昂瑞微科创板IPO：实控人钱永学直接持股不到4%，控制权稳定性被问询

Core Viewpoint - Angrui Microelectronics is progressing with its IPO on the Sci-Tech Innovation Board, scheduled for October 15, with CITIC Securities as the sponsor [3] Company Overview - Angrui Microelectronics specializes in integrated circuit design in the RF and analog fields and is recognized as a national-level "little giant" enterprise focusing on specialized and innovative technologies [3] - The company develops, designs, and sells RF front-end chips, RF SoC chips, and other analog chips, emphasizing high performance, reliability, low power consumption, and high integration [3] Financial Performance - Revenue projections for Angrui Microelectronics are as follows: CNY 923 million for 2022, CNY 1.695 billion for 2023, CNY 2.1 billion for 2024, and CNY 844 million for the first half of 2025 [3] - The net profit attributable to the parent company is projected to be CNY -290 million for 2022, CNY -450 million for 2023, CNY -64.7 million for 2024, and CNY -40.3 million for the first half of 2025 [3] Financial Metrics - Total assets as of June 30, 2025, are projected to be CNY 1.627 billion, with total liabilities at a debt ratio of 39.58% [4] - The net cash flow from operating activities is expected to be CNY 75.1 million for the first half of 2025, compared to CNY -186.7 million for the full year of 2024 [5] - Research and development expenses are projected to account for 16.4% of operating revenue in the first half of 2025, down from 29.25% in 2022 [5] Shareholding Structure - The actual controller of the company, Qian Yongxue, holds 3.8578% of the shares directly and controls 62.43% of the voting rights through various mechanisms [5][8] - The company has been required to clarify the changes in control since its establishment and the basis for recognizing Qian Yongxue as the actual controller [8] Leadership Background - Qian Yongxue, born in March 1978, has extensive experience in the microelectronics field, having held various positions in leading companies before co-founding Angrui Microelectronics [9] - He has served in multiple executive roles within the company and its subsidiaries, indicating a strong leadership presence [9]