1.Basic Information of the Research
1. Participating Units:East Money, Ruida Fund, Rongsheng Fund, Shanghai Hosheng Asset, Tianfeng Securities, Shanghai Miyuan Investment, Shanghai Shunyi Investment, Shanghai Fuming Asset, Bank of China Securities Asset Management, Shanghai Yichang Asset, Xiaofeng Investment, Chenyan Asset, Invesco Great Wall Investment, Ningbo Baojun Asset, Junyi Asset, Jianshun Investment, Guotou Securities, Jianxin Pension, Shanghai Tuocheng Huijin, Jiuge Investment, Allianz Fund, Xinyuan Fund, CITIC Prudential Fund, etc.
2. Research Location:On-site research visit.
3. Participants from the Listed Company:Director, Deputy General Manager, Board Secretary: Jiang Yuzhou; Securities Affairs Representative: Huang Shenman; Investor Relations: Wang Jiaying.
4. Research Date:November 21, 2025.
2.Company Overview:
The company focuses on the independent research, design, and sales of small to medium-capacity storage chips. The company adheres to the mission of“providing reliable and efficient storage products and design solutions” and aims to become “China’s leading storage chip design company.” It is committed to providing high-quality storage products and solutions to customers through self-developed intellectual property, a stable supply chain system, and high-reliability products. The company centers on storage while also innovating technology in the integrated field of “storage, computing, and connectivity,” expanding industry applications, optimizing business layout, and aiming to provide diversified chip solutions for customers. The company is one of the few in mainland China that can provide complete solutions for NAND Flash, NOR Flash, and DRAM storage chips. With a rich product range, reliable performance, and energy-saving characteristics, several core products representing the company’s technical level have been recognized by many well-known domestic and foreign enterprises, forming certain advantages in process technology and product performance. NAND Flash has achieved mass production capability at 2xnm process, and the 1xnm advanced process has entered risk mass production; NOR Flash can achieve mass production at 48nm process; DRAM can achieve mass production at 25nm technology node. The company’s products are widely used in the field of network communication, including telecom-grade equipment, home ONT, WiFi, portable MiFi, and 5G CPE, among others. In the industrial sector, the company has expanded to downstream customers including power electronics systems, electric meter collectors, and industrial printers. In the consumer electronics field, the company’s products have been applied in wearable devices of leading domestic customers. Several products have passed AEC-Q100 automotive certification and have entered well-known Tier 1 automotive suppliers abroad. The company will continue to drive technological innovation, ensure quality systems, collaborate in the supply chain, and support talent strategies, focusing on the integrated strategy of “storage, computing, and connectivity,” deepening technological breakthroughs and industrial layout, striving to enhance global market competitiveness and sustainable development capabilities, and creating more value for the company and its stakeholders.
3.Research Situation Introduction:
1. Is SLC NAND gradually replacing NOR?
Answer: We see that in specific fields such as smart wearable devices,SLC NAND Flash, with its advantages in erase speed and storage density, has formed a substitution effect for NOR Flash in code storage applications. This technological iteration not only reshapes the memory market landscape but also provides a new technical path choice for performance improvement in smart terminal devices.
2. Which products are classified into the niche DRAM market, and what strategies do the manufacturers have?
The niche DRAM market, as a special segment in the semiconductor storage field, presents a unique ecology interwoven with mature technology and dynamic demand. The current market is centered around mainstream process node products such as DDR3, small-capacity DDR4, and LPDDR1-LPDDR4x, focusing on stability and compatibility rather than absolute performance metrics. From the demand side, it is mainly supported by three major applications: consumer electronics (such as smart TVs and set-top boxes), industrial control systems (such as security monitoring and industrial control equipment), and automotive electronic basic modules (such as in-vehicle infotainment systems and ADAS assistance systems). The market supply and demand pattern is undergoing structural adjustments. The three major international manufacturers (Samsung, SK Hynix, Micron) continue to shift production capacity towards high-performance storage fields such as DDR5, LPDDR5x, and HBM, creating a supply gap in the niche market. This trend creates strategic opportunities for suppliers in mainland China and Taiwan.
3. What markets does the 7G100 series of Lishuan target?
Answer: Shanghai Lishuan is a company that develops multi-layer (scalable) graphics rendering GPU chip designs, aiming to meet the needs for graphics rendering and general computing in various scenarios such as digital content creation and design, gaming animation and film production, AR/VR, digital twin cities and factories, cloud desktops, intelligent cockpits, and artificial intelligence. Shanghai Lishuan insists on self-developed architecture, with products focused on achieving mainstream graphics rendering and AI acceleration at the edge, cloud, and endpoint, seamlessly compatible with mainstream GPU architectures and external ecosystems, striving to solve the key issue of independent control over the complete GPU architecture in China.
4. What is the current progress of Lishuan’s second-generation products?
Answer: Lishuan Technology is currently progressing normally in the planning and research design work of new products.
5. What are the main downstream applications of the company’s storage products?
Answer: The company continuously implements product update and iteration strategies for various main storage products, providing diversified storage product solutions for applications in network communication, security monitoring, consumer electronics, industrial control, and automotive electronics.