晶存科技旗下产品的终端应用覆盖了消费电子，包括智能手机、笔记本计算机、平板计算机、教育电子、智 能家居、可穿戴设备、智能机器人等，以及工业领域和智能座舱系统等多元化场景，并为上述终端提供高性 能、高可靠性及高耐用性的数据存取能力。 9月29日，深圳市晶存科技股份有限公司（简称"晶存科技"）向港交所递交上市申请文件，启动港股IPO进 程。招股书显示，晶存科技是一家嵌入式存储产品独立厂商，主要专注于嵌入式存储产品及其他存储产品的 研发、设计、生产和销售。 此前，晶存科技曾筹划在A股上市，并于2024年12月启动IPO辅导，但最后晶存科技自愿放弃A股上市计划。 在嵌入式存储领域出货量领先 招股书显示，晶存科技的嵌入式存储产品包括基于DRAM的产品（DDR、LPDDR）、基于NAND Flash的产品 （eMMC、UFS）、以及多芯片封装（MCP）嵌入式存储产品（eMCP、uMCP、ePOP），其他产品则主要包 括固态硬盘和内存条。 除了产品销售外，晶存科技还为部分客户提供测试及存储技术服务，作为存储解决方案的补充。 根据弗若斯特沙利文报告，以2024年出货量计算，晶存科技在全球嵌入式存储市场所有独立存储器厂商中排 ...

Core Viewpoint - The company has successfully developed UFS4.1 products using its self-developed main control chip, positioning itself as one of the few enterprises globally capable of such development [1] Group 1: Product Development - The company has achieved a breakthrough in UFS4.1 products, which are currently recognized as high-end embedded storage solutions [1] - The UFS4.1 products, equipped with the company's self-developed main control chip, have been validated by original manufacturers and third-party tests, showing superior performance in process, read/write speed, and stability compared to comparable market products [1] Group 2: Market Recognition - The company has received recognition from major storage manufacturers, including SanDisk, and has gained approval from several Tier 1 clients, with the integration process accelerating [1] - UFS4.1 is the preferred storage configuration for flagship smart terminal models of Tier 1 clients, indicating strong market demand [1] Group 3: Market Trends - The embedded storage market is rapidly transitioning from eMMC to UFS, highlighting a concentrated market with significant growth potential [1]

Core Viewpoint - Jingcun Technology is pursuing an IPO in Hong Kong, revealing significant revenue and profit growth in its prospectus, but underlying risks warrant investor attention [1] Business Model: Dual-Driven by Technology and Market - Jingcun Technology focuses on the storage sector, offering a diverse range of embedded storage products and services, including DRAM and NAND Flash-based products, catering to various customer needs [2] R&D Investment and Technological Innovation - R&D expenditures from 2022 to 2024 are projected to increase from 47 million to 78 million, enabling the company to maintain a complete technology chain and introduce innovative products like LPDDR5X [3] Market Expansion Strategy - The company employs a combination of direct sales and distribution, with direct sales accounting for 39.2% to 43.0% from 2022 to 2024, allowing it to secure stable orders while expanding market coverage through distributors [4] Financial Performance: Growth with Concerns - Revenue is expected to grow from 21 billion in 2022 to 37 billion in 2024, with a notable 54.6% increase in 2024 compared to 2023, but sustainability of this growth is a concern [5] - Net profit fluctuated, with a significant increase of 140.3% in 2024 after a 16.7% decline in 2023, indicating uncertainty in future profitability [6] - Gross margin improved from 7.6% in 2022 to 9.2% in 2024, while net margin rose from 2.1% to 2.4%, but remains low, suggesting room for improvement in profitability [7] - Operating cash flow has been negative from 2022 to 2024, indicating reliance on shareholder funding and bank loans, raising concerns about financial stability [8] Market Opportunities: Industry Trends and Company Strengths - The global semiconductor storage market is projected to grow at a CAGR of 7.1% from 2024 to 2029, with embedded storage products expected to grow at 7.4%, driven by increasing data storage demands [9] - The rise of AI is expanding the edge AI market, increasing demand for high-bandwidth, low-power embedded storage, positioning Jingcun Technology to benefit from these trends [10] - Jingcun Technology ranks second among independent embedded storage manufacturers globally and first among LPDDR manufacturers, with strong customization capabilities and a stable supply chain [11] Risk Factors: Multiple Risks Present - Rapid technological advancements in the semiconductor industry pose a risk if Jingcun Technology fails to keep pace, potentially leading to product obsolescence [12] - High supplier concentration, with the top five suppliers accounting for 80.8% of procurement in early 2025, raises concerns about supply chain disruptions [13] - Customer concentration risk is evident, with the top five customers contributing nearly 50% of revenue, making the company vulnerable to changes in customer relationships [14] - Compliance risks exist due to past non-compliance with social insurance and housing fund contributions, which could lead to penalties [15] - Financial risks are highlighted by significant cash outflows and reliance on external funding, compounded by the cyclical nature of the storage industry [17] Competitive Positioning and Management - Jingcun Technology must continue to invest in R&D to maintain its competitive edge in a highly competitive market, where its current rankings could be threatened [19] - High customer concentration poses risks, with major clients contributing significantly to revenue, necessitating diversification of the customer base [20] - Supplier concentration is also high, with a significant portion of procurement from a few suppliers, indicating a need for improved supply chain management [21] - The concentrated ownership structure may enhance decision-making efficiency but could also lead to conflicts of interest [22] - The management team possesses extensive industry experience, but the employee incentive mechanisms may require enhancement to attract and retain talent [23]