每经AI快讯，恒烁股份（SH 688416，收盘价：49.37元）9月24日晚间发布公告称，公司第二届第十一 次董事会会议于2025年9月24日在公司会议室以现场结合通讯的方式召开。会议审议了《关于提请股东 会授权董事会办理公司2025年限制性股票激励计划有关事项的议案》等文件。 每经头条（nbdtoutiao）——"9·24"一周年，A股总市值破116万亿元！四大变革重塑中国资本市场新生 态 （记者 王瀚黎） 截至发稿，恒烁股份市值为41亿元。 2024年1至12月份，恒烁股份的营业收入构成为：集成电路占比99.91%，其他业务占比0.09%。 ...

格隆汇9月24日丨恒烁股份(688416.SH)公布2025年限制性股票激励计划，公司2025年限制性股票激励计 划拟向激励对象授予限制性股票107.9万股，约占本次激励计划草案公告时公司总股本的1.30%。本次授 予为一次性授予，无预留权益。 ...

格隆汇9月23日丨恒烁股份(688416.SH)在投资者互动平台表示，公司现有主营产品包括NORFlash存储芯 片、基于Arm®Cortex®-M0+内核架构的通用32位MCU芯片、AI芯片业务（通用AI SoC芯片、AI算法模 型和AI模组板卡）和大容量存储模组产品（SPI NAND、SD NAND、PPI NAND、eMMC、DRAM）， 主要应用下游包含消费电子、工业控制等领域。公司的DDR4模组暂未应用于云端算力。 ...

Group 1 - The storage industry is currently experiencing a favorable trend driven by the AI wave, leading to a restructuring of supply and demand [1] - The ongoing changes in the industry are characterized as structural changes driven by technological innovation, indicating strong sustainability [1] - The company's main products include large-capacity storage module products, such as NAND Flash and DRAM, with a steady increase in shipment volume expected to contribute positively to the company's performance [1]

Market Overview - The global NOR Flash market revenue is expected to exceed $2.6 billion by 2025, with applications divided into four main categories: PC (approximately 13%), automotive (approximately 21%), industrial (approximately 27%), and consumer (over 30%) [2] - Emerging consumer applications, including AI headphones, glasses, and toys, show significant demand growth, making them the most prosperous sector [2] - AI server shipments have increased significantly, with strong price support, while demand for AI PCs, automotive electronics, and industrial sectors (non-AI server) has also risen considerably [2] Competitive Landscape - Domestic AI server manufacturers are shifting from "copying" to self-replacement, with an expected replacement share of around 20% this year, indicating a clear trend of replacing Taiwanese manufacturers [2] - This shift presents new market opportunities for A-share storage chip manufacturers such as Zhaoyi Innovation, Beijing Junzheng, Fudan Microelectronics, Dongxin Co., Puran Co., Jucheng Co., and Hengsuo Co. [2] R&D Investment - Zhaoyi Innovation leads in R&D investment with 567.68 million yuan, followed by Fudan Microelectronics with 508.61 million yuan, and Beijing Junzheng with 348.28 million yuan [5] - In terms of R&D expenses as a percentage of revenue, Dongxin Co. ranks first at 30.74%, followed by Fudan Microelectronics at 27.66%, and Hengsuo Co. at 24.58% [7] R&D Personnel - Zhaoyi Innovation has the highest number of R&D personnel at 1,481, followed by Fudan Microelectronics with 1,113, and Beijing Junzheng with 760 [8] Product Development - Zhaoyi Innovation has a diverse product matrix including NOR Flash, SLC NAND Flash, and niche DRAM, covering various applications in consumer electronics, industrial, communications, and automotive sectors [9] - The company launched a dual-voltage supply SPI NOR Flash product for 1.2V SoC applications, enhancing its strategic layout in embedded storage solutions [10] - Beijing Junzheng's storage chip categories include SRAM, DRAM, and Flash, with a strong presence in automotive and industrial markets [11] - Fudan Microelectronics has a comprehensive product layout in non-volatile memory, with new SONOS platform products entering mass production [12] - Puran Co. offers a full range of EEPROM and NOR Flash products, catering to various applications including smartphones and AI devices [13] - Hengsuo Co. is expanding its product line to include DRAM memory products and has launched DDR4 products in 2025 [15] - Dongxin Co. has achieved mass production of its 1xnm flash memory products and is continuously optimizing its design and process [16]

Industry Overview - The storage chip market, particularly NOR Flash, is experiencing rapid growth driven by advancements in technologies such as artificial intelligence and the Internet of Things, despite a lackluster performance last year due to supply and demand factors [2] - In the first half of this year, the market showed signs of recovery with significant inventory reduction and gradual demand restoration, particularly in industrial markets and supported by long-term demand from AI and high-performance computing [2] - Starting from the third quarter, overall storage demand is rebounding, with prices showing an upward trend, indicating a positive outlook for the second half of the year [2] Company Performance - In the first half of the year, the revenue rankings among storage chip manufacturers are as follows: Zhaoyi Innovation (4150.31 million), Beijing Junzheng (2249.11 million), Fudan Microelectronics (1838.85 million), Puran Co. (906.70 million), Jucheng Co. (574.86 million), Dongxin Co. (342.99 million), and Hengshuo Co. (174.28 million) [3] - Zhaoyi Innovation leads in net profit with 575.48 million, followed by Jucheng Co. (205.15 million) and Beijing Junzheng (203.12 million), while Dongxin Co. and Hengshuo Co. reported losses of 110.97 million and 70.78 million respectively [4] - In terms of gross margin, Jucheng Co. has the highest at 60.25%, followed by Fudan Microelectronics at 56.80%, and Zhaoyi Innovation at 37.21% [5] Inventory Management - Fudan Microelectronics holds the highest inventory at 3088.98 million, followed by Beijing Junzheng (2773.43 million) and Zhaoyi Innovation (2400.65 million) [6] - Inventory turnover days are highest for Fudan Microelectronics at 705 days, with Dongxin Co. at 596 days and Hengshuo Co. at 355.66 days, while Zhaoyi Innovation has the lowest at 163.95 days [7] - In terms of inventory impairment provisions, Fudan Microelectronics has the highest at 548.26 million, followed by Zhaoyi Innovation (287.39 million) and Beijing Junzheng (263.53 million) [7]

Group 1 - The A-share market for storage chip stocks has strengthened, with Jiangbolong rising over 16%, Demingli and Dawi shares hitting the 10% limit, and several other companies experiencing gains of over 5% [1] - Micron has notified channels of a price increase of 20%-30% for storage products, while Samsung has informed major clients of a projected price increase of 15%-30% for DRAM products in Q4 [1] - North American internet giants are seeing revenue and profit exceed expectations this year, driven by the expanding scale of AI usage and rapid penetration of AI applications [1] Group 2 - Research institutions believe that the price increases from SanDisk, Micron, and Samsung indicate an unexpected surge in the storage market, countering previous concerns about price pressure in Q1 2026 [1] - Current demand from data centers remains strong, with high-end product capacity utilization at full, and limited new capacity being added by NAND manufacturers [1] - Northeast Securities states that the global storage industry is undergoing a historic transition from cyclical fluctuations to technology-driven growth, with the price surge confirming an industry turning point [1] Group 3 - The following companies have shown significant stock performance: - Jiangbolong: +16.42%, market cap 55.6 billion, YTD increase 54.31% - Demingli: +10.00%, market cap 32 billion, YTD increase 126.94% - Dawi shares: +9.99%, market cap 4.467 billion, YTD increase 38.88% - Wanrun Technology: +6.93%, market cap 12.4 billion, YTD increase 20.86% - Pulang shares: +6.47%, market cap 16.1 billion, YTD increase 51.27% - Lianyun Technology: +6.19%, market cap 24 billion, YTD increase 27.72% - Shannon Chip: +6.00%, market cap 37.1 billion, YTD increase 181.47% - Baiwei Storage: +5.51%, market cap 38.3 billion, YTD increase 32.53% - Hengsuo shares: +5.20%, market cap 3.96 billion, YTD increase 22.44% [2]

恒烁股份于2022年8月29日在上交所科创板上市，发行新股数量为2,066.00万股，占本次发行后总股 本的25.00%，发行价格为65.11元/股。恒烁股份的保荐机构（主承销商）是国元证券，保荐代表人是姬 福松、梁化彬。该股目前处于破发状态。 中国经济网北京9月17日讯 恒烁股份（688416.SH）2025年半年度报告显示，2025年上半年，公司实 现营业收入为1.74亿元，同比下降1.79%；归属于上市公司股东的净利润为-7078.24万元；归属于上市公 司股东的扣除非经常性损益的净利润为-7725.94万元；经营活动产生的现金流量净额4037.61万元。 | 人民币 | | --- | | 币种: | | 元 | | 单位: | | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报告期比上年 同期增减(%) | | --- | --- | --- | --- | | 营业收入 | 174,275,106.79 | 177.454.444.50 | -1.79 | | 利润总额 | -70.824.859.92 | -74,512,542.56 | 不适用 | | 归属于上市公司股东的净 ...

截至发稿，钟帅累计任职时间5年48天，现任基金资产总规模82.53亿元，任职期间最佳基金回报 158.06%， 任职期间最差基金回报4.8%。 从基金十大重仓股角度 数据显示，华夏基金旗下1只基金重仓恒烁股份。华夏招鑫鸿瑞混合A（018730）二季度增持4.49万股， 持有股数26.85万股，占基金净值比例为5.74%，位居第八大重仓股。根据测算，今日浮盈赚取约57.72 万元。 数据显示，华夏基金旗下1只基金位居恒烁股份十大流通股东。华夏行业景气混合（003567）二季度增 持229.82万股，持有股数314.36万股，占流通股的比例为6.54%。根据测算，今日浮盈赚取约675.87万 元。 华夏行业景气混合（003567）成立日期2017年2月4日，最新规模72.61亿。今年以来收益49.16%，同类 排名881/8174；近一年收益99.56%，同类排名463/7981；成立以来收益357.78%。 华夏行业景气混合（003567）基金经理为钟帅。 华夏招鑫鸿瑞混合A（018730）成立日期2024年1月16日，最新规模1亿。今年以来收益52.31%，同类排 名722/8174；近一年收益121.66% ...

Group 1 - The storage chip sector in the A-share market experienced significant gains, with several companies reaching their daily limit up [1] - Notable performers included Jingzhida with a 20% increase, Shannong Xinchuan up over 17%, and Jiangbolong rising over 15% [1][2] - Other companies such as Tongyou Technology, Pulang Co., Beijing Junzheng, and Baiwei Storage also saw substantial increases, ranging from 10% to 13% [1][2] Group 2 - The total market capitalization of Jingzhida is 12.6 billion, with a year-to-date increase of 84.54% [2] - Shannong Xinchuan has a market cap of 35.1 billion and a year-to-date increase of 166.48% [2] - Jiangbolong's market cap stands at 47.1 billion, with a year-to-date increase of 30.62% [2]