长鑫科技科创板IPO获受理：拟募资295亿元已预先审阅

Core Viewpoint - Changxin Technology is poised for a significant IPO on the STAR Market, aiming to raise 29.5 billion yuan, marking a key milestone for the domestic DRAM industry and reflecting the company's rapid growth despite substantial losses [1][8]. Financial Performance - For the first nine months of 2025, Changxin Technology reported revenue of 32.084 billion yuan, with a compound annual growth rate of 72.04% from 2022 to 2024, significantly outpacing the industry average [2]. - As of June 30, 2025, the company had accumulated losses of 40.857 billion yuan, with a net loss of 19.225 billion yuan in 2023, primarily due to industry downturns and inventory write-downs [3][4]. R&D Investment - Changxin Technology's R&D expenditure from 2022 to the first half of 2025 totaled 18.867 billion yuan, accounting for 33.11% of cumulative revenue, with a R&D expense ratio of 23.71% in the first half of 2025, significantly higher than international peers [5]. - The company has successfully transitioned from the first to the fourth generation of process technology, producing competitive products such as LPDDR5X with speeds up to 10,667 Mbps, a 66% increase over the previous generation [6]. Profitability Outlook - The company's gross margin improved from -3.67% in 2022 to 12.72% in the first half of 2025, with expectations to achieve profitability by 2026 or 2027 if production capacity and sales volume continue to grow [7]. Market Position and Expansion Plans - Changxin Technology is positioned as the largest DRAM manufacturer in China and the fourth globally, benefiting from a "super cycle" in the storage market driven by AI server demand [3][9]. - The IPO proceeds will primarily fund technology upgrades and R&D projects, with 13 billion yuan allocated for DRAM technology upgrades [8]. Shareholder Structure - The company has a diverse shareholder base, including state-owned enterprises and major tech firms like Alibaba and Tencent, which enhances its capital support and industry collaboration [10]. - Changxin Technology operates without a controlling shareholder, allowing for a governance structure that retains decision-making power within the technical team while securing state capital support [10]. Client Relationships - The company has integrated into the supply chains of major industry players such as Alibaba Cloud, ByteDance, and Tencent, indicating strong market demand for its products [11].