创业板首单未盈利IPO来了！业内分析：第三套标准适合相对成熟商业企业

Core Viewpoint - The article discusses the introduction of the third set of listing standards for the ChiNext board, marking a significant shift in allowing unprofitable companies to go public, with the first case being the IPO application of Dapu Microelectronics [1][2][4]. Group 1: Overview of Dapu Microelectronics - Dapu Microelectronics focuses on the research and sales of enterprise-level SSD products for data centers, and it is one of the few companies in China with full-stack self-research capabilities in enterprise-level SSDs [5]. - The company reported a non-recurring net profit of -1.95 billion yuan in the most recent year, indicating ongoing financial challenges [3][6]. Group 2: Financial Performance - Dapu Microelectronics' revenue for 2022 to 2024 is projected to be 5.57 billion yuan, 5.19 billion yuan, and 9.62 billion yuan respectively, while its non-recurring net profit is expected to be -3.68 billion yuan, -6.42 billion yuan, and -1.95 billion yuan [6]. - The company’s revenue growth rate is notable, with a compound annual growth rate of 57.66% in its main business, and a projected revenue increase of 88.73% in 2024 [10]. Group 3: Listing Standards and Market Implications - The third set of listing standards for the ChiNext board requires a minimum expected market value of 5 billion yuan and a minimum revenue of 300 million yuan in the most recent year, focusing on companies with mature business models and scalable potential [9]. - The introduction of these standards aims to enhance the market's support for high-tech companies with clear commercialization prospects, differentiating it from the Sci-Tech Innovation Board, which emphasizes "hard technology" attributes [8][10].