据IPO早知道消息，北京昂瑞微电子技术股份有限公司（以下简称"昂瑞微"）于2025年12月16日正 式以"688790"为股票代码在科创板挂牌上市。 截至10：30，昂瑞微报于每股228.5元，较发行价上涨超175%，市值近230亿元。 核心产品打破国际厂商垄断 成立于2012年的昂瑞微作为一家专注于射频、模拟领域的集成电路设计企业，主要从事射频前端芯 片、射频 SoC 芯片和其他模拟芯片的研发、设计与销售，核心产品线主要包括面向智能移动终端的 5G/4G/3G/2G 全系列射频前端芯片产品（包括射频前端模组及功率放大器、开关、LNA 等）以及 面向物联网的射频SoC芯片产品（包括低功耗蓝牙类及2.4GHz 私有协议类无线通信芯片）。 全球射频领域的重要参与者。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 联想创投、天际、松禾为股东 成立至今，昂瑞微已获得多家知名机构的投资。 联想集团副总裁、联想创投管理合伙人王光熙表示： "热烈祝贺昂瑞微成功登陆科创板，当前5G与 万物互联正驱动射频芯片市场持续增长。昂瑞微深耕射频领域十余年，是国内率先实现高端5G L- PAM ...

Core Viewpoint - The upcoming listing review meeting for Beijing Angrui Microelectronics Technology Co., Ltd. (Angrui Micro) on October 15 signifies a significant step towards its potential listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board, raising scrutiny over the rationality of its fundraising efforts [1]. Group 1: Company Overview - Angrui Micro, established in 2012, specializes in RF front-end and wireless communication, offering a diverse range of chip designs including 2G/3G/4G/5G RF front-end chips, wireless connection chips, and analog chips, primarily used in smartphones, automotive electronics, energy storage, industrial applications, high-performance computing, IoT, and wearable technology [2]. Group 2: Fundraising and Investment Projects - The company plans to raise a total of 2.067 billion yuan, with allocations including approximately 1.096 billion yuan for the R&D and industrialization of 5G RF front-end chips and modules, 408 million yuan for RF SoC R&D and industrialization, and 563 million yuan for the construction of its headquarters and R&D center [2]. Group 3: Financial Impact and Profitability - Angrui Micro acknowledges that the implementation of its fundraising projects will lead to an increase in depreciation and amortization expenses; however, the additional annual depreciation will not exceed 1.5% of existing revenue and projected revenue from the fundraising projects, thus having a relatively minor impact on profits [3]. - The company anticipates that the net profit generated from the fundraising projects will be sufficient to offset the impact of the increased depreciation expenses [3]. Group 4: Client Base and Market Position - Major clients for Angrui Micro's RF front-end products include prominent smartphone manufacturers such as Huawei, Xiaomi, Honor, Samsung, and Vivo, while its RF SoC chip products have been adopted by companies like Alibaba, Xiaomi, HP, and others [3]. - The company aims to leverage its established brand advantage and customer base in the RF industry to drive performance growth through the upgrades and introduction of new products [3]. Group 5: R&D Investment Trends - Over recent years, the proportion of R&D investment relative to revenue has shown a declining trend, decreasing from 29.25% in 2022 to 14.94% in 2024, with a slight increase to 16.40% in the first half of 2025 [4]. - The decline in R&D expense ratio is attributed to significant revenue growth, with a year-on-year increase of 83.62% in 2023 and a further 23.98% in 2024, while the absolute scale of R&D investment remains stable when excluding stock payment factors [4].

Core Viewpoint - The article discusses the recent acceptance of the IPO application for Angrui Micro, marking it as the first unprofitable company to be accepted for listing on the Sci-Tech Innovation Board in 2023, highlighting a shift in regulatory attitudes towards unprofitable tech companies [1][3][4]. Summary by Sections IPO Market Overview - As of March 29, 2023, a total of 7 IPO projects have been accepted this quarter, with over half being from the Beijing Stock Exchange, and only 2 and 1 from the Shanghai and Shenzhen exchanges respectively [1][6]. - The current IPO acceptance rate remains low despite regulatory encouragement for unprofitable tech companies, indicating strict review standards [1][5]. Angrui Micro's IPO Details - Angrui Micro plans to raise 2.067 billion yuan through its IPO, focusing on integrated circuit design in the RF and analog sectors, with core products including RF front-end chips for smart mobile terminals and RF SoC chips for IoT [3]. - The company's projected revenues for 2022 to 2024 are 923 million yuan, 1.695 billion yuan, and 2.101 billion yuan respectively, while net losses are expected to decrease from 474 million yuan to 110 million yuan over the same period [3]. Regulatory Environment - The China Securities Regulatory Commission (CSRC) has expressed intentions to enhance the inclusivity of the IPO process for high-growth unprofitable tech companies, emphasizing the need for a supportive mechanism for technology innovation [4][5]. - CSRC Chairman Wu Qing highlighted the inherent risks and uncertainties in tech innovation, advocating for a balanced view of the potential rewards and risks associated with unprofitable companies [4]. Market Sentiment and Future Outlook - Market participants are calling for a more regularized IPO review process to help identify which types of companies are likely to succeed in obtaining approval [6]. - The current backlog of IPO applications includes 154 companies, with the majority awaiting review on the Beijing Stock Exchange [6][7].