Biwin Storage: H1 AI edge storage revenue up 433.58% YoY, sees Q3 DRAM contract prices rising 13-18%

Date of Announcement: September 24, 2026 Listed Company: Biwin Storage (Stock Code: 688525)

On September 16, 2026, Biwin Storage received a research visit from representatives of multiple investment institutions, including UG INVESTMENT (Kevin Yang, Sharon Chen), Bosera International (Park JaeKyun, Park Taejin, Xiao Xiao), Zhongtai Securities (Wang Zhibo), Capital International (Archana Basi, Akira Shiraishi, Arthur Caye, Eric Tse, Gerald Du Manoir, Lisa Thompson, Liying Du, Qiuwei Lin, William Pang, Yang Yang), Samsung Asset Management (Shim Juhyun), Infinity Global Asset Management (Shin Hyun-tae), DS Asset Management (Hong Seong-ho), Corsa Asset (Ko Yun Young), KB Asset Management (Shim Hyo Sub), Life Asset Management (Kim Taesik), Hana Securities (Oh Won Seok, Lee Sang Myung, Kim Kyung Hwan, Baek Seung-hye), and Kiwoom Asset Management (Lee Ji Ho).

Q1: What drove the significant revenue increase in the AI emerging edge storage product segment, which reached approximately RMB 2.86 billion in H1 2026, up 433.58% year-on-year?

Answer: Biwin Storage has深耕 the AI emerging edge segment, including smart wearables, for many years, establishing a differentiated competitive advantage. The company's representative storage products, such as ePOP, offer advantages including low power consumption, fast response, and compact, lightweight design. These products have demonstrated strong performance and are currently used by leading domestic and international enterprises—including Meta, Google, Alibaba, Xiaomi, Xiaotiancai, Rokid, and Thunderbird Innovation—in their AI/AR glasses, smartwatches, and other smart wearable devices.

Q2: What is the current status of customer progress, overseas breakthroughs, and new product validation for the company's automotive-grade storage business?

Answer: In the smart automotive sector, Biwin Storage has achieved batch delivery and volume sales of automotive-grade storage products. The company has been integrated into the supply chains of over 40 mainstream OEMs and core Tier 1 suppliers both domestically and internationally. Notably, the company has made breakthroughs in overseas markets, entering the supply chain systems of multiple major overseas Tier 1 suppliers. On the product front, Biwin Storage is accelerating the introduction and in-vehicle validation of next-generation high-bandwidth, high-capacity automotive-grade storage products, including UFS and BG SSD, to meet the urgent demand for high-performance storage in complex application scenarios such as smart cockpits and autonomous driving. Additionally, leveraging its self-developed main control technology, the company can provide fully domestic, secure, and reliable automotive-grade storage solutions.

Q3: What technology platforms are being built at the company's wafer-level advanced packaging and testing manufacturing project in Dongguan? What is the progress of related product development?

Answer: The wafer-level advanced packaging and testing manufacturing project aims to build an integrated service platform for "storage, computing, and transmission." The company is developing multiple storage-computing integrated packaging solutions, advanced memory chip solutions, and optoelectronic interconnect solutions. These cover various advanced packaging forms, including 2.5D, RDL, Fan-in, and Fan-out. The company's innovative vertical wire bonding and wafer-level fan-out processes significantly reduce overall package size while supporting high-bandwidth customized solutions.

Product Progress:

• Ultra-thin LPDDR products using the FOMS-R (Fan-Out Memory Stacking) process have been launched to meet the high-capacity, high-density storage demands of the AI era. The product is progressing smoothly and has already received customer demand forecasts.
• CMC (Compute Memory Chiplet) products have achieved integrated packaging of 10 chiplets, with process development and sample production completed.
• OEC (Optical Electronic Co-packaging) products are currently being developed in collaboration with customers for a 6.4T NPO optical engine package, with R&D expected to be completed in Q4 2026.

Q4: What is the current price trend in the storage industry, and how does the company assess industry trends?

Answer: According to TrendForce data, in Q3 2026, general DRAM contract prices are expected to increase by 13–18%, and NAND Flash contract prices are expected to increase by 10–15%. Currently, price trends vary by product category—some categories continue to rise, while others remain stable. The current round of storage price increases is driven by the surge in AI computing demand. The company will continue to monitor future developments in the storage industry.

Q5: Can you introduce the company's storage product portfolio for AI edge, edge computing, and cloud scenarios, as well as the supporting capabilities of its advanced packaging and testing business for AI industry demand?

Answer: Biwin Storage is capitalizing on the AI development wave and has built a comprehensive storage solution system for different application scenarios, including edge devices, edge computing, and cloud inference.

• Edge Devices: For emerging terminals such as AI smartphones, AI PCs, and smart wearables, the company offers LPDDR5X, DDR5, UFS, PCIe 5.0 SSD, and ePOP storage products. These fully meet stringent requirements for high-speed read/write, energy efficiency optimization, miniaturization, and thinness.
• Edge Computing: Leveraging its LPDDR, eMMC, UFS, and automotive-grade storage product portfolio, the company provides high-reliability, high-bandwidth, low-latency solutions that effectively support the real-time data processing and high energy efficiency demands of AI edge devices.
• Cloud Inference and Data Centers: The company is actively deploying products such as RDIMM, PCIe SSD, SATA SSD, and CXL DRAM modules. These provide high-throughput, high-density, low-power storage support for servers and AI infrastructure, helping to address the growing demands of intensive AI workloads.

In addition, the company's wafer-level advanced packaging and testing manufacturing project serves advanced memory, storage-computing integration, and optical-electronic co-packaging fields, meeting the "storage, computing, and transmission" needs of the AI era.

Company Overview and Financial Highlights

Main Business: Biwin Storage (688525) is primarily engaged in the R&D, design, packaging, testing, production, and sales of semiconductor memory products.

H1 2026 Financial Results (Unaudited):

• Total operating revenue: RMB 15.575 billion, up 298.1% year-on-year
• Net profit attributable to shareholders: RMB 7.166 billion, up 3,273.48% year-on-year
• Non-GAAP net profit: RMB 6.633 billion, up 2,962.97% year-on-year

Q2 2026 Highlights:

• Quarterly operating revenue: RMB 8.761 billion, up 269.81% year-on-year
• Quarterly net profit attributable to shareholders: RMB 4.267 billion, up 15,177.4% year-on-year
• Quarterly non-GAAP net profit: RMB 3.816 billion, up 24,039.38% year-on-year

Other Financial Data:

• Debt ratio: 61.64%
• Investment income: RMB 4.6878 million
• Financial expenses: RMB 128 million
• Gross profit margin: 54.81%

Analyst Ratings and Market Data

Analyst Ratings (Last 90 Days): 3 institutions have issued ratings, all of which are "Buy."

Margin Trading Data (Last 3 Months):

• Net margin financing outflow: RMB 4.166 billion (margin balance decreased)
• Net securities lending outflow: RMB 48.2389 million (securities lending balance decreased)

Disclaimer: The above content is compiled from publicly available information by Securities Star and is for reference only. It does not constitute investment advice.