业绩三连亏仍拟募资12.6亿元，安路科技豪赌国产FPGA芯片

Core Viewpoint - Anlu Technology, a leading domestic FPGA chip supplier, plans to issue up to 120 million A-shares to raise no more than 1.262 billion yuan for advanced FPGA chip development and upgrades [1][2]. Group 1: Fundraising and Project Details - The company aims to raise funds for two main projects: the development of ultra-large-scale FPGA chips and the upgrade of existing FPGA and FPSoC chips, with total investments of approximately 735.23 million yuan and 588.06 million yuan respectively [2]. - The total amount raised is intended to enhance the company's R&D capabilities and expand product applications, aiming to catch up with international standards and promote long-term development [2][3]. Group 2: Financial Performance - Anlu Technology reported a loss of 30.85 million yuan in its first year post-IPO in 2021, followed by a profit of 59.83 million yuan in 2022, but faced losses again in 2023 and 2024, with net profits of -197 million yuan and -205 million yuan respectively [3][5]. - Revenue has been declining annually, from 1.042 billion yuan in 2022 to 701 million yuan in 2023, and projected at 652 million yuan for 2024, with only 368 million yuan reported in the first three quarters of 2025 [5]. - The company has been experiencing negative cash flow from operating activities, with a net cash flow of -90.88 million yuan as of September 30, 2025, a significant drop of 332.64% year-on-year [5][6]. Group 3: Market Analysis and Risks - Analysts view the fundraising as a "reverse gamble" given the company's ongoing losses and tight cash flow, indicating a strong commitment from management to technological breakthroughs [6]. - As of September 2025, the company reported inventory valued at 513 million yuan and accounts receivable of 135 million yuan, indicating potential risks of depreciation and bad debts [6].