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YMTC长江存储

Wuhanymtc.comReviewed 2026-08-30

YMTC is China's leading NAND flash maker: a Wuhan-based memory company whose Xtacking 3D NAND roadmap is one of the clearest tests of Chinese semiconductor progress under U.S. tool restrictions.

Scale

—no public financials
privatenot exchange-listed

1 tracked chip with sourced pricing/specs

Gap vs frontier

Bottlenecksector position

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

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

Private, not exchange-listed

Growth prospects

Expanding customer base and product roadmap

via cn.wsj.com ↗About RMB 63.5B (implied by the STAR IPO prospectus: Q1-2026 revenue of RMB 47.04B was ~74% of FY2025); FY2025 net profit RMB 14.21B.via chinaflashmarket.com ↗STAR Market listing application accepted with a RMB 33B raise target; reported valuation expectation RMB 200-300B.

China competition

Competes with CXMT, JHICC in Memory (NAND side) — peers listed at sector level.

Bottleneck

Global comparables

Global reference set: SK hynix, Samsung, Micron.

Samsung, SK hynix/Solidigm, Kioxia, Western Digital/SanDisk, and Micron.

Technical gap

Sector rated bottleneck vs the frontier.

Obstacles

US export-control exposure

listed · U.S. Entity List / U.S. export controls (reported) · Restricts access to advanced chipmaking tools; reportedly hampered production and new-t…YMTC was added to the U.S. Entity List in December 2022 and named by the U.S. Department of Defense as a Chinese Military Company in 2024.

Official filings: STAR IPO filing ↗

All sourced facts (11)
  • Sanctions / export controls: listed · U.S. Entity List / U.S. export controls (reported) · Restricts access to advanced chipmaking tools; reportedly hampered production and new-tech development; pushing homegrown-tool production line.
  • Founding and HQ: Founded in 2016 and headquartered in Wuhan, Hubei.
  • Company type: Private, state-backed 3D NAND flash manufacturer.
  • FY2025 revenue: About RMB 63.5B (implied by the STAR IPO prospectus: Q1-2026 revenue of RMB 47.04B was ~74% of FY2025); FY2025 net profit RMB 14.21B. via cn.wsj.com ↗
  • STAR IPO filing: STAR Market listing application accepted with a RMB 33B raise target; reported valuation expectation RMB 200-300B. via chinaflashmarket.com ↗
  • Core technology: Xtacking is YMTC's architecture for connecting memory cells and peripheral circuits in its 3D NAND products.
  • Layer-count milestones: Public reporting has cited YMTC progress from 32-layer and 64-layer NAND to 128-layer and 232-layer generations.
  • Export-control status: YMTC was added to the U.S. Entity List in December 2022 and named by the U.S. Department of Defense as a Chinese Military Company in 2024.
  • Capacity reports: Secondary reporting describes Wuhan fab capacity around the hundreds-of-thousands-of-wafers-per-month range, with additional domestic-tool expansion plans.
  • Market-share reports: Trade reporting has cited a YMTC ambition to reach roughly 15% of the NAND market by late 2026; treat this as a reported target, not an audited share figure.
  • Disclosure: YMTC is private, so products, capacity reports, sanctions records, teardown evidence, and qualification signals matter more than public financial statements.

Tracked chips: YMTC 232-layer TLC NAND (X3-9070)

About

YMTC designs and manufactures 3D NAND flash, then sells NAND die, embedded storage, SSDs, and branded consumer storage products through YMTC and ZHITAI channels.

Wuhan

Why it matters

YMTC is both a memory company and a stress test for China's equipment, materials, controller, firmware, and process-substitution claims. If China can keep scaling NAND layers and yield after Entity List restrictions, that says more than another policy slogan.

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

  • Reported advanced generations include 128-layer, 232-layer, and later high-layer-count NAND claims.
  • 3D NAND flash
  • client/consumer SSDs
  • embedded storage
  • 3D NAND
  • Xtacking
  • Enterprise SSDs
  • Client SSDs
  • UFS
  • eMMC
  • ZHITAI consumer SSDs

Chip pricing

Ecosystem

Competitors

  • Samsung
  • SK Hynix
  • Micron
  • Kioxia
  • CXMT
  • SK Hynix (incl. Solidigm)

Customers / end markets

  • Chinese PC/OEM system builders
  • Apple
  • Consumer SSDs, mobile and embedded storage, PC storage, enterprise storage, and domestic system OEM demand

Constraints

  • YMTC
  • U.S. export controls

Global peer set

  • Samsung, SK hynix/Solidigm, Kioxia, Western Digital/SanDisk, and Micron
  • Controller vendors and SSD module vendors also matter, because NAND die alone is not the whole storage product

Affiliates

  • Tsinghua Unigroup history
  • ZHITAI consumer brand

Competitive position

  • China position: Leading. YMTC is the domestic NAND anchor, not a generic memory startup.
  • Global reference companies: Samsung, SK hynix/Solidigm, Kioxia, Western Digital/SanDisk, and Micron.
  • The frontier question is not only layer count. The harder test is sustained yield, cost per bit, reliability, controller and firmware quality, and customer qualification under tool restrictions.
  • The most useful comparison bundle is layer count, wafers per month, domestic tool share, NAND market share, and customer qualification stage.
  • China's NAND anchor with credible layer-count progress; frontier questions are sustained yield, cost per bit, reliability, and ramp under tool restrictions.
  • High-aspect-ratio etch, deposition, metrology, controllers, firmware, yield, and export-controlled equipment or service access.
  • Global comparables: Samsung, SK hynix/Solidigm, Kioxia, Western Digital/SanDisk, and Micron.
  • Global comparables: Controller vendors and SSD module vendors also matter, because NAND die alone is not the whole storage product.

Recent activity

Milestones and signals

  • 2025—FY2025 Revenue: RMB 63.5B
  • 2026—IPO Valuation Expectation: RMB 200-300B
  • 2026—Reported Wuhan Fab Capacity: Hundreds of thousands of wafers per month
  • 2026—Market share: target ~15% of NAND market by late 2026

What to watch

  • Layer-count progress and cost-per-bit signals.
  • Customer design-ins in PCs, phones, servers, and enterprise storage.
  • Controller, firmware, and SSD module ecosystem progress.
  • signals of domestic tool substitution in NAND-specific process steps.

Answered questions

Last reviewed 2026-07-01
Can YMTC sustain generation progress under tool and service constraints?

The frontier question is not only layer count. The harder test is sustained yield, cost per bit, reliability, controller and firmware quality, and customer qualification under tool restrictions.

Where are YMTC products actually qualified: consumer channels, domestic OEMs, enterprise, or policy-driven procurement?

Named exposure so far: Consumer SSDs, mobile and embedded storage, PC storage, enterprise storage, and domestic system OEM demand, Chinese PC/OEM system builders, and Apple.

How much of the storage stack - NAND, controller, firmware, module, SSD validation - is domestic versus imported?

Against Samsung, SK Hynix, Micron, and Kioxia: China's NAND anchor with credible layer-count progress; frontier questions are sustained yield, cost per bit, reliability, and ramp under tool restrictions.