预先审阅机制首单！长鑫科技科创板IPO获受理

Core Viewpoint - Changxin Technology, a leading DRAM manufacturer in China, has officially received acceptance for its IPO on the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan, marking it as the first IPO under the new pre-review mechanism [1] Group 1: Company Overview - Changxin Technology is the largest and most advanced DRAM R&D and manufacturing enterprise in China, offering a diverse range of products including DRAM wafers, chips, and modules, primarily covering DDR and LPDDR series [1] - The company has completed product iterations from DDR4, LPDDR4X to DDR5, LPDDR5/5X, with applications in servers, mobile devices, personal computers, and smart vehicles [1] Group 2: Financial Performance - For the period from January to September 2025, Changxin Technology reported revenue of 32.084 billion yuan, with cumulative revenue from 2022 to September 2025 reaching 73.636 billion yuan [1] - The compound annual growth rate (CAGR) of the main business revenue from 2022 to 2024 is 72.04% [1] Group 3: R&D Investment - From 2022 to 2024 and the first half of 2025, Changxin Technology's cumulative R&D investment amounted to 18.867 billion yuan, representing 33.11% of cumulative operating revenue [2] - In 2024, R&D investment is projected to be 6.341 billion yuan, reflecting a year-on-year increase of 35.77% compared to 2023 [2] - The R&D expense ratio for the first half of 2025 reached 23.71%, significantly higher than the industry average of 10.37% and also exceeding the ratios of major international DRAM companies [2] Group 4: Workforce and Shareholding Structure - Changxin Technology employs 4,653 R&D personnel, accounting for over 30% of its total workforce [3] - The company's shareholder structure includes significant investors such as the Big Fund II, Anhui Provincial Investment, Alibaba, Tencent, and others [3] Group 5: IPO Process and Regulatory Framework - Changxin Technology is the first company to undergo the new pre-review mechanism for IPOs on the Sci-Tech Innovation Board [3] - The pre-review mechanism was introduced to enhance the quality of communication services for high-quality technology enterprises, allowing them to apply for pre-review before formal IPO applications [3]