Core Viewpoint - The activation of the third set of listing standards on the ChiNext board marks a significant shift in supporting high-growth, innovative companies, allowing unprofitable firms to access capital markets under specific criteria [1][4]. Group 1: Institutional Framework - The ChiNext board has evolved its inclusive system to support high-growth, innovative enterprises since its establishment, with a focus on providing a dedicated financing platform [1]. - The third set of listing standards, effective from June 2025, requires a minimum market value of 5 billion yuan and recent annual revenue of at least 500 million yuan, facilitating the entry of high-growth but currently unprofitable companies [1][4]. - This dual criterion of market value and revenue replaces the traditional profit-only requirement, creating a "wide entry, strict selection" mechanism that aligns with the development patterns of innovative firms [1][4]. Group 2: Case Study of DaPuWei - DaPuWei is the first unprofitable company to register under the new standards, demonstrating the effectiveness of the institutional design by breaking the rigid profit constraints while ensuring quality growth attributes through multiple evaluation dimensions [2][5]. - The company possesses a unique full-stack self-research capability in the high-end SSD market, with 162 domestic and international patents, showcasing its strong competitive advantage [2][3]. - DaPuWei's products, such as the PCIe 4.0 and 5.0 SSDs, meet international standards in key performance metrics, with significant market achievements, including over 4,900 PB shipped, primarily to leading global clients [3][5]. Group 3: Financial and Market Implications - DaPuWei's strategic R&D investment of 737 million yuan from 2022 to 2024, accounting for 36.15% of its total revenue, underlines its commitment to innovation despite current unprofitability [3][5]. - The company's revenue reached 962 million yuan in 2024, doubling from two years prior, indicating a clear path to profitability and validating its high-growth potential [3][5]. - The IPO raised 1.878 billion yuan, aimed at advancing next-generation chip development and production testing, directly enhancing the company's competitive edge in the industry [5][6]. Group 4: Broader Industry Impact - DaPuWei's success exemplifies the alignment between the ChiNext board's financing capabilities and the needs of high-quality innovative growth enterprises, reinforcing the board's role as a supportive platform [4][6]. - The case promotes a shift in capital market perceptions, moving away from a profit-only focus to recognizing the value of high-growth innovative companies, similar to the experiences of international giants like Amazon and Tesla [6]. - The development of DaPuWei is expected to accelerate the upgrade of the domestic storage industry, fostering a self-sufficient storage ecosystem and contributing to national strategic goals [6].