兆易创新：“存储一哥”下南洋

Core Viewpoint - The storage industry is recovering, with leading companies like Zhaoyi Innovation reporting significant revenue and profit growth, driven by increased demand in various sectors and strategic market positioning [1][6][10]. Group 1: Financial Performance - Zhaoyi Innovation's revenue for the first half of 2025 reached 4.15 billion yuan, a year-on-year increase of 15%, while net profit attributable to shareholders was 575 million yuan, up 11.31% [1]. - The company's storage chip revenue in 2024 was 5.194 billion yuan, accounting for 70.6% of total revenue, with MCU business contributing over 90% of revenue [6][10]. - The company experienced a revenue decline from 8.13 billion yuan in 2022 to 5.761 billion yuan in 2023, followed by a recovery to 7.356 billion yuan in 2024 [10]. Group 2: Market Position and Global Expansion - Zhaoyi Innovation is the only company globally to rank in the top ten across four core integrated circuit design areas, including NOR Flash and MCU [1]. - The company has established a global sales network across Asia, Europe, and North America, with overseas revenue accounting for 77.51% in 2024 and 69.51% in the first half of 2025 [3][11]. - The company is recognized as the world's leading fabless Flash supplier, with significant contributions from automotive-grade products [3][4]. Group 3: Industry Trends and Strategic Moves - The company is capitalizing on the exit of major players like Samsung and Micron from niche storage markets, creating opportunities for domestic manufacturers [8]. - Zhaoyi Innovation is expanding its overseas presence, with plans for an H-share listing and the establishment of a new international headquarters in Singapore [4][5]. - The company is focusing on local innovation to shorten the time from product development to market, enhancing its competitive edge in various sectors, including automotive and AI [5][7]. Group 4: Customer Base and Product Diversification - The customer base of Zhaoyi Innovation spans consumer electronics, automotive, and industrial control sectors, reflecting a diversified revenue stream [7][9]. - The company has established itself as a key supplier for major brands in the consumer electronics space and is increasingly penetrating the automotive sector [6][9]. - The demand for storage solutions in AI applications is rising, with the company poised to meet the needs of new AI-enabled devices [7].