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Longsys Electronics江波龙

301308.SZReviewed 2026-08-30

Longsys is a Chinese memory and storage company that packages and brands NAND flash and DRAM components into modules, cards, drives, and other storage products for consumer and enterprise markets. Its Lexar brand covers consumer storage accessories. Revenue is driven by storage-product sales and is highly sensitive to the memory pricing cycle.

Scale

~$3.2Brevenue FY2025 · CNY 22.8B
~$19.3Bmarket cap · 2026-10-04

Gap vs frontier

Bottlenecksector position

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

Longsys Electronics: bottleneck tier in Memory: DRAM / HBM / NAND, ~$3.2B 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 125% since FY2023

Growth prospects

Expanding customer base and product roadmap

First-half 2026 net profit forecast near USD 1.5 billion, versus USD 2.1 million in the year-earlier period

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

Longsys sits at the packaging, module, and brand layer of China's memory stack, buying NAND and DRAM dies and reselling them as consumer and enterprise storage under its own name and the Lexar brand. A reported first-half 2026 profit forecast near USD 1.5 billion — a more than 60,000 percent year-over-year jump attributed to exploding demand — shows it is a direct, highly leveraged play on the memory upcycle. The test that matters is whether that profitability reflects durable brand and share gains or mostly cyclical pricing tailwinds, and whether upstream die supply stays unconstrained.

Where it sits in the stack

Memory

Memory: DRAM / HBM / NAND

Bottleneck

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

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Key semiconductor products

  • Memory module packaging, assembly, and testingcommercial: Core competence for a module and brand company; determines product quality and time-to-market with new die generations.
  • Memory and storage modules
  • Lexar-branded consumer storage

Financials

301308.SZ · Shenzhen Stock Exchange ChiNext 301308.SZ · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 10.1BRMB -0.83B
2023
RMB 17.5BRMB 0.5B
2024
RMB 22.8BRMB 1.42B
2025

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

Ecosystem

Investors / affiliates

  • Lexar

Affiliates

  • Lexar (brand)

Competitive position

  • China position: Leading.
  • Module, packaging, and brand layer; does not manufacture memory dies, so technology position depends on access to upstream NAND and DRAM chips.
  • Upstream die supply is the key dependency; the company adds value through module design, assembly, testing, firmware, and branding rather than front-end chip manufacturing.

Milestones and signals

  • 2026-10-04—Market cap: RMB 139B
  • FY2025—Revenue: RMB 22.8B
  • FY2025—Net Profit: RMB 1.4B

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

What is the measurable gap versus global reference companies?

Module, packaging, and brand layer; does not manufacture memory dies, so technology position depends on access to upstream NAND and DRAM chips.

Open questions

  • Which products are qualified beyond pilots in memory?
  • Which customers, fabs, or end markets show real adoption rather than policy interest?