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。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》《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》等相 关规定，深圳佰维存储科技股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开第三届董事会第二十八次会议、第三届监事会第二十三次会议审议通 过了《关于调整部分募集资金投资项目拟投入募集资金金额的议案》，同意公司 根据向特定对象发行股票募集资金实际情况，对本次募集资金投资项目拟投入募 集资金金额进行调整，保荐人发表明确的同意意见。现将有关事项公告如下： 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， ...

Financial Performance - The company reported no cash dividends, stock bonuses, or capital reserve transfers for the 2024 profit distribution plan[7]. - The company has not achieved profitability since its listing[5]. - A standard unqualified audit report was issued by Tianjian Accounting Firm for the company[6]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion, representing a 25% year-over-year growth[15]. - The company achieved a revenue of CNY 6,695,185,057.35 in 2024, representing an 86.46% increase compared to CNY 3,590,752,218.29 in 2023[28]. - The net profit attributable to shareholders reached CNY 161,233,370.29, a significant turnaround from a loss of CNY 624,358,861.94 in the previous year[28]. - The company reported a net cash flow from operating activities of CNY 531,797,602.00, recovering from a negative cash flow of CNY 1,966,435,419.15 in 2023[28]. - The basic earnings per share improved to CNY 0.37 in 2024, compared to a loss of CNY 1.45 in 2023[29]. - The weighted average return on equity increased to 7.37% in 2024, up from -28.99% in the previous year, marking a significant recovery[29]. Operational Risks and Governance - The company has detailed various operational risks and corresponding countermeasures in the report[5]. - There are no non-operating fund occupations by controlling shareholders or related parties[9]. - The company has not violated decision-making procedures for external guarantees[10]. - The board of directors fully attended the board meeting[6]. - The company has no special arrangements for corporate governance[10]. - The company has a risk statement regarding forward-looking statements in the report[8]. - The company’s future plans and development strategies do not constitute substantial commitments to investors[8]. Market Expansion and Product Development - User data showed a 15% increase in active users, reaching 5 million by the end of the quarter[15]. - The company provided a positive outlook for the next quarter, projecting revenue growth of 20% to $1.44 billion[15]. - New product launches included a next-generation semiconductor technology expected to enhance performance by 30%[16]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of the fiscal year[16]. - A strategic acquisition of a smaller tech firm was completed, expected to contribute an additional $200 million in annual revenue[16]. - Research and development expenses increased by 18%, totaling $150 million, to support innovation initiatives[16]. - The company plans to invest $500 million in new manufacturing facilities to boost production capacity by 40%[16]. - The company aims to reduce operational costs by 10% through efficiency improvements in the supply chain[16]. Customer Satisfaction and Product Performance - Customer satisfaction ratings improved to 90%, reflecting a 5% increase from the previous quarter[15]. - The company’s smart wearable storage product revenue was approximately 800 million RMB, showing significant growth year-on-year[47]. - The company has established a strong competitive position in the AI edge storage market through differentiated product offerings and partnerships with leading clients like Meta and Xiaomi[46][47]. - The company’s SSD products are now key supplies for major PC manufacturers, including Lenovo, Acer, and HP, solidifying its market share in the PC sector[45]. Research and Development - Investment in R&D has increased by 30%, focusing on the development of next-generation storage technologies[20]. - R&D investment for 2024 totaled 447.4321 million RMB, an increase of 197.4516 million RMB, representing a growth rate of 78.99%[44][48]. - The company has developed its first domestic main control chip SP1800, enhancing its market competitiveness in storage solutions[191]. - The company is focusing on integrating storage and computing technologies to overcome challenges posed by "storage wall" and "power wall" in AI applications[189]. - The company has achieved significant breakthroughs in AI mobile, AI PC, and smart wearable sectors, launching products like UFS3.1 and DDR5 memory[193]. Future Outlook and Market Trends - The company has set revenue targets of 5 billion, 6.5 billion, and 8 billion for 2024, 2025, and 2026 respectively, with market capitalization targets of 20 billion, 25 billion, and 30 billion[56]. - The global semiconductor market is projected to reach $627.6 billion in 2024, with a year-on-year growth of 19.1%[135]. - The storage market is expected to grow to $167.05 billion in 2024, representing an 81% increase and accounting for 26.6% of the total semiconductor market[135]. - The global AI smartphone shipments are projected to reach 230 million units in 2024, accounting for 18% of total smartphone shipments, with a year-on-year growth of 82.7% expected in 2025[137]. - The global AI glasses market is expected to see explosive growth in 2024, with shipments reaching 1.52 million units, a 533% increase, and projected to grow to 12.8 million units by 2025[158]. Technological Innovations - The company is developing advanced packaging technology for high-performance chips, targeting applications in AI, edge computing, and smart devices[187]. - The company has advanced packaging capabilities including 16-layer stacking and ultra-thin die production, reaching international standards[191]. - The company is innovating small-sized, low-power, high-performance storage chips, such as ultra-small eMMC, suitable for wearable devices[172]. - The company has received the "2021 China IC Design Achievement Award for Best Storage Device," highlighting its competitive edge in high-capacity, high-reliability storage solutions[172].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 154,333.40 million, a decrease of 10.62% compared to CNY 172,664.23 million in the same period last year[4]. - The net profit attributable to shareholders was CNY -19,749.75 million, representing a decline of 217.87% from CNY 16,756.23 million year-on-year[4]. - Total revenue for Q1 2025 was CNY 1,543,333,997.02, a decrease of 10.6% compared to CNY 1,726,642,291.89 in Q1 2024[23]. - Net loss for Q1 2025 was CNY 205,520,597.44, compared to a net profit of CNY 157,072,617.09 in Q1 2024[24]. - Basic and diluted earnings per share for Q1 2025 were both CNY -0.46, compared to CNY 0.39 in Q1 2024[25]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY -14,342.28 million, a significant decrease of 128.34% compared to CNY 50,616.25 million in the previous year[4]. - In Q1 2025, the net cash flow from operating activities was -143,422,806.51, a significant decline compared to 506,162,485.73 in Q1 2024[28]. - Cash generated from operating activities was CNY 1,991,648,484.74 in Q1 2025, up from CNY 1,737,189,993.51 in Q1 2024[27]. - The cash and cash equivalents at the end of Q1 2025 reached 1,283,560,842.51, compared to 457,748,285.16 at the end of Q1 2024, reflecting a net increase of 872,419,014.91[29]. - Cash outflow from investing activities in Q1 2025 was 265,073,949.35, significantly higher than 96,964,443.23 in Q1 2024, indicating increased investment efforts[28]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 937,973.20 million, an increase of 17.82% from CNY 796,095.61 million at the end of the previous year[5]. - Total assets increased to CNY 9,379,732,045.30 as of the end of the reporting period, compared to CNY 7,960,956,058.14 in the previous year[21]. - Total liabilities rose to CNY 7,073,789,746.51, up from CNY 5,530,187,818.32 year-over-year[21]. - The equity attributable to shareholders decreased to CNY 2,292,747,079.93 from CNY 2,411,868,990.29 year-over-year[21]. Research and Development - Research and development expenses increased by 25.82% to CNY 12,293.77 million, accounting for 7.97% of operating revenue, up from 5.66%[4][5]. - Research and development expenses rose to CNY 122,937,725.03 in Q1 2025, an increase of 25.8% from CNY 97,707,500.94 in Q1 2024[24]. Market Outlook - The company anticipates a recovery in storage prices starting from Q2 2025, which is expected to improve operating performance[6]. - Revenue from AI glasses is projected to exceed CNY 1.06 billion in 2024, with an expected year-on-year growth of over 500% in 2025[6]. Operational Challenges - The gross profit margin declined by 22.75 percentage points year-on-year due to significant decreases in product sales prices[6]. - The cash flow from operating activities showed a negative trend, with outflows exceeding inflows, highlighting potential operational challenges[28]. Shareholder and Financing Activities - The company has not reported any significant changes in its shareholder structure or financing activities during the reporting period[15]. - Total cash inflow from financing activities in Q1 2025 was 2,275,555,067.09, up from 959,071,474.71 in Q1 2024, indicating strong financing support[29]. - The company paid 33,964,589.99 in cash for dividends and interest in Q1 2025, compared to 22,443,474.07 in Q1 2024, indicating an increase in shareholder returns[29].

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 6.695 billion yuan, a year-on-year growth of 86.46%, and net profit attributable to shareholders at 161 million yuan, up 125.82% [1] - The growth was driven by the company's strategic focus on expanding its customer base in both domestic and international markets, leading to a substantial increase in product sales and a recovery in product prices [2] Financial Performance - Total revenue for 2024 was 6.695 billion yuan, an increase of 86.46% compared to the previous year [1] - Net profit attributable to shareholders was 161 million yuan, reflecting a growth of 125.82% year-on-year [1] - After excluding share-based payment expenses, the net profit attributable to shareholders was 499 million yuan, marking a 201.18% increase from the previous year [1] Business Expansion - The company achieved historic breakthroughs with first-tier mobile clients in the mobile sector and made significant inroads into the global top PC client pre-installation market [2] - In the server sector, the company's products passed AVAP testing with China Mobile and mutual certification tests with over 20 CPU platforms and OEM manufacturers [2] - The AI emerging edge sector saw revenue exceeding 1 billion yuan, a year-on-year growth of approximately 294%, with partnerships established with leading global clients [2] - The company entered the supply chains of several top domestic automotive companies, covering areas such as smart cockpits and autonomous driving [2] Advanced Packaging Development - The global advanced packaging market is projected to reach $78.6 billion by 2028, with a CAGR of 10.6% from 2022 to 2028, surpassing traditional packaging by 2025 [3] - The company is building wafer-level packaging capabilities, with a project initiated by its subsidiary, expected to be operational in the second half of 2025 [3] - This project aims to provide comprehensive storage and advanced packaging testing solutions, enhancing the company's competitive edge in the market [3] Future Outlook - The company plans to leverage opportunities in AI edge development to achieve sustainable business growth, focusing on expanding its customer base in mobile, PC, and server sectors [4] - Strategic resources will be allocated to the smart wearables and automotive sectors to become a major market player [4] - The company aims to deepen its integrated R&D and packaging layout, enhancing capabilities in chip design and advanced packaging [4] - Exploration of new interfaces, new media, and integrated storage and computing fields will be prioritized to contribute to industry value in the AI era [4]

佰维存储公告，2025年第一季度营收为15.43亿元，同比下降10.62%；净亏损1.97亿元，去年同期净利 润1.68亿元。 ...

证券代码：688525 证券简称：佰维存储 公告编号：2025-009 深圳佰维存储科技股份有限公司 关于会计政策变更的公告 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。 重要内容提示： 本次会计政策变更是深圳佰维存储科技股份有限公司（以下简称"公司"） 根据中华人民共和国财政部（以下简称"财政部"）发布的《企业会计准则解释 第 18 号》进行的合理变更，不会对公司财务状况、经营成果和现金流量产生重 大影响，亦不存在损害公司及股东利益的情况。符合相关法律法规的规定和公司 的实际情况。 本次会计政策变更是因财政部新发布的企业会计准则解释及相关要求而 进行的变更，无需提交公司董事会、股东大会审议。 一、本次会计政策变更的概述 （一）变更原因及日期 根据前述文件要求，本公司自 2024 年 1 月 1 日起执行解释 18 号的相关规定。 （二）变更前公司实施的会计政策 本次变更前，公司执行财政部发布的《企业会计准则——基本准则》和各项 具体会计准则、企业会计准则应用指南、企业会计准则解释公告及其他相关规定。 （三）变更后公司实 ...

佰维存储 2025042220250416 摘要 • 中美贸易战加速存储模组国产化替代，佰维和江波龙等国内厂商受益，近 年来营收实现翻倍增长，分别从 2023 年的 16 亿和 44 亿增长至 2024 年 的 40 亿和 84 亿，表明国内品牌体系对国产化替代战略的大力支持。 • 存储器价格在经历六年调整后，2024 年有所回温，虽下半年因需求疲软 再次下降，但大型晶圆厂减产以稳定价格。预计 2025 年受益于智能手机 换机潮和 AI 手机需求拉动，存储器价格将持续上行。 • AI 技术发展显著增加对内存和算力的需求，不仅服务器端需要大量内存， 新兴端侧设备如 AI 眼镜、机器人等也将提升内存需求，推动市场从供方转 向需求方市场。 • 佰维存储在嵌入式领域具有优势，尤其是在 AI 眼镜方面，凭借与高通的合 作经验和价格优势，占据国内 AI 眼镜市场 80%以上的份额，有望受益于 AI 眼镜市场千万级增长。 • 佰维存储通过较长的产业链和制造环节，在价格波动周期中保持较强的利 润率优势，并正在推进主控芯片自主化替代，提升盈利空间，与台湾群联 电子等企业竞争。 Q&A 佰维存储作为国内领先的存储模组厂商，其独特 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is a leader in "integrated research and packaging testing" storage solutions, benefiting from the restart of production cuts by major overseas manufacturers and the rapid growth in storage demand driven by AI, indicating a potential upturn in the storage industry [1][2] - The company has established a comprehensive and differentiated product system, with clear domestic replacement opportunities, and is entering a phase of accelerated performance growth and project implementation [1][2] Summary by Sections Company Expectations - The market perceives the company as a low-end third-party storage module manufacturer with limited growth potential. However, the upward storage cycle, accelerated domestic replacement, and rapid growth in AI applications are expected to enhance the company's profit growth potential [2] - Major storage manufacturers like Samsung and SK Hynix have announced production cuts since late 2024, while AI is driving demand for high-capacity, high-performance storage solutions, indicating a price turning point in the storage industry [2] - The domestic willingness to adopt local storage solutions has significantly increased due to trade tensions, and the company offers a stable, high-quality product system [2] - The company is positioned in the supply chains of well-known AI/AR glasses manufacturers, which are expected to see significant sales growth in the coming years [2] - The company's C-end business has a clear growth trajectory, supported by strong brand recognition and consumer acceptance of domestic brands [2] Validation and Catalysts - Key indicators include storage product prices, the maturity and development of AI applications, AI glasses shipment volumes, the company's market share, and progress in its wafer-level packaging business [3] - Catalysts for growth include rising storage product prices, rapid growth in AI glasses shipments, and better-than-expected customer onboarding progress [3] Research Value - The report provides a deeper understanding of the company's competitive advantages, emphasizing the importance of integrated research and packaging testing for third-party module manufacturers [4] - The company is one of the earliest to adopt an integrated research and packaging testing model, which enhances product innovation, development efficiency, and quality assurance [4] - The company's unique firmware algorithms and self-developed packaging capabilities allow it to provide added value and meet diverse customer needs in niche storage markets [4] Profit Forecast and Valuation - Projected revenues for 2024-2026 are 6.704 billion, 8.532 billion, and 10.864 billion yuan, with year-on-year growth rates of 86.71%, 27.26%, and 27.33% respectively [10] - The expected net profits for the same period are 176 million, 544 million, and 965 million yuan, with significant growth anticipated [10] - Based on a 2025 net profit estimate of 544 million yuan, a PE ratio of 95 is applied, resulting in a target market value of 51.7 billion yuan, indicating an 81% upside potential from the current price [10]

股票简称：佰维存储 股票代码：688525.SH 深圳佰维存储科技股份有限公司 （Biwin Storage Technology Co., Ltd.） （广东省深圳市南山区桃源街道平山社区留仙大道 1213 号众冠红花 岭工业南区 2 区 4,8 栋 1 层-3 层及 4 栋 4 层） 向特定对象发行 A 股股票 上市公告书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 2025 年 4 月 1 特别提示 一、发行数量及价格 1、发行数量：30,025,284 股 2、发行价格：63.28 元/股 3、认购方式：现金 4、募集资金总额：1,899,999,971.52 元 5、募集资金净额：1,870,685,419.71 元 二、本次发行股票预计上市时间 本次发行新增股份在其限售期满的次一交易日在上海证券交易所科创板上 市交易（预计上市时间如遇法定节假日或休息日，则顺延至其后的第一个交易日）。 三、新增股份的限售安排 本次发行对象共有 24 名，均以现金参与认购。所有特定对象认购的本次发 行的股票自发行结束之日起 6 个月内不得转让。法律法规、规范性文件 ...

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 2023 年度向特定对象发行 A 股股票并在科创板上市 注册资本：431,240,342 元人民币 法定代表人：孙成思 之上市保荐书 上海证券交易所： 作为深圳佰维存储科技股份有限公司（以下简称"发行人"、"公司"）2023 年度向特定对象发行 A 股股票并在科创板上市（以下简称"本次发行"）的保荐 人，华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐人"、"主 承销商"）及其保荐代表人已根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）等法律法规和中国 证券监督管理委员会（以下简称"中国证监会"）及贵所的有关规定，诚实守信， 勤勉尽责，严格按照依法制定的业务规则和行业自律规范出具上市保荐书，并 保证所出具文件真实、准确、完整。 现将有关情况报告如下： 一、发行人基本情况 （一）发行人概况 公司名称：深圳佰维存储科技股份有限公司 注册地址：广东省深圳市南山区桃源街道平山社区留仙大道 1213 号众冠红 花岭工业南区 2 区 4,8 栋 1 层-3 层及 4 栋 4 层 成立日期：20 ...