Longsys Electronics (301308)
Longsys Electronics (301308) is China’s largest storage-module company, owner of the retail Lexar brand and the embedded FORESEE brand, making eMMC, UFS, SSDs, and DRAM modules. In ETFpedia it represents the storage layer of the China Memory & Storage concept, and the 2026 memory price spike multiplied its profit.
| Ticker | 301308 |
|---|---|
| Exchange | SZSE ChiNext |
| Sector | Technology · Storage Modules & Solutions (NAND, DRAM) |
| Country | China |
| Wikidata | Q108670614 |
| Last updated | 2026-06-16 |
Next event:Next report · H1 2026 半年报 (semi-annual report), estimated · Estimated from China's August 31 semi-annual filing deadline; not company-confirmed. Last report: Q1 2026 一季报 filed 2026-04-28. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-04-28)
Longsys's Q1 2026 revenue rose 132.79% year over year to about ¥9.91 billion and net profit attributable to shareholders swung to about ¥3.86 billion from a prior-year loss, roughly 2.7 times its full-year 2025 profit, as a spike in memory prices lifted module prices and the value of inventory bought earlier in the cycle.
| Revenue | ¥9.91B+132.79%YoY |
|---|---|
| Net profit (attrib.) | ¥3.86B · Swung to profit from a prior-year loss; ~2.7x FY2025 profit |
| Gross margin | 55.53% · Up from about 10% a year earlier |
Revenue by segment
| Embedded storage (FORESEE-led) | ¥10.01B · 44%of revenue+18.83% YoY |
|---|---|
| Solid-state drives (SSD) | ¥5.57B · 24%of revenue+34.31% YoY |
| Mobile storage (Lexar-led) | ¥4.89B · 21%of revenue+52.56% YoY |
Recent & upcoming events
- · FY2025 annual results filed.Full-year 2025 revenue of ¥22.77 billion (+30.36%) and net profit of ¥1.42 billion (+185.41%), with embedded storage up 18.83% to ¥10.01 billion. (source)
- · Q1 2026 results: profit ~2.7x the full year.Revenue ¥9.91 billion (+132.79%) and net profit ¥3.86 billion, a swing to profit and roughly 2.7 times full-year 2025 profit, as memory prices spiked. (source)
FY2025 figures from Longsys's cninfo annual report; Q1 2026 figures as reported by Securities Times. Amounts in CNY; 亿 = 100 million.
Figures are as of 2026-04-28 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Longsys do?
Longsys turns raw memory into finished storage. It buys NAND and DRAM and designs, packages, tests, and sells the result under two brands: Lexar, the retail name for memory cards, USB drives, and consumer SSDs that it acquired in 2017, and FORESEE, the embedded name for eMMC, UFS, and industrial modules. It also sells enterprise SSDs and memory modules. In 2025, embedded storage was its largest line at ¥10.01 billion, up 18.83%, with SSDs at ¥5.57 billion and mobile storage at ¥4.89 billion (Longsys FY2025 annual report).
How is AI driving Longsys’s business?
AI infrastructure is pulling enterprise SSD and module demand up while memory prices climb, and Longsys captures both effects at once. Because it holds inventory of NAND and DRAM bought earlier in the cycle, a price spike lifts its selling prices and revalues that inventory, so margins expand far faster than revenue. The result in Q1 2026 was a gross margin of 55.53%, up from roughly 10% a year earlier, and a net profit about 2.7 times the entire prior year (Securities Times).
“Driven by the explosion in AI demand, the global semiconductor storage industry has maintained high prosperity, creating a favorable external environment for the company.”
— Longsys, Q1 2026 report (Securities Times)
The flip side is that this leverage is symmetric. The same inventory and pricing dynamics that produced a record quarter would compress margins on a down-cycle, which is why Longsys is best understood as a high-beta proxy for the memory price cycle rather than a steady compounder.
What did Longsys report most recently?
In Q1 2026 (the quarter ended March 31, 2026), Longsys posted revenue of about ¥9.91 billion, up 132.79% year over year, and net profit attributable to shareholders of about ¥3.86 billion, a swing to profit from a year-earlier loss and roughly 2.7 times its full-year 2025 profit, at a 55.53% gross margin (Securities Times). For full-year 2025, revenue was ¥22.77 billion (+30.36%) and net profit ¥1.42 billion (+185.41%) at a 19.40% gross margin (Longsys FY2025 annual report).
What are the risks for Longsys?
- Down-cycle leverage. The inventory and pricing dynamics that produced a record Q1 reverse on a falling market, when module prices and inventory values drop together and margins compress fast.
- Thin structural margins. Outside the price spike, the module business runs at high-teens gross margin; the 55.53% Q1 figure is cyclical, not the run-rate.
- Working capital. Rapid revenue growth ties up cash in inventory and receivables, and operating cash flow can turn negative even in a strong quarter.
- Supply dependence. Longsys does not make wafers, so its costs and availability depend on the same DRAM and NAND makers whose prices drive its revenue.
Related securities, concepts & terms
- China Memory & Storageparent
- Asia Memory Semiconductorrelated
- Ingenic Semiconductor (300223)sibling
- NAND Flashrelated
Related indices & ETFs
Frequently asked questions about Longsys
What does Longsys do?
Longsys Electronics (301308) is China's largest storage-module and storage-solutions company. It buys NAND and DRAM and turns it into finished products under two brands: Lexar, the retail brand for memory cards, USB drives, and consumer SSDs, and FORESEE, the embedded brand for eMMC, UFS, and industrial storage. It also sells enterprise SSDs and memory modules. Its four product lines span embedded storage, SSDs, mobile storage, and memory modules across consumer, industrial, and automotive grades (Longsys FY2025 annual report).
Why is Longsys so leveraged to memory prices?
Because it is a module maker, not a fab: it buys memory wafers and chips and resells finished modules. When NAND and DRAM prices rise, both its module prices and the value of inventory it bought earlier in the cycle go up, so margins expand sharply. That is why its gross margin jumped from about 10% to 55.53% and Q1 2026 net profit reached roughly 2.7 times its full-year 2025 profit (Securities Times). The mechanism works in reverse on a down-cycle.
What was Longsys's latest quarterly revenue?
In Q1 2026 (the quarter ended March 31, 2026), Longsys reported revenue of about ¥9.91 billion, up 132.79% year over year, and net profit attributable to shareholders of about ¥3.86 billion, a swing to profit from a year-earlier loss and roughly 2.7 times its full-year 2025 profit, at a 55.53% gross margin (Securities Times). For full-year 2025, revenue was ¥22.77 billion (+30.36%) and net profit ¥1.42 billion (+185.41%) (Longsys FY2025 annual report).
When does Longsys next report earnings?
Chinese A-share issuers do not pre-announce earnings dates. Longsys's next scheduled disclosure is its H1 2026 半年报 (semi-annual report), due on or before August 31, 2026 under China's semi-annual filing deadline. That date is estimated, not company-confirmed. Longsys last filed its Q1 2026 一季报 on April 28, 2026 (Securities Times).
Sources & references
- Longsys Electronics 2025 Annual Report Summary (江波龙 2025年年度报告摘要) · Longsys Electronics / cninfo (巨潮资讯), 2026-04-28
- Longsys Q1 2026 Net Profit ¥3.86 Billion, Swings to Profit (江波龙：一季度净利润38.62亿元 同比扭亏为盈) · Securities Times (证券时报), 2026-04-28
- AI-Driven Storage Demand Surges; Longsys Q1 Profit Hits 2.7x Its Full Year (AI驱动存储需求激增 江波龙一季度净利润达去年全年2.7倍) · Securities Times (证券时报), 2026-04-29
- Longsys Electronics — Company & Brands (Lexar, FORESEE) · Longsys Electronics, 2026-04-28
- AI Architecture Evolution Set to Drive Memory Market Revenue to a New Peak in 2027 · TrendForce, 2026-01-22