| Liu Zhentao

With AI computing power requirements expanding explosively, the global storage chip industry is entering a “super bull market” that far exceeds the traditional cycle. A research report released by Ping An Securities states that high business conditions in AI are lifting the storage cycle. Currently, overseas CSPs are continuously ramping up investment in AI infrastructure, steadily increasing enterprise-class storage demand and driving ongoing upside in the storage industry’s overall outlook.

Recently, the big moves by storage industry leader, Jinhua Weiqi? (BY Vee? )—but: 佰维存储 have drawn significant market attention. In an announcement, 佰维存储 stated that the company has signed a storage wafer purchase contract with a total committed purchase amount of as much as $1.5 billion.

$1.5 billion is approximately RMB 10.367 billion (103.67亿元). Jinhua Weiqi? (BY Vee? )—but: 佰维存储’s disclosed 2025 performance shows that for the full year, the company achieved revenue of RMB 11.302 billion and net profit of RMB 853 million. The $1.5 billion purchase contract is almost equivalent to the company’s revenue for the prior year.

By looking at 佰维存储’s financial reports, it can be seen that in this storage cycle transition driven by AI computing power, the company has achieved a remarkable turnaround in performance. In the first three quarters of 2025, 佰维存储’s net profit was only slightly over RMB 30 million, while in the fourth quarter the company’s net profit reached RMB 823 million. One quarter’s net profit surpassed the total of the prior five years, driving full-year performance growth.

With the performance surge in the fourth quarter, 佰维存储’s valuation in the capital market has continued to rise. On March 25, 2026, 佰维存储’s share price briefly hit a new high of 261.60 yuan per share, and its total market capitalization briefly exceeded RMB 120 billion. As of the close on March 27, 2026, the company’s total market capitalization was RMB 111.4 billion.

Behind 佰维存储’s performance surge and its growth into a trillion-yuan storage leader are the experiences of Sun Rixin and his sons, Sun Chengsi, who carried the entrepreneurial torch and built the business in succession. Sun Rixin resigned and went into business to found 佰维存储, seizing opportunities in industrial development and leading the company to gain a firm foothold and grow stronger. After his son Sun Chengsi took over, he pushed the company toward the capital markets; with the power of capital, he seized the opportunities of the era, positioned the company for the AI age, and drove it to grow into a trillion-yuan leader.

Now, standing at the start of a new explosive cycle in the storage industry, second-generation entrepreneur Sun Chengsi is leading 佰维存储 to “go big” on the future with large orders worth over 10 billion yuan.

Father-and-son relay entrepreneurship to build a trillion-yuan storage leader

The founding and growth of 佰维存储 traces back to the entrepreneurial journey of the current chairman’s father, Sun Rixin.

Sun Rixin was born in Guangyuan City, Sichuan Province, and is part of the 1960s generation (born in the 1960s). During the college entrance exam, Sun Rixin achieved excellent results and successfully gained admission to the School of Computer Science, Southwest Jiaotong University, majoring in automatic control. At that time, getting into university could lead to an assigned job. After graduating, Sun Rixin followed the state’s job assignment and entered the Computer Application Center of the First Design Institute of the Ministry of Railways.

Working at a design institute affiliated with the Ministry of Railways was an iron rice bowl job at the time, but Sun Rixin’s heart was “restless.” In the 1990s, many people chose to resign and start businesses. Sun Rixin firmly chose to give up the iron rice bowl within the system, coming down from Beijing to Shenzhen to start his business.

In 1995, Sun Rixin established a trading company, founded the “BIWIN” brand, with the meaning of win-win, and mainly sold hard disk drive (HDD) components and flexible magnetic disk products, which helped him earn his first pot of gold. In 1999, Sun Rixin established a factory. He moved beyond the previously pure trading model, began to lay out the hardware production segment, and focused on contract manufacturing of flash memory modules and graphics cards.

However, as an engineer, Sun Rixin definitely wouldn’t be satisfied with the status quo—just like he hadn’t been satisfied with his “iron rice bowl” back then. Around the turn of the millennium, Sun Rixin began to enter the ODM contract manufacturing business and established long-term cooperative relationships with international wafer fabs such as Intel, Micron, and Samsung, gradually establishing a strong foothold in the contract manufacturing field.

In 2008, Sun Rixin made a key decision—one that later helped 佰维存储 grow and expand. That year, the global financial storm erupted, and the development of the electronics industry was suppressed. While most companies chose to close production lines or reduce investment, Sun Rixin chose to invest, expand, and build his own packaging and testing factory against the tide.

Later facts proved that Sun Rixin’s bold decision to “bet” was correct. The company not only achieved full 8-inch and 12-inch wafer packaging and testing capabilities, building complete industrial capabilities from wafers to finished products, but also enabled the company to withstand risks amid fluctuations in subsequent storage cycles.

In 2010, based on the factory he had built earlier, Sun Rixin established Shenzhen 佰维存储科技有限公司. At the same time, 佰维存储 began to lay out the embedded storage field and started producing and manufacturing eMMC (embedded multimedia card) products. As an embedded storage product that was adopted relatively early, eMMC was initially mainly targeted at feature phones, entry-level smartphones, and IoT devices. Later, with technological upgrades, it was widely used in consumer electronics and industrial fields. This further improved 佰维存储’s market share.

In 2011, 佰维存储 officially put into operation a fully automated SSD production workshop, moving into the SSD field and extending its business from packaging/testing services to the manufacturing of semiconductor storage equipment. In the same year, the shipment volume of flash drives from 佰维存储 already accounted for 11% of the global market, making it one of China’s largest storage equipment contract manufacturers.

In 2012, 佰维存储’s management underwent changes. Sun Chengsi, Sun Rixin’s son who studied in the United States, returned to China, entered the company, and began gaining experience by serving as vice general manager. In 2015, Sun Chengsi successively took over the positions of general manager and chairman from Sun Rixin, responsible for the group’s overall strategic planning, market operations, and major business decisions.

After Sun Chengsi took charge of the company, he began building a younger management team for daily management and began pushing the company toward the capital markets. In 2016, under Sun Chengsi’s leadership, 佰维存储 completed equity changes, and the company renamed itself to “Shenzhen 佰维存储科技股份有限公司.”

Under Sun Chengsi’s management, the company continued to increase R&D investment, further strengthening the R&D packaging/testing integration advantage built by his father Sun Rixin. At the same time, it actively extended downstream with a forward-looking mindset, embracing AI and focusing deeply on AI at the edge. Sun Chengsi has said that 佰维存储 actively extends downstream; through vertical integration capabilities of “high-performance storage + wafer-level packaging and testing,” it establishes our own unique competitive advantage.

At the end of 2022, 佰维存储 successfully listed on the STAR Market (Sci-Tech Innovation Board) and continued to grow in the subsequent period to become a semiconductor storage solutions provider with a market value of one trillion. As of the close on March 27, 2026, 佰维存储’s total market capitalization reached RMB 111.4 billion.

Looking back at the growth and development of 佰维存储, Sun Rixin the father founded the business base and laid the foundation for development and competitive advantages; Sun Chengsi the son brought innovation and continuously consolidated those advantages. The father-and-son relay partnership jointly built today’s storage leader with a market value of one trillion.

Signing a 10-billion-yuan contract—bet big on the AI era

Recently, 佰维存储 has undergone a major development that has attracted market attention: the company signed an order worth as much as 10 billion yuan.

On the evening of March 24, 佰维存储 announced that the company signed a daily-operation procurement contract with a certain storage original equipment manufacturer (OEM). The contract agreed that the company would purchase a certain type of storage wafer from that supplier in accordance with the quantities, prices, and timeline set in the contract. The contract’s total committed purchase amount is $1.5 billion, and the committed procurement period totals 24 months.

What does $1.5 billion mean? Based on the current exchange rate as of March 27, $1.5 billion is equivalent to RMB 10.367 billion. According to the company’s announcement, this contract worth more than RMB 10 billion, which is at the scale of over RMB 10 billion, exceeds 50% of the company’s audited operating revenue and total assets for the most recent fiscal year.

The 2025 annual report shows that in 2025, 佰维存储 achieved revenue of RMB 11.302 billion, and the company’s total assets at year-end were RMB 15.521 billion. The amount of this contract is nearly comparable to the revenue scale for 2025—accounting for 60% of the total assets scale.

It can be said that 佰维存储 has effectively put up nearly one year’s revenue to lock in some of the planned usage for the next two years. 佰维存储 stated that if this contract is successfully fulfilled, it will help enhance the company’s long-term stability of storage wafer supply and reduce the impact of price fluctuations of storage wafers on costs.

Besides cost, this big contract is also a “big bet” to solidify competitive barriers—an “AI future” big bet.

Under the leadership of Sun Chengsi, 佰维存储 is expanding from consumer-level markets into enterprise-level AI endpoint markets. Requirements for supply stability in the AI endpoint market are far higher than those of consumer customers. Signing supply contracts worth tens of billions of yuan allows the company to offer more certain delivery commitments to downstream customers, thereby gaining more room in the market.

Since 2024, as AI foundation models have shifted from training to scenario-based deployment, demand for AI servers has surged. Globally, over 80% of advanced capacity of storage OEMs has been redirected to HBM (high-bandwidth memory). The storage industry is entering a new round of an AI-driven “super cycle.” TrendForce data shows that in the fourth quarter of 2025, NAND contract prices rose 33%-38% quarter over quarter, and DRAM rose 45%-50%; in the first quarter of 2026, NAND’s increase exceeded 90%, and DRAM’s increase exceeded 50%.

After years of hard work by two generations—Sun Rixin and Sun Chengsi— 佰维存储 has formed an integrated vertical capability of R&D, packaging, and testing. In 2024, 佰维存储 said that its R&D-driven integrated packaging/testing had fully entered “version 2.0.” In 2025, 佰维存储 also laid out wafer-level packaging and testing. Wafer-level advanced packaging technology has become a key to enhancing competitiveness in the AI era.

Looking back at the development of overseas giants, Korea’s SK hynix holds an absolute position in the HBM market largely thanks to its advanced packaging capabilities.

According to 佰维存储’s IPO prospectus for its listing in Hong Kong, research by Frost & Sullivan (Frost & Sullivan) shows that 佰维存储 is the world’s first independent storage solutions provider that has wafer-level packaging capabilities.

It is precisely this AI-era competitiveness that enables 佰维存储 to further extend downstream to the edge. In the company’s 2025 annual report, it mentioned that in 2025, revenue from AI emerging edge storage products was about RMB 1.751 billion, a substantial year-over-year increase. In 2026, as AI glasses ramp up in volume, the company’s cooperation with key customers such as Meta will deepen, driving continued growth in its intelligent wearables storage business.

From the perspective of storage demand in the AI era, storage solutions providers that can lock in resources in advance and build supply-chain barriers may occupy favorable positions in the new round of industry reshuffling.

From Sun Rixin’s counter-cyclical arrangements when he started the business to Sun Chengsi’s current signing of a contract worth tens of billions of yuan, both are undoubtedly “big bets” on the future. The counter-cyclical planning has laid the foundation for 佰维存储’s current surge. Now, as we bet on the future under the AI era, whether it will bring 佰维存储 into a new chapter of development—we will continue to pay attention!