Core Viewpoint - The China Securities Regulatory Commission has approved Beijing Angrui Microelectronics Technology Co., Ltd. for its initial public offering (IPO) on the Shanghai Stock Exchange, aiming to raise 2.067 billion yuan [1] Company Overview - Angrui Microelectronics specializes in integrated circuit design, focusing on radio frequency (RF) and analog fields, and is recognized as a national-level "little giant" enterprise [1] - The company develops, designs, and sells RF front-end chips, RF SoC chips, and other analog chips, emphasizing high performance, reliability, low power consumption, and high integration [1] Market Presence - Angrui Microelectronics' RF front-end chips have achieved large-scale sales with well-known brands such as Honor, Samsung, Vivo, Xiaomi, OPPO, Lenovo (Moto), Transsion, and Realme [1] - The RF SoC chip products have been adopted by notable clients in various sectors, including Alibaba, Pinduoduo, Xiaomi, Lenovo, BYD, and several others in industrial, medical, and IoT applications [1]

Group 1 - The core viewpoint of the news is that CanSemi Co., Ltd. has seen a significant increase in its stock price, rising by 5.25% to 148.40 CNY per share, with a trading volume of 972 million CNY and a turnover rate of 9.69%, leading to a total market capitalization of 17.808 billion CNY [1] - CanSemi Semiconductor (Shanghai) Co., Ltd. was established on July 17, 2008, and is located in the China (Shanghai) Pilot Free Trade Zone. The company specializes in providing one-stop customized chip design services, with its main business revenue composition being 50.27% from chip design services and 49.73% from chip mass production [1] Group 2 - From the perspective of fund holdings, one fund under Guorong Fund has a significant position in CanSemi Co., Ltd. The Guorong Rongsheng Leading Selection Mixed A Fund (006718) held 620,000 shares in the second quarter, accounting for 3.37% of the fund's net value, ranking as the tenth largest holding [2] - The Guorong Rongsheng Leading Selection Mixed A Fund (006718) was established on May 29, 2019, with a latest scale of 255 million CNY. Year-to-date, it has achieved a return of 8.94%, ranking 5944 out of 8160 in its category, and a one-year return of 10.13%, ranking 5578 out of 8026 [2] - The fund manager, Zhou Desheng, has been in position for 5 years and 227 days, with the fund's total asset scale currently at 1.226 billion CNY. During his tenure, the best fund return was 67.11%, while the worst was -43.36% [2]

Core Viewpoint - The article discusses the approval of two companies, Beijing Angrui Microelectronics Technology Co., Ltd. and Xiamen Youxun Chip Co., Ltd., for their IPO applications on the Sci-Tech Innovation Board, indicating a positive trend in the IPO market [1][2]. Summary by Sections Company Overview - Angrui Micro is focused on integrated circuit design in the RF and analog fields, recognized as a national-level "little giant" enterprise. The company specializes in RF front-end chips, RF SoC chips, and other analog chips, with a strong emphasis on R&D and product iteration [8]. - Youxun Chip is a national champion in the optical communication sector, concentrating on the development and sales of optical communication front-end transceiver chips, which are crucial for the performance of optical communication systems [12]. Financial Performance - Angrui Micro's revenue from 2022 to the first half of 2025 is reported as follows: 0.923 billion, 1.695 billion, 2.1 billion, and 0.844 billion respectively, with net losses of -0.29 billion, -0.45 billion, -0.0647 billion, and -0.0403 billion, indicating that the company has not yet achieved profitability [8]. - Youxun Chip's revenue for the same period is: 0.339 billion, 0.313 billion, 0.411 billion, and 0.238 billion, with net profits of 0.081 billion, 0.072 billion, 0.079 billion, and 0.047 billion, showing a relatively stable performance [12]. IPO Process - Angrui Micro's IPO application was accepted on March 28, 2025, and after two rounds of inquiries, it was approved on October 15, 2025. The listing committee raised questions regarding the company's growth potential and sales increase justification [7][8]. - Youxun Chip's IPO application was accepted on June 26, 2025, and after being deferred on September 19, 2025, it was approved in a second meeting just four months later. The committee's inquiries focused on the sustainability of profit margins and the stability of control by the actual controller [11][12].

Core Viewpoint - Beijing Angrui Microelectronics Technology Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board, aiming to raise approximately 2.067 billion yuan for various projects related to RF front-end chips and SoC development [1] Group 1: Company Overview - Angrui Micro is focused on integrated circuit design in the RF and analog fields, primarily engaged in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips [1] - The company’s IPO application was accepted on March 28, 2025, and it entered the inquiry phase on April 15 of the same year [1] Group 2: Fundraising and Investment Plans - The company plans to raise around 2.067 billion yuan, which will be allocated to projects including the R&D and industrialization of 5G RF front-end chips and modules, RF SoC R&D and industrialization upgrades, and the construction of its headquarters and R&D center [1] Group 3: Listing Committee Requirements - The listing committee has requested the company to explain the growth potential of its main business by considering factors such as industry competition, product technology iteration, product structure, major clients' self-research and production capabilities, client expansion, and financial status during the reporting period [1] - Additionally, the committee requires the company to justify the significant increase in product sales with major distributors in 2024, including any equity relationships or other interests with these distributors [1]

Core Viewpoint - Angrui Microelectronics is set to go public on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 2.067 billion RMB, focusing on RF and analog integrated circuit design [1] Company Overview - Angrui Microelectronics specializes in RF front-end chips, RF SoC chips, and other analog chips, recognized as a national-level "little giant" enterprise [1] - The company has a strong emphasis on R&D, continuously iterating its products to provide high-performance, reliable, low-power, and highly integrated RF and analog chip products [1] Product Lines - The core product lines include a full range of RF front-end chips for smart mobile terminals (5G/4G/3G/2G) and RF SoC chips for IoT applications, such as low-power Bluetooth and 2.4GHz private protocol wireless communication chips [2] - Angrui Microelectronics has established a solid customer base, with its RF front-end chips sold to major brands like Honor, Samsung, Vivo, Xiaomi, OPPO, and Lenovo, while its RF SoC chips are used by companies like Alibaba, Pinduoduo, and BYD [2] Technological Innovation - The company has led or participated in six national-level and multiple local major research projects, contributing to the advancement of RF technology in China [3] - Angrui Microelectronics has developed high-integration products like the 5GL-PAMiD, achieving performance levels comparable to international competitors and breaking their monopoly in the L-PAMiD module market [3] Market Position - According to the Bluetooth Special Interest Group, the global shipment of low-power Bluetooth devices is projected to reach 1.8 billion units in 2024, with Angrui Microelectronics expected to capture approximately 5.4% of the global market share in low-power IoT wireless connection chips [3] Financial Performance - The company reported revenues of approximately 0.923 billion RMB, 1.695 billion RMB, and 2.101 billion RMB for the years 2022, 2023, and 2024 respectively, with net losses of approximately -0.290 billion RMB, -0.450 billion RMB, and -0.065 billion RMB [3] - As of June 2025, the total assets were approximately 1.628 billion RMB, with total liabilities leading to a debt-to-asset ratio of 39.58% [4]

Core Viewpoint - Beijing Angrui Microelectronics Technology Co., Ltd. (Angrui Micro) is set to raise approximately 2.067 billion RMB through its IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, focusing on RF and analog integrated circuit design [1] Company Overview - Angrui Micro specializes in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips, recognized as a national-level "little giant" enterprise [1] - The company has a strong emphasis on R&D investment and technology accumulation, leading to efficient product iterations and high-performance, reliable, low-power, and highly integrated RF and analog chip products [1] Product Lines - The core product lines include a full range of RF front-end chips for smart mobile terminals (5G/4G/3G/2G) and RF SoC chips for IoT applications, such as low-power Bluetooth and 2.4GHz private protocol wireless communication chips [2] - Angrui Micro has established a solid customer base, with its RF front-end chips being sold to major brands like Honor, Samsung, Vivo, Xiaomi, OPPO, Lenovo, and others [2] Market Position - According to the International Bluetooth Special Interest Group, the global shipment of low-power Bluetooth devices is projected to reach approximately 1.8 billion units in 2024, with Angrui Micro expected to ship 0.098 billion low-power Bluetooth SoC chips, giving it an estimated market share of about 5.4% in the global IoT wireless connection chip sector [3] Financial Performance - The company reported revenues of approximately 0.923 billion RMB, 1.695 billion RMB, 2.101 billion RMB, and 0.844 billion RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] - Net profits for the same periods were approximately -0.290 billion RMB, -0.450 billion RMB, -0.0647 billion RMB, and -0.0403 billion RMB, indicating ongoing financial challenges [3] Financial Metrics - As of June 30, 2025, total assets amounted to approximately 1.627 billion RMB, with equity attributable to shareholders at about 0.936 billion RMB [4] - The company's asset-liability ratio was reported at 39.58% as of June 30, 2025, showing a slight increase from previous years [4] - Revenue figures for the years 2022 to 2025 indicate a growth trend, despite the company facing net losses during the same periods [4]

Core Viewpoint - Beijing Angrui Microelectronics Technology Co., Ltd. is set to undergo its IPO review on October 15, 2023, as it aims to raise approximately 2.067 billion yuan for various projects [1] Company Overview - Angrui Micro is focused on integrated circuit design in the RF and analog fields, primarily engaged in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips [1] - The company’s IPO was accepted on March 28, 2025, and it entered the inquiry phase on April 15 of the same year [1] Fundraising and Investment Plans - The company plans to raise around 2.067 billion yuan, which will be allocated to the following projects: - R&D and industrialization upgrades for 5G RF front-end chips and modules - R&D and industrialization upgrades for RF SoC - Construction of headquarters and R&D center [1]

Core Insights - China Electronics has established a new company named Spring Research Institute with a registered capital of 1 billion yuan [1] Company Overview - Spring Research Institute (Shenzhen) Co., Ltd. has been founded with a focus on integrated circuit design, IoT technology services, and artificial intelligence [1] - The company is wholly owned by China Electronics Information Industry Group Co., Ltd. [1]

Group 1 - The core viewpoint of the article highlights the performance and future plans of Zhongying Electronics, particularly in the automotive electronics and smartphone sectors [1] - Zhongying Electronics is a leading integrated circuit design company in China, focusing on the research, design, and sales of proprietary integrated circuit chips, along with providing system solutions and technical support services [1] - The sales growth of automotive electronic MCUs is currently slow, but the company plans to continue launching new products, which has a minor impact on overall performance [1] - The company has planned to introduce two AMOLED display driver chips for brand smartphones, with expectations for small-scale production by the end of the year [1]

Group 1 - On September 22, Canshin Co., Ltd. saw an 8.23% increase in stock price with a trading volume of 1.089 billion yuan, while the net financing buy was -827,700 yuan, indicating a high level of financing activity [1] - As of September 22, the total margin balance for Canshin Co., Ltd. was 347 million yuan, accounting for 5.91% of its market capitalization, which is above the 80th percentile of the past year [1] - The company specializes in integrated circuit design services, with its main business revenue composition being 50.27% from chip design and 49.73% from chip mass production [1] Group 2 - As of June 30, the number of shareholders for Canshin Co., Ltd. increased by 26.66% to 10,900, with an average of 6,574 circulating shares per person, up 121.26% [2] - For the first half of 2025, Canshin Co., Ltd. reported a revenue of 282 million yuan, a year-on-year decrease of 52.56%, and a net profit attributable to shareholders of -60.88 million yuan, a decline of 175.69% [2] - Since its A-share listing, Canshin Co., Ltd. has distributed a total of 71.76 million yuan in dividends [3]