劲爆！募资295亿，长鑫科技科创板IPO来了

Core Viewpoint - Changxin Technology, a leading domestic DRAM manufacturer, has disclosed new progress in its IPO, highlighting its status as the largest and most advanced DRAM R&D, design, and manufacturing enterprise in China since its establishment in 2016 [1][7]. Group 1: Company Overview - Changxin Technology focuses on the R&D, design, production, and sales of DRAM products, employing a "leapfrog R&D" strategy that has enabled it to achieve mass production across multiple generations of technology platforms [1][2]. - The company has established a diversified product portfolio, including DDR and LPDDR series, and operates three 12-inch DRAM fabs in Hefei and Beijing, ranking first in China and fourth globally in terms of capacity and shipment volume [2][7]. Group 2: Financial Performance - The company's main business revenues for the reporting periods were 8.08 billion, 9.06 billion, 23.93 billion, and 15.22 billion yuan, while net profits attributable to the parent company were negative, with cumulative losses reaching approximately 4.09 billion yuan by June 30, 2025 [3]. - The company has not yet achieved profitability, primarily due to high fixed asset investments required for capacity expansion and significant R&D expenditures aimed at keeping pace with international standards [3][4]. Group 3: Product Development and Market Position - The revenue from the fourth-generation DRAM products (DDR4 and LPDDR4X) has been significant but is declining in proportion as newer generation products like DDR5 and LPDDR5/5X gain market share [5]. - The company has seen a growth trend in revenue from larger capacity products, with the share of 12GB and above LPDDR4X and DDR5 products increasing significantly in 2024 and 2025 [6]. Group 4: Future Outlook and IPO Progress - Changxin plans to raise 29.5 billion yuan for three major projects, aiming to enhance its product competitiveness and market response capabilities amid a growing global DRAM market driven by AI demand [7]. - The company’s IPO has undergone preliminary review and is set to be the first project accepted under the new pre-review mechanism introduced by the China Securities Regulatory Commission [8].