拟募资295亿元，长鑫科技IPO获受理

Core Viewpoint - Changxin Technology has submitted its prospectus for an IPO on the Sci-Tech Innovation Board, marking the first company to be accepted under the new pre-review mechanism [1] Group 1: IPO Details - The company plans to issue no more than 10.622 billion shares, aiming to raise 29.5 billion yuan, which would make it the second-largest IPO in the history of the Sci-Tech Innovation Board [1] - The raised funds will be allocated to three main projects: upgrading the manufacturing line for memory wafers, upgrading DRAM technology, and research and development of advanced DRAM technology, with a total investment of 34.5 billion yuan [1] Group 2: Company Background - Established in 2016, Changxin Technology operates under an IDM (Integrated Device Manufacturer) model, with its largest shareholder being Hefei Qinghui Electric Enterprise Management Partnership, holding 21.67% of the shares [1] - After a financing round of approximately 10.8 billion yuan in 2024, the company's valuation has reached 150 billion yuan [1] Group 3: Product and Market Position - Changxin Technology's product offerings in the DDR and LPDDR sectors are now on par with leading global manufacturers such as Samsung and SK Hynix, with the latest LPDDR5X achieving a maximum speed of 10,667 Mbps, a 66% increase from the previous generation [1] - The first domestically produced DDR5 has a speed of 8,000 Mbps [1] Group 4: Research and Development - From 2022 to mid-2025, the company has invested a total of 18.867 billion yuan in R&D, accounting for 33.11% of its cumulative revenue, with a R&D expense ratio of 23.71% in the first half of this year, significantly higher than the industry average [2] - The company has established three 12-inch wafer fabs in Hefei and Beijing, which are expected to reach full production by 2026, with a current monthly capacity of 200,000 wafers as of Q2 this year [2] Group 5: Financial Performance - Revenue figures for Changxin Technology from 2022 to the first three quarters of 2025 are as follows: 8.287 billion yuan, 9.087 billion yuan, 24.178 billion yuan, and 32.084 billion yuan, with the revenue for the first three quarters of this year nearing the total of the past two years [2] - The net profit attributable to the parent company for the same periods were -8.328 billion yuan, -16.34 billion yuan, -7.145 billion yuan, and -5.980 billion yuan, with a potential turning point in profitability expected in 2025 [2] - The company forecasts a net profit attributable to the parent company of between -1.6 billion yuan and -600 million yuan for 2025, with a non-recurring net profit expected to be between 2.8 billion yuan and 3 billion yuan, and revenue projected to be between 55 billion yuan and 58 billion yuan [2]