（文/罗叶馨梅）10月23日，记者从普冉股份(688766.SH)证券部获悉，公司在第四季度正与下游客户就NOR Flash存储芯片价格变化进行洽谈。公司方面表 示，部分产品价格相较三季度已有所改善，行业整体需求出现边际回暖迹象。 公司人士指出，从行业趋势看，四季度存储市场需求相较年中有改善迹象，NOR Flash价格在部分品类中已企稳回升。受库存消化及下游补货带动，市场价 格有望延续温和回升态势。 普冉股份主要专注于NOR Flash存储芯片的研发与销售，产品存储容量相对较小，主要应用于消费电子、工业控制及智能终端等领域。与三星电子、SK海 力士等主流存储供应商不同，公司采用代工模式生产，而国际厂商多采取IDM一体化模式，具备通过产能调控实现价格调节的能力。 业内分析认为，随着下游应用复苏及高端电子需求增长，NOR Flash市场或将迎来结构性机会。普冉股份在存储芯片细分领域的长期积累有望助力其在行业 复苏周期中保持稳健增长。（校对/秋贤） ...

根据公告，此次减持主体包括自然人股东董翔羽、有限合伙企业合肥中安庐阳创业投资基金（简称"中 安庐阳"）及宁波梅山保税港区天鹰合胜创业投资合伙企业(有限合伙)(简称"天鹰合胜")。三者减持原因 均为"自身资金需求"。其中董翔羽计划通过集中竞价或大宗交易减持不超过1.75%股份，中安庐阳与天 鹰合胜分别计划减持0.69%和0.56%股份。 恒烁股份股东的减持计划给其股价带来压力。在公告发布次日，恒烁股份下跌4.11%。今年以来，恒烁 股份的股价累计涨幅为36.97%。 每经记者｜闫峰峰 每经编辑｜吴永久 近日，恒烁股份的3名股东抛出减持计划，合计将最高减持公司总股本3%股份。股东的减持计划给公司 股价带来了一定压力。 每经资本眼专栏记者发现，公司上市三年来，近两年半持续亏损。同时，即便公司所处的半导体行业景 气较好，但公司营收仍下降，上半年营收增速位列可比公司末位。 三大股东集中减持，套现压力隐现 2025年10月22日晚间，科创板半导体企业恒烁股份发布公告称，公司三大股东计划合计减持不超过总股 本3%的股份。 公开资料显示，恒烁股份主营NOR Flash存储芯片和MCU芯片研发设计，2022年8月登陆科创板。然 ...

Industry Overview - The storage chip market, particularly NOR Flash, is experiencing rapid growth driven by advancements in technologies such as artificial intelligence and the Internet of Things, despite a lackluster performance last year due to supply and demand factors [2] - In the first half of this year, the market showed signs of recovery with significant inventory reduction and gradual demand restoration, particularly in industrial markets and supported by long-term demand from AI and high-performance computing [2] - Starting from the third quarter, overall storage demand is rebounding, with prices showing an upward trend, indicating a positive outlook for the second half of the year [2] Company Performance - In the first half of the year, the revenue rankings among storage chip manufacturers are as follows: Zhaoyi Innovation (4150.31 million), Beijing Junzheng (2249.11 million), Fudan Microelectronics (1838.85 million), Puran Co. (906.70 million), Jucheng Co. (574.86 million), Dongxin Co. (342.99 million), and Hengshuo Co. (174.28 million) [3] - Zhaoyi Innovation leads in net profit with 575.48 million, followed by Jucheng Co. (205.15 million) and Beijing Junzheng (203.12 million), while Dongxin Co. and Hengshuo Co. reported losses of 110.97 million and 70.78 million respectively [4] - In terms of gross margin, Jucheng Co. has the highest at 60.25%, followed by Fudan Microelectronics at 56.80%, and Zhaoyi Innovation at 37.21% [5] Inventory Management - Fudan Microelectronics holds the highest inventory at 3088.98 million, followed by Beijing Junzheng (2773.43 million) and Zhaoyi Innovation (2400.65 million) [6] - Inventory turnover days are highest for Fudan Microelectronics at 705 days, with Dongxin Co. at 596 days and Hengshuo Co. at 355.66 days, while Zhaoyi Innovation has the lowest at 163.95 days [7] - In terms of inventory impairment provisions, Fudan Microelectronics has the highest at 548.26 million, followed by Zhaoyi Innovation (287.39 million) and Beijing Junzheng (263.53 million) [7]

Core Viewpoint - The company reported a revenue of 174.28 million yuan for the first half of 2025, a decrease of 1.79% year-on-year, and a net loss attributable to shareholders of 70.78 million yuan, indicating challenges in maintaining profitability amid intense market competition and declining product prices [1][4][10]. Financial Performance - Revenue for the reporting period was 174,275,106.79 yuan, down from 177,454,444.50 yuan in the same period last year [4]. - The total profit was -70,824,859.92 yuan, compared to -74,512,542.56 yuan in the previous year [4]. - The net profit attributable to shareholders was -70,782,426.57 yuan, a slight improvement from -74,350,170.06 yuan year-on-year [4]. - The net profit after deducting non-recurring gains and losses was -77,259,386.16 yuan, compared to -84,471,455.41 yuan in the previous year [4]. - The net cash flow from operating activities was 40,376,147.32 yuan, an increase from -89,030,502.93 yuan in the previous year [4]. Business Overview - The company operates in the semiconductor industry, focusing on the research, design, and sales of storage chips and microcontroller (MCU) chips [10]. - Main products include NOR Flash storage chips, general-purpose 32-bit MCU chips based on Arm Cortex-M0+ architecture, AI chips, and large-capacity storage products [10][12]. - The company employs a Fabless model, outsourcing wafer fabrication, testing, and packaging, allowing it to focus on design and development [10][11]. Product Development - The NOR Flash products utilize industry-recognized Floating Gate technology, with a focus on reliability and stability, and are expected to launch new architecture FLASH products in the second half of 2025 [10][12]. - The MCU product line has seen significant growth, with a 59.98% increase in sales and a 102.99% increase in shipment volume year-on-year [13]. - AI business products include general-purpose AI SoC chips and various AI algorithm models, with successful deployments in consumer electronics and industrial applications [14]. Market Position - The company aims to enhance its market share by expanding its product offerings in high-end applications such as industrial control and automotive electronics [14]. - The introduction of new NAND Flash and eMMC products is expected to meet the growing demand for high-performance storage solutions in smart devices [14].