Venture(US:VEMLY) Zheng Quan Shi Bao·2026-01-24 12:04Core Viewpoint - The approval of Shenzhen Dapu Microelectronics Co., Ltd.'s IPO marks the first instance of an unprofitable company being granted IPO registration on the ChiNext board, reflecting the market's support for innovative enterprises [1][4]. Company Summary - Dapu Micro focuses on data center storage scenarios and is one of the few domestic semiconductor storage product providers with full-stack self-research capabilities, including "main control chips + firmware algorithms + modules" [4]. - The company plans to raise approximately 1.878 billion yuan through its IPO, with funds directed towards the R&D and industrialization of next-generation main control chips, the construction of a testing base for enterprise-level SSD modules, and supplementing working capital [4]. - Dapu Micro has achieved international advanced levels in key performance indicators such as sequential read/write speed, random read/write speed, and latency, and has successfully mass-produced new product forms like SCM SSD and computable storage SSD [4][5]. - The company holds 156 invention patents and has invested 737 million yuan in R&D over the past three years, accounting for 36.15% of its cumulative revenue [5]. Industry Summary - The demand for artificial intelligence storage is accelerating growth in the enterprise-level SSD market, particularly in China, where domestic brand market share remains low [5]. - The need for domestic manufacturers with self-controllable capabilities in the enterprise-level SSD sector is increasingly urgent, driven by national emphasis on data security and the safety of critical information infrastructure [5]. - The ChiNext board has seen a significant proportion of high-tech enterprises, with nearly 90% of its companies being high-tech and about 70% in strategic emerging industries, indicating a clear trend towards supporting innovative and unprofitable companies [7].