创业板首家未盈利IPO，来了！

Core Viewpoint - The IPO approval of Shenzhen Dapu Microelectronics Co., Ltd. reflects the support of the ChiNext board for high-quality innovative enterprises and demonstrates the capital market's efforts to enhance inclusivity and adaptability in serving technological innovation [2][5]. Company Overview - Dapu Micro is primarily engaged in the research and sales of enterprise-level SSD products for data centers, being one of the few domestic semiconductor storage providers with full-stack self-research capabilities in "main control chips + firmware algorithms + modules" [2][3]. - The company has achieved international advanced levels in key performance indicators such as sequential and random read/write speeds and latency, and has successfully mass-produced new forms of products like SCM SSDs and computational storage SSDs [3][4]. Financial Highlights - Dapu Micro plans to issue no more than 43.62 million shares, raising approximately 1.878 billion yuan, primarily for the R&D and industrialization of next-generation main control chips and enterprise-level SSDs, as well as for a production testing base project and to supplement working capital [3]. - The company reported revenues of 557 million yuan, 519 million yuan, and 962 million yuan for the years 2022 to 2024, with a projected revenue of 2.158 billion yuan in 2025, representing a 124% year-on-year growth [4]. Industry Context - The demand for enterprise-level SSDs is accelerating due to artificial intelligence storage needs, with significant growth potential in the Chinese market, although domestic brand market share remains low [3][4]. - There is an increasing need for domestic manufacturers with self-controllable capabilities in the context of national emphasis on data security and the safety of critical information infrastructure [3][4]. Capital Market Support - The approval of Dapu Micro's IPO is seen as a significant step in enhancing the inclusivity and adaptability of the capital market, particularly in supporting high-quality innovative enterprises [5][6]. - The ChiNext board has recently activated standards for listing unprofitable innovative companies, which has received positive feedback from the market, indicating a broader trend of supporting early-stage technology firms [5][6].