Core Viewpoint - Nanjing Qinheng Microelectronics Co., Ltd. has had its IPO review terminated by the Shanghai Stock Exchange due to the withdrawal of application documents by the company and its sponsor, Huatai United Securities. This marks the second company to have its IPO review terminated in 2026 [1][3]. Financial Performance - The company reported net profits attributable to the parent company for the years 2022, 2023, 2024, and the first half of 2025 as follows: 0.4895 billion, 0.6289 billion, 0.9724 billion, and 0.7910 billion respectively [6][8]. - Revenue figures for the same periods were 2.3826 billion, 3.0761 billion, 3.9680 billion, and 2.4898 billion respectively [6][8]. Business Overview - Qinheng Micro focuses on connection technology and microprocessors, primarily engaged in the research, design, and sales of interface chips and interconnect MCU chips. The company has established a strong reputation in the USB bridge chip market, positioning itself as a major domestic supplier in a sector dominated by foreign companies [4][5]. - The company's main products include USB chips, Bluetooth chips, Ethernet chips, and MCU chips, with USB chips accounting for 49.41% of revenue in the first half of 2025 [5][6]. R&D and Innovation - Cumulatively, the company invested over 200 million in R&D from 2022 to 2024, representing 21.72% of total revenue during that period. As of December 31, 2024, 57.97% of the company's employees were engaged in R&D [8][9]. - The company holds 104 authorized invention patents, with 84 of them applicable to its main business and capable of industrialization [8][9]. Customer Base - The company's sales are relatively dispersed, with the top five customers contributing 10.28%, 15.05%, 14.15%, and 16.67% of total revenue in the years 2022, 2023, 2024, and the first half of 2025 respectively [10][11]. Tax Incentives - The company benefits from various tax incentives, including those for key integrated circuit and software industries, which accounted for over 20% of total profits in each reporting period [12]. Corporate Governance - The actual controller and chairman of the company, Wang Chunhua, received a salary of 601,500 in 2024, ranking ninth among senior management [15][16]. IPO Plans - The company planned to raise 931.53 million for three R&D and industrialization projects, including USB chip development, network chip development, and full-stack MCU chip development [17].

Core Viewpoint - Nanjing Qinheng Microelectronics Co., Ltd. has had its IPO review terminated by the Shanghai Stock Exchange due to the withdrawal of application documents by the company and its sponsor, Huatai United Securities, marking it as the second company to have its IPO review terminated in 2026 [1][3]. Group 1: Company Overview - Nanjing Qinheng Microelectronics was established in May 2004 and transformed into a joint-stock company in June 2019, with a registered capital of 632.42 million yuan [3]. - The company is primarily controlled by Jiangsu Qinheng Co., Ltd., with the actual controller Wang Chunhua holding a total of 94.57% of the shares, indicating a high concentration of control [3]. Group 2: Financial Performance - The company reported net profits attributable to the parent company of 0.4895 billion yuan, 0.6289 billion yuan, 0.9724 billion yuan, and 0.7910 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [1][6]. - The total operating revenue for the same periods was 2.3826 billion yuan, 3.0761 billion yuan, 3.9680 billion yuan, and 2.4898 billion yuan [6]. Group 3: Revenue Composition - The main business revenue composition includes USB interface chips, which accounted for 49.41% of total revenue in the first half of 2025, and MCU chips, which contributed 21.19% [5]. - The company’s revenue from USB interface chips has shown a consistent increase, with figures of 12,301.97 million yuan in the first half of 2025, 20,785.64 million yuan in 2024, and 18,296.67 million yuan in 2023 [5]. Group 4: R&D Investment - Cumulative R&D investment exceeded 200 million yuan during the reporting period, representing 21.72% of cumulative operating revenue [8][9]. - As of December 31, 2024, the company had 160 R&D personnel, accounting for 57.97% of the total workforce [8]. Group 5: Tax Incentives - The company benefited from tax incentives that exceeded 20% of total profits during the reporting period, with total tax incentives of 1,346.25 million yuan, 1,700.04 million yuan, 2,358.51 million yuan, and 1,955.65 million yuan for the years 2022 to 2025 [12]. Group 6: Customer Base - The top five customers contributed to 10.28%, 15.05%, 14.15%, and 16.67% of total revenue in the years 2022, 2023, 2024, and the first half of 2025, respectively, indicating a diverse customer base [10][11]. Group 7: IPO Fundraising Plans - The company planned to raise 931.54 million yuan through its IPO for three R&D and industrialization projects, including USB chip development and industrialization, network chip development, and full-stack MCU chip development [16][17].