存储之志：朱一明与中国存储芯片的全球突围

Core Viewpoint - The demand for AI is driving a surge in storage chip prices, leading to a super cycle where Chinese storage chip companies are gaining significant attention in the secondary market. Zhaoyi Innovation (603986.SH) has seen its stock price increase by over 115% in the past year, reaching a market capitalization of 143.09 billion yuan by December 31, 2025, making it one of the few companies in the A-share storage industry with a market value exceeding 100 billion yuan [1]. Company Overview - Zhaoyi Innovation was founded by Zhu Yiming in April 2005 and went public on August 18, 2016, with an IPO price of 23.26 yuan per share, raising approximately 582 million yuan. The company has since expanded its market presence and plans to issue 28.92 million H-shares globally, expected to start trading on January 13, 2026 [2]. - Zhu Yiming, who also chairs Changxin Technology, has played a pivotal role in China's semiconductor industry, focusing on IC design and wafer manufacturing to support the national storage strategy [2]. Market Position - Zhaoyi Innovation is recognized as the global leader in the foundry-free Flash supply market and ranks first among Chinese brands in the ARM general-purpose MCU supply market. The company has established itself as a key player in the semiconductor sector, particularly in NOR Flash, SLC NAND Flash, niche DRAM, and microcontrollers [1]. Historical Context - Zhu Yiming's journey began with a strong belief in the potential of the storage chip market, which he identified as a critical area lacking Chinese representation. He returned to China with a SRAM technology patent and initial funding to establish Zhaoyi Innovation [5]. - The company initially focused on NOR Flash, a technology that was considered mature and low-profit by industry giants but provided Zhaoyi Innovation with a unique opportunity to fill market gaps left by competitors like Samsung and Spansion during a market downturn [7]. Product Development - The introduction of the GD32 series MCU in 2013 marked a strategic expansion for Zhaoyi Innovation, allowing it to penetrate the ARM-based MCU market dominated by European giants. The MCU product line has since become the company's most profitable segment, with cumulative shipments exceeding 1.5 billion units by 2024 [9]. Strategic Decisions - In 2018, Zhu Yiming made a significant decision to focus on Changxin Technology, a venture requiring substantial investment and facing high risks. This move was seen as a second entrepreneurial phase for him, emphasizing compliance and technological independence [10]. - Changxin Technology has successfully launched China's first self-designed DRAM factory, with products achieving significant market penetration by 2025, despite facing challenges from U.S. export controls on semiconductor equipment [11]. Financial Performance - By the end of 2025, Zhaoyi Innovation's strategic investments in Changxin Technology and its own product lines have positioned it as a major player in the storage ecosystem, with a market capitalization reflecting its growth and influence in the semiconductor industry [13][14].