Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced measures to support unprofitable technology companies with key core technologies and market potential to list on the Sci-Tech Innovation Board, enhancing the inclusiveness of the system [1] Group 1: Company Overview - Angrui Microelectronics is focused on integrated circuit design in the RF and analog fields, developing RF front-end chips for smart mobile terminals and RF SoC chips for IoT applications [4] - The company has achieved significant sales with its RF front-end chips across major smartphone brands, excluding Apple, and has established partnerships with industrial and medical clients [4] Group 2: Financial Performance - Angrui Microelectronics has reported cumulative losses exceeding 800 million yuan over the past three years, with plans to raise 2.067 billion yuan through its IPO for R&D and industrial upgrades [5] - The company’s revenue has shown a compound annual growth rate of approximately 50.88%, with revenues of 923 million yuan, 1.695 billion yuan, and 2.101 billion yuan for 2022, 2023, and 2024 respectively [6] - Despite increasing revenues, the company has continued to incur losses, with net profits of -290 million yuan, -450 million yuan, and -64.71 million yuan over the same period [6][8] Group 3: Financial Metrics - The total assets of Angrui Microelectronics reached approximately 1.721 billion yuan in 2024, with a debt-to-asset ratio of 43.22%, up from 17.71% in 2022 [7][10] - The company’s gross profit margin has gradually increased to 20.22% in 2024, although it remains below the industry average of 25.83% [8][9] - Operating cash flow has been negative, indicating ongoing financial strain, with net cash flows from operating activities of -394.56 million yuan, -670.91 million yuan, and -1.867 billion yuan over the past three years [10][12] Group 4: Ownership and Control Issues - The founder, Yang Qinghua, unexpectedly left the company during its push for financing and listing, raising questions about the company's governance [3][16] - The current actual controller, Qian Yongxue, acquired control through loans, and the first major shareholder, Beijing Xinke, faces risks related to a partner involved in illegal fundraising [3][20] - The complex ownership structure and the potential legal issues surrounding a limited partner could pose significant challenges for Angrui Microelectronics in its IPO process [20][22]

Group 1 - The A-share IPO market is gradually recovering, with two new stocks listed on June 5, and significant progress made by previously stalled IPOs [1] - In May, the three major exchanges in China received 16 IPO applications, surpassing the total of the previous four months combined, marking a new monthly high for the year [2] - The current trend in A-share IPOs reflects increased confidence among companies, with a notable acceleration in the review process and a decrease in terminated projects [2][3] Group 2 - As of this year, a total of 28 companies have submitted IPO applications, with the North Exchange receiving the most applications, accounting for over 67% [2] - The average time from application to the first round of inquiries is 18 days for the Shenzhen Main Board and 30 days for the North Exchange, indicating varying efficiency across exchanges [3] - The number of companies under review has decreased significantly, with only 185 companies currently in the pipeline, down nearly 60% from the previous year [3] Group 3 - The increase in IPO applications is attributed to both accelerated review processes and a high termination rate, with 64 companies withdrawing their applications this year [3] - June is traditionally a peak month for IPO applications, as many companies aim to submit materials based on the previous year's financials by the end of June [3] Group 4 - Regulatory bodies are emphasizing support for technology innovation, aiming to enhance the inclusivity and adaptability of the IPO system for high-quality, unprofitable tech companies [4][5] - Among the 28 companies currently under review, 25 are manufacturing firms, with a significant representation from specialized equipment manufacturing [5] Group 5 - The first batch of IPO projects on the ChiNext board this year represents strategic emerging industries, showcasing the integration of technology innovation and industrial development [6] - Notable companies include Sanrui Intelligent, which ranks second globally in the civil drone electric propulsion system market, and Hongming Electronics, which specializes in electronic components for defense applications [6] Group 6 - The North Exchange has seen an improvement in the quality of companies applying for listing, with many demonstrating strong profitability [8][9] - The average revenue for companies applying to the North Exchange in 2024 is projected to exceed 10.13 billion, with 12 companies reporting net profits over 100 million [8] - The increase in quality is attributed to better performance of new companies listed on the New Third Board and enhanced resource allocation by investment banks [9]

Group 1: IPO Overview - On May 30, 2025, four companies, including Shaanxi Tourism, Sanrui Intelligent, Hongming Electronics, and Dayu Co., received IPO acceptance, marking the highest number of acceptances in a single day since 2025 [1][3] - Among the four companies, Sanrui Intelligent and Hongming Electronics are attempting to list on the ChiNext board, making them the first batch of accepted companies for the year [1][4] - As of now, a total of 27 companies have received IPO acceptance in 2025, with 18 from the Beijing Stock Exchange, accounting for 66.67% of the total [1][5] Group 2: Fundraising Plans - Sanrui Intelligent plans to raise approximately 769 million yuan, with funds allocated for expanding drone and robot power systems, R&D center, and smart warehousing [3][4] - Hongming Electronics aims to raise about 1.951 billion yuan, focusing on projects related to high-energy pulse capacitors and new electronic components [3][4] - Shaanxi Tourism intends to raise around 1.555 billion yuan for its tourism-related projects, while Dayu Co. plans to raise approximately 181 million yuan for metal surface treatment and ship casting [4] Group 3: Company Backgrounds - Hongming Electronics, established in 1981, is the oldest among the four companies, while Shaanxi Tourism, Dayu Co., and Sanrui Intelligent were founded in 1988, 1997, and 2009, respectively [4] - Sanrui Intelligent specializes in the R&D, production, and sales of drone electric power systems and is actively developing eVTOL power systems [3][4] - Hongming Electronics focuses on the R&D and production of new electronic components, primarily resistive and capacitive components [3][4] Group 4: Financial Performance - In 2024, Sanrui Intelligent is projected to achieve a net profit of approximately 333 million yuan, representing a year-on-year increase of 92.96% [7] - Hongming Electronics has experienced a decline in net profit for two consecutive years, with figures of 476 million yuan, 412 million yuan, and 293 million yuan from 2022 to 2024 [7] - The overall trend indicates that while some companies are experiencing growth, others like Hongming Electronics are facing challenges in maintaining profitability [7][8]

Group 1 - The number of companies listed on the A-share market has increased to 42 in 2023, raising a total of 27.598 billion yuan, indicating a growing interest in high-tech and high-growth enterprises [1] - Nearly 2,700 companies in strategic emerging industries are listed on the Shanghai and Shenzhen stock exchanges, accounting for over 40% of the market capitalization [1] - More than 90% of new listings in 2024 on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange are expected to belong to strategic emerging industries or high-tech enterprises [1] Group 2 - As of May 23, 2023, there are 4 companies in the process of issuing shares, with 14 more awaiting approval from the China Securities Regulatory Commission, covering sectors such as pharmaceuticals, hardware, and automotive [2] - Zhejiang Sanhua Intelligent Controls Co., Ltd. has seen its revenue grow from 524 million yuan at the time of its listing to an expected 27.947 billion yuan in 2024, with a compound annual growth rate of 23.28% [2] Group 3 - Ningbo Baos Energy Equipment Co., Ltd. has utilized public stock issuance to raise significant funds for technology innovation projects, including advanced research equipment and product upgrades [3] - Dize Pharmaceutical Co., Ltd. completed a refinancing of 1.796 billion yuan in April 2023, marking it as the first unprofitable company to complete refinancing on the Sci-Tech Innovation Board [3] Group 4 - The China Securities Regulatory Commission has introduced various measures to support technology enterprises, including the "16 Measures for Capital Market Services" and "8 Measures for Deepening Sci-Tech Innovation Board Reforms" [4] - The regulatory body aims to enhance the policy framework and market ecosystem to better support the development of hard technology enterprises [4] Group 5 - The fifth set of listing standards for the Sci-Tech Innovation Board provides crucial capital support for unprofitable hard technology companies, potentially shortening their growth cycles [6] - The introduction of a dynamic assessment system for "Sci-Tech attributes" is suggested to prevent non-genuine technology companies from exploiting the system [6] Group 6 - Future efforts will focus on improving the multi-tiered capital market system to better serve hard technology enterprises at different life cycle stages [7]

Core Viewpoint - Beijing Angrui Microelectronics Technology Co., Ltd. (referred to as "Angrui Micro") has had its IPO application accepted by the Shanghai Stock Exchange, marking it as the first unprofitable company to be accepted for listing on the Sci-Tech Innovation Board this year [1][3]. Company Overview - Angrui Micro primarily engages in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips. Its RF front-end chip products have achieved scale sales with major global smartphone brands, excluding Apple, including Honor, Samsung, Vivo, Xiaomi, OPPO, Lenovo (Moto), Transsion, and Realme [1][3]. Financial Performance - The company reported net losses of CNY 290 million, CNY 450 million, and CNY 64.7 million for the years 2022 to 2024, respectively, with a significant reduction in losses expected in 2024. Revenue is projected to grow from CNY 923 million in 2022 to CNY 2.101 billion in 2024 [3][4]. - As of the end of 2024, the cumulative unabsorbed losses are expected to reach CNY 1.239 billion, which will persist post-IPO, affecting the ability to distribute cash dividends to shareholders [3][4]. Market Position and Valuation - Angrui Micro anticipates a post-IPO market valuation of no less than CNY 5 billion, meeting the Sci-Tech Innovation Board's criteria for companies with differential voting rights [4][5]. Industry Context - The acceptance of Angrui Micro's IPO application aligns with the recent regulatory support for unprofitable companies with key technologies and market potential, as highlighted by the China Securities Regulatory Commission's "Eight Articles" policy [5]. Financial Health - The company's asset-liability ratio has increased from 17.82% in 2022 to 42.33% in 2024, indicating rising financial leverage [6][7]. - Operating cash flow has been negative, with net cash flows from operating activities reported as -CNY 39.46 million, -CNY 67.09 million, and -CNY 1.867 billion over the reporting periods [6][8]. R&D and Inventory Management - Angrui Micro has seen an increase in the average number of R&D personnel, reaching 207 in 2024, while the average salary for R&D staff has decreased [9]. - The company has a high inventory balance, with significant provisions for inventory impairment, indicating potential risks related to inventory valuation [8]. Ownership Structure - The actual controller of Angrui Micro, Qian Yongxue, has enhanced control over the company through a loan of CNY 50 million, which was converted into equity. The ownership structure is relatively dispersed, with no controlling shareholder [10][11].

文/西风 2020年12月，公司实际控制人为增强对发行人的控制权，以借款的方式向其控制的北京鑫科股权投资合伙企业（有限合伙）筹集资金5000万元，并以上述资金入 股发行人，取得发行人287.9819万股股份。北京鑫科已出具确认函，如实际控制人要求延期偿还借款或未能按期偿还相应款项的，北京鑫科将采取协商展期等方式 进行处理，不会强制要求实际控制人以转让或质押其直接或间接持有昂瑞微股份等任何可能导致实际控制人对昂瑞微控制权发生变动的形式进行偿还，且实际控 制人的控制权已在公司设置特别表决权股份后得到强化，因此预计该等负债情形不会对公司控制权产生重大不利影响，但如实际控制人的资信情况、财务能力或 流动性状况出现其他重大不利变化，或因实际控制人与债权人出现争议纠纷等情形，所负大额负债将存在逾期或违约的风险。 二、三年累计亏损8.8亿元，但亏损金额持续大幅下降，2025年或2026年盈利在望？ 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，是国家级专精特新重点"小巨人"企业。 2022年、2023年、2024年，公司实现营业收入分别为9.23亿元、16.95亿元、21.01亿元，扣非归母净利 ...