深圳佰维存储科技股份有限公司 反洗钱管理制度 深圳佰维存储科技股份有限公司 反洗钱管理制度 第一章 总则 第一条 为规范深圳佰维存储科技股份有限公司（以下简称"公司"）反洗 钱、反恐怖融资工作，有效预防洗钱及相关违法犯罪活动，根据《中华人民共和 国反洗钱法》《中华人民共和国反恐怖主义法》等境内外有关法律法规及监管规 定，特制订本制度（以下简称"本制度"）。 第四条 公司应建立组织健全、架构完整、职责明确的洗钱风险管理架构， 规范和明确董事会、董事会审计委员会、高级管理层、内审部、各部门在洗钱风 险管理中的职责分工，建立层次清晰、相互协调、有效配合的运行机制。 深圳佰维存储科技股份有限公司 反洗钱管理制度 第五条 董事会依照法律、法规和公司章程的规定，履行与反洗钱有关的职 责，承担公司洗钱风险管理最终责任，是公司反洗钱工作的最高决策机构并应当 履行以下职责： （一）确立公司洗钱风险管理文化建设目标； （二）审定公司反洗钱基本制度； （三）授权高级管理人员牵头负责公司洗钱风险管理； （四）审定公司洗钱风险管理策略及审批公司洗钱风险管理的政策和程序； 第二条 本制度所指"反洗钱"是指为了预防通过各种方式掩饰、隐瞒毒 ...

Group 1 - The core viewpoint of the article highlights the significant growth in revenue and net profit for the company in the third quarter [1] - The company's third-quarter revenue reached 2.663 billion yuan, representing a year-on-year increase of 68.06% [1] - The net profit for the third quarter was 256 million yuan, showing a remarkable year-on-year growth of 563.77% [1] Group 2 - For the first three quarters, the company's revenue totaled 6.575 billion yuan, which is a year-on-year increase of 30.84% [1] - The net profit for the first three quarters was 30.414 million yuan, indicating a year-on-year decline of 86.67% [1]

Core Viewpoint - The storage chip industry is experiencing significant activity, with multiple companies, including Bawei Storage, filing for IPOs, indicating a growing interest and potential in the sector [1][2]. Company Overview - Bawei Storage, founded in September 2010 and restructured into a joint-stock company in August 2016, is headquartered in Nanshan District, Shenzhen [4]. - The company is led by Sun Chengsi, who holds 24.74% of the voting rights and serves as the Executive Director and Chairman [6][7]. - Bawei Storage specializes in semiconductor storage solutions, including DRAM and NAND Flash products, and offers advanced packaging services [8][9]. Financial Performance - In 2022, Bawei Storage reported revenues of 2.99 billion RMB, which increased to 3.59 billion RMB in 2023, with projections of 6.70 billion RMB for 2024 [13][14]. - The company faced a net loss of 630.87 million RMB in 2023, following a profit of 71.22 million RMB in 2022 [13][18]. - The gross margin fluctuated significantly, with rates of 12.8% in 2022, -2.1% in 2023, and 17.3% in 2024 [18]. Market Dynamics - The semiconductor storage market is characterized by cyclical fluctuations driven by supply and demand dynamics, with recent trends indicating a recovery due to AI-driven demand [35]. - The global storage product market is projected to grow from $149.9 billion in 2020 to $192.8 billion in 2024, with a compound annual growth rate of 6.5% [34]. - Bawei Storage is positioned as a leading independent storage solution provider, ranking first in revenue generated from self-packaged storage products [35][37]. Product and Application - Bawei Storage's solutions cater to various applications, including smart mobile devices, AI, PCs, and automotive sectors, serving notable clients like Meta, Google, and Xiaomi [9][24]. - The company’s product offerings include DRAM, NAND Flash, and multi-chip packaging solutions, which are essential for modern data storage needs [8][31]. Research and Development - As of mid-2025, Bawei Storage's R&D team consists of 1,054 personnel, with R&D expenditures amounting to 126 million RMB in 2022 and projected to reach 447 million RMB in 2024 [22]. - The company relies heavily on a few major suppliers for its raw materials, with procurement from the top five suppliers accounting for over 58% of total purchases [22]. Inventory and Cash Flow - Bawei Storage's inventory increased significantly in 2023, reaching 3.55 billion RMB, contributing to negative operating cash flows in recent years [25][26]. - The company has faced challenges with accounts receivable, with trade receivables rising to 1.21 billion RMB by mid-2025, representing 31.01% of its revenue [26].

Core Insights - The rapid development of AI technology has significantly increased the demand for storage chips, driven by the massive data requirements of AI applications [1][2][3] - The global data generation is projected to grow from 33ZB in 2018 to 175ZB by 2025, necessitating advancements in storage chip capacity and performance [2] - The storage chip market is experiencing a price surge, with DDR4 and DDR5 chip prices increasing dramatically due to strong AI demand [3][4] Market Demand - AI server deployment is a major driver of storage chip demand, with AI servers requiring significantly more storage than traditional servers [4] - The demand for storage chips is also growing in smartphones and smart vehicles, as higher camera resolutions and advanced features require increased storage capacity [4] Supply Dynamics - Major manufacturers like Samsung, SK Hynix, and Micron are shifting production towards higher-margin products like DDR5 and HBM, leading to reduced supply of traditional DDR4 chips [5] - This shift in production focus has exacerbated the supply-demand imbalance, contributing to rising prices [5] Market Structure - The global storage chip market is dominated by a few key players, with Samsung, SK Hynix, and Micron holding significant market shares [6][8] - Domestic companies like Changxin Storage and Yangtze Memory Technologies are emerging, gradually increasing their market presence and competing with established international brands [7][8] Stock Performance - The A-share storage chip sector has seen remarkable stock performance, with companies like Shannon Chip and Jiangbolong achieving significant price increases due to the AI-driven demand [9][10] - The overall sector has attracted substantial capital inflow, indicating strong market confidence [11] Financial Performance - A-share listed companies in the storage chip sector have reported substantial revenue and profit growth in 2024, driven by increased demand and rising prices [12][13][14] - Companies like Changxin Storage and Zhaoyi Innovation have shown impressive financial results, reflecting the sector's robust performance [15][16] Future Outlook - The ongoing growth of AI technology is expected to sustain the demand for storage chips, with projections indicating a continued upward trend in the coming years [17][18] - Government policies supporting domestic semiconductor development are likely to bolster the growth of the A-share storage chip sector [18] Challenges - Despite the positive outlook, the sector faces challenges such as international competition and technological gaps compared to leading global firms [20][21] - The cyclical nature of the storage chip industry poses risks, as market demand and prices can fluctuate significantly [20][21]

Market Overview - The semiconductor sector increased by 0.26% on October 29, with Hualing Co. leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in Semiconductor Sector - Anling Co. (Code: 920139) closed at 24.33, up 7.42% with a trading volume of 101,200 shares and a transaction value of 237 million [1] - SIRUI (Code: 688536) closed at 170.28, up 6.71% with a trading volume of 68,700 shares and a transaction value of 1.163 billion [1] - Jiangbolong (Code: 301308) closed at 272.82, up 6.04% with a trading volume of 246,900 shares and a transaction value of 6.681 billion [1] - Changchuan Technology (Code: 300604) closed at 92.52, up 4.96% with a trading volume of 554,400 shares and a transaction value of 5 billion [1] Top Losers in Semiconductor Sector - Zhongke Feicai (Code: 688361) closed at 118.20, down 6.32% with a trading volume of 120,700 shares and a transaction value of 145.7 million [2] - Canxin Co. (Code: 688691) closed at 131.18, down 5.76% with a trading volume of 118,500 shares and a transaction value of 155.5 million [2] - Dawi Co. (Code: 002213) closed at 26.70, down 5.12% with a trading volume of 1,041,600 shares and a transaction value of 288.2 million [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 6.189 billion from institutional investors, while retail investors saw a net inflow of 2.683 billion [2][3] - Major stocks like Huahong Company (Code: 688347) had a net inflow of 457.16 million from institutional investors, but a net outflow of 203 million from speculative funds [3] - Changchuan Technology (Code: 300604) had a net inflow of 346 million from institutional investors, with a net outflow of 192 million from speculative funds [3]

Core Insights - The IPO prospectus of Shenzhen Baiwei Storage Technology Co., Ltd. reveals significant deficiencies in information disclosure, particularly in core financial data, making it difficult for investors to assess the company's profitability and financial health [1][8][12] - The company operates in the storage chip sector, with a complete industrial chain from chip packaging to end products, and has a vertical integration business model [2][3] Financial Disclosure Issues - Key financial metrics such as revenue, net profit, and gross margin trends for the past three years are missing, hindering the evaluation of profitability stability [1][8] - The prospectus mentions that financial data for the six months ending June 30, 2025, will be disclosed in the accountant's report, but specific figures are not provided [1] Business Model and Operations - Baiwei Storage focuses on storage chips, including SSDs, embedded storage, and mobile storage, with applications in consumer electronics, industrial control, and automotive electronics [2][3] - The company has filed 54 invention patents and 53 software copyrights, indicating a commitment to R&D, but lacks detailed information on the use of raised funds from the H-share issuance [2][6] Capital Operations - The company has shown frequent capital operations, with a notable 1900% increase in registered capital for its subsidiary, Qincheng Hanqi, raising questions about the rationale behind such expansion [3] - The lack of disclosed performance data for these capital increases makes it challenging to assess their impact on overall performance [3] Shareholding Structure and Governance Risks - The chairman holds a significant portion of shares directly and indirectly, leading to potential risks of decision-making concentration and possible harm to minority shareholders [4][5] - The complex shareholding arrangements may pose risks of non-fair related party transactions, with insufficient disclosure on transaction pricing mechanisms [5] Intellectual Property Assessment - The company has a relatively weak early core technology accumulation compared to industry leaders, with only 54 patents, of which 31 were filed after 2021 [6] - The lack of key indicators such as patent implementation rates and sales revenue from patented products raises concerns about the company's technology commercialization capabilities [7] Regulatory Compliance Risks - The prospectus fails to meet the Hong Kong Stock Exchange's requirements for disclosing audited financial data for the past three years, which may constitute a violation of listing rules [8] - The company faces potential cross-border regulatory conflicts due to its dual listing in A-shares and H-shares, necessitating compliance with both Chinese and Hong Kong regulations [9] Technology and Innovation Risks - The rapid technological evolution in the storage industry poses risks of obsolescence for the company's existing patents, with undisclosed R&D investment intensity raising concerns about ongoing innovation capabilities [10] Incentive Plan Risks - The company has implemented a restricted stock incentive plan, with a significant portion allocated to the chairman, which may lead to potential conflicts of interest [11]

Core Viewpoint - The storage chip sector is experiencing a significant rise, with several companies showing notable stock price increases, indicating a positive market sentiment towards this industry [1] Company Performance - Baiwei Storage has seen its stock price increase by over 10% [1] - Shikong Technology previously reached its daily limit up [1] - Other companies such as Defu Technology, Jiangbolong, Yunhan Chip City, Tongyou Technology, Guoxin Technology, and Demingli are also among those with significant stock price gains [1]

Core Viewpoint - Baiwei Storage has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1] Group 1: Company Overview - Baiwei Storage is an independent semiconductor storage solution provider tailored for the AI era, possessing full-stack technical capabilities including main control chips, innovative storage solution design, and advanced packaging and testing [1] - The company operates an integrated R&D and packaging model, offering high-performance, customized semiconductor storage solutions to meet the needs of various sectors such as smart mobility, AI emerging endpoints, PCs, enterprise storage, smart vehicles, and other industries [1] - Baiwei Storage has established partnerships with numerous globally recognized clients, including Meta, Google, Xiaomi, OPPO, BYD, and Changan [1] Group 2: Market Position - Baiwei Storage is the only independent storage solution provider globally with wafer-level packaging capabilities [1] - According to Frost & Sullivan, in 2024, the company is projected to be the largest independent storage manufacturer with proprietary packaging manufacturing based on relevant revenue, as well as the largest supplier of semiconductor storage solutions for AI emerging endpoints globally [1]

Core Viewpoint - Company Bawen Storage submitted an application for H-share listing on October 28, 2025, to the Hong Kong Stock Exchange, indicating its intention to raise capital through public offerings [1] Group 1 - The application for the public offering and listing on the Hong Kong Stock Exchange was disclosed on October 28, 2025 [1] - The application materials were published in draft form and may be subject to updates and revisions [1] - The target investors for the offering include both domestic and overseas qualified investors, with no publication of application materials in domestic media [1] Group 2 - The listing and issuance are contingent upon approval from relevant regulatory authorities, indicating a level of uncertainty in the process [1]

Core Viewpoint - Shenzhen Baiwei Storage Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1] Company Overview - Baiwei Storage is a leading independent semiconductor storage solution provider tailored for the AI era, possessing unique capabilities in main control chip design, innovative storage solutions, and advanced packaging technology [3][5] - The company transforms NAND and DRAM wafers into diverse storage solutions to meet the evolving demands of AI applications, ensuring high performance and customization [3] Market Position - Baiwei Storage holds a leading market position across various verticals, serving notable global clients such as Meta, Google, Xiaomi, and OPPO, showcasing its ability to deliver diverse storage solutions [4] - The company is the only independent storage solution provider globally with wafer-level packaging capabilities and is projected to be the largest independent storage manufacturer with proprietary packaging by 2024 [5] Financial Performance - For the six months ending June 30, 2022, 2023, 2024, and 2025, the company reported revenues of approximately RMB 2.986 billion, RMB 3.591 billion, RMB 6.695 billion, and RMB 3.912 billion respectively [6][7] - The company experienced a net profit of RMB 71.22 million in 2022, but reported losses in 2023 and 2025, with a projected profit of RMB 135.24 million in 2024 [6][7]