A-share subscription | Diapuwei (301666.SZ) opens subscription for the world's first mass-produced enterprise-grade PCIe 5.0 SSD and large-capacity QLC SSD storage manufacturer.

On April 3, Da Puwei (301666.SZ) started its IPO with an issue price of 46.08 yuan per share and a subscription limit of 0.65 million shares, listed on the Shenzhen Stock Exchange, with Guotai Haitong as its sponsor. According to the prospectus, Da Puwei mainly engages in the research and sales of enterprise-level SSD products for data centers, and is one of the few domestic semiconductor storage product providers with self-developed capabilities for enterprise-level SSD "controller chip + firmware algorithm + module" stack and mass production. Da Puwei focuses on enterprise-level SSDs for data centers, with product coverage spanning from 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-level SSDs exceeded 4,900PB, with the proportion of shipments carrying self-developed controller chips exceeding 75%. According to IDC data, the company has maintained a leading market share in the domestic enterprise-level SSD market in the past three years, while international manufacturers still dominate the market. Da Puwei has always adhered to technology and innovation-driven development, grasping the trends in storage technology development and launching internationally competitive products and solutions ahead of time. The company's PCIe SSD series products boast excellent read/write speeds, durability, low latency, and an average failure rate well below the JEDEC (Joint Electron Device Engineering Council) standard, positioning its product performance at an international advanced level. Additionally, the company continues to focus on the development of cutting-edge storage solutions, being one of the world's first mass producers of enterprise-level PCIe 5.0 SSDs and high-capacity QLC SSDs, and one of the few storage manufacturers with capabilities in SCM SSDs and computational storage SSDs. The company's downstream customers and end users include top domestic and international internet, cloud computing, and AI companies such as Google, ByteDance, Tencent, Alibaba, JD.com, Baidu, Meituan, Kuaishou, Deepseek, Xiaohongshu, and Didi, as well as leading domestic server manufacturers such as Inspur, Super Fusion, ZTE, Huawei KunZhenYu, and Lenovo, the three major Chinese telecommunication operators, as well as renowned companies in the finance, electricity, and other industries. Since its establishment, Da Puwei has persisted in independent research and development of storage controller chips and firmware algorithms, with its enterprise-level SSDs featuring self-developed controller chips DP600 and DP800 already achieving mass sales for PCIe 4.0 and 5.0. With continuously strengthening research and development capabilities and gradually increasing brand influence, the company continues to lead the market with highly competitive SSD products, distinguishing itself in the domestic storage market, competing with international leading brands, and rapidly growing its business scale and market share. According to IDC data, the company has maintained a leading market share in the domestic enterprise-level SSD market in the past three years, while international manufacturers still dominate the market. The company's downstream customers and end users already encompass top domestic internet companies, leading server manufacturers, major telecommunication operators, renowned financial and electricity companies, and have even achieved sales to Google internationally. By 2025, the company has successfully tested with two global AI leaders, Nvidia and xAI, and is expected to gradually ramp up sales, forming a clear customer resource advantage. In terms of finances, in 2022, 2023, 2024, and the first half of 2025, the company's operating income reached approximately 557 million yuan, 519 million yuan, 962 million yuan, and 748 million yuan respectively; during the same period, the net profit was approximately -534 million yuan, -617 million yuan, -191 million yuan, and -354 million yuan respectively.