Core Viewpoint - Shanghai Zhaoxin Integrated Circuit Co., Ltd. has officially submitted its IPO application to the Sci-Tech Innovation Board, marking a significant step in its market expansion and technological development [1][2]. Company Overview - Zhaoxin Integrated focuses on the research, design, and sales of general-purpose processors (CPUs) and supporting chips, including desktop processors, server processors, and embedded processors [1]. - The company has established a fully autonomous design process and has developed its own instruction set, enabling it to innovate and evolve its CPU microarchitecture independently [1]. Market Position and Financial Performance - Zhaoxin has achieved a leading market position in the domestic desktop PC market, with its CPUs being the most widely used in products from major manufacturers like Lenovo and Inspur [2]. - The company reported revenues of 340 million yuan, 555 million yuan, and 889 million yuan for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 61.71% [2]. Breakthroughs in Medical Sector - Zhaoxin has made significant inroads in the medical sector, winning a bid for over 6,000 medical desktop PCs against major competitors Intel and AMD, indicating the growing competitiveness of domestic CPUs [2]. - The company’s processors support the latest x86 instruction sets and have successfully developed and mass-produced six generations of high-performance general-purpose processors [3]. Ecosystem and Collaboration - Zhaoxin has established a wide ecosystem with nearly 4,000 partners in system integration, software, and hardware, collaborating with major domestic operating system vendors to complete over 200,000 software and hardware adaptation projects [4]. - The company provides comprehensive support for medical institutions, ensuring the stable operation of critical applications like electronic medical records and telemedicine platforms, while also protecting patient privacy data [4].

Core Viewpoint - Longxin Zhongke (688047.SH), a leading domestic processor manufacturer, is set to launch two new products, the 3C6000 and 2K3000, in the first half of 2025, with expectations for mass sales next year [1][2] Group 1: Product Development - The 3C6000 is a next-generation server processor, while the 2K3000 targets industrial control and mobile terminal applications [1] - The 3C6000 series has achieved performance levels comparable to mainstream server CPUs in the international market as of 2023 [1][2] - The 2K3000 processor features a 64-bit octa-core SoC with a maximum frequency of 2.2/2.5GHz, integrating graphics and AI computing capabilities [1] Group 2: Market Performance - Longxin Zhongke's stock surged by 14.89% to 149.59 yuan on September 16, 2023, reflecting increased market interest in domestic CPU manufacturers [2] - Another domestic CPU manufacturer, Haiguang Information (688041.SH), also saw a stock increase of 6.26%, closing at 246 yuan with a trading volume exceeding 10 billion yuan [2] Group 3: Industry Landscape - Haiguang Information's products include high-end general-purpose processors and co-processors, widely used in various sectors such as telecommunications and finance [3] - Shanghai Zhaoxin Integrated Circuit Co., Ltd. has submitted an IPO application to raise 4.169 billion yuan for new processor projects, indicating a growing interest in the domestic CPU sector [3][4] - Zhaoxin's revenue for 2022, 2023, and projected for 2024 is approximately 340 million, 555 million, and 889 million yuan, respectively, with net losses reported [4] Group 4: Strategic Importance - The development of domestic CPUs is crucial for information security and the establishment of a self-controlled industrial chain, as CPUs are foundational to information system security [4]

Core Viewpoint - Shanghai Zhaoxin Integrated Circuit Co., Ltd. has officially submitted its IPO application to the Shanghai Stock Exchange, aiming to raise 4.169 billion yuan for various processor projects and R&D initiatives [1][2]. Company Overview - Zhaoxin Integrated was established in 2013 and is a state-owned enterprise headquartered in Shanghai, with subsidiaries in Beijing and Xi'an [2][3]. - The company focuses on the research, design, and sales of high-end general-purpose processors and associated chips, with key products including the "KaiXian" and "KaiSheng" series processors [3]. Financial Performance - Revenue for Zhaoxin Integrated was reported as 340 million yuan in 2022, 555 million yuan in 2023, and is projected to reach 889 million yuan in 2024, reflecting a compound annual growth rate of 61.71% [9]. - The company has incurred net losses of 727 million yuan, 676 million yuan, and 951 million yuan for the years 2022, 2023, and 2024 respectively, totaling approximately 2.354 billion yuan in cumulative losses [9]. - R&D expenditures were 984 million yuan, 988 million yuan, and 813 million yuan for the same years, representing 289.50%, 178.00%, and 91.44% of the respective revenues [9]. Market Position and Valuation - According to Hurun Research Institute, Zhaoxin Integrated is valued at 18.5 billion yuan, while other listed domestic CPU manufacturers have significantly higher valuations, such as Haiguang Information at 310.5 billion yuan and Longxin Zhongke at 48.4 billion yuan [4][6]. - The company has established partnerships with over 3,000 collaborators, resulting in over 200,000 software and hardware adaptation projects [7]. Product Development and Innovation - Zhaoxin Integrated has achieved significant breakthroughs in CPU design, including mastering the entire underlying source code and core microarchitecture design technology [7]. - The company has developed a comprehensive independent innovation system, covering instruction set expansion, microarchitecture design, interconnect architecture design, and IP design [6]. Revenue Composition - The majority of Zhaoxin Integrated's revenue comes from the "KaiXian" series processors, contributing 87.76%, 90.58%, and 86.32% of total revenue for the years 2022, 2023, and 2024 respectively [13][14].

Core Viewpoint - The article highlights the recent IPO progress of several semiconductor companies in China, indicating a growing trend in the semiconductor industry and potential investment opportunities. Group 1: IPO Progress of Semiconductor Companies - Multiple semiconductor companies, including equipment manufacturers and material suppliers, have announced their IPO advancements, such as Zhongke Instrument, Chengdu Super Pure, and Xinshi Technology [1] - Zhongke Instrument has completed its IPO counseling report and plans to list on the Beijing Stock Exchange after previously attempting to list on the Shanghai Stock Exchange [2] - Chengdu Super Pure has initiated its IPO counseling with Huatai United Securities, focusing on semiconductor etching devices and high-power laser devices [5][6] - Xinshi Technology's IPO application has been accepted by the Shanghai Stock Exchange, aiming to raise 785 million yuan for two major projects [8][12] Group 2: Company Profiles and Market Position - Zhongke Instrument specializes in dry vacuum pumps and vacuum instruments, essential for semiconductor manufacturing processes [3] - Chengdu Super Pure is recognized for its advanced surface treatment processes and high-purity materials, contributing to the semiconductor etching device market [5] - Xinshi Technology is a leading domestic manufacturer of semiconductor-grade perfluoroether rubber seals, breaking the monopoly of foreign companies in this sector [9][11] Group 3: Financial Performance and Projections - Xinshi Technology projects revenues of 130.47 million yuan and 207.55 million yuan for 2023 and 2024, respectively, with a net profit of 32.81 million yuan and 63.09 million yuan [12] - Zhongke Instrument's IPO journey reflects its strategic adjustments and readiness for the capital market, indicating strong governance and compliance [2] Group 4: Industry Trends and Competitive Landscape - The semiconductor industry in China is witnessing a shift towards domestic production capabilities, with companies like Xinshi Technology achieving significant market share and technological advancements [11][24] - The competitive landscape is evolving, with domestic firms increasingly challenging foreign dominance in critical components and technologies [11][19]

Core Viewpoint - The company, Shanghai Zhaoxin Integrated Circuit Co., Ltd., has officially received acceptance for its IPO application on the Sci-Tech Innovation Board, marking its entry as a "hard technology" enterprise in the market [1] Company Overview - Zhaoxin Integrated has been deeply engaged in the industry for many years, mastering core technologies in the design and development of general-purpose processors and supporting chips, positioning itself as a leading CPU design company in China that is compatible with multiple fields including desktop PCs, servers, workstations, and embedded systems [1] - The company has established a comprehensive and professional R&D team focused on the key core technologies of general-purpose processor chip development, with a fully autonomous design process and environment [1] - Zhaoxin has achieved the definition, expansion, and innovation of its own instruction set, fully mastering CPU core design methods and independently developing CPU core microarchitectures [1] Market Position and Achievements - In 2024, Zhaoxin's CPUs are expected to lead in market share among domestic desktop PC manufacturers, including Lenovo, Softcom, Unisoc, Ascend, and Vision Source, establishing a leading market position in the domestic desktop PC market [2] - The company has made significant progress in market expansion across various sectors such as government, finance, education, energy, communication, transportation, industry, and healthcare [2] Ecosystem Development - Zhaoxin's processors currently support various operating systems including Tongxin, Kirin, Zhongke Fangde, Euler, and Longxi, and have achieved compatibility and optimization with over 3,000 partners across databases, middleware, application software, security software, and cloud platforms [2] - The company has formed over 200,000 software and hardware adaptation and optimization projects, maintaining industry-leading ecosystem compatibility [2] Fundraising and Future Plans - The funds raised from the IPO will primarily be directed towards new generation server processors, new generation desktop processors, advanced process processor R&D projects, and R&D center projects [2] - The completion of these fundraising projects is expected to further solidify the company's market leadership in key desktop PC industries, enhance product competitiveness across the market, and support national information security strategies while improving domestic CPU self-sufficiency [2]

Core Viewpoint - Shanghai Zhaoxin Integrated Circuit Co., Ltd. has officially submitted its application for listing on the Sci-Tech Innovation Board, focusing on the research, design, and sales of high-end general-purpose processors and supporting chips, positioning itself as a leading domestic CPU design enterprise compatible with x86 instruction sets [2] Business Overview - The company specializes in the research, design, and sales of high-end general-purpose processors and supporting chips, with a comprehensive technical capability covering all aspects of CPU design and development [2][3] - Zhaoxin has successfully designed and mass-produced six generations of general-purpose processors, forming two major product series: the "KX" series for desktop PCs/embedded processors and the "KX" series for server processors [2] Innovation and Technology - The company has achieved six major breakthroughs in independent innovation, mastering the full platform implementation technology for general-purpose processors, and has created multiple domestic firsts in key CPU metrics such as frequency, I/O interfaces, and cache capacity [3] - As of December 31, 2024, the company holds 1,434 authorized patents, including 1,410 domestic and foreign invention patents, along with software copyrights and integrated circuit layout design rights [3] Ecosystem Development - Zhaoxin collaborates closely with over 3,000 partners in the domestic industry chain, supporting various operating systems and forming over 200,000 software and hardware adaptation projects [4] - The company provides computing solutions across various sectors, including government, finance, education, energy, and healthcare, contributing to the sustainable development of the digital economy [4] Financial Performance - The company's revenue from high-end general-purpose processors and supporting chips is projected to grow significantly, with revenues of 340.04 million yuan, 555.13 million yuan, and 889.22 million yuan from 2022 to 2024 [5] - The net profit attributable to shareholders is negative, with figures of -726.61 million yuan, -675.58 million yuan, and -951.39 million yuan for the same period, indicating ongoing losses [5] Gross Margin Analysis - The company's gross margin has declined from 38.79% in 2022 to 15.40% in 2024, attributed to new product launches and price adjustments of existing products [6] Fundraising and Project Investment - Zhaoxin plans to raise 383 million yuan to invest in projects including new generation server processors, new generation desktop processors, advanced process processor R&D, and a research center [7] - The new generation server processor project will utilize Chiplet technology to enhance performance and specifications, while the desktop processor project will feature a new microarchitecture and significant improvements in performance metrics [8][9] R&D Center Development - A new R&D center will be established in Shanghai to ensure sustainable development and continuous innovation, focusing on advanced processor microarchitecture, high-performance cores, and next-generation I/O interfaces [11]