沐曦集成电路（上海）股份有限公司 保荐人（主承销商）：华泰联合证券有限责任公司 发行情况： 沐曦股份致力于自主研发全栈高性能GPU芯片及计算平台，主营业务是研发、设计和销售应用于人工智能训练和推理、通用计算与图形渲染领 域的全栈GPU产品，并围绕GPU芯片提供配套的软件栈与计算平台。 沐曦股份控股股东为上海骄迈企业咨询合伙企业（有限合伙）（以下简称"上海骄迈"）。截至招股意向书签署日，上海骄迈直接持有沐曦股份 13.30%的股份，为沐曦股份第一大股东。鉴于上海骄迈、上海曦骥企业咨询合伙企业（有限合伙）（以下简称"上海曦骥"）的执行事务合伙人 均为陈维良，根据《上市公司收购管理办法》，上海骄迈、上海曦骥以及陈维良构成一致行动人，合计持有沐曦股份22.94%股权，持股比例远 高于其他任何股东；同时上海骄迈的一致行动人陈维良拥有沐曦股份董事会除独立董事之外半数以上成员的提名权。 截至招股意向书签署之日，陈维良合计控制沐曦股份22.94%的股权，并且拥有沐曦股份董事会除独立董事之外半数以上成员提名权，为沐曦股 份实际控制人。最近两年内，沐曦股份的实际控制人未发生变化。 沐曦股份于2025年12月4日发布的首次公开发行 ...

Core Viewpoint - Beijing Angrui Microelectronics Technology Co., Ltd. has successfully passed the IPO review on the Sci-Tech Innovation Board, marking a significant step towards capital market entry for this national-level specialized "little giant" enterprise [1][2]. Company Overview - Founded in 2012, Angrui Micro specializes in the RF and analog fields, with core products including a full range of RF front-end chips and RF SoC chips, widely used in smartphones, automotive electronics, and IoT [2][3]. - The company has entered the supply chains of leading global terminal manufacturers such as Huawei, Xiaomi, Samsung, and Honor [2]. - Angrui Micro is one of the few domestic manufacturers to break through 5G high-end module technology and achieve large-scale production, with projected revenue of 2.101 billion yuan in 2024 [2][3]. IPO Details - The company plans to raise 2.067 billion yuan through the IPO, focusing on three main areas: 1.096 billion yuan for R&D and industrial upgrading of 5G RF front-end chips and modules, 408 million yuan for RF SoC R&D and industrial upgrading, and 563 million yuan for building a headquarters and R&D center [3]. - During the construction period of the fundraising projects, the average annual R&D investment will exceed 300 million yuan, targeting breakthroughs in high-end module technology and capacity upgrades [3]. Financial Performance - Despite not being profitable, with a projected net loss of 64.7092 million yuan in 2024, the company meets the Sci-Tech Innovation Board's second set of listing standards based on expected market capitalization of no less than 5 billion yuan and recent annual revenue of no less than 500 million yuan [3]. - The company has achieved a compound annual growth rate (CAGR) of 50.88% in revenue over the past three years, with cumulative R&D investment of 980 million yuan from 2022 to 2024, accounting for over 20% of cumulative revenue [3]. Industry Impact - The approval of Angrui Micro's IPO is expected to inject capital into continuous R&D, accelerating the high-end development of domestic RF chips and supporting the supply chain in the context of the second wave of domestic substitution [4].