Core Viewpoint - Angrui Microelectronics Technology Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a significant initial stock price increase, indicating strong market interest and confidence in the company's growth potential in the RF communication sector [1][2]. Group 1: Company Overview - Angrui focuses on the RF communication field, offering a comprehensive range of RF front-end chip products for smart mobile terminals, including 5G/4G/3G/2G front-end modules and power amplifiers [1][3]. - The company has achieved mass production of various RF front-end modules, breaking the monopoly of international manufacturers and establishing itself as an industry leader in 5G RF front-end modules [3][4]. Group 2: Product Offerings - Angrui's core product lines include RF front-end chips designed using multiple processes such as GaAs, CMOS, and SiGe, covering various communication standards [3]. - The company has developed high-performance, low-power RF SoC chip products, including low-power Bluetooth and 2.4GHz private protocol chips, which are essential for IoT applications [5][6]. Group 3: Market Applications - Angrui's RF front-end chips are widely adopted by major brands such as Honor, Samsung, Vivo, Xiaomi, and OPPO, demonstrating strong market penetration and customer trust [4][6]. - The company has also introduced satellite communication products and automotive RF front-end chips, achieving mass production for high-end mobile terminal customers and passing automotive-grade certification [4]. Group 4: Technological Advancements - Angrui has received awards for its innovative technologies, including the "China Chip" Excellent Technology Innovation Product Award, highlighting its commitment to technological excellence [3][6]. - The company actively collaborates with domestic suppliers to develop and validate local RF supply chains, contributing to the localization of the RF industry [6].

Core Viewpoint - Angrui Micro (688790.SH) has initiated its subscription on December 5, with an issue price of 83.06 CNY per share and a price-to-earnings ratio of 58.25 times, positioning itself as a key player in the integrated circuit design sector, particularly in RF and analog fields [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 focusing on specialized and innovative technologies [1] - The company has achieved significant technological advancements and product iterations through continuous R&D investment, offering 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 (covering 5G/4G/3G/2G) and RF SoC chips for IoT applications, such as low-power Bluetooth and 2.4GHz wireless communication chips [2] - Angrui Micro has established a strong customer base, with its RF front-end chips being sold to major brands like Honor, Samsung, Vivo, Xiaomi, OPPO, and Lenovo, while its RF SoC chips have been adopted by companies like Alibaba, Pinduoduo, and BYD [2] Market Position - Among domestic RF front-end companies, Angrui Micro ranks among the top three in revenue, with projected revenues of 2.101 billion CNY for 2024, of which 1.790 billion CNY comes from RF front-end products [3] - The company is estimated to hold approximately 5.4% of the global market share in low-power IoT wireless connection chips, based on its projected shipment of 0.98 million SoC chips in 2024 [3] Financial Performance - The company reported revenues of approximately 0.923 billion CNY, 1.695 billion CNY, and 2.101 billion CNY for the years 2022, 2023, and 2024 respectively, with net losses of approximately -0.290 billion CNY, -0.450 billion CNY, and -0.065 billion CNY during the same periods [3] - As of June 2025, the total assets are projected to be approximately 1.628 billion CNY, with total liabilities showing an increase in the asset-liability ratio to 39.58% [4]