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].

Core Viewpoint - The approval of Shenzhen Dapu Microelectronics Co., Ltd.'s IPO registration marks the first instance of an unprofitable company being granted IPO approval on the ChiNext board in China [1] Financial Performance - Dapu Micro's projected revenues for 2022, 2023, and 2024 are 557 million, 519 million, and 962 million yuan respectively, with net losses of 534 million, 617 million, and 191 million yuan [3] - For 2025, the company anticipates revenues between 2.05 billion and 2.35 billion yuan, representing a year-on-year growth of approximately 113.06% to 144.24% [4] - The expected net loss for 2025 is projected to be between 464 million and 504 million yuan, indicating a significant increase in losses compared to the previous year [4] Company Overview - Established in April 2016 with a registered capital of 393 million yuan, Dapu Micro focuses on the research and sales of enterprise-level SSD products for data centers [6] - The company has shipped over 4,900 PB of enterprise-level SSDs, with more than 75% of shipments utilizing self-developed controller chips [6] - Dapu Micro has established a strong customer base, including major tech companies like ByteDance, Tencent, Alibaba, and international clients such as Google [6] Future Strategy - The company plans to continue its focus on the semiconductor enterprise storage sector while expanding into AI-related products such as high-capacity QLC SSDs and intelligent network cards [6] - Dapu Micro aims to enhance its competitive position by developing platform-level storage products and solutions [6] Ownership Structure - The actual controller, Yang Yafei, holds 66.74% of the voting rights through Dapu Haide and Dapu Haijuhua [7] Leadership Background - Yang Yafei, born in July 1979 and a permanent resident of the U.S., has a Ph.D. and previously worked at Qualcomm before leading Dapu Micro [10]

Core Viewpoint - The approval of Dapu Micro's IPO marks a significant milestone for the ChiNext board, showcasing support for hard technology enterprises and the determination to enhance the domestic semiconductor storage industry [4][7]. Group 1: Company Overview - Dapu Micro is one of the few domestic semiconductor manufacturers capable of independently managing the entire technology chain for enterprise-level storage, including "main control chips + firmware algorithms + modules" [4]. - The company has invested heavily in R&D, with 7.37 billion yuan spent over the past three years, accounting for 36.15% of total revenue during that period, which is significantly higher than the industry average [4]. Group 2: Financial Performance and Projections - Dapu Micro plans to raise approximately 1.878 billion yuan through its IPO, focusing on the development and industrialization of next-generation main control chips and enterprise-level SSDs, as well as establishing a module mass production testing base [5]. - Revenue is projected to grow from 557 million yuan in 2022 to 962 million yuan in 2024, with an expected 2.158 billion yuan in 2025, representing a 124% year-on-year increase [5]. Group 3: Market Context and Trends - The demand for enterprise-level SSDs is expected to rise significantly due to the explosive growth of artificial intelligence, with SSDs projected to account for 20% of AI server storage by 2028 [7]. - There is a pressing need for domestic brands to increase their market share in the SSD sector, as current market dominance is held by foreign companies like Samsung and SK Hynix [7][8]. Group 4: Industry Implications - Dapu Micro's successful IPO serves as a model for the ChiNext board's innovative support for technology innovation, particularly for unprofitable enterprises in high R&D investment phases [7]. - The establishment of a domestic enterprise-level SSD ecosystem is crucial for supply chain security and the high-quality development of the semiconductor industry in China [7][8].

Core Viewpoint - The approval of Dapu Micro's IPO marks a significant step for unprofitable companies on the ChiNext board, reflecting the market's support for innovative enterprises [1][4]. Group 1: Company Overview - Dapu Micro focuses on data center storage scenarios and is one of the few semiconductor storage product providers in China with full-stack self-research capabilities in "main control chips + firmware algorithms + modules" [4]. - The company plans to raise approximately 1.878 billion yuan through its IPO, targeting the development and industrialization of next-generation main control chips and enterprise-level SSDs, as well as the construction of a testing base for mass production [4]. Group 2: Financial Performance - Dapu Micro has achieved revenues of 557 million yuan, 519 million yuan, and 962 million yuan from 2022 to 2024, with a projected revenue of 2.158 billion yuan in 2025, representing a 124% year-on-year growth [5]. - The company has invested 737 million yuan in R&D over the past three years, accounting for 36.15% of its cumulative revenue [5]. Group 3: Market Context - The demand for enterprise-level SSDs is accelerating due to artificial intelligence, with significant growth potential in the Chinese market, although domestic brands currently hold a low market share [5]. - The need for a domestically controlled enterprise-level SSD ecosystem is increasingly urgent, driven by national priorities on data security and self-sufficiency in critical information infrastructure [6]. Group 4: Capital Market Support - The ChiNext board has shown strong support for innovative companies, with nearly 90% of its firms being high-tech and about 70% in strategic emerging industries [6]. - Since the introduction of the unprofitable listing standard in June 2022, there has been positive market feedback, with Dapu Micro being the first to benefit, followed by other companies like Yuexin Semiconductor [6].

Group 1 - The core viewpoint of the article highlights that Shenzhen Dapu Microelectronics Co., Ltd. has become the first unprofitable company to successfully pass the IPO review on the ChiNext board, marking a significant milestone in the capital market's support for innovative enterprises [2][6]. - Dapu Micro focuses on data center storage scenarios and is one of the few semiconductor storage product providers in China with comprehensive self-research capabilities in "main control chips + firmware algorithms + modules," achieving mass production [4][5]. - The company has achieved significant revenue growth, with projected revenues of CNY 21.58 billion in 2025, representing a 124% year-on-year increase, and aims to turn profitable by 2026 [4]. Group 2 - The demand for a domestically controlled enterprise-level SSD ecosystem is increasing, which is crucial for supply chain security and the development of the domestic semiconductor industry [5]. - The ChiNext board has enhanced its inclusivity and adaptability, with nearly 90% of its listed companies being high-tech enterprises, reflecting the capital market's commitment to supporting innovative growth [6][7]. - The introduction of the unprofitable listing standard has been positively received, allowing for better financing channels for innovative companies, which is essential for overcoming early-stage funding bottlenecks [7].

Core Viewpoint - The upcoming IPO review of Shenzhen Dapu Microelectronics Co., Ltd. on December 25 is a critical moment for the company and is seen as a test of the A-share market's tolerance for high-quality unprofitable tech companies [1] Group 1: Company Overview - Dapu Micro was established in 2016 and is recognized as a leading provider of enterprise-level SSD controller chips and storage solutions in China, with a full-stack self-research capability [2] - The company has shipped over 4,900 PB of enterprise SSDs, with more than 75% of shipments utilizing self-developed controller chips, positioning it well in the domestic storage replacement wave [2] - Dapu Micro has a strong client base, including major internet companies and key industries such as finance and power, and has invested over 700 million yuan in R&D [2] Group 2: Financial Performance - From 2022 to the first half of 2025, Dapu Micro incurred cumulative losses of nearly 1.7 billion yuan, with retained earnings at -945 million yuan and continuous negative cash flow exceeding 1.8 billion yuan [2] - The company has a high short-term debt ratio of 95.76% as of June 2025, indicating significant pressure on its cash flow [2] Group 3: Profitability Goals - Dapu Micro aims to achieve profitability by 2026, with a projected revenue increase to 2.732 billion yuan and an expected gross margin improvement due to a rise in high-end product sales [3] - The company has secured 1.941 billion yuan in orders and anticipates a quarterly revenue nearing 900 million yuan in Q4, with a gross margin expected to rise to 7.68% [3] Group 4: Market Challenges - The company's profitability is highly dependent on fluctuations in NAND Flash prices, which have led to negative gross margins in recent periods [4] - Despite an industry growth rate of 187.9% in 2024, Dapu Micro's revenue growth is only projected at 85.3%, with its market share declining from 6.4% to 3.0% [6] Group 5: Implications for the Industry - Regardless of the outcome of Dapu Micro's IPO, it will provide valuable insights for unprofitable tech companies seeking to list, influencing future capital flows towards core technology sectors [7] - The review results will help balance support for tech innovation with financial risk prevention in the A-share market [7]