Core Viewpoint - Jiangsu Zhanchip Semiconductor Technology Co., Ltd. has received approval for its IPO on the Shenzhen Stock Exchange, focusing on high-reliability analog chips and micro-module products to support the military electronics industry in achieving high-quality development [1][2]. Group 1: Company Overview - Jiangsu Zhanchip specializes in the research, design, testing, and sales of high-reliability analog chips, primarily power management chips, including DC/DC converters, linear voltage regulators (LDO), and load switches [1]. - The company is expanding its product line to include signal chain chips, having developed a range of products such as current detection chips, voltage reference chips, comparators, operational amplifiers, and timing chips [1][3]. Group 2: Industry Context - The military electronics industry in China is experiencing rapid growth due to strong national support for defense development and the strategic importance of domestically produced chips [2]. - The trend towards self-reliance in military electronics is accelerating, with Jiangsu Zhanchip contributing to the stability of the domestic supply chain and the modernization of national defense [2]. Group 3: Research and Development - Jiangsu Zhanchip has built a strong R&D team, holding 41 authorized invention patents, 5 utility model patents, and 46 integrated circuit design layout rights as of mid-2025 [3]. - The company has developed 15 core technologies related to chip design and packaging, leading to the creation of high-reliability analog chips and micro-modules with excellent performance parameters [3]. Group 4: Market Position and Client Base - Jiangsu Zhanchip has successfully supplied products to over 1,600 clients, including major groups such as China Electronics Technology Group and Aviation Industry Corporation of China, enhancing its market presence [4]. - The company’s established client relationships provide a foundation for promoting new product series and driving future business growth [4]. Group 5: Financial Performance - From 2022 to the first half of 2025, Jiangsu Zhanchip's revenue figures were 366.76 million yuan, 465.75 million yuan, 412.59 million yuan, and 340.16 million yuan, with an annualized revenue growth rate of 22.87% [5]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 144.62 million yuan, 167.59 million yuan, 87.43 million yuan, and 123.27 million yuan during the same period, indicating a phase of rapid growth and innovation [5]. Group 6: Future Plans - The funds raised from the IPO will be invested in projects focused on high-reliability power management chips and signal chain chip R&D, as well as the construction of headquarters and testing centers [5]. - The investment strategy aims to enhance testing capabilities, upgrade the R&D system, accelerate new product industrialization, and support working capital, aligning with the company's future operational strategy [5].

Core Viewpoint - Jiangsu Zhanchip Semiconductor Technology Co., Ltd. has received acceptance for its IPO on the Shenzhen Stock Exchange's ChiNext board, aiming to raise 889.5 million yuan [1] Company Overview - Jiangsu Zhanchip focuses on the research, design, testing, and sales of high-reliability analog chips and micro-module products, primarily power management chips, including DC/DC converters, linear voltage regulators (LDO), and load switches [1] - The company is expanding its product line to include signal chain chips, having developed various products such as current detection chips, voltage reference chips, comparators, operational amplifiers, and timing chips [1] - The company's products are recognized by major state-owned military enterprises and are widely used in various equipment platforms [1] Financial Performance - The company's main business revenue for the first half of 2025 is 340.16 million yuan, with a breakdown as follows: - Integrated circuits: 187.44 million yuan (55.10%) - Micro-modules: 118.74 million yuan (34.91%) - Discrete devices: 19.92 million yuan (5.86%) - Others: 14.06 million yuan (4.13%) [2] - Revenue for the years 2022 to 2025 shows fluctuations, with 2022 at 366.76 million yuan, 2023 at 466.00 million yuan, 2024 at 413.00 million yuan, and the first half of 2025 at 340.16 million yuan [3][4] Investment Plans - The company plans to invest the raised funds in several key projects, including: - R&D and industrialization of high-reliability power management and signal chain chips: 449.73 million yuan total, 424.85 million yuan from raised funds - Headquarters and R&D center construction: 223.87 million yuan total, 183.27 million yuan from raised funds - Testing center construction: 177.21 million yuan total, 161.39 million yuan from raised funds - Working capital: 120 million yuan [3] Market Position - The competitive landscape for military power management chip companies includes Jiangsu Zhanchip, Beijing Qixing Huachuang, and several others, but there is currently no publicly available market share data for military electronic integrated circuit manufacturers [2]