快讯：昂瑞微IPO过会！

Core Viewpoint - Beijing Angrui Microelectronics Technology Co., Ltd. has successfully passed the IPO review on the Sci-Tech Innovation Board, marking a significant step towards capital market entry for this national-level specialized "little giant" enterprise [1][2]. Company Overview - Founded in 2012, Angrui Micro specializes in the RF and analog fields, with core products including a full range of RF front-end chips and RF SoC chips, widely used in smartphones, automotive electronics, and IoT [2][3]. - The company has entered the supply chains of leading global terminal manufacturers such as Huawei, Xiaomi, Samsung, and Honor [2]. - Angrui Micro is one of the few domestic manufacturers to break through 5G high-end module technology and achieve large-scale production, with projected revenue of 2.101 billion yuan in 2024 [2][3]. IPO Details - The company plans to raise 2.067 billion yuan through the IPO, focusing on three main areas: 1.096 billion yuan for R&D and industrial upgrading of 5G RF front-end chips and modules, 408 million yuan for RF SoC R&D and industrial upgrading, and 563 million yuan for building a headquarters and R&D center [3]. - During the construction period of the fundraising projects, the average annual R&D investment will exceed 300 million yuan, targeting breakthroughs in high-end module technology and capacity upgrades [3]. Financial Performance - Despite not being profitable, with a projected net loss of 64.7092 million yuan in 2024, the company meets the Sci-Tech Innovation Board's second set of listing standards based on expected market capitalization of no less than 5 billion yuan and recent annual revenue of no less than 500 million yuan [3]. - The company has achieved a compound annual growth rate (CAGR) of 50.88% in revenue over the past three years, with cumulative R&D investment of 980 million yuan from 2022 to 2024, accounting for over 20% of cumulative revenue [3]. Industry Impact - The approval of Angrui Micro's IPO is expected to inject capital into continuous R&D, accelerating the high-end development of domestic RF chips and supporting the supply chain in the context of the second wave of domestic substitution [4].