创业板首家未盈利IPO在深交所过会

Company Overview - Shenzhen Dapu Microelectronics Co., Ltd. (Dapu Micro) is primarily engaged in the research and sales of enterprise-level SSD (solid-state drive) products, being one of the few domestic semiconductor storage providers with full-stack self-research capabilities in "main control chips + firmware algorithms + modules" and achieving mass production [1] - Dapu Micro plans to publicly issue no more than 43.62 million shares, raising approximately 1.878 billion yuan, mainly for the R&D and industrialization of next-generation main control chips and enterprise-level SSDs, as well as for the mass production testing base project and to supplement working capital [3] Industry Context - The demand for AI storage is accelerating the growth of the enterprise-level SSD market, with significant potential in the Chinese market, although domestic brand market share remains low [3] - The need for domestic manufacturers with self-controllable capabilities is increasingly urgent, especially in the context of national emphasis on data security and critical information infrastructure safety [3][4] - Dapu Micro has achieved international advanced levels in core indicators such as sequential read/write speed and latency, and is among the few manufacturers capable of mass-producing SCM SSDs and computational storage SSDs [3] Financial Performance - Dapu Micro has accumulated 156 invention patents and has invested 737 million yuan in R&D over the past three years, accounting for 36.15% of total revenue [4] - The company reported revenues of 557 million yuan, 519 million yuan, and 962 million yuan for the years 2022 to 2024, respectively, with an expected revenue of 2.158 billion yuan in 2025, representing a 124% year-on-year growth [4] Market Support and Trends - The approval of Dapu Micro's IPO reflects the support of the ChiNext board for high-quality innovative enterprises and the capital market's efforts to enhance inclusivity and adaptability to better serve technological innovation [2][5] - The ChiNext board has a high proportion of high-tech enterprises, with nearly 90% in high-tech and about 70% in strategic emerging industries, indicating a clear trend towards supporting innovation [5] - The introduction of a standard for unprofitable listings on the ChiNext board aims to provide long-term capital support for early-stage technology innovation companies, helping to alleviate funding bottlenecks in early R&D [5]