武汉新芯IPO恢复审核

Core Viewpoint - Wuhan Xinxin Integrated Circuit Co., Ltd. is facing significant financial challenges, with declining net profits and a projected loss for 2025, despite its ongoing IPO process and previous cash dividends [3][5]. Group 1: IPO Process - Wuhan Xinxin's IPO application was accepted by the Shanghai Stock Exchange on September 30, 2024, and it entered the inquiry phase on October 30, 2024, with a planned fundraising amount of 4.8 billion yuan [3]. - The company was selected for on-site inspection on December 6, 2024, as part of the IPO process [3]. Group 2: Financial Performance - The net profit of Wuhan Xinxin has been declining, with figures of 717 million yuan, 394 million yuan, and 200 million yuan for the years 2022, 2023, and 2024 respectively, indicating a year-on-year decline of 49.24% for 2024 [5]. - The comprehensive gross profit margins for the same years were 36.51%, 22.69%, and 20.30%, showing a decrease of over 2 percentage points [5]. - For the first nine months of 2025, the company expects revenue between 3.5 billion yuan and 3.6 billion yuan, with a projected net loss of between 120 million yuan and 90 million yuan, indicating that the company has entered a loss-making state [5]. - In 2023, despite a net profit of 394 million yuan, the company distributed 500 million yuan in cash dividends, raising market concerns [5].