力积存储冲击港股IPO：累计亏损5.42亿元 神秘股东递表前低价“清仓”离场

Core Viewpoint - Zhejiang Liji Storage Technology Co., Ltd. (Liji Storage) has submitted its prospectus to the Hong Kong Stock Exchange, aiming for an IPO despite facing significant financial challenges, including cumulative losses of 542 million yuan and ongoing negative operating cash flow [1][2]. Financial Performance - The company has reported fluctuating revenues from 2022 to the first half of 2025, with figures of 610 million yuan, 580 million yuan, 646 million yuan, and 412 million yuan respectively, indicating an unstable growth trend [2]. - Cumulative net losses reached 542 million yuan, with net losses of 139 million yuan in 2022, 244 million yuan in 2023, 109 million yuan in 2024, and 31.7 million yuan in the first half of 2025 [2][3]. Research and Development - Despite poor profitability, the company maintains a high level of investment in R&D, with expenditures of 74 million yuan, 77 million yuan, and 96 million yuan from 2022 to 2024, consistently exceeding 12% of revenue [4]. - As of the end of 2024, over 50% of the workforce is dedicated to R&D, focusing on advanced technologies such as WoW3D heterogeneous integration and custom 3D-IC stacking [4]. Cash Flow and Financial Health - The company has experienced negative cash flow from operating activities, totaling 376 million yuan, with a significant outflow of 119 million yuan in the first half of 2025, primarily due to rising accounts receivable and inventory impairment [4]. - Trade receivables surged to 155 million yuan by June 2025, a 237% increase from the end of 2022, raising concerns about credit loss rates [4]. Profitability and Revenue Structure - The gross margin improved from -2.1% in 2022 to 9.3% in 2024, reaching 10.2% in the first half of 2025, attributed to product structure optimization and rising chip prices [5]. - However, the net profit margin remained negative at -16.8% in 2024 and -12.1% in the first half of 2025, due to high R&D and management expenses [5]. - The company is shifting its business focus, reducing the share of memory chip business from over 88% to 53.3% by the first half of 2025, while memory module revenue surged to 40.1% of total revenue, growing 217% year-on-year [5]. Shareholder Dynamics - The exit of local state-owned enterprise Jinhua Tianyuan Smart City Investment Co., Ltd. before the IPO has raised concerns, as it sold its entire 9.45% stake for approximately 117 million yuan, significantly below previous valuations [6][7]. - This exit occurred just two months before the IPO, contrasting sharply with a nearly 2.9 billion yuan valuation from a recent funding round, indicating a potential lack of confidence in the company's future [7][8]. - The timing and pricing of this exit have led to speculation about the company's prospects, as strategic investors typically maintain long-term commitments unless significant concerns arise [8][9].