Core Viewpoint - Shanghai Zhaoxin Integrated Circuit Co., Ltd. (Zhaoxin) has updated its IPO application status to "inquired" as it prepares for a listing on the STAR Market, with plans to raise approximately 4.169 billion yuan [1][3]. Funding and Financials - Zhaoxin plans to allocate the raised funds as follows: 1.012 billion yuan for next-generation server processors, 1.086 billion yuan for next-generation desktop processors, 1.143 billion yuan for advanced process processor R&D, and 927 million yuan for R&D center projects [3]. - The company was established in April 2013 with an initial registered capital of 100 million USD, and has undergone several rounds of financing, including a recent A+ round that raised over 1.6336 billion yuan [3][4]. - As of June 2023, Zhaoxin's registered capital is approximately 1.744 billion yuan, with major shareholders including United Investment and Shanghai IC Fund [4]. Business Operations - Zhaoxin operates under a Fabless model, focusing on the R&D, design, and sales of high-end general-purpose processors and supporting chips, without engaging in wafer manufacturing or packaging [5]. - The company has developed and mass-produced multiple generations of general-purpose processors, achieving significant advancements in core parameters, including a frequency range from 1.6 GHz to 3.7 GHz [6]. Revenue and Profitability - Zhaoxin's revenue for 2022, 2023, and 2024 is projected to be approximately 340 million yuan, 555 million yuan, and 889 million yuan, respectively, while net losses are expected to be 727 million yuan, 676 million yuan, and 951 million yuan [6][7]. - The company has experienced rapid revenue growth, with a compound annual growth rate (CAGR) of 62.78% from 2022 to 2024 [8]. R&D Investment - Zhaoxin places a strong emphasis on R&D, with expenses amounting to approximately 789 million yuan, 755 million yuan, and 678 million yuan over the past three years, representing a significant portion of its revenue [8][10]. - The company employs 566 R&D personnel, accounting for about 75.97% of its total workforce, with a high percentage of staff holding bachelor's degrees or higher [10].

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]