杭州芯片“小巨人”，要IPO了

Core Viewpoint - The article discusses the recent developments of LiJichuang Storage, a memory chip design company, including its updated IPO application and growth in the niche DRAM market, highlighting its financial performance and market positioning. Company Overview - LiJichuang Storage specializes in the design of DRAM memory chips, focusing on 8GB DDR4 and earlier generations. The company was established in March 2020 after acquiring assets from Zental Japan [6][9]. - The company is closely related to Taiwan's chip manufacturer, Powerchip Semiconductor Manufacturing Corporation, which is its sole third-party foundry supplier [9]. Financial Performance - LiJichuang Storage's total storage capacity sold increased from 13.8 million GB in 2022 to 34.2 million GB in 2024, with over 1 million memory chips sold in 2024 [9]. - The company's revenue for 2022, 2023, 2024, and the first half of 2025 was RMB 610 million, RMB 580 million, RMB 646 million, and RMB 412 million, respectively, with net profits of -139 million, -245 million, -110 million, and -50 million [12][15]. - The gross profit margin improved from -2.1% in 2022 to 10.2% in 2025, indicating a recovery from previous losses due to the downturn in the DRAM industry [14]. Market Positioning - In the global niche DRAM market, LiJichuang Storage ranks 4th among Chinese companies with a market share of 11.1% and 11th globally with a market share of 0.8% [10][12]. - The global integrated circuit market is projected to reach RMB 3.81 trillion in 2024, with the memory chip market accounting for approximately RMB 1.19 trillion, representing 31.3% of the total market [10]. Product and Technology - LiJichuang Storage produces niche DRAM products, which are less stringent in performance requirements compared to mainstream DRAM products, and are crucial for automotive, communication, and industrial applications [10][11]. - The company has established R&D centers in China and Japan, employing experienced professionals from leading semiconductor firms [17][18]. Customer and Supplier Dynamics - The company has a high customer concentration, with its top five customers contributing approximately 64.0% to 51.0% of total revenue over the past few years [20][22]. - LiJichuang Storage's procurement is also concentrated, with its top five suppliers accounting for about 97.0% to 76.2% of total procurement amounts [24][26]. Ownership and Management - The founder of LiJichuang Storage holds a direct stake of 44.6% in the company, indicating significant ownership and control [27].