又一存储独角兽赴港上市，估值超100亿，五年飙涨12倍

Core Viewpoint - The article highlights the successful IPO application of Shenzhen Hongxin Yu Electronics Co., Ltd. (Hongxin Yu), a rapidly growing independent storage manufacturer in China, amidst a significant price surge in the storage industry. The company aims to capitalize on the booming semiconductor market and its strong valuation of nearly 10.8 billion RMB [1][4]. Group 1: Company Overview - Hongxin Yu, founded in 2018, has quickly become the fifth largest independent storage manufacturer globally and the second largest in mainland China, driven by the urgent need for domestic semiconductor supply chain localization [2][4]. - The company has completed at least seven rounds of equity financing in just seven years, attracting numerous well-known investment institutions, leading to a valuation increase from approximately 816 million RMB in March 2020 to 10.76 billion RMB by March 2025, representing a growth of over 12 times [4][5]. Group 2: Financial Performance - In the first nine months of 2025, Hongxin Yu's revenue reached 7.744 billion RMB, significantly exceeding the 2023 level of 8.78 billion RMB, despite a slight decline in 2024 [8]. - However, the company faced a substantial net profit decline of 54.55% in the first three quarters of 2025, dropping to 351 million RMB, with a gross margin decrease from 23.7% to 13.1% due to price fluctuations in its core embedded storage products [10][12]. Group 3: Market Position and Strategy - Hongxin Yu's embedded storage business is its main revenue driver, contributing 35.76 billion RMB, or 46.2% of total revenue in the first nine months of 2025. The company is expanding into higher-value automotive and enterprise-level markets [5][7]. - The global storage market is projected to grow from 263.3 billion USD in 2025 to 407.1 billion USD by 2029, with an annual growth rate of 11.5%, driven by AI and cloud computing demands [7][8]. - The company is preparing for the AI-driven storage supercycle, focusing on developing next-generation control chips and advanced testing centers to meet the increasing data demands of AI applications [12].