创业板首家未盈利企业IPO注册获批

Core Viewpoint - The China Securities Regulatory Commission has approved the IPO registration of Shenzhen Dapu Microelectronics Co., Ltd., marking the first unprofitable company to receive such approval on the ChiNext board, indicating a significant shift in the regulatory landscape for startups [1][4]. Company Overview - Dapu Micro is a leading company in the storage industry, primarily engaged in the research and sales of enterprise-level SSD products for data centers. The company is expected to achieve profitability by 2026 [4][10]. - The company was established in 2016 and is one of the few in the industry with full-stack self-research capabilities in "main control chips + firmware algorithms + modules" for enterprise-level SSDs [8][10]. Financial Performance - Dapu Micro's financial data from 2022 to the first half of 2025 shows revenues of 557 million, 519 million, 962 million, and 748 million yuan, respectively. The net profits for the same periods were -534 million, -617 million, -191 million, and -354 million yuan [10]. - As of June 30, 2025, the company reported total assets of approximately 1.98 billion yuan and a debt-to-asset ratio of 63.40% [11]. IPO Details - The company plans to raise approximately 1.87785 billion yuan through its IPO, with the funds allocated for the development and industrialization of next-generation main control chips and enterprise-level SSDs, as well as for working capital [5][12]. - Dapu Micro's IPO application was accepted on June 27, 2025, and the approval was granted on January 23, 2026 [1][8]. Market Context - The approval of Dapu Micro's IPO comes as the ChiNext board introduces new standards to support high-quality unprofitable innovative companies, with another unprofitable company, Yuexin Semiconductor, also pursuing an IPO [14].