"芯片老兵"联手存储大厂创业 营收已突破10亿美元 近日，深圳宏芯宇电子股份有限公司（以下简称"宏芯宇"）向港交所递表，正式开启赴港上市进程。宏 芯宇由"芯片老兵"吴奕盛联手台湾存储大厂群联电子一同创立，近年来营收实现快速增长，然而在全球 存储芯片进入上行周期的大背景下，宏芯宇2025年前三季度营收却出现增收不增利的现象，被外界认为 或采取了以价换量的市场策略。南都湾财社记者也就定价策略等问题向宏芯宇发去采访函，宏芯宇则回 复称公司正处于静默期，暂无法就相关问题作具体解答。 招股书称，宏芯宇是全球领先、发展迅速的独立存储器厂商，根据弗若斯特沙利文的资料，按2024年收 入计，该公司是全球第五大、中国内地第二大独立存储器厂商。 这家快速崛起的存储新贵由"芯片老兵"吴奕盛联手台湾存储大厂群联电子一同创立。 招股书显示现年56岁的吴奕盛目前担任宏芯宇董事长、执行董事兼总经理职务，招股书显示，吴奕盛于 芯片行业拥有逾25年工作经验。在创立宏芯宇前，吴奕盛曾于多家电子元件、芯片公司担任总经理一 职，负责其整体管理，在2016年8月至2019年1月期间，他还曾担任上市公司佰维存储董事。 值得一提的是，吴奕盛现年32岁的女 ...

报告期内，公司持续强化全链路存储解决方案能力，在现有固态硬盘、嵌入式存储、内存条和移动存储 四大产品线基础上，推出包括数据中心、消费电子、工业控制、通信电力、安防监控等场景化存储解决 方案，推动公司经营规模快速增长。报告期内，公司嵌入式存储、内存条营业收入分别同比增长 334.43%、263.65%。 德明利（001309）(001309.SZ)披露2025年年度报告，公司营业收入107.89亿元，同比增长126.07%;归属 于上市公司股东的净利润6.88亿元，同比增长96.35%;归属于上市公司股东的扣除非经常性损益的净利 润6.68亿元，同比增长120.77%;基本每股收益3.08元。公司拟向全体股东每10股派发现金红利4元(含 税)。 ...

智通财经APP讯，德明利(001309.SZ)披露2025年年度报告，公司营业收入107.89亿元，同比增长 126.07%;归属于上市公司股东的净利润6.88亿元，同比增长96.35%;归属于上市公司股东的扣除非经常性 损益的净利润6.68亿元，同比增长120.77%;基本每股收益3.08元。公司拟向全体股东每10股派发现金红 利4元(含税)。 报告期内，公司持续强化全链路存储解决方案能力，在现有固态硬盘、嵌入式存储、内存条和移动存储 四大产品线基础上，推出包括数据中心、消费电子、工业控制、通信电力、安防监控等场景化存储解决 方案，推动公司经营规模快速增长。报告期内，公司嵌入式存储、内存条营业收入分别同比增长 334.43%、263.65%。 ...

Summary of the Conference Call on the Storage Industry Industry Overview - The report focuses on the storage industry, specifically DRAM and NAND Flash markets, highlighting significant price increases in January 2026 [1][2]. Key Points and Arguments Price Review for January 1. **DRAM Prices**: - Mainstream DRAM spot prices increased by 16% to 33% month-over-month in January 2026. - Contract prices for DDR5-8Gb and DDR4-8Gb surged by 119% and 63% respectively [1]. 2. **NAND Flash Prices**: - Mainstream NAND Flash spot prices rose by 24% to 34% month-over-month. - Contract prices increased by 37% to 67% [1]. 3. **Module Prices**: - DDR4/5 memory module prices increased by 13% to 50%. - SSD prices rose by 39% to 62%, while mobile storage prices increased by 22% to 43% [1]. Price Outlook 1. **DRAM Forecast**: - It is expected that traditional DRAM contract prices will rise by 90% to 95% in Q1 2026, up from a previous estimate of 50% to 60%. - The supply-demand gap for DRAM continues to widen, with North American CSP manufacturers securing supplies, forcing other customers to accept higher prices. Server DRAM is projected to increase by 88% to 93% in a single quarter [1]. 2. **NAND Flash Forecast**: - Strong demand from AI servers is anticipated to drive overall contract prices up by 55% to 60% in Q1 2026, compared to an earlier forecast of 33% to 38% [2]. 3. **Niche Storage**: - NOR Flash prices are expected to maintain an upward trend in H1 2026, with overall increases exceeding 20% in Q1, and even larger increases for smaller capacity NOR products [2]. Company Insights 1. **SK Hynix**: - The company forecasts a year-over-year growth of over 20% in DRAM demand and 15% to 20% in NAND demand for 2026, driven primarily by AI server and data center needs [3]. 2. **Samsung Electronics**: - Strong demand from AI servers is noted, while smartphone and PC shipments are negatively impacted by storage supply and pricing issues [3]. 3. **SanDisk**: - The company anticipates that data center bit demand will grow by over 60% in 2026 [3]. Investment Recommendations - The report recommends focusing on four key areas: 1. Beneficiaries of storage price increases, with specific recommendations for companies like Zhaoyi Innovation, Puran, and Beijing Junzheng. 2. CPU chain/memory upgrades, recommending AI interconnect chip leader Lanke Technology. 3. Companies benefiting from Changxin's investment in production expansion, including domestic equipment firms like Zhongwei, Huahai Qingke, Kema Technology, and Jingzhida. 4. Logic chip foundries for storage, with recommendations for Huahong Semiconductor and Yandong Micro [3].

Core Viewpoint - The company, Demingli (001309), is focusing on storage applications in various fields, including data centers, mobile devices, automotive electronics, tablets, and security monitoring, while currently not involved in humanoid robotics [1] Group 1: Product Offerings - The company's products include mobile storage, solid-state drives, embedded storage, and memory modules [1] - These products are widely used across multiple application scenarios [1] Group 2: Market Focus - The company has not yet entered the humanoid robotics sector but recognizes it as an important future development trend [1] - The company plans to pay long-term attention to storage applications and technological advancements in the humanoid robotics market [1]

Core Insights - The rise of AI has triggered a super cycle in the storage market, leading to increased performance for domestic storage manufacturers and accelerating their path to capitalization [1] - Multiple storage companies have submitted IPO applications, indicating a diverse and tiered advancement in the industry [3] Group 1: Market Trends - Since January, several storage companies have filed for IPOs in Hong Kong, including Micron Technology, Starry Sky Technology, and Chip Universe, reflecting a growing trend in the storage industry [1][3] - The top five distributed AI storage solution providers in China hold a combined market share of 52.3%, with Starry Sky Technology ranking second at 10.4% [4] Group 2: Company Performance - Zhaoyi Innovation's stock price surged by 106.79% since its debut on January 13, reaching a market capitalization of 245.3 billion HKD by January 30 [7] - Micron Technology, the largest independent storage manufacturer in China, reported stable revenue of 8.78 billion CNY, 8.72 billion CNY, and 7.74 billion CNY for the first three quarters of 2023, 2024, and 2025 respectively [6] - Starry Sky Technology, aiming to be the first AI storage stock in Hong Kong, reported revenues of 167 million CNY, 172 million CNY, and 195 million CNY for 2023, 2024, and the first nine months of 2025, with a net profit turning positive in 2025 [3][4] Group 3: Investment Dynamics - The current IPO wave is driven by emerging demands in AI and automotive electronics, supported by a favorable capital market environment [6][9] - The cautious expansion strategies of leading companies have reinforced supply-demand imbalances, providing ongoing support for price increases and corporate profitability [9]

Core Viewpoint - The company, Demingli (001309.SZ), is focusing on storage applications in various sectors and is monitoring the development of humanoid robots for future opportunities [1] Group 1: Product Offerings - The company's products include mobile storage, solid-state drives, embedded storage, and memory modules [1] - These products are widely used in data centers, mobile phones, automotive electronics, tablets, and security monitoring [1] Group 2: Market Focus - Currently, the company has not ventured into the humanoid robot sector [1] - The company plans to pay long-term attention to storage applications and technological advancements related to humanoid robots [1]

Core Viewpoint - Langke Technology focuses on the research, production, and sales of storage products, aiming to provide solutions for the global flash drive and flash application sectors [1]. Group 1: Company Overview - Since its establishment, the company has achieved diversification and orderly expansion through core technology and independent innovation capabilities [1]. - The company's product range now includes SSD solid-state storage, DDR memory, embedded storage, and mobile storage [1].

Core Viewpoint - Jiangbolong expects a significant increase in net profit for 2025, driven by a recovery in storage prices and strong demand from AI server markets [1][2] Group 1: Financial Performance - Jiangbolong forecasts a net profit attributable to shareholders of 1.25 billion to 1.55 billion yuan for 2025, representing a year-on-year growth of 150.66% to 210.82% [1] - The company's non-GAAP net profit is projected to be between 1.13 billion and 1.35 billion yuan, reflecting a year-on-year increase of 578.51% to 710.60% [1] - The company transitioned from a net loss of 152 million yuan in Q1 2024 to a net profit of 1.67 billion yuan in Q2 and 6.98 billion yuan in Q3, with an expected Q4 profit of 537 million to 837 million yuan [1] Group 2: Market Dynamics - The recovery in storage prices began after a low point in Q1 2024, with significant increases attributed to surging demand for AI servers and a shift in production capacity towards enterprise-level products [1] - According to TrendForce, global DRAM prices are expected to rise by 8% to 13% quarter-on-quarter in Q4 2025, with increases of 13% to 18% when including HBM [1] - The current cycle of rising storage chip prices is anticipated to last until mid-2027, with some high-end products potentially extending to 2028 [1] Group 3: Company Strengths - Jiangbolong is the second-largest independent memory manufacturer globally, offering a comprehensive range of storage solutions, including embedded storage, solid-state drives, mobile storage, and memory modules [2] - The company has established partnerships with several wafer foundries and leading smart terminal manufacturers, enhancing its market position [2] - Jiangbolong's self-developed main control chips have seen deployment exceed 100 million units by the end of Q3 2025, with multiple flagship products achieving mass application [2] Group 4: Research and Development - Jiangbolong has consistently increased its R&D expenditures, reaching 701 million yuan by Q3 2025, following previous investments of 356 million yuan, 594 million yuan, and 910 million yuan in the preceding years [3] - The company announced a fundraising of 3.7 billion yuan in early 2025 to support high-end storage research and development projects, particularly in the AI sector [3]

Core Viewpoint - Longke Technology (300042.SZ) focuses on the research, production, and sales of storage products, aiming to provide solutions for the global flash drive and flash application sectors [1] Group 1: Company Overview - The company has achieved diversified and orderly expansion through core technology and independent innovation capabilities since its establishment [1] - Longke Technology's product range now includes SSD solid-state storage, DDR memory, embedded storage, and mobile storage [1]