公司拟使用本次募集资金投入5G射频前端芯片及模组研发和产业化升级项目、射频SoC研发及产业化升 级项目、总部基地及研发中心建设项目， 合计拟投入募集资金约20.67亿元。 智通财经APP讯，昂瑞微(688790.SH)披露招股意向书，公司拟公开发行股票数量为2488.2922万股，占 发行后公司总股本的比例为25%。高级管理人员与核心员工拟通过资产管理计划参与本次发行战略配 售，参与战略配售的数量合计不超过本次发行规模的10%，即248.8292万股，同时参与认购金额合计不 超过1.29亿元。中信建投投资有限公司参与本次发行战略配售，初始跟投比例预计为本次发行数量的 5%，即124.4146万股。本次发行初步询价日期为2025年12月2日，申购日期为2025年12月5日，发行结 束后公司将尽快申请在创板上市。 公司是一家专注于射频、模拟领域的集成电路设计企业，是国家级专精特新重点"小巨人"企业。公司主 要从事射频前端芯片、射频SoC芯片及其他模拟芯片的研发、设计与销售。自成立以来，公司通过持续 的研发投入和技术积累，不断进行产品高效迭代，为客户提供高性能、高可靠性、低功耗、高集成度的 射频及模拟芯片产品。 公 ...

公司拟使用本次募集资金投入5G射频前端芯片及模组研发和产业化升级项目、射频SoC研发及产业化升 级项目、总部基地及研发中心建设项目，合计拟投入募集资金约20.67亿元。 公司是一家专注于射频、模拟领域的集成电路设计企业，是国家级专精特新重点"小巨人"企业。公司主 要从事射频前端芯片、射频SoC芯片及其他模拟芯片的研发、设计与销售。自成立以来，公司通过持续 的研发投入和技术积累，不断进行产品高效迭代，为客户提供高性能、高可靠性、低功耗、高集成度的 射频及模拟芯片产品。 公司2022年度至2025年半年度归属于母公司股东的净利润分别为：-2.9亿元、-4.5亿元、-6470.92万 元、-4029.95万元。公司预计2025年度归属于母公司股东的净利润约为-1.13亿元至-4170.88万元左右， 与上年同期相比变动约为-74.41%至35.54%左右。 昂瑞微(688790.SH)披露招股意向书，公司拟公开发行股票数量为2488.2922万股，占发行后公司总股本 的比例为25%。高级管理人员与核心员工拟通过资产管理计划参与本次发行战略配售，参与战略配售的 数量合计不超过本次发行规模的10%，即248.8292万 ...

Core Viewpoint - The article highlights the accelerated pace of IPO approvals for technology companies in China, particularly on the Sci-Tech Innovation Board and the Growth Enterprise Market, indicating strong regulatory support for tech innovation [2][4]. Summary by Sections IPO Review Dynamics - The China Securities Regulatory Commission (CSRC) has shown increased efficiency in the IPO review process, with several technology companies achieving registration within the same year they submitted their applications [2][5]. Technology Company IPOs - Notable examples include Mu Xi Co., which received its registration approval in 136 days after submission, and Jianxin Superconducting, which took 181 days [3]. - A total of 8 companies on the "Double Innovation Board" received approvals this year, with an average review time of less than 156 days [4]. Overall Market Trends - As of November 21, 14 IPOs were scheduled for review in November alone, marking a monthly record for the year [5]. - The number of companies scheduled for review has increased significantly from previous quarters, with 32 companies reviewed in Q3 compared to 8 in Q1 [5]. Regulatory Support - The CSRC has emphasized the importance of capital markets in driving technological development, with plans to enhance the inclusivity and adaptability of the capital market system [4][5]. Backlog and Long Wait Times - Despite the acceleration in new applications, there remains a backlog of companies that have been waiting for over 800 days for their IPO reviews, indicating ongoing challenges in the system [6].

Core Insights - On October 30, Qizhong Technology's stock rose by 6.26%, with a trading volume of 699 million yuan [1] - As of September 30, Qizhong Technology reported a revenue of 1.605 billion yuan, an increase of 11.80% year-on-year, while net profit decreased by 19.20% to 185 million yuan [2] Financing and Margin Trading - On October 30, Qizhong Technology had a financing buy-in of 64.44 million yuan and a net buy of 992,300 yuan, with a total financing balance of 352 million yuan [1] - The financing balance represents 6.58% of the circulating market value, indicating a high level compared to the past year [1] - The company had a margin trading balance of 154,000 yuan, which is below the 40th percentile of the past year, indicating a low level of short selling activity [1] Shareholder Information - As of September 30, the number of shareholders increased by 14.73% to 23,800, while the average number of circulating shares per person decreased by 12.84% to 15,367 shares [2] - Qizhong Technology has distributed a total of 297 million yuan in dividends since its A-share listing [3] - Notable institutional shareholders include the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, which reduced its holdings by 480,800 shares, and the Hong Kong Central Clearing Limited, which is a new shareholder [3]

Core Viewpoint - The semiconductor industry, particularly in the field of RF chips, is gaining attention as domestic companies strive for self-research and development. Beijing Angrui Microelectronics Technology Co., Ltd. (Angrui Micro) has recently passed its IPO on the Sci-Tech Innovation Board, marking a significant milestone in a sector dominated by foreign giants [2][3]. Company Overview - Angrui Micro specializes in RF front-end chips and RF SoC chips, achieving annual revenue exceeding 2.1 billion yuan. The company has attracted investments from major tech players like Xiaomi and Huawei [2][3]. - The actual controller, Qian Yongxue, has a debt of 50 million yuan, and the company has been operating at a loss while relying heavily on major clients, which adds uncertainty to its future development [2][3][7]. Financial Performance - Angrui Micro's revenue for the years 2022, 2023, 2024, and the first half of 2025 is projected to be approximately 923 million yuan, 1.695 billion yuan, 2.101 billion yuan, and 844 million yuan, respectively, with a compound annual growth rate of 50.88% from 2022 to 2024 [9][11]. - Despite revenue growth, the company has reported net losses of approximately 290 million yuan, 450 million yuan, 64.7 million yuan, and 40.3 million yuan during the same periods, accumulating total losses of about 845 million yuan [9][11]. Customer Dependency - Angrui Micro's revenue is highly dependent on its top five customers, which accounted for 70.44%, 75.84%, 69.52%, and 59.07% of total revenue during the reporting periods [13]. - The company faces risks associated with fluctuations in orders from major clients, as evidenced by a significant reduction in orders from a key customer, leading to a revenue decline of 32.17% in the first half of 2025 [13][19]. Inventory and Accounts Receivable - The company reported inventory balances of 645 million yuan, 692 million yuan, 920 million yuan, and 711 million yuan at the end of each reporting period, indicating a potential risk of obsolescence due to rapid technological changes in the semiconductor industry [22][24]. - Accounts receivable increased significantly, with balances of 51.3 million yuan, 94.6 million yuan, 82.9 million yuan, and 144 million yuan, reflecting a growing reliance on major brand clients [24]. Debt and Financial Health - Short-term borrowings surged from 20 million yuan in 2022 to 305 million yuan in the first half of 2025, raising concerns about the company's liquidity and financial stability [25]. - The company's asset-liability ratio increased from 17.71% in 2022 to 42.47% in the first half of 2025, indicating a rising financial leverage and pressure on debt repayment [27][28]. Future Outlook - Angrui Micro aims to achieve breakeven by 2027, but it must navigate challenges such as profitability, financial structure optimization, and the cyclical nature of the semiconductor industry [29].

Core Viewpoint - The rapid approval process for Angruiwei on the Sci-Tech Innovation Board contrasts sharply with its deteriorating financial performance, raising questions about the sustainability of its business model and the capital market's tolerance for unprofitable tech companies [1][5][6] Financial Performance - Angruiwei's revenue is projected to grow from 9.23 billion in 2022 to 21.01 billion in 2024, with a compound annual growth rate exceeding 50%. However, in the first half of 2025, revenue fell to 8.44 billion, a year-on-year decline of 32.17%, and the net loss increased by 748.75% to 61.07 million [2] - The company expects a loss of 80 to 90 million in the first three quarters of 2025, indicating a sudden halt in the previously improving profitability trend [2] Product and Market Dynamics - The main product, RF front-end chips, accounts for over 80% of revenue, but the average selling price dropped by 29.4% to 1.08 yuan per unit, while wafer procurement costs rose by 21%. Despite this, the gross margin increased from 19.86% to 25.12%, raising questions about the underlying factors [2] - Compared to competitors, Angruiwei's RF front-end revenue fell by 38.28%, while peers like Huizhiwei and Tailinwei saw revenue growth of nearly 40% [2] R&D Investment - R&D expense ratio decreased from 29.25% in 2022 to 14.94% in 2024, a drop of 12.85 percentage points, placing Angruiwei at the bottom compared to peers [3] - The company has faced scrutiny over its outsourcing of R&D, including a failed project that consumed 75.2% of its outsourced R&D budget in 2023 [3][4] Talent Retention - Following the removal of employee stock ownership restrictions, 72 out of 160 employees left, including 47 R&D personnel, leading to a decline in innovation output [4] - Average salaries for R&D staff decreased from 828,200 to 712,600, further impacting talent retention and innovation [4] Fundraising and Future Outlook - Angruiwei aims to raise 2.067 billion for projects related to 5G RF and RF SoC, with a goal of achieving breakeven by 2027, contingent on maintaining a gross margin above 22% [5] - The regulatory body emphasizes the need for genuine technological capabilities and a clear path to profitability, rather than relying on narratives [5][6]

Core Viewpoint - Beijing Angrui Microelectronics Technology Co., Ltd. has successfully registered its IPO on the Sci-Tech Innovation Board, marking a significant step in its growth strategy [1] Company Overview - Angrui Micro specializes in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips [1] IPO Details - The IPO application was accepted on March 28, 2025, entered the inquiry stage on April 15, 2025, and was approved on October 15, 2025, with registration submitted on the same day [1] - The company aims to raise approximately 2.067 billion yuan through this IPO [1] Fund Utilization - After deducting issuance costs, the raised funds will be allocated to the following projects: - R&D and industrialization of 5G RF front-end chips and modules - R&D and industrialization of RF SoC chips - Construction of headquarters and R&D center [1]

IPO Review and Registration Progress - Four companies passed the IPO review last week, including Jianxin Superconductor, Muxi Co., Shuangxin Environmental Protection, and Aishalen [3][4] - Jianxin Superconductor focuses on the R&D, production, and sales of core components for MRI equipment, with projected revenues of 359 million, 451 million, and 425 million yuan from 2022 to 2024 [3] - Muxi Co. specializes in high-performance GPU chips and plans to raise 3.904 billion yuan through its IPO [3][4] - Shuangxin Environmental Protection reported a revenue decline of 25.25% and 7.85% for 2023 and 2024, respectively, due to industry downturns [4][5] - Aishalen, primarily engaged in OEM for medical care pads, expects revenues of 692 million yuan in 2024 [5] Upcoming IPOs - Three companies are set to undergo IPO reviews this week, including Jiangtian Technology, Taijin New Energy, and Hongban Technology [6] - Jiangtian Technology, which focuses on label printing, reported revenue growth from 384 million yuan in 2022 to 538 million yuan in 2024 [6] - Taijin New Energy, involved in high-end green electrolytic equipment, expects revenues to grow from 1.005 billion yuan in 2022 to 2.194 billion yuan in 2024 [7] - Hongban Technology, specializing in printed circuit boards, achieved a revenue increase of 43.48% year-on-year for the first three quarters of 2025 [8] New Stock Listings and Subscriptions - Four new stocks are scheduled to be listed this week, including Heyuan Bio, Taikang Ying, Xi'an Yicai, and Bibete [12] - Heyuan Bio is a biopharmaceutical company with eight drugs in the pipeline, while Taikang Ying focuses on mining and construction tires [12] - Xi'an Yicai, specializing in 12-inch silicon wafers, reported a revenue of 1.933 billion yuan for the first three quarters of 2025 [13] - Bibete, a biopharmaceutical firm, has no revenue but has one innovative drug approved for market [13] Recent IPO Approvals - Two companies, Angrui Micro and Yuxun Co., received IPO registration approvals, both from the "hard technology" sector [11] - Angrui Micro specializes in RF front-end chips, while Yuxun Co. focuses on optical communication front-end transceiver chips [11] Financial Performance Highlights - Jianxin Superconductor's net profits are projected to grow from 35 million yuan in 2022 to 56 million yuan in 2024 [3] - Shuangxin Environmental Protection anticipates a net profit of 52.5 million yuan in 2025, a slight increase from previous years [4] - Hongban Technology's net profit surged by 306.91% year-on-year for the first three quarters of 2025 [8] - Taijin New Energy's new signed orders for electrolytic equipment dropped significantly, raising concerns about future performance [7]

Core Viewpoint - Gansu Shangfeng Cement Co., Ltd. has made significant progress in its semiconductor equity investments, with its invested companies achieving important milestones in their public offerings [1][2]. Group 1: Investment Progress - On October 23, the China Securities Regulatory Commission approved Beijing Angrui Microelectronics Technology Co., Ltd.'s initial public offering (IPO) registration, which is a company invested in by the Suzhou Industrial Park Chip Venture Capital Partnership, a fund established by Shangfeng Cement [1][2]. - Suzhou Chip holds 257,700 shares of Angrui Micro, representing a 0.35% stake prior to the public offering [2]. - Angrui Micro specializes in integrated circuit design, focusing on RF and analog fields, and is recognized as a national-level "little giant" enterprise [2]. Group 2: Fund Investments - The Zhongjin Material (Anhui) New Materials Industry Investment Fund, in which Shangfeng Cement invested 200 million yuan, has successfully completed the IPO of Xi'an Yiswei Material Technology Co., Ltd., raising approximately 4.636 billion yuan through the issuance of 538 million shares at a price of 8.62 yuan per share [2][3]. - The fund focuses on new materials, particularly inorganic non-metallic materials and composite materials, and has several projects nearing capitalization, including companies in fuel cell membranes and photolithography films [3]. Group 3: Strategic Development - Shangfeng Cement is leveraging a dual strategy of core business and equity investment to penetrate strategic emerging sectors such as semiconductors and new materials, which is expected to yield substantial investment returns and provide valuable experience for the company's industrial transformation and growth [3].

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]