The storage price wave continues to spread, with NOR Flash now leading the rally. Comprehensive price hikes of 10% or more have been implemented across all series, while some specific models have seen increases exceeding 30% within a month. Key suppliers such as GigaDevice, Puya Semiconductor, and Hensemi have issued price adjustment notices, citing rising costs in raw materials, wafer production, and packaging and testing.
As a major player in the segment, Puya reported a mixed performance in its Q3 2025 financial results:
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Revenue for the first three quarters reached ¥1.43 billion, a year-on-year increase of 4.9%.
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Net profit attributable to shareholders was ¥59.05 million, down 73.7% compared to the same period last year.
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In Q3, revenue improved sequentially to ¥527 million, though earlier inventory write-downs continued to weigh on profitability.
The current price surge is driven by both supply and demand dynamics:
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AI-driven devices are raising the average capacity and usage of NOR Flash.
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Improved downstream inventory and seasonal demand are contributing to market recovery.
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Tight wafer capacity and rising foundry costs are pushing prices upward.
Puya’s NOR Flash products, which utilize SONOS and ETOX technologies, cover capacities from 512Kbit to 1Gbit and serve applications like TWS earphones and automotive navigation. The PY25Q129HA, built on a 50nm process, offers ultra-low power consumption and high endurance.
In addition to internal growth, Puya is expanding through acquisitions. It plans to take a controlling stake in Zhuhai Nuoya Changtian, thereby indirectly controlling SkyHigh Memory—a joint venture established by Cypress and SK Hynix. SkyHigh specializes in 2D NAND and derivatives, with annual revenue exceeding ¥1 billion and a global customer base. This move will help Puya strengthen its presence in industrial and automotive electronics.
ICgoodFind Insight:
The NOR Flash price surge, combined with strategic mergers, highlights Puya’s competitive edge in products and expansion. The company is well-positioned to capitalize on the industry’s upward cycle.
