又见“硬科技”未盈利企业冲刺科创板 CPU厂商兆芯集成IPO获受理

Core Viewpoint - The Shanghai Zhaoxin Integrated Circuit Co., Ltd. has received acceptance for its IPO application on the Sci-Tech Innovation Board, marking a significant step for unprofitable "hard tech" companies in the capital market [1][4]. Group 1: Company Overview - Zhaoxin Integrated is one of the six major CPU manufacturers in China, focusing on CPU design that is compatible with x86 instruction sets across various fields including desktop PCs, servers, and embedded systems [1][2]. - The company is controlled by the Shanghai State-owned Assets Supervision and Administration Commission, with a major stake of 50.07% held by United Investment [1]. Group 2: Financial Performance - Zhaoxin Integrated's revenue for the years 2022, 2023, and 2024 is reported as 340 million, 555 million, and 889 million yuan respectively, reflecting a compound annual growth rate of 61.71% [2]. - The company plans to raise 4.169 billion yuan through its IPO, with funds allocated to new generation server processors, desktop processors, advanced process research, and development center projects [3]. Group 3: Research and Development - The company has made significant R&D investments, with expenditures of 984 million, 988 million, and 813 million yuan over the same period, representing 289.50%, 178.00%, and 91.44% of its revenue respectively [3]. - Zhaoxin Integrated employs a high percentage of R&D personnel, accounting for 75.97% of its workforce, and holds 1,434 authorized patents, including over 500 invention patents applicable to its main business [3]. Group 4: Market Context - The implementation of the "Sci-Tech Innovation Board Eight Measures" has led to the acceptance of IPO applications from four unprofitable companies, indicating a growing acceptance of hard tech firms in the capital market [4][5]. - The capital market is increasingly embracing hard tech enterprises, with regulatory bodies emphasizing support for high-quality unprofitable tech companies, enhancing the listing environment for such firms [5].