Core Viewpoint - The storage leader Jiangbolong's wholly-owned subsidiary, Yuan Yuzhi Technology, has filed a lawsuit against another listed storage company, Baiwei Storage, over two necessary patent disputes related to eMMC standards, with both parties claiming to fulfill their obligations as patent holders but disagreeing on the negotiation process [1][4]. Group 1: Patent Dispute Details - Yuan Yuzhi Technology claims that the involved patents are necessary for the eMMC standard set by the JEDEC Association, and Baiwei Storage has allegedly infringed these patents by manufacturing and selling products without permission [2][4]. - The original applicants of the two patents in question are Nokia, and after several transfers, the patents are currently licensed to Yuan Yuzhi Technology by Emter Storage Technology [1][2]. Group 2: Legal Framework and FRAND Principles - The eMMC standard is primarily aimed at embedded storage for mobile phones and tablets, and the infringement claims arise from Baiwei Storage's products that comply with this standard [2]. - The FRAND principle, which stands for "Fair, Reasonable, and Non-Discriminatory," is crucial in this context, requiring patent holders to offer licenses under fair terms and preventing unreasonable expansion of patent rights [3][5]. Group 3: Negotiation Process and Claims - Both companies assert adherence to the FRAND principles, but they disagree on whether Baiwei Storage made mistakes during the licensing negotiations, with Yuan Yuzhi claiming Baiwei acted improperly [4][5]. - Baiwei Storage maintains that it has acted in good faith and cooperated fully during the negotiation process, denying any wrongdoing [4][5].

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 - The core viewpoint of the article highlights the extensive product layout of Baiwei Storage in the AI era, covering various fields such as mobile phones, PCs, and smart wearable devices [1] - Baiwei Storage offers a range of products including UFS, LPDDR5/5X, DDR5 overclocked memory bars, and PCIe 5.0 SSDs [1] - The company has established partnerships with well-known enterprises like Google and Meta in the smart wearable sector, projecting revenue of 106 million yuan from AI glasses in 2024, with an expected growth of over 500% in 2025 [1] - Baiwei Storage's advanced wafer-level packaging project is expected to commence production in the second half of 2025, covering various advanced packaging forms [1] - In the smart automotive sector, the company has launched automotive-grade eMMC, LPDDR, and NOR Flash products, which are already in mass production with leading domestic car manufacturers [1] - The company is actively promoting the integration of storage and computing, developing various storage-computing integration technology solutions [1] - The first main control chip, SP1800 eMMC 5.1, has already entered mass production, with plans to advance UFS main control chips in key areas [1] - Baiwei Storage emphasizes the future focus of the storage industry on deep applications in cloud, edge, and endpoint, highlighting the importance of localized delivery capabilities and the integration of storage with advanced packaging [1]

Summary of Storage Industry Conference Call Industry Overview - The storage industry in China is experiencing a significant transformation driven by domestic substitution, with upstream manufacturers improving technology and downstream domestic brands rising, creating opportunities for local module manufacturers to enter the mid-to-high-end market [1][5][18]. Key Points Market Dynamics - The storage industry has faced cyclical fluctuations, with a significant loss in 2022 followed by price increases in 2023 due to upstream production cuts. However, demand weakened in Q2 2024, leading to a price decline [1][6]. - By the end of 2023, upstream manufacturers began reducing production again, resulting in a price recovery in March 2024, with NAND prices showing moderate recovery in May and DDR4 prices rising due to supply-side control [1][6][7]. Price Trends - The overall storage industry is currently in a healthy recovery phase, with controlled production rates from manufacturers and ongoing process iterations in NAND technology. DDR4 prices are rising quickly, indicating potential absorption phenomena [1][7]. - In Q2 2025, storage market prices are expected to exceed expectations, particularly in the DRAM sector, with NAND benefiting from cautious production and increased SSD demand from CSP manufacturers [9][12]. Demand Drivers - The main growth drivers for the Chinese storage industry include domestic opportunities, with upstream manufacturers gaining market share and technology improvements, and the rise of domestic brands responding to localization and national security needs [5][13]. - The enterprise storage market is seeing increased demand, particularly from major domestic clients like Tencent and Alibaba, with orders accelerating since late 2024 [8][15]. Product Performance - In Q2 2025, NAND wafer prices are expected to recover slightly, while DDR market prices are showing significant increases, especially for DDR4, while DDR5 remains stable [9][10]. - The embedded storage market for mobile devices is experiencing healthy growth, with LPDDR showing strong demand [9][10]. Profitability and Margins - The elasticity of gross margins for storage module manufacturers varies based on customer structure and downstream application demand. Companies focusing on the spot market tend to see more significant margin increases compared to those serving large brand clients [11][14]. - The enterprise storage market is expected to see revenue growth outpacing profit growth due to ongoing investments in R&D and capacity, with profitability expected to improve around 2027 [13][15]. Future Outlook - The storage market is projected to show moderate recovery throughout 2025, driven by supply-side constraints and gradual increases in consumer demand [12][18]. - Key companies to watch in the current storage industry trend include Demingli, Jiangbolong, Baiwei, and Zhaoyi Innovation, with Demingli and Baiwei expected to show more significant growth due to their smaller size [19]. Additional Insights - The mid-to-high-end mobile storage market is focusing on three main development directions: packaging technology, embedded main control chips, and optimizing human efficiency to enhance profitability [16][17]. - The overall performance of the storage module industry in Q2 2025 is expected to show a positive trend, driven by price recovery and increased demand from mid-to-high-end mobile and server markets [18].

Core Viewpoint - The storage industry is facing legal disputes over standard essential patents, with Jiangbolong's subsidiary suing Baiwei Storage for patent infringement related to eMMC standards [1][4][7]. Group 1: Legal Dispute Overview - Jiangbolong's subsidiary, Yuan Yuzhi Technology, has filed a lawsuit against Baiwei Storage for two counts of patent infringement, seeking to stop Baiwei's infringing activities and requesting compensation for legal expenses [4][7]. - The patents in question were originally filed by Nokia and are now licensed to Yuan Yuzhi by Emter Storage Technology [4][6]. Group 2: FRAND Obligations - Both companies claim to adhere to FRAND (Fair, Reasonable, and Non-Discriminatory) principles, but they disagree on whether Baiwei Storage has committed any wrongdoing during negotiations [3][6][7]. - Yuan Yuzhi asserts that Baiwei Storage has violated its FRAND obligations, while Baiwei claims it has acted in good faith throughout the licensing discussions [6][7]. Group 3: Implications of the Dispute - The eMMC standard, which is crucial for embedded storage in mobile devices, is at the center of this dispute, raising questions about compliance and patent rights within the industry [4][5]. - Baiwei Storage's legal team believes the lawsuit lacks legal support and anticipates minimal impact on its operations and profits due to the low amount involved and the impending expiration of the patents in question [7].

Core Viewpoint - The storage industry is experiencing a significant downturn in 2023, with major players reducing expenditures, yet the company, Baiwei Storage, is increasing its R&D investments to prepare for future growth [2][10]. Group 1: Financial Performance - In 2023, Baiwei Storage reported a loss exceeding 600 million yuan, but its R&D investment rose to 250 million yuan, a year-on-year increase of 97.77% [2]. - For 2024, Baiwei Storage anticipates revenue of 6.695 billion yuan, representing an 86.46% year-on-year growth, and a net profit of 161 million yuan, up 125.82% [2]. Group 2: R&D and Technology - Baiwei Storage has achieved over 80% of its testing equipment through self-research, breaking through structural barriers in the industry [5]. - The company has invested over 800 million yuan in R&D over the past three years, with 447 million yuan allocated in 2024, a 78.99% increase year-on-year [5]. Group 3: Strategic Positioning - The company emphasizes the importance of mastering technology and establishing a differentiated identity to ensure product quality and long-term survival [6][8]. - Baiwei Storage strategically entered the storage testing and packaging segment to enhance its control over product quality and meet customer demands [7]. Group 4: Market Outlook and AI Integration - Baiwei Storage is preparing for the AI sector, with revenue from AI-related products exceeding 1 billion yuan in 2024, a growth of approximately 294% [10]. - The company views AI glasses as a significant growth opportunity, leveraging its integrated R&D and testing capabilities to meet the high demands of this market [11].

Group 1 - The core point of the article is that Baiwei Storage provides ePOP storage chips for Xiaomi's AI glasses, indicating a significant partnership in the tech industry [1] - The ePOP storage chip has a capacity of 32GB+2GB, which combines flash memory and RAM in a vertically stacked package [1] - Baiwei Storage has become a major supplier of storage chips for various AI glasses manufacturers, including Meta, Rokid, and Thunderbird Innovation, in addition to Xiaomi [1]

证券代码：688525 证券简称：佰维存储 公告编号：2025-038 深圳佰维存储科技股份有限公司 关于签署募集资金专户存储监管协议之补充协议的 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。 一、募集资金基本情况 根据中国证券监督管理委员会于 2025 年 3 月 10 日出具的《关于同意深圳 佰维存储科技股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕 447 号），同意深圳佰维存储科技股份有限公司（以下简称"公司"）2023 年 度向特定对象发行 A 股股票（以下简称"本次发行"或"本次向特定对象发行"）。 公司本次向特定对象发行人民币普通股 30,025,284 股，发行价格为每股人民币 63.28 元，共募集资金人民币 1,899,999,971.52 元，扣除不含税发行费用人民币 29,314,551.81 元，实际募集资金净额为人民币 1,870,685,419.71 元。上述资金 到位情况已经天健会计师事务所（特殊普通合伙）审验，并出具了天健验〔2025〕 3-16 号《验资报告》。 ...

Core Viewpoint - Shenzhen Biwin Storage Technology Co., Ltd. is currently involved in two lawsuits regarding patent infringement, with the company as the first defendant. The company believes that the lawsuits will not significantly impact its operations or financial status due to adherence to the FRAND principle and the impending expiration of the involved patents [1][2][6]. Summary by Sections Lawsuit Overview - The company received a summons from the Nanjing Intermediate People's Court on June 24, 2025, regarding two lawsuits filed by Yuan Yuzhi Technology (Shenzhen) Co., Ltd., a subsidiary of Jiangbolong Electronics [2][3]. - The lawsuits involve claims for stopping the manufacture and sale of eMMC products and the destruction of inventory, with a total claim amount of approximately RMB 608,425 for each case [3][4]. Details of the Cases - **Case One**: - Case Number: (2025) Su 01 Minchu 1539 - Involves a patent related to methods for booting host devices from MMC/SD devices, originally filed by Nokia and expiring on November 27, 2026 [3][4]. - **Case Two**: - Case Number: (2025) Su 01 Minchu 1541 - Involves a similar patent with the same expiration date and original applicant [4][5]. Company’s Position and Impact Assessment - The company has assessed that the lawsuits will not have a major adverse effect on its production, operations, or financial condition [1][2][6]. - The company has a strong patent portfolio with 404 patents, including 150 invention patents, which supports its technological leadership [6]. - The company maintains that it has acted in good faith during licensing negotiations and has not committed any significant wrongdoing [7][8]. - The company plans to file a request for invalidation of the involved patents with the National Intellectual Property Administration [8]. Future Actions - The company will actively defend its rights and interests in the lawsuits and will continue to disclose information regarding the progress of the cases in accordance with relevant regulations [2][9].

Core Viewpoint - Bawei Storage has received a lawsuit regarding patent infringement from Yuan Yuzhi Technology (Shenzhen) Co., Ltd., which claims that Bawei Storage and Jiangsu Jinzhen Mobile Chain Trading Co., Ltd. have infringed on two of its invention patents, seeking a total compensation of RMB 1,216,850 [4][5]. Summary by Sections Lawsuit Overview - The lawsuit involves two patents with numbers ZL200680051271.3 and ZL201110159902.6, with Yuan Yuzhi demanding Bawei Storage to cease manufacturing and selling related products [5]. Company Response - Bawei Storage emphasizes its commitment to fair and reasonable negotiations and believes the lawsuit lacks legal support. The company also notes that the patents in question will expire on November 27, 2026, after which the claims will no longer be valid [6]. Impact on Company - The company asserts that the lawsuit will not significantly affect its operations or financial status, and it expects minimal impact on current and future profits. Bawei Storage will continue to supply its customers without interruption [7]. Future Outlook - Bawei Storage plans to contest the claims regarding the patents and will file for invalidation of the patents with the National Intellectual Property Administration. The company remains focused on innovation and protecting its intellectual property rights [8]. Company Confidence - The board of Bawei Storage expresses confidence in handling the lawsuit and emphasizes its commitment to core business operations and providing high-quality products and services to customers [9].