深圳市德明利技术股份有限公司 投资者关系活动记录表 编号：2025-011 答：存储模组厂是存储行业的重要一环，其基于灵活的存储解决方案 与供应链管理能力，能够更好地实现存储晶圆在不同场景应用，满足下游 客户规模化、定制化存储需求。随着存储解决方案能力不断拓展、整体规 模不断提升，将推动存储模组厂与上下游在技术研发与供应链管理等方面 合作不断深入，产业链重要性与影响力也将持续提升。 5．公司如何看待存储价格后续走势？ 答：AI 驱动下的数据存储需求增长仍在持续影响存储价格，头部云 服务商向存储原厂抛出巨额采购订单，加剧原厂将有限的产能向服务器存 储倾斜，非服务器市场面临供应紧缺。CFM 闪存市场预计 2026 年一季度 将延续上行趋势，Mobile eMMC/UFS 涨幅将达 25%-30%，LPDDR4X/5X 涨幅 或达 30%-35%；PC 端 DDR5/LPDDR5X 涨幅将达 30%-35%，cSSD 上涨 25%-30%。 公司也将紧密跟踪行业价格走势，积极调整经营策略。 活动过程中 所使用的演 示文稿、提供 的文档等附 件（如有，可 作为附件） 无 投资者关系 活动类别 ☑ 特定对象调研 □分析 ...

Group 1 - Micron has initiated layoffs in its China division, primarily affecting the embedded team [1] - The company will halt future mobile NAND development globally, which may accelerate domestic storage solution providers' market share acquisition in the embedded and mobile NAND sectors [1] - The industry outlook is improving, leading to expectations of short-term profit release and long-term growth potential for manufacturers [1]

Core Viewpoint - The financial report of Shenzhen Bawei Storage Technology Co., Ltd. for the first half of 2025 shows a significant decline in net profit despite a revenue increase, indicating challenges in the storage market and the company's operational adjustments [1][2][3]. Financial Performance - For the first half of 2025, the company achieved a revenue of 3.912 billion yuan, a year-on-year increase of 13.70%, with a significant quarter-on-quarter growth of 53.5% in Q2 [1][2]. - The net profit attributable to shareholders was -225.80 million yuan, compared to a profit of 283.36 million yuan in the same period last year, reflecting a decline of 179.68% [2][3]. - The operating cash flow turned negative at -700.56 million yuan, a decrease of 207.79% from 649.91 million yuan in the previous year [2][6]. - The company's total assets increased by 45.16% to approximately 11.56 billion yuan, while net assets attributable to shareholders rose by 74.29% to about 4.20 billion yuan [2]. Market Conditions - The global macroeconomic environment has led to a decline in storage prices since Q3 2024, with significant price drops in Q1 2025, impacting the company's sales performance [2]. - Starting from Q2 2025, storage prices stabilized and began to recover, contributing to improved sales revenue and gross margin [2]. Research and Development - The company increased its R&D investment, with R&D expenses rising by 29.77% year-on-year, now accounting for 6.98% of revenue [2][3]. - The focus of R&D includes chip design, firmware design, and new product development, aimed at enhancing competitiveness in core business areas [4]. Employee Incentives - The company announced a stock incentive plan for over 400 employees, distributing 3.4159 million shares, which is 0.74% of the total share capital [3][4]. - This plan aims to strengthen the company's competitive edge in storage solutions and bind the interests of core employees to the company's long-term goals [4]. Inventory and Supply Chain - The company's inventory value has been increasing, reaching 4.382 billion yuan by mid-2025, which raises concerns about liquidity [7]. - The company is implementing strategic procurement for key raw materials to support its growth, but this has contributed to negative cash flow [6][7]. Market Penetration - The company has successfully penetrated various sectors, including mobile, PC, automotive, and AI, establishing itself as a key supplier for major brands [9][10]. - In the automotive sector, the company has delivered significant quantities of LPDDR and eMMC products to leading car manufacturers [9]. Future Outlook - The company completed a targeted capital increase, raising 1.871 billion yuan for expansion projects, including advanced packaging and storage manufacturing [10]. - A second share buyback plan was announced, with a budget of 20 to 40 million yuan to reduce registered capital [12].