Venture(US:VEMLY) Sou Hu Cai Jing·2025-11-08 01:09Core Viewpoint - The company, Dapu Micro, has become the first unprofitable company to apply for an IPO on the ChiNext board, with its application accepted by the Shenzhen Stock Exchange on June 27, 2025, aiming for a market value of no less than 5 billion yuan and annual revenue of at least 500 million yuan [1][4]. Group 1: IPO and Market Position - Dapu Micro's IPO process is receiving significant market attention as it is the first unprofitable company to apply for listing on the ChiNext board [4]. - The company was valued at 6.81 billion yuan during its last funding round in December 2024 [3][6]. - Dapu Micro claims to rank fourth in the domestic enterprise SSD market with a market share of 6.4% in 2023, but its position has reportedly declined to fifth place in 2024 [8][11]. Group 2: Financial Performance - Dapu Micro's revenue for 2024 reached 962 million yuan, reflecting an 85.3% year-on-year growth, but this growth lagged behind the market's growth rate of 187.9% [11]. - The company's gross margin has fluctuated significantly, with values of -0.09%, -27.13%, and 27.28% from 2022 to 2024, indicating volatility in profitability [12]. - The company reported cumulative losses of 1.342 billion yuan from 2022 to 2024, with net profits of -534 million yuan, -617 million yuan, and -191 million yuan for the respective years [14]. Group 3: Debt and Financial Health - Dapu Micro's total debt surged to 588 million yuan in the first half of 2025, a 180% increase from 210 million yuan in 2024, with short-term debt constituting 95.76% of the total [18][19]. - The company's asset-liability ratio stood at 75.72% as of June 30, 2025, significantly higher than the industry average of 27.07% [18][20]. Group 4: Supply Chain and Operational Risks - Dapu Micro's reliance on a single supplier, Sipex International (Hong Kong) Limited, is concerning, with procurement from this supplier accounting for 84.49% to 66.26% of total purchases over the reporting periods [34][36]. - The company faces potential inventory risks, with inventory value rising from 234 million yuan in 2023 to 1.062 billion yuan in 2024, indicating challenges in managing stock levels [24][25]. Group 5: Future Outlook and Challenges - Dapu Micro anticipates achieving profitability by 2026, contingent on market conditions and demand for data center products [29][38]. - The company has faced scrutiny from the Shenzhen Stock Exchange regarding its operational sustainability and the reasons for its continued losses [28][32].