the last trading day[1] - "ST广道" (code: 920680) has 12 trading days remaining until the last trading day[1] Stock Performance Alerts - "赛微电子" (code: 300456) has reported severe abnormal fluctuations[1] - "ST立方" (code: 300344) has also reported severe abnormal fluctuations[1]

Group 1 - The core viewpoint of the articles highlights the fundraising activities of companies listed on the STAR Market, with a total of 17 companies raising 35.089 billion yuan this year, averaging 2.064 billion yuan per company [1][2] - Among the companies, Moer Technology raised the most at 8 billion yuan, primarily for cash management and the development of AI training chips and graphics chips [1] - Other notable fundraisers include Xian Yicai with 4.636 billion yuan for its silicon industry base project, and Muxi Co., Ltd. with 4.197 billion yuan [1] Group 2 - The average initial offering price for STAR Market stocks this year is 36.56 yuan, with four companies priced above 50 yuan, and two exceeding 100 yuan, the highest being Moer Technology at 114.28 yuan [2] - The issued price-earnings ratio ranges from 6.14 to 519.12, with an average of 83.91 and a median of 42.64, where C Bai Ao has the highest ratio at 519.12 [2] - Geographically, the majority of the issued companies are concentrated in Beijing, Hubei, and Guangdong, with fundraising amounts led by Beijing at 14.692 billion yuan [2]

扫描二维码查阅公告全文 北京昂瑞微电子技术股份有限公司 首次公开发行股票科创板 上市公告书提示性公告 保荐人（主承销商）：中信建投证券股份有限公司 本公司及全体董事、高级管理人员保证信息披露的内容真实、准确、完整、 及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，北京昂瑞微电子技术股份有限公司（以下简称 "昂瑞微""公司""本公司"或"发行人"）发行的人民币普通股股票将于 2025 年 12 月 16 日在上海证券交易所科创板上市，上市公告书全文和首次公开发行股 票的招股说明书在上海证券交易所网站（http://www.sse.com.cn/）和符合中国证 监 会 规 定 条 件 网 站 （ 中 证 网 ， https://www.cs.com.cn/ ； 中 国 证 券 网 ， https://www.cnstock.com/；证券时报网，https://www.stcn.com/；证券日报网， http://www.zqrb.cn/；经济参考网：http://www.jjckb.cn/）披露，并置备于发行人、 上交所、本次发行保荐人（主承销商）中信建投证券股份有限公司的住所，供公 众 ...

股票简称：昂瑞微 股票代码：688790 北京昂瑞微电子技术股份有限公司 （北京市海淀区东北旺西路 8 号院 23 号楼 5 层 101） 首次公开发行股票科创板上市公告书 保荐人（主承销商） （北京市朝阳区安立路66号4号楼） 二〇二五年十二月 北京昂瑞微电子技术股份有限公司 上市公告书 特别提示 北京昂瑞微电子技术股份有限公司（以下简称"昂瑞微""发行人""公司" "本公司"）股票将于 2025 年 12 月 16 日在上海证券交易所科创板上市。 根据《上海证券交易所科创板上市公司自律监管指引第 5 号——科创成长 层》，上市时未盈利的科创板公司，自上市之日起纳入科创成长层。截至本公告 披露日，昂瑞微尚未盈利，自上市之日起将纳入科创成长层。 普通投资者参与科创成长层股票或者存托凭证交易的，应当符合科创板投资 者适当性管理的要求，并按照上海证券交易所有关规定，在首次参与交易前以纸 面或者电子形式签署《科创成长层风险揭示书》，由证券公司充分告知相关风险。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在 新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 北京昂瑞微电子技术股份有限公司 ...

北京昂瑞微电 术股份有限公司 110847 (草案) / to t 目 录 | 第一章 | 总则 . | | --- | --- | | 第二章 | 经营宗旨和范围 | | 第三章 | .. 股份 | | 第四章 | 股东和股东会 . | | 第五章 | 董事会 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 30 | | 第六章 | 总经理及其他高级管理人员 . | | 第七章 | 财务会计制度、利润分配和审计 . | | 第八章 | 通知和公告 | | 第九章 | 合并、分立、增资、减资、解散和清算 | | 第十章 | 修改章程 . | | 第十一章 | 附则 | 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益,规范公司的组织 和行为,根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华 人民共和国证券法》(以下简称"《证券法》")和其他有关规定,结合北京昂 瑞微电子技术股份有限公司(以下简称"公司")的具体情况,制订本 ...

北京昂瑞微电子技术股份有限公司 首次公开发行股票并在科创板上市 招股说明书提示性公告 保荐人（主承销商）：中信建投证券股份有限公司 扫描二维码查阅公告全文 2 | 发行人 | 北京昂瑞微电子技术股份有限公司 | | | --- | --- | --- | | 联系人 | 张馨瑜 联系电话 | 010-83057683 | | 保荐人（主承销商） | 中信建投证券股份有限公司 | | | 联系人 | 股权资本市场部 联系电话 | 010-56051583、 010-56051613 | 发行人：北京昂瑞微电子技术股份有限公司 保荐人（主承销商）：中信建投证券股份有限公司 2025年12月11日 3 北京昂瑞微电子技术股份有限公司（以下简称"昂瑞微""发行人"或" 公司"）首次公开发行人民币普通股（以下简称"本次发行"）并在科创板上 市的申请已经上海证券交易所（以下简称"上交所"）科创板上市委员会审议 通过，并已经中国证券监督管理委员会（以下简称"中国证监会"）同意注册 （证监许可〔2025〕2348号）。《北京昂瑞微电子技术股份有限公司首次公开 发 行 股 票 并 在 科 创 板 上 市 招 股 说 明 书 》 ...