昂瑞微IPO：亏12.79亿+研发费率3年降12.9个点，射频芯片跌价36%毛利率反升，募资能破“客

Core Viewpoint - The rapid approval process for Angruiwei on the Sci-Tech Innovation Board contrasts sharply with its deteriorating financial performance, raising questions about the sustainability of its business model and the capital market's tolerance for unprofitable tech companies [1][5][6] Financial Performance - Angruiwei's revenue is projected to grow from 9.23 billion in 2022 to 21.01 billion in 2024, with a compound annual growth rate exceeding 50%. However, in the first half of 2025, revenue fell to 8.44 billion, a year-on-year decline of 32.17%, and the net loss increased by 748.75% to 61.07 million [2] - The company expects a loss of 80 to 90 million in the first three quarters of 2025, indicating a sudden halt in the previously improving profitability trend [2] Product and Market Dynamics - The main product, RF front-end chips, accounts for over 80% of revenue, but the average selling price dropped by 29.4% to 1.08 yuan per unit, while wafer procurement costs rose by 21%. Despite this, the gross margin increased from 19.86% to 25.12%, raising questions about the underlying factors [2] - Compared to competitors, Angruiwei's RF front-end revenue fell by 38.28%, while peers like Huizhiwei and Tailinwei saw revenue growth of nearly 40% [2] R&D Investment - R&D expense ratio decreased from 29.25% in 2022 to 14.94% in 2024, a drop of 12.85 percentage points, placing Angruiwei at the bottom compared to peers [3] - The company has faced scrutiny over its outsourcing of R&D, including a failed project that consumed 75.2% of its outsourced R&D budget in 2023 [3][4] Talent Retention - Following the removal of employee stock ownership restrictions, 72 out of 160 employees left, including 47 R&D personnel, leading to a decline in innovation output [4] - Average salaries for R&D staff decreased from 828,200 to 712,600, further impacting talent retention and innovation [4] Fundraising and Future Outlook - Angruiwei aims to raise 2.067 billion for projects related to 5G RF and RF SoC, with a goal of achieving breakeven by 2027, contingent on maintaining a gross margin above 22% [5] - The regulatory body emphasizes the need for genuine technological capabilities and a clear path to profitability, rather than relying on narratives [5][6]