晶存科技拟赴港IPO，曾谋求A股上市
Zhong Guo Zheng Quan Bao·2025-11-12 13:56

Core Viewpoint - Shenzhen Jincun Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, marking its shift from a previously planned A-share listing to a Hong Kong listing [1][2]. Company Overview - Jincun Technology specializes in embedded storage products, focusing on research, design, production, and sales of these products [1][4]. - The company's product range includes DRAM-based products (DDR, LPDDR), NAND Flash-based products (eMMC, UFS), and multi-chip package (MCP) embedded storage products (eMCP, uMCP, ePOP), as well as solid-state drives and memory modules [4]. Market Position - According to a report by Frost & Sullivan, Jincun Technology ranks second among independent storage manufacturers globally in terms of shipment volume in the embedded storage market for 2024, first among global LPDDR independent manufacturers, and first among independent storage manufacturers in mainland China with self-developed embedded main control chips [5]. Financial Performance - Revenue figures for Jincun Technology from 2022 to 2024 are as follows: 2.096 billion RMB in 2022, 2.402 billion RMB in 2023, and projected 3.714 billion RMB in 2024. Net profits for the same years are 44.42 million RMB, 37.01 million RMB, and projected 88.89 million RMB [7][8]. - In the first half of 2025, the company achieved revenue of 2.060 billion RMB, a year-on-year increase of 19.33%, but net profit decreased by 6.18% to 115 million RMB [7]. Inventory and Cash Flow - Jincun Technology's inventory levels have increased significantly, with figures of 682 million RMB in 2022, 873 million RMB in 2023, 1.162 billion RMB in 2024, and 2.001 billion RMB in the first half of 2025, representing approximately 65.6%, 58.1%, 50.0%, and 61.6% of current assets respectively [9]. - The company has faced ongoing cash flow challenges, with net cash outflows from operating activities of -179 million RMB in 2022, -230 million RMB in 2023, -491 million RMB in 2024, and -261 million RMB in the first half of 2025 [9][10].