长鑫科技以8.66元发行价登陆科创板，上市首日收于49元，涨幅465.82%[1]。截至收盘，公司总市值约3.28万亿元[3]，盘中一度达3.68万亿元，超越工商银行成为A股市值最高的公司[3]。当日成交额约1411亿元，刷新A股个股单日成交纪录[1]。此次IPO募集资金约579亿元，创下科创板募资纪录[3]。
长鑫科技已成为全球DRAM市场的重要参与者。截至2025年底，公司全球DRAM市场份额达7.67%，排名全球第四[1]。2025年公司营收617.99亿元，同比增长155.6%[1]，归母净利润约18.8亿元[3]。公司主力产品为DDR和LPDDR系列芯片，已进入小米、OPPO、vivo、荣耀、传音、联想等品牌供应链[3]。阿里巴巴是长鑫最大产业投资者，累计投入约76亿元，持股近5%，上市首日账面浮盈超1600亿元[2]。
国产存储产业的发展仍面临多重考验。三星、SK海力士、美光三家全球前三厂商合计拿走约九成市场份额[3]。长鑫在高端HBM产品上尚无商业收入[3]，预计到2028年HBM晶圆月产能可能达到10万片，约占全球HBM产能的12%[3]。此外，长鑫需要应对良率提升、成本控制以及经历完整产业周期等挑战[1]。公司全年研发投入95.93亿元，研发人员超过6200人[1]。
Longing Semiconductor made its debut on China's Science and Technology Innovation Board on July 27, priced at 8.66 yuan per share and closing at 49 yuan on its first trading day, representing a gain of 465.82%[1]. The company's market capitalization reached approximately 3.28 trillion yuan at the close, briefly surpassing the Industrial and Commercial Bank of China to become the highest-valued company on the A-share market[3]. Trading volume set a new record for individual stocks on a single day, with transactions totaling approximately 1.411 trillion yuan[1].
The IPO raised approximately 579 billion yuan, establishing a new fundraising record for the Science and Technology Innovation Board[3]. Following the offering, total share capital stands at approximately 668.81 billion shares, with unrestricted tradable shares at issuance numbering about 450.3 million shares, representing 6.73% of total shares[1]. The 8.66 yuan issuance price corresponds to a price-to-earnings ratio of 308.92 times[1].
Longing has emerged as a major player in global memory markets. As of the end of 2025, the company holds a 7.67% share of the global DRAM market and ranks fourth worldwide[1][3], though the top three manufacturers—Samsung, SK Hynix, and Micron—collectively command approximately 90% of the market[3]. The company's 2025 revenue reached 617.99 billion yuan, representing a 155.6% year-over-year increase, marking its first full-year profit of approximately 18.8 billion yuan after losses in 2023 and 2024[1][3]. Annual research and development expenditure reached 9.593 billion yuan, with more than 6,200 R&D personnel[1].
The company's primary products are DDR and LPDDR memory chips, which have entered supply chains for brands including Xiaomi, OPPO, vivo, Honor, Transsion, and Lenovo[3]. However, Longing has yet to achieve commercial revenue in high-end HBM (high bandwidth memory) products[3]. The company projects that by 2028, its HBM wafer monthly production capacity could potentially reach 1 million wafers, representing approximately 12% of global HBM capacity[3].
Alibaba has been instrumental in supporting Longing's development. The technology giant first invested in Longing in late 2021[2] and has cumulatively invested approximately 7.6 billion yuan through Alibaba Cloud Computing and Alibaba Network entities, holding close to 5% of the company[2]. On the company's first trading day, Alibaba's shareholding generated a paper gain exceeding 1.6 billion yuan, representing a return multiple exceeding 20 times[2].
Despite achieving scale and profitability, Longing faces multiple challenges ahead, including breakthrough requirements in HBM technology, yield improvements, cost control, and navigating complete market cycles typical in the semiconductor industry[1].
