募资295亿，长鑫科技冲刺科创板

Core Viewpoint - Changxin Technology has made significant progress in its IPO application for the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan, which could be the second-largest IPO since the board's inception [1] Company Overview - Changxin Technology, established in June 2016, focuses on the research, design, and sales of Dynamic Random Access Memory (DRAM), which is widely used in smartphones and computers [1] - The company is the largest and most advanced DRAM manufacturer in China, achieving mass production of general-purpose DRAM [3] Financial Performance - Revenue projections for Changxin Technology are 8.287 billion yuan in 2022, 9.087 billion yuan in 2023, and 24.178 billion yuan in 2024, with a nearly 100% year-on-year growth expected in the first three quarters of 2025, reaching 32.084 billion yuan [4] - Despite revenue growth, the company reported a cumulative loss of 40.857 billion yuan as of June 30, 2025, primarily due to high fixed asset investments and increased R&D expenditures [4] Market Position and Competition - The global DRAM market is dominated by South Korean manufacturers like SK Hynix and Samsung, with significant revenue growth expected in the coming years [2] - Changxin Technology is projected to increase its DRAM shipment volume by 50% by 2025, with its market share expected to rise from 6% to 8% [3] Investment and Financing - Since initiating angel round financing in 2018, Changxin Technology has completed seven rounds of financing, with a notable presence of state-owned investors [5][6] - The company has attracted investments from various well-known VC/PE firms and industry giants, indicating strong market confidence [5]