Core Viewpoint - The IPO progress of Beijing Angrui Microelectronics Technology Co., Ltd. (Angrui Micro) is advancing, with the Shanghai Stock Exchange's listing review committee scheduled to review its initial public offering on October 15, 2025. The company has shown significant revenue growth but continues to face substantial net losses and reliance on a few major clients, raising concerns about its financial stability and future profitability [1][2][3]. Financial Performance - Angrui Micro's revenue has increased from 922 million RMB in 2022 to 2.101 billion RMB in 2024, representing a compound annual growth rate of 50.88%. However, net profits have remained negative, with losses of -290 million RMB in 2022, -450 million RMB in 2023, and -65 million RMB in 2024. Cumulative unabsorbed losses reached 1.279 billion RMB by June 2025 [2]. - The company plans to raise 2.067 billion RMB through its IPO to fund projects related to the research and industrialization of 5G RF front-end chips and modules [2]. Client Dependency - Angrui Micro's revenue is heavily dependent on a few major clients, with the top five clients accounting for 59% to 76% of sales during the reporting period from 2022 to June 2025. The reliance on "Client A" is particularly concerning, as sales to this client surged by 1325.68% in 2023 but then plummeted by 73.54% in the first half of 2025 [3][4]. Inventory and Cash Flow Issues - The company's inventory has significantly increased, with balances rising from 645 million RMB in 2022 to 920 million RMB in 2024, a cumulative growth of 42.6%. By June 2025, inventory reached 711 million RMB, accounting for 41.3% of total assets, while the inventory turnover rate was only 1.60 times, below the industry average of 2.64 times [7][8]. - Operating cash flow has been negative for several years, with figures of -39.46 million RMB in 2022, -67.09 million RMB in 2023, and -186.72 million RMB in 2024, only turning positive in the first half of 2025 with 75.12 million RMB [8]. Pricing and Profitability - Despite the challenges, Angrui Micro's gross margin for its 5G PA and modules increased from 19.86% to 25.12% in the first half of 2025, even as sales prices dropped significantly. The company attributes this margin improvement to a 51.38% reduction in costs for 5G PA and modules [14][17]. - The average selling price for RF front-end chips decreased from 1.53 RMB in 2023 to 1.08 RMB in the first half of 2025, while the price for 5G PA and modules fell from 3.30 RMB to 2.04 RMB during the same period [10][11]. Future Outlook - Angrui Micro anticipates that it may not achieve breakeven until 2027, facing ongoing challenges such as continuous losses, tight cash flow, supply chain dependencies, and technological iteration difficulties [18].
昂瑞微“诡异”的5G产品：单价下滑原材料成本增加 毛利率却飙升
Sou Hu Cai Jing·2025-10-11 15:18