股票简称：昂瑞微 股票代码：688790 北京昂瑞微电子技术股份有限公司 （北京市海淀区东北旺西路 8 号院 23 号楼 5 层 101） 首次公开发行股票科创板上市公告书 保荐人（主承销商） （北京市朝阳区安立路66号4号楼） 二〇二五年十二月 北京昂瑞微电子技术股份有限公司 上市公告书 特别提示 北京昂瑞微电子技术股份有限公司（以下简称"昂瑞微""发行人""公司" "本公司"）股票将于 2025 年 12 月 16 日在上海证券交易所科创板上市。 根据《上海证券交易所科创板上市公司自律监管指引第 5 号——科创成长 层》，上市时未盈利的科创板公司，自上市之日起纳入科创成长层。截至本公告 披露日，昂瑞微尚未盈利，自上市之日起将纳入科创成长层。 普通投资者参与科创成长层股票或者存托凭证交易的，应当符合科创板投资 者适当性管理的要求，并按照上海证券交易所有关规定，在首次参与交易前以纸 面或者电子形式签署《科创成长层风险揭示书》，由证券公司充分告知相关风险。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在 新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 北京昂瑞微电子技术股份有限公司 ...

Core Viewpoint - Company plans to invest 480 million yuan to build a 40,000 tons/year electronic-grade phosphoric acid project, enhancing its position in the semiconductor wet electronic chemicals sector [1][2] Group 1: Financial Performance - For the first three quarters of 2025, company achieved revenue of 1.063 billion yuan, a year-on-year increase of 26.67%, and a net profit attributable to shareholders of 165 million yuan, up 24.67% year-on-year [1] - The company has seen a steady increase in market share for electronic-grade phosphoric acid, reaching nearly 70% in the domestic semiconductor sector [1][3] Group 2: Strategic Expansion - The investment in the new project aims to meet the growing market demand for electronic-grade phosphoric acid and enhance the company's competitiveness in the electronic chemicals industry [2][3] - The project is set to commence construction on December 15, 2025, with a construction period of 13 months [2] Group 3: Product and Technology Development - Company plans to acquire proprietary technology and equipment for the production of photoinitiators used in photoresists, investing approximately 46.27 million yuan [4] - The proprietary technology is developed by the Hubei Three Gorges Laboratory, which collaborates with various universities and institutions [4][5] Group 4: Market Position and Clientele - Company has established a strong presence in the semiconductor supply chain, serving major clients such as TSMC, SK Hynix, and SMIC [3] - The strategic layout in the Yichang New Materials Industrial Park is aimed at expanding product scale and accelerating high-quality development [3][5]

Group 1 - The company specializes in specialty gases used in the semiconductor industry, particularly in processes such as etching, cleaning, ion implantation, and chemical vapor deposition [1] - There is a growing demand for electronic specialty gases due to the acceleration of domestic semiconductor localization and the expansion of the domestic and international semiconductor market [1] - The company's electronic specialty gas business is expected to continue benefiting from this increasing demand [1]

Core Viewpoint - Angrui Micro has made significant progress in its IPO process as the first unprofitable company accepted for listing this year, following closely behind Moer Thread [1][2]. Company Overview - Angrui Micro aims to raise 2.067 billion yuan through its IPO and has successfully passed the review process on October 15 [1]. - The company was accepted for listing on March 28, 2023, marking it as the first unprofitable enterprise to be accepted this year [1]. Regulatory Scrutiny - The regulatory body raised two main inquiries during the review: the growth potential of the main business and the sustainability of operations, as well as the rationale behind the significant sales increase in 2024 with major distributors [1][3]. - The focus of the inquiries reflects regulatory concerns regarding Angrui Micro's sustainable development capabilities and the authenticity of its performance [1]. Financial Performance - Angrui Micro's revenue trajectory shows consistent growth from 2022 to 2024, but a significant decline of 32.17% was observed in the first half of 2025, with revenue dropping by 400 million yuan [3]. - The decline is primarily attributed to a major customer reducing procurement, leading to a 73.54% drop in sales revenue from the main customer [3]. - Despite the downturn, the company reported a 229.22% increase in direct supply revenue to major brands like Honor and Samsung in the first half of 2025 [3]. Future Projections - For the period of January to September 2025, the company anticipates a revenue decrease of 19.19% compared to the previous year, with net profit projections showing a significant decline [4]. - The expected changes are influenced by the major customer's procurement adjustments and increased self-produced chip sales [4]. Industry Trends - A total of nine unprofitable companies have applied for IPOs in 2025, a substantial increase of 350% compared to the same period last year [4][6]. - The majority of these companies (77.78%) belong to the information technology sector, particularly in the integrated circuit field, which is characterized by high technical barriers and significant R&D investment [7]. Policy Impact - Recent policy reforms have aimed to support high-quality unprofitable companies in their IPO endeavors, with a focus on technology-driven enterprises [8][9]. - The introduction of new listing standards for unprofitable companies on the Sci-Tech Innovation Board and the ChiNext reflects a commitment to facilitating financing for innovative firms [8].

Core Viewpoint - Hengkun New Materials has shown steady growth in performance, with significant increases in revenue and profit projected from 2022 to 2024, indicating a strong market position and operational efficiency [1][2][3] Financial Performance - Revenue is expected to rise from 322 million yuan in 2022 to 548 million yuan in 2024 - Net profit is projected to recover from 89.76 million yuan in 2023 to 96.91 million yuan in 2024, after a dip in 2023 from 99.73 million yuan in 2022 - Non-recurring net profit is forecasted to increase from 81.53 million yuan in 2023 to 94.30 million yuan in 2024, following a decline in 2023 from 91.04 million yuan in 2022 [1] Product Revenue Composition - The revenue from self-produced products is increasing, with the proportion of self-produced product sales in total revenue rising from 38.94% in 2022 to 52.72% in 2024, and expected to reach 63.77% in 2024 - The revenue from photolithography materials is also growing, with significant contributions from both self-produced and introduced products [2] Market Position and Strategy - In the context of ongoing US-China trade tensions, the localization of key materials for integrated circuits has become a national strategic focus - Hengkun New Materials has achieved performance standards comparable to similar products from the US and Japan, providing strong support for the domestic integrated circuit supply chain [3] Customer Relationships and Market Expansion - The company has successfully entered the supply chains of several top ten domestic wafer fabs and established stable, ongoing partnerships with leading clients - Due to high quality and supply stability requirements from wafer fabs, Hengkun has gained a first-mover advantage in new product introduction and customer validation [3] Technological Innovation - Hengkun New Materials is increasing R&D investment to advance new products and processes, with several high-end photolithography materials and precursor materials currently in the customer validation stage - The ArF photolithography resin has passed validation and is in small-scale sales, while the company is also working on breakthroughs in the synthesis process of core raw materials for photolithography [3]

Core Insights - Company achieved a revenue of 672 million yuan, a year-on-year increase of 31.43%, and a net profit of 104 million yuan, up 22.37% year-on-year [1][2] - The company maintains a strong focus on technological innovation, which underpins the robust growth in sales of its core products [1][2] Financial Performance - Revenue from the integrated circuit sector accounted for 86.92% of the company's main business income [2] - General wet electronic chemicals sales volume reached 71,400 tons, a year-on-year increase of 53.35%, with sales revenue of 454 million yuan, up 38.84% [2] - Functional wet electronic chemicals sales volume was 4,100 tons, a year-on-year increase of 18.43%, with sales revenue of 93 million yuan, up 10.95% [2] - The company's gross profit margin was 26.58%, down 1.56 percentage points from the previous year [3] Market Position and Opportunities - The company is well-positioned in the semiconductor manufacturing market, which includes major clients like TSMC and SK Hynix [4] - The global semiconductor industry recovery and accelerated domestic substitution in integrated circuits present favorable development opportunities for wet electronic chemical companies [3] Research and Development - The company invested 39.24 million yuan in R&D, a year-on-year increase of 38.91%, representing 5.83% of sales revenue [4] - The company has developed 74 new R&D projects, with 35 products successfully tested by advanced process clients and 8 products transitioning to the sales stage [4] - The company has obtained a total of 151 authorized intellectual properties, including 19 new patents during the reporting period [4] Expansion Projects - The company is advancing several projects, including a 15,000 tons/year electronic-grade phosphoric acid recycling project and a 30,000 tons/year electronic-grade hydrogen peroxide expansion project [5] - These projects aim to diversify the company's product offerings and strengthen its leading position in the wet electronic chemical business [5]

Group 1 - Shanghai Pengwu Electronics Technology Co., Ltd. has successfully completed A+ round financing of tens of millions, led by Jinyumaowu, to enhance R&D and production capacity in the integrated circuit testing equipment sector [1] - The company focuses on high-speed digital, high-precision analog, and wireless RF testing, providing one-stop testing solutions to reduce detection costs and improve accuracy [3] - The high-end ATE testing equipment "P2" and high-speed digital instrument "HSS10G" have been introduced to clients, marking a significant advancement in domestic high-end integrated circuit testing technology [4] Group 2 - The company has established a complete product line, including the P series and V series, covering wafer manufacturing and advanced packaging testing, and has successfully entered markets in Europe, Southeast Asia, and Taiwan [4] - Integrated circuit testing equipment is crucial for chip manufacturing quality control, with high technical barriers historically dominated by foreign giants [3]