江苏模拟芯片“小巨人”冲刺IPO，南航校友掌舵，拟募资近9亿

Core Viewpoint - Jiangsu Zhanchip, a simulation chip company based in Nanjing, has received approval for its IPO on the ChiNext board, aiming to raise 889.5 million yuan for various projects including the development of high-reliability power management chips and signal chain chips [1][2]. Company Overview - Jiangsu Zhanchip was established in March 2018 with a registered capital of 370 million yuan, focusing on the research, design, testing, and sales of high-reliability analog chips and micro-modules [1]. - The company is recognized as a national-level specialized and innovative "little giant" enterprise and holds a prominent position in the military electronics power management chip sector [1]. Financial Performance - Over three and a half years, Jiangsu Zhanchip has achieved nearly 1.6 billion yuan in revenue from over 33,000 orders, with an average order value of 47,000 yuan [3]. - Revenue figures for the years 2022 to 2025 (first half) are as follows: 2022 - 367 million yuan, 2023 - 466 million yuan, 2024 - 413 million yuan, and 2025 (first half) - 340 million yuan. Net profits for the same periods were 148 million yuan, 179 million yuan, 95 million yuan, and 124 million yuan respectively [3][5]. Revenue Sources - The company's revenue primarily comes from its self-developed integrated circuits and micro-module products, with integrated circuit revenue accounting for over half of total revenue [5]. - The breakdown of revenue by product type for the first half of 2025 shows integrated circuits at 55.10%, micro-modules at 34.91%, discrete devices at 5.86%, and others at 4.13% [7]. Product Portfolio - Jiangsu Zhanchip's product offerings include power management chips, micro-modules, signal chain chips, and discrete devices, with a focus on high-reliability applications [9][11]. - The company has expanded its product line to include various signal chain chips, such as current detection chips and operational amplifiers, forming a comprehensive product system for secondary power conversion and load point power supply [11]. Client Base - The company has supplied products to over 1,600 clients, including major state-owned military enterprises such as China Electronics Technology Group and Aviation Industry Corporation of China, with significant revenue contributions from these clients [14][15]. - Revenue from the top five clients accounted for 68.58%, 63.82%, 55.61%, and 63.94% of total revenue in the years 2022, 2023, 2024, and the first half of 2025 respectively [14]. Supply Chain and Procurement - Jiangsu Zhanchip maintains a high concentration of procurement, with the top five suppliers accounting for 77.71%, 67.30%, 73.89%, and 73.86% of total procurement in the respective years [17]. - The company primarily outsources wafer manufacturing and packaging while conducting core chip design and testing in-house [17]. Future Outlook - The company plans to further develop a diverse range of analog integrated circuit products and micro-modules to meet the demands of national defense modernization and supply chain security [27].