创业板首家未盈利IPO，要上会了！

Core Viewpoint - Dapu Micro is set to become the first unprofitable IPO company accepted for listing on the ChiNext board, with its application submitted on June 27, 2025, and sponsored by Guotai Junan Securities [2] Group 1: Main Business - Dapu Micro specializes in the research and sales of enterprise-level SSD products for data centers, being one of the few domestic providers with full-stack self-research capabilities in "controller chips + firmware algorithms + modules" [3] - The company has shipped over 4,900 PB of enterprise-level SSDs, with more than 75% of shipments featuring self-developed controller chips, maintaining a leading market share in the domestic enterprise SSD sector [3] - Dapu Micro's PCIe SSD products are recognized for their high read/write speeds, durability, low latency, and significantly lower average failure rates than JEDEC standards, positioning them at an internationally advanced level [4] Group 2: Technological Innovation - The company has obtained 162 domestic and international invention patents, with several enterprise-level SSD technologies being industry-leading, and has participated in multiple national and provincial research projects [5] - Dapu Micro has been awarded various honors, including recognition as a "specialized and innovative" enterprise and has established a strong brand presence in the industry [5] Group 3: Financial Data - The company reported revenues of 557 million, 519 million, 962 million, and 748 million yuan over the past four years, with net profits of -368 million, -642 million, -195 million, and -361 million yuan, indicating it has not yet achieved profitability [10] - As of June 30, 2025, total assets amounted to 1.981 billion yuan, with a debt-to-asset ratio of 63.40% and a net loss of 354.21 million yuan for the first half of 2025 [11] Group 4: Shareholder Structure - Dapu Haide holds 13.72% of the company's shares and possesses special voting rights, controlling 54.78% of the voting rights, making it the controlling shareholder [8] - Yang Yafei, through Dapu Haide and Dapu Haiju, controls 66.74% of the voting rights, establishing him as the actual controller of the company [8] Group 5: Fundraising Utilization - The company plans to raise approximately 1.877 billion yuan, with funds allocated to the next-generation controller chip and enterprise-level SSD R&D, production testing base, and working capital [9] Group 6: Market Position and Future Plans - Dapu Micro aims to enhance the resilience and security of the domestic enterprise SSD supply chain and has established partnerships with major clients in various sectors, including internet, cloud computing, and telecommunications [6] - The company is committed to advancing the "computational storage" and "intelligent storage" industries, focusing on becoming a platform-based, international, and innovative provider of storage products and solutions [13] - Future plans include continuous research and innovation in core SSD technologies and expanding product offerings to include network cards and RAID cards for data center applications [14]