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].