Group 1 - The company expects to achieve an operating income of approximately 90,500 million yuan, a slight increase of 1% compared to the same period last year [1] - The net profit attributable to the parent company is estimated to be around 4,000 million yuan, showing a decline compared to the previous year [1] - The decline in net profit is attributed to three main factors: industry cycle transition, increased strategic investments, and cautious impairment provisions [1] Group 2 - The global storage industry is anticipated to enter a strong recovery cycle in the first half of 2024, with prices of mainstream large-capacity storage devices continuing to rise [1] - The company has adjusted its supply chain strategy flexibly, resulting in a higher inventory level, although the inventory turnover rate has decreased [1] - The company has recognized an asset impairment loss of approximately 5,800 million yuan, which has increased year-on-year [1] Group 3 - The company is committed to driving value growth through technological innovation, increasing R&D investment significantly during the reporting period [2] - The total R&D, management, and sales expenses have increased by approximately 6,000 million yuan compared to the same period last year [2] - The operating quality of the company has shown positive changes, with a quarter-on-quarter improvement in net profit for the second quarter after excluding non-recurring factors [2] Group 4 - The company anticipates continuous improvement in operating performance in the second half of the year, driven by the traditional peak season for consumer electronics and the gradual optimization of the storage industry landscape [2] - New products are expected to be mass-produced and delivered, contributing to the anticipated improvement in performance [2]

Group 1 - The company, Puran Co., Ltd. (688766.SH), has released a voluntary performance forecast for the first half of 2025, expecting revenue of approximately 905 million yuan, an increase of about 8.98 million yuan or 1.00% year-on-year [1] - The forecasted net profit attributable to the parent company for the first half of 2025 is approximately 40 million yuan, a decrease of about 95.98 million yuan or 70.58% year-on-year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be around 26 million yuan, a decrease of about 125.44 million yuan or 82.83% year-on-year [1] Group 2 - Puran Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 23, 2021, with an issuance of 9,057,180 shares at a price of 148.90 yuan per share [2] - The total funds raised from the initial public offering amounted to approximately 1.35 billion yuan, with a net amount of about 1.25 billion yuan, exceeding the original plan by approximately 900 million yuan [2] - The company planned to use the raised funds for projects related to flash memory chip upgrades, EEPROM chip upgrades, and headquarters base and cutting-edge technology research and development [2]

Core Viewpoint - The company expects a slight increase in revenue for the first half of 2025, but a decrease in net profit due to industry cycle changes, strategic investments, and cautious impairment provisions [1][2] Group 1: Company Performance - The company anticipates approximately 905 million yuan in revenue for the first half of 2025, representing a year-on-year increase of about 1% [1] - The net profit attributable to the parent company is projected to be 40 million yuan, showing a decline compared to the same period last year [1] - The company has experienced a decrease in the shipment volume of its main storage chip products due to a slowdown in the overall consumer market recovery [1][2] Group 2: Industry Trends - The global storage industry is expected to enter a strong recovery phase in the first half of 2024, with prices of mainstream large-capacity storage devices continuing to rise [1] - The niche storage market is also experiencing a brief upturn due to supply contraction and gradual demand recovery [1] - By 2025, the industry is moving towards a stable recovery phase, with the company adjusting its supply chain strategy to maintain a high inventory level [1] Group 3: Research and Development - The company continues to focus on new product development, resulting in a significant increase in R&D, management, and sales expenses, totaling an increase of approximately 60 million yuan compared to the same period last year [2] - The introduction of new products has not yet generated substantial revenue to offset the increase in expenses [2] - The company has recognized an increase in asset impairment losses of about 58 million yuan due to cautious inventory impairment provisions [2] Group 4: Future Outlook - The company expects improved operating performance in the second half of the year, driven by the traditional peak season for consumer electronics and the gradual optimization of the storage industry landscape [2] - The rollout of new products is anticipated to contribute positively to the company's performance as they reach mass production and delivery [2]

Core Viewpoint - The company expects a slight increase in revenue for the first half of 2025, but a significant decrease in net profit compared to the same period last year [1][2]. Group 1: Performance Forecast - The company anticipates achieving approximately 905 million yuan in revenue for the first half of 2025, representing an increase of about 8.98 million yuan or approximately 1.00% year-on-year [1]. - The expected net profit attributable to the parent company is around 40 million yuan, which is a decrease of approximately 95.98 million yuan or 70.58% compared to the same period last year [1][2]. - The expected net profit after deducting non-recurring gains and losses is about 26 million yuan, reflecting a decrease of approximately 125.44 million yuan or 82.83% year-on-year [1][2]. Group 2: Reasons for Performance Changes - The decline in the shipment volume of chip products compared to the same period last year has negatively impacted the company's performance, although the implementation of the "Storage+" strategy and the introduction of new MCU and Driver products have helped maintain overall revenue growth [2]. - The company has experienced a significant increase in research and development expenses, management expenses, and sales expenses, totaling an increase of approximately 60 million yuan compared to the previous year [2]. - The company has adopted a proactive supply chain strategy, leading to higher inventory levels and a decrease in inventory turnover rate, resulting in an increase in asset impairment losses of approximately 58 million yuan year-on-year [2]. - Government subsidies received during the reporting period have increased by approximately 15 million yuan compared to the first half of 2024, and investment income from strategic equity holdings has increased by about 18 million yuan, positively impacting non-recurring gains and losses [2].

[Performance Forecast Overview](index=1&type=section&id=I.%E3%80%81Current%20Period%20Performance%20Forecast) Puya Semiconductor anticipates 2025 H1 revenue of approximately **RMB 905 million**, a slight 1.00% increase, but expects net profit attributable to owners to decline significantly by 70.58% to **RMB 40 million**, with non-recurring adjusted net profit dropping 82.83% to **RMB 26 million** Performance Forecast Summary | Metric | 2025 H1 Forecast | 2024 H1 Actual | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | Approx. 905.00 million RMB | 896.02 million RMB | +1.00% approx | | Net Profit Attributable to Owners | Approx. 40.00 million RMB | 135.98 million RMB | -70.58% approx | | Non-Recurring Adjusted Net Profit Attributable to Owners | Approx. 26.00 million RMB | 151.44 million RMB | -82.83% approx | - This performance forecast is a preliminary estimate by the company's finance department and has not been audited by a certified public accountant[4](index=4&type=chunk) [Prior Period Performance Comparison](index=2&type=section&id=II.%E3%80%81Prior%20Period%20Performance) The report presents 2024 H1 performance as a comparative baseline, with **RMB 896 million** in revenue, **RMB 136 million** in net profit, and **RMB 151 million** in non-recurring adjusted net profit 2024 H1 Performance | Metric | 2024 H1 Amount (RMB Millions) | | :--- | :--- | | Operating Revenue | 896.02 | | Net Profit Attributable to Owners | 135.98 | | Non-Recurring Adjusted Net Profit Attributable to Owners | 151.44 | [Analysis of Performance Changes](index=2&type=section&id=III.%E3%80%81Main%20Reasons%20for%20Performance%20Changes) Performance decline primarily stems from core business profit pressure and non-recurring items; while 'Storage+' strategy slightly boosted revenue, increased R&D, rising expenses, and inventory impairment significantly reduced core profit, partially offset by government grants and investment income [Impact of Core Business](index=2&type=section&id=I.%EF%BC%89%20Impact%20of%20Core%20Business) While 'Storage+' new products (MCU, Driver) slightly increased overall revenue, core memory chip shipments declined due to slow consumer market recovery, with **RMB 60 million** in increased R&D, management, and sales expenses, and **RMB 58 million** in higher inventory impairment, significantly eroding profit - 'Storage+' strategy steadily implemented, with increased market share for new products like MCU and Driver, leading to a slight overall revenue increase in H1 compared to last year, offsetting the decline in main memory chip shipments[6](index=6&type=chunk) - Due to expanded personnel and deeper R&D projects, R&D, management, and sales expenses collectively increased by approximately **RMB 60 million** year-over-year, but new product revenue has not yet scaled to offset the negative impact of increased expenses on profit[6](index=6&type=chunk) - The company's proactive supply chain strategy resulted in high inventory levels, leading to an approximate **RMB 58 million** year-over-year increase in asset impairment losses recognized in this reporting period due to inventory impairment provisions based on prudence principles[6](index=6&type=chunk) [Impact of Non-Recurring Items](index=2&type=section&id=II.%EF%BC%89%20Other%20Impacts) Non-recurring items positively impacted profit, with government grants increasing by approximately **RMB 15 million** and investment income from Huada Jiutian shares rising by approximately **RMB 18 million** year-over-year, partially mitigating the net profit decline - During the reporting period, various government grants received by the company increased by approximately **RMB 15 million** year-over-year[8](index=8&type=chunk) - Investment income from the company's strategic placement shares in Huada Jiutian increased by approximately **RMB 18 million** year-over-year, influenced by secondary market stock price fluctuations[8](index=8&type=chunk) [Risk Warning and Other Notes](index=3&type=section&id=IV.%E3%80%81Risk%20Warning) The company explicitly states this performance forecast is a preliminary, unaudited financial department estimate, with final data subject to the official 2025 semi-annual report, urging investors to be aware of investment risks - This performance forecast is a preliminary calculation by the company's finance department based on its professional judgment and has not been audited by a certified public accountant[9](index=9&type=chunk) - The specific and accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report; investors are advised to be aware of investment risks[10](index=10&type=chunk)

普冉股份公告，预计2025年半年度实现归属于母公司所有者的净利润约为4000万元，与上年同期(法定 披露数据)相比，将减少9598.34万元左右，同比减少70.58%左右。预计2025年半年度实现归属于母公司 所有者的扣除非经常性损益的净利润约为2600万元，与上年同期(法定披露数据)相比，将减少1.25亿元 左右，同比减少82.83%左右。预计2025年半年度实现营业收入约为9.05亿元，与上年同期(法定披露数 据)相比，将增加897.88万元左右，同比增加1.00%左右。 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Insights - The report highlights significant opportunities in the storage sector driven by continuous price increases, AI catalysis, and accelerated domestic production [2][3][5] - The semiconductor storage market is expected to gradually recover starting from the end of March 2025, with both DRAM and NAND entering an upward price channel [3][16] - The demand for storage is being propelled by AI applications, with expectations for substantial growth in HBM and DDR5 demand by 2025 [4][81] Summary by Sections Price Analysis - The report anticipates sustained price increases in Q3 and Q4, with DDR4 leading the market due to supply-side reforms and production cuts by major manufacturers [15][19] - DRAM and NAND prices are expected to rise significantly, with PC DDR4 contract prices projected to increase by 18-23% in Q3 [24][31] Supply Side - The Chinese semiconductor storage market is projected to grow from approximately 394.3 billion yuan in 2023 to 458 billion yuan in 2025, with DRAM holding the largest market share [59][61] - Major overseas manufacturers are reducing production, benefiting domestic companies and increasing their market share [59][63] Demand Side - The report indicates that DRAM and NAND are entering a long growth cycle, with DRAM demand capacity expected to grow by 16% in 2024 and 15% in 2025 [81][83] - The demand for enterprise-level SSDs is expected to rise significantly, with AI infrastructure driving performance and capacity upgrades [4][81] Technology Trends - The report discusses advancements in 3D NAND technology and the transition to higher efficiency DRAM processes, with expectations for 300-layer NAND production by 2025 [72][73] - The integration of AI technologies is expected to enhance the performance and capacity of storage solutions, particularly in enterprise applications [4][5] Company Dynamics - Domestic storage manufacturers are accelerating their technological advancements and production capabilities, with companies like Jiangbolong and Baiwei Storage leading the charge in high-end storage solutions [5][6][63] - The report emphasizes the importance of self-developed controllers and high-end technology in building competitive advantages for domestic firms [5][6]

中信证券股份有限公司 关于普冉半导体（上海）股份有限公司 部分募投项目结项并将节余募集资金永久补充流动资 金的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为普冉半导 体（上海）股份有限公司（以下简称"普冉股份"或"公司"）首次公开发行股票并 在科创板上市及后续持续督导保荐机构，根据《中华人民共和国公司法》、《中 华人民共和国证券法》、《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》等有关法律法规和规范性文件的要求，对普冉股份部分募投项目结 项并将节余募集资金永久补充流动资金进行了核查，具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到位时间 经中国证券监督管理委员会证监许可[2021]2111 号《关于核准普冉半导体 （上海）股份有限公司首次公开发行股票的批复》核准，公司向社会公开发行人 民币普通股 905.7180 万股，每股发行价格为 148.90 元，募集资金总额 134,861.41 万元，扣除各项发行费用人民币 10,306.87 万元（含税）后，实际募集资金净额 ...

证券代码：688766 证券简称：普冉股份 公告编号：2025-046 一、 募集资金基本情况 经据中国证券监督管理委员会于2021年06月22日出具的《关于同意普冉半导 体（上海）股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕2111 号），公司获准向社会公开发行人民币普通股905.7180万股，每股发行价格为人 民币148.90元，本次发行募集资金总额为134,861.41万元，扣除不含税发行费用 人民币10,306.87万元后，实际募集资金净额为人民币124,554.54万元，上述资金 已全部到位。立信会计师事务所（特殊普通合伙）对公司本次公开发行新股的资 金到位情况进行了审验，并于2021年08月16日出具了《验资报告》（信会师报字 [2021]第ZF10839号）。公司依照规定对募集资金采取了专户存储管理，并由公 司与保荐机构、募集资金专户监管银行签订了募集资金三方监管协议。详细情况 请参见公司已于2021年08月20日披露于上海证券交易所网站（www.sse.com.cn） 的《首次公开发行股票科创板上市公告书》。 公司截至2024年12月31日募投项目及募集资金存放与实际使用情况 ...

证券代码：688766 证券简称：普冉股份 公告编号：2025-047 普冉半导体（上海）股份有限公司 关于第二届监事会第十八次会议决议公告 （一）审议通过了《关于部分募投项目结项并将节余募集资金永久补充流动 资金的议案》 监事会认为：公司本次对部分募投项目结项并将节余募集资金永久补充流动 资金的事项，有利于提高募集资金使用效率，降低公司财务成本，符合公司和公 司全体股东的利益，不存在损害公司股东特别是中小股东利益的情形，符合《上 海证券交易所科创板股票上市规则》、《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》等法律法规、规范性文件以及《公司章程》、《募集 资金管理制度》的规定。公司对该事项的审议及表决符合《公司法》和《公司章 程》等的有关规定，程序合法有效。 1 综上，公司监事会同意公司本次部分募投项目结项并将节余募集资金永久补 充流动资金的事项。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 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 ...