Core Viewpoint - Angrui Microelectronics has successfully listed on the STAR Market, marking a significant milestone in the domestic semiconductor industry, particularly in the RF chip sector, where it has broken the monopoly of international manufacturers [2][3][4]. Company Overview - Founded in 2012, Angrui Micro is focused on the design and development of RF and analog integrated circuits, specializing in RF front-end chips, RF SoC chips, and other analog chips [5]. - The company has developed a full range of RF front-end chip products for 5G/4G/3G/2G, including RF front-end modules and power amplifiers, and has achieved large-scale sales with major smartphone brands such as Honor, Samsung, Vivo, Xiaomi, and OPPO [6]. Product Development - Angrui Micro has successfully mass-produced several RF front-end modules, including L-PAMiD, which has addressed technical bottlenecks in 5G RF front-end modules and has been adopted by flagship models of mainstream smartphone brands [6][7]. - In the RF SoC domain, the company’s products include low-power Bluetooth SoC chips and 2.4GHz private protocol SoC chips, which are utilized in various IoT applications across well-known clients like Alibaba, Xiaomi, and BYD [7]. Market Position and Growth - As of June 30, 2025, Angrui Micro has led or participated in six national-level and multiple local major scientific research projects, contributing to the advancement of RF technology in China [7]. - The company has received significant investments from notable firms, indicating strong confidence in its technology and market potential, with a focus on high-end RF module production and expanding into new applications [8][9]. Future Prospects - Investors express optimism about Angrui Micro's long-term growth potential, emphasizing its role in the domestic semiconductor industry and its capability to compete globally in the RF and analog chip markets [8][9].

Core Viewpoint - Angrui Microelectronics officially listed on the Sci-Tech Innovation Board, marking a significant step for domestic high-end RF chips in the capital market and enhancing the self-sufficiency of China's semiconductor industry [1] Group 1: Market Position and Technology - RF chips are essential for wireless communication in various fields, including 5G, smartphones, IoT, and smart vehicles, yet the market has been dominated by international giants like Broadcom and Qualcomm, with domestic market share remaining low [1][2] - Angrui Micro has achieved significant milestones in the high-end RF front-end module market, specifically with its 5G L-PAMiD module, which has been successfully mass-produced and shipped in flagship models of major smartphone brands, breaking international monopolies [2][3] - The company has established a comprehensive layout in satellite communication, launching products for handheld terminals and positioning itself favorably in the upcoming satellite communication market, which is expected to grow significantly [3][4] Group 2: Financial Performance and Growth - Angrui Micro's revenue from RF front-end products grew by 9.26% year-on-year, while its RF SoC business saw a 22.38% increase, indicating strong performance despite challenges from client procurement strategies [7] - The company has diversified its customer base, significantly increasing direct supply revenue from brand clients, which has reached levels comparable to the previous year's total, showcasing resilience and adaptability [7] Group 3: Strategic Initiatives and Future Outlook - The timing of Angrui Micro's IPO aligns with a critical window for domestic RF chip replacement, as global geopolitical changes drive local brands to adopt domestic suppliers, particularly in high-end modules [8] - The company plans to raise 2.067 billion yuan through its IPO to invest in R&D and industrial upgrades for 5G RF front-end chips and modules, as well as RF SoC projects [8] - To capitalize on the domestic replacement trend, Angrui Micro must enhance its supply chain autonomy, expand into high-value markets like automotive electronics and industrial IoT, and develop comprehensive system-level capabilities [9]

Summary of Key Points Core Viewpoint - A total of 17 companies have announced their performance forecasts for the year 2025, with 12 companies expecting profit increases, 2 companies expecting profit decreases, and 1 company forecasting a loss [1]. Company Performance Forecasts - **C百奥**: Expected profit increase of 303.57%, latest closing price at 55.96, year-to-date change of -14.95% [1] - **摩尔线程**: Expected loss reduction of 41.36%, latest closing price at 764.90, year-to-date change of 27.38% [1] - **立讯精密**: Expected profit increase of 26.09%, latest closing price at 57.36, year-to-date change of 41.52% [1] - **宏远股份**: Expected profit increase of 21.42%, latest closing price at 28.93, year-to-date change of -30.87% [1] - **奥美森**: Expected profit increase of 16.44%, latest closing price at 27.68, year-to-date change of -24.09% [1] - **南特科技**: Expected profit increase of 13.02%, latest closing price at 18.72, year-to-date change of -23.62% [1] - **中国铀业**: Expected profit increase of 11.42%, latest closing price at 74.98, year-to-date change of 10.28% [1] - **泰凯英**: Expected profit increase of 10.44%, latest closing price at 17.29, year-to-date change of -20.10% [1] - **丹娜生物**: Expected profit increase of 8.92%, latest closing price at 79.71, year-to-date change of -21.93% [1] - **信通电子**: Expected profit increase of 5.40%, latest closing price at 43.00, year-to-date change of -31.38% [1] - **精创电气**: Expected profit increase of 5.00%, latest closing price at 41.80, year-to-date change of -19.80% [1] - **新恒汇**: Expected profit increase of 4.66%, latest closing price at 66.99, year-to-date change of 59.95% [1] - **南网数字**: Expected profit increase of 2.76%, latest closing price at 20.48, year-to-date change of 10.82% [1] - **海安集团**: Expected stable performance with a forecast of 0.14%, latest closing price at 62.35, year-to-date change of -25.35% [1] - **中诚咨询**: Expected profit decrease of 4.14%, latest closing price at 33.42, year-to-date change of -13.28% [1] - **锦华新材**: Expected profit decrease of 5.47%, latest closing price at 51.02, year-to-date change of 20.64% [1] - **N昂瑞微**: Expected loss of 19.44%, specific closing price not provided [1]

Core Viewpoint - N Angrui-UW has been listed today with an opening price of 240.00 yuan, representing an increase of 188.95% from its issue price of 83.06 yuan [2] Company Overview - N Angrui is a specialized integrated circuit design company focusing on RF and analog fields, recognized as a national-level "little giant" enterprise [2] - The company primarily engages in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips, emphasizing high performance, reliability, low power consumption, and high integration [2] Financial Highlights - The total number of shares issued by the company is 24.8829 million, with an online issuance of 5.9720 million shares [2] - The effective subscription number for online issuance reached 5.1292 million households, resulting in a final winning rate of 0.03449153% [2] - The initial fundraising amount is 2.067 billion yuan, which will be allocated to projects including the R&D and industrialization of 5G RF front-end chips and modules, construction of headquarters and R&D centers, and RF SoC R&D and industrialization upgrades [2]

据了解，昂瑞微主要从事射频前端芯片、射频 SoC芯片及其他模拟芯片的研发、设计与销售。公司股票 发行价格83.06元/股。 北京商报讯（记者 马换换 王蔓蕾）12月16日，昂瑞微（688790）登陆科创板上市，上市首日公司股价 高开188.95%，开于240元/股，总市值238.9亿元。 ...

Core Viewpoint - Angrui Microelectronics Technology Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a significant initial stock price increase, indicating strong market interest and confidence in the company's growth potential in the RF communication sector [1][2]. Group 1: Company Overview - Angrui focuses on the RF communication field, offering a comprehensive range of RF front-end chip products for smart mobile terminals, including 5G/4G/3G/2G front-end modules and power amplifiers [1][3]. - The company has achieved mass production of various RF front-end modules, breaking the monopoly of international manufacturers and establishing itself as an industry leader in 5G RF front-end modules [3][4]. Group 2: Product Offerings - Angrui's core product lines include RF front-end chips designed using multiple processes such as GaAs, CMOS, and SiGe, covering various communication standards [3]. - The company has developed high-performance, low-power RF SoC chip products, including low-power Bluetooth and 2.4GHz private protocol chips, which are essential for IoT applications [5][6]. Group 3: Market Applications - Angrui's RF front-end chips are widely adopted by major brands such as Honor, Samsung, Vivo, Xiaomi, and OPPO, demonstrating strong market penetration and customer trust [4][6]. - The company has also introduced satellite communication products and automotive RF front-end chips, achieving mass production for high-end mobile terminal customers and passing automotive-grade certification [4]. Group 4: Technological Advancements - Angrui has received awards for its innovative technologies, including the "China Chip" Excellent Technology Innovation Product Award, highlighting its commitment to technological excellence [3][6]. - The company actively collaborates with domestic suppliers to develop and validate local RF supply chains, contributing to the localization of the RF industry [6].

中国经济网北京12月16日讯 今日，昂瑞微（688790）在上交所上市。 上交所：昂瑞微（688790） (责任编辑：关婧) 综上，钱永学在本次发行前合计控制了公司62.4309%的表决权。本次发行后，钱永学合计控制公 司52.4783%的表决权，仍为公司实际控制人。 昂瑞微本次发行募集资金总额206,677.55万元，扣除发行费用后募集资金净额为193,232.27万元，用 于5G射频前端芯片及模组研发和产业化升级项目、射频SoC研发及产业化升级项目、总部基地及研发中 心建设项目。 昂瑞微是一家专注于射频、模拟领域的集成电路设计企业，是国家级专精特新重点"小巨人"企业。 公司主要从事射频前端芯片、射频SoC芯片及其他模拟芯片的研发、设计与销售。 报告期内，公司股权较为分散，单一股东所持表决权均未超过30%。任何单一股东所持的表决权均 无法控制股东会或对股东会决议产生重大影响。因此，公司认定无控股股东。公司实际控制人为钱永 学，截至上市公告书签署日，钱永学直接持有公司3.8578%的股份，并通过特别表决权机制直接控制公 司21.9494%的表决权；通过北京鑫科间接控制公司9.1200%的股份，并通过特别表决权 ...

Group 1 - The core business of Jiangtian Technology is to provide label integration for mid-to-high-end consumer brands, with a focus on self-adhesive labels for various sectors [2][3] - The company has a total market capitalization of 1.121 billion yuan and an issuance price of 21.21 yuan, with a price-to-earnings ratio of 14.5 [2] - In the past three years, the company's revenue has shown significant growth, with 2023 revenue at 508 million yuan (+53.00%) and a projected net profit of 538 million yuan for 2024 (+6.00%) [3] Group 2 - The company has a market share of 58.09% from its top five customers in 2024, indicating strong customer reliance [3] - The main revenue sources include 79.58% from film-based self-adhesive labels, 14.75% from paper-based self-adhesive labels, and 5.38% from other printing products [2] - The fundraising will be directed towards the construction of intelligent production lines for packaging printing products and technology research and development [3]

Group 1 - The core viewpoint of the articles is the announcement of the subscription situation and winning rates for the IPOs of two semiconductor companies, Muxi Co., Ltd. and Angrui Microelectronics, on the Sci-Tech Innovation Board [1][2] Group 2 - Muxi Co., Ltd. has an issuance price of 104.66 yuan per share, with a total of 40.1 million shares offered, aiming to raise 3.904 billion yuan [1] - The effective number of subscription accounts for Muxi Co., Ltd. reached 5.1752 million, with a total of 28.862 billion shares subscribed, resulting in an initial winning rate of 0.02223023% [1] - After the adjustment mechanism was activated, the final number of shares issued online for Muxi Co., Ltd. was 9.6655 million, accounting for 29.74% of the total issuance [1] Group 3 - Angrui Microelectronics announced an issuance price of 83.06 yuan per share, with a total of 24.8829 million shares offered, aiming to raise 2.067 billion yuan [2] - The effective number of subscription accounts for Angrui Microelectronics reached 5.1292 million, with a total of 17.314 billion shares subscribed, resulting in an initial winning rate of 0.02299243% [2] - Following the activation of the adjustment mechanism, the final number of shares issued online for Angrui Microelectronics was 5.9720 million, accounting for 30% of the total issuance [2]

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