Venture(US:VEMLY) Zheng Quan Shi Bao Wang·2025-12-18 14:03Group 1 - Shenzhen Dapu Microelectronics Co., Ltd. (referred to as "Dapu Micro") will be reviewed for its IPO application on December 25, 2025, making it the first unprofitable company to be considered for listing on the ChiNext board [1] - The China Securities Regulatory Commission (CSRC) announced the implementation of a third set of standards for the ChiNext board to support high-quality unprofitable innovative companies to go public [1] - Dapu Micro's initial public offering application was accepted by the Shenzhen Stock Exchange on June 27, 2025, marking it as the first unprofitable enterprise to be accepted for listing on the ChiNext board [1] Group 2 - Dapu Micro primarily engages in the research and sales of enterprise-level SSD products for data centers, being one of the few semiconductor storage providers in China with full-stack self-research capabilities in "controller chips + firmware algorithms + modules" [2] - The company focuses on enterprise-level SSD products, covering product generations from PCIe 3.0 to 5.0, and has laid out a comprehensive strategy around AI with large-capacity QLC SSDs, SCM SSDs, and computational storage SSDs [2] - During the reporting period, Dapu Micro's cumulative shipment of enterprise-level SSDs exceeded 4,900 PB, with over 75% of shipments featuring self-developed controller chips [2] - According to IDC data, Dapu Micro has maintained a leading market share in the domestic enterprise-level SSD market over the past three years [2] - The company's downstream clients include major internet, cloud computing, and AI companies such as Google, ByteDance, Tencent, Alibaba, JD.com, Baidu, Meituan, Kuaishou, Deepseek, Xiaohongshu, Didi, as well as server manufacturers and major telecommunications operators [2] - In 2025, Dapu Micro successfully passed tests from two leading global AI companies, Nvidia and xAI, indicating potential for increased production in the future [2]