Venture(US:VEMLY) Sou Hu Cai Jing·2025-06-30 10:14Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. has become the first unprofitable company to have its IPO application accepted by the Shenzhen Stock Exchange under the newly activated third listing standard for the ChiNext board, which aims to support high-growth innovative enterprises [1][4]. Group 1: Company Overview - Dapu Micro primarily engages in the research and sales of enterprise-level solid-state drives (SSDs) and has developed its own main control chips and firmware algorithms [2]. - The company reported revenues of 5.57 billion in 2022, 5.19 billion in 2023, and an expected 9.62 billion in 2024, with net losses of -5.34 billion, -6.17 billion, and -1.91 billion respectively [3]. - Dapu Micro's R&D expenses over the past three years totaled 7.37 billion, accounting for 36.15% of its cumulative revenue, and it holds 156 invention patents as of the end of 2024 [3]. Group 2: Industry Context - The third listing standard for unprofitable companies was officially implemented in February 2023, allowing innovative firms that do not meet traditional profit-oriented criteria to access the capital market [4][6]. - The ChiNext board has been a significant platform for technology innovation, with 1,382 listed companies and a total market capitalization of 135,651.26 billion as of June 27, 2025 [8]. - The recent activation of the third listing standard is expected to shift the valuation logic in China's capital market from profit-oriented to growth-oriented, fostering a new path for unprofitable innovative enterprises [6][8].