铠侠利润，暴跌60%

Core Viewpoint - Kioxia is experiencing a significant decline in profits despite the booming demand for memory driven by artificial intelligence, with a net profit drop of 62% year-on-year in Q2 FY2025, falling short of market expectations [2][3] Group 1: Financial Performance - Kioxia reported a net profit of 40.7 billion yen for Q2 FY2025, down 62% from the previous year [2] - The company's profit was below market expectations of 47.4 billion yen, following a 74% drop in the previous quarter [2] - Despite short-term challenges, Kioxia remains optimistic about future quarters, forecasting a revenue increase of 12% to 23% in Q3 FY2025, reaching between 500 billion to 550 billion yen [3] Group 2: Market Outlook - Kioxia predicts that NAND flash demand will exceed supply by 2025, with a bit growth rate of around 15% [3] - The company expects this growth rate to accelerate to over 10% by 2026 due to tightening supply [3] - Kioxia's 8th generation BiCS flash memory is anticipated to drive AI demand starting in early 2026 [3] Group 3: Industry Trends - Major NAND flash manufacturers, including Kioxia, are expected to cut production in the second half of 2025 to boost prices, as indicated by SanDisk [4][5] - NAND flash prices have been hovering around cost levels, with a potential increase of 20% to 30% being discussed among major suppliers [5] - Recent data shows NAND flash prices rose by 15% last quarter, with expectations of further increases of 40% to 50% in the coming months [5][6] Group 4: Technological Developments - The industry is shifting towards QLC NAND flash due to strong demand from AI data centers, with Kioxia and other manufacturers ramping up production [7] - SK Hynix plans to ship 321-layer QLC NAND products by the second half of 2026, while Samsung is increasing investments in QLC NAND flash [7]