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Techwinsemi (德明利)德明利

001309Founded 2008twsc.com.cnReviewed 2026-08-30

Shenzhen Techwinsemi (德明利) was founded in 2008 in Shenzhen and listed on the Shenzhen Stock Exchange main board on July 1, 2022 (001309); it is a national-level 'little giant' specialization enterprise. It designs storage controller chips and builds storage modules - SSDs, embedded storage (eMMC), memory modules and mobile storage - for consumer, industrial, automotive and data-center uses, adapting products to domestic CPU platforms. FY2025 revenue crossed RMB 10 billion for the first time (RMB 10.79 billion, +126.07%), and its July 2026 forecast for H1 2026 was net profit of RMB 5.7-6.5 billion on revenue of RMB 16-18 billion as AI demand drove memory prices up.

Scale

~$1.5Brevenue FY2025 · CNY 10.8B
~$11.3Bmarket cap · 2026-10-04

Gap vs frontier

Bottlenecksector position

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

Techwinsemi (德明利): bottleneck tier in Memory: DRAM / HBM / NAND, ~$1.5B 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 ≈6× since FY2023

Growth prospects

Expanding customer base and product roadmap

via static.cninfo.com.cn ↗Revenue RMB 10.789 billion (+126.07%), first year above RMB 10 billion; non-recurring-adjusted net profit RMB 688 million (+120.77%); year-end invent…via chinaflashmarket.com ↗SSD RMB 4.582 billion (42.47%); embedded storage RMB 3.663 billion (~34%); mobile storage RMB 1.474 billion (13.67%); SSD revenue roughly doubled YoY

China competition

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

Bottleneck

Global comparables

Global reference set: SK hynix, Samsung, Micron.

Longsys (江波龙)

Technical gap

Sector rated bottleneck vs the frontier.

Obstacles

Sector bottleneck applies

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

Official filings: Techwinsemi 2025 annual report (PDF, CNINFO) ↗ · Listing announcement (PDF, CNINFO, June 2022) ↗

All sourced facts (7)
  • Listing status: Shenzhen Stock Exchange (SZSE) · 001309 · A-share
  • Founded / HQ: 2008; Shenzhen; national high-tech enterprise and Ministry-level 'little giant' specialization award via twsc.com.cn ↗
  • Listing: Shenzhen Stock Exchange main board (001309), July 1, 2022 via static.cninfo.com.cn ↗
  • FY2025 results: Revenue RMB 10.789 billion (+126.07%), first year above RMB 10 billion; non-recurring-adjusted net profit RMB 688 million (+120.77%); year-end inventory RMB 7.058 billion via static.cninfo.com.cn ↗
  • FY2025 product mix: SSD RMB 4.582 billion (42.47%); embedded storage RMB 3.663 billion (~34%); mobile storage RMB 1.474 billion (13.67%); SSD revenue roughly doubled YoY via chinaflashmarket.com ↗
  • H1 2026 forecast: Revenue RMB 16-18 billion (+289.4%-338.1%); net profit attributable RMB 5.7-6.5 billion versus a loss a year earlier; Q1 2026 net profit was RMB 3.346 billion via wallstreetcn.com ↗
  • Controller progress: New-generation memory-card controller and SSD controller chips achieved mass production; products adapt to domestic CPU platforms; enterprise storage and high-performance embedded storage are core growth engines via stcn.com ↗

About

Vertically-integrated module model: in-house controller design (new-generation memory-card and SSD controllers now in mass production) plus firmware, assembled on NAND wafers bought from mainstream memory makers under long-term relationships, with deliberate inventory strategy (RMB 7.06 billion of inventory at end-2025) that paid off in the 2026 price surge. Revenue is dominated by four module categories (SSD, embedded, memory modules, mobile storage) at over 99% of sales.

Founded 2008 · Ticker 001309

Why it matters

Techwinsemi is the purest listed expression of the Chinese storage-module boom: it doubled revenue to RMB 10.8 billion in FY2025 and forecast a roughly fifty-fold profit jump for H1 2026 as its inventory appreciated in the AI-driven shortage. It also shows the model's cyclicality and market skepticism - the stock fell by the daily limit for five straight sessions after that forecast on fears the cycle had peaked.

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

  • Solid-state drives (SSD), including enterprise-grade
  • Embedded storage·eMMC and related
  • Memory modules·DRAM
  • Mobile storage·memory cards and USB drives
  • Storage controller chips·self-developed card and SSD controllers

Financials

001309.SZ · Shenzhen Stock Exchange (main board) 001309.SZ · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 1.78BRMB 0.02B
2023
RMB 4.77BRMB 0.35B
2024
RMB 10.8BRMB 0.69B
2025

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

Ecosystem

Global peer set

  • Longsys (江波龙)
  • Phison (群联电子)
  • Kingston
  • Silicon Motion (慧荣, controllers)

Competitive position

  • One of the largest listed Chinese independent storage module makers, now above RMB 10 billion annual revenue, though still smaller than Longsys in breadth of enterprise exposure
  • Differentiates via self-developed controllers and firmware plus a large strategic wafer inventory, which amplified the 2025-2026 upcycle
  • Market cap exceeded RMB 160 billion around the July 2026 profit forecast, when the stock nonetheless hit repeated limit-downs on cycle-peak concerns
  • Global comparables: Longsys (江波龙)
  • Global comparables: Phison (群联电子)
  • Global comparables: Kingston
  • Global comparables: Silicon Motion (慧荣, controllers)

Milestones and signals

  • 2008—Techwinsemi (德明利) was founded.
  • 2025—FY2025 Year-End Inventory: RMB 7.06B
  • 2026-10-04—Market cap: RMB 81.3B
  • FY2025—Revenue: RMB 10.8B
  • FY2025—Net Profit: RMB 688M
  • Listing—Shenzhen Stock Exchange (SZSE) · 001309 · A-share

What to watch

  • Whether Q2 2026 sequential profit decline (RMB 2.35-3.15 billion versus Q1's RMB 3.35 billion) marks the cycle peak
  • Enterprise-SSD qualification progress and domestic CPU platform attach
  • Inventory drawdown and margin normalization if NAND prices flatten

Questions

Last reviewed 2026-07-11

Answered questions

What is the measurable gap versus global reference companies?

One of the largest listed Chinese independent storage module makers, now above RMB 10 billion annual revenue, though still smaller than Longsys in breadth of enterprise exposure.

Open questions

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