长鑫科技递交科创板招股书 拟募资295亿元

Core Viewpoint - Changxin Technology Group Co., Ltd. has submitted its prospectus to the Shanghai Stock Exchange for an IPO on the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan to enhance its core competitiveness in the DRAM industry [1][3]. Financial Performance - For the period from January to September 2025, Changxin Technology reported a revenue of 32.084 billion yuan, with a cumulative revenue of 73.636 billion yuan from 2022 to September 2025 [1]. - The compound annual growth rate (CAGR) of the main business revenue from 2022 to 2024 is 72.04% [1]. Market Position - According to Omdia, Changxin Technology has become the largest DRAM manufacturer in China and the fourth largest globally based on production capacity and shipment volume [1]. Product Offerings - Changxin Technology provides a diverse range of DRAM products, including DRAM wafers, chips, and modules, covering both DDR and LPDDR series [1]. - The company has successfully transitioned from DDR4 and LPDDR4X to DDR5 and LPDDR5/5X, with applications in servers, mobile devices, personal computers, and smart vehicles [1]. Research and Development - From 2022 to the first half of 2025, Changxin Technology's cumulative R&D investment reached 18.867 billion yuan, accounting for 33.11% of cumulative revenue [2]. - In 2024, R&D investment is projected to be 6.341 billion yuan, representing a year-on-year increase of 35.77% compared to 2023 [2]. - The R&D expense ratio for the first half of 2025 was 23.71%, significantly higher than the industry average of 10.37% and also above major international DRAM competitors [2]. Intellectual Property - As of June 30, 2025, Changxin Technology holds a total of 5,589 patents, including 3,116 domestic patents and 2,473 foreign patents [2]. - The company ranked 22nd globally in international patent applications in 2023 and 42nd in U.S. patent grants in 2024, ranking fourth among Chinese companies [2]. Shareholder Structure - The shareholder structure includes significant investors such as the Big Fund Phase II, Anhui Provincial Investment, Alibaba, Tencent, and Xiaomi Industrial Investment, among others [2].