关于 2024 年年度报告的信息披露监管问询函的 回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 证券代码：688110 证券简称：东芯股份 公告编号：2025-033 东芯半导体股份有限公司 重要风险提示： 存货金额较大及跌价风险 公司存货主要由原材料、委托加工物资、库存商品等构成。公司根据自身库 存情况和客户的需求，并结合对市场的预测拟定采购计划。2024 年末公司存货 账面余额 11.21 亿元，较上年末增长 2.09%；存货账面价值 8.92 亿元，占 2024 年度营业成本的比例为 161.87%，占流动资产的比例为 34.16%，占比较高。 如果未来公司客户需求低迷、市场竞争格局加剧、市场价格持续下行，或公 司未能有效拓宽销售渠道，使得库存产品滞销，可能导致存货库龄变长、可变现 净值降低，公司将面临存货跌价的风险。 毛利率波动风险 公司 2024 年综合毛利率 13.99%，同比上升 2.42 个百分点，其中 NAND 产品 毛利率 11.58%，同比上升 8.25 个百分点，NOR 产品毛利率 23 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Insights - The report highlights significant opportunities in the storage sector driven by continuous price increases, AI catalysis, and accelerated domestic production [2][3][5] - The semiconductor storage market is expected to gradually recover starting from the end of March 2025, with both DRAM and NAND entering an upward price channel [3][16] - The demand for storage is being propelled by AI applications, with expectations for substantial growth in HBM and DDR5 demand by 2025 [4][81] Summary by Sections Price Analysis - The report anticipates sustained price increases in Q3 and Q4, with DDR4 leading the market due to supply-side reforms and production cuts by major manufacturers [15][19] - DRAM and NAND prices are expected to rise significantly, with PC DDR4 contract prices projected to increase by 18-23% in Q3 [24][31] Supply Side - The Chinese semiconductor storage market is projected to grow from approximately 394.3 billion yuan in 2023 to 458 billion yuan in 2025, with DRAM holding the largest market share [59][61] - Major overseas manufacturers are reducing production, benefiting domestic companies and increasing their market share [59][63] Demand Side - The report indicates that DRAM and NAND are entering a long growth cycle, with DRAM demand capacity expected to grow by 16% in 2024 and 15% in 2025 [81][83] - The demand for enterprise-level SSDs is expected to rise significantly, with AI infrastructure driving performance and capacity upgrades [4][81] Technology Trends - The report discusses advancements in 3D NAND technology and the transition to higher efficiency DRAM processes, with expectations for 300-layer NAND production by 2025 [72][73] - The integration of AI technologies is expected to enhance the performance and capacity of storage solutions, particularly in enterprise applications [4][5] Company Dynamics - Domestic storage manufacturers are accelerating their technological advancements and production capabilities, with companies like Jiangbolong and Baiwei Storage leading the charge in high-end storage solutions [5][6][63] - The report emphasizes the importance of self-developed controllers and high-end technology in building competitive advantages for domestic firms [5][6]

Group 1 - Xianghe Investment recently conducted research on Dongxin Co., which has made significant progress in automotive-grade storage products, with SLC NND, NOR, and MCP products passing EC-Q100 certification, suitable for harsher application environments [1] - Dongxin Co. has completed supplier qualification for several domestic automakers and domestic and foreign tier-one automotive suppliers, and has begun selling automotive-grade products to well-known overseas tier-one suppliers [1] - The G100 chip from Lisan received its first batch of packaged chips on May 24, 2025, and has started functional testing, with results meeting expectations; further performance testing and optimization will continue [1] Group 2 - Current terminal demand is in the early development stage but is expected to experience explosive growth in the future, with the company actively laying out high-bandwidth demand terminal applications such as AR glasses, smart robots, and IPC [1] - The company's R&D expenses are continuously increasing, projected to reach 213 million yuan in 2024, accounting for 33.27% of revenue, with further growth expected in 2025, particularly for the new R&D investments in the WiFi7 product line [1]

Core Viewpoint - The company is actively expanding its niche DRAM production capacity and enhancing client layout to capture more market share amid the exit of overseas major manufacturers from the DDR4 memory chip production [1] Group 1 - Major overseas storage manufacturers are gradually reducing or halting the production of DDR4 memory chips [1] - These manufacturers are reallocating resources towards newer products such as DDR5 [1] Group 2 - The company aims to leverage the current market dynamics to increase its market share as competitors withdraw [1]

Core Viewpoint - The recent surge in DDR4 prices is attributed to a supply-demand imbalance caused by major international manufacturers reducing or halting DDR4 production while demand remains strong, creating a market vacuum for DDR4 products [1][2]. Group 1: Price Trends and Market Dynamics - DDR4 prices have seen significant increases, with 8GB and 16GB DDR4 modules experiencing daily price hikes of nearly 8%, which is considered rare [1]. - The contract prices for DDR4 modules in the second quarter are expected to rise by 13% to 18% for personal computers, and by 18% to 23% for servers, indicating a substantial upward revision from previous estimates [1]. Group 2: Demand Drivers - DDR4 remains a focal point of demand due to its compatibility with various applications, particularly in industrial control systems and automotive electronics, where DDR5's capacity is excessive and DDR3 is insufficient [2]. - Despite being in the later stages of its product lifecycle, DDR4 continues to play a crucial role in many sectors, suggesting its relevance will persist for several more years [2]. Group 3: Company Opportunities - Companies like 澜起科技 and 江波龙 are positioned to capitalize on the market gap created by the exit of overseas competitors, with both firms having capabilities to produce DDR4-related products [3]. - 东芯股份 is expanding its production capacity and client engagement across DDR3, DDR4, and low-power product lines, aiming to capture more market share [3]. - 澜起科技 is a leader in memory interface chips and is expected to see DDR5 chip shipments surpass those of DDR4 by 2024, benefiting from trends in AI and the memory interface industry's evolution [3].

Investment Overview - The company has approved an investment of RMB 20 million in Lisan Technology (Shanghai) Co., Ltd. to acquire an additional registered capital of RMB 5 million, with a pre-investment valuation of RMB 200 million for the target company [1] - Other investors will contribute a total of RMB 12.8 million, bringing the total investment to RMB 32.8 million, increasing the registered capital of the target company to RMB 13.2 million [1] Investment Progress - On May 26, 2025, the company received a progress report regarding the G100 chip, which completed its main functional testing on May 25, 2025, with results meeting expectations [2] - The next steps include detailed performance testing and optimization, with plans to send the product for testing to industry clients based on performance tuning [2] Future Considerations - The company will continue to disclose information regarding the investment's progress in accordance with legal regulations and company bylaws [4]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、对外投资概述 证券代码：688110 证券简称：东芯股份 公告编号：2025-032 东芯半导体股份有限公司 关于对外投资的进展公告 2025年5月24日，上海砺算收到了首批封装完成的G100芯片，即刻启动功能 测试。2025年5月25日，G100芯片完成了主要功能测试，截至目前结果符合预期。 下一步，上海砺算将继续进行详细全面的性能测试和优化提升。此外，上海砺算 会基于产品的性能调优情况，尽快向行业内客户送测产品。 三、风险提示 （一）研发风险 2024年8月18日，东芯半导体股份有限公司（以下简称"公司"、"东芯股 份"）召开第二届董事会第十六次会议，审议并通过了《关于投资砺算科技（上 海）有限公司的议案》。基于战略规划考虑与业务发展需要，公司与南京砺算科 技有限公司（以下简称"南京砺算"）、上海砺杰企业管理咨询合伙企业（有限 合伙）（以下简称"上海砺杰"）、宣以方、DEHAI KONG、I-sing Roger Niu 于2024年8月19日签署了《砺算科技（上海） ...

Core Viewpoint - Dongxin Co., Ltd. has received the first batch of packaged G100 chips from Shanghai Lishuan, which have successfully completed major functional testing, indicating progress in the development of their first-generation GPU product [1] Group 1: Company Progress - On May 26, Dongxin Co., Ltd. announced the receipt of a notification from Shanghai Lishuan regarding the progress of the G100 chip [1] - The first batch of G100 chips was received by Shanghai Lishuan on May 24, and functional testing was initiated immediately [1] - As of May 25, the G100 chip has completed major functional testing, with results meeting expectations [1] Group 2: Future Plans - Shanghai Lishuan will continue with detailed and comprehensive performance testing and optimization of the G100 chip [1] - Based on the performance tuning results, Shanghai Lishuan plans to expedite the delivery of the product for testing to industry clients [1] - Dongxin Co., Ltd. indicates that further work remains, including complete functional testing, performance testing, and reliability testing for the G100 chip [1]

Core Viewpoint - The company has approved an investment in Lishan Technology (Shanghai) Co., Ltd. during the board meeting held on August 18, 2024, indicating a strategic move to enhance its investment portfolio [1] Investment Details - The company signed an investment agreement with Nanjing Lishan Technology Co., Ltd. and others, planning to invest 200 million yuan in Lishan Technology, which will increase its registered capital by 5 million yuan [1] - Other investors are set to contribute an additional 128 million yuan, raising Lishan Technology's registered capital to 13.2 million yuan post-investment [1] - The company has already paid the investment amount of 200 million yuan [1]

Investment Rating - The industry investment rating is "Maintain Buy" [7] Core Insights - Samsung Electronics is developing a hybrid CXL module that combines NAND flash memory, aiming for commercialization by 2027 [1][28] - The global DRAM market size in Q1 2025 grew by 42.5% year-on-year to $26.729 billion, driven by strong demand from AI servers and a recovery in PC and mobile demand [2][28] - HBM4 production is imminent, with significant improvements in speed and power efficiency compared to HBM3E, expected to boost demand in AI and high-performance computing markets [3][28] - There is a tightening supply of LPDDR4X resources, leading to significant price increases in the spot market due to production cuts by DRAM manufacturers [4][29] Summary by Sections NAND - Samsung is developing a hybrid CXL module that integrates NAND flash memory, with a target for commercialization in 2027. Recent spot prices for 22 NAND products showed an average fluctuation of 0.64% [1][28] DRAM - The DRAM market saw a 42.5% year-on-year growth in Q1 2025, reaching $26.729 billion, despite an 8.5% quarter-on-quarter decline. The demand is supported by AI server needs and a recovery in PC and mobile sectors [2][28] HBM - HBM4 is set for mass production, featuring a 60% increase in data transfer speed and a 30% reduction in power consumption compared to HBM3E. The number of TSV interfaces has doubled, and the capacity per DRAM has increased from 24Gb to 32Gb [3][28] Market Dynamics - The LPDDR4X market is experiencing supply constraints due to production cuts, resulting in significant price increases. The long-term outlook suggests continued tight supply due to reduced production capacity [4][29] Investment Recommendations - The report maintains a positive outlook on the HBM industry chain and the semiconductor cycle recovery, recommending stocks such as Saiteng Co., Yishitong, and Dongxin Co. [5]