受理仅7个月，这家芯片“隐形冠军”终止IPO

Core Viewpoint - Nanjing Qinheng Microelectronics Co., Ltd. has abruptly terminated its IPO application after seven months of preparation, having initially submitted its prospectus in June 2025 and entered the inquiry phase in July 2025 [1][2]. Company Overview - Founded in May 2004, Qinheng Micro is a semiconductor design company focused on the research and development of interface chips and full-stack MCU chips, primarily serving industrial control, IoT networking, and peripheral devices for computers and mobile phones [3][4]. - The company is controlled by its founder Wang Chunhua, who holds 28.46% of the shares directly and controls a total of 94.57% through various entities [3]. Financial Performance - Qinheng Micro's revenue for the years 2022 to 2025 (first half) was approximately 238 million, 308 million, 397 million, and 249 million yuan respectively, with net profits of about 59.1 million, 72.4 million, 104 million, and 81.8 million yuan [4][5]. - The company reported a gross margin of 63.32%, 58.82%, 57.51%, and 60.46% over the same period, with a slight recovery in the first half of 2025 after two years of decline [6][7]. Market Position - In 2024, Qinheng Micro is ranked ninth globally and first domestically in terms of sales revenue for USB bridge chips, according to QYResearch [4]. - The company plans to raise 932 million yuan through its IPO, primarily for the development and industrialization of USB chips, network chips, and full-stack MCU chips [1]. Research and Development - Qinheng Micro's R&D expenses were 60.9 million, 67.7 million, 76.2 million, and 38.5 million yuan for the years 2022 to 2025 (first half), with R&D expense ratios of 25.54%, 22.01%, 19.20%, and 15.46% respectively [6][7]. - As of June 2025, the company holds 159 authorized patents, including 104 invention patents, and has a significant number of software copyrights and integrated circuit layout design rights [7].