Biwin Storage: H1 AI edge storage revenue 2.86 bln yuan, up 433.58% YoY

Date of Investor Survey: September 16, 2026 Date of Announcement: September 24, 2026

Participants:

• 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
• Kiwoom Asset Management: Lee Ji Ho

Q1: Why did AI emerging edge storage product revenue surge 433.58% YoY to approximately RMB 2.86 billion in H1 2026?

The company has深耕多年 in AI emerging edge sectors such as smart wearables, building differentiated competitive advantages. Representative products like ePOP offer advantages including low power consumption, fast response, and compact, lightweight design. These products have been adopted by leading global and domestic enterprises—including Meta, Google, Alibaba, Xiaomi, Xiaotiancai, Rokid, and Thunderbird Innovation—for use in AI/AR glasses, smartwatches, and other wearable devices.

Q2: What is the progress of the automotive-grade storage business in terms of customer acquisition, overseas breakthroughs, and new product validation?

In the smart vehicle sector, the company has achieved volume delivery and scaled sales of automotive-grade storage products. Key highlights include:

• Customer base: Accumulated integration into the supply chains of over 40 major domestic and international OEMs and core Tier 1 suppliers.
• Overseas breakthrough: Successfully entered the supply chain systems of multiple overseas Tier 1 suppliers.
• Product development: 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 scenarios such as smart cockpits and autonomous driving.
• Technology advantage: Leveraging self-developed controller technology to offer fully domestic, secure, and reliable automotive-grade storage solutions.

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

The wafer-level advanced packaging and testing project aims to create an integrated "storage, computing, and transmission" service platform. Key developments include:

• Technology platforms: Multiple storage-computing co-packaging solutions, advanced memory chip solutions, and optoelectronic interconnect solutions, covering 2.5D, RDL, Fan-in, and Fan-out advanced packaging formats.
• Innovative processes: Proprietary vertical wire bonding and wafer-level fan-out processes significantly reduce overall package size and support high-bandwidth customized solutions.
• Product progress:
• Ultra-thin LPDDR products using FOMS-R (Fan-Out Memory Stacking) technology, designed for high-capacity, high-density AI storage needs. Customer demand forecasts have been received.
• CMC (Compute Memory Chiplet) products achieving 10-chiplet integrated packaging, with process development and sample production completed.
• OEC (Optoelectronic Co-Packaging) products currently co-developing a 6.4T NPO optical engine package with customers, with R&D expected to be completed in Q4 2026.

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

According to TrendForce data:

• Q3 2026 DRAM contract prices are expected to increase by 13–18%.
• Q3 2026 NAND Flash contract prices are expected to increase by 10–15%.

Price trends vary by product category: some segments continue to rise, while others remain flat. The current storage price upcycle is driven by surging 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 the advanced packaging and testing business for AI industry demand?

The company has built a comprehensive storage solution system targeting different application scenarios:

• Edge devices: For AI smartphones, AI PCs, and smart wearables, products include LPDDR5X, DDR5, UFS, PCIe 5.0 SSD, and ePOP, meeting stringent requirements for high-speed read/write, energy efficiency, miniaturization, and thinness.
• Edge computing: Leveraging LPDDR, eMMC, UFS, and automotive-grade storage products to provide high-reliability, high-bandwidth, low-latency solutions for real-time data processing and energy-efficient AI edge devices.
• Cloud inference and data centers: Actively deploying RDIMM, PCIe SSD, SATA SSD, and CXL DRAM modules to support high-throughput, high-density, low-power storage for servers and AI infrastructure, addressing intensive AI workloads.

Additionally, the wafer-level advanced packaging and testing project serves advanced memory, storage-computing integration, and optoelectronic co-packaging, meeting the "storage, computing, and transmission" demands of the AI era.

Company Overview and Financial Highlights

Main Business: Design, development, packaging, testing, production, and sales of semiconductor memory products.

2026 Interim Results (H1 2026):

| Metric | H1 2026 Value | YoY Change | |---|---|---| | Revenue | RMB 15.575 billion | +298.10% | | Net profit attributable to shareholders | RMB 7.166 billion | +3,273.48% | | Core net profit (excl. non-recurring items) | RMB 6.633 billion | +2,962.97% | | Q2 2026 revenue | RMB 8.761 billion | +269.81% | | Q2 2026 net profit attributable to shareholders | RMB 4.267 billion | +15,177.40% | | Q2 2026 core net profit | RMB 3.816 billion | +24,039.38% | | Debt ratio | 61.64% | — | | Investment income | RMB 4.6878 million | — | | Financial expenses | RMB 128 million | — | | Gross margin | 54.81% | — |

Analyst Ratings: In the past 90 days, 3 institutions have issued ratings, all "Buy."

Margin Trading Data (last 3 months):

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

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