Counterpoint: Changjiang Storage ranks third in global NAND shipments

The Zhitong Finance App learned that according to Counterpoint Research's storage market tracking and forecast, in the second quarter of 2026, Changjiang Storage rose to third place in the world according to NAND shipments, after Samsung Electronics and SK Hynix, surpassing Kioxia and Micron. If the shipment volume of Solidigm, a subsidiary of SK Hynix, is divested and calculated, Changjiang Storage's ranking will be further elevated to second place.

Global NAND Market Share by Shipment Volume

Source: Counterpoint Research Storage Market Track and Forecast, September 2026

Changjiang Storage Revenue

Q1 2023 to Q2 2026

Source: Counterpoint Research Storage Market Track and Forecast, September 2026

Meanwhile, between the first quarter of 2025 and the first quarter of 2026, Changjiang Storage's global NAND revenue share rose from 9% to 14%, an increase of more than 50%. It was the fastest growing revenue share among major NAND vendors during the same period. Driven by AI demand, the overall NAND market was boosted, and its revenue increased by up to 478% year over year.

Jeongku Choi, senior analyst at Counterpoint Research, said, “In the context of AI driving the NAND industry into the supercycle, Changjiang Storage has become the fastest growing vendor. Despite the influence of geopolitics, Yangtze River Storage's investment in capacity and production capacity remains prudent and effective. In 2026, Changjiang Storage's revenue growth rate is expected to reach six times that of the industry and peers.”

Where exactly did the momentum for growth come from

Changjiang Storage's growth is due in large part to a field it had little involvement in two years ago: enterprise-grade SSDs for AI data centers.

MS Hwang, research director at Counterpoint Research, said, “Changjiang Storage has seized the opportunity of the dual upward cycle of rising prices and rising domestic demand, but until now it has not been able to fully reap the premium of enterprise-grade SSDs. We expect its server-related business to grow its share of revenue from almost zero in 2024 to nearly 39% in 2028. Its key strategy is to establish main control chip partnerships with Phison (Phison), DapuStor (DAPusTOR), Silicon Motion (DERA), and T-Head (T-Head), while deepening cooperation with Huawei, an important domestic enterprise customer. The more critical question is whether Changjiang Storage can turn this into a design introduction opportunity for customers outside of China, not just domestic hyperscale cloud service providers. This will provide further impetus for the company to challenge industry leader Samsung.”

Technological advantages that compete for recognition

The reason behind the continued rise in Changjiang Storage's ranking is its self-developed Xtacking architecture. The architecture manufactures separate storage arrays and peripheral logic circuits on two separate wafers, and then bonds the two together, so that each layer can use the manufacturing process that best suits its needs.

Source: Counterpoint Research Storage Market Track and Forecast, September 2026

Neil Shah, vice president of research at Counterpoint Research, said, “On the first floor of Changjiang Storage's Wuhan headquarters, there is an entity 'patent wall' showcasing its independent intellectual property rights. Innovative technologies such as Xtacking enable Changjiang Storage to continuously increase the number of storage layers using sophisticated, not the most advanced, lithography equipment. This represents an important advantage in the context of US export controls restricting its access to advanced equipment. “This technical advantage is a powerful testament — an achievement few Chinese challengers can achieve: Samsung Electronics, the world's largest NAND manufacturer, obtained a license for the Changjiang Storage Xtacking Patent in February 2025.”

This technical advantage is also supported by extensive R&D investment. According to Changjiang Storage's IPO prospectus, the cumulative R&D investment from 2023 to 2025 reached RMB 14.2 billion, accounting for more than 5% of revenue; the total number of R&D personnel was 4,796, accounting for more than 30% of the total number of employees; and 5,611 invention patents have been authorized.

Extend Xtacking technology to DRAM

Changjiang Storage's next layout is to extend the advantages of Xtacking technology from NAND to DRAM — a market where it has never achieved large-scale mass production before. Since October 2025, Changjiang Storage has been developing and testing second-generation 16Gb LPDDR5 chips at its second fab. The data transmission rate is 7,500 MT/s, the monthly production capacity is about 5,000 wafers, and no high dielectric constant metal gate (HKMG) technology has been used. Meanwhile, the company is developing a faster version with a data transfer rate of 9,600 MT/s. This version uses a vertical channel transistor (VCT) 4F² memory unit architecture, which is a more fundamental architectural redesign. If the product meets the expected performance targets, it is planned to achieve mass production at a third fab.

Shah said, “In the long run, Changjiang Storage's technology roadmap points to 3D DRAM, where storage units are stacked vertically rather than arranged in a flat surface. Counterpoint Research anticipates that this technology transformation will benefit companies with mature wafer bonding technology such as Changjiang Storage.”

Counterpoint Research continues to focus on four major directions

DRAM business progress: Can Changjiang Storage use a VCT/4F² architecture and a LPDDR5 product with a target rate of 9,600 MT/s. Can it pass product certification and achieve mass production at the third fab as planned; and the speed at which its 3D DRAM roadmap is being formed. The 7,500 MT/s LPDDR5 (second generation) product previously developed is currently still in the R&D and testing phase at the second fab, and there are no plans for mass production.

Enterprise-grade SSDs expand beyond China: The share of server-related business revenue is expected to rise from close to zero in 2024 to around 39% in 2028. In the future, we need to pay attention to whether its main control chip partner ecosystem and partnership with Huawei can be converted into design orders for customers outside of China, not limited to domestic hyperscale cloud service providers.

Export control upgrade: Changjiang Storage has been included in the US Entity List since December 2022. Currently, the “MATCH Act”, a US bill awaiting review, clearly mentions Yangtze River Storage and imposes restrictions on deep ultraviolet (DUV) lithography, etching, and deposition equipment that its technology route relies on.

Capacity building: Changjiang Storage's progress in achieving its stated long-term goal of reaching a monthly production capacity of about 500,000 wafers (including DRAM) and accounting for 20% of the global NAND market share (current shipment share is 16.5%).