| | 升，目前 TCM | 模式的导入工作正加速进行，并有望在更多原 | | --- | --- | --- | | | 厂和 Tier1 | 客户的合作上持续取得突破。 | | 关于本次活动是 | | | | 否涉及应披露重 | | 本次活动不涉及未公开披露的重大信息。 | | 大信息的说明 | | | | 附件清单（如有） | 无 | | 编号：2025-036 | 投资者关系活动 | √特定对象调研 □分析师会议 □媒体采访 | | --- | --- | | 类别 | □业绩说明会 □新闻发布会 □路演活动 | | | □现场参观 √电话会议 □其他 | | | 长江证券、生命资产、聚象私募、东方财富证券、太平资产、 | | 参与单位名称及 | 西部证券、China Renaissance Securities (HK) Ltd、China | | 人员姓名 | Universal Asset Management Co., Ltd、Point72 Asset | | | Management、Pinpoint Asset Management Limited、WT Capital | | | 年 ...

数据来源：中国海关，智研咨询整理 近一年中国存储部件出口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2025-2031年中国存储器行业市场竞争策略及发展趋向分析报告》 根据中国海关数据显示：2025年10月中国存储部件进口数量为1863万台，同比增长30.7%，进口金额为 19.89亿美元，同比增长32.6%，2025年10月中国存储部件出口数量为1865万台，同比增长18%，出口金 额为12.85亿美元，同比增长21.3%。 近一年中国存储部件进口情况统计图 ...

预计存储芯片短缺和涨价将维持数年。 作者 | 萧瑟 编辑 | 小白 从谷歌Gemini 3.0到阿里灵光、字节豆包手机助手，大模型的持续更新迭代依然是驱动全球AI产业前 行的核心引擎。而作为AI算力设施的核心元件，存储芯片的战略地位日益凸显，市场需求亦水涨船 高。 进入2025年以来，来自三星、SK海力士、美光、闪迪等国际存储大厂的涨价函源源不断。与此同 时，行业的高景气同样蔓延到了国内市场。 近期风云君注意到，A股知名存储链公司——德明利（001309.SZ）抛出了一份32亿的定增计划，用 于产能和研发中心的建设。 这究竟是一场大胆押注，还是产业趋势下的因时施宜？我们今天就一起来看下。 （来源：德明利中报） （来源：德明利中报） 其中固态硬盘（SSD）在过去很长一段时间内都是公司业务的压舱石。2025年上半年，该品类实现收 入15.34亿，同比增长64.6%，营收占比为37.3%。 存储领域的 技术方案整合者 在存储产业链中，德明利的位置更多是中游模组环节，负责对来自上游供应商的原始存储芯片进行封 装、测试，并组合成标准化或定制化的模组产品。 这家公司的差异化优势在于，其自身还具备存储模组主控芯片的设计能力 ...

Group 1 - The company, Demingli, announced the release of approximately 7.75 million shares from pledge by its controlling shareholder, Mr. Li Hu [1] - As of the announcement date, Mr. Li Hu has a total of 6.05 million pledged shares, which accounts for 7.62% of his total holdings [1] - For the first half of 2025, Demingli's revenue composition is entirely from the storage industry, with a 100% contribution [1] Group 2 - The market capitalization of Demingli is reported to be 48.6 billion yuan [2]

Group 1 - The core point of the news is that Demingli (SZ 001309) plans to issue shares to specific investors, with a total fundraising target of up to 3.2 billion yuan for various expansion projects and working capital [1] - The share issuance will involve no more than 35 specific investors and will not exceed 30% of the company's total share capital prior to the issuance, amounting to approximately 68.07 million shares [1] - The funds raised will be allocated to several projects, including SSD expansion (9.84 billion yuan), DRAM expansion (6.64 billion yuan), a new headquarters for intelligent storage management (6.52 billion yuan), and working capital (9 billion yuan) [1] Group 2 - As of the latest report, Demingli's market capitalization stands at 50.2 billion yuan [3] - For the first half of 2025, Demingli's revenue is entirely derived from the storage industry, indicating a focused business model [2]

Group 1: Ice and Snow Industry Growth - The ice and snow industry in China is expected to reach a market size of 980 billion yuan in 2024, with a year-on-year growth of 10.8%, and is projected to exceed 1 trillion yuan in 2025 [2] - The industry is transitioning from niche sports consumption to mainstream consumption, with travel combined with skiing becoming a new leisure and vacation trend [2] - Companies like Xue Ren Group are leading in manufacturing ice and snow equipment, while Changbai Mountain is upgrading its tourism offerings to include more diverse recreational experiences [2] Group 2: Baidu's AI Business Performance - Baidu reported a total revenue of 31.2 billion yuan for Q3 2025, with core revenue at 24.7 billion yuan, and for the first time disclosed AI business revenue, which grew over 50% year-on-year [3] - AI cloud revenue increased by 33%, while AI application revenue reached 2.6 billion yuan, and AI native marketing service revenue surged by 262% to 2.8 billion yuan [3] - The domestic AI industry is expected to enter a sustainable growth cycle, driven by the demand for self-sufficient technology and advancements in AI chips [3] Group 3: Semiconductor and Memory Market Trends - Xiaomi indicated that the current rise in memory prices is a long-term trend driven by increased demand for HBM due to AI, rather than traditional market fluctuations [4] - The storage industry has entered an accelerated upward cycle, with expectations of significant profit growth for domestic storage module companies by the second half of 2025 [4] - Companies like Shikong Technology are focusing on semiconductor memory products, including memory bars and solid-state drives, with advanced testing capabilities [5] Group 4: Commercial Space and Rocket Technology - Tianbing Technology successfully completed key tests for its "one rocket, 36 satellites" capability, marking a significant milestone in China's commercial space sector [6] - The year 2025 is seen as a pivotal year for validating reusable rocket technology, with several private companies planning their first flights [6] - Companies like Shanghai Port Bay are supporting satellite launches and contributing to satellite internet constellation development [7] Group 5: Lithium Carbonate Supply and Demand - Strong demand has led to a monthly shortage of lithium carbonate, with supply at approximately 115,000 tons and demand at 128,000 tons, resulting in a shortfall of about 13,000 tons [8] - The market outlook for energy storage is optimistic, with significant agreements indicating a sustained growth cycle for China's energy storage industry over the next 3-5 years [8] - Companies like Jiangte Electric have developed an integrated industry chain for lithium salt production, with significant production capacity planned for the coming years [9] Group 6: Liquid Cooling Industry Potential - The liquid cooling industry is expected to experience explosive growth driven by AI demand and supportive policies, with new data centers required to meet specific energy efficiency standards [10] - The penetration rate of liquid cooling technology in global data centers is projected to rise from 10% in 2024 to over 30% by 2025 [10] - Companies like Invid and Keda are positioned to benefit from the growing demand for liquid cooling solutions in data centers [11] Group 7: Solid-State Battery Development - CATL is committed to investing in all-solid-state batteries, with expectations for small-scale production by 2027 [12] - The solid-state battery industry is experiencing rapid advancements, supported by national policies and emerging application demands [12] - Companies like Xian Dao Intelligent are leading in providing comprehensive solutions for solid-state battery production, with increasing orders and customer engagement [12]

Core Insights - The executives of SMIC indicate that the pace of capacity expansion in both the foundry and memory sectors is expected to increase in the coming year [1] Industry Summary - The foundry industry is projected to see heightened capacity expansion in the next year [1] - The memory industry is also anticipated to experience an increase in capacity expansion rates [1]

Group 1 - The core point of the news is that Jiangbolong (SZ 301308) will hold an investor meeting on November 10, 2025, where key executives will engage with investors and address their questions [1] - Jiangbolong's revenue composition for the year 2024 is entirely from the storage industry, accounting for 100.0% [2] - As of the latest report, Jiangbolong's market capitalization stands at 129.9 billion yuan [3]

Group 1 - The company, Baiwei Storage, is experiencing rapid growth in its enterprise-level business, having obtained core supplier qualifications from major server manufacturers, leading internet companies, and top domestic OEM manufacturers, marking a significant enhancement in its commercial capabilities [1][3] - The enterprise-level products are designed for data centers and critical business scenarios, requiring higher performance stability, sustained write lifespan, and long-term reliability, with a more stringent certification cycle and integration process [3] - The acquisition of core supplier qualifications typically indicates the completion of multiple validation rounds and entry into customer systems, paving the way for subsequent bulk orders [3] Group 2 - The collaboration among server manufacturers, internet companies, and OEMs is expected to accelerate the ramp-up of new enterprise-level products, with the company improving yield and delivery stability during the pre-mass production phase through process optimization and consistency control [3] - Industry trends indicate that AI training and inference are driving data center expansion, leading to changes in enterprise storage demand, with higher bandwidth, lower latency, and greater durability becoming key selection criteria [3] - The company plans to enhance its product matrix and deepen collaborative development with core customers, focusing on performance, reliability, and energy efficiency while optimizing the supply chain to improve large-scale supply capabilities [3] Group 3 - The combination of core qualifications and pre-mass production is seen as a critical step towards commercialization, with future attention needed on the pace of bulk integration, fluctuations in downstream demand, and the impact of price competition on profitability [3] - If the company successfully achieves large-scale mass production, there is potential for further optimization of customer and product structures [3]

Core Viewpoint - The company has decided to acquire a 24.4004% stake in its subsidiary, YaoYun Technology (Xi'an) Co., Ltd., from minority shareholders, which will make YaoYun Technology a wholly-owned subsidiary of the company. This move aims to enhance control over core assets and improve decision-making efficiency [5][25][46]. Group 1: Acquisition Details - The acquisition involves purchasing shares from two entities: Xi'an Dingli Yun Yao Technology Partnership (Limited Partnership) and Beijing Leike Ruiheng Technology Center (Limited Partnership) [5][13]. - The total transaction price for the 24.4004% stake is set at 117,121,920 yuan, based on an assessed value of 480 million yuan for YaoYun Technology's total equity [6][38]. - The transaction is classified as a related party transaction due to the involvement of significant shareholders and directors in the selling entities, but it does not constitute a major asset restructuring [5][14][23]. Group 2: Financing and Loan Details - To facilitate the acquisition, the company plans to apply for a merger loan of up to 100 million yuan from a bank, with the loan secured by part of the shares in YaoYun Technology [8][19]. - The loan will be used exclusively for the payment of the acquisition price, and the final terms will be determined through agreements with the bank [8][20]. - The company maintains a strong financial position, indicating that the loan will not pose significant financial risks [20][46]. Group 3: Strategic Implications - The acquisition aligns with the company's strategic goals to strengthen its core asset rights and enhance operational efficiency [5][46]. - By consolidating ownership of YaoYun Technology, the company aims to improve decision-making processes and foster better collaboration among its subsidiaries [46]. - The move is expected to enhance the company's overall operational capabilities and support its long-term development plans [46].