今年第2家科创板IPO终止审核！

Core Viewpoint - Nanjing Qinheng Microelectronics Co., Ltd. has had its IPO review terminated by the Shanghai Stock Exchange due to the withdrawal of application documents by the company and its sponsor, Huatai United Securities. This marks the second company to have its IPO review terminated in 2026 [1][3]. Financial Performance - The company reported net profits attributable to the parent company for the years 2022, 2023, 2024, and the first half of 2025 as follows: 0.4895 billion, 0.6289 billion, 0.9724 billion, and 0.7910 billion respectively [6][8]. - Revenue figures for the same periods were 2.3826 billion, 3.0761 billion, 3.9680 billion, and 2.4898 billion respectively [6][8]. Business Overview - Qinheng Micro focuses on connection technology and microprocessors, primarily engaged in the research, design, and sales of interface chips and interconnect MCU chips. The company has established a strong reputation in the USB bridge chip market, positioning itself as a major domestic supplier in a sector dominated by foreign companies [4][5]. - The company's main products include USB chips, Bluetooth chips, Ethernet chips, and MCU chips, with USB chips accounting for 49.41% of revenue in the first half of 2025 [5][6]. R&D and Innovation - Cumulatively, the company invested over 200 million in R&D from 2022 to 2024, representing 21.72% of total revenue during that period. As of December 31, 2024, 57.97% of the company's employees were engaged in R&D [8][9]. - The company holds 104 authorized invention patents, with 84 of them applicable to its main business and capable of industrialization [8][9]. Customer Base - The company's sales are relatively dispersed, with the top five customers contributing 10.28%, 15.05%, 14.15%, and 16.67% of total revenue in the years 2022, 2023, 2024, and the first half of 2025 respectively [10][11]. Tax Incentives - The company benefits from various tax incentives, including those for key integrated circuit and software industries, which accounted for over 20% of total profits in each reporting period [12]. Corporate Governance - The actual controller and chairman of the company, Wang Chunhua, received a salary of 601,500 in 2024, ranking ninth among senior management [15][16]. IPO Plans - The company planned to raise 931.53 million for three R&D and industrialization projects, including USB chip development, network chip development, and full-stack MCU chip development [17].