力积存储再度递表港交所 报告期内累计亏约5.42亿元

Core Viewpoint - Zhejiang Liji Storage Technology Co., Ltd. (Liji Storage) has submitted its application to the Hong Kong Stock Exchange again, with a significant increase in revenue from memory modules and a decline in revenue from memory chips during the reporting period from 2022 to the first half of 2025 [1][5]. Financial Performance - Liji Storage's revenues for the years 2022, 2023, 2024, and the first half of 2025 were 610 million, 580 million, 646 million, and 412 million respectively, while the company has not achieved profitability, incurring losses of 139 million, 244 million, 109 million, and 49.82 million during the same periods, totaling approximately 542 million in losses [5]. - The inventory amount reached 149 million by the end of the first half of 2025, accounting for nearly 30% of the total assets of 525 million, which increased to 206 million by the end of the third quarter of 2025 [6]. Product Revenue Breakdown - The revenue share from memory chips decreased from 88.2% in 2022 to 53.3% in the first half of 2025, while the revenue share from memory modules increased from 0% to 40.1% during the same period [6]. - Most of the memory modules are based on third-party memory chips rather than the company's own products, as the company's self-developed memory chips are targeted at niche markets and have not yet entered the mainstream DRAM market [6]. Investment and Valuation - The Zhejiang Jinyi Tianyuan Smart City High-tech Industry Development Co., Ltd. (Tianyuan Smart City) invested a total of 100 million in Liji Storage in 2021 and 2022, but transferred all its shares at a price significantly below market value in March 2025, valuing Liji Storage at less than 1.3 billion [3][7]. - In contrast, a recent capital increase in December 2023 valued Liji Storage at nearly 2.9 billion, indicating a significant discrepancy in valuation [8]. Market Position and Future Prospects - Liji Storage ranks fourth among Chinese companies in the global niche DRAM market and eleventh among all participants [4]. - The company is one of the few in China with high-bandwidth 3D stacking technology and plans to launch HSM (Hybrid Stacked Memory) products by 2026, aiming to become a pioneer in domestic high-bandwidth memory chip production and commercialization [11][12]. - The market share of high-bandwidth memory (HBM) in the DRAM sector is expected to grow from 18% in 2024 to over 50% by 2030, with a compound annual growth rate of 33% [11].