当全球存储巨头因人工智能热潮而股价一路高歌猛进时，日本的存储巨头铠侠公司却突然给行业浇了一盆冷水。 铠侠业绩暴雷引发全行业恐慌？ 本周四，日本铠侠公司公布其2025财年第二季度（7月至9月）财报：季度调整后净利润大幅下降，同比降幅超过60%，仅有407亿日元，远未达到市场 分析师474亿日元的普遍预期。 铠侠公司年初至今股价表现 然而，这份暴雷的财报不仅让这家公司的投资者蜂拥出逃，而且还将恐慌情绪外溢至整个存储市场。其他存储公司的投资者们都不得不开始考量：铠侠 的业绩暴雷，究竟是孤立事件还是行业面临更广泛挑战的信号？ 铠侠为何业绩暴雷？ 事实上，铠侠公司的业绩暴雷的确令人意想不到。在AI热潮下，存储需求出现暴增，尤其是最近一个月，全球内存、闪存价格暴涨，合约价涨幅50% 以上，现货价格一个月翻倍都不稀奇。 然而在这一背景下，铠侠公司却利润暴跌，这着实令人咋舌。 目前，业内人士主要将铠侠盈利未达预期的问题，归咎于铠侠与苹果签订的固定价格协议：铠侠一直以固定的协议价格向苹果供应移动NAND芯片，这 导致即便在现货市场价格不断上涨之际，铠侠公司仍然无法从中获利。 同时，该公司当季营收同比下降7%至4483亿日元，营 ...

Core Viewpoint - Kioxia's disappointing financial results reflect uncertainties at the tail end of the industry's cyclical low, yet there is optimism regarding the overall upward trend in NAND prices [2][7]. Financial Performance - Kioxia reported a net profit of 40.7 billion yen (approximately 1.873 billion RMB) for Q2 of FY2025 (July-September), a significant decline of 62% year-on-year, falling short of market expectations of around 47.4 billion yen [4][5]. - The poor performance is attributed to seasonal smartphone demand, which led to a high proportion (35%) of low-margin smart device products, while the share of high-margin AI data center products remained low [4]. Market Reaction - Following Kioxia's financial report, its stock price plummeted by 23.03% to 10,025 yen, causing a ripple effect in the U.S. market, with major storage companies like SanDisk, Seagate, and Western Digital experiencing declines of 15.6%, 7.31%, and 5.39% respectively [5][6]. - Concerns over global storage chip supply-demand imbalances were heightened, despite strong AI and data center demand, as Kioxia's results revealed profitability pressures [5]. A-Share Market Impact - The negative impact of Kioxia's report extended to the A-share market, with stocks like Zhaoyi Innovation and Baiwei Storage dropping by over 3% and 11% respectively [6]. - The A-share storage sector had previously benefited from a "price surge" in the global storage chip market and the explosive demand from AI [6]. Future Outlook - Analysts remain optimistic about the storage sector's rebound, driven by AI demand, despite the short-term panic triggered by Kioxia's results [7]. - Kioxia anticipates record revenue and profit for Q3 of FY2025 (October-December), primarily due to higher average selling prices and increased NAND demand related to AI [7].

铠侠公司年初至今股价表现 当全球存储巨头因人工智能热潮而股价一路高歌猛进时，日本的存储巨头铠侠公司却突然给行业浇了一盆冷水。 铠侠业绩暴雷引发全行业恐慌？ 本周四，日本铠侠公司公布其2025财年第二季度（7月至9月）财报：季度调整后净利润大幅下降， 同比降幅超过60% ，仅有407亿日 元，远未达到市场分析师474亿日元的普遍预期。 同时，该公司当季营收同比下降7%至4483亿日元，营利同比下降48%至859亿日元。 这一令人失望的表现引发了美国存储行业的连锁反应——美东时间周四收盘时，希捷的股价下跌7.29%，西部数据下跌5.39%，美光科技下 跌3.25%。 在周五早间，铠侠公司在日本股市遭遇了更加骇人的抛售潮：铠侠股价开盘就直线跳水，截至发稿已经下跌23%。 不过，由于今年的AI热潮导致存储行业备受投资者追捧，铠侠公司年初至今的股价即便在周五暴跌后，仍然有477%的惊人涨幅。 然而，这份暴雷的财报不仅让这家公司的投资者蜂拥出逃，而且还将恐慌情绪外溢至整个存储市场。其 他存储公司的投资者们都不得不开 始考量：铠侠的业绩暴雷，究竟是孤立事件还是行业面临更广泛挑战的信号？ 铠侠为何业绩暴雷？ 事实上，铠侠公司 ...

Core Viewpoint - Kioxia Holdings' disappointing financial results have negatively impacted the stock prices of major storage companies globally, despite a surge in demand for storage hardware driven by AI data centers [1][2][3]. Financial Performance - Kioxia reported a net profit of 40.7 billion yen (approximately 1.87 billion RMB) for Q2 of FY2025, a significant decline of 62% year-over-year, falling short of market expectations of around 47.4 billion yen [2]. - The company's poor performance is attributed to a high proportion of low-margin smartphone products, which accounted for 35% of sales, while high-margin AI data center products had a lower share [2][3]. Market Reaction - Following Kioxia's earnings report, its stock plummeted by 23.03% to 10,025 yen, while other major storage companies like SanDisk, Seagate Technology, and Western Digital also experienced significant declines in their stock prices [3][4]. - The overall drop in the storage sector is linked to concerns over a global supply-demand imbalance in storage chips, despite strong demand from AI and data centers [3]. A-share Market Impact - Kioxia's financial results triggered a sell-off in the A-share market, with stocks of domestic storage companies like Zhaoyi Innovation and Jiangbo Long experiencing notable declines [4]. - The A-share storage sector had previously benefited from rising prices in the global storage chip market and the explosion of AI demand [4]. Future Outlook - Analysts remain optimistic about the long-term prospects for the storage sector, citing a potential rebound driven by AI demand, which is expected to account for 40% of storage needs by 2025 [4][5]. - Kioxia anticipates record revenue and profit for Q3 of FY2025, driven by higher average selling prices and increased NAND demand related to AI [6].

| 代码 | 名称 | | 涨幅% ↑ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 688525 | 佰维存储 | 1 | -11.03 | 593亿 | 104.92 | | 300302 | 同有科技 | 1 | -9.78 | 109亿 | 44.54 | | 688123 | 聚辰股份 | 1 | -9.65 | 227亿 | 145.61 | | 688766 | 普朗股份 | 1 | -8.98 | 225亿 | 111.10 | | 301308 | 江波龙 | 1 | -8.89 | 1246亿 | 245.60 | | 002119 | 康賀由子 | 1 | -8.75 | 67.74亿 | 16.82 | | 002654 | 万润科技 | 4 | -8.68 | 133亿 | 29.27 | | 603986 | 兆易创新 | 4→ | -7.99 | 1397亿 | 96.55 | | 688416 | 恒炼股份 | 1 | -7.78 | 50.06亿 | 54.77 | | 300223 | 北京君正 | 1 ...

当全球存储巨头因人工智能热潮而股价一路高歌猛进时，日本的存储巨头铠侠公司却突然给行业浇了一盆冷水。 铠侠业绩暴雷引发全行业恐慌？ 本周四，日本铠侠公司公布其2025财年第二季度（7月至9月）财报：季度调整后净利润大幅下降，同比降幅超过60%，仅有407亿日元，远未达到市场 分析师474亿日元的普遍预期。 同时，该公司当季营收同比下降7%至4483亿日元，营利同比下降48%至859亿日元。 铠侠公司年初至今股价表现 这一令人失望的表现引发了美国存储行业的连锁反应——美东时间周四收盘时，希捷的股价下跌7.29%，西部数据下跌5.39%，美光科技下跌3.25%。 然而，这份暴雷的财报不仅让这家公司的投资者蜂拥出逃，而且还将恐慌情绪外溢至整个存储市场。其他存储公司的投资者们都不得不开始考量：铠侠 的业绩暴雷，究竟是孤立事件还是行业面临更广泛挑战的信号？ 在周五早间，铠侠公司在日本股市遭遇了更加骇人的抛售潮：铠侠股价开盘就直线跳水，截至发稿已经下跌23%。 不过，由于今年的AI热潮导致存储行业备受投资者追捧，铠侠公司年初至今的股价即便在周五暴跌后，仍然有477%的惊人涨幅。 铠侠为何业绩暴雷？ 此外，据称云服务商客户还 ...

铠侠控股第二财季调整后净利润同比骤降超60%，业绩暴雷引发美股存储板块连锁反应，希捷股价下跌7.29%，西部数据 下跌5.39%，美光科技下跌3.25%。分析认为，铠侠业绩不佳可能源于向苹果供应移动NAND芯片的固定价格协议。在现 货价格大幅上涨的背景下，这一定价机制使铠侠未能受益于市场行情。 硬·AI 作者 | 硬 AI 编辑 | 硬 AI 周五亚市早盘铠侠股价势将触及跌停板，此前铠侠控股公布第二财季调整后净利润同比骤降超60%，拖累 美国同行西部数据、希捷科技和美光科技股价全线重挫，为今年以来表现最强劲的科技板块蒙上阴影。 周四东京交易时段，铠侠股价下跌1.62%，随后波及其海外同行，希捷股价下跌7.31%，西部数据下跌 5.29%，美光科技下跌3.25%。这些公司今年以来涨幅均超过三位数，其中西部数据截至周三收盘涨幅高 达269%，位列标普500指数年度涨幅榜首位，希捷和美光分列第三和第四位。 铠侠当季净利润仅为417亿日元（约合2.84亿美元），较上年同期大幅下滑。该公司面临收入下降与成本 上升的双重压力，这一业绩表现引发市场对整个存储行业景气度的担忧。 苹果供货协议成拖累因素 据市场观点，铠侠业绩不 ...

Core Viewpoint - Kioxia's significant decline in adjusted net profit has triggered a chain reaction affecting the U.S. storage sector, raising concerns about the overall health of the storage industry [1][3]. Group 1: Kioxia's Performance - Kioxia reported a net profit of 41.7 billion yen (approximately $284 million), a drastic drop of over 60% year-on-year [3]. - The company is facing dual pressures from declining revenues and rising costs, leading to market concerns about the storage industry's outlook [3][6]. Group 2: Impact on U.S. Peers - Following Kioxia's announcement, shares of U.S. counterparts Seagate, Western Digital, and Micron experienced significant declines, with Seagate down 7.31%, Western Digital down 5.29%, and Micron down 3.25% [3]. - Despite these declines, the year-to-date performance of these stocks has been strong, with Western Digital's stock up 269%, leading the S&P 500 index [3]. Group 3: Market Sentiment and Future Outlook - Market sentiment suggests that Kioxia's poor performance may be an isolated incident due to its fixed-price supply agreement with Apple, which prevented it from benefiting from rising spot prices [6][8]. - The data and memory hardware industry is expected to see strong growth driven by AI and cloud computing investments, with significant demand anticipated through 2025 [7]. - Investors are tasked with determining whether Kioxia's results indicate a broader industry issue or if it is merely a unique case [7].