22.8 Billion, A Leading Memory Giant Secures Multiple Major Contracts in Succession
According to a report by Xin Dongxi on June 10th, on June 9th, Shenzhen-based independent semiconductor storage and advanced packaging service provider Baiwei Storage issued an announcement, declaring that it had signed a routine business procurement contract with a storage original manufacturer. It agreed to purchase enterprise-level flash memory particles from the supplier according to the quantity, price, and time stipulated in the contract. The total committed procurement amount of the contract is US$1.8608 billion (approximately RMB 12.6 billion), with locked quantity and price, and the committed procurement period totals 24 months.
This transaction does not constitute a major asset restructuring and is not a related-party transaction. The contract performance period is from the effective date to June 30, 2028.
According to the relevant provisions of this contract, the procurement volume in 2026 accounts for 4.45% of the total NAND FLASH procurement volume of Baiwei Storage in 2025, and the procurement volume in 2027 accounts for 14.88% of the total NAND FLASH procurement volume of Baiwei Storage in 2025, both of which are relatively small.
In addition, in March this year, Baiwei Storage issued an announcement, declaring that it had signed a routine business procurement contract with a storage original manufacturer. It agreed to purchase a certain type of storage wafer from the supplier according to the quantity, price, and time stipulated in the contract. The total committed procurement amount of the contract is US$1.5 billion (approximately RMB 10.2 billion), with a committed procurement period of 24 months in total. The contract performance period is from the effective date to March 31, 2028.
According to the relevant provisions of the contract, the procurement volume of this product by Baiwei Storage within every 12 months accounts for 11.1% of its total NAND Flash procurement volume in 2025 and 18.01% of its total NAND Flash sales volume in 2025, both of which are relatively small.
Baiwei Storage was established in September 2010, formerly known as Taisheng Micro. It was listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange in 2022. In 2024, it was recognized as a national-level specialized and sophisticated "little giant" enterprise. In October 2025, it submitted an application for listing on the Hong Kong Stock Exchange for the first time, and updated and resubmitted the application for listing in May 2026.
▲ Main business of Baiwei Storage
So far this year, the stock price of Baiwei Storage has risen by more than 165%. As of the close on June 9th, its total market value is RMB 143.9 billion.
01.
Main control chip + storage solution + advanced packaging and testing,
Annual revenue exceeds RMB 11.3 billion
Baiwei Storage has the scarce full-stack technical capabilities of "main control chip x innovative storage solution design x advanced packaging and testing" in the industry. Its main products and services are semiconductor storage solutions and advanced packaging and testing services.
In 2023, 2024, and 2025, Baiwei Storage's revenues were RMB 3.591 billion, RMB 6.695 billion, and RMB 11.302 billion respectively; its net profits attributable to the parent company were -RMB 624 million, RMB 161 million, and RMB 853 million respectively; and its comprehensive gross profit margins were 1.71%, 18.19%, and 21.44% respectively.
In the first quarter of 2026, its revenue was RMB 6.814 billion, a year-on-year increase of 341.53%; its net profit attributable to the parent company was RMB 3.384 billion, compared with -RMB 263 million in the same period last year.
In 2025, the revenue of the company's AI emerging edge-side storage products was approximately RMB 1.751 billion, among which the revenue of AI glasses storage products was approximately RMB 960 million. In the first quarter of 2026, the revenue of AI emerging edge-side storage products was approximately RMB 1.175 billion, a year-on-year increase of 496.45% and a quarter-on-quarter increase of 53.19%.
In 2025, its business performance improved. The total production volume of embedded, consumer-grade, and industrial-grade storage products exceeded 167 million pieces. The significant increase in inventory was due to the successive introduction of large customers for inventory preparation.
As of the end of the first quarter of 2026, its inventory scale was RMB 12.069 billion, a 53.39% increase compared with the end of 2025. The inventory cost still has a significant advantage over the current product sales price.
02.
Expected to ship over 25 million self-developed main control chips this year
According to the records of the investor relations activity in May this year, in terms of self-developed main control chips, Baiwei Storage's first domestically self-developed main control eMMC has been successfully mass-produced and delivered to customers in batches. It has been implemented in multiple scenarios such as smart wearables, mobile phones, and automotive applications, with the advantages of high performance, low power consumption, high reliability, and customizability, and has been recognized by leading customers.
Among them, the automotive-grade chip solution has been included in the first batch of certified and reviewed chip product white lists by the State Administration for Market Regulation.
Baiwei Storage expects to ship over 25 million self-developed main control chips in 2026, significantly enhancing its product competitiveness.
Meanwhile, the company's R & D of the self-developed UFS 3.1 main control chip is progressing smoothly, with excellent core performance indicators. It was taped out in February 2026 and is planned to be introduced to terminal customers in the second half of 2026, which will further enhance its competitiveness in the high-end storage markets such as AI mobile phones, AI wearables, and AI intelligent driving.
03.
Long-term cooperation with major storage wafer original manufacturers,
ePOP products implemented in Meta, Xiaomi, and Alibaba
Baiwei Storage's semiconductor storage solutions are divided into DRAM solutions (such as LPDDR and DDR), NAND Flash solutions (such as eMMC, UFS, and SSD), and multi-chip packaging (MCP) solutions (such as uMCP, eMCP, and ePOP).
In the enterprise-level (server) field, Baiwei Storage, with its mature product portfolio, has achieved mass supply of products including PCIe SSD and SATA SSD, and has reached strategic partnerships with domestic enterprise-level customers.
Currently, the global storage wafer production capacity is concentrated in storage original manufacturers such as Samsung, SK Hynix, Micron, Kioxia, Western Digital, YMTC, and CXMT. Through years of cooperation, Baiwei Storage has established long-term and stable cooperative relationships with major storage wafer manufacturers and distributors.
Baiwei Storage actively adopts the latest process NAND Flash from major original manufacturers in its current products and has launched a full range of products from eMMC to UFS. In terms of SSD products, it has launched a full range of products from SATA to PCIe 5.0.
DRAM has launched the 1c or 1γ process node, and generative AI has driven the growth of HBM demand. In 2025, the shipment volume of Baiwei Storage's DDR5 memory modules and LPDDR5X products continued to climb.
According to Trendforce's forecast, the overall contract price of general DRAM will continue to rise in the second quarter of 2026. The NAND Flash market is still dominated by the demand from AI and data centers, and the effect of price increases across the entire product line remains strong. It is expected that the overall contract price will continue to rise in the second quarter. This round of storage price increases is caused by the explosion of AI computing power demand. According to market views, the supply - demand gap is difficult to ease in the short term, and the storage market is expected to remain prosperous.
In the edge-side application field, Baiwei Storage has launched storage products including LPDDR5X, DDR5, UFS, PCIe 5.0 SSD, and ePOP for emerging terminals such as AI mobile phones, AI PCs, and smart wearables, fully meeting the strict requirements of terminal devices in terms of high-speed reading and writing, energy efficiency optimization, miniaturization, and thinness.
In the emerging AI edge-side field, its ePOP series products have been applied by well - known domestic and foreign enterprises such as Meta, Google, Xiaomi, Alibaba, Xiaotiancai, Rokid, and Leiniao Innovation in their AI/AR glasses, smart watches, and other smart wearable devices. Baiwei Storage provides ROM + RAM memory chips for Meta's AI smart glasses and is the main domestic supplier.
04.
The advanced packaging and testing project in Songshan Lake is progressing smoothly,
Expected to reach a monthly production capacity of 5,000 pieces by the end of the year
On the advanced packaging and testing side, Baiwei Storage's wafer-level advanced packaging and testing manufacturing project in Songshan Lake, Dongguan is progressing smoothly, and the sample making and verification work is being steadily promoted according to the customer's rhythm.
The project plans to achieve a monthly production capacity of 5,000 pieces by the end of 2026 and increase it to 10,000 pieces per month by the end of 2027. If the customer introduction goes smoothly, it is expected to start contributing revenue officially from the end of 2026.
Through this project, Baiwei Storage will deliver a one - stop comprehensive solution of "storage + wafer-level advanced packaging and testing" to customers, further strengthening its technical barriers and market competitiveness in the field of storage - computing - operation integration.
If the customer introduction goes smoothly, it is expected to start contributing revenue officially from the end of 2026.
Baiwei Storage has built a coverage of various advanced packaging forms such as 2.5D, Chiplet, RDL, and Fanout, creating an ecological chain that covers the three core fields of "storage, computing, and operation" in AI hardware infrastructure:
Storage: The FOMS (Fan - Out Memory Stacking) series for advanced storage chips, meeting the demand for large - capacity and high - density storage.
Computing: The CMC (Computing - Memory Chiplet) series focusing on the integration of computing power and storage, adapting to the technological development trend of integrated computing and storage packaging.
Operation: The OEC (Optical - Electrical Co - Packaging) series focusing on high - speed signal transmission, meeting the application requirements of ultra - high - speed interconnection.
The three product lines can respond to the core requirements of the AI era for storage (large - capacity storage), computing (integrated computing and storage packaging), and operation (high - speed signal transmission).
05.
Conclusion: AI drives the storage market, advanced packaging becomes a differential competitiveness
In 2026, AI has become a strong driving force for the growth of the storage market. Based on the above layout, Baiwei Storage will upgrade from a storage solution provider to a full - stack technical service provider of "storage + advanced packaging and testing" in the AI era, and will continue to increase R & D investment in fields such as storage solution R & D, chip design, advanced packaging and testing, and testing equipment.
Meanwhile, Baiwei Storage's cooperation with Haiguang Xinzheng is currently progressing normally. Baiwei Storage plans to rely on its wafer - level packaging capabilities and AI industrial chain ecological resources, use advanced packaging as the technical foundation to serve the high - speed interconnection needs of AI, and build a comprehensive service platform for "storage, computing, and operation".