国资退潮信号？力积存储IPO前估值腰斩，1.17亿清仓背后藏何隐忧

Core Viewpoint - The article discusses the unusual stock ownership changes at Zhejiang Lijichuang Storage as it approaches its IPO, particularly focusing on the exit of a state-owned enterprise shareholder just before the listing, raising concerns about the company's financial health and future prospects [1][3][11]. Group 1: Shareholder Exit - A state-owned enterprise, Tianyuan Zhicheng, which held 9.45% of the company's shares, sold its entire stake at a significant discount just two months before the IPO filing [3][5]. - The total transaction value for the share transfer was 1.17 billion RMB, reflecting a valuation of less than 1.3 billion RMB for the company, which is a sharp decline from nearly 2.9 billion RMB just a year prior [9][21]. - The exit of Tianyuan Zhicheng is interpreted as a negative signal regarding the company's future, suggesting a lack of confidence in its IPO prospects [11][24]. Group 2: Financial Performance - From 2020 to mid-2025, the company has accumulated losses of 542 million RMB, indicating ongoing financial struggles despite the potential recovery in the semiconductor industry [13][21]. - The company has been increasing its R&D expenditures, but the output in terms of core technology patents remains limited, with only 12 patents filed, most of which are recent [15][21]. - The shift in business focus from memory chips to memory modules has not improved profitability, as the gross margin for the memory module business has significantly declined from 11.1% in 2023 to 3.9% in the first half of 2025 [17][24]. Group 3: Cash Flow and Market Perception - The company has experienced a net cash outflow of 376 million RMB from operating activities from 2022 to mid-2025, with increasing accounts receivable raising concerns about collection risks [19][21]. - The exit of a major shareholder and the company's ongoing losses may hinder its ability to secure favorable valuations in the market, impacting future financing opportunities [24][26]. - The company aims to use the IPO to address funding shortages, but it must demonstrate clear performance and a viable path to profitability to gain market acceptance [26].