Qinheng Micro's GEM IPO has accepted the main business of R&D, design and sales of interface chips and interconnected MCU chips

The Zhitong Finance App learned that on November 4, Nanjing Qinheng Microelectronics Co., Ltd. (abbreviation: Qinhengwei) Shenzhen Stock Exchange GEM IPO review status changed to “accepted”. Huatai United Securities is its sponsor and plans to raise 1,486.1.4 billion yuan.

According to the prospectus, Qin Hengwei focuses on connection technology and microprocessor research, and is an integrated circuit design company that builds integrated chips based on self-developed professional interface IP and core IP. During the reporting period, the company's main business was R&D, design and sales of interface chips and interconnected MCU chips. An interface chip is a window for electronic equipment information exchange and interconnection; an interconnected MCU deeply integrates processor technology with connection technology, and is a data processing center with its own information exchange window. The above products focus on connectivity, networking and control, and are mainly used in fields such as industrial control and connectivity, Internet of Things 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 processor and network module of a computer. They are the core key “raw materials” of the system-level chip design process, and have a high technical difficulty and R&D threshold. Unlike the conventional model of purchasing IP from a third party and then integrating and assembling MCU/SoC chips, the company's industrialization path is to “first lay the IP foundation and then build a high-rise chip building”, first conducting research on the underlying key technologies, forming a matrixed and vertical autonomous IP system including the processor, PHY, controller, and protocol stack, and then constructing chip products in an integrated manner according to market needs. After years of R&D and iteration, the company's independent IP system traced chip-level domestic production capabilities to a more thorough “2.0 version”, that is, core component-level autonomy, breaking through the outsourced IP core plus peripheral chip design model, reducing reliance on third-party technology and ecology, and achieving performance optimization, marginal cost advantage and sustainable competitiveness.

During the reporting period, chip products equipped with the company's self-developed processor cores accounted for 76.56%, 77.68%, 79.82% and 80.90% of revenue, respectively, which was relatively high and increased year by year. During the reporting period, all of the company's newly developed chips did not rely on technical licenses for third-party processor cores or key interface IPs. After years of R&D and iteration, the company independently designed the fifth-generation simplified instruction set “Qingbari” processor according to the RISC-V open instruction set specification. The total number of units shipped during the reporting period exceeded 300 million units, and recently exceeded 200 million units per year. In terms of interrupt response speed, operating power consumption, computing power, etc., the company's Qingli processor not only shows certain performance index advantages compared to mainstream British ArmCortex-M processors on the market, but also has strong product characteristics and economic benefits.

During the reporting period, the company mainly procured wafers and sealing and testing services. During the reporting period, the company's main suppliers or affiliated groups included: semiconductor fabricator SMIC (688981.SH), SK Keyfoundry in Korea, Huahong Hongli (688347.SH), China Resources (688396.SH), etc.; the packaging and testing factory Tongfu Microelectronics (002156.SZ), Huatian Technology (002185.SZ), Huayu Electronics (874578.NEEQ), etc.; and the memory chip manufacturer Pulan Co., Ltd. (), etc., and the company cooperated steadily with major suppliers. 688766.SH

On the financial side, in 2023, 2024, 2025, and January-June 2026, the company achieved operating income of about 308 million yuan, 397 million yuan, 547 million yuan, and 361 million yuan respectively. In the same period, net profit attributable to the owners of the parent company was approximately RMB 72 million, RMB 104 million, RMB 181 million, and RMB 139 million, respectively.