Investment Logic of the Memory Chip Sector and Investment Value Analysis of WANRUN TECHNOLOGY

Based on the latest data and analysis I have collected, let me systematically answer the investment questions about the memory chip sector and WANRUN TECHNOLOGY.

1. Paradigm Shift in “Memory as Computation” Technology
   • AI development is shifting from training to inference, and inference demand far exceeds training demand [2]
   • “Memory as Computation” technology improves computing efficiency by optimizing data storage, bypassing the high-speed transfer of data from storage units to computing units, and reducing reliance on expensive VRAM by directly storing intermediate data in media such as SSD [2]
   • This technological shift promotes storage products from accessories to strategic materials for AI infrastructure [2]

2. Structural Imbalance Between Supply and Demand
   • The spot price of global memory chips has risen by more than 300% cumulatively since September, with both DRAM and NAND Flash experiencing an “epic” price surge [2]
   • TrendForce predicts that the overall DRAM contract price in 4Q25 will rise by 50-55% [3]
   • Capacity constraint is the biggest issue; the expansion cycle for memory chips usually takes three to four years, and there is little possibility of significant capacity expansion in 2026-2027 [2]

3. Threefold Pull on the Demand Side
   • AI servers: The storage demand for a single AI server is up to 2TB, with DRAM capacity 8x that of ordinary servers and NAND capacity 3x [3]
   • Accelerated data center construction
   • Recovery of consumer electronics: The growth trend of consumer electronics such as mobile phones and computers in 2026 is已定 [2]

• HBM Becomes Standard
  : The global HBM revenue CAGR from 2024 to 2030 will reach 33%, and its share in the DRAM market is expected to exceed 50% in the future [3]
• Increased Product Complexity
  : Expansion from traditional LPDDR, Server DRAM, and PC DRAM to HBM, Graphics DRAM, etc. [2]
• Change in Procurement Model
  : Shift from traditional procurement to bidding model, significantly enhancing supplier discourse power [2]

: WANRUN TECHNOLOGY (002643.SZ) is actually not a pure memory chip enterprise but mainly engaged in , with its main business including:

• Functional Materials
  : Accounting for 78.58%, mainly including liquid crystal materials, OLED materials, zeolite series environmental protection materials [4]
• Life Sciences and Pharmaceuticals
  : Accounting for 20.09%, involving pharmaceutical intermediates, APIs, finished drug preparations, etc. [4]
• Others
  : Accounting for 1.33% [4]

The company’s layout in the semiconductor field is relatively limited:

• Photoresist Materials
  : The main products sold include photoresist monomers, resins, and photoacids, which are upstream materials used in the production of finished photoresists [4]
• OLED Materials
  : It is a leading supplier of pre-sublimation OLED materials, and has independent intellectual property rights of finished OLED materials verified by downstream manufacturers [4]

According to the latest financial data [0]:

:

• Market Capitalization: $13.23 billion
• P/E Ratio: 53.07x
• P/B Ratio: 1.83x

:

• ROE (Return on Equity): 3.60% (low)
• Net Profit Margin: 6.81%
• Operating Profit Margin:10.28%

:

• Current Ratio:2.72 (good)
• Quick Ratio:1.50 (healthy)
• Debt Risk: Low risk

:

• Jan-Sept 2025 operating revenue: 2.826 billion yuan, up 2.31% YoY
• Net profit attributable to parent company:306 million yuan, up3.27% YoY [4]

• 1-year gain:19.22%
• 6-month gain:32.69%
• Current stock price:14.33 yuan
• 52-week range:9.35-14.79 yuan

:

1. Concept Attribute
   : Involved in semiconductor material concepts such as photoresist and OLED, with a certain basis for theme speculation
2. Financial Stability
   : Low debt risk and good cash flow status
3. Technical Accumulation
   : Deep technical accumulation in chemical synthesis, leading position in OLED materials

:

1. Core Business Deviation
   : Main business is chemical materials, not pure memory chip concept
2. Average Profitability
   : ROE is only 3.60%, relatively weak profitability
3. High Valuation
   : 53x P/E is relatively high in the current market environment
4. Limited Growth
   : Low revenue and net profit growth rate, lack of high-growth characteristics

:

• 53x P/E is obviously high for a chemical material company
• 3.60% ROE cannot support such a high valuation
• The company is more of concept speculation rather than fundamental-driven

: WANRUN TECHNOLOGY’s limit-up is more of emotional rise following the memory chip sector, lacking sustained fundamental support, and sustainability is questionable.

: The company has certain technical accumulation in OLED materials and upstream photoresist materials, but as a chemical material enterprise, it is marginal in the memory chip industry chain, and long-term investment value is limited.

Based on the analysis of the memory chip industry chain, the targets that truly benefit from the “memory as computation” technology trend should focus on:

1. Memory Chip Design
   : GigaDevice, Ingenic Semiconductor
2. Memory Modules
   : Longsys, Demingli, Biwin Storage [3]
3. Memory Equipment
   : SMIC, Hua Hong Semiconductor [3]

1. Concept Speculation Risk
   : WANRUN TECHNOLOGY, as a non-pure memory chip target, has concept speculation risk
2. Valuation Regression Risk
   : High valuation faces regression pressure due to mismatched performance growth
3. Industry Cycle Risk
   : Memory chip prices fluctuate cyclically, need to pay attention to changes in supply-demand balance
4. Technology Substitution Risk
   : Fast iteration of storage technology, risk of technical route changes

The rise of the memory chip sector has solid industrial logic support; the paradigm shift in “memory as computation” technology and the explosion of AI demand will drive the industry into a long-term boom cycle. However, WANRUN TECHNOLOGY, as a chemical material enterprise, is not a direct beneficiary of this trend, and its stock price rise is more of concept speculation, with fundamentals difficult to support the current high valuation. Investors should distinguish between concept speculation and real beneficiary targets, and it is recommended to focus on enterprises related to memory chips with core technologies in the industry chain.

[0] Jinling API Data - Real-time stock quotes and financial analysis of WANRUN TECHNOLOGY
[1] Caixin Society - “Memory Chip Concept Fluctuates and Strengthens, Huahai Chenke Rises Over 10%” (December 12, 2025)
[2] Securities Times - ““Memory as Computation” Ignites Memory Price Rise Cycle, Is the Growth Trend of Consumer Electronics已定?” (December 16, 2025)
[3] Guosen Securities - “Semiconductor December Investment Strategy: Memory Price Rise Trend Continues, AI Edge Side Intensively Released” (December 8, 2025)
[4] NetEase Finance - “WANRUN TECHNOLOGY Rises 1.40%, Turnover 409 Million Yuan, Is There Any Opportunity in the Future?” (December 15, 2025)