IPO雷达｜未盈利企业昂瑞微IPO获受理，面临资金短缺风险，实控人借款入股

Core Viewpoint - Beijing Angrui Microelectronics Technology Co., Ltd. (referred to as "Angrui Micro") has had its IPO application accepted by the Shanghai Stock Exchange, marking it as the first unprofitable company to be accepted for listing on the Sci-Tech Innovation Board this year [1][3]. Company Overview - Angrui Micro primarily engages in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips. Its RF front-end chip products have achieved scale sales with major global smartphone brands, excluding Apple, including Honor, Samsung, Vivo, Xiaomi, OPPO, Lenovo (Moto), Transsion, and Realme [1][3]. Financial Performance - The company reported net losses of CNY 290 million, CNY 450 million, and CNY 64.7 million for the years 2022 to 2024, respectively, with a significant reduction in losses expected in 2024. Revenue is projected to grow from CNY 923 million in 2022 to CNY 2.101 billion in 2024 [3][4]. - As of the end of 2024, the cumulative unabsorbed losses are expected to reach CNY 1.239 billion, which will persist post-IPO, affecting the ability to distribute cash dividends to shareholders [3][4]. Market Position and Valuation - Angrui Micro anticipates a post-IPO market valuation of no less than CNY 5 billion, meeting the Sci-Tech Innovation Board's criteria for companies with differential voting rights [4][5]. Industry Context - The acceptance of Angrui Micro's IPO application aligns with the recent regulatory support for unprofitable companies with key technologies and market potential, as highlighted by the China Securities Regulatory Commission's "Eight Articles" policy [5]. Financial Health - The company's asset-liability ratio has increased from 17.82% in 2022 to 42.33% in 2024, indicating rising financial leverage [6][7]. - Operating cash flow has been negative, with net cash flows from operating activities reported as -CNY 39.46 million, -CNY 67.09 million, and -CNY 1.867 billion over the reporting periods [6][8]. R&D and Inventory Management - Angrui Micro has seen an increase in the average number of R&D personnel, reaching 207 in 2024, while the average salary for R&D staff has decreased [9]. - The company has a high inventory balance, with significant provisions for inventory impairment, indicating potential risks related to inventory valuation [8]. Ownership Structure - The actual controller of Angrui Micro, Qian Yongxue, has enhanced control over the company through a loan of CNY 50 million, which was converted into equity. The ownership structure is relatively dispersed, with no controlling shareholder [10][11].