Shenzhen Dapu Microelectronics Co., Ltd. (referred to as "Dapu Micro") has recently passed its IPO review and is preparing to list on the ChiNext Board of the Shenzhen Stock Exchange.
Dapu Micro plans to raise 1.878 billion yuan, of which 958 million yuan will be used for the research, development, and industrialization project of next-generation controller chips and enterprise-grade SSDs, 220 million yuan for the mass production testing base project for enterprise-grade SSD modules, and 700 million yuan to supplement working capital. Revenue of 1.26 Billion Yuan and Net Loss of 440 Million Yuan in First 9 Months Dapu Micro is primarily engaged in the research, development, and sales of data center enterprise-grade SSD products. It is a semiconductor storage product provider with full-stack in-house capabilities in "controller chips + firmware algorithms + modules" for enterprise-grade SSDs and has achieved volume shipments. Dapu Micro focuses on data center enterprise-grade SSDs, with product generations covering PCIe 3.0 to 5.0, fully meeting the product needs of various types of customers. During the reporting period, the company's cumulative shipments of enterprise-grade SSDs exceeded 4,900 PB, of which the proportion of shipments equipped with self-developed controller chips reached over 75%.
The prospectus shows that Dapu Micro's revenue for 2022, 2023, and 2024 was 557 million yuan, 519 million yuan, and 962 million yuan, respectively; net losses were 534 million yuan, 617 million yuan, and 191 million yuan, respectively; and net losses after extraordinary items were 368 million yuan, 642 million yuan, and 195 million yuan, respectively.
Dapu Micro's revenue for the first half of 2025 was 748 million yuan, with a net loss of 354 million yuan and a net loss after extraordinary items of 360 million yuan.
Dapu Micro's revenue for the first nine months of 2025 was 1.264 billion yuan, an increase of 80.74% compared to 700 million yuan in the same period last year; the net loss was 442 million yuan, and the net loss after extraordinary items was 441 million yuan. Yang Yafei Controls 66.7% of Voting Rights Before the IPO, Dapu Haide directly holds 13.72% of the company's equity. According to the company's articles of association regarding shares with special voting rights, the shares directly held by Dapu Haide carry special voting rights, with a voting rights ratio of 10:1 compared to ordinary shares. Therefore, the controlling shareholder, Dapu Haide, directly holds shares representing 54.78% of the company's voting rights and is the company's controlling shareholder. Yang Yafei does not directly hold company shares but controls a total of 16.71% of the company's shares through Dapu Haide and Dapu Haiju. According to the company's articles of association regarding shares with special voting rights, the shares held by Dapu Haide and Dapu Haiju carry special voting rights, with a voting rights ratio of 10:1 compared to ordinary shares. In summary, Yang Yafei controls a total of 66.74% of the voting rights and is the company's actual controller.
Dapu Haiju holds 2.99%, Shenzhen Guozhong holds 10.43%, Nanjing Qilin (SS) holds 5.18%, Dapu Youju holds 4.58%, Dapu Yuanju holds 3.66%, Qifu Guolong holds 3.63%, Dapu Xinju holds 3.2%, Dapu Heju holds 2.77%, Zhaohua Zhaozheng holds 2.53%, Zhongke Guokong holds 2.51%, Beijing Guoxiang and Pinghu Zeyi each hold 2.39%; Yingfutaike holds 2.09%, Dapu Weiju holds 2.06%, Zhuji Shengji holds 1.67%, Zhongwei Shourun, Longgang Fund (SS), and Zhang Huimin each hold 1.45%, Guosheng Xinyao and Toukong Saige each hold 1.43%, Shidai Xinchuang 12 holds 1.42%, Dapu Huiju holds 1.41%, Guizhou Guozhong and Guangxi Luhai each hold 1.23%; Shidai Xinchuang 9 holds 1.17%, Pinghu Zewei holds 1.15%, Oak Grove holds 1.09%, Zeyi 8 holds 1.07%, Shidai Xinchuang 5 and Kekesong each hold 1.05%, China-Belgium Fund (SS) holds 1.03%, Wu Jingsheng holds 0.95%, Zeyi 6 holds 0.92%, Pinghu Shengwei holds 0.9%, Shidai Xinchuang 11 holds 0.89%, Haitong Innovation (CS) holds 0.86%; Shangrong Investment, Zizhiquan, and Minghui Shuwang each hold 0.84%, Zhongwei Gongying 2 holds 0.69%, Chengdu Bihong and Qianshan Xinjian each hold 0.59%, Lianpu Cunsuan holds 0.5%, Xi'an Guozhong holds 0.48%, Longgang Jinteng holds 0.46%, Jinchan 1 holds 0.44%, Toukong Chaoyue, Bohe Investment, and Zhongwei Gongying 8 each hold 0.42%, Wenzhou Chengqiao holds 0.41%, Kioxia holds 0.38%, Qianfan Qihang holds 0.33%, Zhanglong Haifa holds 0.31%, Wenzhou Fangdao holds 0.22%, Shangrong Juxin holds 0.17%, Qianshan Muse holds 0.15%, Guoying Junhe holds 0.07%.
After the IPO, Dapu Haide will hold 12.35%, Shenzhen Guozhong will hold 9.39%, Nanjing Qilin (SS) will hold 4.66%, Dapu Youju will hold 4.13%, Dapu Yuanju will hold 3.29%, Qifu Guolong will hold 3.27%, Dapu Xinju will hold 2.70%, Dapu Heju will hold 2.5%, Zhaohua Zhaozheng will hold 2.27%, Zhongke Guokong will hold 2.26%, Beijing Guoxiang and Pinghu Zeyi will each hold 2.15%; Yingfutaike will hold 1.88%, Dapu Weiju will hold 1.86%, Zhuji Shengji will hold 1.5%, Zhongwei Shourun, Longgang Fund (SS), and Zhang Huimin will each hold 1.31%, Guosheng Xinyao and Toukong Saige will each hold 1.29%, Shidai Xinchuang 12 will hold 1.28%, Dapu Huiju will hold 1.27%, Guizhou Guozhong and Guangxi Luhai will each hold 1.1%; Shidai Xinchuang 9 will hold 1.03%, Pinghu Zewei will hold 1.03%, Oak Grove will hold 0.98%, Zeyi 8 will hold 0.97%, Shidai Xinchuang 5 and Kekesong will each hold 0.94%, China-Belgium Fund (SS) will hold 0.93%, Wu Jingsheng will hold 0.86%, Zeyi 6 will hold 0.83%, Pinghu Shengwei will hold 0.81%, Shidai Xinchuang 11 will hold 0.8%, Haitong Innovation (CS) will hold 0.77%; Shangrong Investment, Zizhiquan, and Minghui Shuwang will each hold 0.75%, Zhongwei Gongying 2 will hold 0.62%, Chengdu Bihong and Qianshan Xinjian will each hold 0.53%, Lianpu Cunsuan will hold 0.45%, Xi'an Guozhong will hold 0.43%, Longgang Jinteng will hold 0.41%, Jinchan 1 will hold 0.4%, Toukong Chaoyue, Bohe Investment, and Zhongwei Gongying 8 will each hold 0.38%, Wenzhou Chengqiao will hold 0.37%, Kioxia will hold 0.34%, Qianfan Qihang will hold 0.3%, Zhanglong Haifa will hold 0.29%, Wenzhou Fangdao will hold 0.2%, Shangrong Juxin will hold 0.15%, Qianshan Muse will hold 0.14%, Guoying Junhe will hold 0.06%.
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