昂瑞微：拟首发募资20.67亿元 加码5G与卫星通信等高端射频芯片研发 12月5日申购

Core Viewpoint - The company aims to enhance its capabilities in the RF front-end chip and module development, focusing on 5G technology and related applications, while also expanding its research and development efforts to meet emerging market demands [1][2][3]. Investment Projects - The company plans to invest a total of 206.73 million in three key projects: 1. 5G RF front-end chip and module R&D and industrial upgrade project with an investment of 109.61 million 2. RF SoC R&D and industrial upgrade project with an investment of 40.80 million 3. Headquarters and R&D center construction project with an investment of 56.32 million [2]. Company Overview - The company, Angrui Micro, specializes in RF and analog integrated circuit design and is recognized as a national-level "little giant" enterprise. It has made significant advancements in RF front-end chip technology, achieving domestic leadership and international competitiveness [2][3]. Strategic Goals - The company aims to become a world-class chip company in the RF and analog fields by focusing on product layout, R&D, and addressing key national strategic development areas. This includes transitioning from a domestic supplier to a global competitor in the RF chip market [3]. Financial Overview - The company reported a weighted average return on equity of -6.42% for 2024, an increase of 36.74 percentage points year-on-year. The return on invested capital for 2024 was -4.89%, up by 30.13 percentage points from the previous year [16]. - As of 2024, the company’s operating cash flow was -187 million, a decrease of 120 million year-on-year, while the net cash flow from financing activities was 80.02 million, down by 50.75 million [20]. Shareholder Structure - As of October 15, 2025, the largest shareholder is Beijing Xinke Equity Investment Partnership, holding 9.12% of the total shares. Other significant shareholders include Nanjing Tongxin and Nanjing Chuangxin, holding 7.28% and 7.01% respectively [49].