Core Viewpoint - The approval of Shenzhen Dapu Microelectronics Co., Ltd.'s IPO marks the first instance of an unprofitable company successfully passing the review on the ChiNext board, with plans to raise 1.88 billion yuan for R&D and production projects [2] Group 1: Company Overview - Dapu Micro was established in 2016 and focuses on the R&D and sales of enterprise-level SSD products, being one of the few domestic providers with full-stack self-research capabilities [3] - The company’s main revenue comes from sales of enterprise-level SSD products and a small amount from technical services [3] - Dapu Micro's SSD products cover generations from PCIe 3.0 to 5.0, with a strong emphasis on self-developed controller chips and firmware algorithms [3] Group 2: Financial Performance - Revenue grew from 557 million yuan in 2022 to 962 million yuan in 2024, with 748 million yuan recorded in the first half of 2025 [4] - Despite revenue growth, the company has not improved its profitability, with losses increasing to 354 million yuan in the first half of 2025 [4] - The net losses from 2022 to 2025 were 534 million yuan, 617 million yuan, 195 million yuan, and 354 million yuan respectively [4] Group 3: Business Model and Challenges - Dapu Micro focuses on R&D and sales, outsourcing assembly production to third-party manufacturers, which makes its performance highly sensitive to industry cycles [4][7] - The company’s procurement of raw materials reached 809 million yuan in the first half of 2025, indicating a reliance on external suppliers [4] - The business model leads to significant impacts from industry fluctuations, with a high concentration of suppliers, where the top five suppliers account for over 90% of total procurement [8] Group 4: Research and Development - Dapu Micro has invested significantly in R&D, with expenses of 194 million yuan, 269 million yuan, 274 million yuan, and 133 million yuan from 2022 to the first half of 2025, representing 34.82%, 51.72%, 28.51%, and 17.74% of revenue respectively [9] - The funds raised from the IPO will primarily be used for R&D, with 958 million yuan allocated for the development of next-generation controller chips and enterprise-level SSDs [10]

Group 1 - The Shenzhen Stock Exchange requires Dapu Micro to explain the sustainability of its performance growth, considering industry cycles, market competition, product advantages, cost transmission capabilities, major clients, and existing orders [2] - Dapu Micro is expected to potentially turn profitable by 2026, emphasizing the need for feasibility and prudence in this projection [2] Group 2 - Dapu Micro primarily engages in the research and sales of enterprise-level SSD products for data centers, being one of the few domestic semiconductor storage providers with full-stack self-research capabilities in "main control chips + firmware algorithms + modules" [4] - The company has established a customer base that includes major domestic and international internet, cloud computing, and AI firms such as Google, ByteDance, Tencent, Alibaba, JD.com, Baidu, Meituan, Kuaishou, Deepseek, Xiaohongshu, Didi, as well as leading domestic server manufacturers and major telecom operators [4]

Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. has passed the initial public offering (IPO) review by the Shenzhen Stock Exchange, marking it as the 103rd company approved for listing this year [1]. Group 1: Company Overview - Dapu Micro primarily engages in the research and sales of enterprise-level SSD products for data centers, being one of the few domestic semiconductor storage providers with full-stack self-research capabilities in "controller chip + firmware algorithm + module" [3]. - The controlling shareholder is Dapu Haide, which directly holds 13.72% of the company's shares and possesses special voting rights, resulting in a total voting power of 54.78% [3]. - The actual controller, Yang Yafei, indirectly controls 66.74% of the voting rights through Dapu Haide and Dapu Haiju [3]. Group 2: IPO Details - Dapu Micro plans to issue no more than 43,621,636 shares and aims to raise approximately 1,877.8522 million yuan, which will be allocated for the development and industrialization of next-generation controller chips and enterprise-level SSDs, as well as for a production testing base project and working capital [3]. - The company is set to list on the Shenzhen Stock Exchange's ChiNext board [3]. Group 3: Underwriting and Market Context - The sponsor for Dapu Micro's IPO is Guotai Junan Securities Co., Ltd., marking the 14th successful IPO project for the firm this year [2]. - The IPO review committee's meeting raised questions regarding the sustainability of the company's performance growth, market competition landscape, and the feasibility of turning profitable by 2026 [4].

Group 1: Shenzhen Dapu Microelectronics Co., Ltd. - The company focuses on the research and sales of enterprise-level SSD products for data centers, being one of the few in the industry with full-stack self-research capabilities in "main control chips + firmware algorithms + modules" [2] - The company underwent a transformation from a limited company to a joint-stock company in September 2023, with a total share capital of 39,259.47 million shares before the issuance [2] - The major shareholder, Dapu Haide, holds 54.78% of the voting rights, while the actual controller, Yang Yafei, controls 66.74% of the voting rights through various entities [3] - The company's revenue for the reporting period was 55,676.75 million, 51,949.20 million, 96,217.56 million, and 74,817.28 million, with net profit attributable to the parent company being -36,831.03 million, -64,165.44 million, -19,504.83 million, and -36,148.85 million [4] - The total assets as of June 30, 2025, were 198,114.05 million, with a debt-to-asset ratio of 63.40% [5] - The company meets the listing standards with an estimated market value of no less than 50 billion and a recent year's revenue exceeding 5 billion [6] Group 2: Ningbo Longyuan Co., Ltd. - The company specializes in the research, production, and sales of aluminum alloy precision die-casting parts, primarily serving the automotive industry [8] - The company transitioned from a limited company to a joint-stock company in February 2023, with a total share capital of 51,000.00 million shares before the issuance [8] - The major shareholder, Lin Guodong, holds 55.8948% of the shares, while the actual controllers, Lin Guodong and Tang Meiyun, collectively control 98.5337% of the shares [9] - The company's revenue for the reporting period was 51,932.76 million, 69,939.94 million, 86,889.30 million, and 47,542.11 million, with net profit attributable to the parent company being 9,670.94 million, 11,808.64 million, 11,206.46 million, and 6,053.71 million [10] - The total assets as of June 30, 2025, were approximately 1,396,155.99 million, with a debt-to-asset ratio of 32.99% [11] - The company meets the listing standards with a projected market value of no less than 200 million and net profits in the recent two years exceeding 15 million [12]

Group 1 - The core viewpoint of the article is that Shenzhen Dapu Microelectronics Co., Ltd. has successfully passed the IPO review for its listing on the ChiNext board, aiming to raise approximately 1.878 billion yuan [1] Group 2 - Dapu Microelectronics is primarily engaged in the research and sales of enterprise-level SSD products for data centers [1] - The company’s IPO was accepted on June 27, 2025, and it entered the inquiry stage on July 6 of the same year [1] - The listing committee has requested Dapu Microelectronics to explain the sustainability of its performance growth, considering industry cycles, market competition, product advantages, cost transmission capabilities, major clients, and current orders [1] - The company is expected to potentially turn profitable by 2026, subject to feasibility and prudence [1]

Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. (Dapu Micro) is set to hold its listing meeting on the ChiNext board, with Guotai Junan Securities as the sponsor. The company specializes in the research and sales of enterprise-level SSD products for data centers, boasting comprehensive self-research capabilities in "controller chips + firmware algorithms + modules" and has established a customer base that includes major domestic internet companies such as Alibaba, Tencent, ByteDance, and Meituan [1]. Group 1: Company Overview - Dapu Micro was established in April 2016, originally as Dapu Micro Limited, fully owned by Dapu Haide. The company underwent a shareholding reform in September 2023, increasing the number of shareholders to 46, with major shareholders including Dapu Haide, Shenzhen Guozhong, and Nanjing Qilin, totaling 58 shareholders [1]. - The controlling shareholder is Dapu Haide, which holds a direct stake of 13.72%. However, due to special voting rights associated with its shares, Dapu Haide effectively controls 54.78% of the voting rights in the company [1]. Group 2: Management and Shareholder Changes - Yang Yafei, born in 1979, is the actual controller of Dapu Micro, holding a combined 16.71% of the shares through Dapu Haide and Dapu Haiju, which translates to 66.74% of the voting rights due to special voting rights [1][4]. - Significant changes in the shareholder structure occurred, with three original shareholders—Yang Qing, Li Weijun, and He Haibo—resigning from their positions. Yang Qing, who held a U.S. citizenship, left due to personal choices and changes in U.S.-China relations, while He Haibo and Li Weijun also cited similar reasons for their departures [4][9]. - As of March 2022, Yang Yafei's shareholding increased to 50.78%, while Yang Qing and Li Weijun's shares decreased to 10% and 16.62%, respectively. By the end of May 2022, Yang Yafei's stake rose to 87.37%, effectively consolidating control over the company [6][9].

Core Viewpoint - A total of 10 companies are set to present their IPO applications, with significant fundraising amounts and diverse industry focuses, indicating a robust pipeline for new listings in the Chinese market [1] Group 1: Upcoming IPOs - The company with the highest expected fundraising is Visionary Technology, aiming to raise 2.015 billion yuan for projects related to high-resolution silicon-based OLED micro-displays and R&D center construction [1] - Other notable companies include Dapu Micro, seeking to raise 1.878 billion yuan, and Weitongli, with a target of 1.594 billion yuan [1] - The geographical distribution shows that Zhejiang Province has 4 companies, Guangdong has 2, while Jiangxi, Liaoning, Anhui, and Beijing each have 1 [1] Group 2: Company Profiles - Weitongli specializes in the R&D, production, and sales of electrical connection products and synchronous decomposers [2] - Dapu Micro focuses on the R&D and sales of enterprise-level SSD products for data centers [3] - Sanrui Intelligent is engaged in the R&D, production, and sales of electric power systems for drones and robots [4] - Visionary Technology is a leading provider of micro-display solutions, focusing on silicon-based OLED micro-displays and offering strategic product development and optical systems [5] - Longyuan Co. specializes in the R&D, production, and sales of aluminum alloy precision die-casting parts [6] - Puang Medical is involved in the R&D, production, and sales of medical devices for diabetes care and minimally invasive interventions [7] - Xinhengtai focuses on the R&D, manufacturing, and sales of plastic foaming materials [8] - Guantai Vacuum is a high-tech enterprise engaged in the R&D, manufacturing, and sales of vacuum equipment, serving various industries [8] - Peicheng Technology operates in the lithium battery new energy sector, providing third-party battery management systems and related solutions [8]

Core Viewpoint - The IPO review process in December 2025 has accelerated, with a record number of companies scheduled for review, indicating a robust pipeline for new listings in the Chinese capital markets [1][6]. Group 1: IPO Review Acceleration - A total of 25 companies have been scheduled for IPO reviews in December, setting a new monthly record for the year [6]. - Among the 25 companies, 12 are from the North Exchange, 6 from the Growth Enterprise Market, 4 from the main board, and 3 from the Sci-Tech Innovation Board [6]. - The highest fundraising target is set by Vision Technology, aiming to raise approximately 2.015 billion yuan [7]. Group 2: Notable Companies and Their IPOs - Ying's Holdings successfully passed its IPO review on December 22, aiming to raise about 334 million yuan, focusing on infant nutrition and hygiene products [3][5]. - DaPu Microelectronics is notable as the first unprofitable company to apply for an IPO on the Growth Enterprise Market, with a fundraising target of approximately 1.878 billion yuan [4][5]. - MoLong Co., primarily engaged in the production and sales of molybdenum-related products, is set for review on December 23 [3]. Group 3: Financial Performance and Projections - Vision Technology reported revenues of approximately 190 million yuan in 2022, with projected losses of 2.47 billion yuan for the same year, and aims to achieve profitability by 2026 [7][10]. - DaPu Microelectronics reported revenues of 556 million yuan in 2022, with a net loss of 534 million yuan, and aims to improve its financial performance in the upcoming quarters [10][11]. - Feng En Co., an eco-friendly fabric supplier, has seen rising accounts receivable, with values increasing from 246 million yuan to 354 million yuan over the reporting periods [5]. Group 4: Industry Trends - The majority of the companies undergoing IPO reviews are in the "hard technology" sector, which includes industries such as power semiconductors, new energy batteries, and medical devices [9][10]. - The acceleration of IPO reviews for "hard technology" companies is attributed to their core technologies and alignment with national strategic interests, which enhances their appeal to investors [10][13].

IPO Review and Registration Progress - Six companies passed the IPO review last week, including 尚水智能, 固德电材, and others, with a focus on sustainable growth and market demand [2][3] - 尚水智能 reported revenue of 567 million yuan and net profit of 122 million yuan for the first three quarters of 2025, with BYD as its largest customer [2] - 固德电材 achieved revenue of 750 million yuan, up 18.81%, and net profit of 118 million yuan, up 2.52% [2] - 电科蓝天's revenue was 1.708 billion yuan with a net profit of 113 million yuan, focusing on commercial aerospace power supply [3] - 创达新材 plans to raise 300 million yuan for production line construction and working capital, reporting revenue of 323 million yuan and net profit of 53 million yuan [3] - 赛英电子's revenue was 438 million yuan with a net profit of 70 million yuan, facing scrutiny over the qualifications of its independent director [3] - 长裕集团 reported revenue of 1.321 billion yuan and net profit of 175 million yuan, with concerns over potential profit margin declines [4] Upcoming IPOs and New Listings - Nine companies are set to undergo IPO reviews this week, including 大普微, which is notable for being the first unprofitable company to apply for the创业板 [5][6] - 大普微 reported revenues of 962 million yuan and 1.264 billion yuan for 2024 and the first three quarters of 2025, respectively, with a net loss of 191 million yuan [6] - 视涯科技, another unprofitable company, achieved revenue of 293 million yuan, up 54.67%, but reported a net loss of 167 million yuan [7] - 三瑞智能's revenue grew from 362 million yuan in 2022 to 831 million yuan in 2024, with a net profit of 318 million yuan for the first three quarters of 2025 [7] - Five IPO applications were accepted last week, including 绿控传动, which aims to raise 1.58 billion yuan for electric vehicle drive systems [8] - 粤芯半导体, another unprofitable company, plans to raise 7.5 billion yuan, reporting revenues of 1.545 billion yuan in 2022 and a net loss of 1.043 billion yuan [10] New Stock Subscriptions and Market Performance - Three new stocks are scheduled for listing this week, including 纳百川, which focuses on thermal management for electric vehicles [12] - 沐曦股份, known as the "second domestic GPU stock," saw a significant first-day increase of 692.95% after listing [13] - Upcoming subscriptions include 陕西旅游 and 新广益, with expected revenues of 951 million to 1.117 billion yuan and 657 million yuan, respectively, for 2025 [14][15]

Core Viewpoint - This week, a total of 9 companies are scheduled for IPO meetings across various stock exchanges, with significant fundraising amounts expected, particularly from Vision Technology, which aims to raise 2.015 billion yuan [1]. Group 1: Upcoming IPOs - Nine companies will present their IPO applications from December 22 to December 26, with the highest fundraising target set by Vision Technology at 2.015 billion yuan [1]. - The companies include: - Fuen Co., Ltd. and Shenglong Co., Ltd. targeting the Shenzhen Main Board [1]. - Vision Technology aiming for the Sci-Tech Innovation Board [1]. - Sanrui Intelligent and Dapu Micro targeting the Growth Enterprise Market [1]. - Xinhengtai and Puan Medical, among others, targeting the Beijing Stock Exchange [1]. Group 2: Fundraising Amounts - Vision Technology plans to use the raised funds for the expansion of its ultra-high-resolution silicon-based OLED micro-display production line and R&D center [1]. - Dapu Micro and Shenglong Co., Ltd. follow with fundraising targets of 1.878 billion yuan and 1.530 billion yuan, respectively [1]. Group 3: Company Profiles - Shenglong Co., Ltd. is a leading large-scale molybdenum company focused on the comprehensive development and utilization of non-ferrous metal mineral resources [2]. - Fuen Co., Ltd. specializes in the research, production, and sales of eco-friendly fabrics [3]. - Dapu Micro is engaged in the research and sales of enterprise-level SSD products for data centers [4]. - Sanrui Intelligent focuses on the R&D, production, and sales of electric power systems for drones and robots [5]. - Vision Technology is a global leader in micro-display solutions, offering silicon-based OLED micro-displays and value-added services [6]. - Ying's Holdings operates in the infant nutrition and care sector, producing a range of baby products [7]. - Longyuan Co., Ltd. specializes in the R&D, production, and sales of aluminum alloy precision die-casting parts [8]. - Puan Medical focuses on the R&D, production, and sales of medical devices for diabetes care and minimally invasive interventions [9]. - Xinhengtai is involved in the R&D, manufacturing, and sales of plastic foaming materials [10].