12月25日，深圳大普微电子股份有限公司（下称"大普微"）将迎来创业板IPO上会审核的关键节点。作为创业板首家申报的未盈利企业，此次上会不仅决 定着这家国产存储企业的资本命运，更被视作A股资本市场对优质未盈利科技企业包容度的"试金石"。若审议通过，大普微将正式摘得"创业板未盈利上 市第一股"的头衔，为后续同类企业开辟上市路径；而其提出的"2026年最早扭亏为盈"的目标，更让这场资本闯关充满了看点与争议。 2024年行业整体增速达187.9%，但大普微营收增速仅85.3%，市场份额从6.4%滑落至3.0%，而2026年长江存储、英韧科技等头部厂商的扩产与技术迭代， 将进一步挤压市场空间，其能否完成份额提升目标存疑。 大普微的闯关无论成败，都将为未盈利科技企业的上市探索提供宝贵经验。若成功过会，将验证创业板对优质未盈利创新企业的包容度，引导更多资本流 向核心技术领域，助力国产替代与科技突破；若未能通过，也将为后续企业敲响警钟，明确监管层在盈利预期合理性、持续经营能力等方面的审核底线。 回溯创业板制度演进脉络，自注册制改革落地之初，监管层便为优质未盈利创新企业预留了上市空间，直至2025年6月相关上市标准正式"激活 ...

Group 1 - The storage chip sector is experiencing a strong rebound, with significant stock price increases in the US and South Korea, including SanDisk up 13%, Western Digital up 6.5%, and Micron up 2.61% [1] - Weekly price increases for storage products have been notable, with DDR4 16Gb 3200 rising by 47%, DDR4 RDIMM 16GB 3200 increasing by 66.67%, and SSD products seeing an approximate 18% rise [1] - The semiconductor index (980017) has shown a positive trend, with notable increases in component stocks such as Zhaoyi Innovation up 4.96% and Tongfu Microelectronics up 4.52% [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the semiconductor index (980017) include Cambricon, SMIC, and Haiguang Information, collectively accounting for 71.38% of the index [2]

Core Viewpoint - Shenzhen Baiwei Storage Technology Co., Ltd. has implemented a "Quality Improvement and Efficiency Enhancement" action plan for 2025, focusing on optimizing operations, improving governance, and strengthening investor relations to boost investor confidence and market activity [1]. Group 1: Business Focus and Development - The company has established a comprehensive business model centered around the semiconductor storage industry, emphasizing R&D, packaging, and testing capabilities [1]. - In the storage solutions sector, the company aims to enhance product competitiveness in performance, power consumption, reliability, and capacity, with a strong focus on expanding into the "AI+" market in 2025 [1]. - The first domestically developed eMMC controller (SP1800) has been successfully mass-produced and delivered to leading wearable technology clients, with ongoing development of UFS controllers to enhance self-developed capabilities [1][4]. Group 2: Advanced Packaging and Testing Capabilities - The company is constructing a wafer-level advanced packaging facility in Dongguan, with the main structure completed and cleanroom construction underway, expected to be operational in the second half of 2025 [1][5]. - The company has achieved mass production of high-end storage chip testing equipment, which has passed authoritative certification from leading domestic manufacturers, ensuring compliance with industry standards [5]. Group 3: Financial Management and Efficiency - The company has increased R&D investment, with R&D expenses reaching approximately 27.29 million yuan in the first half of 2025, a year-on-year increase of 29.77% [6]. - The number of R&D personnel has grown to 1,054, representing a 40.53% increase compared to the previous year, indicating a strong commitment to innovation [6]. Group 4: Corporate Governance and Compliance - The company has updated its internal control systems in line with regulatory requirements, enhancing risk management and ensuring compliance with corporate governance standards [8]. - The company has conducted multiple board meetings and training sessions to strengthen the awareness of compliance and responsibilities among key personnel [9]. Group 5: Investor Relations and Communication - The company has established a comprehensive investor communication mechanism, organizing performance briefings and institutional research activities to engage with investors effectively [10]. - The company received the "China Listed Company Investor Relations Management Tianma Award," reflecting its commitment to transparency and effective communication with investors [10]. Group 6: Shareholder Returns and Incentives - The company plans to repurchase shares using 20 to 40 million yuan of its own or raised funds, pending shareholder approval, to enhance shareholder value [11]. - The 2024 stock incentive plan includes performance targets linked to revenue and market capitalization, aligning management interests with those of shareholders [11].

Core Viewpoint - The company has reported significant growth in revenue and net profit for 2024, driven by the recovery in the storage industry and strategic expansion into various markets, particularly in AI-related applications. Financial Performance - The company achieved total revenue of 6.695 billion yuan in 2024, representing a year-on-year increase of 86.46% [1] - The net profit attributable to shareholders reached 161 million yuan, up 125.82% year-on-year [1] - Total assets amounted to 7.961 billion yuan, a growth of 25.72% compared to the beginning of the year [1] - Shareholder equity was 2.412 billion yuan, reflecting a 25.08% increase from the start of the year [1] Market Position and Product Development - The company has established a strong market presence in the semiconductor storage industry, focusing on advanced storage solutions and packaging/testing capabilities [1] - In the smart wearable sector, revenue from storage products reached approximately 800 million yuan, showing significant growth [1] - The company has made breakthroughs in various sectors, including mobile, PC, and smart wearables, securing partnerships with major clients such as OPPO, Lenovo, and Meta [3][4] AI Sector Engagement - The company is actively involved in the AI edge application market, with a projected revenue exceeding 1 billion yuan in 2024, marking a year-on-year growth of about 294% [2] - The company provides ROM+RAM storage chips for Ray-Ban Meta, positioning itself as a key supplier in the AI hardware space [2][3] - Anticipated growth in AI applications, particularly in AI glasses, is expected to drive further revenue increases, with projections of over 500% growth in 2025 [4] R&D Investment - The company increased its R&D investment to 447 million yuan in 2024, a rise of 78.99% compared to the previous year [3] - This investment supports advancements in storage solutions, chip design, and testing equipment, leading to breakthroughs across multiple business areas [3] Industry Outlook - The storage industry is expected to enter a favorable cycle due to the resurgence of overseas manufacturers and the rapid growth in storage demand driven by AI [5] - The company is well-positioned for growth with a comprehensive and differentiated product lineup, alongside ongoing advancements in packaging and testing projects [5]