芯天下技术股份有限公司在A股上市受阻后，已向香港交易所递交主板上市申请[1]。这家全球代码型闪存无晶圆厂企业排名第五，市占率仅为1.3%[1]。公司最新财务数据显示了惊人的增长势头：2026年一季度营收同比增长77.4%至2.24亿元，净利润暴增至7589万元，接近2025年全年净利润的三倍，毛利率亦大幅提升至55.63%[1]。
然而亮眼的业绩增长背后隐藏着风险。公司SLC NAND产品均价同比大幅上升235.22%至13.04元，但销量反而下滑34.39%[1]，表明增长主要驱动力来自行业涨价周期而非需求增量。与此同时，芯天下采取了激进的囤货策略，存货在一季度跳高至4.24亿元，同比增长44.3%[1]。这导致现金流承压，2026年一季度经营性现金流净额为负4542.6万元[1]。
上市前景还面临多重挑战。2025年8月至11月期间，上海国投套现约1.5亿元，深创投系套现约5990万元，实控人龙冬庆也套现2560万元[1]。公司此前在A股的上市历程也并不顺利——2022年11月自创业板IPO过会后未进入注册环节，2023年12月主动撤回申请[1]。监管层面，中国证监会在2026年6月要求公司补充说明历次增资及股权转让的定价依据[1]。
Xintianxia Technology Co., Ltd. has submitted a main board listing application to the Hong Kong Stock Exchange following its unsuccessful attempt to go public on China's A-share market [1]. The company reported first-quarter 2026 revenue of 224 million yuan, representing year-over-year growth of 77.4%, with net profit surging to 75.89 million yuan—nearly triple the company's full-year 2025 earnings [1]. Gross margin expanded by 41.27 percentage points to 55.63% [1].
However, the company's strong financial performance masks underlying vulnerabilities. The revenue and profit surge is primarily driven by industrywide price increases and the company's aggressive inventory accumulation strategy [1]. First-quarter inventories jumped 44.3% year-over-year to 424 million yuan [1], while operating cash flow deteriorated to negative 45.43 million yuan [1]. SLC NAND products experienced a 235.22% price increase to 13.04 yuan per unit, but sales volumes fell 34.39% over the same period [1]. Xintianxia ranks fifth globally among fabless code-type NAND flash manufacturers with a 1.3% market share [1].
The company faces additional headwinds from shareholder exits and regulatory scrutiny. Between August and November 2025, major shareholders liquidated positions, including Shanghai State Investment's 150 million yuan sale and Deep Tech Venture's 59.9 million yuan exit, while controlling shareholder Long Dongqing cashed out 25.6 million yuan [1]. Cumulatively, the company distributed over 51.5 million yuan in dividends across 2024 and 2025 [1]. In June 2026, China's Securities Regulatory Commission demanded supplementary clarifications regarding the pricing basis for previous capital increases and equity transfers [1].
The company previously advanced to the listing committee stage for the Growth Enterprise Market in November 2022 but did not enter the registration phase and formally withdrew its application in December 2023 [1].