Core Viewpoint - Shenzhen Jincun Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, marking its shift from a previously planned A-share listing to a Hong Kong listing [1][2]. Company Overview - Jincun Technology specializes in embedded storage products, focusing on research, design, production, and sales of these products [1][4]. - The company's product range includes DRAM-based products (DDR, LPDDR), NAND Flash-based products (eMMC, UFS), and multi-chip package (MCP) embedded storage products (eMCP, uMCP, ePOP), as well as solid-state drives and memory modules [4]. Market Position - According to a report by Frost & Sullivan, Jincun Technology ranks second among independent storage manufacturers globally in terms of shipment volume in the embedded storage market for 2024, first among global LPDDR independent manufacturers, and first among independent storage manufacturers in mainland China with self-developed embedded main control chips [5]. Financial Performance - Revenue figures for Jincun Technology from 2022 to 2024 are as follows: 2.096 billion RMB in 2022, 2.402 billion RMB in 2023, and projected 3.714 billion RMB in 2024. Net profits for the same years are 44.42 million RMB, 37.01 million RMB, and projected 88.89 million RMB [7][8]. - In the first half of 2025, the company achieved revenue of 2.060 billion RMB, a year-on-year increase of 19.33%, but net profit decreased by 6.18% to 115 million RMB [7]. Inventory and Cash Flow - Jincun Technology's inventory levels have increased significantly, with figures of 682 million RMB in 2022, 873 million RMB in 2023, 1.162 billion RMB in 2024, and 2.001 billion RMB in the first half of 2025, representing approximately 65.6%, 58.1%, 50.0%, and 61.6% of current assets respectively [9]. - The company has faced ongoing cash flow challenges, with net cash outflows from operating activities of -179 million RMB in 2022, -230 million RMB in 2023, -491 million RMB in 2024, and -261 million RMB in the first half of 2025 [9][10].

Core Viewpoint - Shenzhen Jincun Technology Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to raise funds to alleviate cash flow pressures and capitalize on growth opportunities in the embedded storage market [1][4]. Company Overview - Jincun Technology, established in 2016, is a leading independent manufacturer of embedded storage products, focusing on the research, design, production, and sales of various storage solutions [4]. - The company's product offerings include DRAM-based products (DDR, LPDDR), NAND Flash-based products (eMMC, UFS), and multi-chip packaging (MCP) embedded storage products [4]. - Jincun Technology serves diverse end applications in consumer electronics, including smartphones, laptops, tablets, smart home devices, and industrial systems, providing high-performance and reliable data access capabilities [4]. Market Position - The global semiconductor storage product market is projected to grow significantly, with an expected market size of 13.8 billion units by 2024 and 19.4 billion units by 2029, reflecting a compound annual growth rate (CAGR) of 7.1% from 2024 to 2029 [6]. - Jincun Technology ranks second among independent storage manufacturers in the global embedded storage market, holding a market share of 1.6% [6]. Financial Performance - Revenue for Jincun Technology from 2022 to 2024 was reported at RMB 2.096 billion, RMB 2.402 billion, and RMB 3.714 billion, respectively, with net profits showing volatility [9][10]. - In the first half of 2025, the company achieved revenue of RMB 2.060 billion, a year-on-year increase of 19.33%, while net profit decreased by 6.2% [9][10]. Cash Flow Situation - The company has experienced negative cash flow from operating activities from 2022 to 2025, with net cash outflows of RMB 1.79 billion, RMB 2.29 billion, RMB 4.90 billion, and RMB 2.61 billion, indicating a worsening trend [11][12]. - The cash flow issues are attributed to the cyclical nature of the storage industry, high supplier concentration, and challenges in managing working capital [11]. Shareholder Structure - Prior to the IPO, the controlling shareholder, Wen Jianwei, holds approximately 54.98% of Jincun Technology's shares [8].

据港交所9月29日披露，深圳市晶存科技股份有限公司(简称"晶存科技")向港交所主板提交上市申请书，招商国际证券和国泰君安国际为其联席保荐人。 据招股书，晶存科技是全球领先的嵌入式存储产品独立厂商，主要专注于嵌入式存储产品及其他存储产品的研发、设计、生产和销售。晶存科技的嵌入式存 储产品包括基于DRAM的产品(DDR、LPDDR)、基于NAND Flash的产品(eMMC、UFS)、以及多芯片封装(MCP) 嵌入式存储产品(eMCP、uMCP, ePOP)。晶 存科技的其他产品主要包括固态硬盘和内存条。除了产品销售外，晶存科技还为部分客户提供测试及存储技术服务，作为存储解决方案的补充。 晶存科技的核心技术团队在嵌入式存储器领域深耕约二十年，打造了获得客户广泛认可的RAYSON 和ARTMEM 品牌。晶存科技产品的终端应用覆盖了消费 电子，包括，智能手机、笔记本计算机、平板计算机、教育电子、智能家居、可穿戴设备、智能机器人，以及，包括工业领域和智能座舱系统等多元化场 景，并为上述终端提供高性能、高可靠性及高耐用性的数据存取能力。 在往绩记录期间内，晶存科技运营了两个智能制造中心，分别位于深圳及中山。深圳智能制造中 ...

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