上海兆芯回复科创板上市问询：服务器芯片推广不及预期

Group 1 - The core viewpoint of the news is that Shanghai Zhaoxin has submitted a detailed response to regulatory inquiries regarding its IPO application, highlighting its market position in the domestic x86 CPU sector and addressing concerns about its ongoing losses and business strategies [1][2][3] - Shanghai Zhaoxin holds approximately 40% market share in the desktop PC sector, ranking first, and has completed five generations of microarchitecture evolution [1] - The company reported a significant R&D investment of 113.28% in 2024, which is a primary reason for its continued losses, alongside challenges in product yield and high fixed costs [1] Group 2 - Despite leading in the PC market, Shanghai Zhaoxin's performance in the server market is underwhelming, with low sales rates for its KH-40000 series processors and a price reduction of nearly 50% to boost sales [2] - The company faces intense competition in the server CPU market, with competitors like Haiguang and Huawei HiSilicon holding over 90% market share, raising questions about the feasibility of Zhaoxin's target to achieve a 4.5% market share by 2027 [2] - The gross margin for Shanghai Zhaoxin in 2024 is projected at only 12.69%, significantly lower than competitors, and achieving a gross margin of over 30% by 2027 is contingent on reaching sales volumes in the millions [2] Group 3 - Shanghai Zhaoxin's separation from its GPU business, which led to the establishment of Glanfy, has resulted in substantial annual IP licensing and service fees, raising concerns about the rationale behind this split [3] - The company has a high dependency on a related party for chip procurement, with the proportion of purchases increasing from 42.74% in 2022 to 73.55% in 2024, which poses risks in the current international trade environment [3] - The response from Shanghai Zhaoxin reveals its technological strengths as a domestic x86 leader but also acknowledges challenges in server business promotion, low gross margins, and supply chain risks [3]