“小巨人”锐石创芯闯关科创板！

Core Viewpoint - Ruishi Chuangxin (Chongqing) Technology Co., Ltd. has submitted a prospectus to the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 809 million yuan for the second phase of MEMS device production base, R&D center construction, and working capital supplementation [2] Group 1: Business Overview - The company specializes in RF front-end chips and modules, recognized as a national-level "little giant" enterprise focusing on key technologies in RF communication and promoting the localization of the RF front-end industry [2] - Ruishi Chuangxin has established a comprehensive industrial chain capability covering chip design, filter manufacturing, module packaging, and testing, making it one of the most complete companies in the domestic RF front-end product matrix [2] - The company's main business revenue is projected to grow from 369 million yuan in 2022 to 666 million yuan in 2024, with 5G RF front-end modules showing significant growth, increasing from 8.5% of revenue in 2022 to 47.23% in the first half of 2025 [2] Group 2: Financial Performance - The company has reported significant losses, with net profits of -328 million yuan in 2022, -328 million yuan in 2023, -353 million yuan in 2024, and -148 million yuan in the first half of 2025, totaling cumulative losses of 1.158 billion yuan [3] - As of June 30, 2025, the company has unabsorbed losses amounting to 1.68 billion yuan, primarily due to low product gross margins, high R&D expenditures, and substantial share-based payment expenses from employee stock incentive plans [3] - The net cash flow from operating activities has been negative throughout the reporting period, with figures of -41.83 million yuan, -221.82 million yuan, -261.58 million yuan, and -138.82 million yuan [3] Group 3: Operational Challenges - The company's gross margins for its main business were 7.95%, 13.90%, 8.79%, and 9.79% during the reporting period, which are below industry leaders, with 5G module gross margins declining from 23.55% in 2022 to 8.74% in 2024, indicating pricing pressure [4] - Inventory issues are significant, with the book value of inventory increasing from 179 million yuan to 344 million yuan, accounting for 36.62% of current assets, and the balance of inventory impairment provisions rising from 48.44 million yuan to 116 million yuan [4] - Customer concentration risk is notable, with the top five customers accounting for 67%-79% of revenue during the reporting period, reaching 71.29% in the first half of 2025, while supplier concentration is also high, with the top five suppliers accounting for 54%-64% of purchases [4]