Venture(US:VEMLY) Sou Hu Cai Jing·2025-12-18 10:06Group 1 - The core point of the article is that Jiangsu Zhanchip Semiconductor Technology Co., Ltd. has received acceptance for its IPO application on the ChiNext board, aiming to raise approximately 890 million yuan through the issuance of no more than 41.12 million shares, which will account for at least 10% of the total share capital post-issuance [1][3] Group 2 - Jiangsu Zhanchip focuses on the research, design, testing, and sales of high-reliability analog chips and micro-module products, recognized as a national-level specialized and innovative "little giant" enterprise [3] - The company plans to use the raised funds for the industrialization of high-reliability power management chips and signal chain chips, the construction of its headquarters and R&D center, testing center establishment, and to supplement working capital [3] Group 3 - Financial data shows fluctuations in revenue and profit during the reporting period, with revenues of approximately 367 million yuan, 466 million yuan, 413 million yuan, and 340 million yuan for the years 2022, 2023, 2024, and the first half of 2025 respectively [3] - Net profits for the same periods were 148 million yuan, 179 million yuan, 95.35 million yuan, and 124 million yuan, indicating a significant drop in net profit for 2024, nearly halving compared to the previous year [3] Group 4 - The average selling price of the company's main product, high-reliability power management chips, has decreased from 370.77 yuan per unit in 2022 to 316.17 yuan in 2023, and further to 287.99 yuan in 2024, with a slight recovery to 289.78 yuan in the first half of 2025, representing a decline of about 22% compared to 2022 [3][4] - The company attributes the price decline to cost control demands from downstream units and potential market competition, which may lead to further price adjustments [4] Group 5 - The gross profit margin has decreased from 84.22% in 2022 to 80.21% in the first half of 2025, with a notable decline in 2023 and 2024, despite a slight recovery in 2025 [4] - The company has reported a significant increase in accounts receivable, growing by 181% over two and a half years, which may lead to challenges in cash flow due to long payment cycles from military clients [5] Group 6 - Inventory turnover rates have been low compared to industry averages, with values of 0.68, 0.60, 0.67, and 0.89 during the reporting periods, indicating potential risks related to unsold inventory [5] - Jiangsu Zhanchip operates on a Fabless model, outsourcing wafer manufacturing and packaging, with a high dependency on a few suppliers, which poses risks if any major supplier faces operational issues [5] Group 7 - The company has signed performance agreements with external investors, stipulating that if it fails to submit a qualified IPO application by December 31, 2025, the investors have the right to require the actual controllers to repurchase shares [6] - The performance clauses will automatically terminate upon successful submission of the IPO application, but will be reinstated if the issuance is rejected or withdrawn [6]