中国领先的闪存制造商长江存储科技有限责任公司（YMTC）今年营收增速预计将达到行业同行的六倍，因为该公司在计划首次公开募股（IPO）前拓展服务器相关业务，据Counterpoint Research称。
Yangtze Memory Technologies Corporation (YMTC), China’s leading flash-memory maker, is set to grow revenue six times faster than its industry peers this year as it expands into server-related business ahead of a planned initial public offering (IPO), according to Counterpoint Research.
这家市场情报公司周二表示，该公司2024年服务器相关营收实际上为零，但到2028年可能占其营收的近39%。
The company’s server-related revenue was effectively zero in 2024, but could account for nearly 39 per cent of its revenue by 2028, according to the market intelligence firm on Tuesday.
大部分增长动力与企业级固态硬盘（SSD）作用日益增大有关，企业级SSD广泛用于数据中心。这一转变将使长江存储的业务超越智能手机和个人电脑用存储产品。
Much of the momentum is tied to a growing role for enterprise solid-state drives (SSDs), which are widely used in data centres. The shift would broaden YMTC’s business beyond storage products for smartphones and personal computers.
此次扩张正值该公司母公司长存科技集团有限责任公司（CCSH Corporation）寻求通过在上海科创板上市募资330亿元人民币（约合49亿美元）。根据招股说明书，其营收2025年同比增长40%至630亿元人民币。
The expansion comes as the company’s parent, CCSH Corporation, seeks to raise 33 billion yuan (US$4.9 billion) through a listing on Shanghai’s Star Market. Its revenue grew 40 per cent year on year to 63 billion yuan in 2025, according to the prospectus.
Counterpoint表示，长江存储的战略涉及与控制器供应商扩大合作，包括群联电子、 Silicon Motion（ Silicon Motion）和阿里巴巴集团控股的平头哥，以及与华为技术的关键企业级合作关系。阿里巴巴拥有《南华早报》。
Counterpoint said YMTC’s strategy involved expanding partnerships with controller suppliers including Phison, Silicon Motion and Alibaba Group Holding’s T-Head, alongside a key enterprise relationship with Huawei Technologies. Alibaba owns the South China Morning Post.
Counterpoint研究总监黄敏熙（MS Hwang，音）表示：“更大的问题是，长江存储能否将其转化为中国境外客户的设计采用，而不仅仅是国内超大规模数据中心客户。”他指的是在客户产品中占据一席之地。
“The bigger question is whether YMTC can convert this into design wins with customers outside China, not just domestic hyperscalers,” said MS Hwang, research director at Counterpoint, referring to securing places in customers’ products.
挑战在于将制造规模转化为在高价值存储市场的更强地位。在早前的一份报告中，Counterpoint按NAND闪存出货量将长江存储——中国唯一按商业规模运营的NAND闪存制造商——在第二季度全球排名第三，仅次于三星电子和SK海力士，但领先于日本的铠侠和美国的美光科技。
The challenge is to turn manufacturing scale into a stronger position in higher-value storage markets. In an earlier report, Counterpoint ranked YMTC – China’s only NAND flash maker operating at commercial scale – third globally by NAND shipment volume in the second quarter, behind Samsung Electronics and SK Hynix, but ahead of Japan’s Kioxia and US-based Micron Technology.
总部位于中国中部湖北省武汉市的长江存储，按营收排名仅列第五，反映出其更多暴露于消费类产品。
YMTC, which is based in Wuhan in central China’s Hubei province, ranked only fifth by revenue, reflecting its heavier exposure to consumer products.
NAND闪存在断电后仍能保留数据，是固态硬盘（SSD）的核心组件。在人工智能基础设施中，这些硬盘存储着训练数据集、模型文件以及计算系统需要快速检索的其他信息。
NAND, which retains data when power is switched off, is a core component of SSDs. In artificial intelligence infrastructure, those drives store training datasets, model files and other information that computing systems need to retrieve quickly.
据Counterpoint（科技市场研究机构）8月的评估，企业级SSD在今年第二季度占全球NAND闪存出货位数的48%，高于去年同期的26%。
Enterprise SSDs accounted for 48 per cent of global NAND bits shipped in the second quarter, up from 26 per cent a year earlier, according to Counterpoint’s August assessment.
该研究机构将这一转变归因于对AI推理（即运行训练好的模型以生成响应的过程）不断增长的需求。
The research firm attributed the shift to growing demand for AI inference, the process of running trained models to generate responses.
摩根士丹利在8月的一份报告中表示，中国存储芯片制造商凭借规模效应和国内需求，即使在最先进产品上尚未追平全球领导者之前，也可能重塑竞争格局。
Morgan Stanley said in an August report that Chinese memory manufacturers could reshape competition through scale and domestic demand even before matching global leaders in the most advanced products.
该行指出，更广泛的企业级SSD认证将使长江存储（YMTC）更直接地参与行业高价值业务的竞争。
Broader enterprise SSD qualification for YMTC would bring the company into more direct competition for the industry’s higher-value business, the bank said.
长江存储的扩张仍面临设备限制。华盛顿于2022年12月将该公司列入实体清单，对受美国出口管制的项目（包括半导体制造设备和技术）的出口、再出口和转让实施许可证要求。
YMTC’s expansion continues to face equipment constraints. Washington added the company to its Entity List in December 2022, imposing licence requirements on exports, re-exports and transfers of items subject to US export rules, including semiconductor manufacturing equipment and technology.
Counterpoint还表示，长江存储正在研究DRAM（动态随机存取存储器，即手机、电脑和服务器使用的工作内存），以寻求拓展NAND闪存以外的业务。
Counterpoint also said YMTC was researching DRAM, the working memory used in phones, computers and servers, as it sought to expand beyond NAND.
其移动内存开发包括一个旨在最终实现量产的新设计，而早期版本仍处于研发和测试阶段。
Its mobile memory development includes a newer design intended for eventual mass production, while an earlier version remains in research and testing.