Core Viewpoint - The IPO of Beijing Angrui Microelectronics Technology Co., Ltd. has been approved, but the company faces significant challenges including declining revenue growth and substantial accumulated losses [1][2]. Revenue and Growth - Angrui Micro has experienced a compound annual growth rate (CAGR) of 50% in revenue from 2022 to 2024, increasing from 0.923 billion to 2.101 billion [2]. - However, revenue growth is slowing, with growth rates of 83.62% in 2023 and 23.98% in 2024, and a decline in revenue in the first half of 2025 due to reduced orders from some clients and strategic abandonment of low-margin orders [2][4]. Profitability and Losses - The company has reported significant losses, with cumulative unremedied losses reaching 1.279 billion by mid-2025, despite a narrowing loss in the first half of 2025 [3][4]. - The gross profit margins for 4G and 5G products have shown volatility, with 4G margins ranging from 7.42% to 12.65% and 5G margins from 13.61% to 25.12% [3]. Research and Development - Angrui Micro's R&D expenses have decreased significantly, falling below the industry average, which may impact its profitability [3][6]. - The company has a total of 125 patents, but the number of new invention patents has declined since the former chairman's exit in 2019, raising concerns about its innovation capacity [6][7]. Fundraising and Talent Acquisition - The company plans to allocate nearly half of its 2.067 billion fundraising to R&D personnel salaries, which is 2.27 times the total salary expenditure for R&D personnel over the past three years [7]. - The ability of Angrui Micro to attract core talent and enhance its competitive edge through this funding remains uncertain [7].

Core Viewpoint - The article discusses the IPO status and regulatory scrutiny of Angrui Micro, highlighting its current unprofitability and the focus on product growth potential, operational sustainability, and distribution model during the review process [1][4]. IPO Status - Angrui Micro's IPO was accepted by the Shanghai Stock Exchange on March 28, 2025, and the company is currently not profitable [1][4]. - The company completed two rounds of inquiry responses during the review process, with repeated questions regarding product growth, sustainability, and distribution model [1][4]. Financial Performance - Angrui Micro reported a net loss of -47,409.76 million, -45,013.32 million, and -11,002.69 million for the reporting periods, with cumulative losses of -123,862.61 million by the end of 2024 [14]. - The company expects to achieve profitability by 2026 and break even by 2027, with projected revenue of around 3 billion and a gross margin of over 23% at that time [20]. Revenue Breakdown - The main business revenue for Angrui Micro is derived from RF front-end chips, with significant contributions from 5G PA and modules, which accounted for 50.42% of total RF front-end revenue in 2024 [7][8]. - The revenue from distributors increased significantly, with sales of 69,472.12 million, 128,169.04 million, and 157,285.71 million in the reporting periods, representing 75.26%, 75.62%, and 74.85% of total revenue respectively [21]. Market Position and Competition - Angrui Micro is positioned as a key player in the RF and analog integrated circuit design sector, focusing on domestic supply chain replacement and breaking foreign monopolies [6]. - The company has achieved industry-leading levels in 5G RF front-end modules and has a strong market presence in the low-power Bluetooth SoC segment, ranking second among domestic manufacturers [10]. Regulatory Scrutiny - The regulatory body has raised concerns regarding Angrui Micro's operational sustainability, product growth potential, and the impact of competitive pressures on pricing and profitability [14][18]. - The company has been asked to clarify the rationale behind the significant increase in the number of distributors and corresponding sales revenue in 2024 [22][23].

10月9日，北京昂瑞微电子技术股份有限公司(简称"昂瑞微")科创板IPO迎来新进展，上交所官网显示，上交所上市审核委员会定于10月15日召开 2025年第42次上市审核委员会审议会议，审核昂瑞微首发事项。 10月9日，北京昂瑞微电子技术股份有限公司（简称"昂瑞微"）科创板IPO迎来新进展。上交所官网显示，上交所上市审核委员会定于10月15日召开2025年第 42次上市审核委员会审议会议，审核昂瑞微首发事项。 昂瑞微保荐机构为中信建投证券股份有限公司（简称"中信建投证券"）保荐代表人张悦，汪家富。会计师事务所为中审众环会计师事务所（特殊普通合伙） 签字会计师徐超玉，杨磊、律师事务所为广东信达律师事务所签字律师魏天慧，易明辉，杨阳，何凌一。 在国产半导体替代的浪潮中，昂瑞微一组鲜明的反差摆在眼前：一方面，收入从 2022 年的 9.23 亿元一路攀升至 2024 年的 21.01 亿元，复合年增长率高达 50.88%；另一方面，净利润持续为负，2022 年至 2024 年分别为 -2.90 亿元、-4.50 亿元、-0.65 亿元。扣非后净利润表现更差，分别为-4.74亿元、-3.01亿元 和-1.10亿元。截至 ...