Core Viewpoint - Jiangsu Zhanchip Semiconductor Technology Co., Ltd. has officially received acceptance for its listing application on the ChiNext board, marking a significant step into the capital market as a national-level specialized and innovative "little giant" enterprise focused on high-reliability analog chips and micro-module products [1] Group 1: Company Overview - Jiangsu Zhanchip specializes in the research, design, testing, and sales of high-reliability analog chips and micro-module products, primarily focusing on power management chips, including DC/DC converters and linear regulators [1] - The company is expanding its product line to include signal chain chips, with plans for current detection chips and operational amplifiers [1] - Since its establishment, the company has concentrated on military electronics applications, achieving a leading market share among private suppliers of power management chips in the domestic military electronics sector [1] Group 2: Financial Performance - The company's revenue from 2022 to the first half of 2025 was 367 million yuan, 466 million yuan, 413 million yuan, and 340 million yuan, while net profits were 148 million yuan, 179 million yuan, 95.35 million yuan, and 124 million yuan, indicating a decline in both revenue and net profit in 2024 [2] - The average selling price of the main product, high-reliability power management chips, decreased from 370.77 yuan per unit in 2022 to 287.99 yuan per unit in 2024, reflecting a drop of approximately 22% [2] - The overall gross margin for the reporting period was 84.22%, 82.39%, 75.12%, and 80.21%, showing a downward trend due to increased unit costs and product price reductions [2] Group 3: Operational Risks - Accounts receivable increased significantly from 239 million yuan at the end of 2022 to 673 million yuan by mid-2025, a growth of 181% over two and a half years, raising concerns about potential bad debts due to long settlement cycles with military clients [3] - The company's inventory turnover ratio was low, at 0.68, 0.60, 0.67, and 0.89, below the industry average, which poses a risk of inventory depreciation [3] - A significant portion of procurement is concentrated among a few suppliers, with one supplier accounting for 51.85% of purchases in 2022, indicating reliance on supplier stability [3] Group 4: IPO Fund Utilization - The IPO aims to raise funds for the development and industrialization of high-reliability analog chips and micro-modules, the construction of a research and development center, and to supplement working capital [4] - The company intends to enhance its R&D capabilities and expand production capacity to solidify its market position in the military high-reliability chip sector through the funds raised from the IPO [4]

Group 1 - The core point of the article is that Jiangsu Zhanchip Semiconductor Technology Co., Ltd. has received acceptance for its IPO application on the ChiNext board, aiming to raise approximately 890 million yuan through the issuance of no more than 41.12 million shares, which will account for at least 10% of the total share capital post-issuance [1][3] Group 2 - Jiangsu Zhanchip focuses on the research, design, testing, and sales of high-reliability analog chips and micro-module products, recognized as a national-level specialized and innovative "little giant" enterprise [3] - The company plans to use the raised funds for the industrialization of high-reliability power management chips and signal chain chips, the construction of its headquarters and R&D center, testing center establishment, and to supplement working capital [3] Group 3 - Financial data shows fluctuations in revenue and profit during the reporting period, with revenues of approximately 367 million yuan, 466 million yuan, 413 million yuan, and 340 million yuan for the years 2022, 2023, 2024, and the first half of 2025 respectively [3] - Net profits for the same periods were 148 million yuan, 179 million yuan, 95.35 million yuan, and 124 million yuan, indicating a significant drop in net profit for 2024, nearly halving compared to the previous year [3] Group 4 - The average selling price of the company's main product, high-reliability power management chips, has decreased from 370.77 yuan per unit in 2022 to 316.17 yuan in 2023, and further to 287.99 yuan in 2024, with a slight recovery to 289.78 yuan in the first half of 2025, representing a decline of about 22% compared to 2022 [3][4] - The company attributes the price decline to cost control demands from downstream units and potential market competition, which may lead to further price adjustments [4] Group 5 - The gross profit margin has decreased from 84.22% in 2022 to 80.21% in the first half of 2025, with a notable decline in 2023 and 2024, despite a slight recovery in 2025 [4] - The company has reported a significant increase in accounts receivable, growing by 181% over two and a half years, which may lead to challenges in cash flow due to long payment cycles from military clients [5] Group 6 - Inventory turnover rates have been low compared to industry averages, with values of 0.68, 0.60, 0.67, and 0.89 during the reporting periods, indicating potential risks related to unsold inventory [5] - Jiangsu Zhanchip operates on a Fabless model, outsourcing wafer manufacturing and packaging, with a high dependency on a few suppliers, which poses risks if any major supplier faces operational issues [5] Group 7 - The company has signed performance agreements with external investors, stipulating that if it fails to submit a qualified IPO application by December 31, 2025, the investors have the right to require the actual controllers to repurchase shares [6] - The performance clauses will automatically terminate upon successful submission of the IPO application, but will be reinstated if the issuance is rejected or withdrawn [6]

Core Insights - The event during the 25th China International Investment and Trade Fair focused on connecting quality projects with capital, aiming to empower industrial innovation and future development [1] - A total of 12 quality projects from the information technology, artificial intelligence, and intelligent manufacturing sectors were showcased, creating a professional exchange platform for project roadshows, capital matching, and trend insights [1][3] Information Technology and Artificial Intelligence Sector - Six projects in this sector included applications of AI large models, semiconductors, physical AI simulation, and AIoT device manufacturing [4] - Investors engaged in discussions about technical barriers, data security, and commercialization progress, leading to further investment inquiries for some projects [4] - Notable companies include: - Shanghai Suanmo Technology Co., Ltd., which offers a comprehensive AI service platform for customer interaction and digital transformation [5] - Nanjing Xingfu Technology Co., Ltd., providing AI-driven call center solutions for enterprises [5] - Beijing Yanhua Guoxin Technology Co., Ltd., focusing on high-reliability power management chips for aerospace and automotive sectors [5] Intelligent Manufacturing Sector - Nine projects in this sector emphasized high-end equipment manufacturing, industrial robotics, new energy equipment, and smart sensing technology [9] - Investors prioritized capacity planning, supply chain stability, and policy adaptability, resulting in effective capital-project matching [9] - Key companies include: - Renjia Intelligent Robot Technology Co., Ltd., which has successfully commercialized FPGA-enhanced dual-eye vision technology for global markets [10] - Hangzhou Shouhua Technology Co., Ltd., expanding from children's robots to adult emotional companionship and AI wearable devices [10] - Chengdu Qiying Tailun Technology Co., Ltd., a leading voice solution provider with a series of AI voice chips widely used across various smart applications [10] Future Outlook - The successful hosting of the event is expected to deepen the interaction between projects, capital, and industry, aiming to uncover more innovative projects and channel quality resources into key sectors [12]