红星资本局12月16日消息，力积存储重启赴港上市仅两周，其中介团队迎来调整。据港交所网站，12月12日民银证券退任力积存储港股上市整体协调人，中 信里昂则仍任其保荐人兼整体协调人。 就民银证券退任其港股上市整体协调人的原因和后续影响。12月15日，力积存储回复红星资本局，称此次协调人变更属于港股上市过程中的正常安排，不会 影响公司既定的整体上市时间表与进程。 红星资本局注意到，这是力积存储年内第二次冲击港股IPO。力积存储由收购日本芯片设计公司Zentel Japan资产而来，与全球十大晶圆厂之一的力积电合作 关系紧密。不过，报告期内力积存储尚未实现盈利。 重启港股IPO已有两周 民银证券退任整体协调人 公开资料显示，力积存储是一家内存芯片设计公司，成立于2020年，专注于8Gb DDR4及更早代际的利基型存储产品，产品主要应用于消费电子、网络通 信、汽车电子、能源及工业应用领域。 据招股书引用的弗若斯特沙利文资料，以2024年营收计，力积存储在国内同行企业中排名第四，占全球利基DRAM市场份额达0.8%。 此番赴港上市中介团队调整，距离力积存储重启港股IPO以及发布整体协调人委任公告过去仅两个星期。11月2 ...

具体来看，力积存储的主营业务包括内存芯片、内存模组及KGD晶圆三大板块，而近年来公司的业务 结构正经历明显优化调整。其中，内存芯片收入占比从2024年的70.2%骤降至2025年上半年的53.3%； 与之形成鲜明对比的是，内存模组业务实现快速崛起，2025年上半年不仅斩获1.65亿元收入，更实现 217%的同比激增，收入占比同步提升至42.2%，已成为驱动公司业绩增长的重要引擎。 商报讯（记者 孟佳俊）近日，浙江力积存储科技股份有限公司再传新动态——继10月总部正式乔迁至 杭州钱塘区金沙中心后，时隔仅一个月，这家内存芯片设计企业递交了港股上市申请书，向着资本市场 发起新一轮冲刺。据悉，这已是力积存储今年第二次冲击港股IPO，早在5月公司就曾提交上市申请， 此番卷土重来，充分彰显其登陆资本市场的坚定决心。 作为中国领先的内存芯片设计公司，力积存储长期专注于利基型市场，核心产品涵盖8GbDDR4及更早 代际内存芯片。根据弗若斯特沙利文的权威数据，以2024年利基DRAM收入为统计维度，该企业在全球 利基DRAM市场的中国公司中排名第四，在全球所有参与者中亦跻身第11位。 不过需要注意的是，当前力积存储仍处于战略扩 ...

Core Viewpoint - The article discusses the recent developments of LiJichuang Storage, a memory chip design company, including its updated IPO application and growth in the niche DRAM market, highlighting its financial performance and market positioning. Company Overview - LiJichuang Storage specializes in the design of DRAM memory chips, focusing on 8GB DDR4 and earlier generations. The company was established in March 2020 after acquiring assets from Zental Japan [6][9]. - The company is closely related to Taiwan's chip manufacturer, Powerchip Semiconductor Manufacturing Corporation, which is its sole third-party foundry supplier [9]. Financial Performance - LiJichuang Storage's total storage capacity sold increased from 13.8 million GB in 2022 to 34.2 million GB in 2024, with over 1 million memory chips sold in 2024 [9]. - The company's revenue for 2022, 2023, 2024, and the first half of 2025 was RMB 610 million, RMB 580 million, RMB 646 million, and RMB 412 million, respectively, with net profits of -139 million, -245 million, -110 million, and -50 million [12][15]. - The gross profit margin improved from -2.1% in 2022 to 10.2% in 2025, indicating a recovery from previous losses due to the downturn in the DRAM industry [14]. Market Positioning - In the global niche DRAM market, LiJichuang Storage ranks 4th among Chinese companies with a market share of 11.1% and 11th globally with a market share of 0.8% [10][12]. - The global integrated circuit market is projected to reach RMB 3.81 trillion in 2024, with the memory chip market accounting for approximately RMB 1.19 trillion, representing 31.3% of the total market [10]. Product and Technology - LiJichuang Storage produces niche DRAM products, which are less stringent in performance requirements compared to mainstream DRAM products, and are crucial for automotive, communication, and industrial applications [10][11]. - The company has established R&D centers in China and Japan, employing experienced professionals from leading semiconductor firms [17][18]. Customer and Supplier Dynamics - The company has a high customer concentration, with its top five customers contributing approximately 64.0% to 51.0% of total revenue over the past few years [20][22]. - LiJichuang Storage's procurement is also concentrated, with its top five suppliers accounting for about 97.0% to 76.2% of total procurement amounts [24][26]. Ownership and Management - The founder of LiJichuang Storage holds a direct stake of 44.6% in the company, indicating significant ownership and control [27].

芯东西12月1日报道，11月28日，杭州内存芯片设计公司力积存储在港交所提交新版上市申请书，独家保荐人为中信证券。 力积存储主要从事DRAM内存芯片的设计，专注于8GB DDR4及更早代际的产品。该公司的历史可追溯至2020年初，当时，其创始人应伟收购了日本存储 芯片设计公司Zental Japan（前身为力晶集团于2003年成立的产品设计团队），并于同年3月正式成立力积存储，接收了Zental Japan的大部分资产。 中国台湾芯片制造商力积电与力积存储关系密切，前者是力积存储唯一的第三方代工供应商。力积电和力积存储还拥有共同的股东力晶创投，力晶创投在 力积存储的持股比例约为10.13%。 力积存储最初在浙江金华完成注册，并于今年6月将注册地改为杭州。2024年，力积存储获评为国家级专精特新"小巨人"企业。得益于存储芯片和AI存算 产业近年来的发展，力积存储销售的产品总存储容量从2022年的1380万GB增至2024年的3420万GB，2024年其一共销售了超过100万片存储芯片（包括模 块和晶圆内的芯片）。 此前，力积存储已于今年5月递交第一版上市申请书，今年11月底更新的版本新增了2025年上半年的业绩 ...

Core Insights - Several technology companies, including Dell Technologies and HP, have warned of a potential shortage of memory chips next year due to a surge in demand driven by AI infrastructure development [1][3] - Market research firm Counterpoint Research predicts that memory module prices could rise by 50% by the second quarter of next year [1] - The shortage of memory chips may increase manufacturing costs across various products, from smartphones to medical devices and automobiles [1] Group 1: Company Responses - Dell Technologies is adjusting its configurations and product mix, considering options such as repricing some devices due to rising costs [2] - HP's CEO indicated that the second half of 2026 will be particularly challenging, and the company may raise prices as necessary [2] - Apple has a more optimistic outlook, with its CFO noting a slight tailwind in memory prices while emphasizing effective cost management [2] Group 2: Market Dynamics - The memory chip industry is entering what analysts refer to as a "super cycle," with manufacturers prioritizing high-bandwidth memory (HBM) production over traditional memory types [3][7] - Major players like Samsung and SK Hynix are shifting their focus to higher-margin, advanced memory products, planning to cease DDR4 production by late 2025 [6] - Morgan Stanley estimates that tech giants will invest $400 billion in AI infrastructure this year, exacerbating the supply constraints for non-HBM memory chips [6] Group 3: Price Trends - The price of RAM has surged significantly, with 4GB DDR4X chips rising from $7 to over $30 per unit, a 3-4 times increase [6] - NAND flash memory prices have also increased, with 64G eMMC chips going from $3.2 to over $8, a nearly 1.5 times rise [6] - The ongoing demand for memory chips is expected to sustain price increases for several quarters [8]

Core Viewpoint - The company reported a decline in profits for the first half of 2025, primarily due to the global macroeconomic environment and falling storage prices, but showed signs of recovery in Q2 with improved revenue and gross margins [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 3.912 billion yuan, a year-on-year increase of 13.70%, but reported a net loss of 226 million yuan, marking a shift from profit to loss [1]. - Q2 2025 revenue reached 2.369 billion yuan, reflecting a year-on-year growth of 38.20% and a quarter-on-quarter increase of 53.50% [1]. - The overall gross margin for H1 2025 was 9.07%, down 16.48 percentage points year-on-year, while the net margin was -6.17%, down 14.10 percentage points year-on-year [2]. Market and Product Development - The global storage market is gradually recovering, with a market size reaching $165.52 billion in 2024, a year-on-year increase of 79.3%, and is expected to exceed $302 billion by 2030 [4]. - The company is focusing on AI edge technology and has successfully mass-produced its self-developed main control chip, enhancing its competitive edge in various AI applications [3]. - The company is actively developing high-performance storage products for AI applications, including high-end DDR5 memory and PCIe 5.0 SSDs, to meet increasing demands for memory bandwidth and storage performance [3]. Strategic Positioning - The company is integrating storage solutions with advanced packaging technology, creating a differentiated competitive advantage through vertical integration [5]. - The company’s comprehensive product line includes embedded storage, solid-state drives, memory modules, and storage cards, covering major categories of NAND Flash and DRAM [6]. - The company aims to expand its market presence and achieve significant sales growth by collaborating with first-tier domestic and international clients [6].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is deeply engaged in the storage field, focusing on semiconductor memory research, design, packaging, testing, production, and sales, with a comprehensive product line including embedded storage, PC storage, automotive-grade storage, enterprise storage, and mobile storage [1][12] - The company has established an integrated R&D and packaging testing business model, enhancing its core competitiveness in the semiconductor storage industry [1][12] - The company is expected to see significant growth in revenue and profit due to the recovery of the storage industry and the expansion of domestic and international customer bases [7][30] Summary by Sections 1. Company Overview - The company was founded in September 2010 and successfully listed on the Shanghai Stock Exchange in December 2022, focusing on semiconductor memory products and advanced packaging testing services [12][13] - The company has developed a "5+2+X" strategic framework to drive stable growth, focusing on five major application markets and two key growth areas: chip design and advanced packaging [15][12] 2. Demand Side - Storage prices have stabilized and are beginning to rise, driven by increased demand for storage devices due to the rapid development of artificial intelligence technologies [2][3] - The market for embedded products is experiencing supply tightness due to the discontinuation of low-capacity NAND resources by original manufacturers [2] 3. Supply Side - The domestic chip replacement is accelerating, with Chinese companies like Yangtze Memory Technologies and Changxin Memory Technologies rapidly increasing their market share [3][6] - The report highlights that China's DRAM production capacity has surpassed 11% of global capacity, with expectations for further growth [3] 4. Financial Performance - The company achieved a revenue of 50.25 billion yuan in the first three quarters of 2024, a year-on-year increase of 136.76%, driven by the recovery of the storage industry and significant growth in product sales [30][31] - The forecasted net profits for 2024-2026 are 176 million yuan, 598 million yuan, and 764 million yuan respectively, with corresponding EPS of 0.41 yuan, 1.39 yuan, and 1.77 yuan [7][30] 5. Competitive Advantages - The company possesses strong technical capabilities in embedded storage and has established a comprehensive product matrix covering various storage types, enhancing its competitive edge in the market [7][18] - The company is actively expanding its advanced packaging capabilities, which are expected to be operational by 2025, providing a full suite of storage and advanced packaging testing solutions [7][21]