智通财经APP获悉，兆易创新(03986)再涨超5%，截至发稿，涨5.47%，报323.8港元，成交额1.34亿港 元。 消息面上，兆易创新此前发布业绩预告，预计2025年实现营业收入92亿元左右，同比增长25%左右；预 计实现归母净利润16.10亿元左右，同比增长46%左右。公司业绩增长主要系AI算力建设提速带动需求 显著提升，公司面向PC、服务器、汽车电子等领域产品深度受益，存储行业周期稳步上行，供需结构 优化推动产品价量齐升。 此外，兆易创新拟使用A股募集资金5亿元向全资子公司珠海芯存增资，并由珠海芯存使用A股募集资金 向全资孙公司合肥芯存、全资孙公司西安芯存分别增资3000万元、5000万元，以实施DRAM募投项目。 ...

兆易创新发布公告，根据财务部门的初步测算，预计于2025年取得归属于上市公司股东的净利润为人民 币16.1亿元左右，较上年同期增加人民币5.07亿元左右，增长46%左右。预计于2025年取得归属于上市 公司股东的扣除非经常性损益的净利润为人民币14.23亿元左右，较上年同期增加人民币3.93亿元左右， 增长38%左右。预计于2025年取得营业收入人民币92.03亿元左右，较上年同期增加人民币18.47亿元左 右，增长25%左右。 智通财经APP获悉，香港联交所最新资料显示，1月26日，兆易创新(03986)股东将股票由花旗银行转入 高盛(亚洲)证券，转仓市值4.55亿港元，占比4.99%。 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新数据显示，1月16日，上海景林资产管理有限公司减持兆易创新（03986）20.31万股， 每股作价241.7306港元，总金额约为4909.55万港元。减持后最新持股数目为169.63万股，最新持股比例 为5.87%。 责任编辑：卢昱君 香港联交所最新数据显示，1月16日，上海景林资产管理有限公司减持兆易创新（03986）20.31万股， 每股作价241.7306港元，总金额约为4909.55万港元。减持后最新持股数目为169.63万股，最新持股比例 为5.87%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

本交易涉及关联方：Xizang Jingning Corporate Management Company Limited、蒋锦志。 智通财经APP获悉，香港联交所最新数据显示，1月16日，上海景林资产管理有限公司减持兆易创新 (03986)20.31万股，每股作价241.7306港元，总金额约为4909.55万港元。减持后最新持股数目为169.63 万股，最新持股比例为5.87%。 ...

Core Viewpoint - The company, Zhaoyi Innovation, is experiencing a positive market response with a stock price increase of 4.43% to 329.8 HKD, following the announcement of a significant capital increase for its subsidiaries aimed at advancing DRAM chip development and industrialization [1] Group 1: Company Actions - Zhaoyi Innovation announced a capital increase of 500 million CNY to its wholly-owned subsidiary, Zhuhai Hengqin Chip Storage Semiconductor Co., Ltd [1] - The capital will also be allocated to its wholly-owned subsidiaries, Hefei Chip Storage Semiconductor Co., Ltd and Xi'an Chip Storage Semiconductor Co., Ltd, with increases of 30 million CNY and 50 million CNY respectively [1] - This capital increase is intended to support the implementation of DRAM chip research and industrialization projects without altering the investment direction or project construction content of the raised funds [1] Group 2: Product Development - The company has successfully mass-produced its first self-branded 4Gb DDR4 product, the GDQ2BFAA series, achieving full domestic production from design to testing and validation [1] - The Vice President and General Manager of the DRAM Division stated that the company will accelerate the layout of its DRAM product line, introducing various capacity series products with DDR3 and DDR4 interfaces [1] - The aim is to provide comprehensive solutions for various applications in consumer platforms, thereby opening up more possibilities for the industry through a diverse range of products and solutions [1]

Summary of GigaDevice Semiconductor Beijing Inc Conference Call Company Overview - **Company**: GigaDevice Semiconductor Beijing Inc - **Industry**: Technology Semiconductors - **Market Cap**: Rmb201,221 million - **Stock Rating**: Overweight - **Price Target**: Rmb288.00 - **Current Price**: Rmb301.47 (as of January 22, 2026) - **52-Week Range**: Rmb314.80 - 98.87 Key Financial Metrics - **4Q25 Revenue**: Rmb2.4 billion, down 12% Q/Q, up 39% Y/Y, 30% below estimate, and 12% below consensus [6] - **4Q25 Net Profit**: Rmb527 million, up 4% Q/Q, up 95% Y/Y, 29% below estimate, and 1% above consensus [6] - **2025 Actual Expenses**: Rmb1,182 million, in line with budget of Rmb1,161 million [6] - **1H26 Budget**: Rmb1,547 million, 31% higher than full-year 2025 budget due to higher DRAM wafer costs [6] - **EPS Forecast**: - 2025: Rmb2.65 - 2026: Rmb6.69 - 2027: Rmb8.69 [4] Margin Expansion - **1H26 Margin Outlook**: Expected to improve due to lower cost hikes compared to DDR4 pricing increases (50% to 100%) [6] - **Key Drivers**: Continued price hikes in DDR4/3, NOR Flash, and SLC NAND, along with a strong MCU business aiming to gain market share in China [6] Valuation and Risks - **Valuation Methodology**: Price target derived from a residual income model with key assumptions including a cost of equity of 8.9% and a medium-term growth rate of 18.5% [7] - **Risks to Upside**: - NOR up-cycle driven by stronger demand - Superior chip design leading to increased exposure to low-density NOR - Faster-than-expected DRAM development [9] - **Risks to Downside**: - NOR down-cycle driven by weaker demand - Inferior chip design leading to increased exposure to mid/high-density NOR - Slower-than-expected DRAM development [9] Analyst Sentiment - **Overall Sentiment**: Analysts remain optimistic about GigaDevice's potential to benefit from industry trends and its strong market position [2] - **Industry View**: Attractive, indicating positive expectations for the semiconductor sector in Greater China [4] Additional Insights - **Related Party Transactions**: Mentioned in the context of earnings miss, indicating potential complexities in financial reporting [1] - **Long-term Potential**: Emphasis on customized DRAM as a growth area, suggesting strategic focus on innovation and market needs [6] This summary encapsulates the key points from the conference call, highlighting GigaDevice's financial performance, market outlook, and strategic positioning within the semiconductor industry.

Core Viewpoint - The company, Zhaoyi Innovation (03986), announced that its senior management has completed a share reduction plan, resulting in a minor decrease in the total number of A-shares outstanding [1] Group 1: Share Reduction Details - As of January 23, 2026, the company's Vice Chairman and General Manager, He Wei, along with other senior executives, have collectively reduced their holdings by 244,500 shares [1] - This reduction represents 0.0366% of the company's current A-share ordinary stock [1] - The share reduction was executed through a centralized bidding method, and the plan has now been fully implemented by the mentioned executives [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 GigaDevice Semiconductor Inc. 兆易創新科技集團股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：3986） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 而 作 出。 茲載列兆易創新科技集團股份有限公司（「本公司」）在上海證券交易所網站刊 登 的 以 下 資 料 中 文 全 文，僅 供 參 閱。 承董事會命 兆易創新科技集團股份有限公司 董事長兼執行董事 朱一明先生 中 國，北 京，2026年1月23日 截 至 本 公 告 日 期，董 事 會 包 括：(i)執 行 董 事 朱 一 明 先 生、何 衛 先 生 及 胡 洪 先 生； (ii)非 執 行 董 事 文 恬 女 士；及(iii)獨 立 非 執 行 董 事 周 海 濤 先 ...

Core Viewpoint - The storage chip sector is experiencing a significant investment surge, with stocks in A-shares, Hong Kong, and the US showing substantial gains, indicating the potential onset of a super bull market cycle in the storage chip industry [1][2]. Group 1: Price Trends and Market Dynamics - Major manufacturers like Samsung and SK Hynix are expected to raise storage chip prices by an average of 30% in Q4 2025, with continued price increases into 2026 [1]. - The memory DRAM and flash prices have seen double-digit increases compared to the end of last year, with forecasts suggesting a further 40%-50% rise in Q1 2026 and an additional 20% in Q2 2026 [1][2]. - The storage chip sector has seen a price increase of over 25% in A-shares and nearly 40% in US stocks in January, with Hong Kong stocks also rising over 20% [2]. Group 2: Supply and Demand Drivers - The storage industry is entering a new cycle driven by both supply constraints and demand from AI applications, with the market expected to grow until 2027 [3][7]. - The demand for DRAM and NAND Flash is primarily driven by servers, smartphones, and personal computers, which together account for 80% and 75% of their respective markets [6]. - The supply of DRAM is dominated by a few key players, with SK Hynix, Samsung, and Micron holding a combined market share of 97.49% [8]. Group 3: AI Impact and Future Projections - The rapid iteration of AI models is driving demand for AI-enabled devices, with AI PCs expected to become the fastest-growing segment, projected to reach 114 million units by 2025, a 165.5% increase year-on-year [10]. - Capital expenditures by major cloud service providers are expected to reach $260.9 billion in 2024, with a compound annual growth rate of 21.6%, indicating strong future demand for AI applications [11]. - The introduction of AI applications is expected to significantly increase the demand for high-performance servers, with AI server penetration nearing 20% by 2025 [10]. Group 4: Investment Opportunities - Key players in the A-share market include Jiangbo Long and Yingfangwei, with Jiangbo Long showing a revenue growth rate of 44.8% from 2022 to 2024 [13]. - In the US market, Micron Technology and Western Digital are leading players, with significant stock price increases of 3.74 times and 4.42 times, respectively, since 2025 [15]. - In the Hong Kong market, Zhaoyi Innovation is a leading player in the storage chip sector, with a market share in NOR Flash ranking second globally and first in mainland China [16].

于2025年，本集团的收入实现稳定增长，这主要得益于技术创新、行业周期增长及公司战略的有效实施 所带来的多重协同效应。在技术层面，AI算力的加速发展显着拉动了需求，本集团在PC、服务器及汽 车电子领域的产品深获裨益。在行业层面，存储行业进入稳定上行周期，供需格局的优化推动产品价格 与销量的同步提升。 智通财经APP获悉，兆易创新(03986)盈喜后涨近6%，截至发稿，涨5.91%，报315.6港元，成交1.02亿港 元。 消息面上，1月22日，兆易创新发布公告，根据财务部门的初步测算，预计于2025年取得归属于上市公 司股东的净利润为人民币16.1亿元左右，较上年同期增加人民币5.07亿元左右，增长46%左右。预计于 2025年取得归属于上市公司股东的扣除非经常性损益的净利润为人民币14.23亿元左右，较上年同期增 加人民币3.93亿元左右，增长38%左右。预计于2025年取得营业收入人民币92.03亿元左右，较上年同期 增加人民币18.47亿元左右，增长25%左右。 ...