When Creative GEM IPO has inquired about R&D, packaging testing, production and sales of semiconductor memories

The Zhitong Finance App learned that on July 17, Shenzhen Shichuang Electronics Co., Ltd. (abbreviation: Shichuang) changed the review status of the Shenzhen Stock Exchange GEM listing review status to “Inquired”. CITIC Securities is its sponsor and plans to raise 1,842 billion yuan.

According to the prospectus, Shi Creative is mainly engaged in R&D, package testing, production and sales of semiconductor memories. The main products can be divided into two categories: embedded memory chips and storage modules. The main application areas of the products include AI smart terminals, intelligent robots, smart cars, industrial and medical equipment, etc., and has actively deployed AI data center storage and vehicle-level storage products.

Specifically, embedded memory chip product types cover eMMC, UFS, LPDDR5X/4X, ePOP, etc., and are widely used in smart phones, AI PCs, smart tablets, set-top boxes, smart TVs, smart wearables, automotive applications, panoramic cameras, educational electronics, drones, robots, 5G modules, and 3D printing.

Storage module products include solid-state drives, memory modules, and mobile storage, which are mainly used in AI PCs, monitoring equipment, intelligent education equipment, e-sports equipment, and in-vehicle applications. The company's main products have the characteristics of high performance and high quality, and have innovative product designs.

In terms of raw materials, the core raw materials of the company's storage products are storage wafers and chips, and a complete supplier procurement system has been established: the important materials involved in the production process mainly include NAND Flash wafers and chips, DRAM wafers and chips, main control wafers and chips, substrates, PCBs, etc.

During the reporting period, the company's top five suppliers accounted for 66.61%, 70.10%, and 65.69% of purchases, respectively, with a high concentration. The production capacity of the company's main raw materials, NAND Flash wafers and DRAM wafers, is concentrated on a small number of suppliers such as Samsung, Micron, SK Hynix, Kioxia, and SanDisk on a global scale.

At the same time, the company's export sales revenue accounted for a relatively high share of the main business revenue. During the reporting period, export sales revenue accounted for 62.17%, 57.55%, and 52.12%, respectively, depending on the stable international trade situation.

On the financial side, in 2023, 2024, and 2025, the company achieved operating income of approximately 1,977 billion yuan, 2,218 billion yuan, and 4.271 billion yuan respectively; for the same period, net profit was approximately -238.903 million yuan, 29.7082 million yuan, and 577 million yuan, respectively.