Core Viewpoint - The approval of Shenzhen Dapu Microelectronics Co., Ltd.'s IPO registration marks the first instance of an unprofitable company being granted IPO approval on the ChiNext board in China [1] Financial Performance - Dapu Micro's projected revenues for 2022, 2023, and 2024 are 557 million, 519 million, and 962 million yuan respectively, with net losses of 534 million, 617 million, and 191 million yuan [3] - For 2025, the company anticipates revenues between 2.05 billion and 2.35 billion yuan, representing a year-on-year growth of approximately 113.06% to 144.24% [4] - The expected net loss for 2025 is projected to be between 464 million and 504 million yuan, indicating a significant increase in losses compared to the previous year [4] Company Overview - Established in April 2016 with a registered capital of 393 million yuan, Dapu Micro focuses on the research and sales of enterprise-level SSD products for data centers [6] - The company has shipped over 4,900 PB of enterprise-level SSDs, with more than 75% of shipments utilizing self-developed controller chips [6] - Dapu Micro has established a strong customer base, including major tech companies like ByteDance, Tencent, Alibaba, and international clients such as Google [6] Future Strategy - The company plans to continue its focus on the semiconductor enterprise storage sector while expanding into AI-related products such as high-capacity QLC SSDs and intelligent network cards [6] - Dapu Micro aims to enhance its competitive position by developing platform-level storage products and solutions [6] Ownership Structure - The actual controller, Yang Yafei, holds 66.74% of the voting rights through Dapu Haide and Dapu Haijuhua [7] Leadership Background - Yang Yafei, born in July 1979 and a permanent resident of the U.S., has a Ph.D. and previously worked at Qualcomm before leading Dapu Micro [10]