力积存储IPO前国资离场，实控人应伟有双重身份

Core Viewpoint - Zhejiang Liji Storage Technology Co., Ltd. (Liji Storage) is preparing for an IPO on the Hong Kong Stock Exchange, facing challenges in balancing scale expansion and stable profitability due to ongoing losses and low gross margins compared to industry averages [1][2]. Group 1: Company Background and Ownership Structure - Liji Storage was established in March 2020, with initial investments from Tianjin Haoxin and Longxin Zhongke, and has since integrated Zentel Japan to establish its core business [3][4]. - The company is controlled by Ying Wei through a multi-layered equity structure, with significant involvement from Dinghui Investment, which has raised market interest regarding its ownership adjustments [2][9]. - As of now, Liji Storage has 28 direct shareholders, with Hangzhou Dingyuan as the largest shareholder holding 22.67% [9]. Group 2: Financial Performance and Challenges - Liji Storage has reported continuous losses, with adjusted net losses narrowing from RMB 1.39 billion in 2022 to RMB 498.22 million in 2023, largely due to significant share-based payment expenses [20][21]. - The company’s revenue structure is shifting, with memory module sales increasing significantly, contributing to 40.1% of revenue in the first half of 2025, while core memory chip revenue is declining [20][22]. - The gross margin for memory chips remains higher than that of memory modules, indicating a strategic challenge in balancing growth and profitability [24]. Group 3: Market Position and Product Development - Liji Storage focuses on niche DRAM markets, with a total storage capacity growth from approximately 13.8 million GB in 2022 to about 34.2 million GB in 2024, reflecting a compound annual growth rate of 57.4% [19]. - The company relies heavily on external suppliers for core production processes, which increases material costs and impacts gross margins [15][17]. - Liji Storage has established itself as a key supplier for major domestic computer and server manufacturers, indicating a growing market presence [20].