Core Insights - The company reported a revenue of 1.433 billion yuan and a net profit attributable to shareholders of 59 million yuan for the first three quarters of 2025, indicating a solid performance in the semiconductor industry [1] - The company is focusing on a dual strategy of "Storage" and "Storage+" to strengthen its technological foundation and market expansion capabilities, aiming for long-term growth [1] Group 1: Storage Business - The company is consolidating its technological advantages in NOR Flash and EEPROM product lines, with NOR Flash products covering a capacity range from 512Kbit to 1Gbit, and low power consumption being a significant advantage [1] - The next-generation 4Xnm and 40E processes demonstrate the company's ongoing capability for process iteration and cost improvement [1] - The EEPROM product line is expanding into industrial control and automotive applications, with all automotive EEPROM products certified by AEC-Q100 Grade1, enhancing revenue from automotive electronics [1][2] Group 2: Storage+ Strategy - The "Storage+" strategy is building a competitive ecosystem, with MCU and analog chip businesses emerging as new growth engines [2] - The company has launched over a hundred models of 32-bit general-purpose MCUs based on ARM Cortex-M cores, widely used in smart home, motor control, and industrial automation [2] - The VCM Driver chips are creating synergies with EEPROM, and the company has successfully delivered products to major smartphone brands, addressing high demands for imaging quality [2] Group 3: Mergers and Acquisitions - The company is actively expanding its business through acquisitions, with a proposed acquisition of a controlling stake in Zhuhai Noah Changtian Storage Technology Co., Ltd., which is expected to enhance its comprehensive competitiveness and industry scale [2] Group 4: Industry Outlook - The storage chip industry is entering a new prosperity cycle, driven by increased demand from AI applications, leading to supply tightness and rising prices [3] - The company's comprehensive advantages in technology accumulation, product matrix, and market expansion are expected to gain broader market recognition, providing sustained momentum for future performance growth and value release [3]

Core Insights - The report indicates that as of October 30, 2025, a total of 13 institutional investors hold shares in Purun Co., Ltd. (688766.SH), with a combined holding of 34.75 million shares, representing 23.47% of the total share capital [1] - The top ten institutional investors collectively hold 23.47% of the shares, but this represents a decrease of 0.79 percentage points compared to the previous quarter [1] Institutional Investors - The top ten institutional investors include Shanghai Zhixi Enterprise Management Consulting Partnership, Shanghai Zhangjiang Torch Venture Capital Co., Ltd., Hong Kong Central Clearing Limited, and several mutual funds [1] - There are three public funds that reduced their holdings compared to the previous quarter, including Guangfa Reform Mixed Fund, Huashang Quantitative Progress Mixed Fund, and Xin'ao New Target Flexible Allocation Mixed A [2] - Five new public funds disclosed their holdings this quarter, including Huabao Competitive Advantage Mixed A and Jinying Transformation Power Mixed [2] Social Security Funds - One social security fund, the National Social Security Fund 114 Portfolio, was not disclosed in this quarter compared to the previous quarter [2]

Group 1 - The core viewpoint of the articles highlights the strong performance and growth potential of Puran Co., Ltd. in the storage chip industry, particularly in NOR Flash and EEPROM products [2][3] - In Q3 2025, the company achieved a revenue of 527 million yuan, representing a year-on-year growth of 11.94% and a quarter-on-quarter growth of 5.24% [2] - The net profit after deducting non-recurring items reached 10 million yuan, with a quarter-on-quarter increase of 35.70% [2] Group 2 - Puran Co., Ltd. is a significant player in the domestic storage chip sector, continuously strengthening its technological barriers in its main business [2] - The company’s NOR Flash products utilize SONOS and ETOX dual-process platforms, covering a capacity range from 512 Kbit to 1 Gbit, with 4 Mbit-128 Mbit products becoming the main delivery force [2] - The full-capacity ETOX NOR Flash series has passed AEC-Q100 automotive certification, laying the foundation for entry into the automotive electronics market [2] Group 3 - In the EEPROM product line, Puran Co., Ltd. has made multiple breakthroughs, maintaining a leading position in mobile camera module applications and successfully expanding into industrial control and automotive scenarios [2] - The entire series of automotive EEPROM products has passed AEC-Q100 Grade 1 certification and has been delivered in bulk for applications such as body cameras and in-vehicle central control, increasing the revenue share from automotive electronics [2] Group 4 - The company's "Storage+" strategy is accelerating the cultivation of new growth engines, with over a hundred models of 32-bit general-purpose MCUs based on the ARM Cortex-M core launched for applications in smart homes, motor control, and industrial automation [3] - The ultra-low power M0+ series has a deep sleep power consumption as low as 0.7 μA, while the high-performance M4 series has gained recognition from mid-to-high-end market customers due to its quality analog peripherals [3] - The current AI-driven super cycle is expected to significantly boost the demand for large-capacity storage in data centers, alongside the increasing penetration of smart devices such as smartphones and smart cars, driving innovation in storage technology and market expansion [3]

Core Viewpoint - The storage chip industry is experiencing a significant price surge, driven by strong demand from global tech giants for AI computing power, marking the beginning of a "super cycle" in the market [1][4][12]. Market Performance - The storage index in the A-share market has risen by 59.42% over the past three months, with notable stock performances including Jiangbolong up 210.89% and Shannong Chip up 275% [2][8]. - Major companies like Micron, Samsung, and SK Hynix are reducing production due to weak NAND Flash demand, while domestic firms are seizing market opportunities [5][7]. Price Trends - DRAM prices increased by 47.7% in the first half of 2025, and NAND Flash prices rose by 9.2%, with 512Gb Flash wafer prices up over 20% since October [3][6]. - The price of old process DRAM products is expected to rise by 8% to 13% in Q4, while HBM prices may increase by 13% to 18% [6]. Supply and Demand Dynamics - The rapid development of AI technology is creating a structural shift in storage demand, particularly for HBM products, which are essential for AI chip modules [4][11]. - The supply of traditional DRAM products is tightening as manufacturers shift focus to higher-margin products like DDR5 and HBM [5][11]. Future Outlook - Analysts predict a continued upward trend in storage prices into 2026, with major players optimistic about market conditions [14]. - The global storage market is expected to reach a size of $300 billion by 2027, driven by sustained demand for AI-related applications [2][4].

Core Viewpoint - Puran Co., Ltd. is a significant player in the non-volatile memory chip market in China, focusing on the design and sales of NOR Flash and EEPROM products, with a strong emphasis on research and development capabilities [1] Group 1: Business Performance - In Q3 2025, Puran achieved a revenue of 1.433 billion yuan, ranking 22nd in the industry, significantly lower than the top competitor, Huaqing Group, which reported 21.783 billion yuan [2] - The net profit for the same period was 59.0492 million yuan, placing the company 28th in the industry, again trailing behind Huaqing Group's 3.199 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Puran's debt-to-asset ratio was 13.29%, lower than the industry average of 24.46%, indicating a relatively low debt pressure [3] - The gross profit margin was 29.96%, down from 33.36% year-on-year and below the industry average of 36.52%, suggesting a need for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 26.53% to 16,900, while the average number of circulating A-shares held per shareholder decreased by 20.81% [5] - The top ten circulating shareholders included new entrants like Hong Kong Central Clearing Limited, holding 1.9624 million shares [5] Group 4: Strategic Developments - Puran plans to acquire SHM to expand into the 2D NAND market, which is expected to enhance product offerings and create synergies in technology and market [5] - The company aims to achieve revenues of 2 billion, 2.6 billion, and 3.5 billion yuan from 2025 to 2027, with net profits projected at 100 million, 300 million, and 490 million yuan respectively [5] Group 5: Product Development - Puran has advantages in technology and cost-effectiveness, with ongoing production of large-capacity NOR Flash products and a complete series of EEPROM products for industrial and automotive applications [6] - The company has successfully launched multiple MCU series and VCM Driver products, aligning with industry trends and expanding market opportunities [6]

Group 1 - The core viewpoint of the article highlights the financial performance of Purun Co., Ltd. for the third quarter of 2023, indicating a revenue increase but a significant decline in net profit [1] - For the first three quarters of 2023, the company's revenue was approximately 1.433 billion yuan, representing a year-on-year increase of 4.89% [1] - The net profit attributable to shareholders was about 59.05 million yuan, showing a year-on-year decrease of 73.73% [1] - Basic earnings per share were reported at 0.47 yuan, which is a decrease of 68.81% compared to the previous year [1] Group 2 - As of the report date, Purun Co., Ltd. has a market capitalization of 20.2 billion yuan [2]

（一）审议通过了《关于公司<2025 年第三季度报告>的议案》 监事会认为：公司 2025 年第三季度报告的内容、格式及编制和审议程序符 合中国证券监督管理委员会、上海证券交易所及公司的各项规定，所包含的信息 能从各方面客观、真实、公允地反映出公司 2025 年第三季度的经营管理和财务 状况等事项，所披露的信息真实、准确和完整，没有虚假记载、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。 证券代码：688766 证券简称：普冉股份 公告编号：2025-071 普冉半导体（上海）股份有限公司 关于第二届监事会第二十一次会议决议公告 本公司监事会及全体监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、 监事会会议召开情况 普冉半导体（上海）股份有限公司(以下简称"公司")第二届监事会第二十 一次会议（以下简称"本次会议"）于 2025 年 10 月 30 日以现场及通讯方式召 开。会议通知于 2025 年 10 月 24 日以电子邮件的方式发出。全体监事均出席会 议，本次会议应参加监事 3 人，实际参加监事 3 ...

Core Viewpoint - The storage chip industry is experiencing a significant price surge, driven by strong demand from global tech giants for AI computing power, marking the beginning of a "super cycle" in the market [1][5][19] Market Performance - The storage index in the A-share market has risen by 59.42% over the past three months, with notable stock performances including Jiangbolong up 210.89% and Shannong Chip up over 275% [3][11] - Major companies like Micron, Samsung, and SK Hynix are reducing production, creating supply constraints that contribute to rising prices [6][10] Price Trends - DRAM prices have increased significantly, with a 47.7% rise in the comprehensive price index for DRAM and a 9.2% increase for NAND Flash expected in the first half of 2025 [5][8] - The price of 512Gb Flash Wafers has seen a cumulative increase of over 20% since October [5] Demand Drivers - The rapid development of AI technology is identified as the core driver of this structural change, leading to increased demand for high-bandwidth memory (HBM) [5][6] - Major tech companies are investing heavily in AI infrastructure, which is expected to sustain high demand for storage chips [5][14] Supply Constraints - The supply of older DRAM products like DDR4 and LPDDR4X is tightening, with average inventory levels dropping significantly [7][8] - Companies are prioritizing production of higher-margin products like HBM and DDR5, leading to shortages in traditional DRAM products [6][10] Future Outlook - Industry experts predict that prices will continue to rise into the next year, with expectations of an 8% to 13% increase in old-process DRAM prices in Q4 [8][19] - The market sentiment remains optimistic, with forecasts indicating that the storage chip market will continue to experience growth driven by AI and new product launches [19]

Core Viewpoint - The storage chip industry is experiencing a significant price surge, driven primarily by the increasing demand for AI computing power, leading to a "super cycle" in the market [6][8][10]. Group 1: Market Performance - The storage index in the A-share market has risen by 59.42% over the past three months, with notable increases in individual stocks such as Jiangbolong (up 210.89%) and Demingli (up 160.95%) [5][12]. - The price of DRAM and NAND Flash products has seen substantial increases, with DRAM prices rising by 47.7% and NAND Flash by 9.2% in the first half of 2025 [8][10]. Group 2: Drivers of Price Surge - The primary driver of the current price surge is the robust demand for HBM (High Bandwidth Memory) from global tech giants due to AI advancements, which has created a supply-demand imbalance [6][8][10]. - Major companies like Nvidia, Amazon, Google, and AMD account for 95% of HBM demand, with domestic firms also increasing their investments in AI infrastructure [8][10]. Group 3: Supply Constraints - Supply constraints are evident as major manufacturers like Micron, Samsung, and SK Hynix have initiated production cuts due to weak NAND Flash demand and pricing pressures [9][10]. - The shift in production focus from traditional DRAM to higher-margin products like HBM and DDR5 has led to shortages in older DRAM products [10][12]. Group 4: Future Outlook - Analysts predict that the price increases will continue into the next year, with expectations of an 8% to 13% rise in older DRAM prices and a 13% to 18% rise in HBM prices in Q4 [10][20]. - The market sentiment remains optimistic, with industry leaders expressing confidence in sustained growth through 2025, driven by ongoing AI-related demand [20][21].

Financial Performance - The company achieved operating revenue of CNY 526.61 million in Q3 2025, an increase of 11.94% compared to the same period last year[5] - The total profit for the period was CNY 11.12 million, a decrease of 87.95% year-on-year, while the net profit attributable to shareholders was CNY 18.32 million, down 79.37%[3] - The company reported a net profit of CNY 59.05 million for the year-to-date, a decrease of 73.73% compared to the previous year[3] - The total profit for the current reporting period decreased by 87.95% due to a decline in gross profit and an increase in period expenses and inventory impairment provisions[10] - The net profit attributable to shareholders of the listed company for the current reporting period decreased by 79.37%[10] - The net profit excluding non-recurring gains and losses for the current reporting period decreased by 86.28%[10] - The total profit from the beginning of the year to the reporting period decreased by 79.98% due to a decline in gross profit and an increase in period expenses and inventory impairment provisions[11] - The basic earnings per share for the current reporting period decreased by 80.00%[11] - The diluted earnings per share for the current reporting period decreased by 80.00%[11] - The total comprehensive income for the first three quarters of 2025 is CNY 59,049,216.37, significantly lower than CNY 224,750,378.34 in the same period of 2024[22] Research and Development - Research and development expenses totaled CNY 75.85 million in Q3 2025, representing 14.40% of operating revenue, an increase of 1.48 percentage points year-on-year[4] - Research and development expenses for the first three quarters of 2025 were CNY 223,576,453.84, compared to CNY 172,068,999.45 in the same period of 2024, reflecting a year-over-year increase of approximately 29.9%[20] Assets and Liabilities - The company’s total assets increased by 1.65% to CNY 2.62 billion compared to the end of the previous year[4] - As of September 30, 2025, total assets amounted to CNY 2,620,956,716.75, an increase from CNY 2,578,517,753.94 as of December 31, 2024[19] - The total liabilities as of September 30, 2025, were CNY 348,313,262.80, a decrease from CNY 361,044,016.68 at the end of 2024[18] - The company's equity attributable to shareholders increased to CNY 2,272,643,453.95 as of September 30, 2025, compared to CNY 2,217,473,737.26 at the end of 2024[19] Cash Flow - The company’s cash flow from operating activities for the year-to-date was CNY 55.95 million[3] - Cash flow from operating activities for the first three quarters of 2025 is CNY 55,952,850.98, recovering from a negative cash flow of CNY -11,948,335.32 in the same period of 2024[25] - The company incurred a net cash outflow from investing activities of CNY -218,162,699.70 in the first three quarters of 2025, compared to CNY -83,140,202.32 in 2024[25] - The company's cash and cash equivalents decreased to CNY 797,941,436.99 as of September 30, 2025, down from CNY 995,019,360.58 at the end of 2024[16] - The cash and cash equivalents at the end of the period for 2025 is CNY 797,941,436.99, down from CNY 1,076,873,629.10 in 2024[25] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 16,939[13] - The largest shareholder, Wang Nan, holds 27,741,981 shares, accounting for 18.74% of the total shares[13] - The second largest shareholder, Shanghai Zhixi Enterprise Management Consulting Partnership, holds 27,193,352 shares, accounting for 18.37% of the total shares[13] Acquisition Plans - The company plans to acquire a controlling stake in Zhuhai Noah Changtian Storage Technology Co., Ltd., which is expected to indirectly control SkyHigh Memory Limited after the transaction is completed[15] - The company has not yet completed the due diligence and audit assessment for the acquisition, indicating potential risks associated with the transaction[15] Profitability Metrics - The gross profit margin decreased by 4.51 percentage points in Q3 2025, leading to a total gross profit reduction of CNY 5.40 million[5] - The weighted average return on net assets was 0.81%, down 80.62% year-on-year[3] - The weighted average return on net assets for the current reporting period decreased by 80.62%[11] - Operating profit for the first three quarters of 2025 is CNY 47,712,798.88, down from CNY 237,189,701.75 in 2024, indicating a significant decline[22] - The company reported a net investment income of CNY 9,432,703.04 for the first three quarters of 2025, compared to CNY 90,000.00 in the same period of 2024[20] Inventory and Impairment - Inventory impairment losses increased by CNY 44.76 million due to high inventory levels and decreased turnover rates[5] - The company reported a decrease in credit impairment losses to CNY -2,277,368.38 in 2025 from CNY -3,559,984.37 in 2024[22]