en.Wedoany.com Reported - The China Securities Regulatory Commission approved the initial public offering registration of Shanghai Enflame Technology Co., Ltd. on July 9, and the company will be listed on the STAR Market.

According to Enflame Technology's prospectus, the company plans to raise 6 billion yuan for projects including the research, development, and industrialization of products based on the fifth-generation AI chip series, the research, development, and industrialization of products based on the sixth-generation AI chip series, and advanced artificial intelligence software and hardware collaborative innovation projects.

The company's operating revenue increased from 300 million yuan in 2023 to 990 million yuan in 2025, with a compound annual growth rate of 81.32% during the period. The ratio of accounts receivable balance to operating revenue dropped significantly from 82.15% at the end of 2023 to 29.34% at the end of 2025, indicating continuous improvement in revenue collection. From 2023 to 2025, the company's net loss attributable to the parent company narrowed from 1.66 billion yuan to 1.16 billion yuan. Enflame Technology stated that the company must maintain a parallel R&D system of "pre-research one generation, develop one generation, and mass-produce one generation" to sustain product competitiveness. The R&D iteration of domestic AI chips not only requires substantial R&D investment in the early design phase but also necessitates coordination with upstream wafer foundries and packaging and testing factories to align process technologies, ensure successful tape-outs, and improve mass production yields. At the same time, it must adapt to downstream customers' business scenarios to guarantee user experience and cost-effectiveness. Although continuous rigid R&D investment has impacted short-term profitability, it also serves as a guarantee for future performance release.