2025.09.16 作者 | 第一财经 魏中原 9月16日，芯片设计厂商普冉股份（688766.SH）股价大幅高开，开盘五分钟便"20cm"涨停，涨停板虽 在盘中数次打开，收盘仍强势涨停，报105.6元，总市值156亿元，创下2021年11月以来新高。 市场热情的直接催化剂是普冉股份15日晚发布的一则公告：公司拟以现金收购参股公司珠海诺亚长天存 储技术有限公司（下称"诺亚长天"）控制权，从而实现间接控股SkyHigh Memory Limited（下 称"SHM"）。 SHM是一家主要提供高性能2D NAND及衍生存储器产品的半导体公司。普冉股份表示，此次交易目的 是为增强公司在存储器芯片领域的核心竞争力，进一步丰富产品线。 9月16日第一财经记者以投资人身份致电普冉股份，公司相关负责人表示，本次交易仍处于意向阶段， 仍需评估收购目标公司的估值情况。 2D NAND是一种高性能的非易失性存储解决方案，也是普冉股份现有产品矩阵中不具备的产品，上市 公司期望通过此次收购间接控股SHM，布局NAND FLash细分市场，丰富存储器芯片的产品线。 AI高速发展的背景下，普冉股份启动了此次上市以来的首笔收购。目前AI ...

Core Viewpoint - The article discusses the significant stock price increase of Puran Co., Ltd. (688766.SH) following its announcement to acquire control of Zhuhai Noah Changtian Storage Technology Co., Ltd. This move aims to enhance its competitiveness in the memory chip sector and expand its product line [2][4]. Company Overview - Puran Co., Ltd. is a semiconductor design firm, with its core business focused on storage series chips. In the first half of the year, the storage chip business generated revenue of 673 million yuan, accounting for 74.23% of total revenue, which saw a year-on-year decline of 6.98% [4]. - The overall revenue for Puran in the first half was 907 million yuan, reflecting a year-on-year growth of 1.2%. However, the net profit attributable to shareholders dropped by 70% to 40.73 million yuan, with a significant decline in non-recurring net profit by 82.4% to 26.65 million yuan [4]. Acquisition Details - Puran currently holds a 20% stake in Noah Changtian and plans to acquire additional shares from existing shareholders to gain control. The valuation of Noah Changtian will be determined through audits and negotiations [3][4]. - The acquisition will include SkyHigh Memory Limited (SHM), a Hong Kong-registered semiconductor company specializing in high-performance 2D NAND and derivative memory products [3][4]. Market Context - The storage chip market consists of various segments, with DRAM and NAND Flash dominating. Puran primarily operates in the smaller NOR Flash and EEPROM markets [4]. - SHM's products are targeted at mid-to-high-end markets and are used in various applications, including industrial control and smart devices [4]. Strategic Implications - The acquisition of SHM is seen as a strategic move for Puran to enter the NAND Flash segment, particularly 2D NAND, which is currently not part of its product matrix. This is expected to enhance its product offerings in response to the growing demand for high-performance storage chips driven by AI applications [5][6]. - Despite the potential benefits, the 2D NAND market is not the mainstream segment of NAND technology, as 3D NAND has become the market leader due to its higher performance and storage density [5][6].