Group 1 - The company, Purun Co., Ltd. (688766.SH), has reported that its overseas business covers multiple countries and regions, including Japan, South Korea, the United States, and Europe [2] - The company has not disclosed the specific revenue proportion from its business in the European Union [2] - Sales in overseas markets are primarily conducted through agents, and the company has not established subsidiaries in EU countries for sales operations [2]

Group 1 - The storage chip sector opened actively on January 20, with significant gains observed in several companies [1] - Purun Co., Ltd. saw its stock price increase by over 6%, reaching a new high [1] - Other companies such as Yingfang Microelectronics, Beijing Junzheng, Baiwei Storage, Shenkong Co., Ltd., Dawi Co., Ltd., Xiangnong Xinchuan, and Hengsuo Co., Ltd. also experienced stock price increases [1]

证券代码：688766 证券简称：普冉股份 公告编号：2026-005 普冉半导体（上海）股份有限公司 关于发行股份、可转换公司债券及支付现金购买资产并募集 配套资金事项的进展公告 根据上海证券交易所相关规定，经公司申请，本公司股票（股票简称：普冉 股份，证券代码：688766）于 2025 年 11 月 25 日（星期二）开市起停牌，预计 不超过 10 个交易日，具体内容详见公司披露的《关于筹划发行股份等方式购买 资产事项的停牌公告》（公告编号：2025-082）。停牌期间，公司根据相关规定 及时履行信息披露义务，并于 2025 年 12 月 2 日披露了《关于筹划发行股份等方 式购买资产事项的停牌进展公告》（公告编号：2025-083）。 2025 年 12 月 8 日，公司召开第二届董事会第二十四次会议，审议通过了《关 于〈普冉半导体（上海）股份有限公司发行股份、可转换公司债券及支付现金购 买资产并募集配套资金预案〉及其摘要的议案》等与本次交易相关的议案，并与 所有交易对方签署了《发行股份、可转换公司债券及支付现金购买资产框架协 议》，本次交易发行股份的发行价格为 90 元/股、本次交易发行的可转换公司 ...

Core Viewpoint - The company plans to acquire a 49% stake in Zhuhai Nuoya Changtian Storage Technology Co., Ltd. from Zhuhai Nuoyan Changtian through a combination of issuing shares, convertible bonds, and cash payments, which will result in the target company becoming a wholly-owned subsidiary after the transaction is completed [1] Summary by Categories Transaction Details - The transaction involves the issuance of shares and convertible bonds, along with cash payments [1] - The initial conversion price for the convertible bonds is set at 90 yuan per share [1] - The company's stock will be suspended from trading starting December 9, 2025, with a resumption expected after a few trading days [1] Approval and Uncertainty - The transaction is subject to multiple approvals, indicating potential uncertainties in the completion of the deal [1]

Group 1 - The stock of Purun Co., Ltd. increased by over 9% [1] - Previously, Saiteng Co., Ltd. hit the daily limit up [1] - Other companies such as Yingxin Development, Deep Technology, Kangqiang Electronics, and Kaipu Cloud also experienced gains [1]

Group 1 - The storage chip sector continues to strengthen in the afternoon, with significant gains observed in various companies [1] - Baiwei Storage reached a limit-up increase of 20%, while Jiangbolong surged over 15%, hitting a historical high [1] - Other companies such as Demingli, Zhaoyi Innovation, Shenkong Co., Hengshuo Co., Beijing Junzheng, Xiangnong Xinchuan, Purang Co., Kaipu Cloud, and Shikong Technology also experienced upward movement [1]

Core Insights - The dedicated storage chip market is experiencing growth driven by the rapid development of AI and smart automotive sectors, with a projected market size of $15.7 billion by 2025 and $19.5 billion by 2026 [1][4]. Industry Definition and Classification - Storage chips, also known as semiconductor memory, are essential components in modern digital systems, with dedicated storage chips having specific application needs or competitive advantages in niche markets. The main categories currently in use include NOR Flash, SLC NAND Flash, and niche DRAM [2][4]. Industry Development Status - The overall storage chip industry exhibits cyclical characteristics, with strong growth potential fueled by ongoing demand in AI and cloud infrastructure. The dedicated storage chip market is expected to grow significantly, particularly in the smart automotive and consumer electronics sectors [4][6]. Market Size Projections - By 2025, the global dedicated storage chip market is expected to reach $15.7 billion, with NOR Flash at $3.1 billion (19.75%), SLC NAND Flash at $2.7 billion (17.20%), and niche DRAM at $9.9 billion (63.06%). By 2026, projections indicate a market size of $19.5 billion, with NOR Flash at $3.8 billion (19.49%), SLC NAND Flash at $3.5 billion (17.95%), and niche DRAM at $12.2 billion (62.56%) [6][12]. Industry Chain - The dedicated storage chip industry chain includes upstream materials such as silicon wafers and photolithography materials, midstream design and manufacturing, and downstream applications in enterprise storage, consumer SSDs, and cloud storage services [8][10]. Policy Environment - Recent government policies have provided ongoing support for the integrated circuit industry, increasing domestic demand for local alternatives and creating more market opportunities for domestic integrated circuit companies [10][12]. Competitive Landscape - The global NOR Flash market is characterized by a stable and highly concentrated competitive landscape, with a CR3 of 63.2% in 2024. The SLC NAND Flash market is primarily dominated by overseas and Taiwan manufacturers, while DRAM is led by major companies from South Korea and the USA. Domestic companies are increasingly investing in R&D for dedicated storage chips, expanding their market share [12][14]. Key Companies - Major players in the dedicated storage chip industry include: - **GigaDevice**: A diversified chip design company focusing on Flash, niche DRAM, and other semiconductor products, achieving significant revenue from storage chips [13][14]. - **Beijing Junzheng**: Specializes in computing and storage chips, with a strong presence in automotive and industrial sectors following its acquisition of ISSI [13][14]. Industry Trends - The demand for storage chips is surging due to the explosion of AI computing power, the smart automotive sector, and accelerated data center construction. The dedicated storage chip industry in China is undergoing a structural transformation driven by AI and smart automotive technologies [14][15].

Group 1 - The semiconductor sector showed strong performance at the beginning of trading, with notable increases in stock prices [1] - Companies such as Zhongke Lanyun and Haiguang Information surged over 10% [1] - Other companies including Huahai Chengke, Xinyuan Micro, and Purun Shares also experienced upward movements in their stock prices [1]

Key Points - The People's Bank of China will conduct a buyout reverse repurchase operation of 1.1 trillion yuan on January 8, 2026, with a term of 90 days [6] - China has increased its gold reserves for 14 consecutive months, with a total of 74.15 million ounces as of December 2025, reflecting an increase of 30,000 ounces [7] - The Ministry of Industry and Information Technology and seven other departments have issued the "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'," aiming for significant advancements in AI technology and applications in manufacturing by 2027 [7][8] - The Ministry of Commerce announced an anti-dumping investigation on dichlorodihydrosilane from Japan, effective January 7, 2026, with the investigation period set from July 1, 2024, to June 30, 2025 [6] - The Shanghai Futures Exchange will adjust the margin ratio and price fluctuation limits for silver futures contracts starting January 9, 2026 [8] Company News - Fenglong Co., Ltd. has experienced an eight consecutive trading limit increase and may apply for a trading suspension if the stock price continues to rise abnormally [11] - Goldwind Technology has reported no significant changes in its operating conditions after two consecutive trading limits [12] - Zhongke Lanyun expects a net profit increase of 366.51% to 376.51% for 2025, driven by significant growth in the fair value of investments [12] - Chuanjinno anticipates a net profit increase of 144.24% to 172.64% for 2025 [13] - Kouzi Jiao expects a net profit decrease of 50% to 60% for 2025 [16] - Kechuan Technology's subsidiary has completed the first chip trial for silicon photonics but has not yet generated revenue [17]

Core Viewpoint - The stock of Purun Co., Ltd. has experienced an abnormal fluctuation, with a cumulative closing price increase exceeding 30% over three consecutive trading days from January 5 to January 7, 2026 [1] Company Information - Purun Co., Ltd. conducted a self-examination and confirmed with its controlling shareholder and actual controller that there is no undisclosed significant information [1] - The company's production and operations are normal, and there are no significant changes in the internal and external environment [1] Investor Advisory - The company has reminded investors to be cautious of short-term volatility risks and to make rational decisions [1]