On April 3, Dapustor Corporation (301666.SZ), a company focused on the development and sales of data center enterprise-grade SSD products, will be available for subscription on the ChiNext board. The firm is a leading semiconductor storage product provider in the industry and one of the very few domestic companies with full-stack in-house R&D capabilities—covering "controller chips + firmware algorithms + modules"—for enterprise SSDs, achieving mass production and shipment.
Technologically, since its establishment, Dapustor has adhered to independent R&D of storage controller chips and firmware algorithms. Its PCIe 4.0 and 5.0 enterprise SSDs equipped with self-developed controller chips, DP600 and DP800, have already entered mass sales. The company is among the first storage manufacturers globally to mass-produce enterprise-grade PCIe 5.0 SSDs and high-capacity QLC SSDs, giving it a strong first-mover product advantage. It is also one of the very few storage manufacturers worldwide with the capability to supply both SCM SSDs and computational storage SSDs, demonstrating strong technological innovation.
In terms of client base, Dapustor currently serves downstream customers and end-users including internet, cloud computing, and AI companies such as ByteDance, Tencent, Alibaba, JD.com, Baidu, Meituan, Kuaishou, Deepseek, Xiaohongshu, and DiDi. It also supplies server manufacturers like H3C, Superfusion, ZTE, HuaKun ZhenYu, and Lenovo, telecommunications operators including China Telecom, China Mobile, and China Unicom, as well as prominent enterprises in finance, power, and other sectors. Additionally, the company is one of the very few Chinese enterprise SSD manufacturers that have successfully supplied products to overseas clients such as Google. In 2025, Dapustor passed qualification tests for two leading global AI companies, Nvidia and xAI, with expectations for gradual volume increases, forming a clear competitive advantage in client resources.
Notably, Dapustor has reminded investors of risks associated with its current lack of profitability and accumulated uncovered losses. From 2022 to the first half of 2025, the company's net profit attributable to owners of the parent after deducting non-recurring gains and losses was -3.68 billion yuan, -6.42 billion yuan, -1.95 billion yuan, and -3.61 billion yuan, respectively. The company has not yet achieved profitability, primarily due to: first, cyclical fluctuations in the macroeconomy and storage industry, coupled with the company's currently small business scale leading to low gross profit margins; second, continuous large-scale R&D investments, with R&D expenses accounting for a high proportion of operating revenue; third, high share-based payment expenses, which have impacted financial performance; and fourth, significant provisions for inventory write-downs resulting in high asset impairment losses.
Dapustor stated that it expects to achieve overall profitability as early as 2026, based on projections of sustained revenue growth, improved gross margins, reduced period expense ratios, and lower asset impairment losses. However, if the company fails to meet operational targets, faces compressed profit margins due to a downturn in the storage industry, or encounters intense market competition leading to lower-than-expected product selling prices, it may remain unprofitable for a certain period. As of the end of June 2025, the company's undistributed profits stood at -9.45 billion yuan, indicating uncovered losses. It is anticipated that profit distributions will not be possible in the short term, which may affect investor returns.