年内首单受理未盈利企业过会，上市与申报渐显密集，谁将抢先闯关？

Core Viewpoint - Angrui Micro has made significant progress in its IPO process as the first unprofitable company accepted for listing this year, following closely behind Moer Thread [1][2]. Company Overview - Angrui Micro aims to raise 2.067 billion yuan through its IPO and has successfully passed the review process on October 15 [1]. - The company was accepted for listing on March 28, 2023, marking it as the first unprofitable enterprise to be accepted this year [1]. Regulatory Scrutiny - The regulatory body raised two main inquiries during the review: the growth potential of the main business and the sustainability of operations, as well as the rationale behind the significant sales increase in 2024 with major distributors [1][3]. - The focus of the inquiries reflects regulatory concerns regarding Angrui Micro's sustainable development capabilities and the authenticity of its performance [1]. Financial Performance - Angrui Micro's revenue trajectory shows consistent growth from 2022 to 2024, but a significant decline of 32.17% was observed in the first half of 2025, with revenue dropping by 400 million yuan [3]. - The decline is primarily attributed to a major customer reducing procurement, leading to a 73.54% drop in sales revenue from the main customer [3]. - Despite the downturn, the company reported a 229.22% increase in direct supply revenue to major brands like Honor and Samsung in the first half of 2025 [3]. Future Projections - For the period of January to September 2025, the company anticipates a revenue decrease of 19.19% compared to the previous year, with net profit projections showing a significant decline [4]. - The expected changes are influenced by the major customer's procurement adjustments and increased self-produced chip sales [4]. Industry Trends - A total of nine unprofitable companies have applied for IPOs in 2025, a substantial increase of 350% compared to the same period last year [4][6]. - The majority of these companies (77.78%) belong to the information technology sector, particularly in the integrated circuit field, which is characterized by high technical barriers and significant R&D investment [7]. Policy Impact - Recent policy reforms have aimed to support high-quality unprofitable companies in their IPO endeavors, with a focus on technology-driven enterprises [8][9]. - The introduction of new listing standards for unprofitable companies on the Sci-Tech Innovation Board and the ChiNext reflects a commitment to facilitating financing for innovative firms [8].