首单预先审阅，全球第四大DRAM厂商冲刺科创板

Core Viewpoint - Changxin Technology's IPO application has been accepted, aiming to raise 29.5 billion yuan, marking a significant step for the company as it seeks to enhance its position in the DRAM market [1][3]. Group 1: IPO Details - Changxin Technology is the first company to apply for an IPO under the pre-review mechanism on the Sci-Tech Innovation Board, designed to protect sensitive business information [3]. - The company plans to use the 29.5 billion yuan raised for various projects, including 13 billion yuan for DRAM technology upgrades, 9 billion yuan for advanced DRAM research and development, and 7.5 billion yuan for manufacturing line upgrades [4][5]. Group 2: Company Background - Changxin Technology operates under an IDM (Integrated Device Manufacturer) model, encompassing chip design, manufacturing, packaging, testing, and sales [4]. - The company currently has no controlling shareholder, with the largest shareholder holding 21.67% of the shares [4]. Group 3: Market Position - As of Q2 2025, Changxin Technology is the largest DRAM manufacturer in China and the fourth globally, holding a market share of 3.97% [4]. - The company still lags behind the top three global competitors—Samsung, SK Hynix, and Micron—who collectively hold over 90% of the market share [4]. Group 4: Financial Performance - Despite cumulative losses of 40.857 billion yuan as of June 30, 2025, Changxin Technology has experienced rapid revenue growth, with a compound annual growth rate of 72.04% in main business income from 2022 to 2024 [6][7]. - For the first three quarters of 2025, the company's revenue and net profit attributable to shareholders increased by 97.79% and 1.79% year-on-year, respectively [7]. - The projected revenue for 2025 is between 55 billion and 58 billion yuan, representing a year-on-year growth of 127.48% to 139.89% [7].