科创板IPO双过会！打破国际厂商垄断，昂瑞微预计2027年实现盈亏平衡

Core Viewpoint - The article discusses the IPO status and regulatory scrutiny of Angrui Micro, highlighting its current unprofitability and the focus on product growth potential, operational sustainability, and distribution model during the review process [1][4]. IPO Status - Angrui Micro's IPO was accepted by the Shanghai Stock Exchange on March 28, 2025, and the company is currently not profitable [1][4]. - The company completed two rounds of inquiry responses during the review process, with repeated questions regarding product growth, sustainability, and distribution model [1][4]. Financial Performance - Angrui Micro reported a net loss of -47,409.76 million, -45,013.32 million, and -11,002.69 million for the reporting periods, with cumulative losses of -123,862.61 million by the end of 2024 [14]. - The company expects to achieve profitability by 2026 and break even by 2027, with projected revenue of around 3 billion and a gross margin of over 23% at that time [20]. Revenue Breakdown - The main business revenue for Angrui Micro is derived from RF front-end chips, with significant contributions from 5G PA and modules, which accounted for 50.42% of total RF front-end revenue in 2024 [7][8]. - The revenue from distributors increased significantly, with sales of 69,472.12 million, 128,169.04 million, and 157,285.71 million in the reporting periods, representing 75.26%, 75.62%, and 74.85% of total revenue respectively [21]. Market Position and Competition - Angrui Micro is positioned as a key player in the RF and analog integrated circuit design sector, focusing on domestic supply chain replacement and breaking foreign monopolies [6]. - The company has achieved industry-leading levels in 5G RF front-end modules and has a strong market presence in the low-power Bluetooth SoC segment, ranking second among domestic manufacturers [10]. Regulatory Scrutiny - The regulatory body has raised concerns regarding Angrui Micro's operational sustainability, product growth potential, and the impact of competitive pressures on pricing and profitability [14][18]. - The company has been asked to clarify the rationale behind the significant increase in the number of distributors and corresponding sales revenue in 2024 [22][23].