Group 1 - The article highlights that from June 25 to June 28, 56 new IPOs were accepted by the three major exchanges in China, marking a new high for the year with a total of 109 accepted IPOs by June 28 [1][2] - The total number of accepted IPO projects across the three exchanges has reached 136, significantly exceeding last year's total of 77 [2] Group 2 Company: China Electronics Technology Group Corporation Blue Sky Technology Co., Ltd. - The company was established in October 1992 and transformed into a joint-stock company on December 30, 2022, with a registered capital of 1.563 billion yuan [3] - The main business involves the research, production, and sales of electric energy products and systems, covering applications from deep sea (1 km underwater) to deep space (225 million km from Earth) [4] - The controlling shareholder is China Electronics Technology Group, holding 48.97% of the shares directly and controlling a total of 84.50% of the voting rights [5] - The company reported revenues of 252.11 million yuan, 352.40 million yuan, and 312.70 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 20.05 million yuan, 14.70 million yuan, and 29.30 million yuan [6] Company: Jiangxi Hongban Technology Co., Ltd. - The company was established in October 2005 and transformed into a joint-stock company on August 5, 2021, with a registered capital of 653.75 million yuan [12] - The company focuses on the research, production, and sales of printed circuit boards, targeting the mid-to-high-end application market [13] - The controlling shareholder is Hongban Holdings, which holds 95.12% of the shares [14] - The company achieved revenues of 220.46 million yuan, 233.95 million yuan, and 270.25 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 11.99 million yuan, 8.70 million yuan, and 19.35 million yuan [15] Company: Guangzhou Huigu New Materials Technology Co., Ltd. - The company was established in October 1999 and transformed into a joint-stock company on November 28, 2023, with a registered capital of 47.34 million yuan [21] - The main business includes the research, production, and sales of functional resins and coatings, focusing on core technology development [22] - The actual controller is Tang Jing, who controls 59.02% of the voting rights [23] - The company reported revenues of 66.36 million yuan, 71.74 million yuan, and 81.69 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 2.68 million yuan, 9.60 million yuan, and 14.17 million yuan [24] Company: Hunan Chuyuan New Materials Co., Ltd. - The company was established in November 2017 and transformed into a joint-stock company on September 11, 2023, with a registered capital of 325.67 million yuan [37] - The main business focuses on the research and production of photosensitive dry film [38] - The actual controller is Xiao Zhiyi, who controls 52.14% of the voting rights [39] - The company achieved revenues of 90.97 million yuan, 89.02 million yuan, and 105.66 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 14.85 million yuan, 14.87 million yuan, and 14.98 million yuan [40] Company: Jiangsu Yadian Technology Co., Ltd. - The company was established in March 2019 and transformed into a joint-stock company on December 1, 2023, with a registered capital of 83.97 million yuan [46] - The company is a leading supplier of wet cleaning equipment for silicon-based semiconductors, compound semiconductors, and photovoltaic fields [47] - The actual controller is Qian Cheng, who controls 41.29% of the voting rights [48] - The company reported revenues of 12.07 million yuan, 44.18 million yuan, and 58.04 million yuan for the years 2022, 2023, and 2024 respectively, with net losses of 81.01 million yuan in 2022, followed by profits in subsequent years [49]

Core Viewpoint - The article discusses the introduction of the third set of listing standards for the ChiNext board, marking a significant shift in allowing unprofitable companies to go public, with the first case being the IPO application of Dapu Microelectronics [1][2][4]. Group 1: Overview of Dapu Microelectronics - Dapu Microelectronics focuses on the research and sales of enterprise-level SSD products for data centers, and it is one of the few companies in China with full-stack self-research capabilities in enterprise-level SSDs [5]. - The company reported a non-recurring net profit of -1.95 billion yuan in the most recent year, indicating ongoing financial challenges [3][6]. Group 2: Financial Performance - Dapu Microelectronics' revenue for 2022 to 2024 is projected to be 5.57 billion yuan, 5.19 billion yuan, and 9.62 billion yuan respectively, while its non-recurring net profit is expected to be -3.68 billion yuan, -6.42 billion yuan, and -1.95 billion yuan [6]. - The company’s revenue growth rate is notable, with a compound annual growth rate of 57.66% in its main business, and a projected revenue increase of 88.73% in 2024 [10]. Group 3: Listing Standards and Market Implications - The third set of listing standards for the ChiNext board requires a minimum expected market value of 5 billion yuan and a minimum revenue of 300 million yuan in the most recent year, focusing on companies with mature business models and scalable potential [9]. - The introduction of these standards aims to enhance the market's support for high-tech companies with clear commercialization prospects, differentiating it from the Sci-Tech Innovation Board, which emphasizes "hard technology" attributes [8][10].

Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. has become the first loss-making company to be accepted for an IPO on the ChiNext board since the implementation of the registration system, with significant accumulated losses over the past three years [1][3]. Group 1: Financial Performance - The company reported net profits attributable to the parent company of -368.31 million yuan, -641.65 million yuan, and -195.05 million yuan for the years 2022, 2023, and 2024 respectively, totaling an accumulated loss of over 1.205 billion yuan [3][4]. - The operating revenues for the same years were 556.77 million yuan, 519.49 million yuan, and 962.18 million yuan, indicating a significant increase in 2024 [3][4]. - The company's net profit margin has been negative, with a net profit margin of -19.09 million yuan in 2024, -61.69 million yuan in 2023, and -53.40 million yuan in 2022 [4]. Group 2: Corporate Structure and Governance - The company has a special voting rights mechanism, allowing its controlling shareholder to maintain significant control despite holding a minority of shares [5]. - The actual controller, Yang Yafei, holds a combined voting power of 66.74% through entities he controls, despite owning only 16.71% of the shares [5][6]. - The company was established in April 2016 and transitioned to a joint-stock company in September 2023, with a registered capital of 392.59 million yuan [5]. Group 3: IPO Details - The company has chosen to meet the listing standards of having an expected market value of no less than 5 billion yuan and recent annual revenue of no less than 500 million yuan [1][8]. - The IPO aims to raise approximately 1.87785 billion yuan, with 700 million yuan allocated for working capital and the remainder for two specific projects [10].