力积存储冲击港股IPO：累计亏损5.42亿元 神秘股东递表前低价“清仓”离场

Core Viewpoint - Zhejiang Liji Storage Technology Co., Ltd. (Liji Storage) is attempting to go public on the Hong Kong Stock Exchange, focusing on the niche DRAM market, but faces significant financial challenges, including cumulative losses of 542 million RMB and negative operating cash flow [1][2]. Financial Performance - Liji Storage has reported fluctuating revenues from 610 million RMB in 2022 to an estimated 412 million RMB in the first half of 2025, with cumulative losses reaching 542 million RMB [2][3]. - The company has maintained high R&D expenditures, with amounts of 74 million RMB, 77 million RMB, and 96 million RMB from 2022 to 2024, consistently above 12% of revenue [4]. - Despite improvements in gross margin from -2.1% in 2022 to 10.2% in the first half of 2025, net profit margins remain negative at -16.8% for 2024 and -12.1% for the first half of 2025 [5][4]. Shareholder Dynamics - The exit of local state-owned enterprise Jinhua Tianyuan Smart City Investment Co., Ltd. before the IPO, selling its 9.45% stake for approximately 117 million RMB, raises concerns about Liji Storage's valuation and future prospects [6][7]. - The valuation at which Tianyuan exited represents a 55% discount compared to the company's previous financing round valuation of nearly 2.9 billion RMB in December 2023 [7][9]. - The timing and pricing of this exit have led to speculation regarding the company's future and the potential risks perceived by strategic investors [9][10].