Core Viewpoint - Zhejiang Lijichuang Technology Co., Ltd. (Lijichuang) has officially begun its IPO journey on the Hong Kong Stock Exchange, positioning itself as a leading memory chip design company and AI storage solution provider in China [2] Group 1: Company Overview - Lijichuang is recognized for its strong technical foundation, international R&D layout, comprehensive product matrix, and deep partnerships within the industry chain, enabling it to achieve large-scale commercialization of its products and solutions [2] - The company aims to develop high-bandwidth, low-power, and highly reliable storage solutions, catering to various market demands across multiple sectors including consumer electronics, network communications, automotive electronics, energy, and industrial control systems [3] Group 2: Financial Performance - Lijichuang's total storage capacity sold increased from approximately 13.8 million GB in 2022 to about 34.2 million GB in 2024, reflecting a compound annual growth rate (CAGR) of 57.4% [4] - Revenue rose from RMB 609.9 million in 2022 to RMB 646.4 million in 2024, despite the company experiencing annual losses of RMB 139.0 million, RMB 244.3 million, and RMB 108.9 million over the same period [4] - The adjusted net losses (non-IFRS) for 2022, 2023, and 2024 were RMB 136.7 million, RMB 93.2 million, and RMB 52.8 million respectively, indicating a significant increase in net loss in 2023 primarily due to substantial share-based payment expenses [4] Group 3: Customer and Supplier Relationships - Lijichuang's revenue from its top five customers amounted to approximately RMB 390.2 million, RMB 387.6 million, and RMB 336.1 million for the three years ending December 31, 2024, representing about 64.0%, 66.8%, and 52.0% of total revenue respectively [5] - The company sources from its top five suppliers, with procurement amounts of approximately RMB 672.8 million, RMB 475.9 million, and RMB 451.1 million for the same period, accounting for about 97.0%, 88.6%, and 76.2% of total procurement [5]