昂瑞微IPO：3.86%股权掌控62%话语权，谁为激增4倍的有息负债买单？

Core Viewpoint - The company, Beijing Angrui Microelectronics Technology Co., Ltd., is preparing for its IPO on the Sci-Tech Innovation Board, but it faces significant challenges including high inventory, negative cash flow, and declining performance despite rapid revenue growth [1][3]. Group 1: Governance Issues - The actual controller, Qian Yongxue, holds only 3.86% of the equity but controls 62.43% of the voting rights through special voting rights, creating a governance risk where minority shareholders' interests may not be adequately protected [5][7]. - The structure allows Qian to make critical decisions, significantly impacting the company's direction, while institutional investors like Huawei and Xiaomi have limited influence [7][8]. Group 2: Debt Concerns - The company's interest-bearing debt has surged nearly fourfold from 72.44 million yuan in 2022 to 324 million yuan in 2024, indicating a severe financial strain [8][9]. - Short-term debt has increased dramatically, comprising 89.28% of total debt by mid-2025, raising liquidity risk and short-term repayment pressure [11][13]. Group 3: Performance Decline - In the first half of 2025, the company's revenue dropped by 32.17%, with a significant decline in sales to a major client, identified as Huawei, which fell by 73.54% [17][18]. - This downturn contrasts sharply with the previous three years, where the company experienced a compound annual growth rate of 50.88% [18][20]. Group 4: Inventory Risks - The company's inventory increased from 645 million yuan in 2022 to 920 million yuan in 2024, a growth of 42.6%, with deteriorating inventory turnover rates [21][22]. - The accumulated inventory impairment losses reached 244 million yuan, exceeding the company's R&D expenditures, indicating a detrimental impact on innovation [23][24]. Group 5: Shareholder and Management Issues - The exit of co-founder Yang Qinghua, who previously held 75% of the shares, raises concerns about potential conflicts of interest and competition, as he now runs a competing firm [24][30]. - Indirect shareholders are involved in legal issues, including allegations of illegal fundraising, which could affect the company's reputation and governance [31][32]. Group 6: Historical Governance Concerns - Historical issues with shareholding arrangements and undisclosed shareholding structures have emerged, leading to regulatory scrutiny regarding the company's transparency [33][34]. - The findings raise questions about the thoroughness of due diligence conducted by intermediaries involved in the IPO process [34][35].