首单预先审阅，全球第四大DRAM厂商冲刺科创板

Core Viewpoint - Changxin Technology's IPO application has been accepted, aiming to raise 29.5 billion yuan, marking a significant step for the company as it seeks to enhance its position in the DRAM market [2][4]. Group 1: IPO Details - Changxin Technology is the first company to apply for an IPO under the pre-review mechanism on the Sci-Tech Innovation Board, designed to protect sensitive business information [3]. - The company plans to use 13 billion yuan for DRAM technology upgrades, 9 billion yuan for advanced research and development, and 7.5 billion yuan for manufacturing line upgrades [6][7]. Group 2: Company Overview - Changxin Technology operates under the IDM model, integrating chip design, manufacturing, packaging, testing, and sales [5]. - The company has no controlling shareholder, with the largest shareholder holding 21.67% of the shares [5]. Group 3: Market Position - As of Q2 2025, Changxin Technology holds a 3.97% share of the global DRAM market, ranking first in China and fourth globally [6]. - The company still lags behind major competitors like Samsung, SK Hynix, and Micron, which collectively hold over 90% of the market share [6]. Group 4: Financial Performance - From 2022 to mid-2025, Changxin Technology has accumulated losses of 40.857 billion yuan, despite rapid revenue growth [8][9]. - The company expects a revenue increase of 127.48% to 139.89% in 2025, with projected revenues between 55 billion and 58 billion yuan [9]. - The gross margin has been improving, reaching 5.02% in the first half of 2025, but remains significantly lower than its main competitors [10].