2026年1月1日，深圳宏芯宇电子股份有限公司（下称"宏芯宇"或"公司"）向联交所主板提交上市申请，中信建投国际为独家保荐人。 近年来，宏芯宇的业绩波动起伏较大，2024年收入停滞，2025年前三季度"增收不增利"。为拓销路，宏芯宇采取以价换量的市场策略，导致2025年前三季度 的净利润、毛利率双双"腰斩"，牺牲盈利能力换取收入规模。 登录新浪财经APP 搜索【信披】查看更多考评等级 出品：新浪财经上市公司研究院 作者：君 同时，宏芯宇的经营性现金流与净利润不匹配，盈利只是"纸面富贵"而不是"真金白银"。截至2025年9月底，宏芯宇的存货及应收账款占流动资产的比重接 近九成。更关键的是，宏芯宇极其臃肿的存货是靠贷款堆积起来的，短期偿债风险严峻。 此外，宏芯宇在对全球存储产品独立存储器厂商进行排名时，竟选取了不同的人民币汇率将收入单位统一为十亿美元，或涉嫌夸大市场地位，信息披露的真 实性、客观性堪忧。 "耍小聪明"夸大市场地位？ 宏芯宇专注于存储芯片产品的研发、生产、测试及销售。公司核心产品分为嵌入式存储、固态硬盘、内存产品、移动存储四大类，可广泛应用于消费电子、 汽车电子、服务器及人工智能等众多的高、精、尖行 ...

来源：芯世相 今年，存储芯片应该是现货市场最火爆的品类，价格一路上涨，市场情绪也仍在升温。可与此同时，假货、假标等问题似乎也在变多，风险正悄悄跟着热 度一起上涨。有分销商表示，自己短时间内已经遇到两起存储芯片标签异常。 阅读本文你将了解：存储芯片出现假标，到底咋回事？验货验标有哪些注意事项和细节？热闹的存储市场，发生了哪些变化？做存储的人越来越多，大家 都赚到钱了吗？ 01 热闹的存储市场 开始出现假标了 最近，有芯片分销商Amy向我们分享了两个案例。 第一个案例是Amy自己遇到的。前不久，Amy求购两颗热门存储芯片，一颗美光的8Gb的DDR3以及一颗三星8Gb的DDR4。一个熟悉的供应商说自己有 货，于是Amy便与他开始谈单。虽然是熟人，但保险起见Amy还是让对方先给标签拍张照片，然后把照片发给了公司的质检人员查看。 没想到，真的有问题。质检人员反馈，这个标签的格式和正常的不一样，怀疑是假标。当Amy去询问对方时，对方承认了换标，但否认是假货，声称是工 厂对这批货换标了。最终，Amy还是放弃了这笔单子。 另一个案例，是Amy熟悉的一个客户正在找一颗存储的料，又正好看见另一个认识的供应商在推这颗料，Amy想着 ...

Core Viewpoint - The DDR4 memory chip market experienced significant price fluctuations, with a notable surge in prices from February to June, followed by a stabilization phase in July, indicating a shift in market dynamics and demand patterns [3][4][9]. Market Overview - DDR4 prices saw a dramatic increase starting from February, with Samsung's 8GB DDR4 chip price doubling from $1.7 in March to $3.4 in May. Following a production halt announcement by Micron, prices surged further, with some models experiencing increases of 150%-400% [3][4]. - By July, the market began to cool down, with most DDR4 models stabilizing in price and some experiencing slight declines. The overall purchasing momentum weakened, leading to a more cautious market atmosphere [4][9]. Price Trends - Specific price points for various DDR4 models were reported, showing fluctuations in daily highs and lows. For instance, the DDR4 16Gb (1Gx16) 3200 model had a daily high of $21.50 and a low of $14.50, reflecting a -1.11% change [5]. - The price of Micron's 8GB DDR4 dropped from over $8 to around $7, while the 16GB model's price decreased from $20-21 to $17-25 [7][8]. Demand Shifts - The demand landscape has changed, with end-users now seeking older batches of memory chips due to lower prices. This contrasts with the previous month when traders were aggressively stockpiling [11][12]. - Taiwanese manufacturers, such as Nanya and Winbond, have gained traction in the market, with Nanya's 8GB DDR4 price rising from $1.9 to over $4 following Micron's production halt [12][13]. Production Insights - Nanya has increased its DDR4 production, contributing to a significant portion of its revenue, while Winbond is also ramping up production in response to high demand [13][14]. - Major manufacturers like Samsung and SK Hynix are reconsidering their production strategies for DDR4 due to ongoing supply shortages and market demand [16][17]. Industry Outlook - The overall semiconductor market is showing signs of recovery, with a projected 19.8% year-on-year growth in global semiconductor sales by May 2025, indicating a positive trend across various sectors [18].