深圳佰维存储科技股份有限公司 战略与可持续发展委员会议事规则 深圳佰维存储科技股份有限公司 战略与可持续发展委员会议事规则 第一章 总则 第一条 为适应深圳佰维存储科技股份有限公司（以下简称"公司"）战略发 展需要，增强公司核心竞争力，确定公司发展规划，健全投资决策程序，加强决 策科学性，提高重大投资决策的效益和决策的质量，完善公司的治理机构，根据 《中华人民共和国公司法》（以下简称《公司法》）《上市公司治理准则》等相关 法律法规及《深圳佰维存储科技股份有限公司章程》（以下简称《公司章程》）的 规定，公司特设立董事会战略与可持续发展委员会，并制订本议事规则。 第二条 董事会战略与可持续发展委员会是董事会设立的专门工作机构，主 要负责对公司长期发展战略、重大投资决策及环境、社会、公司治理（以下简称 "ESG"）工作进行研究并提出建议。 第二章 人员组成 第三条 战略与可持续发展委员会由三名董事组成。 第四条 公司董事长为战略与可持续发展委员会固有委员，其他委员由董事 长、二分之一以上独立董事或者三分之一以上董事提名，并由董事会选举产生。 第五条 战略与可持续发展委员会设主任委员（召集人）一名，由公司董事 长担任 ...

深圳佰维存储科技股份有限公司 可持续发展（ESG）管理制度 深圳佰维存储科技股份有限公司 可持续发展（ESG）管理制度 第一章 总则 第一条 为适应深圳佰维存储科技股份有限公司（以下称"公司"）的"5+2+X" 发展战略，满足企业战略与可持续发展需要，构建科学、系统、规范的环境、社 会及公司治理（以下称"ESG"）工作体系，提升公司在ESG方面的风险控制能力 和价值创造能力，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司信息披露管理办法》《上市公司治理准则》《上海证券交易所科创板股票 上市规则》《上海证券交易所科创板上市公司自律监管指南第13号——可持续发 展报告编制》《上海证券交易所上市公司自律监管指引第14号——可持续发展报 告（试行）》等法律、法规和规范性文件及《深圳佰维存储科技股份有限公司章 程》（以下简称《公司章程》）的规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司及公司合并报表范围内的子公司。 第三条 本制度所称的ESG职责，是指公司在经营发展过程中应当履行的环 境、社会和公司治理方面的责任和义务，主要包括对自然环境和资源的保护、社 会责任的承担以及公司治理的健全 ...

第三届董事会第二十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、 董事会会议召开情况 证券代码：688525 证券简称：佰维存储 公告编号：2025-005 深圳佰维存储科技股份有限公司 根据《中华人民共和国公司法》及《深圳佰维存储科技股份有限公司章程》 （以下简称《公司章程》）有关规定，深圳佰维存储科技股份有限公司（以下简 称"公司"）第三届董事会第二十六次会议于 2025 年 3 月 4 日以电子邮件发出会 议通知，会议于 2025 年 3 月 12 日在公司会议室以现场结合通讯方式召开，本次 会议由董事长孙成思先生主持，会议应到董事 9 人，实到董事 9 人，本次会议的 召集、召开符合法律法规和《公司章程》的规定。 二、 董事会会议审议情况 经全体与会董事认真审议和表决，形成以下决议： （一） 审议通过《关于战略委员会更名并修订相关议事规则的议案》 为完善公司的法人治理结构，进一步加强公司的社会责任管理，提升公司环 境、社会和公司治理工作，推动公司可持续、高质量发展，根据有关法律、法规 和规范 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Viewpoints - The company achieved a revenue of 6.704 billion yuan in 2024, representing a year-on-year growth of 86.71%, and turned a profit with a net profit of 176 million yuan [1] - The storage industry is recovering, with significant increases in product sales, and the company has a comprehensive capability from product planning to advanced manufacturing [1][3] - The company is expanding its product offerings in AI mobile phones and AIPC products, with a notable growth in wearable storage business, projecting 800 million yuan in revenue for wearable storage in 2024 [2] - The company is increasing its R&D investment, with 452 million yuan in R&D expenses for 2024, a year-on-year increase of 80.75%, to enhance competitiveness in advanced packaging and testing [3] Summary by Sections Financial Performance - The company reported a revenue of 6.704 billion yuan for 2024, with a growth rate of 86.70% compared to the previous year [4] - The net profit for 2024 is projected at 176 million yuan, with a significant recovery from previous losses [4] - Forecasts for 2025 and 2026 predict net profits of 618 million yuan and 780 million yuan, respectively, indicating a strong growth trajectory [3][4] Market Position and Product Development - The company has established a leading market share in the domestic market and has entered the supply chains of major international brands [1] - In the mobile sector, embedded storage products are being supplied to clients like OPPO and Motorola, while SSD products are being provided to Lenovo and Acer [1] - The company is actively developing high-performance storage products for AI applications and wearable technology, with partnerships with major tech firms [2] R&D and Competitive Strategy - The company is focusing on enhancing its core competencies through increased R&D in semiconductor storage technology and advanced packaging processes [3] - The R&D expenses for 2024 are set at 452 million yuan, reflecting a commitment to innovation and capacity expansion [3] - The subsidiary, Tailai Technology, is advancing in packaging technologies that support mass production of NAND Flash and DRAM chips [3]

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2][8]. Core Views - The company has achieved significant revenue growth, with a 2024 revenue of 6.704 billion yuan, representing an 86.71% year-on-year increase, and a net profit of 176 million yuan, an increase of 800 million yuan year-on-year [5][8]. - The company has established a strong competitive advantage in the smart wearable sector, particularly with its ePOP storage products, which are characterized by low power consumption and fast response times [6][7]. - The company is committed to integrated research and development in packaging and testing, leading the domestic market in storage packaging technology [7]. Revenue and Profitability - The company forecasts revenues of 6.704 billion yuan in 2024, 9.102 billion yuan in 2025, and 11.026 billion yuan in 2026, with corresponding EPS of 0.41 yuan, 1.52 yuan, and 1.85 yuan [8][12]. - The company is expected to benefit from the recovery of the storage market and the rapid development of AI glasses, leading to sustained revenue and profit growth [8]. Market Position and Product Development - The company has deepened its engagement in the smart wearable market, entering the supply chains of well-known AI/AR glasses manufacturers such as Meta and Xiaomi, with projected revenue from smart wearable storage products reaching approximately 800 million yuan in 2024 [6][8]. - The company is enhancing its wafer-level advanced packaging capabilities to meet the growing demand for advanced storage packaging and to support its storage business [7].

证券研究报告 | 公司深度报告 2025 年 02 月 28 日 佰维存储（688525.SH） 深耕存储领域，布局先进测试工艺巩固领先地位 | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 2025E 买入（维持评级） | | | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,986 | 3,591 | 6,704 | 9,421 | 11,860 | 36,222 股票信息 | | | 增长率 yoy（%） | 14.4 | 20.3 | 86.7 | 40.5 | 25.9 | 14.3 | | | 归母净利润（百万元） | 71 | -624 | 176 | 598 | 764 | 行业 865 | 电子 | | 增长率 yoy（%） | -38.9 | -976.7 | 128.1 | 240.6 | 27.7 | 2025 年 2 月 27 日收盘价（元） 23.0 | 77.36 | | ROE（%） | 2.9 | -32.8 | 8.4 | 22.3 | 22.1 ...

深圳佰维存储科技股份有限公司 2024 年年度业绩快报公告 证券代码：688525 证券简称：佰维存储 公告编号：2025-004 注：1.本报告期初数同法定披露的上年年末数； 2.以上财务数据及指标以合并报表数据填制，但未经审计，最终结果以公司 2024 年年 度报告为准，数据若有尾差，为四舍五入所致。 二、经营业绩和财务状况情况说明 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本公告所载2024年度主要财务数据为初步核算数据，未经会计师事务所审 计，具体数据以公司2024年年度的定期报告为准，提请投资者注意投资风险。 一、2024 年度主要财务数据和指标 单位：人民币万元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | （％） | | 营业总收入 | 670,445.67 | 359,075.22 | 86.71 | | 营业利润 | 17,040.90 | -74,303.34 | 不适用 | | 利润总额 | 16,983.80 | ...

证券代码：688525 证券简称：佰维存储 公告编号：2025-002 深圳佰维存储科技股份有限公司 关于会计政策变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会计政策变更是深圳佰维存储科技股份有限公司（以下简称"公司"） 根据中华人民共和国财政部（以下简称"财政部"）发布的《企业会计准则解释 第 17 号》和《企业会计准则应用指南汇编 2024》进行的合理变更，不会对公司 财务状况、经营成果和现金流量产生重大影响，亦不存在损害公司及股东利益的 情况。符合相关法律法规的规定和公司的实际情况。 本次会计政策变更是因财政部新发布的企业会计准则解释及相关要求而 进行的变更，无需提交公司董事会、股东大会审议。 一、本次会计政策变更的概述 （一）变更原因及日期 1、执行《企业会计准则解释第 17 号》 2023 年 10 月 25 日，财政部发布了《关于印发〈企业会计准则解释第 17 号〉 的通知》（财会〔2023〕21 号），对"关于流动负债与非流动负债的划分""关 于供应商融资安排的披露"以及" ...

Investment Rating - The report indicates a strong investment outlook for Bawei Storage, with projected revenue growth of 81.02%-94.95% for 2024, and a significant increase in net profit by 125.63%-132.03% [6][8][11]. Core Insights - Bawei Storage is positioned as a leader in the embedded AI storage solutions market, benefiting from the rapid growth of AI applications and advanced packaging technologies [4][12][42]. - The company has a robust product lineup that includes embedded storage solutions widely used in smart wearables, mobile devices, and enterprise-level applications [12][14]. - The global AI glasses market is expected to grow significantly, with Bawei Storage already securing partnerships with major clients like Meta and others, which positions the company well for future growth [33][40][42]. Summary by Sections Revenue Growth and Profitability - Bawei Storage anticipates achieving revenue between 6.5 billion to 7 billion CNY in 2024, marking a substantial increase from the previous year [6]. - The net profit forecast for the company is between 160 million to 200 million CNY, reflecting a strong recovery from previous downturns in the storage industry [7][11]. Market Position and Product Offerings - The company offers a comprehensive range of storage products, including embedded, PC, automotive, enterprise, mobile storage, and advanced packaging solutions [12]. - Bawei Storage's embedded storage products, particularly ePOP, are utilized in AI smart glasses and have gained traction with major tech companies [14][20]. Research and Development - The company has significantly increased its R&D investment, with an estimated 450 million CNY allocated for 2024, representing an 80% year-on-year increase [11]. - Bawei Storage has developed its first main control chip, SP1800, which supports high performance and low power consumption, further enhancing its competitive edge [30][32]. Industry Trends and Future Outlook - The global smart glasses market is projected to reach 4.8 billion USD by 2025, with a compound annual growth rate (CAGR) of 20% [33]. - Bawei Storage's ePOP products are integral to the value chain of AI glasses, which are expected to replicate the growth trajectory of TWS earbuds [42][44].