沁恒微IPO终止

Core Viewpoint - Nanjing Qinheng Microelectronics Co., Ltd. (referred to as "Qinheng Micro") has voluntarily withdrawn its application for an initial public offering (IPO) on the STAR Market, marking another case of a failed IPO attempt in 2026 [1][2]. Group 1: Company Overview - Qinheng Micro is recognized as a national-level specialized and innovative small giant enterprise and a national intellectual property advantage enterprise, focusing on connection technology and microprocessor core research [6]. - The company is one of the few domestic integrated circuit design firms to achieve core IP localization, with its main business centered on the research, design, and sales of interface chips and interconnection MCU chips [6]. Group 2: Technology and Product Development - Qinheng Micro has developed a unique core technology path, moving away from the common industry practice of "purchasing IP for integration," and instead adopts a strategy of "building the IP foundation first, then constructing the chip high-rise" [6]. - The company has established a matrix of self-developed IP systems, including processors, PHY, controllers, and protocol stacks, advancing chip localization to the "core component-level autonomy" 2.0 stage [6]. - The fifth-generation RISC-V architecture "Qingke" series processors developed by the company have shipped over 100 million units, demonstrating advantages in key metrics such as interrupt response speed and operating power consumption compared to mainstream foreign products [6]. Group 3: Financial Performance - From 2022 to 2024, the company's revenue increased from 238 million to 397 million yuan, while net profit rose from 59.1 million to 104 million yuan [7]. - In the first half of 2025, the company reported revenue and net profit attributable to shareholders of 249 million yuan and 81.8 million yuan, respectively, indicating a continuous improvement in profitability [7]. - Despite the setback in the IPO process, Qinheng Micro remains competitive in the core IP localization field, and its future IPO prospects will continue to attract industry attention [7].