随着存储牛市的持续演进与A+H股上市热潮的澎湃涌动，港股市场正迅速汇聚起一片生机盎然的存储产业生态。 其中，来自A股的兆易创新(03986)、澜起科技(06809)已相继成功在港挂牌，佰维存储(688525.SH)、江波龙(301308.SZ)等公司也已递表，欲加速布 局"A+H"双融资平台。 同时，包括力积存储、芯天下、宏芯宇电子、星辰天合等存储产业链上的一批新兴力量也纷纷向港交所递交招股书，寻求首次公开亮相。 截至目前，这股奔赴香江的资本热忱并未停歇。智通财经观察到，A股的聚辰股份(688123.SH)已于2月6日正式向港交所主板递交上市申请，中金公司担任独 家保荐人。聚辰股份的递表，为这场持续升温的产业聚合再添新的注脚。 三大维度共同作用推动业绩持续稳健成长 聚辰股份自2009年成立至今，已在存储芯片领域深耕超过十六年，并逐步发展成为全球领先的高性能非易失性存储芯片设计企业。目前，聚辰股份已构建起 三大核心业务线：存储类芯片、混合信号类芯片，以及NFC芯片与其他产品。 其一是存储模组配套芯片：核心产品为SPD芯片，全面支持从DDR2到DDR5全系列内存模组，是AI服务器与高性能计算内存系统的关键部件。 ...

Core Viewpoint - The storage industry is experiencing a vibrant ecosystem in the Hong Kong stock market, driven by the ongoing storage bull market and the influx of A+H listings, with companies like Juchen Technology and Lanke Technology successfully listing in Hong Kong [1] Group 1: Company Overview - Juchen Technology has been deeply engaged in the storage chip sector for over 16 years, evolving into a leading global designer of high-performance non-volatile storage chips [2] - The company has established three core business lines: storage chips, mixed-signal chips, and NFC chips [2] Group 2: Revenue Contribution - Storage chips are the company's primary revenue driver, contributing 88.5% of total revenue in the first three quarters of 2025, while mixed-signal chips and NFC chips contributed 8.9% and 2.6%, respectively [3] - The product matrix for storage chips includes modules supporting DDR2 to DDR5, high-reliability chips for automotive and industrial applications, and consumer electronics chips [3][4] Group 3: Market Position - Juchen Technology ranks first in China and third globally in the EEPROM market, with a projected global market share of approximately 14.0% in 2024 [4] - The company is the second-largest global supplier of DDR5 SPD chips, with a market share exceeding 40% in 2024 [4] Group 4: Financial Performance - Total revenue increased from 703 million RMB in 2023 to 1.028 billion RMB in 2024, with a year-on-year growth of 21.29% in the first three quarters of 2025 [5][6] - Adjusted net profit rose from 141 million RMB in 2023 to 298 million RMB in 2024, reflecting a growth rate of 110.7% [6] Group 5: Profitability and Efficiency - The company's gross 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 improved pricing power [6][8] - The adjusted net profit margin increased from 20.1% in 2023 to 32.3% in the first three quarters of 2025, indicating enhanced operational efficiency [6][8] Group 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 [9][10] - The demand for SPD chips is expected to significantly increase as AI servers require more memory modules, with DDR5 prices rising over 307% since September 2025 [11][12] Group 7: Future Outlook - Juchen Technology anticipates significant growth in DDR5 SPD chip demand in the second half of 2026, while also expanding its product line with VPD chips for next-generation storage devices [12] - The company faces challenges such as high customer concentration, with the largest customer accounting for 41.1% of revenue, and reliance on external suppliers for wafer manufacturing [14]

Core Viewpoint - The storage industry is experiencing a vibrant growth phase, with companies like Juchen Technology and others successfully listing on the Hong Kong Stock Exchange, indicating a strong interest in the A+H dual financing platform [2] Group 1: Company Overview - Juchen Technology has been focused on the storage chip sector for over 16 years, evolving into a leading global designer of high-performance non-volatile storage chips [3] - The company has established three core business lines: storage chips, mixed-signal chips, and NFC chips, with storage chips being the primary revenue driver, contributing 88.5% of total revenue in the first three quarters of 2025 [3][4] Group 2: Market Position - Juchen Technology holds a leading market position in several segments, being the top supplier of EEPROM in China and the third globally, with a projected global market share of approximately 14% in 2024 [4] - The company is also the second-largest global supplier of DDR5 SPD chips, with a market share exceeding 40% in 2024 [4] Group 3: Financial Performance - The company's total revenue grew from 703.477 million RMB in 2023 to 1,028.277 million RMB in 2024, with a revenue of approximately 933.81 million RMB in the first three quarters of 2025, reflecting a year-on-year growth of 21.29% [5][6] - Adjusted net profit increased from 141.34 million RMB in 2023 to 297.735 million RMB in 2024, marking a growth rate of 110.7% [7][8] Group 4: Growth Drivers - Revenue growth is driven by three main factors: the accelerated adoption of servers, personal computers, and AI infrastructure, leading to increased demand for SPD chips; the rise in demand for automotive-grade chips due to smart transportation development; and the expansion of industrial control applications [6] - The ongoing "super bull market" in storage is primarily driven by the AI computing revolution, which has created a structural supply-demand imbalance, particularly for high-bandwidth memory (HBM) and DDR5 [10][11] Group 5: Future Outlook - Juchen Technology's SPD chips are expected to be the core engine of growth during this high prosperity cycle, with significant demand anticipated in the third and fourth quarters of 2026 [11] - The company is also expanding its product line with the introduction of VPD chips, which are critical for next-generation enterprise SSD modules and CXL memory expansion modules [11] Group 6: Challenges - The company faces potential risks, including high customer concentration, with the largest customer accounting for 41.1% of revenue, which may impact negotiation power and revenue stability [13] - Supply chain risks are also a concern, as the company relies heavily on external wafer manufacturing, with 85.8% of procurement coming from the top five suppliers [14]

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 ...

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]

证券日报网讯1月26日，聚辰股份在互动平台回答投资者提问时表示，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。 ...

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。 ...