Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. (Dapu Micro) has become the first unprofitable company to have its IPO application accepted by the Shenzhen Stock Exchange, marking a significant milestone for the ChiNext board's support of innovative unprofitable enterprises [1][4]. Company Overview - Dapu Micro focuses on the research and sales of enterprise-level SSD products for data centers, possessing full-stack self-research capabilities in "controller chips + firmware algorithms + modules" and achieving mass production [1][2]. - The company has shipped over 3,500 PB of enterprise-level SSDs, with more than 70% of shipments featuring self-developed controller chips [2]. Market Position - In 2023, Dapu Micro ranked fourth in the domestic enterprise-level SSD market with a market share of 6.4%, while international manufacturers still dominate the market [2]. - The company's customer base includes major domestic and international internet companies such as Google, ByteDance, Tencent, Alibaba, JD.com, and others, as well as leading server manufacturers and telecom operators [2]. Financial Performance - Dapu Micro reported revenues of 557 million yuan, 519 million yuan, and 962 million yuan for the years 2022 to 2024, with net losses of 534 million yuan, 617 million yuan, and 191 million yuan respectively [3]. - The company attributes its lack of profitability to high R&D investments, limited bargaining power in the early stages, cyclical fluctuations in the storage industry, and significant share-based payment expenses [3]. IPO Details - Dapu Micro plans to raise 1.878 billion yuan through its IPO, which will be allocated to the development and industrialization of next-generation controller chips and enterprise-level SSDs, as well as to establish a mass production testing base for SSD modules [3]. - The company has a special voting rights mechanism, allowing its major shareholders to control a significant portion of the voting rights, with the actual controller holding 66.74% of the voting rights [3]. Industry Context - The China Securities Regulatory Commission has announced the implementation of a third set of standards on the ChiNext board to support high-quality unprofitable innovative enterprises, with Dapu Micro being the first to benefit from this new policy [4][5]. - The introduction of these standards aims to enhance the inclusivity and adaptability of the ChiNext board for quality technology companies, facilitating the aggregation of advanced production factors in the technology sector [5].
创业板首家未盈利企业IPO申请来了！