力积存储二度冲刺港股IPO

Core Viewpoint - Zhejiang Li Ji Storage Technology Co., Ltd. has submitted a new application for an IPO on the Hong Kong Stock Exchange, marking its second attempt this year, reflecting the company's strong determination to enter the capital market [1] Company Overview - Li Ji Storage is a leading memory chip design company in China, focusing on niche markets with core products including 8Gb DDR4 and earlier generation memory chips [1] - According to Frost & Sullivan, the company ranks fourth among Chinese companies in the global niche DRAM market and eleventh among all participants [1] Business Structure and Performance - The company's main business segments include memory chips, memory modules, and KGD wafers, with a noticeable optimization in its business structure in recent years [1] - Revenue from memory chips is projected to drop from 70.2% in 2024 to 53.3% in the first half of 2025, while memory module revenue surged to 165 million yuan in the first half of 2025, representing a 217% year-on-year increase and accounting for 42.2% of total revenue [1] Financial Performance - The company is currently in a strategic expansion phase and has not yet achieved profitability, reporting net losses of 139 million yuan in 2022, 244.3 million yuan in 2023, 108.9 million yuan in 2024, and 49.8 million yuan in the first half of 2025 [2] - The reasons for the ongoing losses include share-based payment expenses, cyclical industry fluctuations, and high R&D investments [2] Industry Outlook - Despite short-term profitability challenges, industry experts remain optimistic about the long-term prospects of the niche DRAM market, which is expected to show resilience due to mature technology, stable market demand, and differentiated product positioning [2] - In 2024, niche DRAM is projected to account for 8.5% of the global DRAM market and 15.9% in the Chinese market, indicating significant growth opportunities for local companies like Li Ji Storage as the domestic supply chain improves and market demand stabilizes [2]