Qinheng Micro's ChiNext IPO application has been accepted. Its main business is the R&D, design, and sales of interface chips and interconnect MCU chips.

On November 4, the IPO review status of Nanjing Qinheng Microelectronics Co., Ltd. (referred to as: Qinheng Micro) on the Shenzhen Stock Exchange ChiNext was changed to "Accepted." Huatai United Securities is its sponsor institution, and it plans to raise RMB1.48614 billion. According to the prospectus, Qinheng Micro focuses on connectivity technology and microprocessor research and is an integrated circuit design enterprise that builds integrated chips based on self-developed professional interface IP and core IP. During the reporting period, the company's main business was the R&D, design, and sales of interface chips and interconnect MCU chips. Interface chips are the window for information exchange and interconnection in electronic devices; interconnect MCUs deeply integrate processor technology with connectivity technology and are data processing centers with built-in information exchange windows. The above products focus on connectivity, networking, and control, and are mainly used in fields such as industrial control and connectivity, IoT networking and interconnection, and computer and mobile phone peripherals. The core IP and professional interface IP required for the company's main products are like the central processing unit and network module of a computer, and are the core key "raw materials" in the system-on-chip design stage, with high technical difficulty and R&D thresholds. Different from the conventional model of purchasing IP from third parties and then integrating and assembling MCU/SoC chips, the company's industrialization path is to "lay the IP foundation first, then build the chip high-rise." It first conducts research on underlying key technologies to form a matrix-based, vertical self-owned IP system including processors, PHYs, controllers, and protocol stacks, and then builds chip products in an integrated manner according to market demand. After years of R&D and iteration, the company's self-owned IP system traces chip-level domestic capabilities back to a more thorough "version 2.0," namely core component-level autonomy, breaking through the chip design model of purchasing IP cores and then adding peripherals, reducing dependence on third-party technologies and ecosystems, and achieving performance optimization, marginal cost advantages, and sustainable competitiveness. During the reporting period, the revenue share of chip products equipped with the company's self-developed processor cores was 76.56%, 77.68%, 79.82%, and 80.90%, respectively, accounting for a relatively high proportion and increasing year by year. During the reporting period, all of the company's newly developed chips did not need to rely on technical authorization from third-party processor cores or key interface IP. After years of R&D and iteration, the company's fifth-generation reduced instruction set "Qingke" processor, independently designed in accordance with the RISC-V open instruction set specification, had cumulative shipments of more than 300 million units during the reporting period, and more than 200 million units in the most recent year and period. In terms of interrupt response speed, operating power consumption, and computing capability, the company's Qingke processor benchmarks against the mainstream UK Arm Cortex-M series processors on the market, not only showing certain advantages in performance indicators, but also having strong product characteristics and economic benefits. During the reporting period, the company mainly purchased wafers and packaging and testing services. During the reporting period, the company's main suppliers or the groups to which they belong included: wafer foundries Semiconductor Manufacturing International Corporation (688981.SH), South Korea's SK Keyfoundry, Hua Hong Grace Semiconductor (688347.SH), China Resources Microelectronics (688396.SH), etc.; packaging and testing companies TongFu Microelectronics (002156.SZ), Tianshui Huatian Technology (002185.SZ), Huayu Electronics (874578.NEEQ), etc.; and memory chip company Puya Semiconductor (Shanghai) Co., Ltd. (688766.SH), etc. The company has stable cooperation with major suppliers. In terms of finance, in 2023, 2024, 2025, and January-June 2026, the company achieved operating revenue of approximately RMB308 million, RMB397 million, RMB547 million, and RMB361 million, respectively; during the same period, it recorded net profit attributable to owners of the parent company of approximately RMB72 million, RMB104 million, RMB181 million, and RMB139 million, respectively.