创业板史上，第一家未盈利IPO来了

Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. has become the first unprofitable company to pass the review for IPO on the ChiNext board, marking a significant milestone in the history of the board [1][2] Group 1: IPO and Funding - Dapu Micro plans to issue up to 43.62 million shares, raising approximately 1.878 billion yuan, with funds allocated to three main projects: R&D and industrialization of next-generation main control chips and enterprise-level SSDs (955 million yuan, 51%), mass production testing base for enterprise-level SSD modules (220 million yuan, 12%), and working capital (700 million yuan, 37%) [2] - The company adopted the second set of listing standards for the ChiNext board, requiring an expected market value of no less than 5 billion yuan and a recent year's revenue of no less than 500 million yuan [2] Group 2: Financial Performance - The company's revenue for 2022-2024 is projected to be 557 million yuan, 519 million yuan, and 962 million yuan, respectively, with net losses of 368 million yuan, 642 million yuan, and 195 million yuan during the same period [3] - In the first half of 2025, revenue is expected to reach 748 million yuan with a loss of 354 million yuan, while the first three quarters are projected to generate 1.264 billion yuan in revenue with a loss of 442 million yuan, totaling a cumulative loss of 1.566 billion yuan over three and a half years [3] Group 3: Market Position and Clients - Dapu Micro is a leading provider of semiconductor storage products in China, specializing in the R&D and sales of enterprise-level SSDs, with a full-stack self-research capability in main control chips, firmware algorithms, and modules [5][10] - The company has established a strong client base, including major internet companies like ByteDance, Tencent, Alibaba, and telecommunications giants such as China Telecom, China Mobile, and China Unicom [10] Group 4: Innovation and Patents - As of June 30, 2025, Dapu Micro has been granted 156 invention patents, including 88 core circuit patents, and has filed over 300 invention patents [9][10] - The company’s technology in enterprise-level SSDs is considered industry-leading, with a market share of 6.7% in 2024, despite the overall market for enterprise-level SSDs in China being dominated by foreign brands [10]