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BIWIN Storage (佰维存储)佰维存储

688525.SSReviewed 2026-08-30

BIWIN designs and sells storage products — including consumer storage devices and enterprise storage solutions — to device manufacturers, channel partners, and enterprise customers. Its Lenovo AI-infrastructure partnership indicates an expansion into server and data-center storage beyond consumer devices.

Scale

~$1.6Brevenue FY2025 · CNY 11.3B
~$12.8Bmarket cap · 2026-10-04

Gap vs frontier

Bottlenecksector position

Sector-level position; no priceable accelerator silicon to compare chip-by-chip.

BIWIN Storage (佰维存储): bottleneck tier in Memory: DRAM / HBM / NAND, ~$1.6B FY2025 revenue.

The chip stackEach layer depends on the layers below it
1 · ChipsWhat the stack produces
Memory · Bottleneck
2 · Design toolsSoftware and IP to design them
3 · ManufacturingPlants that turn designs into silicon
4 · EquipmentMachines inside the plants
5 · MaterialsWhat the plants consume

Company at a glance

Scale

Revenue up 215% since FY2023

Growth prospects

Revenue trajectory FY2023–2025

China competition

Competes with CXMT, YMTC, JHICC in Memory — peers listed at sector level.

Bottleneck

Global comparables

Global reference set: SK hynix, Samsung, Micron.

Technical gap

Sector rated bottleneck vs the frontier.

Obstacles

Sector bottleneck applies

HBM, advanced DRAM nodes, tool restrictions, yield, packaging integration, and export controls.

Why it matters

BIWIN Storage is a Chinese storage-product company spanning consumer storage and enterprise solutions, with a Lenovo AI-infrastructure partnership that marks its push into data-center storage. The test that matters is whether it can deepen enterprise and AI-storage design wins while sourcing memory chips externally, rather than competing primarily on module-level packaging and price.

Where it sits in the stack

Memory

Memory: DRAM / HBM / NAND

Bottleneck

HBM, advanced DRAM nodes, tool restrictions, yield, packaging integration, and export controls.

AI trainingAI inferenceRoboticsEV / auto

Key semiconductor products

  • Consumer storage
  • Enterprise and AI-infrastructure storage solutions

Financials

688525.SS · Shanghai STAR Market 688525.SS · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 3.59BRMB -0.62B
2023
RMB 6.7BRMB 0.16B
2024
RMB 11.3BRMB 0.85B
2025

Market data refreshed daily; annual figures from exchange filings. Figures in the reporting currency shown on the chart.

Ecosystem

Partners

  • Lenovo

Customers / end markets

  • Consumer electronics and personal storage
  • AI infrastructure and data center

Competitive position

  • Likely depends on externally sourced NAND and DRAM chips, creating exposure to memory pricing cycles, allocation risk, and potential export-control constraints on upstream supply.

Milestones and signals

  • 2026-10-04—Market cap: RMB 91.7B
  • FY2025—Revenue: RMB 11.3B
  • FY2025—Net Profit: RMB 853M

What to watch

  • New product releases with disclosed specifications.
  • Customer qualification, design-win, or volume-use signals.
  • Revenue, capacity, shipment, market-share, or valuation updates.
  • Export-control, supply-chain, or tooling constraints.

Questions

Last reviewed 2026-07-11

Answered questions

Which customers, fabs, or end markets show real adoption rather than policy interest?

Named exposure so far: Consumer electronics and personal storage and AI infrastructure and data center.

What is the measurable gap versus global reference companies?

Likely depends on externally sourced NAND and DRAM chips, creating exposure to memory pricing cycles, allocation risk, and potential export-control constraints on upstream supply.

Open questions

  • Which products are qualified beyond pilots in memory?