[Core Information] NAND Major Sandisk Is Reported To Have Increased Prices By More Than 10%

1. Core information of SanDisk price increase

1. Price adjustment details

• time: Effective from September 5, 2025,Applies to new orders only
• range：Omni-channel access + all consumer NAND products(SSD, USB flash drive, memory card, etc.)
• Amplitude：10% and above, some high-capacity models have higher increases
• Follow-up: willEvaluate prices regularly, there may be further adjustments in the coming quarters.

2. Official reason for price increase

• demand side: AI applications, data centers, clients, mobile terminalsStrong growth in storage demand
• Supply side: Industrial supply and demand are tightening,Capacity utilization has not fully recovered(Joint venture with Kioxia)
• Cost side: Tariffs and other factors push up operating costs, which need to be protectedHigh-performance solution supply and innovation investment

3. Financial and production capacity background

• Q2 revenue in 2025 **+12.2% QoQ** to US$1.9 billion, benefiting from channel price recovery and inventory replenishment
• Joint venture with KioxiaCapacity utilization has not reached full capacity, supply-side elasticity is limited
• The enterprise-level SSD market penetration rate is low.AI server/data center layout lags behind Samsung and Micron

2. Industry linkage: major storage manufacturers collectively increase prices, confirming cycle reversal

1. Synchronous price adjustments by major manufacturers (September 2025)

• Micron: Suspend DDR4/DDR5/LPDDR quotation and resumeRise 20%-30%
• Samsung: Q4 planned DRAM**+15%-30%、NAND+5%-10%, andDouble supply of NVIDIA GDDR7**
• market data：
  • Q3 NAND Price Index **+5%, the single month of September+4.7%；DRAM Q3+19.2%, September+2.6%**
  • In September, NAND’s growth surpassed that of DRAM.Short-term supply and demand gap appears

2. Core logic of supply and demand reversal

Demand side: AI + data center detonates high-capacity storage

• North American cloud service providerDozens of EB-level 16TB+ eSSD urgent ordersCentralized release, domestic Internet manufacturers follow up simultaneously
• 64TB+ QLC NANDAccelerating the replacement of HDD, demand for QLC surges
• Mobile phone stocking during peak season + increasing demand for on-device AI storage,Consumer-grade NAND is gaining popularity simultaneously

Supply side: Original factory is profit-oriented and production capacity shrinks

• Samsung, SK Hynix, Kioxia, etc.Strictly control wafer release, slow down capital expenditure
• Advanced production capacityHBM/GDDR7High-margin products are tilted,General NAND supply tightens
• SanDisk/KioXia, Western Digital, etc.Capacity utilization is low, supply elasticity is insufficient

3. Market Impact and Trend Outlook

1. Industry chain transmission

• upstream：NAND wafer, main control chipPrices rise simultaneously, domestic main controllers (such as Miaocun ATM102) benefit from
• midstream: Module factory, brand ownerGross profit margin improvement, but need to absorb cost pressure
• downstream: Consumer electronics (mobile phones, PCs), data centersRising costs, the terminal price may be raised

2. Domestic substitution opportunities

• Yangtze River Storage: 232-layer 3D NAND improves yield and enters mainstream supply chain
• Miaocun Technology:PublishQLC NAND UFS 2.2, self-developed main controller, covering 128GB–512GB, planning 1TB/2TB
• During the storage price increase cycle,Domestic storage share accelerates increase, module/brand factory welcomes development window

3. Price trend prediction

• Short term (Q4 2025):NAND priceContinued upward trend, eSSD increase10%+，Mobile NAND**+5%-10%**
• Mid-term (2026): The price increase trend continues,AI computing power demand + supply rigiditySupport price highs
• key variables: The pace of original factory capacity release, AI server shipments, geopolitics and tariff policies

4. Summary