Dapustor Corporation (301666.SZ) has commenced its public subscription process. The shares are priced at 46.08 yuan per share, with a maximum individual subscription limit of 6,500 shares. The listing is on the Shenzhen Stock Exchange, with Guotai Junan Securities acting as the sponsor.
According to its prospectus, Dapustor primarily focuses on the research, development, and sales of data center enterprise-grade SSD products. It is a leading provider of semiconductor storage products and one of the very few domestic companies with full-stack in-house capabilities—encompassing controller chips, firmware algorithms, and module assembly—that has achieved mass production and shipment. The company specializes in data center enterprise-grade SSDs, with product generations covering from PCIe 3.0 to 5.0, comprehensively meeting the needs of various clients. During the reporting period, the company's cumulative shipment volume of enterprise-grade SSDs exceeded 4,900 petabytes, with over 75% of shipments utilizing its self-developed controller chips. Data from IDC indicates that over the past three years, the company has consistently ranked among the top players in the domestic enterprise-grade SSD market, although international manufacturers still hold a dominant position.
Dapustor maintains a strategy driven by technology and innovation, closely following storage technology trends to launch internationally competitive products and solutions ahead of competitors. The company's PCIe SSD series products feature excellent read/write speeds, durability, low latency, and an average failure rate significantly lower than the standards set by JEDEC (Solid State Technology Association), placing their performance at an advanced international level. Furthermore, the company is actively pursuing cutting-edge storage developments; it is one of the first manufacturers globally to achieve mass production of enterprise-grade PCIe 5.0 SSDs and high-capacity QLC SSDs. It is also among the very few storage providers worldwide with the capability to supply both SCM SSDs and computational storage SSDs.
The company's downstream clients and end-users include leading domestic and international internet, cloud computing, and AI companies such as Google, ByteDance, Tencent, Alibaba, JD.com, Baidu, Meituan, Kuaishou, Deepseek, Xiaohongshu, and DiDi. It also serves major domestic server manufacturers like H3C, Inspur, ZTE, Hua Kun Zhen Yu, and Lenovo, as well as the three major telecommunications operators—China Telecom, China Mobile, and China Unicom—along with well-known enterprises in the financial, power, and other sectors.
Since its establishment, Dapustor has persisted in the independent research and development of storage controller chips and firmware algorithms. Its PCIe 4.0 and 5.0 enterprise-grade SSDs, equipped with self-developed controller chips DP600 and DP800, are already in mass sales. With不断增强的研发实力 and a gradually expanding brand influence, the company continues to introduce highly competitive SSD products ahead of the curve, distinguishing itself in the domestic storage market and competing directly with leading international brands. Its business scale and market share have grown rapidly. According to IDC data, over the past three years, the company has maintained a leading position in the domestic enterprise-grade SSD market, although international manufacturers still dominate overall. The company's client base already covers top domestic internet companies, major server manufacturers, the three telecommunications operators, and prominent financial and power enterprises, and it has successfully made sales to Google internationally. In 2025, the company passed the qualification tests for supply chain integration with two global leaders in AI, Nvidia and xAI, with potential for volume orders in the future, forming a significant client resource advantage.
Financially, for the years 2022, 2023, 2024, and the first half of 2025, the company reported operating revenues of approximately 557 million yuan, 519 million yuan, 962 million yuan, and 748 million yuan, respectively. During the same periods, net losses were approximately 534 million yuan, 617 million yuan, 191 million yuan, and 354 million yuan, respectively.