出品：上市公司研究院 作者：光心 2025年4月末，佰维存储发布2024年全年业绩，虽然公司全年实现归母净利润1.61亿元，但从单季角度 来看，其四个季度分别实现归母净利润1.68亿元、1.16亿元、-0.55亿元、-0.67亿元，下半年两个季度持 续为亏损状态。 而根据其2025年第一季度业绩报告，报告期归母净利润为-1.97亿元。可见，公司不仅已连续亏损三个 季度，且亏损金额在逐季走扩。 可以说，佰维存储在享受两个季度的行业复苏春风后，又被紧接而来的价格寒冬冻到"熄火"。在下游消 费端难有转机的当下，如何化解盈利危机，是包括佰维存储在内的所有半导体巨头都亟待解决的问题。 上市后遭遇下行周期 业绩随即大变脸 佰维存储成立于2010年，公司专注半导体存储器的研发设计、封测、生产和销售，主要产品为半导体存 储器，主要服务为先进封测服务。 佰维存储的核心产品为嵌入式存储，其主要模式为向上游供应商如美光、三星、西部数据、英特尔、长 江存储等购买NAND和DRAM晶圆，将原材料加工成NAND Flash和DRAM闪存之后，再将其销售给谷 歌等生产手机、平板、笔记本及可穿戴设备的下游厂商。 佰维存储处在供应链偏下游位置 ...

Core Viewpoint - The price of DRAM products has been declining for six consecutive months, reaching the lowest level since December 2023, primarily due to weak demand from PCs and smartphones, as well as China's preference for domestic products [1][2]. Group 1: Price Trends - In February, the bulk trading price of benchmark DRAM products fell by 3% compared to the previous month, with the price of 8GB DDR4 around $1.70 and 4GB products at approximately $1.30 [1]. - The continuous price decline has been attributed to a decrease in demand for personal computers and smartphones, which account for about 50% and 35% of DRAM usage, respectively [1]. Group 2: Market Dynamics - China's subsidy policy favoring domestic products has accelerated the price drop, with local companies like CXMT focusing on producing DDR4 and developing next-generation DDR5 [2]. - Many industry experts believe that there is no alternative market to replace China, and the influence of low-priced Chinese products is contributing to the ongoing price decline [2]. - The consensus among interviewed companies suggests that DRAM prices may not recover until the second half of the year [2].