长江存储母公司完成股改，最新估值超1600亿元

Company Overview - Changjiang Storage Technology Holding Co., Ltd. (Chang Storage Group) has recently completed its shareholding reform by establishing a joint-stock company and electing its first board of directors, marking a significant milestone for the company [3] - Chang Storage Group is the only domestic manufacturer of 3D NAND flash memory and has been valued at 160 billion yuan, ranking ninth among China's top ten unicorns according to Hurun Research Institute [3] - In April 2025, Yangyuan Beverage announced an investment of 1.6 billion yuan in Chang Storage Group, acquiring 0.99% of its shares, which raises the company's valuation to 161.6 billion yuan [3] Investment and Financing - In addition to the investment from Yangyuan Beverage, Chang Storage Group has attracted over 10 billion yuan in financing from 16 institutions, including investments from its employee stock ownership plan [3] - The company has also established a new entity, Chang Storage Phase III (Wuhan) Integrated Circuit Co., Ltd., with a total investment of 20.72 billion yuan, of which Chang Storage contributed 10.4 billion yuan for a 50.1931% stake [3] Market Position and Competition - The NAND flash market is currently dominated by overseas manufacturers, but domestic manufacturers are making significant progress [4] - According to TrendForce, the top five NAND flash brands, including Samsung and SK Hynix, held a combined market share of 91.3% in Q1 and 93% in Q2 of this year [5] - Domestic storage chip manufacturers are expected to achieve a total market share of 10% this year, doubling from the previous year, due to improved production yields and advancements in technology [5] Industry Trends - The storage market is experiencing a recovery driven by increased demand from AI investments, particularly from North American cloud service providers [6] - TrendForce predicts a significant growth in enterprise SSD demand in Q3 2025, leading to an expected increase in NAND flash prices [6]