女生怒撕港独标语

从全年亏损191亿到单季盈利333亿 长存控股招股书全拆解_我的网站

A |     At more than 1,500 meters above sea level, Tianmen Mountain in central China's Zhangjiajie offers summer temperatures of just 22 to 26 degrees Celsius, drawing a steady stream of visitors.
Among them are growing numbers of European travelers, like Italian Giancarlo Marino. Escaping the relentless summer heat in his hometown, he traveled to China with friends in search of cooler weather.
"Here you can feel the breeze, and while you're resting up on the mountain, you can even buy ice-cold drinks from the many vendors. It's thoughtful and relaxing," he said.
As extremely high temperatures grip many parts of the world this summer, China is emerging as an unexpected destination to avoid the soaring temperatures. With more convenient entry policies and a host of tourism-friendly measures, the country is drawing international visitors in surprising new ways.
NICHE ATTRACTIONS
Jizhou District in north China's Tianjin Municipality is usually known among Beijing residents as a weekend escape. Few would expect to encounter overseas tourists there, let alone visitors from Argentina.
Argentine traveler Michael visited Jizhou during his trip to China to enjoy the mountain scenery around the Huangyaguan section of the Great Wall.
For him, the "coolness" of Jizhou was not just about the pleasant temperature, but also about immersing himself in nature and experiencing rural life.
"The environment here is beautiful, and you can even see the Great Wall from the guesthouse," he said.
Local guesthouse owner Zhang Wei has noticed a growing number of foreign visitors seeking a deeper understanding of local life instead of simply checking off famous attractions.
"We've lately seen a clear increase in overseas guests. Many like to combine countryside experiences with natural scenery, allowing them to experience China in a more in-depth way," Zhang said.
Dutch tourist Noa is another traveler seeking out niche experiences. On a recent independent trip to Nanjing in east China's Jiangsu Province, Noa and friends made a point of visiting local produce markets and public parks, including matchmaking corners where parents gather to find partners for their children, to observe daily life up close.
"Many of the vegetables here are things I've never seen back home. It's really interesting," Noa said.
China's rapid economic and social development is also reshaping inbound tourism. Slovenian tourist Rainer Grega, visiting China for the first time, said he hopes to tour major Chinese technology companies.
"Many Chinese companies and brands are well-known overseas, so I'm really looking forward to visiting the headquarters of some of them. It would be fascinating to tour an electric-vehicle factory or see how those advanced robots are manufactured," he said.
According to a representative of a Suzhou-based international travel agency, foreign visitors are increasingly planning multi-city itineraries, while younger independent travelers, trips to smaller cities and rural areas, and longer stays have all become notable trends.
"Nowadays, many foreign visitors venture into city neighborhoods and rural villages to experience authentic Chinese life. From vibrant urban nightlife to rural revitalization, a vivid, multi-dimensional China is being increasingly shared with the world," said Wu Guoping, president of the Wuxi Tourism Association.
MORE OPEN STANCE
For many overseas visitors, China's increasingly convenient entry policies have provided an important guarantee for more flexible and in-depth travel.
China currently offers unilateral visa-free entry to nationals of 50 countries, including Slovenia and Italy.
"Thanks to the 30-day visa-free policy, you can come whenever you want -- just book a flight and go," Grega said. He added that transfers between airports and high-speed rail stations were seamless, making detailed travel planning largely unnecessary.
Marino echoed the view, saying the visa-free policy was a major reason for choosing China.
"It feels like the policy is becoming more and more foreigner-friendly. You can tell that China is opening its arms and genuinely welcoming more people to visit and learn about the country," he said.
Data from the National Immigration Administration (NIA) showed that China recorded 22.91 million inbound foreign visits in the first half of this year, up 20.4 percent year on year. Of those, 77.7 percent were made under visa-free entry facilitation policies.
China is also expanding the coverage of its 240-hour visa-free transit policy. According to an NIA announcement released on Aug. 20, citizens of Kyrgyzstan and Vietnam became eligible for the 240-hour visa-free transit policy and the 30-day visa-free entry policy for Hainan Province starting Aug. 20. The move increased the number of countries covered by the 240-hour visa-free transit policy to 57.
Vietnamese student Do Thi Huyen My, now in her second year at Hainan University, happily welcomed the new policy.
"I think the policy will definitely attract more Vietnamese tourists to China, especially to Hainan," she said.
"For me personally, it also means my family can visit me in Hainan more conveniently while enjoying a vacation here. By the time I graduate, my parents, relatives and friends will also be able to attend my graduation ceremony without going through complicated visa procedures," My said.
REFINED SERVICES MATTER
As inbound visitors become increasingly diverse and venture beyond traditional destinations, new opportunities have emerged for China's tourism industry, alongside higher expectations for service quality.
The city of Suzhou in Jiangsu Province, for instance, recently introduced a package of incentive measures to boost inbound tourism, offering rewards to travel agencies and online travel platforms that manage to organize overnight stays for foreign tourists and expatriates, or arrange one-day tours, with the annual reward up to 3 million yuan (about 442,000 U.S. dollars). Senior tour guides who manage to cultivate or recruit foreign-language guides are also eligible for incentives.
However, experts warned that feedback from some foreign visitors suggests that information access and language services remain weak links amid the boom of inbound tourism, which underscores the need to improve tourism services for international guests.
Wu Guoping suggested building a more comprehensive support system by developing multilingual digital platforms that seamlessly connect transportation, accommodation, dining, shopping and attractions, making travel planning and consumption more convenient.
To that end, Shanghai has recently launched a type of integrated smart tourism service kiosk that combines abundant online and offline resources.
Resembling a telephone booth, the facility provides access to 14,000 ticketing and shopping links, more than 20,000 dining venues and over 7,500 hotels and guesthouses. Powered by an AI travel assistant, it offers personalized recommendations, real-time interpretation and AI-generated travel journals. Its foreign bank card payment system supports 10 languages and more than 120 currencies.
Zhangjiajie is also improving services to match its surging international guests. From January to July this year, the city received 860,700 inbound visitors from 195 countries and regions, up 19.01 percent year on year. Tourism foreign exchange revenue reached 98.52 million U.S. dollars, an increase of 40.52 percent.
Despite the rapid growth, a previous survey in the Wulingyuan Scenic Area found that fewer than one-third of frontline staff could communicate proficiently in a foreign language.
The scenic area has since partnered with local universities to compile English-, Korean- and other foreign-language learning handbooks, while organizing evening classes for tourism workers.
Chen Heng, a 52-year-old publicity officer and one of the evening school participants, has even purchased language-learning software at his own expense and practices English pronunciation by reading aloud with a chopstick in his mouth.
"Zhangjiajie boasts world-class natural scenery. Our service quality has to keep pace as well," he said.
。    　　长鑫之后，另一个国产存储巨头长存控股IPO也迎来关键节点。　　8月21日，上交所官网显示，长江存储控股股份有限公司科创板IPO申请已正式获受理，公司简称为“长存控股”，联席保荐人为中信证券和中信建投。这家全球NAND Flash市场排名第三的中国存储巨头，正式向A股资本市场发起冲击。　　长存控股于2026年5月19日办理辅导备案登记，8月21日即完成辅导验收，用时仅约3个月。　　长存控股成立于2016年12月21日，位于武汉。注册资本为178亿元，法定代表人为陈南翔。公司专注于3D NAND闪存及存储器解决方案，成为全球首批突破200层NAND存储芯片的企业。根据TrendForce数据计算，2026年1-3月公司在全球NAND Flash厂商中按销售金额和出货量排名，均位列全球第三、中国第一。　　产品结构：NAND已成绝对核心　　报告期内，公司主营业务收入高度集中于NAND Flash产品，按形态分为存储芯片、智能终端产品和固态硬盘三大类。存储芯片以Raw NAND晶圆和颗粒为主，直接销售给下游模组厂或终端客户；智能终端产品以eMMC、UFS等嵌入式存储芯片为主，主要应用于智能手机、平板电脑等移动终端；固态硬盘覆盖消费级（致态品牌）和企业级PCIe SSD两大方向。　　存储芯片包括非易失性存储芯片（断电后仍保存数据）和易失性存储芯片（断电后丢失数据），常见的非易失性存储芯片包括闪存（Flash）、只读存储芯片（ROM），常见的易失性存储芯片主要为随机存储芯片（RAM），进一步分为DRAM和SRAM。随着AI热潮对于存储需求的暴增，目前存储芯片都处于供不应求的高景气状态。　　根据长存控股招股书，NAND Flash产品收入占比持续提升：2023年141.02亿元（占主营76.88%），2024年398.80亿元（88.93%），2025年566.60亿元（90.77%），2026年一季度452.38亿元（96.42%）。其中，一季度存储芯片238.55亿元，智能终端166.68亿元，固态硬盘47.14亿元。　　更值得关注的是产品结构的升级：长存控股已从NAND裸芯片供应商向更高附加值的终端产品延伸，2025年智能终端和固态硬盘收入同比分别增长76.50%和55.10%，增速均快于存储芯片。

B | 与此同时，晶圆代工、NOR Flash等“其他产品及服务”收入占比持续下降，与IPO前剥离武汉新芯控股权的动作相呼应，上市主体业务将进一步聚焦NAND主航道。今年5月31日，长存控股股东会批准公司将所持有武汉新芯39%股权转让给武汉光谷半导体产业投资有限公司及武汉市光新启航投资合伙企业（有限合伙）。本次交易完成后，本公司对武汉新芯的持股比例由68.19%降至29.19%，不再将武汉新芯纳入公司合并报表范围。

C | 　　业绩爆发式增长：从全年亏损191亿到单季盈利333亿　　招股书披露的数据显示，长存控股在2023年经历行业低谷期的大额亏损后，业绩实现惊人逆转。

D | 　　2023年，公司归母净利润为-191.81亿元；2024年成功扭亏为盈，实现归母净利润67.71亿元；2025年净利润跃升至142.11亿元，营业收入达631.85亿元，同比增长约39.8%。2023年至2025年营业收入复合增长率为83.60%。　　最引人注目的是2026年第一季度：公司实现营业收入470.42亿元，归母净利润高达333.79亿元。

E | 一季度归母净利润则约为2025年全年的2.35倍。截至2026年3月31日，公司累计亏损已从2023年末的570.63亿元大幅收窄至34.04亿元，距全面弥补历史亏损仅一步之遥。　　作为技术密集型企业，长存控股始终保持高强度的研发投入。报告期内（2023年至2026年一季度），公司累计研发支出约159.53亿元，其中2025年全年研发投入为55.85亿元。　　高额投入换来核心技术突破。公司自主研发的Xtacking®架构技术已迭代至4.0版本，2022年推出Xtacking®3.0技术时成为全球首批推出200层以上3D NAND Flash产品的企业，实现国内存储技术首次领先世界先进水平。2025年，公司成为中国大陆为数不多的与国际头部厂商达成专利交叉授权的集成电路企业。截至2026年3月末，公司及其控股子公司已获授权发明专利共计5611项。　　产能利用率方面，报告期内公司始终保持高位运行：2023年至2026年第一季度分别为94.42%、95.43%、97.91%和98.02%，2026年一季度已接近满产状态。　　产销率方面，2023年至2025年分别为96.04%、97.87%和97.48%，处于较高水平；2026年一季度降至82.40%，主要系季度末产成品尚未完成销售及备货策略调整所致，不属于重大异常波动。　　在2026年第一季度，长存控股的综合毛利率达到76.77%，其中核心的NAND产品毛利率为78.73%，存储芯片细分业务更是高达84.23%。这一水平已使其与全球纯NAND龙头铠侠（同期毛利率约78%）基本持平，标志着其盈利能力正式迈入全球存储芯片第一梯队。不过，与综合毛利率达79.3%的SK海力士和84.9%的美光科技相比，长存控股仍有一定差距。

F | 　　无控股股东，国资主导　　长存控股前身为长存有限。长存有限设立于2016年12月21日，由芯飞科技、大基金一期、湖北科投、国芯基金共同出资设立，设立时注册资本3860000万元。当时芯飞科技出资比例为51.04%，芯飞科技曾用名为湖北紫光国器科技控股有限公司。2025年9月25日，公司完成了长存有限整体变更为股份有限公司的变更登记。　　招股书显示，公司无控股股东、无实际控制人。发行前，持股5%以上的主要股东共有六家，分别为：湖北长晟发展有限责任公司持股26.54%，武汉芯飞科技投资有限公司持股25.35%，国家集成电路产业投资基金一期持股11.97%，国家集成电路产业投资基金二期持股11.38%，武汉光谷产业投资有限公司持股9.25%，湖北国芯产业投资基金合伙企业（有限合伙）持股5.90%。　　长存控股主要股东向上穿透后的主要出资主体分别为湖北省国资委、武汉市国资委、东湖高新区管委会、国家大基金等，国有资本占据主导地位。　　长存控股集齐了五大银行，农银投资、建信投资、交银投资、中银资产1号、工融基金均直接持有长江存储约0.61%，五家合计约3.05%。对于一家重资产、历史上长期依赖银行贷款的半导体IDM，这一股东组合很有象征性：大型银行体系不仅是债权融资方，也通过金融资产投资平台进入股权端。

G | 　　此外，闻名投资持股0.98%，央视融媒体产业投资基金持有长江存储约0.1533%。招股书股东名册中将其简称为“融媒体基金”，持股约0.15%。该基金LP中包括中国国际电视总公司、中国电信以及多家传媒上市公司。　　外部公告提供了更有趣的穿透信息。市北高新（600604.SH）在2026年5月股票交易异常波动公告中明确表示：公司作为央视融媒体基金有限合伙人，占该基金2.69%份额；央视融媒体基金于2023年12月投资长江存储，持股比例0.1533%。

H | 因此，市北高新属于极小比例的“间接参股长江存储”公司，但公司同时强调该投资占比较低，不会对经营业绩产生重大影响。　　当虹科技（688039.SH）2025年半年报披露，其向央视融媒体产业投资基金认缴并实缴1亿元，报告期末出资比例2.6936%，身份为有限合伙人。

I | 由中国互联网投资基金（中网投）持股约0.12%，上海国有资产经营有限公司直接持股约0.18%。　　这次长江存储通过智芯1号至智芯6号共6个直接员工持股平台和24个上层员工持股平台持有公司股份，合计持股约1.2949%，覆盖1024名核心人员。员工范围包括执行董事、总裁、中高层管理人员、专家工程师及以上级别员工。　　持股对象直接或间接持有的股份，自所在员工持股平台完成实缴出资之日起36个月内不得转让。六个直接持股平台于2025年6月完成实缴。公司自2025年6月开始确认股份支付，2025年确认8949.41万元，2026年一季度确认4197.84万元。

J | 　　高管持股比例不高：董事长、总裁陈南翔穿透后持有0.0333%，首席科学家霍宗亮0.0266%，其余核心高管和技术人员也均为小比例间接持股。

K | 　　拟发行不低于19.8亿股，募资330亿元　　本次发行方案显示，长存控股拟公开发行不低于19.8亿股且不超过24.3亿股（行使超额配售选择权之前），占发行后总股本比例不低于10%且不超过12%。发行后总股本将不低于198亿股且不超过202.5亿股。　　公司拟募资330亿元，其中208亿元用于“长江存储量产线技术升级项目”，122亿元用于“研发相关募投项目”。这一规模超过此前长鑫科技科创板IPO申报的295亿元募资额，刷新科创板拟募资金额新高。　　对于一家NAND IDM而言，产线升级和折旧摊销是长期持续过程。

L | 报告期内，公司购建长期资产累计现金支出约963.90亿元，折旧及摊销费用合计约509.49亿元。

M | 　　长存控股表示，本次募集资金均围绕公司主要业务半导体存储器的产研能力开展，均属于科技创新领域。通过实施本次募集资金投资项目，公司在半导体存储器领域的产线代次、产品性能、研发与技术水平将进一步提升，有助于提高公司新工艺代高性能产品能力，保持国际一流水平，提升公司全球竞争力和市占率，为公司实现长期可持续发展提供有力支撑。（文章来源：澎湃新闻）。

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