Core Viewpoint - Shanghai Zhaoxin Integrated Circuit Co., Ltd. has received approval for its IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 4.169 billion yuan [1] Company Overview - Zhaoxin Integrated focuses on the research, design, and sales of high-end general-purpose processors and supporting chips, mastering core technologies in processor microarchitecture and implementation [1] - The company is a leading domestic CPU design enterprise compatible with x86 instruction sets, targeting multiple fields including desktop PCs, servers, workstations, and embedded systems [1] Industry Competition - The global x86 architecture processors, primarily dominated by Intel and AMD, maintain a significant market share in desktop PCs and servers, creating a duopoly competition [1] - Domestic CPU manufacturers include Zhaoxin, Hygon, Loongson, Huawei HiSilicon, and Phytium, each adopting different technical routes based on product positioning and technology sources [2] Ecosystem Development - Zhaoxin collaborates closely with domestic industry chain partners to enhance and prosper its independent ecosystem, supporting various domestic commercial and open-source operating systems [2] - The company has formed over 200,000 software and hardware adaptation and optimization projects with more than 3,000 partners [2] Fundraising and Investment Plans - The company plans to invest the raised funds in several projects, including: - New generation server processor project: 10.1238 billion yuan - New generation desktop processor project: 10.8624 billion yuan - Advanced process processor R&D project: 11.4299 billion yuan - R&D center project: 13.4043 billion yuan - Total investment across all projects amounts to 45.8205 billion yuan, with 41.6859 billion yuan allocated from the IPO proceeds [2] Financial Performance - Projected revenues for 2022, 2023, and 2024 are approximately 340 million yuan, 555 million yuan, and 889 million yuan, respectively [2] - The company reported net losses of approximately 727 million yuan, 676 million yuan, and 951 million yuan for the same years [2] - Key financial metrics for 2024 include total assets of 5.5399 billion yuan, total liabilities of 2.000 billion yuan, and a debt-to-asset ratio of 36.04% [3]