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 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 - 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]

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]

Core Insights - Three companies received IPO approval during the week, with two submitting registration and two having their registration effective [1][2] - He Yuan Bio announced an issuance price of 29.06 yuan per share, with a total issuance of 89.45 million shares, all being new shares [1] - Xi'an Yiswei Material Technology Co., Ltd. and Guangzhou Bibete Pharmaceutical Co., Ltd. also conducted online and offline subscriptions [1][2] Company Summaries - He Yuan Bio is the first company to apply for listing under the new "1+6" policy on the Sci-Tech Innovation Board, expected to be among the first new registered companies in the growth tier [1] - Xi'an Yiswei confirmed a total issuance of 537.8 million shares, with 20 investors receiving strategic placements totaling 268.9 million shares [2] - Bibete announced an issuance of 9 million shares at a price of 17.78 yuan per share, with the online subscription lottery scheduled for October 20, 2025 [2] Financial Performance - Mu Xi Integrated Circuit (Shanghai) Co., Ltd. is set to present for IPO on October 24, with reported revenues of 426,400 yuan, 53.02 million yuan, 743 million yuan, and 320 million yuan over the past four years, and net losses of 777 million yuan, 871 million yuan, 1.409 billion yuan, and 233 million yuan [2] - Beijing Angrui Microelectronics Technology Co., Ltd. is also an unprofitable company, with revenues of 923 million yuan, 1.695 billion yuan, 2.101 billion yuan, and 844 million yuan, and net losses of 290 million yuan, 450 million yuan, 64.7 million yuan, and 40.3 million yuan [3] - Tian Su Measurement and Testing Co., Ltd. reported revenues of 597 million yuan, 726 million yuan, 800 million yuan, and 409 million yuan, with net profits of 84.4 million yuan, 101 million yuan, 111 million yuan, and 55.6 million yuan [4] Regulatory Insights - The listing committee questioned Angrui Micro on its business growth potential and sustainability, considering industry competition, product technology iterations, and financial status [3] - Tian Su Measurement was asked to enhance its risk disclosures regarding performance decline in its prospectus, considering factors like technological advancement and industry competition [4] Registration Updates - Two companies, Southern Power Grid Digital Grid Research Institute Co., Ltd. and Bai Ao Sai Tu (Beijing) Pharmaceutical Technology Co., Ltd., had their registrations effective on October 15 and 16, respectively [4]

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 Insights - The A-share IPO review maintained a "full approval" pace from October 13 to 17, with three companies successfully passing the review, highlighting a focus on hard technology enterprises [2][3][4] Recent Approvals - **Tiansu Measurement**: On October 16, Tiansu Measurement's IPO application was approved after four previous suspensions. The company projects steady revenue growth from CNY 597 million in 2023 to CNY 800 million in 2025, with net profits increasing from CNY 84.39 million to CNY 111 million during the same period [2] - **Angrui Microelectronics**: Approved on October 15, Angrui Microelectronics aims to raise CNY 2.067 billion for the development of 5G RF front-end chips and related projects. The company specializes in RF and analog integrated circuit design [3] - **Yuxun Technology**: Yuxun Technology's IPO was approved after a previous deferral. The company focuses on optical communication chips and plans to raise CNY 809 million for various development projects, with projected revenues growing from CNY 313 million in 2023 to CNY 411 million in 2024 [4] New Listings - **Changjiang Energy Technology**: Listed on the Beijing Stock Exchange on October 16, with a share price increase of 254.03%. The company raised CNY 160 million for expanding production capacity and R&D in energy equipment [5] - **Yunji Technology**: Listed on the Hong Kong Stock Exchange on October 16, with a first-day price increase of 26.05%. The company raised approximately HKD 660 million, with significant oversubscription [6] - **Xuanzhu Biopharmaceutical**: Listed on October 15, with a first-day increase of 126.72%. The company focuses on innovative drug development in the biopharmaceutical sector [7] Recent Filings - **Shouchuang Securities**: Filed for a dual listing on the Hong Kong Stock Exchange, reporting total revenues of approximately CNY 2.519 billion in 2022, with a projected growth trend [8] - **Shuanglin Co.**: Recently submitted a prospectus for listing on the Hong Kong Stock Exchange, reporting a revenue of CNY 2.525 billion in the first half of 2025, with a 20.1% year-on-year growth [9] - **Tambor Group**: Filed for a listing on the Hong Kong Stock Exchange, focusing on outdoor apparel with a revenue of approximately CNY 732 million in 2022 [10] - **Chengyi Biotech**: Submitted a prospectus for a Hong Kong listing, focusing on developing new oral small molecule drugs for cardiovascular and metabolic diseases [11] - **Dongpeng Beverage**: Filed for a listing on the Hong Kong Stock Exchange, reporting a revenue of CNY 8.5 billion in 2022, with a leading market position in the functional beverage sector [12]

Core Viewpoint - The IPO of Beijing Angrui Microelectronics Technology Co., Ltd. has been approved, but the company faces significant challenges including declining revenue growth and substantial accumulated losses [1][2]. Revenue and Growth - Angrui Micro has experienced a compound annual growth rate (CAGR) of 50% in revenue from 2022 to 2024, increasing from 0.923 billion to 2.101 billion [2]. - However, revenue growth is slowing, with growth rates of 83.62% in 2023 and 23.98% in 2024, and a decline in revenue in the first half of 2025 due to reduced orders from some clients and strategic abandonment of low-margin orders [2][4]. Profitability and Losses - The company has reported significant losses, with cumulative unremedied losses reaching 1.279 billion by mid-2025, despite a narrowing loss in the first half of 2025 [3][4]. - The gross profit margins for 4G and 5G products have shown volatility, with 4G margins ranging from 7.42% to 12.65% and 5G margins from 13.61% to 25.12% [3]. Research and Development - Angrui Micro's R&D expenses have decreased significantly, falling below the industry average, which may impact its profitability [3][6]. - The company has a total of 125 patents, but the number of new invention patents has declined since the former chairman's exit in 2019, raising concerns about its innovation capacity [6][7]. Fundraising and Talent Acquisition - The company plans to allocate nearly half of its 2.067 billion fundraising to R&D personnel salaries, which is 2.27 times the total salary expenditure for R&D personnel over the past three years [7]. - The ability of Angrui Micro to attract core talent and enhance its competitive edge through this funding remains uncertain [7].