2026.03. 24 本文字数：2644，阅读时长大约4分钟 作者 | 第一财经 魏中原 普冉股份（688766.SH）3月22日同步披露了2025年年度报告和资产收购公告。 财报显示，公司全年实现营业收入23.2亿元，同比增长约28.6%，归母净利润为2.08亿元，同比减 少近三成，呈现典型的"增收不增利"局面。报告期内，公司的毛利率同比下降5.19个百分点，研 发、管理及销售费用的攀升，以及较为积极的备货策略导致的存货减值损失，共同侵蚀了利润。 与此同时，普冉股份宣布拟以发行股份、可转换公司债券及支付现金相结合的方式，作价2.47亿元 收购珠海诺亚长天存储技术有限公司（下称"诺亚长天"）剩余49%股权。这已是公司继2025年3 月、11月后的第三次资本运作，交易完成后诺亚长天将成为普冉股份控股子公司。 在存储芯片行业迎来AI驱动的景气周期背景下，普冉股份股价过去10个月累计涨幅达376%，但业 绩表现却未能匹配估值提升，基本面验证时刻正在到来。 截至3月23日收盘，普冉股份股价报273.11元，跌2.46%，总市值404亿元。 毛利率受双重挤压 年报显示，普冉股份全年实现营业收入23.2亿元，同比增长2 ...

Core Viewpoint - The Hong Kong stock market is experiencing a vibrant ecosystem in the storage industry, driven by the ongoing storage bull market and the surge of A+H share listings, with several companies, including Jucheng Technology, successfully listing and others preparing for IPOs [1][2]. Company Overview - Jucheng Technology, established in 2009, has become a leading global designer of high-performance non-volatile storage chips, with three core business lines: storage chips, mixed-signal chips, and NFC chips [1][2]. Revenue Contribution - In the first three quarters of 2025, storage chips accounted for 88.5% of the company's revenue, mixed-signal chips contributed 8.9%, and NFC chips and others made up 2.6% [2][4]. Market Position - Jucheng Technology is the top supplier of EEPROM chips in China and the third globally, with a projected global market share of approximately 14.0% in 2024. It is also the second-largest supplier of DDR5 SPD chips globally, with a market share exceeding 40% in 2024 [3][4]. Financial Performance - The company's total revenue grew from 703 million RMB in 2023 to 1.028 billion RMB in 2024, with a revenue of approximately 933 million RMB in the first three quarters of 2025, reflecting a year-on-year growth of 21.29% [3][4]. - Adjusted net profit increased from 141 million RMB in 2023 to 298 million RMB in 2024, with a net profit of 301 million RMB in the first three quarters of 2025, showing a growth rate of 25.9% [5][6]. Profitability Improvement - The gross profit margin improved from 46.6% in 2023 to 59.8% in the first three quarters of 2025, driven by a higher proportion of high-value products and enhanced pricing power [5][6]. Market Dynamics - The current storage "super bull market" is driven by the AI computing revolution, leading to a structural supply-demand imbalance, particularly for high-bandwidth memory (HBM) and DDR5, which are critical for AI servers [8][9]. - The demand for SPD chips is expected to significantly increase as AI servers require more DDR5 memory modules, with prices for DDR5 components rising sharply [9][10]. Future Outlook - Jucheng Technology anticipates a significant increase in DDR5 SPD chip demand in the third and fourth quarters of 2026, alongside the introduction of new product lines such as VPD chips for next-generation storage devices [10][11]. - The company is well-positioned to benefit from the ongoing storage super cycle, with its core growth logic centered on the dual drivers of DDR5 technology iteration and AI demand explosion [11].

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 作者 | ZeR0 来源 | 芯东西（ID：aichip001） 芯东西1月30日报道，1月26日，上海高性能非易失性存储（NVM）芯片设计公司 聚辰股份 正式 递表港交所。 根据弗若斯特沙利文的资料，按2023年及2024年收入计，聚辰股份是 全球第三、 中国第一大 EEPROM供应商 ，以及 全球第二大DDR5 SPD芯片供应商 。 全球能够大规模提供配套DDR5存储器模组的SPD芯片供应商仅有 2家 。按2024年收入计，聚辰股 份拥有全球DDR5 SPD芯片市场超过 40% 的份额，且拥有全球EEPROM市场 14.0% 的份额。 在消费电子EEPROM板块，该公司在摄像头模组EEPROM及液晶面板EEPROM市场亦分别以 40.3%和21.8%的份额排名 全球第一 。 聚辰股份成立于2009年11月，致力于满足AI时代高速迭代与扩容的存储需求，研发及供应 SPD芯 片、EEPROM、NORFlash 等关键存储类芯片 、 摄像头马达驱动芯片等 ...

Core Viewpoint - Jucheng Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, initiating a dual listing strategy, and is recognized as a leading player in the domestic non-volatile memory (NVM) chip sector, achieving significant breakthroughs in various niche markets [1]. Group 1: Company Overview - Founded in November 2009, Jucheng Co., Ltd. has over a decade of experience in chip design, focusing on the demand for storage and mixed-signal chips in the AI era, and has developed a diversified product matrix including SPD chips, EEPROM, NOR Flash, and camera motor driver chips [4]. - The company is actively promoting the mass production of closed-loop and optical image stabilization motor driver chips, which have passed tests by major smartphone manufacturers and are expected to be used in mid-to-high-end and flagship models [4]. - Jucheng's products are widely used in AI infrastructure, automotive electronics, industrial control, and consumer electronics, establishing strong partnerships with global memory module giants and well-known automotive and smartphone manufacturers such as Samsung, Huawei, Xiaomi, BYD, and Tesla [4]. Group 2: Market Position and Performance - According to Frost & Sullivan data, Jucheng Co., Ltd. ranks as the third-largest EEPROM supplier globally and the largest in China, while also being the second-largest supplier of DDR5 SPD chips, holding over 40% of the global market share for DDR5 SPD chips [5]. - The company has achieved a 14.0% market share in the global EEPROM market, with a leading position in the camera module EEPROM market at 40.3% and 21.8% in the liquid crystal panel EEPROM market [5]. - In the automotive electronics sector, Jucheng has become a key player in domestic automotive-grade chips, expected to be the only supplier of a full range of automotive-grade EEPROM chips in China by the end of 2025, and ranks as the third-largest globally [6]. Group 3: Financial Performance - Jucheng Co., Ltd. has shown steady improvement in profitability, with projected revenues of 1.028 billion yuan and a net profit of 290 million yuan for 2024, marking a 43.50% year-on-year increase in net profit for the first half of 2025 [8]. - The company's market capitalization reached 29.47 billion yuan as of January 30, 2026, reflecting growing recognition in the capital market [8]. Group 4: Future Outlook - Jucheng Co., Ltd. aims to leverage its technological advantages and comprehensive product offerings to strengthen its leading position in existing niche markets, expand into high-value sectors such as automotive electronics and industrial control, and capitalize on the increasing penetration of DDR5 and the explosive growth of AI computing power [10].

芯东西1月30日报道，1月26日，上海高性能非易失性存储（NVM）芯片设计公司聚辰股份正式递表港交所。 聚辰股份成立于2009年11月，致力于满足AI时代高速迭代与扩容的存储需求，研发及供应SPD芯片、EEPROM、NORFlash等关键存储类芯 片、摄像头马达驱动芯片等混合信号类芯片以及NFC芯片及配套解决方案，并持续推进VPD芯片的认证工作。 同时，该公司正在推动闭环式及光学防抖式摄像头马达驱动芯片等高端产品的规模化量产交付，并逐步切入边缘AI等快速增长的新兴市场。 其产品组合现已覆盖AI基础设施、汽车电子、工业控制、消费电子等存储应用场景，已得到全球内存模组巨头、中国及境外知名汽车企业、 主流智能手机厂商等下游终端客户的广泛应用。 根据弗若斯特沙利文的资料，按2023年及2024年收入计，聚辰股份是全球第三、中国第一大EEPROM供应商，以及全球第二大DDR5 SPD芯 片供应商。 全球能够大规模提供配套DDR5存储器模组的SPD芯片供应商仅有2家。按2024年收入计，聚辰股份拥有全球DDR5 SPD芯片市场超过40%的份 额，且拥有全球EEPROM市场14.0%的份额。 在开环摄像头马达驱动芯片市场中 ...

格隆汇1月27日｜有投资者在互动平台向聚辰股份提问：随着AI服务器对高带宽、大容量内存需求的爆 发式增长，DDR5渗透率快速提升，直接驱动EEPROM(称为SPD)，AI服务器个数据中心中，一个DDR5 内存条是否必须配备一颗EEPROM？EEPROM在AI服务器、数据中心和CPU中的工作原理是怎样的？ 聚辰股份的EEPROM产品在全球市场份额中的地位如何？ 聚辰股份回复称，一个DDR5内存条必须配备 1颗SPD芯片，SPD芯片是DDR5内存模组的通信中枢，其内置一颗SPD EEPROM，用于存储内存模组的 相关信息以及内存颗粒和其他组件的配置参数，并集成了I2C/I3C总线集线器和高精度温度传感器。 I2C/I3C 总线集线器是系统主控设备与内存模组组件之间的通信中心，能够实现高效率的数据交换，从 而确保内存模组平稳运行并发挥最佳性能，而高精度温度传感器则可以连续监测SPD芯片所在位置的温 度，以便系统主控设备对内存模组进行温度管理，进而提高内存模组工作的稳定性。2024年公司 EEPROM市场份额排名全球第三、国内第一。 ...

Group 1 - The company, Juchen Semiconductor Co., Ltd., has officially submitted its application to the Hong Kong Stock Exchange, with CICC as the joint sponsor [2] - Juchen Semiconductor is a leading global designer of high-performance non-volatile storage chips, focusing on meeting the storage demands of the AI era with products such as SPD chips, EEPROM, NOR Flash, and mixed-signal chips [2] - According to Frost & Sullivan, Juchen Semiconductor is the number one EEPROM supplier in China and the second largest DDR5 SPD chip supplier globally by revenue for 2023 and 2024 [2][3] Group 2 - The company has a strong R&D capability and market position in various product segments, being the third largest EEPROM supplier globally and the first in China for 2023 and 2024 [3] - Juchen Semiconductor has established deep cooperation with a leading global memory interconnect chip supplier for DDR5 memory interface solutions, positioning itself as a core supplier for major memory companies [3] - The company is set to become the only Chinese supplier offering a full range of automotive-grade EEPROM chips by the end of 2025 [3] Group 3 - Juchen Semiconductor is actively expanding its product lines, including the development of VPD chips for next-generation high-performance storage devices, collaborating with leading storage manufacturers [4] - The company's automotive-grade storage chips meet AEC-Q100 A1-A2 standards and are widely used in various automotive systems, including visual perception and intelligent cockpit applications [4] - The deep cooperation model established by the company creates natural customer barriers and long-term binding advantages, as automotive-grade certification typically requires a lengthy verification process [4]

Company Overview - Jucheng Semiconductor Co., Ltd. is a leading global designer of high-performance non-volatile memory (NVM) chips, focusing on meeting the storage demands of the AI era with products such as SPD chips, EEPROM, NOR Flash, camera motor driver chips, and NFC chips [4] - The product portfolio includes storage chips for various applications, mixed-signal chips, and other products, with a strong emphasis on AI infrastructure, automotive electronics, industrial control, and consumer electronics [4] Market Position - The company holds over 40% of the global DDR5 SPD chip market and 14% of the global EEPROM market by revenue, ranking as the third-largest EEPROM supplier globally and the largest in China for 2023 and 2024 [5] - By the end of 2025, the company will be the only Chinese supplier capable of providing a full range of automotive-grade EEPROM chips, leveraging its first-mover advantage and the trend of localization among domestic automakers [5] Industry Overview - The global non-volatile memory chip market size decreased from $65.5 billion in 2022 to $40 billion in 2023 due to oversupply, but is expected to rebound to $70.4 billion in 2024, with a compound annual growth rate (CAGR) of 3.8% from 2020 to 2024 [6][13] - The market is projected to reach $109.7 billion by 2030, driven by explosive growth in downstream markets such as AI servers, automotive electronics, and consumer electronics [6][13] Financial Performance - The company reported revenues of approximately 703.5 million RMB for 2023, projected to increase to 1.028 billion RMB in 2024, with a nine-month revenue of 769.1 million RMB for 2024 and 932.8 million RMB for 2025 [7][10] - Net profit for 2023 was approximately 82.7 million RMB, expected to rise to about 276 million RMB in 2024, with nine-month profits of approximately 204.3 million RMB for 2024 and 310.2 million RMB for 2025 [8][10] Integrated Circuit Market - The global integrated circuit market is expected to grow from $361.2 billion in 2020 to $539.5 billion in 2024, with a CAGR of 10.5% [11] - By 2030, the market is projected to reach $981.3 billion, driven by digital transformation and high-performance computing demands [11]

据港交所1月26日披露，聚辰半导体股份有限公司(简称：聚辰股份(688123.SH))向港交所主板递交上市申请书， 中金公司（601995）为独家保荐人。 招股书显示，聚辰股份是全球领先的高性能非易失性存储(NVM)芯片设计公司，致力于满足人工智能时代高速 迭代与扩容的存储需求，为客户研发及供应SPD芯片、EEPROM及NORFlash等关键存储类芯片、摄像头马达驱 动芯片等混合信号类芯片以及NFC芯片及配套解决方案。根据弗若斯特沙利文的资料，于2023年及2024年，按 收入计，该公司是中国排名第一的EEPROM供应商以及全球排名第二的DDR5SPD芯片供应商。 ...

据港交所1月26日披露，聚辰半导体股份有限公司(简称：聚辰股份(688123.SH))向港交所主板递交上市申请书， 中金公司为独家保荐人。 招股书显示，聚辰股份是全球领先的高性能非易失性存储(NVM)芯片设计公司，致力于满足人工智能时代高速 迭代与扩容的存储需求，为客户研发及供应SPD芯片、EEPROM及NORFlash等关键存储类芯片、摄像头马达驱 动芯片等混合信号类芯片以及NFC芯片及配套解决方案。根据弗若斯特沙利文的资料，于2023年及2024年，按 收入计，该公司是中国排名第一的EEPROM供应商以及全球排名第二的DDR5SPD芯片供应商。 ...