深圳佰维存储科技股份有限公司 战略与可持续发展委员会议事规则 深圳佰维存储科技股份有限公司 战略与可持续发展委员会议事规则 第一章 总则 第一条 为适应深圳佰维存储科技股份有限公司（以下简称"公司"）战略发 展需要，增强公司核心竞争力，确定公司发展规划，健全投资决策程序，加强决 策科学性，提高重大投资决策的效益和决策的质量，完善公司的治理机构，根据 《中华人民共和国公司法》（以下简称《公司法》）《上市公司治理准则》等相关 法律法规及《深圳佰维存储科技股份有限公司章程》（以下简称《公司章程》）的 规定，公司特设立董事会战略与可持续发展委员会，并制订本议事规则。 第二条 董事会战略与可持续发展委员会是董事会设立的专门工作机构，主 要负责对公司长期发展战略、重大投资决策及环境、社会、公司治理（以下简称 "ESG"）工作进行研究并提出建议。 第二章 人员组成 第三条 战略与可持续发展委员会由三名董事组成。 第四条 公司董事长为战略与可持续发展委员会固有委员，其他委员由董事 长、二分之一以上独立董事或者三分之一以上董事提名，并由董事会选举产生。 第五条 战略与可持续发展委员会设主任委员（召集人）一名，由公司董事 长担任 ...

深圳佰维存储科技股份有限公司 可持续发展（ESG）管理制度 深圳佰维存储科技股份有限公司 可持续发展（ESG）管理制度 第一章 总则 第一条 为适应深圳佰维存储科技股份有限公司（以下称"公司"）的"5+2+X" 发展战略，满足企业战略与可持续发展需要，构建科学、系统、规范的环境、社 会及公司治理（以下称"ESG"）工作体系，提升公司在ESG方面的风险控制能力 和价值创造能力，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司信息披露管理办法》《上市公司治理准则》《上海证券交易所科创板股票 上市规则》《上海证券交易所科创板上市公司自律监管指南第13号——可持续发 展报告编制》《上海证券交易所上市公司自律监管指引第14号——可持续发展报 告（试行）》等法律、法规和规范性文件及《深圳佰维存储科技股份有限公司章 程》（以下简称《公司章程》）的规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司及公司合并报表范围内的子公司。 第三条 本制度所称的ESG职责，是指公司在经营发展过程中应当履行的环 境、社会和公司治理方面的责任和义务，主要包括对自然环境和资源的保护、社 会责任的承担以及公司治理的健全 ...

第三届董事会第二十六次会议决议公告 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、 董事会会议召开情况 证券代码：688525 证券简称：佰维存储 公告编号：2025-005 深圳佰维存储科技股份有限公司 根据《中华人民共和国公司法》及《深圳佰维存储科技股份有限公司章程》 （以下简称《公司章程》）有关规定，深圳佰维存储科技股份有限公司（以下简 称"公司"）第三届董事会第二十六次会议于 2025 年 3 月 4 日以电子邮件发出会 议通知，会议于 2025 年 3 月 12 日在公司会议室以现场结合通讯方式召开，本次 会议由董事长孙成思先生主持，会议应到董事 9 人，实到董事 9 人，本次会议的 召集、召开符合法律法规和《公司章程》的规定。 二、 董事会会议审议情况 经全体与会董事认真审议和表决，形成以下决议： （一） 审议通过《关于战略委员会更名并修订相关议事规则的议案》 为完善公司的法人治理结构，进一步加强公司的社会责任管理，提升公司环 境、社会和公司治理工作，推动公司可持续、高质量发展，根据有关法律、法规 和规范 ...

Investment Rating - The report does not explicitly state an investment rating for the semiconductor industry or the specific company being analyzed [1]. Core Insights - The semiconductor industry is experiencing significant growth driven by advancements in information technology, including IoT, big data, AI, and 5G, which are increasing the demand for high-end storage solutions [22][23]. - The global storage market is projected to grow to $263 billion by 2027, fueled by the continuous growth of data centers, cloud computing, and the recovery of the global semiconductor supply chain [23]. - The domestic market for storage chips is expected to see a substantial increase in localization rates due to market and policy support, indicating a promising future for the domestic storage industry [23]. Summary by Sections 1. Research Overview - The research was conducted on February 28, 2025, focusing on the semiconductor industry, specifically the company Biwin Storage [1][13]. 2. Participating Institutions - Various institutions participated in the research, including Haitong Securities, Zhongou Fund, and others, indicating a diverse interest in the semiconductor sector [14][15]. 3. Main Content - The onsite research included a visit to Biwin's packaging and testing manufacturing center in Huizhou, where the company showcased its product advantages in the consumer PC market, including high-performance SSDs and memory modules [19][20]. - Biwin's SSDs can achieve transmission speeds of up to 7,450 MB/s, placing them at the forefront of the industry, with a strong customer base including major PC manufacturers like HP and Lenovo [20]. - The company has established long-term partnerships with major storage wafer manufacturers to ensure a stable supply of storage wafers [21]. - Biwin has developed a comprehensive product matrix for automotive storage, meeting AEC-Q100 reliability standards, and aims to become a key player in the automotive storage market [21][22]. - The company possesses core firmware technology capabilities, allowing it to provide innovative storage solutions tailored to various customer applications [22].

Core Viewpoint - The company reported a significant increase in revenue and profit for 2024, indicating a strong recovery in the storage industry and successful market expansion efforts [2][3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 6.704 billion yuan, representing a year-on-year growth of 86.71% [2]. - The company recorded a net profit attributable to shareholders of 176 million yuan, marking a turnaround from losses [2]. - The net profit excluding non-recurring items was 74 million yuan, also reflecting a recovery from previous losses [2]. Group 2: Industry Recovery and Market Position - The storage industry is experiencing a recovery, with the company benefiting from its comprehensive capabilities in product planning, design, and advanced manufacturing [3]. - The company has established a strong market presence, securing global operational authorizations from major brands like HP, Acer, and Predator, and has entered the supply chains of first-tier domestic and international clients [3]. - In the mobile sector, embedded storage products have been adopted by clients such as OPPO, Transsion, and Motorola, while SSD products have gained traction with Lenovo, Acer, and HP in the PC sector [3]. Group 3: Product Development and Growth Areas - The company is focusing on AI smartphones and AIPC products, launching embedded storage products like UFS3.1 and LPDDR5/5X, and is expanding into high-capacity LPDDR offerings [4]. - In the wearable technology sector, the company’s ePOP products are gaining traction, with expected revenue of approximately 800 million yuan in 2024, showing significant year-on-year growth [4]. - Collaborations with clients such as Meta for AI glasses are anticipated to drive further business growth in the coming years [4]. Group 4: Research and Development Investment - The company is increasing its investment in R&D, focusing on chip design, storage medium characteristics, and advanced packaging technologies to enhance competitiveness [5]. - In 2024, R&D expenses reached 452 million yuan, reflecting an increase of 80.75% year-on-year [5]. - The subsidiary, Tailai Technology, has developed advanced packaging processes that support the mass production of NAND Flash, DRAM, and SiP chips [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Viewpoints - The company achieved a revenue of 6.704 billion yuan in 2024, representing a year-on-year growth of 86.71%, and turned a profit with a net profit of 176 million yuan [1] - The storage industry is recovering, with significant increases in product sales, and the company has a comprehensive capability from product planning to advanced manufacturing [1][3] - The company is expanding its product offerings in AI mobile phones and AIPC products, with a notable growth in wearable storage business, projecting 800 million yuan in revenue for wearable storage in 2024 [2] - The company is increasing its R&D investment, with 452 million yuan in R&D expenses for 2024, a year-on-year increase of 80.75%, to enhance competitiveness in advanced packaging and testing [3] Summary by Sections Financial Performance - The company reported a revenue of 6.704 billion yuan for 2024, with a growth rate of 86.70% compared to the previous year [4] - The net profit for 2024 is projected at 176 million yuan, with a significant recovery from previous losses [4] - Forecasts for 2025 and 2026 predict net profits of 618 million yuan and 780 million yuan, respectively, indicating a strong growth trajectory [3][4] Market Position and Product Development - The company has established a leading market share in the domestic market and has entered the supply chains of major international brands [1] - In the mobile sector, embedded storage products are being supplied to clients like OPPO and Motorola, while SSD products are being provided to Lenovo and Acer [1] - The company is actively developing high-performance storage products for AI applications and wearable technology, with partnerships with major tech firms [2] R&D and Competitive Strategy - The company is focusing on enhancing its core competencies through increased R&D in semiconductor storage technology and advanced packaging processes [3] - The R&D expenses for 2024 are set at 452 million yuan, reflecting a commitment to innovation and capacity expansion [3] - The subsidiary, Tailai Technology, is advancing in packaging technologies that support mass production of NAND Flash and DRAM chips [3]

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2][8]. Core Views - The company has achieved significant revenue growth, with a 2024 revenue of 6.704 billion yuan, representing an 86.71% year-on-year increase, and a net profit of 176 million yuan, an increase of 800 million yuan year-on-year [5][8]. - The company has established a strong competitive advantage in the smart wearable sector, particularly with its ePOP storage products, which are characterized by low power consumption and fast response times [6][7]. - The company is committed to integrated research and development in packaging and testing, leading the domestic market in storage packaging technology [7]. Revenue and Profitability - The company forecasts revenues of 6.704 billion yuan in 2024, 9.102 billion yuan in 2025, and 11.026 billion yuan in 2026, with corresponding EPS of 0.41 yuan, 1.52 yuan, and 1.85 yuan [8][12]. - The company is expected to benefit from the recovery of the storage market and the rapid development of AI glasses, leading to sustained revenue and profit growth [8]. Market Position and Product Development - The company has deepened its engagement in the smart wearable market, entering the supply chains of well-known AI/AR glasses manufacturers such as Meta and Xiaomi, with projected revenue from smart wearable storage products reaching approximately 800 million yuan in 2024 [6][8]. - The company is enhancing its wafer-level advanced packaging capabilities to meet the growing demand for advanced storage packaging and to support its storage business [7].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is deeply engaged in the storage field, focusing on semiconductor memory research, design, packaging, testing, production, and sales, with a comprehensive product line including embedded storage, PC storage, automotive-grade storage, enterprise storage, and mobile storage [1][12] - The company has established an integrated R&D and packaging testing business model, enhancing its core competitiveness in the semiconductor storage industry [1][12] - The company is expected to see significant growth in revenue and profit due to the recovery of the storage industry and the expansion of domestic and international customer bases [7][30] Summary by Sections 1. Company Overview - The company was founded in September 2010 and successfully listed on the Shanghai Stock Exchange in December 2022, focusing on semiconductor memory products and advanced packaging testing services [12][13] - The company has developed a "5+2+X" strategic framework to drive stable growth, focusing on five major application markets and two key growth areas: chip design and advanced packaging [15][12] 2. Demand Side - Storage prices have stabilized and are beginning to rise, driven by increased demand for storage devices due to the rapid development of artificial intelligence technologies [2][3] - The market for embedded products is experiencing supply tightness due to the discontinuation of low-capacity NAND resources by original manufacturers [2] 3. Supply Side - The domestic chip replacement is accelerating, with Chinese companies like Yangtze Memory Technologies and Changxin Memory Technologies rapidly increasing their market share [3][6] - The report highlights that China's DRAM production capacity has surpassed 11% of global capacity, with expectations for further growth [3] 4. Financial Performance - The company achieved a revenue of 50.25 billion yuan in the first three quarters of 2024, a year-on-year increase of 136.76%, driven by the recovery of the storage industry and significant growth in product sales [30][31] - The forecasted net profits for 2024-2026 are 176 million yuan, 598 million yuan, and 764 million yuan respectively, with corresponding EPS of 0.41 yuan, 1.39 yuan, and 1.77 yuan [7][30] 5. Competitive Advantages - The company possesses strong technical capabilities in embedded storage and has established a comprehensive product matrix covering various storage types, enhancing its competitive edge in the market [7][18] - The company is actively expanding its advanced packaging capabilities, which are expected to be operational by 2025, providing a full suite of storage and advanced packaging testing solutions [7][21]

Financial Performance - The company achieved total operating revenue of RMB 670,445.67 million, a year-on-year increase of 86.71%[5] - The net profit attributable to the parent company was RMB 17,567.14 million, representing a year-on-year growth of 128.14%[7] - The net profit attributable to the parent company after deducting non-recurring gains and losses was RMB 7,400.63 million, up 111.53% year-on-year[7] - The company anticipates a net profit of RMB 52,116.15 million after excluding share-based payment expenses, a year-on-year increase of 205.61%[9] Assets and Equity - Total assets increased by 25.25% to RMB 793,151.84 million compared to the beginning of the period[7] - The equity attributable to the parent company rose by 26.95% to RMB 244,789.71 million[7] Research and Development - The company’s R&D expenses for 2024 were RMB 45,184.98 million, an increase of 80.75% year-on-year[9] Revenue Growth - Revenue from smart wearable storage products reached approximately RMB 800 million, showing significant growth[9] Non-recurring Gains and Losses - Non-recurring gains and losses are expected to impact net profit by RMB 10,166.51 million, mainly from fair value changes and government subsidies[9] Return on Assets - The company’s weighted average return on net assets increased by 37.01 percentage points year-on-year[10]