铠侠宣布其符合最新UFS Ver.4.1规范的嵌入式闪存设备现已出样，提供256GB、512GB和1TB容量选 择，采用小型BGA封装。其中，512GB和1TB版本采用最新的第八代BiCS FLASH3D闪存，与上代产品 相比，随机写入性能提升30%，随机读取性能分别提升45%与35%，能效方面的改进在读取和写入过程 中分别为15%和20%。(科创板日报) ...

3Q25新旧世代DRAM交替，合约价走势分化，Consumer DDR4将季增逾40% 根据Tr endFor c e集邦咨询最新调查，由于三大DRAM原厂将产能转向高阶产品，并陆续宣布 PC/Se rve r用DDR4以及Mobil e用LPDDR4X进入产品生命周期末期(EOL)，引发市场对旧世代 产品积极备货，叠加传统旺季备货动能， 将推升2025年第三季一般型DRAM(Conventional DRAM)价格季增10%至15%，若纳入HBM，整体DRAM涨幅将季增15%至20% 。 点击右边 阅读原文 了解更多详情 预估3Q25 NAND Flash合约价季增5%至10%，手机需求弱抑制eMMC、UFS涨幅 根据Tr endFor c e集邦咨询最新调查，NAND Fl a sh市场历经2025年上半年的减产与库存去化， 供需失衡情况已明显改善。随着原厂转移产能至高毛利产品，市场流通供给量缩减。需求面则 有企业加码AI投资，以及NVIDIA（英伟达）新一代Bl a ckwe ll芯片大量出货支撑。展望第三季 NAND Fl a sh价格走势， 预估平均合约价将季增5%至10%，但eMMC、UFS产品因 ...

编号：2025-012 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观√电话会议 □其他 参与单位名称及 人员姓名 中信保诚基金、中邮证券 时间 2025 年 7 月 8 日 (周二)下午 15:00-16:00 地点 深圳市前海深港合作区南山街道听海大道 5059 号鸿荣源前 海金融中心二期 B 座 2301 上市公司接待人 员姓名 副总经理、董事会秘书许刚翎 投资者关系经理黄琦 投资者关系资深主管苏阳春 1、公司企业级存储的竞争优势体现在哪些方面？如何 看待公司企业级存储未来的增长空间？ 答：截止至今，公司系极少数能够在定期报告等信息披 露文件正式披露具体企业级存储产品组合（eSSD 和 RDIMM） 业绩的 A 股上市公司。从公开信息来看，公司也是国内少数 具备"eSSD+RDIMM"产品设计、组合以及规模供应能力企 业。2025 年，公司企业级存储产品组合继续取得突破，一 季度实现收入 3.19 亿元，同比增长超 200%。 公司的企业级存储产品在自有核心知识产权、技术能力 的基础上，已取得了不同行业知名客户的共同认可，客户涵 盖中大 ...

Group 1 - The NAND Flash market has seen significant improvement in supply-demand balance due to production cuts and inventory reduction in the first half of 2025, with expectations of a 5% to 10% increase in average contract prices for the third quarter [1] - The client SSD market is expected to grow by 3% to 8% in the third quarter, driven by better-than-expected inventory reduction by OEM/ODM, a wave of upgrades due to Windows 10 support cessation, and demand from new CPU launches [1][2] - The enterprise SSD demand is anticipated to continue growing in the third quarter, supported by increasing orders from North American general server demand and strong orders from first-tier Chinese customers, with contract prices expected to rise by 5% to 10% [2] Group 2 - The mobile device segment, particularly eMMC, is expected to see flat demand in the third quarter due to previously satisfied consumer needs and reduced purchasing power, with contract prices projected to increase by 0% to 5% [2] - UFS market demand remains uncertain, with supply limited due to a focus on high-margin products, leading to a forecasted contract price increase of 0% to 5% in the third quarter [2] - The overall NAND Flash output is declining, and manufacturers are prioritizing high-margin products, which is expected to result in wafer prices increasing by 8% to 13% in the third quarter [3]

Core Insights - The NAND Flash market has shown significant improvement in supply-demand balance following production cuts and inventory reduction in the first half of 2025 [1] - Manufacturers are shifting production capacity towards high-margin products, leading to a reduction in market supply [1] - Increased investments in AI by companies and substantial shipments of NVIDIA's new Blackwell chips are driving demand [1] - NAND Flash average contract prices are expected to rise by 5% to 10% in Q3, although eMMC and UFS products may see lower price increases due to uncertain smartphone outlook for the second half of the year [1]

TrendForce集邦咨询表示，Client SSD市场因OEM/ODM上半年去化库存情况优于预期，增强第三季 回补动能。同时Windows 10停止支持、新一代CPU推出引发的换机潮，以及中国DeepSeek一体机热 潮，皆带动Client SSD需求。此外，部分原厂积极推动大容量QLC产品，带动出货规模。综合以上因 素， 预估第三季Client SSD合约价将季增3%至8% 。 今年NVIDIA Blackwell平台出货量逐季升高，且北美地区通用型Server需求正在扩大，中国一线客户 的强劲订单动能可望延续至下半年，将激励第三季Enterprise SSD需求持续成长。然而，因订单增长 过快，部分供应链厂商交货未能跟上，加上原厂于年初下修产能， 第三季Enterprise SSD合约价将 上涨5%至10% 。 July 9, 2025 产业洞察 根据TrendForce集邦咨询最新调查，NAND Flash市场历经2025年上半年的减产与库存去化，供 需失衡情况已明显改善。随着原厂转移产能至高毛利产品，市场流通供给量缩减。需求面则有 企业加码AI投资，以及NVIDIA（英伟达）新一代Blackwel ...

Core Insights - Bang & Olufsen reported a 4% revenue growth in Q4 and a 1% decline in local currencies for the full year, totaling DKK 2.6 billion [1] - The gross margin reached a record-high of 55.8% in Q4 and 55.0% for the year, indicating strong profitability [1] - The company achieved an EBIT margin before special items of 1.0% for the full year, with free cash flow amounting to DKK 16 million [1] Financial Highlights - For FY 2024/25, revenue declined by 1.4% year-on-year to DKK 2,553 million, with a 9% growth in branded channels [6] - Gross margin increased by 1.7 percentage points to 55.0%, while EBITDA before special items was DKK 271 million [6] - In Q4, revenue increased by 3.7% year-on-year to DKK 680 million, with a gross margin of 55.8% [6] Business Developments - The company launched several new products, including Beoplay H100 and Beoplay Eleven, and introduced the Bang & Olufsen Atelier for custom-made products [6] - The Win Cities initiative reported a sell-out growth of 30% year-on-year for the full year, with Q4 showing a 38% growth [6] - The monobrand network comprised 346 stores, reflecting a net reduction of 41 stores year-on-year [6] Outlook - The outlook for FY 2025/26 includes revenue growth in local currencies projected between 1% to 8% and an EBIT margin before special items expected to range from -3% to 1% [7] - Free cash flow is anticipated to be between -100 million to 0 million DKK [7]

全球半导体存储行业正迎来结构性增长周期。美光科技最新财报显示，其2025财年第三季度（3-5月） 营收创历史新高，DRAM业务表现尤其亮眼。与此同时，国内存储龙头江波龙在近期调研中明确表示， 企业级固态硬盘（eSSD）价格预计三季度将上涨5%-10%，进一步印证存储市场量价齐升的持续性趋 势。 美光：DRAM收入历史新高，AI与消费级需求共振 美光2025财年第三季度财报数据显示，DRAM业务营收达70.71亿美元，占总收入的76%，环比增长 15.5%，创下历史新高。其中，高带宽内存（HBM）营收环比增长近50%，数据中心业务营收同比翻 倍，成为核心驱动力。消费级市场同样表现强劲：移动设备事业部（MBU）营收环比增长45%，主要 受益于DRAM单机容量提升带来的需求；嵌入式市场（EBU）营收环比增长20%，工业和消费类应用需 求同步复苏。 从技术路径看，AI服务器对HBM的旺盛需求推动存储技术升级。美光预计，2025财年第四季度营收将 继续增长至104-110亿美元，毛利率有望提升至41%-43%。这一业绩指引表明，存储行业正从传统的周 期性波动转向由AI算力需求驱动的长期增长逻辑。此外，全球存储晶圆厂减产 ...

根据市场公开信息及6月30日披露的机构调研信息，知名私募纽富斯投资近期对1家上市公司进行了调 研，相关名单如下： 1）佰维存储 （纽富斯投资参与公司特定对象调研） 深圳纽富斯投资有限公司是集公募投研能力和私募管理机制为一体的财富管理平台。公司实缴资本1000 万，为中国证券投资基金业协会登记备案的私募基金管理人。团队具备多年的二级市场主动投资和量化 投资经验，是集公募投研能力和私募管理机制为一体的财富管理平台。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 调研纪要：佰维存储在AI时代的高性能存储产品布局广泛，涵盖手机、PC、智能穿戴设备等领域，提 供UFS、LPDDR5/5X、DDR5超频内存条、PCIe 5.0 SSD等产品。公司在智能穿戴领域与Google、Meta 等知名企业合作，2024年面向AI眼镜产品收入达1.06亿元，预计2025年增长超500%。晶圆级先进封测 项目预计2025年下半年投产，覆盖多种先进封装形式。在智能汽车领域，公司推出车规级eMMC、 LPDDR、NOR Flash等产品，已在国内头部车企量产。公 ...

Core Insights - Silicon Motion Technology Corporation has appointed Mr. Jeffrey Ju as Senior Vice President of Platform & Strategy to enhance strategic platform development and ecosystem partnerships [1][2] - Mr. Ju will focus on engaging with top-tier customers in various markets including PC, smartphone, automotive, and server, while also strengthening global R&D capabilities [2][3] - His previous experience includes co-founding ZEKU Technology and significant roles at MediaTek, where he contributed to growing the mobile chipset business to over US$4 billion annually [3] Company Overview - Silicon Motion is a global leader in designing and marketing NAND flash controllers for solid-state storage devices, supplying more SSD controllers than any other company worldwide [4] - The company is the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones and IoT devices, and also provides customized high-performance solutions for data centers and automotive applications [4]