Dapuwei IPO Online Roadshow Successfully Held; Full-Stack Self-Research Leader Opens a New Chapter in AI Storage

On April 2, Dahpu Micro (stock code: 301666) held a successful online roadshow for its initial public offering of shares and listing on the ChiNext board. As one of the very few semiconductor storage product providers in China that possesses end-to-end proprietary capabilities for enterprise-grade SSDs—“controller chip + firmware algorithms + module”—and has achieved mass shipments, Dahpu Micro, with its deep technical foundation and clear strategic planning, demonstrated to the market its core competitiveness and growth potential in the storage wave of the AI era.

01

End-to-end proprietary R&D builds technological barriers

High R&D investment drives sustained leadership

Roadshow information shows that Dahpu Micro has maintained high-intensity R&D spending. From 2022 to the first half of 2025, the company’s R&D expenditures were 194 million yuan, 269 million yuan, 274 million yuan, and 133 million yuan, respectively, accounting for shares of revenue of 34.82%, 51.72%, 28.51%, and 17.74%, respectively, for the corresponding periods. As of June 30, 2025, the company has obtained 162 domestic and overseas invention patents, won the National Patent Excellence Award for three consecutive years, and has undertaken 2 national-level and 4 provincial/municipal-level major R&D projects.

In terms of technology-to-product transformation, Yang Yafei, Chairman and General Manager, pointed out in the roadshow that the company’s core technology system is built around the development of enterprise-grade SSDs’ hardware and software, covering four major categories: controller chip design, firmware algorithms, module design, and verification and testing. Among them, multiple technologies such as computable storage, intelligent multi-streaming, and intelligent fault prediction are at leading levels in the industry. The company has launched PCIe 5.0 transparent compression SSD products, and in the world’s first batch, it has achieved mass production of enterprise-grade PCIe 5.0 SSDs and high-capacity QLC SSDs.

02

Rapid growth in performance

A customer matrix covering global leading AI companies

The company’s sustained R&D investment in the earlier period is accelerating conversion into business results. Cheng Zhaoxia, Chief Financial Officer, said that from 2022 to 2024, the company’s operating revenue was 557 million yuan, 519 million yuan, and 962 million yuan, respectively, with a compound annual growth rate of 31.46%. In addition, according to the prospectus, the company’s operating revenue in 2025 is expected to be 2.16B yuan, and it is expected to achieve a doubling year-over-year. Of particular note is that in the first half of 2025, revenue from PCIe 5.0 SSD products accounted for 33.87% of total revenue, showing the company’s first-mover advantage in the iteration of the new generation of products.

With hard-core product strength, the company’s products have gained broad recognition in the market. The company has achieved extensive coverage of leading domestic and international enterprises, including Google, ByteDance, Tencent, Alibaba, JD.com, Baidu, Meituan, Kuaishou, Deepseek, and other internet and AI companies, as well as server manufacturers such as H3C (新华三), Sugon (超聚变), and ZTE. It also serves telecommunications operators such as China Telecom, China Mobile, and China Unicom. In 2025, the company also passed tests and was introduced by Nvidia and xAI, two of the world’s leading AI companies, laying a solid foundation for subsequent overseas market scaling.

03

Clear strategic layout

Address future challenges

Regarding investors’ concerns about R&D personnel costs and future redundancy risks, Zhu Jingsong, Director, Vice General Manager, and Secretary to the Board of Directors, stated that the company has a comprehensive budget management system to ensure that R&D investment matches both long- and short-term development needs. As the business scale rapidly expands, the R&D expense ratio has been trending downward, and scale effects are gradually emerging.

In supply chain management, the company has established a diversified supplier strategy. It actively cooperates in depth with upstream suppliers and, when appropriate, brings in new suppliers to meet product development and supply needs. The construction of mass production testing facilities is based on the company’s proprietary technologies, with ample space reserved to ensure flexibility and expandability when future technology iterations occur.

Regarding overseas market layout, Yang Yafei clearly said that the company will continue to increase overseas investment. Using its established subsidiaries in Hong Kong, China, and Singapore as sales platforms, it will select key target markets to develop tailored expansion strategies, gradually expand its overseas market share, and achieve global business operations.

The proceeds from this fundraising will be重点 allocated to the next-generation controller chip and enterprise-grade SSD R&D and industrialization project, the enterprise-grade SSD module mass production and testing facility project, and supplementing working capital. When responding to investors’ questions about the issue of achieving overall profitability in 2026, Zhu Jingsong said, “Although there are macro uncertainties such as international geopolitical factors and tariff policy, with the company’s reliance on operational strategy planning and the continuous improvement of its products and market competitiveness, the company’s outlook and targets for 2026 have not changed.”

With the successful conclusion of this roadshow, Dahpu Micro has taken another step closer to officially landing on the ChiNext board. With support from the capital markets, Dahpu Micro is expected to further consolidate its leading position in the enterprise-grade SSD field, seize the historic opportunity brought by the surge in AI compute demand, and contribute to enhancing the independent controllability of China’s semiconductor storage industry and strengthening its global competitiveness.

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