Core Viewpoint - The acceptance of Shenzhen Dapu Microelectronics Co., Ltd.'s IPO application marks the first instance of an unprofitable company being allowed to list on the ChiNext board, reflecting a new standard aimed at supporting innovative enterprises with high growth potential [4][6]. Group 1: Company Overview - Dapu Microelectronics is primarily engaged in the research and sales of enterprise-level solid-state drives (SSDs), with over 70% of its products utilizing self-developed main control chips [4]. - The company reported revenues of 557 million yuan, 519 million yuan, and 962 million yuan for the years 2022, 2023, and 2024 respectively, with net losses of 534 million yuan, 617 million yuan, and 191 million yuan during the same period [4]. - Dapu Microelectronics anticipates an 88.73% year-on-year growth in its main business revenue for 2024 and expects to achieve profitability by 2026 [4]. Group 2: Market Context - The company is ranked fourth in the domestic enterprise-level SSD market, holding a market share of 6.4% according to IDC data [4]. - The global demand for digital information infrastructure components has increased, emphasizing the need for domestic production capabilities in the SSD sector [5][6]. - The Chinese market is the second largest for enterprise-level SSDs, yet foreign manufacturers currently dominate the market share [5][6]. Group 3: Regulatory Environment - The China Securities Regulatory Commission (CSRC) announced the implementation of a third set of standards for the ChiNext board, facilitating the listing of unprofitable innovative companies [4][8]. - The Shenzhen Stock Exchange has established standards and regulatory arrangements for unprofitable innovative enterprises, allowing for a more inclusive approach to financing [8]. - The acceptance of Dapu Microelectronics' IPO application is seen as a response to market demands and aims to enhance support for technology innovation enterprises [8].