拟募资295亿元！长鑫科技科创板IPO获受理

Core Viewpoint - Changxin Technology is applying for an IPO on the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan for various technology upgrade projects, with a total investment of 34.5 billion yuan [3][4]. Group 1: Company Overview - Established in 2016, Changxin Technology is the largest and most advanced DRAM manufacturer in China, utilizing an IDM (Integrated Device Manufacturing) business model [5]. - According to Omdia, Changxin Technology ranks first in China and fourth globally in DRAM production capacity and shipment volume [6]. Group 2: Financial Performance - For the first nine months of 2025, the company reported revenue of 32.084 billion yuan, with cumulative revenue from 2022 to September 2025 reaching 73.636 billion yuan. The compound annual growth rate (CAGR) of main business revenue from 2022 to 2024 is 72.04% [6]. - In 2024, Changxin Technology is expected to incur a net loss of 9 billion yuan, but it anticipates turning a profit in 2025, with projected net profits ranging from 2 billion to 3.5 billion yuan [6][8]. - The company expects a significant increase in revenue for 2025, with estimates between 55 billion to 58 billion yuan, representing a year-on-year growth of 127.48% to 139% [8]. Group 3: Investment Projects - The funds raised will be allocated to three main projects: 1. Technology upgrades for the memory wafer manufacturing line (75 billion yuan) 2. DRAM technology upgrades (180 billion yuan, with 130 billion yuan from the IPO) 3. Research and development of advanced DRAM technologies (90 billion yuan) [4]. Group 4: Market Position and Product Offering - Changxin Technology offers a diverse range of DRAM products, including DRAM wafers, chips, and modules, covering mainstream series such as DDR and LPDDR, with completed iterations from DDR4 to DDR5 [6]. - The company has a total of 5,589 patents, ranking 42nd globally in U.S. patent grants, and employs over 4,653 R&D personnel, accounting for more than 30% of its workforce [9]. Group 5: Shareholder Structure - The company has no controlling shareholder, with major stakeholders including Qinghui Jidian (21.67%), Changxin Integrated (11.71%), and several other notable investors such as Alibaba and Tencent [10][11].