Core Viewpoint - Beijing Angrui Microelectronics Technology Co., Ltd. has received approval for its initial public offering (IPO) and listing on the Sci-Tech Innovation Board, indicating a positive outlook for the company's market entry and growth potential [1][2]. Group 1: Company Overview - Angrui Micro was established in 2012 and specializes in the design of composite chips, focusing on RF front-end and wireless communication sectors [7]. - The company's core products include a full range of RF front-end chips for 2G/3G/4G/5G, wireless connection chips, and analog chips, which are primarily used in smartphones, automotive electronics, energy storage, industrial applications, high-performance computing, IoT, and smart wearables [7]. Group 2: Financial Performance - The company reported a compound annual growth rate (CAGR) of over 50% in revenue over the past three years, with projected revenue of 2.1 billion yuan in 2024 [4]. - Despite the growth in revenue, Angrui Micro has faced continuous losses, with net profits of -289.89 million yuan in 2022, -450.13 million yuan in 2023, -64.71 million yuan in 2024, and -40.30 million yuan in the first half of 2025 [4][5]. - As of June 2025, the cumulative unremedied losses amounted to -1.28 billion yuan, which may hinder the company's ability to distribute cash dividends to shareholders in the near term [7]. Group 3: Use of Proceeds - Angrui Micro plans to raise 2.067 billion yuan through the IPO, with allocations including 1.096 billion yuan for the R&D and industrialization of 5G RF front-end chips, 408 million yuan for RF SoC R&D, and 563 million yuan for the construction of its headquarters and R&D center [9]. - The company aims to leverage its established brand and customer base in the RF industry to drive performance growth through product upgrades and new product launches [9].

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].

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].