IPO雷达｜晶存科技递表港交所，净利润波动，现金流紧张，存货占比高企

Core Viewpoint - Shenzhen Jincun Technology Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to raise funds to alleviate cash flow pressures and capitalize on growth opportunities in the embedded storage market [1][4]. Company Overview - Jincun Technology, established in 2016, is a leading independent manufacturer of embedded storage products, focusing on the research, design, production, and sales of various storage solutions [4]. - The company's product offerings include DRAM-based products (DDR, LPDDR), NAND Flash-based products (eMMC, UFS), and multi-chip packaging (MCP) embedded storage products [4]. - Jincun Technology serves diverse end applications in consumer electronics, including smartphones, laptops, tablets, smart home devices, and industrial systems, providing high-performance and reliable data access capabilities [4]. Market Position - The global semiconductor storage product market is projected to grow significantly, with an expected market size of 13.8 billion units by 2024 and 19.4 billion units by 2029, reflecting a compound annual growth rate (CAGR) of 7.1% from 2024 to 2029 [6]. - Jincun Technology ranks second among independent storage manufacturers in the global embedded storage market, holding a market share of 1.6% [6]. Financial Performance - Revenue for Jincun Technology from 2022 to 2024 was reported at RMB 2.096 billion, RMB 2.402 billion, and RMB 3.714 billion, respectively, with net profits showing volatility [9][10]. - In the first half of 2025, the company achieved revenue of RMB 2.060 billion, a year-on-year increase of 19.33%, while net profit decreased by 6.2% [9][10]. Cash Flow Situation - The company has experienced negative cash flow from operating activities from 2022 to 2025, with net cash outflows of RMB 1.79 billion, RMB 2.29 billion, RMB 4.90 billion, and RMB 2.61 billion, indicating a worsening trend [11][12]. - The cash flow issues are attributed to the cyclical nature of the storage industry, high supplier concentration, and challenges in managing working capital [11]. Shareholder Structure - Prior to the IPO, the controlling shareholder, Wen Jianwei, holds approximately 54.98% of Jincun Technology's shares [8].