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]

Core Viewpoint - The financial performance of Purun Co., Ltd. (688766.SH) in Q3 2025 shows a significant revenue increase but a sharp decline in net profit, indicating underlying challenges in profitability despite revenue growth [1] Financial Performance - Q3 revenue reached 527 million yuan, representing a year-on-year increase of 11.94% [1] - Net profit for Q3 was 18.32 million yuan, a year-on-year decrease of 79.37% [1] - Revenue for the first three quarters totaled 1.433 billion yuan, up 4.89% year-on-year [1] - Net profit for the first three quarters was 59.05 million yuan, down 73.73% year-on-year [1] Factors Affecting Performance - The decline in profitability is attributed to a decrease in gross margin, increased R&D and operating expenses, and a significant rise in inventory impairment provisions [1] - Despite the growth in sales volume of the "Storage+" new products contributing to revenue, the reduction in gross profit and an increase in asset impairment losses by 102 million yuan year-on-year have severely impacted profits [1]

关于召开 2025 年上海辖区上市公司三季报集体业绩 说明会的公告 证券代码：688766 证券简称：普冉股份 公告编号：2025-072 普冉半导体（上海）股份有限公司 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： 会议召开时间：2025 年 11 月 13 日 （星期四） 15:00-16:30 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 06 日 （星期四） 至 11 月 12 日 （星 期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司投资者关系邮箱 ir@puyasemi.com 进行提问。公司将在说 明会上对投资者普遍关注的问题进行回答。 普冉半导体（上海）股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更 全面深入地了解公司 2025 年第三季度经营成果、财 ...

现将相关情况具体内容公告如下： 一、本次计提减值准备情况概述 根据《企业会计准则》以及公司财务制度等相关规定，为客观、公允地反映 公司截至 2025 年 9 月 30 日的财务状况和 2025 年前三季度的经营成果，基于谨 慎性原则，公司对截至 2025 年 9 月 30 日公司资产进行了减值测试，对截至 2025 年 9 月 30 日可能发生信用及资产减值损失的有关资产计提相应减值准备。同时， 对减值影响因素确认消失的资产，在原已计提的减值准备金额内进行转回；对出 售或领用前期已计提资产减值损失的存货，随着存货的结转，按照其成本和对应 的存货跌价准备一并结转。 公司 2025 年第三季度计提信用减值损失 75.00 万元，转回信用减值损失 12.96 万元，计提资产减值准备 4,904.43 万元，转回资产减值准备 1,213.41 万元， 转销资产减值准备 660.29 万元，具体如下表： 单位：人民币万元 | 项目 | 本期计提减值 | 本期减少 | | | --- | --- | --- | --- | | | 准备金额 | 本期转回金额 | 本期转销金额 | | 应收账款坏账准备 | 75.00 | ...

普冉半导体（上海）股份有限公司（以下简称"公司"）于近日收到中信证 券股份有限公司（以下简称"中信证券"）出具的《关于更换保荐代表人的函》， 中信证券作为公司首次公开发行股票并在科创板上市（下称"IPO"）的保荐机 构，原指派的保荐代表人为王建文先生、赵亮先生，法定持续督导期至 2024 年 12 月 31 日止。因公司 IPO 项目募集资金尚未使用完毕，中信证券继续对公司 IPO 项目募集资金的存放和使用情况履行持续督导责任，直至募集资金使用完毕。 证券代码：688766 证券简称：普冉股份 公告编号：2025-069 普冉半导体（上海）股份有限公司 关于于变更持续督导保荐代表人的公告 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。 因工作需要，中信证券决定委派欧阳旭峰先生（简历见附件）接替赵亮先生 的工作，继续履行公司 IPO 的持续督导保荐责任。 本次变更不影响中信证券对公司的持续督导工作。本次保荐代表人变更后， 公司持续督导的保荐代表人为王建文先生和欧阳旭峰先生，继续履行相关的职责 和义务，直至相关工作全部结束。公 ...

Core Viewpoint - The storage chip sector experienced a decline in stock prices, with several companies showing significant drops in early trading on October 28. Group 1: Stock Performance - Puran股份 fell over 8% [1] - 香农芯创 and 江波龙 both dropped over 6% [1] - 德明利, 北京君正, and 佰维存储 also opened lower [1]

Group 1 - The storage chip sector experienced a decline with multiple stocks falling in early trading on October 28 [1] - Purun Co., Ltd. dropped over 8%, while Shannon Semiconductor and Jiangbolong fell over 6% [1] - Other companies such as Demingli, Beijing Junzheng, and Baiwei Storage also opened lower [1]

据天眼查APP显示，普冉半导体(上海)股份有限公司成立于2016年01月04日，注册资本14804.9102万人 民币。（数据宝） （文章来源：证券时报网） 数据宝统计，截至13:56，普冉股份成交额27.01亿元，创上市以来新高。最新股价上涨8.57%，换手率 11.85%。上一交易日该股全天成交额为21.49亿元。 ...

Group 1 - The storage sector is experiencing a strong performance, with companies such as Zhongdian Port and Dawi Co., Ltd. hitting the daily limit, while Purain Co., Ltd. and Jiangbolong have increased by over 8% [1] Group 2 - Guojin Securities highlights the continuous improvement in AI application effects, recommending a focus on the storage industry chain that is experiencing sustained growth [2] - Dongguan Securities notes that the recent price increases by overseas storage giants are primarily driven by the explosion of AI applications, leading to a surge in demand for high-performance storage chips used in AI servers and data centers, which in turn drives up prices across the storage market [2] - It is suggested to pay attention to segments benefiting from this trend, including storage modules, niche storage, and materials for storage supporting equipment [2]