晶存科技冲击IPO，专注于存储芯片领域，经营性现金流持续为负

Group 1: Industry Overview - The storage chip industry is experiencing a "super cycle" driven by AI, expected to last longer and be more intense than previous booms [1] - Major companies like Samsung, Micron, and SK Hynix have announced price increases in response to surging demand for storage chips [1] - Domestic storage chip companies are benefiting from the upward cycle, with significant stock price increases, such as Shannon Semiconductor rising over 355% since early June [1] Group 2: Company Developments - Shenzhen-based Jingcun Technology has submitted its listing application to the Hong Kong Stock Exchange, with a valuation of 3.7 billion RMB [2][5] - Jingcun Technology focuses on embedded storage products, including DRAM and NAND Flash-based products, and has raised over 706 million RMB since its establishment [5][8] - The company reported revenues of 2.096 billion RMB in 2022, 2.402 billion RMB in 2023, and 3.714 billion RMB in 2024, with a net profit of 444.1 million RMB in 2022 and 888.9 million RMB in 2024 [13][15] Group 3: Financial Performance - Jingcun Technology's gross profit margin has improved from 7.6% in 2022 to 14.4% in the first half of 2025 [13] - Despite positive net profits, the company has faced negative operating cash flows, with net cash flows of -1.79 billion RMB in 2022 and -2.61 billion RMB in the first half of 2025 [20][21] - The company's inventory has increased significantly, reaching approximately 2 billion RMB by mid-2025, which constitutes 61.5% of its current assets [20] Group 4: Market Position - Jingcun Technology holds a market share of approximately 1.6% among independent manufacturers in the global embedded storage market [24][34] - The global semiconductor storage product market is projected to grow, with a compound annual growth rate (CAGR) of 7.1% from 2024 to 2029 [29][31] - The competitive landscape is intense, with the top five independent manufacturers holding a combined market share of 7.1% in the embedded storage market [34]