本报（chinatimes.net.cn）记者卢晓 北京报道 身处行业"超级周期"，国内最大的DRAM（动态随机存取存储器）厂商长鑫科技开启了自己的上市征 程。 12月30日，长鑫科技集团股份有限公司（下称"长鑫科技"）正式向上海证券交易所递交招股书，拟募资 295亿元在科创板挂牌上市，保荐机构为中金公司和中信建投。 长鑫科技的营收规模近年来一直在扩大，特别是在眼下的"超级周期"中。招股书显示，今年前三季度， 长鑫科技营收约320亿元，相比去年同期近乎翻倍。但它目前还未能实现盈利，今年前三季度，它的归 母净利润为亏损52.8亿元，相比去年收窄了1.79%。 行业周期波动导致DRAM价格下跌，是长鑫科技报告期内亏损的原因之一。招股书就披露，2023年虽然 公司产销量实现大幅增长，但产品单价下滑使其收入增速受到较大影响；此外，单价下滑也导致公司存 货减值损失计提增加，对公司利润产生冲击。 DRAM行业的规模导向属性导致固定资产折旧金额较大，以及研发投入持续增加这两个原因，也被长鑫 科技在招股书中提及。据招股书披露，2022年至2025年上半年，长鑫科技累计研发投入为188.67亿元， 占累计营业收入的33.11% ...

行 业 点 评 行情走势图 行 业 报 告 电子 行业点评 长鑫科技招股书披露，国产DRAM存储蓄势待发 强于大市( 维持) 相关研究报告 【平安证券】行业深度报告*电子*面板*强于大市 20230323 2023年03月23日 证券分析师 杨钟 投资咨询资格编号 S1060525080001 yangzhong035@pingan.com.cn 徐勇 投资咨询资格编号 S1060519090004 XUYONG318@pingan.com.cn 郭冠君 投资咨询资格编号 S1060524050003 GUOGUANJUN625@pingan.com.cn 陈福栋 投资咨询资格编号 S1060524100001 CHENFUDONG847@pingan.com.cn 徐碧云 投资咨询资格编号 S1060523070002 XUBIYUN372@pingan.com.cn 事项： 2025年12月30日晚间，上交所披露国产DRAM大厂长鑫科技科创板招股书。 平安观点： 证 券 研 究 报 告 强烈推荐 （预计6个月内，股价表现强于市场表现20%以上） 推 荐 （预计6个月内，股价表现强于市场表现10%至20%之 ...

Core Viewpoint - Changxin Technology, a leading DRAM manufacturer in China, has officially received acceptance for its IPO on the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan for various technology upgrade projects [1][5][20]. Company Overview - Changxin Technology is the largest and most advanced DRAM manufacturer in China, established in 2016, and operates under an IDM (Integrated Device Manufacturer) model [9]. - The company offers a diverse range of products including DRAM wafers, chips, and modules, covering DDR and LPDDR series, with applications in servers, mobile devices, personal computers, and smart vehicles [9]. Market Position - According to Omdia, Changxin Technology ranks first in China and fourth globally in DRAM production capacity and shipment volume [6]. - Despite its growth, the company still lags behind the top three global players: Samsung, SK Hynix, and Micron, which collectively hold a market share of 94.27% [7]. Financial Performance - From 2022 to 2025, Changxin Technology's revenue is projected to grow significantly, with a compound annual growth rate of 72.04% in its main business revenue [11]. - However, the company has reported substantial losses, totaling over 408.57 billion yuan by mid-2023, despite a revenue increase of 97.79% year-on-year in the first nine months of 2023 [10][13]. Future Outlook - The company anticipates a turnaround in profitability in 2025, projecting a net profit of 2 billion to 3.5 billion yuan, with a significant improvement in gross margins [14][15]. - The ongoing global DRAM supply shortage, expected to last until at least 2027, presents a favorable market environment for Changxin Technology's growth [7][8]. IPO Details - The IPO is notable as it is the first pre-review project accepted on the Sci-Tech Innovation Board, reflecting the high level of attention from various stakeholders [1][20][23]. - The company has a diverse shareholder structure, with significant stakes held by various investment entities, including state-owned funds and private investors [24][25].

Core Viewpoint - Changxin Technology is poised to become the first storage chip company listed on the A-share market, marking a significant step for China's storage chip industry in the capital market [1] Group 1: IPO Details - Changxin Technology has been accepted for a pre-review of its IPO on the Sci-Tech Innovation Board, with a financing amount of 29.5 billion yuan [2] - The company aims to issue no more than 10.622259999 billion shares, with 7.5 billion yuan allocated for upgrading manufacturing lines, 13 billion yuan for DRAM technology upgrades, and 9 billion yuan for R&D [4][5] - This IPO is the first project accepted under the pre-review mechanism, which aims to protect sensitive information and reduce the exposure time of listing [3][8] Group 2: Financial Performance - In the first nine months of this year, Changxin Technology achieved revenue of 32.084 billion yuan, with a compound annual growth rate (CAGR) of 72.04% in main business revenue from 2022 to 2024 [4][16] - The company reported revenues of 8.084 billion yuan in 2022, 9.063 billion yuan in 2023, and 23.929 billion yuan in 2024, with 15.224 billion yuan in the first half of 2025 [15][16] - Cumulatively, the revenue from 2022 to September 2025 reached 73.636 billion yuan [16] Group 3: Market Position - According to Omdia, Changxin Technology is the largest DRAM manufacturer in China and the fourth largest globally, with a market share expected to increase from 6% to 8% by the end of 2025 [20] - The company has established a strong customer base, collaborating with major clients such as Alibaba Cloud, ByteDance, and Tencent [12] - The company is projected to achieve nearly 50% capacity growth by 2025, with significant increases in market share for DDR5 and LPDDR5 products [20] Group 4: R&D Investment - Changxin Technology has invested 18.867 billion yuan in R&D from 2022 to the first half of 2025, accounting for 33.11% of cumulative revenue [18] - The R&D expense ratio reached 23.71% in the first half of 2025, significantly higher than the industry average of 10.37% [18][19] - The company employs 4,653 R&D personnel, making up over 30% of its total workforce [19]

Core Viewpoint - Changxin Technology's IPO application has been accepted, aiming to raise 29.5 billion yuan, marking a significant step for the company as it seeks to enhance its position in the DRAM market [1][3]. Group 1: IPO Details - Changxin Technology is the first company to apply for an IPO under the pre-review mechanism on the Sci-Tech Innovation Board, designed to protect sensitive business information [3]. - The company plans to use the 29.5 billion yuan raised for various projects, including 13 billion yuan for DRAM technology upgrades, 9 billion yuan for advanced DRAM research and development, and 7.5 billion yuan for manufacturing line upgrades [4][5]. Group 2: Company Background - Changxin Technology operates under an IDM (Integrated Device Manufacturer) model, encompassing chip design, manufacturing, packaging, testing, and sales [4]. - The company currently has no controlling shareholder, with the largest shareholder holding 21.67% of the shares [4]. Group 3: Market Position - As of Q2 2025, Changxin Technology is the largest DRAM manufacturer in China and the fourth globally, holding a market share of 3.97% [4]. - The company still lags behind the top three global competitors—Samsung, SK Hynix, and Micron—who collectively hold over 90% of the market share [4]. Group 4: Financial Performance - Despite cumulative losses of 40.857 billion yuan as of June 30, 2025, Changxin Technology has experienced rapid revenue growth, with a compound annual growth rate of 72.04% in main business income from 2022 to 2024 [6][7]. - For the first three quarters of 2025, the company's revenue and net profit attributable to shareholders increased by 97.79% and 1.79% year-on-year, respectively [7]. - The projected revenue for 2025 is between 55 billion and 58 billion yuan, representing a year-on-year growth of 127.48% to 139.89% [7].

Core Viewpoint - Changxin Technology's IPO application has been accepted, aiming to raise 29.5 billion yuan, amidst a challenging market dominated by foreign manufacturers in the DRAM and NAND Flash sectors [1] Financial Performance - Revenue projections for Changxin Technology are 8.287 billion yuan for 2022, 9.087 billion yuan for 2023, 24.178 billion yuan for 2024, and 15.438 billion yuan for the first half of 2025 [2] - Despite revenue growth, the company has incurred significant losses, totaling over 30 billion yuan from 2022 to 2024, with a cumulative loss of 40.857 billion yuan by mid-2023 [2] - In the first nine months of this year, revenue reached 32.084 billion yuan, a year-on-year increase of 97.79%, but the company still reported a loss of 5.28 billion yuan [2] Market Position - Changxin Technology is the largest DRAM manufacturer in China and the fourth globally, with a market share of 3.97% as of Q2 2025 [4] - The top three global DRAM manufacturers, Samsung, SK Hynix, and Micron, hold a combined market share of 94.27% [4] Industry Dynamics - The DRAM market has been experiencing a downturn, with significant price declines in 2022 and 2023, leading to widespread losses across the industry [4] - The average selling price of Changxin's main DRAM products decreased by 43.54% in 2023, followed by an increase of 55.08% in 2024 [4] Future Outlook - The company anticipates potential profitability by 2026 or 2027, contingent on average selling prices and monthly shipment volumes [6] - There is uncertainty regarding future pricing trends, which could impact demand from consumer electronics manufacturers [6] R&D and Investment - From 2022 to mid-2025, Changxin Technology invested 18.867 billion yuan in R&D, accounting for 33.11% of cumulative revenue [7] - The company plans to use IPO proceeds for technology upgrades and research projects in DRAM storage [8] Shareholding Structure - Changxin Technology has a dispersed shareholding structure, with no controlling shareholder; the largest stakeholder holds 21.67% of the shares [8]

Core Viewpoint - Changxin Technology's IPO application has been accepted, marking a significant step towards its listing on the STAR Market, with plans to raise 29.5 billion yuan by issuing up to 10.622 billion new shares [1][6]. Group 1: IPO Details - Changxin Technology's IPO is the first "pre-review" project accepted on the STAR Market, indicating a new regulatory approach aimed at protecting sensitive information and reducing the time to market [1]. - The company aims to use the raised funds for various projects, including 13 billion yuan for its second-phase wafer manufacturing project and 9 billion yuan for next-generation DRAM technology research and development [6]. Group 2: Company Overview - Changxin Technology operates under an IDM (Integrated Device Manufacturer) model, combining chip design, manufacturing, packaging, testing, and sales, distinguishing it from fabless companies [6]. - The company has no controlling shareholder, with its largest shareholder holding 21.67% of the shares, and a diverse ownership structure that includes state-owned enterprises and industry funds [7]. Group 3: Product Development - The company has adopted a "jump generation R&D" strategy, successfully launching four generations of technology platforms since its establishment in 2016, with products covering DDR4 to DDR5 [7]. - Changxin's LPDDR5X product achieves a maximum speed of 10,667 Mbps, a 66% increase over the previous generation, and its first domestic DDR5 product reaches 8,000 Mbps [7]. Group 4: Market Position and Financial Performance - By 2024, Changxin Technology is projected to be the largest DRAM manufacturer in China and the fourth globally, with a market share of 3.97% as of Q2 2025 [9]. - The company's revenue has shown explosive growth, with figures of 8.287 billion yuan in 2022, 9.087 billion yuan in 2023, and an expected 24.178 billion yuan in 2024, reflecting a compound annual growth rate of 70.81% [10]. - Despite significant revenue growth, the company reported net losses of 8.328 billion yuan, 16.340 billion yuan, and 7.145 billion yuan from 2022 to 2024, primarily due to the downturn in the DRAM market [10]. Group 5: Future Outlook - Changxin Technology anticipates a turnaround in profitability, projecting revenues of 55 billion to 58 billion yuan in 2025, with a net profit of 2 billion to 3.5 billion yuan [11]. - The company expects to reach a breakeven point by 2026 or 2027, depending on market conditions and product pricing [11]. - The DRAM market is transitioning from DDR4 to DDR5 and HBM, with Changxin's IPO funds aimed at upgrading processes and expanding capacity to enhance competitiveness against global giants [14].

Core Viewpoint - Changxin Technology's IPO application has been accepted, marking a significant step towards its listing on the STAR Market, with plans to raise 29.5 billion yuan by issuing up to 10.622 billion new shares [1][4]. Group 1: IPO Details - Changxin Technology's IPO is the first "pre-review" project accepted on the STAR Market, indicating regulatory support for key technology firms [1]. - The company aims to use 13 billion yuan for its second-phase wafer manufacturing project, 9 billion yuan for next-generation DRAM technology R&D, and 7.5 billion yuan for upgrading production lines [4]. Group 2: Company Overview - Changxin Technology operates under an IDM model, integrating chip design, manufacturing, packaging, testing, and sales, and was founded in June 2016 [5]. - The company has a diverse shareholder structure, with no single controlling shareholder, and significant backing from state-owned enterprises and industry funds [5]. Group 3: Product Development - The company has adopted a "jump generation R&D" strategy, successfully launching four generations of technology platforms, including DDR4, LPDDR4X, DDR5, and LPDDR5/5X [6]. - Changxin's LPDDR5X product achieves a maximum speed of 10,667 Mbps, a 66% increase over the previous generation, while its first domestic DDR5 product reaches 8,000 Mbps [6]. Group 4: Market Position - According to Omdia, Changxin Technology is the largest DRAM manufacturer in China and the fourth globally, with a market share of 3.97% as of Q2 2025 [7]. - The company operates three 12-inch DRAM wafer fabs in Hefei and Beijing, with steadily increasing production capacity and utilization rates [7]. Group 5: Financial Performance - Changxin Technology's revenue has seen explosive growth, with figures of 8.287 billion yuan in 2022, 9.087 billion yuan in 2023, and projected 24.178 billion yuan in 2024, reflecting a compound annual growth rate of 70.81% [8]. - For the first nine months of 2025, revenue reached 32.084 billion yuan, a year-on-year increase of 97.79% [10]. Group 6: Future Outlook - The company anticipates turning a profit in 2025, with projected revenues between 55 billion and 58 billion yuan, and a net profit of 2 billion to 3.5 billion yuan [10]. - Changxin Technology expects to achieve profitability by 2026 or 2027, depending on market conditions and product pricing [10]. Group 7: Industry Context - The global DRAM market is transitioning from DDR4 to DDR5 and HBM, with Changxin's IPO funds aimed at upgrading processes and expanding capacity [12]. - The company is positioned to benefit from the increasing demand for AI computing power and the acceleration of domestic substitution in the semiconductor industry [12].

"逼一下，就闯出来了。" 新晋中国科学院院士尹周平，常把这句话挂在嘴边。12月18日，面对长江日报记者，他再次这样说道。话语朴素，背后却是23年心无 旁骛的攻关。 2002年，他博士后出站，一头扎进芯片制造装备的"无人区"。路在何方？不知道。他只管埋头，一寸寸地凿。 2025年，他牵头研发的核心装备，在武汉新芯集成电路股份有限公司（以下简称武汉新芯）产线上稳定运行。下一站，是长江存储科 技有限责任公司（以下简称长江存储）——这家曾经历断供考验的企业，如今已凭独创技术，反向授权国际巨头。 关键核心技术是要不来、买不来、讨不来的。12月10日，习近平总书记在中央经济工作会议上指出，"实践证明，对我们'卡脖子'是卡 不住的"。 从实验室微光到产业高地，武汉在全球科技前沿的陡峭山壁上，蹚出了一条自主创新的中国"芯"路。 （一） 一条属于中国的闪存新路 8月6日，长江存储官方微信公众号发布年内首条推送，也是近5年来，除必要声明外的首次主动更新。 内容虽简，分量却很重：其独创的晶栈®Xtacking®4.0架构，在全球内存与存储行业顶级盛会上荣获"最具创新存储技术奖"。 中国架构，赢得了全球业界的认可。 时间拨回到201 ...

2025年12月30日，上交所官网显示，长鑫科技集团股份有限公司（简称：长鑫科技）科创板IPO申请获受理，保荐机构为中国国际金融股份有限公司、中 信建投证券股份有限公司，审计机构为德勤华永会计师事务所（特殊普通合伙），律师事务所为上海市锦天城律师事务所。 | 发行上市 > 审核项目动态 > | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 长鑫科技集团股份有限公司（已预先审阅） | | 科创板IPO | | | | | | | 已受理 2025-12-30 | | 已问询 | 上市委会议 | | | 提交注册 | 注册结果 | | 项目基本信息 | | | | | | | | | 公司全称 | 长鑫科技集团股份有限公司(已预先审阅) | | | 受理日期 | 2025-12-30 | | | | 公司简称 | 长鑫科技 | | | 融资金额(亿元) | 295.00 | | | | 审核状态 | 已受理 | | | 更新日期 | 2025-12-30 | | | | 保存机构 | 中国国际金融股份有限公司 中信建投证券股份有 ...