China’s Listed Storage Manufacturers Report Strong Recovery in 2025: Full Q1–Q3 Performance Overview

With DRAM and NAND Flash entering a renewed global upcycle, China’s ten listed storage manufacturers delivered significant business improvements in Q3 2025 and across the first three quarters of the year. As memory prices continued rising, industry sentiment strengthened, profitability recovered, and the entire storage supply chain entered a clear rebound phase.

 

1. Memory Prices Enter a Full Upcycle: DRAM & NAND Both Trending Up

The memory industry—typically highly cyclical—has fully transitioned into an upward phase in 2025. As of early November, both DRAM and NAND Flash show sustained price momentum across spot and contract markets.

DRAM: Supply Tightness Driven by DDR4 Phase-Out

Since 2024, major suppliers such as Samsung, SK Hynix, Micron, and CXMT have been steadily reducing DDR4 output.

Many system manufacturers remain highly dependent on DDR4, and migration to DDR5 has been slower than expected, creating structural demand–supply tension.

This imbalance caused several occurrences of DDR4 spot prices surpassing DDR5, an abnormal inversion rarely seen in past cycles.

To ease shortages, some suppliers extended DDR4 production to 2026, but the overall tight supply pattern remains unchanged.

NAND Flash: Price Stabilization Followed by Upward Momentum

NAND pricing declined through Q3 2024 and bottomed out in Q2 2025.

Global NAND makers implemented production cuts to support prices.

AI servers, enterprise QLC SSD, and large-capacity storage demand significantly boosted NAND consumption, pushing prices upward.

Revised Q4 Forecasts Suggest Stronger Gains

TrendForce raised its Q4 2025 forecast:

General-purpose DRAM contract prices: +18% to +23% QoQ

NAND Flash contract prices: +5% to +10% QoQ

With further upward revisions remaining possible.

By late October, several major suppliers already increased DRAM and NAND contract pricing by up to 30%, and industry consensus suggests the upcycle may continue into the first half of 2026.

 

2. Overall Performance: Revenue and Net Profit Show Strong Rebound

According to the financial data of 10 Chinese listed storage companies:

Revenue Growth

Q3 2025 total revenue: RMB 18.29 billion, +49.10% YoY

Q1–Q3 2025 total revenue: RMB 47.54 billion, +31.47% YoY

Profitability Recovery

Q3 2025 total net profit: RMB 2.14 billion, +155.82% YoY

Q1–Q3 2025 net profit: RMB 3.81 billion, +8.25% YoY

Loss-Making Companies Declined Each Quarter

Q1: 5 companies in loss

Q2: 4 companies in loss

Q3: 2 companies in loss

The sharpest YoY net profit increase in Q3 reached 1,994.42%.

Q3 became the strongest quarter among the three, contributing over half of the entire year’s cumulative profit.

 

3. Sector Behavior: Clear V-Shaped Recovery

Based on 15 quarters of data (2022 Q1–2025 Q3), the industry shows:

A new upward cycle beginning in 2025 Q1, accelerating through Q3.

Revenue growth strengthening across eight companies, with Longsys, BIWIN and GigaDevice showing especially strong momentum.

In Profit Every Quarter (5 companies)

These companies have diversified portfolios, not solely storage-focused:

GigaDevice

Montage Technology

Puran Microelectronics

Ingenic (Beijing Junzheng)

Giantec

Most Affected by Storage Price Cycles (5 companies)

These companies were the five loss-making companies in Q1:

Longsys

DMX Technologies (Demingli)

BIWIN Storage

Hyperstone Semiconductor (Hengshuo)

Etronchip (Dongxin)

By Q3:

Longsys, BIWIN, and Demingli returned to profit

Hengshuo and Dongxin remained in loss, though losses narrowed significantly

 

4. Company-by-Company Performance Summary (Top 10 Listed Storage Firms)

1. Longsys — Q3 Net Profit +1,994.42% YoY

Q1–Q3 revenue: RMB 16.73B, +26.12%

Q3 revenue: RMB 6.54B, +54.60%

Q3 net profit: RMB 698M, +1,994.42%

Strong recovery aided by enterprise storage business expansion and overseas Lexar brand growth.

2. GigaDevice — Strong DRAM Demand

Q1–Q3 revenue: RMB 6.83B, +20.92%

Q3 revenue: RMB 2.68B, +31.40%

Q3 net profit: RMB 508M, +61.13%

Demand rose across consumer, industrial, and automotive segments.

3. Montage Technology — High Margins Driven by AI Servers

Q1–Q3 revenue: RMB 4.06B, +57.83%

Q3 revenue: RMB 1.42B, +57.22%

Interconnect chips Q3 gross margin: 64.83%

AI-related interconnect products saw strong shipment growth.

4. Demingli — Q3 Profit Turnaround

Q1–Q3 revenue: RMB 6.66B, +85.13%

Q3 net profit: RMB 91M (returned to profitability)

Company strengthened controller + algorithm + industrial SSD solutions.

5. BIWIN Storage — Q3 Net Profit +563.77%

Q1–Q3 revenue: RMB 6.57B, +30.84%

Q3 net profit: RMB 256M, +563.77%

Price rebound and project delivery improved margins.

6. Puran Microelectronics

Q1–Q3 revenue: RMB 1.43B, +4.89%

Q3 revenue: RMB 527M

Storage + MCU + Driver shipments increased YoY.

7. Ingenic

Q1–Q3 revenue: RMB 3.44B, +7.35%

Q3 net profit: RMB 41.19M

AIoT chip demand increased while security market softened.

8. Giantec

Q1–Q3 revenue: RMB 933M, +21.29%

Q3 net profit: RMB 115M, +67.69%

Growth driven by automotive EEPROM and NOR Flash.

9. Hengshuo — Still Loss-Making

Q1–Q3 revenue: RMB 306M, +16.02%

Q3 net profit: –24.55M

Losses narrowed; revenue driven by inventory replenishment.

10. Dongxin — Losses Continue but Margins Improve

Q1–Q3 revenue: RMB 573M, +28.09%

Q3 gross margin improved +10.57pp YoY

Still loss-making due to high R&D and non-memory investments.

 

5. Non-Listed Company Dynamics: CXMT & Kangying Expand Capacity

CXMT

Began IPO counseling on July 4, 2025

Pre-investment valuation reached RMB 140B in 2024, highest among domestic semiconductor firms at that time

As of November 2025, IPO counseling was completed

Kangying Semiconductor

RMB 2.3B investment project broke ground in September 2025

Phase 1 expected to begin trial production in Q4 2026

Focus: wafer grinding/cutting, advanced packaging, module manufacturing

 

6. Conclusion: Price Upcycle + Domestic Substitution Will Shape 2025–2026

DRAM & NAND Flash prices are firmly in an upward cycle

Q3 2025 has become the strongest quarter for China’s storage manufacturers

Companies closely tied to storage pricing saw the biggest turnaround

Domestic storage suppliers are accelerating in controller, firmware, NAND solutions, and enterprise storage

Non-listed industry investments signal continued expansion of China’s memory ecosystem

The current upcycle is widely expected to continue into mid-2026, positioning Chinese memory suppliers for further market share and technology advancement.