Core Viewpoint - Nanjing Qinheng Microelectronics Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, focusing on integrated circuit design with a specialization in connection technology and microprocessor research [3]. Fundraising and Investment Projects - The company plans to raise 932 million yuan through the IPO, with allocations of 260 million yuan for USB chip R&D, 300 million yuan for network chip R&D, and 367 million yuan for full-stack MCU chip R&D [4]. Financial Performance - The company's total assets are projected to reach 723.94 million yuan by the end of 2024, up from 542.98 million yuan in 2023 and 451.15 million yuan in 2022. - Revenue is expected to grow from 238.26 million yuan in 2022 to 397.68 million yuan in 2024, with net profits increasing from 59.10 million yuan to 103.99 million yuan over the same period [5]. Employee Structure - As of December 31, 2024, the company will have a total of 276 employees, with 160 in R&D (57.97%) and only 3 in production (1.09%) [6][7]. Shareholding Structure - Jiangsu Qinheng holds 56.04% of the company's shares, making it the controlling shareholder. Wang Chunhua, who holds 28.46% directly and controls a total of 94.57% of the shares, is the actual controller of the company [9].

Group 1 - The core viewpoint of the article highlights a significant transformation in the valuation logic of China's technology industry, particularly regarding loss-making IPOs and the acceptance of high R&D expenditures as a new standard for valuation [1][9] - The acceptance of loss-making companies for IPOs on the Sci-Tech Innovation Board indicates a shift in the listing standards, moving from profitability to a focus on technological capabilities and R&D investments [1][9] - The article discusses the substantial fundraising efforts of companies like Moer Technology and Muxi Co., with Moer Technology raising 8 billion yuan, 60% of which is allocated to AI training chips, and Muxi Co. raising 3.9 billion yuan, with 82% directed towards 7nm GPU mass production [3][9] Group 2 - The article outlines a three-tiered arms race in hard technology, emphasizing the dual paths of GPU localization led by Moer Technology and Muxi Co., with Moer focusing on a full-function GPU architecture and Muxi on high-performance computing GPUs [3][4] - It notes that for every 100 million yuan invested in R&D, companies can expect a valuation premium of 320 million yuan, indicating a strong correlation between R&D investment and market valuation [4] - The article identifies two categories of companies: high R&D loss-making firms benefiting from policy incentives and profitable technology firms demonstrating stable growth, with examples including Qinheng Microelectronics and Yuyuan Composite Materials [7][9] Group 3 - The article raises concerns about the sustainability of losses for companies like Moer Technology, which has a cash reserve sufficient for only 18 months, emphasizing the critical nature of their upcoming AI training chip production in 2026 [9][10] - It discusses the potential for local government industrial funds to support these companies, with Beijing's integrated circuit fund already investing 1 billion yuan [10] - The article questions the feasibility of technology realization, with Moer Technology targeting the replacement of Nvidia's H20 by Q2 2026 and Muxi aiming to replace AMD's MI300 by Q4 2025 [10]

Core Viewpoint - Nanjing Qinheng Microelectronics Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, focusing on integrated circuit design and self-developed processor technology [3] Group 1: Company Overview - Qinheng Micro specializes in connection technology and microprocessor research, developing integrated chips based on self-researched interface IP and core IP [3] - The company has independently designed the fifth-generation RISC-V compliant processor series "Qingke," with cumulative shipments exceeding 100 million units [3] Group 2: Fundraising and Investment Projects - The company plans to raise 932 million yuan through the IPO, with allocations of 260 million yuan for USB chip R&D, 300 million yuan for network chip R&D, and 367 million yuan for full-stack MCU chip R&D [4] Group 3: Financial Performance - The company's total assets are projected to reach 723.94 million yuan by the end of 2024, up from 542.98 million yuan in 2023 and 451.15 million yuan in 2022 [5] - Revenue is expected to grow from 238.26 million yuan in 2022 to 396.80 million yuan in 2024, with net profit increasing from 59.10 million yuan to 103.99 million yuan over the same period [5] - The average selling price of the company's chip products has shown a declining trend, with prices of 1.79 yuan, 1.42 yuan, and 1.36 yuan per unit during the reporting period [6] Group 4: R&D Investment - R&D expenses have increased from 60.86 million yuan in 2022 to 76.17 million yuan in 2024, with R&D expense ratios of 25.54%, 22.01%, and 19.20% respectively [6][7] - The number of R&D personnel is projected to remain at 160, constituting 57.97% of the total workforce [7]

Core Viewpoint - Nanjing Qinheng Microelectronics Co., Ltd. has officially submitted its IPO application to the Shanghai Stock Exchange, aiming to raise 932 million yuan for the development and industrialization of various chip projects [1][2] Group 1: Company Overview - Qinheng Micro focuses on connection technology and microprocessor research, specializing in integrated circuit design based on self-developed interface IP and core IP [1] - The company's main products include interface chips and interconnection MCU chips, which are essential for information exchange and data processing in electronic devices [1] Group 2: IPO Details - The company plans to use the raised funds for projects related to USB chip development, network chip development, and full-stack MCU chip development [1][2] - The IPO aims to enhance the company's capabilities in producing competitive interface chips and interconnection MCU chips [2] Group 3: Future Development Plans - Post-IPO, the company intends to increase R&D investment in connection technology and microprocessor cores, focusing on high-speed USB, Ethernet, and low-power wireless communication technologies [2] - Qinheng Micro aims to expand its product matrix by developing high-performance RISC-V processor IP and various network chips, including high-speed Ethernet SoC chips and low-power multi-mode wireless SoC chips [2]