Venture(US:VEMLY) Xin Lang Cai Jing·2025-12-26 11:14Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. has recently passed its IPO review and is preparing to list on the Shenzhen Stock Exchange's Growth Enterprise Market [1][15]. Group 1: IPO and Fundraising - Dapu Micro plans to raise 1.878 billion yuan, with 958 million yuan allocated for the next-generation main control chip and enterprise-level SSD R&D and industrialization project, 220 million yuan for the enterprise-level SSD module mass production testing base project, and 700 million yuan for working capital [2][16]. - The company is primarily engaged in the R&D and sales of enterprise-level SSD products for data centers, possessing full-stack self-research capabilities in "main control chip + firmware algorithm + module" and achieving mass shipments [17]. Group 2: Financial Performance - In the first nine months, Dapu Micro reported revenue of 1.26 billion yuan and a net loss of 440 million yuan [2][21]. - The company's revenue for 2022, 2023, and 2024 is projected to be 557 million, 519 million, and 962 million yuan, respectively, with net losses of 534 million, 617 million, and 191 million yuan [5][19]. - For the first half of 2025, the company expects revenue of 748 million yuan and a net loss of 354 million yuan [20]. Group 3: Market Position and Product Offering - Dapu Micro focuses on enterprise-level SSDs, covering product generations from PCIe 3.0 to 5.0, meeting diverse customer needs. During the reporting period, the cumulative shipment of enterprise-level SSDs exceeded 4,900 PB, with over 75% of shipments featuring self-developed main control chips [3][17]. Group 4: Shareholding Structure - Yang Yafei controls 66.74% of the voting rights in the company, making him the actual controller. Dapu Haide holds 13.72% of the shares and has special voting rights, giving it 54.78% of the voting rights [8][22][9]. - Post-IPO, Dapu Haide's shareholding will decrease to 12.35%, while other significant shareholders include Shenzhen Guozhong (9.39%) and Nanjing Qilin (4.66%) [12][26].