The NAND expansion pace has accelerated faster than most expected. Several Korean media reports today provided specific details. SK hynix will restart its Dalian Plant 2 in the second half of this year, installing V8 (238-layer) production lines with a monthly capacity target of 30,000–50k wafers, to be completed by the first half of 2027. Samsung's Xi'an plant has already completed the conversion from V6 to V8 (236-layer) by the end of March and is now in mass production.

On the capital expenditure side, SK hynix's Dalian investment in 2025 is 44.06 billion won, up 52% YoY. Samsung Xi'an is approximately $304 million, up 67.5% YoY. The two Korean companies are simultaneously accelerating NAND investment in China, both targeting V8.

Dalian Plant 2 was acquired by SK hynix when it spent 11 trillion won to buy Intel's NAND business and had been idle for over two years. The restart is driven by the surge in NAND contract prices (Q2 QoQ up over 70%, surpassing DRAM for the first time), and more critically, the switch of VEU (Validated End User) to an annual approval system. Previously, when equipment suppliers received NAND production line orders from Chinese factories, the approval cycle and outcome were uncertain, directly suppressing purchasing intent. The annual batch approval has greatly improved predictability. Reports indicate that domestic partners have started shipping idle NAND equipment to Dalian, and overseas suppliers have also received preliminary purchase orders.

The market has been focused on the capex cycles of HBM and DRAM, defaulting NAND as a cycle laggard. Now, with Korean companies synchronously transitioning to V8 in China, coupled with YMTC's domestic expansion, the demand release window for deposition, etching, and inspection equipment in the NAND segment will be more concentrated than assumed in sell-side models. The contribution weight of NAND in the semiconductor equipment market may need to be reassessed.