Core Viewpoint - The company, Baiwei Storage (688525.SH), has submitted an application for the overseas public offering of H-shares and listing on the Hong Kong Stock Exchange on October 28, 2025 [1] Group 1 - The application materials for the issuance and listing have been published on the Hong Kong Stock Exchange website on the same day [1] - The company has submitted the filing application materials for this issuance and listing to the China Securities Regulatory Commission (CSRC), which has recently accepted the application [1]

证券代码：688525 证券简称：佰维存储 公告编号：2025-082 深圳佰维存储科技股份有限公司 关于为全资子公司提供担保的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 全资子公司佰维存储科技有限公司（Biwin Semiconductor（HK）Company Limited）（以下简称"香港佰维"）与珠海华润银行股份有限公司深圳分行签 订了《综合授信合同》，授信额度为人民币 2 亿元整。公司与珠海华润银行股份 有限公司深圳分行签订了《最高额保证合同》，为香港佰维向该行申请的借款提 供连带责任保证担保，公司为香港佰维提供的担保最高债权额为人民币 2 亿元整。 本次担保无反担保。 | | 被担保人名称 | 广东泰来封测科技有限公司 | | --- | --- | --- | | | 本次担保金额 | 万元 10,000 | | 担保对象一 | 实际为其提供的担保合同总金 | 万元（不含本次） 130,000 | | | 额 | | | | 是否在前期预计额度内 | 是 □否 ...

证券代码:688525 证券简称:佰维存储 公告编号：2025-083 深圳佰维存储科技股份有限公司 关于发行境外上市股份（H 股）备案申请材料获中国 证监会接收的公告 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、准确性和完整性承担法律责任。 特此公告。 深圳佰维存储科技股份有限公司董事会 2025 年 11 月 11 日 深圳佰维存储科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日向香港联合交易所有限公司（以下简称"香港联交所"）递交了境外公开 发行股票（H 股）并在香港联交所主板上市（以下简称"本次发行上市"）的申 请，并于同日在香港联交所网站刊登了本次发行上市的申请材料。具体内容详见 公司于 2025 年 10 月 29 日在上海证券交易所网站（www.sse.com.cn）披露的《关 于向香港联合交易所有限公司递交 H 股发行上市的申请并刊发申请资料的公告》。 根据相关规定，公司已向中国证券监督管理委员会（以下简称"中国证监会"） 报送了本次发行上市的备案申请材料，并于近日获中国证监会接收。 公司本次发行上市尚需取得中 ...

Core Viewpoint - The company, Baiwei Storage (688525), has submitted an application for the issuance and listing of H-shares on the Hong Kong Stock Exchange on October 28, 2023 [1] Group 1 - The application materials for the issuance and listing were published on the Hong Kong Stock Exchange website on the same day [1] - The company has submitted the filing application materials to the China Securities Regulatory Commission (CSRC), which has recently accepted the application [1]

Core Points - The company announced that it provided guarantees of 100 million yuan and 200 million yuan to its wholly-owned subsidiaries, Tailai Technology and Hong Kong Baiwei, respectively, to support their business development needs [1] - The guarantee for Tailai Technology is a renewal of an existing guarantee, with no new amount added, and has a term of one year; the guarantee for Hong Kong Baiwei is a new guarantee [1] - As of the announcement date, the total amount of external guarantees provided by the company and its subsidiaries is 6 billion yuan, which accounts for 248.77% of the most recent audited net assets attributable to shareholders [1] - There are no overdue or litigation situations related to these guarantees [1] - The guarantees are within the authorization limit set by the 2024 shareholders' meeting and do not require further review [1]

Core Viewpoint - The recent surge in prices of storage products such as SSDs and DDR4 memory in Shenzhen's Huaqiangbei market has been attributed to increased demand driven by AI applications, leading to significant price increases over the past three months, with some products doubling in price [4][5][6]. Price Surge in Storage Products - SSD prices have seen dramatic increases, with SanDisk's 1TB SSD rising from approximately 300 yuan to 588 yuan, and Samsung's 1TB SSD reaching 1,020 yuan, reflecting a substantial demand-supply imbalance [5][6]. - DDR4 memory prices have also surged, with Samsung's 16GB DDR4 memory now priced between 410-420 yuan, up from 200 yuan just three months ago, indicating a shift in production focus towards higher-end products like DDR5 [6]. Market Dynamics and Supply Chain - The price increase is not consumer-driven but rather a result of AI server demands reshaping the supply chain, as manufacturers prioritize HBM and DDR5 production over older technologies [7]. - Companies that can anticipate market trends and manage inventory effectively are positioned to benefit from the current storage cycle [7]. A-Share Market Performance - The storage sector has shown remarkable performance in the A-share market, with companies like Jiangbolong reporting a net profit of 713 million yuan in the first three quarters, a dramatic increase of 1,994.42% year-on-year [7]. - Other companies such as Baiwei Storage and Shannon Chip Innovation have also reported significant profit increases, reflecting successful inventory strategies during this price surge [7][8]. Stock Price Increases - The stock prices of key players in the storage sector have risen significantly this year, with Shannon Chip Innovation up 498.59%, Jiangbolong up 223.47%, Baiwei Storage up 103.57%, and Lanke Technology up 93.26% [8].

Investment Rating - The report maintains a positive investment rating for the storage industry, highlighting the ongoing upward cycle driven by AI demand and limited supply capacity [2]. Core Insights - The storage industry has entered an accelerated upward cycle since Q3 2025, primarily driven by explosive demand from the AI era, leading to a significant supply-demand gap and rapid price increases [1][11]. - The profitability of overseas storage manufacturers continues to improve, with domestic storage module companies also experiencing a turnaround in profitability [6][51]. - The report emphasizes the importance of focusing on domestic storage module companies, niche storage chip manufacturers, and supporting supply chain companies as key investment opportunities [7]. Summary by Sections 1. AI Era Driving Storage Demand and Price Increases - The current upward cycle in the storage industry is characterized by sustained price increases due to surging demand from AI applications, with a notable shift from mobile and internet-driven demand to generative AI [6][12]. - Data center storage demand is projected to grow from 600EB in 2020 to 2.4ZB by 2028, indicating a significant increase in storage requirements [13][18]. 2. Profitability of Overseas Manufacturers and Domestic Module Companies - Major overseas manufacturers like Samsung and Micron reported record revenues and profitability in Q3 2025, with Samsung achieving a sales figure of approximately $18.7 billion, marking a 20% year-on-year increase [51]. - Domestic storage module manufacturers have improved their profitability, with many turning losses into profits as they increase inventory levels in anticipation of rising prices [55]. 3. Investment Recommendations - The report suggests focusing on overseas storage companies such as SanDisk, Micron, SK Hynix, and Western Digital, as well as domestic companies like Jiangbolong, Baiwei Storage, and Zhaoyi Innovation [7][56]. - The overall supply-demand gap in the storage industry is expected to widen further in 2026, with prices likely to continue rising, making it a favorable environment for investment [6][7].

Core Viewpoint - The storage industry is experiencing significant price increases, with SanDisk raising NAND flash contract prices by up to 50%, marking at least the third price hike this year. This trend is driven by a strong demand for storage products across various segments, including DRAM, NAND flash, SSDs, and mechanical hard drives, leading to a notable surge in stock prices for storage-related companies [1][4]. Group 1: Price Increases and Market Dynamics - SanDisk has announced a substantial price increase for NAND flash contracts, with a rise of up to 50% [1]. - Since September, there has been a marked increase in price expectations for mainstream storage products, with DDR5 spot prices soaring by 25% within a week due to supply shortages [1]. - The A-share storage chip sector has seen strong performance, with 10 stocks doubling in price this year, including Demingli, which has surged nearly 330% [1]. Group 2: Company Performance - Jiangbolong reported a third-quarter revenue of 6.539 billion yuan, a year-on-year increase of 54.6%, and a net profit of 698 million yuan, up 1994.42% year-on-year [4]. - Baiwei Storage achieved a revenue of 2.663 billion yuan in the third quarter, reflecting a 68.06% year-on-year growth, with a net profit of 256 million yuan, up 563.77% year-on-year [4]. - Lanke Technology reported a stable growth with a third-quarter revenue of 1.424 billion yuan, a 57.22% year-on-year increase [5]. Group 3: Industry Trends and Challenges - The storage market is undergoing a structural transformation driven by the recovery in storage prices and the rise of edge AI applications, with companies actively exploring new growth areas such as AIoT and automotive electronics [6]. - The transition from DDR4 to DDR5 and the shift from modules to self-developed chips pose strategic challenges for companies in balancing technological advancements and cost control [6]. - Institutional forecasts suggest that the current wave of storage price increases is primarily driven by unexpected demand from AI servers, with expectations for high prices to persist at least until mid-2026 [7].

Core Insights - The smart glasses market is experiencing significant growth, with a surge in new product launches and capital investment, indicating strong market enthusiasm [1][12] - The AI glasses have transitioned from "information display" to "intelligent understanding," showcasing their revolutionary potential in consumer electronics [3][4] - Major companies in the sector are seeing substantial stock price increases, with some stocks rising over 400% this year, reflecting investor confidence [7][9] Market Performance - During the Double Eleven shopping festival, the transaction volume of smart glasses increased by 25 times year-on-year, with specific brands like Rokid and Thunder Innovation seeing growth rates of over 7 times and 80% respectively [3] - The global shipment of smart glasses is projected to reach 4.065 million units in the first half of 2025, marking a 64.2% year-on-year increase [4] - By 2029, global shipments of smart glasses are expected to exceed 40 million units, with China's market share anticipated to grow at a compound annual growth rate of 55.6% from 2024 to 2029 [5] Investment Landscape - In 2024, there have been 23 rounds of financing in the smart glasses sector, indicating strong confidence from the capital market in the future value of this industry [12][14] - Major financing events include Viture's $100 million round and Inmogo's over 150 million yuan round, highlighting investor confidence in leading brands [14] - The Guangdong region is a key player in the smart glasses industry, accounting for approximately 40% of related enterprises in China, supported by a robust supply chain [15][18] Technological Advancements - Companies like Thunder Innovation have achieved significant market share in the consumer-grade AR glasses segment, with over 35% market share in 2024 [17] - The industry is witnessing advancements in core technologies such as optics, AI, materials, and chips, positioning smart glasses as a new interface for human-AI interaction [17][19] - The integration of AI technologies in smart glasses is expected to enhance user experience by providing real-time translation, AR navigation, and seamless interaction with various applications [5][19]

Core Viewpoint - The storage chip industry remains vibrant, with Baiwei Storage (688525.SH) pursuing a listing on the Hong Kong Stock Exchange after nearly three years on the A-share Sci-Tech Innovation Board, amid a significant surge in its stock price and market value [1][3]. Company Overview - Baiwei Storage is the only independent storage solution provider globally with wafer-level packaging capabilities, experiencing a stock price increase of approximately 110% in 2023, with a market value exceeding 60 billion RMB [1]. - The company was founded by Sun Rixin, who transitioned from a government job to entrepreneurship in the 1990s, establishing partnerships with major semiconductor manufacturers like Intel and Micron [3][4]. - The company underwent a generational leadership transition, with Sun Chengsi, the second-generation leader, taking over as chairman and executive director, controlling 24.74% of the voting rights [4]. Financial Performance - Baiwei Storage's revenue grew from 2.986 billion RMB in 2022 to an estimated 6.695 billion RMB in 2024, but its net profit has fluctuated significantly, with a profit of 71.22 million RMB in 2022, a loss of 630.87 million RMB in 2023, and a projected profit of 135.24 million RMB in 2024 [5][6]. - The company's gross margin has also shown volatility, reflecting the cyclical nature of the storage chip industry, with DRAM and NAND Flash product prices dropping over 50% year-on-year in 2023 [6][7]. Market Challenges - The company faces challenges due to the cyclical nature of the storage chip industry, which has led to significant fluctuations in financial performance and cash flow, with net outflows reported in 2022, 2023, and the first half of 2025 [7]. - Baiwei Storage's customer and supplier concentration is high, with the top five customers accounting for 47.3% of revenue and the largest customer representing 12.6%, while the top five suppliers account for 65.6% of purchases [7].