Ju Chao Zi Xun·2025-09-07 09:55Group 1: Market Overview - Since 2025, the global storage market has shown a clear trend of low-to-high performance, with weak demand in early Q1 due to inventory destocking in major downstream terminals like smartphones and PCs, leading to a decline in NAND Flash and DRAM prices [1] - In March, terminal demand began to recover, and with downstream inventory returning to healthy levels, combined with major storage manufacturers implementing production cuts and inventory control strategies, the supply-demand balance improved significantly, resulting in a rebound in storage prices [1] - In the first half of 2025, the NAND Flash market composite price index increased by 9.2%, while the DRAM market composite price index surged by 47.7% [1] Group 2: Company Performance - In terms of revenue for the first half of the year, Jiangbolong achieved 1,019,565.537 thousand yuan, leading the market, followed by Demingli with 410,903.6587 thousand yuan, and Baiwei Storage with 391,233.6914 thousand yuan [4] - From a gross margin perspective, Tongyou Technology had a sales gross margin of 51.6%, while Jiangbolong's was 13%, Baiwei Storage and Wanrun Technology both at 9.1%, and Demingli at 5% [6] - In terms of net profit, Wanrun Technology reported a net profit of 1,553.53 thousand yuan, while Jiangbolong had a net profit of 1,476.6 thousand yuan; however, Demingli and Baiwei Storage reported significant net losses of -11,794.56 thousand yuan and -22,579.55 thousand yuan, respectively [7] Group 3: Inventory and R&D Investment - Jiangbolong led in inventory with 807,615.8102 thousand yuan, followed by Demingli with 464,262.8646 thousand yuan, indicating a strategic approach to stockpiling during low market conditions [9] - Jiangbolong also led in R&D investment with 44,573.88 thousand yuan, followed by Baiwei Storage with 27,292.89 thousand yuan, highlighting the importance of R&D in the storage module industry, especially with the growth in AI technology and data center storage demand [11][12]