华泰联合证券有限责任公司 关于深圳佰维存储科技股份有限公司 调整向控股子公司提供财务资助的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合"或"保荐人"）作为深 圳佰维存储科技股份有限公司（以下简称"佰维存储"或"公司"）的向特定对 象发行 A 股股票的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券 交易所科创板股票上市规则》及《上海证券交易所科创板上市公司自律监管指引 第 1 号——规范运作》等有关规定，对佰维存储调整向控股子公司提供财务资助 的事项进行了核查，具体情况如下： 一、调整财务资助事项概述 （一）本次调整财务资助的情况 公司分别于 2025 年 7 月 11 日、2025 年 7 月 28 日召开第四届董事会第二次 会议、2025 年第一次临时股东会会议审议通过《关于向控股子公司提供财务资 助的议案》，同意公司的全资子公司成都佰维存储科技有限公司（以下简称"成 都佰维"）拟以自有或自筹资金向控股子公司成都态坦测试科技有限公司（以下 简称"成都态坦"）提供不超过 10,000 万元人民币借款。借款期限自股东会决议 通过之日起不超过 3 年，该控股子公司根据签订的借款合同在借款额度内基 ...

证券代码：688525 证券简称：佰维存储 公告编号：2025-057 深圳佰维存储科技股份有限公司 关于调整向控股子公司提供财务资助金额的公告 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。 重要内容提示： 公司分别于2025年7月11日、2025年7月28日召开第四届董事会第二次会议、 2025年第一次临时股东会会议审议通过《关于向控股子公司提供财务资助的议 案》，同意公司的全资子公司成都佰维拟以自有或自筹资金向控股子公司成都态 坦提供不超过10,000万元人民币借款。借款期限自股东会决议通过之日起不超过 3年，该控股子公司根据签订的借款合同在借款额度内基于实际业务经营需求提 1 取借款，借款额度在借款期限内可循环使用。该控股子公司的少数股东不同比例 提供借款。本次借款为信用借款，无担保。具体详见公司于2025年7月12日披露 在上海证券交易所网站（www.sse.com.cn）的《关于向控股子公司提供财务资助 的公告》。截至本公告日，成都佰维已累计向成都态坦提供财务资助5,256.34 万元（其中2,500.18万元已还 ...

Core Viewpoint - The company has announced a plan for a second share buyback through centralized bidding, which was approved during the board meeting held on August 8, 2025 [1] Group 1: Share Buyback Plan - The board of directors approved the share buyback proposal during the third meeting of the fourth board session [1] - The details of the buyback plan will be disclosed on the Shanghai Stock Exchange website on August 11, 2025 [1] Group 2: Shareholder Information - The announcement includes the names, shareholdings, and ownership percentages of the top ten shareholders and the top ten unrestricted shareholders as of the trading day before the board meeting [1]

Group 1 - Company Bawei Storage announced a share repurchase plan to be approved at the board meeting on August 8, 2025 [2] - The top ten unrestricted shareholders hold approximately 105 million shares, accounting for 33.21% of the total shares [2] - The largest shareholder is Huaxin Investment Management, holding about 36.89 million shares, which is 11.62% of the total [2] Group 2 - For the year 2024, Bawei Storage's revenue composition shows that integrated circuits account for 96.31% of total revenue, while other businesses contribute 3.69% [3]

深圳佰维存储科技股份有限公司 关于股份回购事项前十大股东和前十大无限售条件股 东持股情况的公告 （有限合伙） 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。 深圳佰维存储科技股份有限公司（以下简称"公司"）于 2025 年 8 月 8 日 召开第四届董事会第三次会议，审议通过《关于第二次以集中竞价交易方式回购 股份方案的议案》，具体内容详见公司于 2025 年 8 月 11 日披露于上海证券交易 所网站（www.sse.com.cn）的《关于第二次以集中竞价交易方式回购股份的预案》。 根据《上市公司股份回购规则》等相关规定，现将公司董事会回购股份决议公告 前一个交易日（即 2025 年 8 月 8 日）登记在册的前十大股东和前十大无限售条 件股东的名称、持股数量及持股比例公告如下： 一、公司前十大股东持股情况 | 序号 | 股东名称 | 持股数量（股） | 占公司总股本比例（%） | | --- | --- | --- | --- | | | 华芯投资管理有限责任公司－ | | | | | 期股份有限公司 | | | | ...

证券代码：688525 证券简称：佰维存储 公告编号：2025-056 深圳佰维存储科技股份有限公司 关于股份回购事项前十大股东和前十大无限售条件股 东持股情况的公告 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。 深圳佰维存储科技股份有限公司（以下简称"公司"）于 2025 年 8 月 8 日 召开第四届董事会第三次会议，审议通过《关于第二次以集中竞价交易方式回购 股份方案的议案》，具体内容详见公司于 2025 年 8 月 11 日披露于上海证券交易 所网站（www.sse.com.cn）的《关于第二次以集中竞价交易方式回购股份的预案》。 根据《上市公司股份回购规则》等相关规定，现将公司董事会回购股份决议公告 前一个交易日（即 2025 年 8 月 8 日）登记在册的前十大股东和前十大无限售条 件股东的名称、持股数量及持股比例公告如下： | 序号 | 股东名称 | 持股数量（股） | 占公司总股本比例（%） | | --- | --- | --- | --- | | 1 | 孙成思 | 81,136,000 | 17.5 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company is positioned as a leader in storage solutions and is enhancing its layout in advanced wafer-level packaging [4]. - The company has shown strong revenue growth in Q2 2025, with a year-on-year increase of 38% and a quarter-on-quarter increase of 54% [5][6]. - The company is expected to benefit from rising storage prices, with significant price increases projected for various memory products in Q3 2025 [8]. - The company is focusing on high-end product development and has a strong R&D investment strategy, which is expected to enhance its competitive edge [11]. Financial Summary - Total shares outstanding: 461.27 million [2] - Circulating shares: 317.30 million [2] - Market price: 64.07 CNY [2] - Market capitalization: 29,553.29 million CNY [2] - Revenue forecast for 2023A: 3,591 million CNY, with a growth rate of 20% [4]. - Projected revenue for 2024A: 6,695 million CNY, with a growth rate of 86% [4]. - Projected net profit for 2025E: 461 million CNY, with a growth rate of 186% [4]. - Projected EPS for 2025E: 1.00 CNY [4]. - Projected P/E ratio for 2025E: 64.2 [4]. Market and Industry Analysis - The company has a strong market position in embedded storage, PC storage, automotive-grade storage, and enterprise storage, ranking among the top domestic storage manufacturers [8]. - The company is implementing a one-stop solution for storage and wafer-level advanced packaging, which is expected to enhance its competitiveness in the market [10]. - The company has successfully launched its first domestically developed main control chip, which is expected to cater to various applications, including smart wearables and automotive [10].

Core Viewpoint - The global storage market is experiencing a recovery, driven by stable pricing, seasonal demand, and strong interest in emerging applications like AI glasses. The positive outlook is expected to continue [1]. Company Performance - In the first half of the year, the company achieved a revenue of 3.912 billion yuan, representing a year-on-year growth of 13.70%. The second quarter saw a quarter-on-quarter revenue increase of 53.5% [3]. - The company reported a net loss of 75.57 million yuan after excluding share-based payment expenses, with a net profit of 41.29 million yuan in the second quarter after similar exclusions [3]. Client Acquisition and Market Expansion - The company has successfully entered various first-tier clients across multiple sectors, including mobile (new partnerships with vivo, continued collaboration with OPPO, Transsion, and Motorola), PC (partnerships with Lenovo, Xiaomi, Acer, HP), and smart wearables (collaborations with Meta, Google, and others) [2]. - In the enterprise sector, the company is rapidly developing its products and has gained core supplier qualifications from AI server manufacturers and leading internet companies [2]. Innovation and R&D Investment - The company is focusing on AI edge innovation, enhancing its competitive edge in high-end storage solutions for AI applications. It has successfully mass-produced its first domestically developed eMMC controller, SP1800, and is developing UFS (SP9300) [4]. - R&D expenses have increased by 29.77% year-on-year, reflecting the company's commitment to chip design, firmware development, and new product innovation [5]. Advanced Packaging Technology - The company is advancing its wafer-level packaging project, which is expected to be operational by the second half of 2025. This will provide a comprehensive solution combining storage and advanced packaging [6]. - The project includes two main product lines: FOMS series for advanced storage chips and CMC series for integrated storage and computing solutions, targeting AI edge and smart driving applications [6]. Industry Outlook - The storage market is expected to see a price recovery starting from the second quarter of 2025, following a period of price decline and inventory adjustments. Major companies have begun to stabilize prices, particularly in NAND and DRAM segments [7]. - Reports indicate a positive trend in the profitability and inventory management of domestic companies, with expectations for overall price recovery in the storage sector [7].

Core Viewpoint - The storage industry leader, Baiwei Storage, has shown strong interest from over a hundred institutions during its recent investor relations activities, indicating a positive outlook for the company and the industry as a whole [1] Industry Overview - The storage industry is experiencing a price recovery, with companies like SanDisk, Longsys, and Micron issuing price increase notices for their products. The supply-demand imbalance in NAND has significantly improved due to production cuts and inventory reduction [1] - In the DRAM sector, major players like Samsung, Micron, and Hynix are focusing on high-end products, leading to a reduction in supply for DDR4 and Mobile LPDDR4X, resulting in a supply shortage and price increases [1] - The overall market sentiment remains positive, supported by seasonal demand and emerging applications such as AI glasses [1] Company Performance - Baiwei Storage reported a revenue of 3.912 billion yuan for the first half of 2025, marking a year-on-year increase of 13.7% and a quarter-on-quarter growth of 53.5% in Q2. The sales gross margin increased by 11.7 percentage points in Q2, reaching 18.61% in June [2] - The company's performance is attributed to its expansion among leading domestic and international clients across various sectors, including mobile, PC, enterprise, and smart wearables [3] Client Base and Market Position - In the mobile sector, Baiwei's embedded storage products are utilized by major clients such as OPPO, vivo, and Motorola. In the PC sector, its SSD products are supplied to Lenovo, Xiaomi, and HP [3] - The company is a key supplier in the domestic PC market and is rapidly growing in the enterprise sector, having secured core supplier qualifications from AI server manufacturers and leading internet companies [3] - In the smart automotive sector, Baiwei has delivered LPDDR and eMMC products to major automotive manufacturers, enhancing its product offerings for various applications [3] AI and Product Development - Baiwei Storage has a strong competitive edge in AI edge storage, with self-developed main control chips and firmware algorithms. The company expects over 1 billion yuan in revenue from AI emerging sectors in 2024, a year-on-year growth of approximately 294% [4] - The first domestically developed eMMC main control chip (SP1800) has been successfully mass-produced, with plans for a UFS main control chip (SP9300) to enhance competitiveness in high-end storage solutions [4] Advanced Packaging Capabilities - The company is advancing its wafer-level packaging capabilities, with construction completed for its manufacturing facility, set to begin production in the second half of 2025. This will enhance its offerings in integrated storage and computing solutions [5] - Baiwei has developed various advanced packaging technologies, enabling it to meet the growing demand for large-capacity storage solutions in AI, smart driving, and server applications [5] Future Outlook - With the recent price increases in storage and the growth in AI edge applications, Baiwei Storage's performance is expected to improve. Analysts predict significant net profit growth rates of 193.22%, 55.61%, and 33.56% for the years 2023, 2024, and 2027, respectively [5]

Group 1 - The core viewpoint is that the technology sector, particularly AI-related businesses, is experiencing significant growth, with improved performance from major tech companies in Q2 2025, leading to upward revisions in capital expenditure forecasts for 2025 and 2026 [2][3] - The global AI capital expenditure (CAPEX) is estimated to grow by 64% in 2025 and 50% in 2026, driven by increased demand for computing power and the impact of the "Big and Beautiful" tax reform in the U.S. [2] - The CSI Technology ETF Morgan closely tracks the Shanghai Stock Exchange's New Generation Information Technology Index, which includes 50 large-cap companies in sectors such as next-generation information networks, electronic core, emerging software, and AI [2][3] Group 2 - The composition of the New Generation Information Technology Index shows that information technology accounts for 89.28%, consumer discretionary for 4.61%, industrials for 4.07%, and communication services for 2.04% [3] - Morgan Asset Management is integrating its "Global Vision Investment Technology" product line to help investors capitalize on quality tech companies globally amid the AI-driven technological wave [3]