Core Viewpoint - Beijing Angrui Microelectronics Technology Co., Ltd. (stock code: 688790) expects a significant increase in net profit loss for the year 2025, projecting a loss of between 110 million to 150 million yuan, with a loss of 130 million to 190 million yuan after excluding non-recurring gains and losses, indicating a worsening financial situation compared to the previous year [1][5] Financial Performance - In 2024, the company's net profit attributable to shareholders was a loss of 64.7 million yuan, and the net profit after excluding non-recurring items was a loss of 110 million yuan [3][7] - The projected losses for 2025 represent a significant year-on-year increase, primarily due to fluctuations in the industry environment and strategic adjustments within the company [3][7] Stock Performance - Following the announcement of the poor financial outlook, the company's stock price has faced considerable pressure, having been listed on the STAR Market on December 16, 2025, with an initial high of 244 yuan per share, but subsequently dropping to a low of 147.78 yuan, reflecting a maximum decline of nearly 40%. As of January 28, the stock closed at 157.2 yuan, with a market capitalization of 15.646 billion yuan [3][7] Reasons for Performance Decline - The company attributed the increased losses to several factors, including clients adjusting their procurement schedules based on their sales expectations and supply chain conditions, which has suppressed revenue. Additionally, the company is strategically optimizing its customer and order structure by reducing low-margin and highly competitive projects, negatively impacting short-term performance [8] - The provision for inventory impairment has further exacerbated the financial pressure, as some products' realizable net value fell below their book value due to structural changes in customer demand, inventory strategy adjustments, and rising material costs [8] Strategic Response - In response to the short-term performance challenges, the company has outlined strategies focusing on market expansion and product category extension. This includes broadening cooperation with existing RF front-end chip brand customers and accelerating the introduction of a full range of products, while also targeting new application scenarios in industrial, medical, and automotive sectors to explore incremental market opportunities [4][8] - The company plans to enhance its global competitiveness by increasing efforts in overseas market expansion [4] - On January 20, the company announced plans to use up to 1.55 billion yuan of idle raised funds for temporary cash management, investing in safe, liquid, and capital-preserving products to improve fund utilization efficiency [4][9] Fund Management - The source of the cash management funds is the idle raised funds from the company's initial public offering, which netted 1.932 billion yuan. The funds were originally intended for three major projects: R&D and industrialization upgrades for 5G RF front-end chips and modules, R&D and industrialization upgrades for RF SoC, and the construction of a headquarters and R&D center. Due to the phased investment over four years, some funds have become temporarily idle, prompting the cash management plan [9]

Group 1 - The company announced the use of raised funds to replace self-raised funds previously invested in fundraising projects and to pay issuance expenses [1][5] - The total amount raised from the initial public offering was RMB 206,677.55 million, with a net amount of RMB 193,232.27 million after deducting issuance expenses [2][44] - The company has established a special account for the raised funds and signed a regulatory agreement with the bank and sponsor [2][44] Group 2 - The company plans to adjust the investment amounts for fundraising projects due to the actual net amount being lower than previously disclosed [23][45] - The company has pre-invested RMB 13,904.46 million of self-raised funds in fundraising projects and intends to replace this amount with raised funds [3][4] - The company has also paid RMB 160.83 million in issuance expenses using self-raised funds, which will be replaced by raised funds [4][5] Group 3 - The internal review process for using raised funds to replace self-raised funds was completed on January 16, 2026, with board approval [5][15] - The board's strategic committee confirmed that the replacement of self-raised funds complies with relevant regulations and does not affect the normal operation of fundraising projects [6][17] - The sponsor has issued a no-objection opinion regarding the use of raised funds for this purpose [9][41] Group 4 - The company intends to use part of the temporarily idle raised funds for phased cash management, with a maximum amount of RMB 15.5 billion [20][22] - The cash management products will include low-risk options such as time deposits and structured deposits, ensuring liquidity and safety [22][28] - The board approved the cash management plan on January 16, 2026, without the need for shareholder meeting approval [33][41] Group 5 - The company has added new implementation entities and locations for certain fundraising projects to enhance efficiency and resource allocation [43][50] - The new entities include Shenzhen Angrui Microelectronics Co., Ltd. and its Chengdu branch, which will manage specific projects [50][51] - This adjustment aims to leverage regional advantages and improve project execution without altering the intended use of raised funds [51][52]

Core Viewpoint - Angrui Microelectronics (688790.SH) experienced a significant decline in stock price, reaching an all-time low since its listing, indicating potential market concerns regarding its performance and future prospects [1] Group 1: Stock Performance - The stock price of Angrui Microelectronics dropped to a minimum of 168.33 yuan during trading, marking the lowest price since its IPO [1] - As of the market close, the stock was reported at 170.45 yuan, reflecting a decline of 5.20% [1] Group 2: IPO Details - Angrui Microelectronics was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 16, 2025, making today its fourth trading day [1] - The company issued a total of 24,882,922 shares at an initial price of 83.06 yuan per share [1] - The total funds raised from the IPO amounted to 2,066.7755 million yuan, with a net amount of 1,932.3227 million yuan after deducting issuance costs, which is 134.9787 million yuan less than originally planned [1] Group 3: Fund Utilization - The funds raised are intended for projects including the R&D and industrialization of 5G RF front-end chips and modules, RF SoC R&D and industrialization, and the construction of a headquarters and R&D center [1] Group 4: Issuance Costs - The total issuance costs for the public offering were 134.4528 million yuan, which included a sponsorship fee of 2.7 million yuan and an underwriting fee of 112.1727 million yuan [1]

Core Viewpoint - Angrui Microelectronics (688790.SH) experienced a significant stock price decline, reaching an all-time low since its listing, indicating potential market concerns regarding its performance and future prospects [1] Company Summary - Angrui Microelectronics' stock price fell to a minimum of 179.68 yuan during trading, closing at 179.80 yuan with a drop of 11.08% [1] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 16, 2025, marking its third trading day [1] - The total number of shares publicly issued by Angrui Microelectronics was 24,882,922 shares, with an initial offering price of 83.06 yuan per share [1] Fundraising and Financials - The total funds raised from the public offering amounted to 2,066.7755 million yuan, with a net amount of 1,932.3227 million yuan after deducting issuance costs, which is 134.9787 million yuan less than originally planned [1] - According to the prospectus disclosed on December 11, 2025, the company intended to raise 2,067.3014 million yuan for projects related to 5G RF front-end chip and module R&D, RF SoC R&D, and the construction of its headquarters and R&D center [1] - The total issuance costs for the public offering were 134.4528 million yuan, including a sponsorship fee of 2.7 million yuan and an underwriting fee of 112.1727 million yuan [1]

Group 1 - The core viewpoint of the articles is the announcement of the subscription situation and winning rates for the IPOs of two semiconductor companies, Muxi Co., Ltd. and Angrui Microelectronics, on the Sci-Tech Innovation Board [1][2] Group 2 - Muxi Co., Ltd. has an issuance price of 104.66 yuan per share, with a total of 40.1 million shares offered, aiming to raise 3.904 billion yuan [1] - The effective number of subscription accounts for Muxi Co., Ltd. reached 5.1752 million, with a total of 28.862 billion shares subscribed, resulting in an initial winning rate of 0.02223023% [1] - After the adjustment mechanism was activated, the final number of shares issued online for Muxi Co., Ltd. was 9.6655 million, accounting for 29.74% of the total issuance [1] Group 3 - Angrui Microelectronics announced an issuance price of 83.06 yuan per share, with a total of 24.8829 million shares offered, aiming to raise 2.067 billion yuan [2] - The effective number of subscription accounts for Angrui Microelectronics reached 5.1292 million, with a total of 17.314 billion shares subscribed, resulting in an initial winning rate of 0.02299243% [2] - Following the activation of the adjustment mechanism, the final number of shares issued online for Angrui Microelectronics was 5.9720 million, accounting for 30% of the total issuance [2]

昂瑞微公告称，公司首次公开发行股票并在科创板上市申请已获上交所上市委审议通过及中国证监会同 意注册。本次发行2488.2922万股新股，占发行后总股本比例25%，每股发行价83.06元，募集资金总额 20.67亿元，净额19.32亿元，将用于5G射频前端芯片及模组研发等项目。发行费用概算1.34亿元。此 外，公司高管、员工及保荐人子公司参与战略配售，限售期分别为12个月和24个月。 ...

北京昂瑞微电子技术股份有限公司 首次公开发行股票并在科创板上市 招股说明书提示性公告 保荐人（主承销商）：中信建投证券股份有限公司 扫描二维码查阅公告全文 2 | 发行人 | 北京昂瑞微电子技术股份有限公司 | | | --- | --- | --- | | 联系人 | 张馨瑜 联系电话 | 010-83057683 | | 保荐人（主承销商） | 中信建投证券股份有限公司 | | | 联系人 | 股权资本市场部 联系电话 | 010-56051583、 010-56051613 | 发行人：北京昂瑞微电子技术股份有限公司 保荐人（主承销商）：中信建投证券股份有限公司 2025年12月11日 3 北京昂瑞微电子技术股份有限公司（以下简称"昂瑞微""发行人"或" 公司"）首次公开发行人民币普通股（以下简称"本次发行"）并在科创板上 市的申请已经上海证券交易所（以下简称"上交所"）科创板上市委员会审议 通过，并已经中国证券监督管理委员会（以下简称"中国证监会"）同意注册 （证监许可〔2025〕2348号）。《北京昂瑞微电子技术股份有限公司首次公开 发 行 股 票 并 在 科 创 板 上 市 招 股 说 明 书 》 ...

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 - Beijing Angrui Microelectronics Technology Co., Ltd. has received approval for its IPO application on the Sci-Tech Innovation Board, focusing on RF and analog integrated circuit design, with significant contributions to China's RF field and product development [1][2]. Group 1: Company Overview - Angrui Micro was established in 2012 and specializes in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips [1]. - The company has led or participated in six national and multiple local major scientific research projects, contributing to foundational research and industrial application in the RF field [1]. Group 2: IPO Details - The company plans to publicly issue no more than 24.8829 million shares, raising approximately 2.067 billion RMB [2]. - The raised funds will be allocated as follows: 1.096 billion RMB for 5G RF front-end chip and module R&D and industrial upgrades, 408 million RMB for RF SoC R&D and upgrades, and 563 million RMB for headquarters and R&D center construction [2]. Group 3: Financial Performance - Angrui Micro has been operating at a loss since 2022, with total revenues of 923 million RMB in 2022, projected to reach 2.101 billion RMB in 2024, and 844 million RMB in the first half of 2025 [2]. - The net profits for the same periods are -290 million RMB, -450 million RMB, -64.7092 million RMB, and -40.2995 million RMB, respectively, with cumulative unremedied losses of 1.279 billion RMB by mid-2025 [2]. Group 4: Customer Concentration and Shareholding Structure - The company has a high customer concentration, with the top five customers accounting for 70.44%, 75.84%, 69.52%, and 59.07% of total revenue during the reporting periods [3]. - Major customer A's purchasing amounts were 43.8984 million RMB, 626 million RMB, 707 million RMB, and 169 million RMB, with a year-on-year decline in the first half of 2025 [3]. - The shareholding structure shows that Beijing Xinke holds 9.12%, Nanjing Tongxin 7.28%, Nanjing Chuangxin 7.01%, and Nanjing Ruida 5.97%, with the chairman controlling 21.95% of voting rights directly and 38.91% indirectly [3].

Core Points - The Shanghai Stock Exchange's listing review committee approved Beijing Angrui Microelectronics Technology Co., Ltd. for its initial public offering (IPO), marking the 59th company approved this year [1] - Angrui Micro is focused on integrated circuit design in the RF and analog fields, primarily engaged in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips [1][2] - The company plans to raise approximately 206.73 million yuan for projects related to 5G RF front-end chip and module R&D, RF SoC R&D, and the construction of its headquarters and R&D center [2] Company Structure - The company's shareholding is relatively dispersed, with no single shareholder holding more than 30% of voting rights, leading to the conclusion that there is no controlling shareholder [2] - The actual controller, Qian Yongxue, holds 3.8578% of the shares directly and controls 62.4309% of the voting rights through various mechanisms [2] Industry Context - The approval of Angrui Micro's IPO reflects ongoing activity in the Chinese capital markets, with a total of 35 companies approved by the Shanghai and Shenzhen stock exchanges and 24 by the Beijing Stock Exchange this year [1] - The company is positioned within a competitive landscape that includes significant technological advancements and evolving product structures in the semiconductor industry [3]