首家，来了！

Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. has become the first unprofitable company to have its IPO application accepted by the Shenzhen Stock Exchange, marking a significant step in the implementation of the new listing standards for unprofitable companies on the ChiNext board [1][2]. Group 1: Company Overview - Dapu Micro specializes in the research and sales of enterprise-level solid-state drives (SSDs) and has developed its own main control chips and firmware algorithms, with over 70% of its products featuring self-developed chips [2][3]. - The company 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. It anticipates an 88.73% year-on-year revenue growth in 2024 and aims to achieve profitability by 2026 [2][3]. Group 2: Market Context - Dapu Micro ranks fourth in the domestic enterprise SSD market with a market share of 6.4%. The IPO aims to raise 1.878 billion yuan for the development of next-generation main control chips and enterprise-level SSD projects [3]. - The demand for domestic enterprise SSDs is increasing due to the need for self-controlled digital information infrastructure, as China is the second-largest market for enterprise SSDs, yet foreign companies dominate the market [3]. Group 3: Regulatory Environment - The acceptance of Dapu Micro's IPO application aligns with the recent introduction of a third set of listing standards by the China Securities Regulatory Commission to support high-quality unprofitable innovative companies [2][4]. - The Shenzhen Stock Exchange has established standards and regulatory arrangements for unprofitable innovative companies, aiming to enhance the support for technology-driven enterprises [4][5].