受存储产品涨价等冲击，主营中低端手机的"非洲手机之王"传音控股2025年业绩预减。 日前，传音控股公告，经初步测算，预计公司2025年年度实现营业收入655.68亿元左右，比上年同期减 少31.47亿元左右，同比减少4.58%左右；预计2025年年度实现归母净利润为25.46亿元左右，与上年同 期相比减少约30.03亿元，同比下降54.11%左右。 据了解，这是传音控股自2019年上市以来，首次出现年度净利润"腰斩"。2024年度，传音控股实现营收 687.2亿元，同比增长10.31%，净利润55.49亿元，同比增长0.22%。 对于业绩变动，传音控股表示，公司由于受供应链成本影响，存储等元器件价格上涨较多，对公司的产 品成本和毛利率造成一定影响，导致报告期内公司整体毛利率出现下滑态势。为应对市场竞争，提升公 司品牌形象，以及为保持公司长期核心竞争能力，报告期内，公司销售费用和研发投入有所增加。综 上，预计公司收入同比下降4.58%左右的基础上净利润同比下降较多。 传音控股主要从事以手机为核心的智能终端的设计、研发、生产、销售和品牌运营，主要产品为 TECNO、itel和Infinix三大品牌手机，包括功能机 ...

由于存储产品涨价影响多类消费电子定价，存储涨价受到广泛关注。近日有市场消息称，三星电子今年第一 季度拟将NAND闪存的供应价格上调100%以上。记者就此消息向三星电子求证，截至发稿未有正面回应， 拨打多家A股存储厂商证券部门电话求证也对此话题并不明确表态。 2026.01. 26 本文字数：1798，阅读时长大约3分钟 作者 | 第一财经 郑栩彤 王珍 不过，业内普遍预计，今年第一季度存储颗粒将继续涨价。近日佰维存储在投资者交流活动上表示，当前 看，存储产品价格在2026年第一、第二季度有望持续上涨，TrendForce集邦咨询预测NAND Flash产品价 格第一季度持续上涨33%~38%，一般型DRAM价格继续上涨55%~60%。 记者以投资者身份拨打证券部门电话时，佰维存储投资者部门工作人员表示，从行业机构的预测看，一季度 包括NAND Flash和DRAM在内的上游材料涨幅在40%、50%左右，涨幅不小，原材料涨价的情况下，公司 会 与 客 户 沟 通 最 终 定 价 。 一 名 资 深 行 业 分 析 师 也 告 诉 记 者 ， 据 他 了 解 ， 闪 迪 1 月 价 格 比 上 月 上 调 了 6 ...

业内普遍预计，今年第一季度存储颗粒将继续涨价。 记者以投资者身份拨打证券部门电话时，佰维存储投资者部门工作人员表示，从行业机构的预测看，一季度包括NAND Flash和DRAM在内的上游材料涨幅 在40%、50%左右，涨幅不小，原材料涨价的情况下，公司会与客户沟通最终定价。一名资深行业分析师也告诉记者，据他了解，闪迪1月价格比上月上调 了60%~80%，铠侠上调了40%~60%。 具体到三星，一些研究机构认为，一季度价格涨幅不及100%。群智咨询（Sigmaintell）总经理李亚琴告诉记者，据了解，三星还没正式释出报价。上述资深 行业分析师也向记者表示，三星目前尚未正式完成第一季度报价，涨幅可能在50%以上，但预计不到100%。 记者了解到，一些存储模组厂与存储原厂签订有长期供应协议，但价格是可以调整的一项。有存储业内人士告诉记者，存储原厂与下游不同厂商签订的协议 并不是标准模板，原厂与下游客户是一对一签订协议，约定内容可能有差异。另有业内人士告诉记者，与下游厂商约定的价格与采购规模和采购产品有关， 价格是动态调整且经过协商的，今年没有一直固定的供应价格。 佰维存储投资者部门工作人员表示，一般来说，与原厂签 ...

Core Viewpoint - The report from Everbright Securities highlights that Shannon Semiconductor has developed a dual-wing growth model in the high-end storage sector, combining distribution and product offerings [1] Group 1: Company Overview - Shannon Semiconductor has been engaged in the high-end storage field for many years and has established capabilities in providing electronic components such as data storage devices, control chips, and modules [1] - The company's main source of revenue currently comes from the distribution of electronic components, which are widely used in cloud computing storage (data center servers) and mobile phones [1] Group 2: Financial Performance - As of the third quarter of 2025, the company's inventory stands at 1.813 billion yuan, which is expected to benefit from price increases in storage products [1] - The forecast for the company's net profit attributable to shareholders for 2025 is maintained at 605 million yuan, while the 2026 forecast has been raised by 48% to 1.043 billion yuan due to increased capital expenditures from internet clients and the storage chip price cycle [1] - A new net profit forecast for 2027 has been introduced at 1.251 billion yuan [1] Group 3: Investment Rating - The report maintains a "Buy" rating for Shannon Semiconductor [1]

Group 1: Industry Overview - The demand for high-performance inference services driven by AI is increasing, leading to a shift in storage demand from traditional large-capacity HDDs to QLC Enterprise SSDs due to supply shortages [1] - NAND Flash product prices are rising due to the overflow effect of QLC and overall supply-demand imbalance [1] - The three major DRAM manufacturers are prioritizing advanced process capacity for high-end Server DRAM and HBM, impacting the capacity for PC, Mobile, and Consumer applications, resulting in significant price increases for old-process DRAM in Q4 2025 [1] Group 2: Company Performance - For the first three quarters of 2025, the company reported revenue of 26.4 billion yuan, a year-on-year increase of 59.9%, while net profit attributable to shareholders was 359 million yuan, a decline of 1.36% [1] - The company's gross margin for the first three quarters of 2025 was 3.13%, down 2.06 percentage points year-on-year, primarily due to rising procurement prices and changes in product structure [2] - The net profit margin was 1.31%, a decrease of 0.82 percentage points year-on-year [2] Group 3: Product Development and Market Position - The development of the company's self-owned brand "Haipu Storage" is progressing well, focusing on the domestic data industry and has completed R&D and trial production of enterprise-level DDR4, DDR5, and Gen4 eSSD [2] - The company has established a strong customer base, including major internet cloud service providers and large domestic ODM enterprises, achieving coverage of core internet companies in China [2] Group 4: Financial Forecast - The company maintains a net profit forecast of 605 million yuan for 2025 and has raised the 2026 net profit forecast to 1.043 billion yuan, an increase of 48% [3] - A new net profit forecast of 1.251 billion yuan for 2027 has been added [3] - The company maintains a "Buy" rating [3]

Core Viewpoint - The ongoing price increase of storage products, particularly DDR4 and DDR5, is attributed to short-term inventory releases by intermediaries rather than a resolution of supply shortages [1] Group 1: Price Trends - TrendForce reports that the prices of DDR4, DDR5, and modules continue to rise, although the rate of increase has slightly moderated [1] - The price hikes are being passed on to end consumers, with electronic manufacturers responding by raising prices or adjusting product configurations [1] Group 2: Impact on Consumer Electronics - Several consumer electronics manufacturers have begun to increase product prices or modify specifications in response to rising storage costs [1] - Xiaomi has raised prices on multiple tablet models by 100 to 200 yuan, while Dell plans to adjust commercial product prices by 10% to 30%, depending on contracts [1] Group 3: Market Implications - The overall trend indicates that the cost pressures from rising storage prices are significantly affecting consumer electronics sales, leading to a potential decline in market volume [1] - The industry may see a concentration of resources and pricing power among leading brands with scale and supply chain advantages [1]

Core Viewpoint - The price increase trend for storage products continues, with current spot prices remaining strong but showing a slight slowdown in growth, indicating a bullish sentiment in the industry [1] Group 1: Price Trends - TrendForce's latest report indicates that prices for DDR4, DDR5, and modules have been rising consistently, although the rate of increase has moderated compared to previous periods [1] - The overall spot prices for DRAM have not shown signs of weakness, as Kingston has significantly raised its DRAM prices this week [1] Group 2: Market Sentiment - The NAND Flash spot market is experiencing bullish sentiment, driven by expectations of rising contract prices [1] - The observed price movements are interpreted as a short-term phenomenon, influenced by some intermediaries releasing more inventory for year-end accounting rather than a sign of easing supply shortages [1]

Core Insights - The company has launched inductor and tantalum capacitor product solutions that meet the high performance, high reliability, and lower cost requirements of storage clients [2] - The recent industry-wide price increase and demand changes for storage products present both opportunities and challenges for the company, which is closely monitoring market developments [2]

Core Viewpoint - The company, Biwei Storage, is progressing with its Hong Kong IPO, aiming to enhance its global strategy and core competitiveness, while benefiting from a recent surge in semiconductor memory prices, leading to a significant profit turnaround in Q3 2025 [1][2]. Group 1: IPO Progress - Biwei Storage has submitted its H-share listing application to the Hong Kong Stock Exchange and received acceptance from the China Securities Regulatory Commission [2]. - The funds raised from the IPO will focus on expanding the advanced packaging and testing base in Huizhou and a wafer-level packaging project expected to commence production in the second half of 2025 [2]. - Since its listing on the STAR Market in late 2022, the company has raised a total of 2.394 billion yuan, primarily directed towards advanced capacity construction [3]. Group 2: Financial Performance - In Q3 2025, Biwei Storage achieved a net profit of 256 million yuan, marking a significant turnaround from previous losses, with a total revenue of 6.695 billion yuan, up 86.46% year-on-year [4]. - The company experienced a decline in profitability in 2022 and 2023 due to adverse market conditions affecting demand for consumer electronics [4]. - The recent price increases in storage products, initiated by major players like SanDisk, Micron, and Samsung, have positively impacted Biwei Storage's financial performance [5]. Group 3: Market Performance - The stock price of Biwei Storage has seen a substantial increase, rising from 62 yuan per share on May 9, 2025, to 127.5 yuan per share by November 11, 2025, representing a 105.65% increase over six months [6].

Core Viewpoint - The article highlights the significant increase in institutional research activity among listed companies during the third quarter earnings report period, indicating a strong interest from investors in understanding company performance and industry outlooks [2][3]. Group 1: Institutional Research Activity - A total of 418 listed companies disclosed institutional investor research records as of October 31, with 35 companies receiving over 100 institutional visits [3]. - Notable companies such as Zhaoyi Innovation, Jinpan Technology, and Lens Technology received over 200 institutional visits, with inquiries focused on quarterly performance, business progress, and industry outlook [3]. Group 2: Company Performance Highlights - Zhaoyi Innovation reported a third-quarter revenue of 2.681 billion yuan, a year-on-year increase of 31.40%, and a net profit of 508 million yuan, up 61.13% [5]. - Jinpan Technology achieved third-quarter revenue of 2.040 billion yuan, an increase of 8.38%, and a net profit of 221 million yuan, up 21.71% [8]. - Lens Technology's third-quarter revenue reached 20.702 billion yuan, a growth of 19.25%, with a net profit of 1.700 billion yuan, increasing by 12.62% [10]. - Kaiying Network reported third-quarter revenue of 1.497 billion yuan, a year-on-year increase of 9.08%, and a net profit of 633 million yuan, up 34.51% [13]. Group 3: Industry Trends and Insights - Zhaoyi Innovation noted a price increase trend for NOR Flash products, with expectations for overall price stability and gradual increases in 2024 due to supply constraints [5][6]. - Jinpan Technology is expanding its business in the AI Data Center (AIDC) sector, reporting a significant revenue increase of 337.47% in this area for the first three quarters of 2025 [8]. - Lens Technology is actively developing its robotics business, with expectations of significant revenue contributions from humanoid robots and quadruped robots in the near future [10][11].