1.2 trillion! The A-share storage king is killing it

Why did shareholder reductions in AI not impact the rising stock price of Beiwei Storage?

Hundred-billion “Color TV King” reveals explosive news

Ten-bagger Changfei Optical Fiber has already realized a floating profit of 1.4 billion yuan

Source | Deep Blue Finance

Written by | Yang Bo

At the beginning of 2026, the semiconductor storage sector has become the most prominent mainline in the A-share market, with Beiwei Storage being a core target within the sector—performance explosive growth, continuous stock price strength, and attracting capital attention.

Driven by AI computing power and domestic substitution, international storage chip prices continue to soar, industry supply and demand are severely out of balance, becoming the key external driver for Beiwei Storage’s explosive performance. However, at the same time, major shareholders such as the National Big Fund Phase II have repeatedly reduced holdings, and the actual controller’s concerted action relationships have been解除, casting a shadow over the future direction of this storage leader.

1

Performance explodes, stock price soars

Since 2026, previously hot sectors like CPO and non-ferrous metals have adjusted successively, unexpectedly giving way to the storage sector as the market’s mainline, with Beiwei Storage performing particularly prominently.

Since March alone, Beiwei Storage has had several big rally days—

March 4: +20%

March 5: +8.8%

March 6: +9.31%

March 16: +13.35%

March 18: +9.46%

As of today’s close, Beiwei Storage has surged 55.66% in March alone;

Since 2026, its stock price has increased by 124.84%.

From June 2025, a 10-month increase of over 360%, with a market value exceeding 120 billion yuan.

Behind this round of stock price surge, even with short-term shocks from shareholder reductions and解除 of concerted action relationships, the stock price only experienced brief corrections and overall remained strong, enough to show market recognition of its growth prospects.

The surge in stock price is supported by超预期的业绩.

On the evening of March 3, Beiwei Storage released a voluntary disclosure announcement on its performance forecast for January-February 2026. Preliminary estimates show that from January to February 2026, the company is expected to achieve operating revenue of 4 billion to 4.5 billion yuan, a significant increase of 340% to 395% compared to the same period last year.

Net profit attributable to the parent company for January-February is expected to reach 1.5 billion to 1.8 billion yuan. In comparison, Beiwei Storage was still in loss during January-February 2025, with a net profit of -183 million yuan. In the first two months of this year, the company not only turned losses into profits but also achieved year-on-year growth of 921.77% to 1086.13%. The net profit in the first two months of this year has already approached or exceeded twice that of the entire 2025.

In fact, Beiwei Storage’s performance reversed in 2025, with total annual revenue of 11.296 billion yuan and net profit of 867 million yuan, achieving a qualitative leap from the performance lows of 2024.

2

Severe supply-demand imbalance, super cycle for storage chips

From the industry environment, the global storage chip market is currently facing a serious supply-demand imbalance.

On the demand side, global AI large models are evolving towards Chain of Thought (CoT) mechanisms and multimodal directions, driving data throughput to leap exponentially, directly boosting high-performance storage demand. On the supply side, overseas manufacturers (Samsung, SK Hynix, etc.) are implementing strict production control strategies, with HBM and advanced DRAM capacities locked in, leading to a significant supply gap in conventional storage markets.

According to TrendForce’s forecast, in the first quarter of 2026, NAND Flash prices will continue to rise by 33%-38%, while general DRAM prices will increase by 55%-60%. Server DRAM shipments are expected to grow MoM by over 60%, and contract prices for client SSDs (cSSD) will increase by at least 40% quarter-over-quarter, reaching new highs in recent years.

Another core logic is domestic substitution.

Currently, China’s storage industry faces a more severe capacity gap than the global market, with increasing urgent demand for自主可控. Currently, Changxin Storage has officially started IPO counseling, with significantly enhanced valuation and capital strength, and the gap between LPDDR5 and other advanced process technologies has shortened to about a year, with high certainty of capacity ramp-up; Yangtze Memory’s Phase III project has been registered, and Xtacking 4.0 technology has gained international recognition.

Therefore, under the dual drive of “AI computing power + domestic substitution,” Beiwei Storage’s performance is entering an explosive phase.

As a leading domestic storage module manufacturer, Beiwei Storage benefits fully from industry volume and price increases. The company states that driven by AI computing power and domestic substitution, storage product prices are rising and industry demand exceeds supply. The company’s rapid growth in the smart wearables field has already integrated into the supply chains of well-known domestic and international manufacturers such as Meta, Rokid, Thunder Bird, Google, and Xiaomi. Meanwhile, it continues to increase investment in chip design, firmware algorithms, advanced packaging and testing, and equipment.

3

Father-son entrepreneurship,自主研发构筑壁垒

Behind Beiwei Storage is a father-son entrepreneurial story.

Founded in September 2010, Beiwei Storage’s roots trace back to the 1990s. Founder Sun Rixin, a university student in the 1980s, originally held a stable “iron rice bowl” at the Ministry of Railways, but he was unwilling to accept the status quo. In 1995, amid the wave of reform and opening up, he decisively moved south to Shenzhen to enter the business world.

Initially, he started with trading computer components like hard drives and floppy disks, gradually transforming into an enterprise integrating R&D, manufacturing, and sales. During the 2008 financial crisis, many companies cut jobs and reduced expenses, but Sun Rixin made countercyclical decisions. In 2009, he invested in establishing his own packaging and testing factory, laying a solid foundation for Beiwei Storage’s later development.

By 2011, Beiwei Storage’s flash drive shipments accounted for 11% of the global market, becoming one of China’s largest storage device OEMs. In 2016, the company completed restructuring and became a joint-stock company. In December 2022, Beiwei Storage successfully listed on the STAR Market, completing a key turnaround from OEM to listed company.

Today, the company has completed two generations of leadership succession. Founder’s son, Sun Chengsi, after graduating from Oxford Brookes University, joined the company from grassroots positions and has served as chairman since November 2015.

Currently, Beiwei Storage has established an “integrated R&D,封测” (assembly, testing) business model (ISM), with core capabilities covering storage media analysis,主控芯片设计, firmware algorithms, and advanced封测, forming a unique competitive barrier.

4

High growth brings hidden concerns

While the company’s performance and stock price are both thriving, several warning signals have emerged.

First, key shareholders are reducing holdings intensively.

On February 27, the company announced receiving a notice from the Big Fund Phase II that between February 5 and February 27, it reduced its holdings by a total of 4.2976 million shares through centralized bidding, accounting for 0.92% of the total share capital, decreasing its stake from 6.9016% to 5.9816%.

However, the operation of the Big Fund has always focused on产业循环, with reductions in盈利标的 companies and recycling funds into more upstream “卡脖子” links, aligning with its long-term goal of promoting自主可控的国产半导体产业链. But in the short term, such reductions still exert some pressure on market sentiment.

Second,解除一致行动关系引发担忧.

In early 2026, the company announced that the controlling shareholder and actual controller Sun Chengsi, along with his concerted action partners Sun Jing, Sun Liang, Xu Jianfeng, Shenzhen Baisheng, Shenzhen Baitai, Shenzhen Taidesheng, and Shenzhen Fangtailai, had their《一致行动协议》expire on December 30, 2025, and all parties agreed not to renew, naturally ending the concerted action relationship.

It’s worth noting that Sun Chengsi directly holds 17.69% of the company’s shares, remaining the largest single shareholder; the original concerted action partners hold about 6.1%. After this change, voting rights are no longer aggregated. Market concerns include potential impacts on the company’s control stability and the possibility of further reductions by these shareholders.

5

Conclusion

Looking ahead to 2026, Beiwei Storage is expected to continue expanding in AI端侧 fields (mobile phones, smart wearables), with new growth points in智能汽车. The company’s products have entered the supply chains of leading clients in mobile phones and PCs, and the proportion of自主研发主控产品 shipments will continue to increase within the year. The wafer-level advanced封测 project is gradually coming into production, potentially bringing new profit growth.

However, investors should remain rational: the sustainability of AI investments, rapid technological iteration in the storage industry, fluctuations in customer demand, and changes in industry competition all introduce uncertainties to the company’s development.

Behind any celebration, caution should also be maintained.