IPO News | Baiwei Storage (688525.SH) Submits Hong Kong Stock Exchange is the world's largest independent storage manufacturer with independent packaging manufacturing

Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on October 28, Shenzhen Baiwei Storage Technology Co., Ltd. (abbreviation: Baiwei Storage, 688525.SH) submitted a listing application to the main board of the Hong Kong Stock Exchange, and Huatai International is the sole sponsor.

According to the prospectus, Baiwei Storage is a leading independent semiconductor storage solution provider for the AI era. It has scarce master control chips x innovative storage solution design x advanced packaging and testing full-stack technology capabilities in the industry. As one of the few companies in the industry with such capabilities, the company transforms NAND and DRAM wafers into diverse storage solutions to accurately meet the evolving needs of applications in the AI era. The company has a deep insight into the explosive growth of data processing and storage brought about by the AI technology revolution, and has established an integrated R&D packaging and testing business model. This model seamlessly integrates product development with advanced packaging and testing to achieve excellent R&D efficiency, product customization capabilities and quality assurance. Relying on this model, the company can not only provide comprehensive, high-performance, and customized semiconductor storage solutions to global customers in the fields of intelligent mobile and AI emerging end side, PC and enterprise storage, smart cars and industries, but also accurately grasp the huge growth opportunities spawned by AI transformation to meet their strong demand for intensive data interaction, high capacity and low power storage solutions.

The company is a market leader in multiple verticals. The company's solutions have served many world-renowned customers including Meta, Google, Xiaomi, OPPO, Vivo, Honor, Voice, Motorola, ZTE, TCL, HP, Lenovo, Acer, Asus, Positivo, BYD and Changan. Extensive partnerships with leading global brands have demonstrated the company's outstanding ability to deliver diverse storage solutions, which can accurately meet the diverse technology needs of various industries. In order to consolidate its leading position in technology, the company continues to increase investment in fields such as storage medium analysis, main control chip design, firmware algorithms, ultra-thin stacks, wafer-level packaging, and high-speed testing to meet the increasing requirements of data transmission efficiency, power consumption, reliability and integration in the post-Moore era.

The company has established strong long-term strategic partnerships with the world's leading NAND and DRAM suppliers and world-renowned wafer foundries. Through deep cooperation with upstream suppliers, the company has expanded the application boundaries of storage media and helped the development of the storage products industry. Furthermore, the company's close relationships with upstream suppliers ensure a stable supply of NAND and DRAM, thereby ensuring stable delivery of products.

According to Frost & Sullivan, the company is the world's only independent storage solution provider with wafer-level packaging capabilities. In 2024, in terms of related revenue, the company is the world's largest independent storage manufacturer with independent packaging manufacturing. In the same year, in terms of related revenue, the company was also the world's largest supplier of AI emerging end-side semiconductor storage solutions, and was in a leading position in various AI end-side applications, including AI/AR glasses, AI smartwatches, and AI learning machines. With the rapid growth of AI's emerging end-side market, the company's market leading position and technical capabilities have provided solid support for continued growth.

In terms of performance, in 2022, 2023, 2024 and 2025, for the six months ended June 30, the company achieved revenue of approximately RMB 2,986 billion, RMB 3,591 billion, RMB 6.695 billion, and RMB 3,912 billion, respectively; during the same period, profits for the year/period were approximately RMB 71,218 million, -631 million yuan, RMB 135 million, and RMB 241 million.